TCREUR_Public/041129.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, November 29, 2004, Vol. 5, No. 236

                            Headlines

B E L G I U M

EPIQ N.V.: Narrows Loss to EUR1.1 Million in Third Quarter


F R A N C E

BOURGOGNE SAVEURS: In Liquidation Proceedings
EG2B SCN: Court Brings in Joint Receivers
MORETTI DISTRIBUTION: SCP Cure-Thiebaut Tasked to Liquidate Firm


G E R M A N Y

AB-ALLGEMEINE BAULEISTUNGEN: Dr. Handschumacher Takes over Helm
ANNEMARIE UND UWE: First Creditors' Meeting Set December
AUTOHAUS HUMS: Auto Firm Under Bankruptcy Administration
ENKA-DRUCK: Creditors' Claims Due January
ESI ELEKTRO: Court Sets Creditors' Meeting December

HOLZINABAU INNENAUSBAU: Administrator's Report Out December
HOVERCRAFT RECING: Administrator Takes over Operations
JST GEBAUDESERVICE: Succumbs to Bankruptcy
MG TECHNOLOGIES: Elevates Chief Auditor to Zimmer Board
NAVCON NAVAL: Creditors Claims Due This Week
SCHEFENACKER AG: Long-term Corporate Credit Downgraded to 'B'


H U N G A R Y

MALEV HUNGARIAN: Privatization Plan Falls Through


I T A L Y

FINMATICA SPA: Senior Unsecured Rating Lowered to 'D'
IMPREGILO SPA: Company Profile


N E T H E R L A N D S

LAURUS N.V.: Sells Rump Share for EUR4.75 Each
ROYAL SHELL: Adopts International Financial Reporting Standards
ROYAL SHELL: Sells Argentine Operation at Loss


P O L A N D

CZESTOCHOWA STEEL: Govt to Revise Sale Terms, Report Says


R U S S I A

AGRO-SNAB: Altay Court Opens Bankruptcy Proceedings
AUTO-COLUMN 1241: Proofs of Claims Deadline Expires Next Month
AVIA-STROY: Court Appoints External Insolvency Manager
BUILDER: Gives Creditors Until Next Month to File Claims
CABLE PLANT: Succumbs to Insolvency

NAKHVALSKOYE: Proofs of Claims Due December
NOVOSIBIRSKIY FACTORY: Appoints Y. Erdikov Insolvency Manager
PANAGINSKIY WOOD-PROM-KHOZ: Under Bankruptcy Supervision
UGLEMET: Deadline for Proofs of Claim Today


S W E D E N

ESSELTE GROUP: S&P Junks Subordinated Debt Rating


S W I T Z E R L A N D

4M TECHNOLOGIES: Market Difficulties Drive Results into Red
CLARIANT AG: Sells Polymer Business for JPY2.4 Billion


U K R A I N E

AGROSVIT+: Filing of Claims Ends Today
GRUNDVISS: Succumbs to Insolvency
INVESTMARKET: Bankruptcy Supervision Begins
KOLOS: Undergoes Bankruptcy Supervision Procedure
LUGANSK OBLAGROTECHSERVICE: Bankruptcy Proceedings Commenced

NADIYA: Insolvency Manager Comes In
STROJINVEST LTD.: Temporary Insolvency Manager Named
STROJTECHNOLOGIYA: Sets Proofs of Claim Deadline
SUPUTNIK: Under Bankruptcy Supervision
YUG: Odesa Court Appoints Temporary Insolvency Manager
ZALIZOBETON: Liquidator Takes over Helm


U N I T E D   K I N G D O M

ABBEY NATIONAL: May Further Outsource Call Center Operations
A. D. HUMPHERSON: Names BDO Stoy Hayward Administrator
ANGLO AMERICAN: Insolvency Service Bans Big Wig
BARQUE STREET: Hires Liquidator from Tomlinsons
BRIG STREET: Hires A. H. Tomlinsons as Liquidator

BROMLEY SCHOOL: Sets Creditors Meeting This Week
CHURCHILL CREDIT: Winding up Resolutions Passed
CITYSIDE REGENERATION: Winding up Resolution Passed
COLDSEAL WINDOWS: Calls in Liquidators from KPMG
COWAN HILL: Creditors Meeting Set

EGG PLC: ING Direct Finalizes French Saving Biz Buyout
EIDOS PLC: In Negotiations with Potential Buyers
FORTY EIGHT: Sets Meeting to Appoint Liquidator
GLOBAL VEHICLE: Calls in D. R. Beat as Liquidator
GOLD CUP: Appoints Moore Stephens Liquidator

INDEPENDENT PACKAGING: Hires Administrators from Begbies Traynor
INSTRUMENTALLY YOURS: Names Liquidator from Baker Tilly
JSNF REALISATIONS: Meeting of Creditors Set on Friday
MARGASON DEMOLITION: Director Disqualified for Five Years
M.T.B. METAFIN: Hires KPMG as Administrator

NICOL TRANSMISSIONS: Calls in Administrators from Bridgestones
PARKER GRAPHICS: Parker Investments Limited Appoints Receiver
PL REALISATIONS: In Administrative Receivership
RED EMPLOYMENT: Names Leonard Curtis Administrator
ROWANCROWN LIMITED: Winding-up Account Due Mid December

STILL WATERS: Top Honcho Receives Disqualification Order
SWISSPORT UK: Hires Deloitte & Touche Administrator
TEAM-EXCEL LIMITED: Joint Administrators from Berley Move In
TRADES TEAM: Creditors Appoint Liquidator
TUFNOL LIMITED: Sets General Meeting Next Week
ULTRA STORAGE: Names Leonard Curtis Administrator
WIND RIVER Proofs of Claim Deadline Set Second Week of December


                            *********


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


EPIQ N.V.: Narrows Loss to EUR1.1 Million in Third Quarter
----------------------------------------------------------
Epiq N.V.'s revenue for the third quarter was EUR27.5 million, a
decrease of 26.0% from the same quarter last year and a decrease
of 11.0% from the previous quarter.  The gross margin was EUR2.7
million in the third quarter compared to EUR1.8 million in the
same quarter last year and EUR4.0 million in the second quarter
of 2004.

Automotive represents 70% of the business compared to 61% in the
same quarter last year.  The EBIT for this quarter is a loss of
EUR0.2 million compared to a loss of EUR6.6 million in the same
quarter last year and a profit of EUR0.7 million in the previous
quarter.  Net result was a loss of EUR1.1 million compared to a
loss of EUR8.2 million in the same quarter last year and a loss
of EUR0.1 million in the previous quarter.

EPIQ has successfully completed the divestment of the
Sensor-Nite Business Division.  EPIQ will realize a profit of
EUR3.5 million on this transaction.  EPIQ also closed the sale
of Fremach Plastics in Belgium, amongst the property for an
amount of EUR1.8 million.  The total proceeds, amounting to
EUR17.0 million, will be used to repay the debt to the Belgium
Financial Institutions.  With the completion of these
transactions, the EPIQ Group has achieved its target to reduce
the debt to the Belgium Financial Institutions in full.

Outlook

The company will continue to focus on development of its
automotive business.  The company expects to improve its
operational results in the coming year.

About EPIQ

EPIQ designs and produces electronic and electro-mechanical
systems and sub-systems.  EPIQ provides a wide range of
integrated services from product development up to mass
production.  Production comprises the design of printed circuits
and/or spray casting of plastics up to and including the supply
of assembled and tested systems and sub-systems.  In addition
the group provides the necessary engineering, research and
development and logistic management.

EPIQ accounts for 12 entities in 6 countries and has sales over
EUR100 million.

CONTACT:  EPIQ N.V.
          Transportstraat 1,
          B-3980 Tessenderlo, Belgium
          Phone: +32 13 679 508
          Fax: +32 13 679 513
          E-mail: info@epiq.com
          Web site: http://www.epiq.com

          Alexander Verhees
          CEO/CFO EPIQ NV
          Mobile: +32 - 478/34 02 14
          E-mail: avh@epiq.com


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


BOURGOGNE SAVEURS: In Liquidation Proceedings
---------------------------------------------
The Commercial Court of Dijon ordered the liquidation of
Bourgogne Saveurs on November 9, 2004 and appointed Jean Joachim
as liquidator.  Creditors are urged to submit their proofs of
claim to the liquidator as soon as possible.  The company is
involved in trading interior decoration.

CONTACT:  BOURGOGNE SAVEURS
          14, Rue Musette
          21000 Dijon

          Jean-Joachim
          Liquidator
          36, Rue Jeannin
          21000 Dijon


EG2B SCN: Court Brings in Joint Receivers
-----------------------------------------
The Commercial Court of Dijon put EG2B SCN into receivership on
November 9, 2004 and appointed Jean-Joachim Bissieux and Remy
Bourtourault receiver.

In accordance to Article 624-1 of the Commercial Code, the court
also put these outfits and personalities associated with EG2B
SCN into receivership:

(a) SNC S2IP,

(b) SARL SERDAI,

(c) Nicole Boulicault, and

(d) Christine Ponnelle

Creditors are urged to submit their proofs of claim to the
receiver as soon as possible.  The firm is involved in general
masonry and public works.

CONTACT:  EG2B SCN
          13 Rue du Professeur-Louis-Neel
          21600 Longvic

          SNC S2IP
          12, Rue Voltaire
          21140 Semur-En-Auxois

          SARL SERDAI
          12, Rue Voltaire
          21140 Semur-En-Auxois

          Nicole Boulicault
          12, rue Voltaire
          21140 Semur-En-Auxois

          Christine Ponnelle
          6, Rue Varenne
          21140 Semur-En-Auxois

          Jean-Joachim Bissieux, Receiver
          36, Rue Jeannin
          21000 Dijon

          Remy Bourtourault, Receiver
          12, Boulevard Thiers
          21000 Dijon


MORETTI DISTRIBUTION: SCP Cure-Thiebaut Tasked to Liquidate Firm
----------------------------------------------------------------
The Commercial Court of Dijon ordered the liquidation of Moretti
Distribution on November 9, 2004 and appointed SCP Cure-Thiebaut
liquidator.  Creditors are urged to submit their proofs of claim
to the liquidator as soon as possible.  The company distributes
furniture and other house furnishings.

CONTACT:  MORETTI DISTRIBUTION
          Avenue General-Touzet-du-Vigier
          Zac les Grandes-Varennes Ahuy
          21121 Fontaine-Les-Dijon

          SCP Cure-Thiebaut
          Liquidator
          78, Avenue Victor-Hugo BP 81556
          21015 Dijon cedex


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


AB-ALLGEMEINE BAULEISTUNGEN: Dr. Handschumacher Takes over Helm
---------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against ab-Allgemeine Bauleistungen GmbH on Oct. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 15, 2004
to register their claims with court-appointed provisional
administrator Markus M. Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 26, 2005, 10:30 a.m. at Saal 28 at
Gerichtsgebaude Furstenstrasse 21, Chemnitz at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  AB-ALLGEMEINE BAULEISTUNGEN GMBH
          Frankenberger Landstr. 1, 09661 Rossau

          DR. HANDSCHUMACHER & MERBECKS
          Markus M. Merbecks
          Ludwigstr. 58, 09113 Chemnitz
          Web site: http://www.merbecks.de


ANNEMARIE UND UWE: First Creditors' Meeting Set December
--------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Annemarie und Uwe Muller GbR on Nov. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Nov. 30, 2004 to
register their claims with court-appointed provisional
administrator Klaus Siemon of Anwaltskanzlei Siemon.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 21, 2004, 10:15 a.m. at Saal 24,
Gerichtsgebaude Furstenstrasse 21, Chemnitz at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  ANNEMARIE UND UWE MULLER GBR
          August-Bebel-Strasse 17, 09618 Brand-Erbisdorf
          Contact:
          Annemarie Muller, Partner
          Uwe Muller, Partner

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


AUTOHAUS HUMS: Auto Firm Under Bankruptcy Administration
--------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Autohaus Hums GmbH on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 17, 2004 to register their claims with
court-appointed provisional administrator Bernward Widera.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 7, 2004, 8:00 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 Jan. 25, 2005, 9:00 a.m. at Saal 24,
im Gerichtsgebaude Furstenstrasse 21, in Chemnitz statt.

CONTACT:  AUTOHAUS HUMS GMBH
          Contact:
          Arnold Hums
          Gisela Hums
          Untermarxgruner Strasse 27, 08606 Oelsnitz

          Bernward Widera, Insolvency Manager
          Buttenstrasse 4, 08058 Zwickau


ENKA-DRUCK: Creditors' Claims Due January
-----------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Enka-Druck Gunther Nehring GmbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 27, 2005
to register their claims with court-appointed provisional
administrator Christoph Schulte-Kaubrugger.

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

CONTACT:  ENKA-DRUCK GUNTHER NEHRING GMBH
          Lankwitzerstr. 34, 12107 Berlin

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


ESI ELEKTRO: Court Sets Creditors' Meeting December
---------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against ESI Elektro-Service Installation GmbH on
Nov. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Jan. 27, 2005 to register their claims with court-appointed
provisional administrator Dr. Christoph Schulte-Kaubrugger.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 16, 2004, 10:20 a.m. at the district court
of at which time the administrator will present his first report
of the insolvency proceedings.  The court will verify the claims
set out in the administrator's report on March 24, 2005, 10:15
a.m. at the district court of Charlottenburg Amtsgerichtsplatz
1, 14057 Berlin, II. Stock Saal 218.

CONTACT:  ESI ELEKTRO-SERVICE INSTALLATION GMBH
          Ostendstr. 2-14, 12459 Berlin

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


HOLZINABAU INNENAUSBAU: Administrator's Report Out December
-----------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Holzinabau Innenausbau Treptow GmbH on Nov.
1.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Jan. 30,
2005 to register their claims with court-appointed provisional
administrator Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004, 11:05 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on March 23, 2005, 10:55 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  HOLZINABAU INNENAUSBAU TREPTOW GMBH
          Winckelmannstr. 81,12487 Berlin

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


HOVERCRAFT RECING: Administrator Takes over Operations
------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Hovercraft Recing GmbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 30, 2005
to register their claims with court-appointed provisional
administrator Peter Leonhardt.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004, 10:35 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on March 23, 2005, 10:30 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  HOVERCRAFT RECING GMBH
          Bausdorfstr. 40,12621 Berlin

          Peter Leonhardt, Insolvency Manager
          Kurfurstendamm 212, 10719 Berlin


JST GEBAUDESERVICE: Succumbs to Bankruptcy
------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against JST Gebaudeservice, Winterdienst und
Objektbetreuungs GmbH on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 16, 2005 to register their claims with
court-appointed provisional administrator Joachim Voigt.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 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 16, 2005, 9:40 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  JST GEBAUDESERVICE, WINTERDIENST UND OBJEKTBETREUUNGS
          GMBH
          Libauer Strasse 6, 10245 Berlin

          Joachim Voigt, Insolvency Manager
          Rankestrasse 33, 10789 Berlin


MG TECHNOLOGIES: Elevates Chief Auditor to Zimmer Board
-------------------------------------------------------
Susanne Heckelsberger, 40, has been appointed as a member of the
executive board of Zimmer AG, a subsidiary of mg technologies
AG, with effect from March 1, 2005.  She will assume
responsibility for Finance and Controlling when Werner Haase,
Head of Finance and Controlling since 1997, retires.

Susanne Heckelsberger has been head of Group Auditing at mg
technologies AG since November 2003.  Between 2001 and 2003, she
was managing director of an accounting firm in Stuttgart after
heading the accounting department of Agiv AG in Frankfurt from
1998 to 2000.  Her previous posts included a position with the
accounting firm, KPMG, in Frankfurt.

Susanne Heckelsberger received a graduate degree in Business
Studies from the University of Mannheim in 1989.  In 1995 and
1996, she qualified as a German chartered accountant and tax
advisor.

Zimmer AG, based in Frankfurt am Main, is a globally active
company focusing on chemical engineering and plant engineering
for synthetics and polymers.  As one of the global market
leaders, the company has developed a variety of proprietary
chemical engineering processes, covering the entire lifecycle of
polymers, synthetics and thermoplastics from manufacturing to
processing and recycling.

mg technologies ag is an international technology group that
focuses on specialty mechanical engineering -- especially
process engineering and components -- and plant engineering.  In
2003 the company generated sales of roughly EUR4.1 billion
excluding Dynamit Nobel and other discontinued operations.  On
June 30, 2004, mg technologies employed around 17,000 people.
It is one of the world's market and technology leaders in 90% of
its businesses.

                            *   *   *

MG's continuing operations reported a pre-tax loss of EUR29.2
million for the first nine months of 2004.  This was an
improvement of EUR75.6 million on the corresponding period last
year, which included restructuring costs.

The main reasons for these continuing losses were the losses
incurred in the Industrial Plant Engineering division and
charges at the holding level.  As expected, the MG Group
reported a pre-tax profit -- EUR10.2 million -- for the third
quarter of 2004, having posted a pre-tax loss of EUR8.1 million
in the third quarter of 2003.

CONTACT:  MG TECHNOLOGIES AG
          Bockenheimer Landstrasse 73-77
          60325 Frankfurt, Germany
          Phone: +49-69-7-11-99-0
          Fax: +49-69-7-11-99-100
          Web site: http://www.mg-technologies.com

          Communications
          Phone: +49 (69) 7 11 99-241


NAVCON NAVAL: Creditors Claims Due This Week
--------------------------------------------
The district court of Stralsund opened bankruptcy proceedings
against Navcon Naval Consulting GmbH on Oct. 1.  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 Ulrich Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005 at the district court of Stralsund
Frankendamm 17, Haus A, 4. OG, Saal A4 21 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  NAVCON NAVAL CONSULTING GMBH
          Contact:
          Detlev Loll, Manager
          Fahrstr. 1, 17449 Peenemunde

          Ulrich Rosenkranz, Insolvency Manager
          Osdorfer Landstr. 230, 22549 Hamburg


SCHEFENACKER AG: Long-term Corporate Credit Downgraded to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-based automotive supplier
Schefenacker AG to 'B' from 'B+', reflecting concerns about the
company's liquidity situation.  The rating on the EUR200 million
senior subordinated bonds was lowered to 'CCC+' from 'B-',
solely reflecting their subordination to all existing and future
priority debt.  In addition, all ratings were placed on
CreditWatch with negative implications.

"These actions reflect Standard & Poor's concerns that
Schefenacker will have difficulty remaining in compliance with
its financial covenants in the fourth quarter of 2004, and even
more so in the first quarter of 2005, as the seasonality of the
business will most likely result in higher financial
indebtedness at the end of March 2005," said Standard & Poor's
credit analyst Martin Amann.  In addition, Standard & Poor's
considers Schefenacker's weak cash flow generation and free
operating cash flow to be currently more commensurate with a 'B'
rating.

Following the third-quarter results, the group estimates EBITDA
will be a low EUR80 million for 2004.  Standard & Poor's
believes the company will be unlikely to improve its EBITDA
generation over the next few quarters to the extent needed to
remain adequately in compliance with its covenants.  Earnings
are likely to be squeezed by the difficult auto environment,
contractually lower prices from original equipment
manufacturers, and higher purchasing costs due to higher raw
material prices.  Free operating cash flow is only expected to
be modestly positive at the end of 2004 if the company can
reduce working capital by more than EUR30 million in the fourth
quarter.

"We intend to resolve the CreditWatch status after the company
has published its full-year results for 2004 and after meeting
management to discuss the 2005 budget and liquidity status,"
said Mr. Amann.  The review of the CreditWatch status will focus
on:

(a) The company's liquidity and financial flexibility, in
    particular with respect to compliance with financial
    covenants;

(b) The company's ability to gain waivers or an amendment of its
    covenants;

(c) The likely level of future EBITDA over the next few years
    following the completion of the company's 2005 budget, which
    will likely be finalized in mid-December 2004; and

(d) An examination of the company's financial profile.

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 Addresses
          Corporate FinanceEurope@standardandpoors.com

          SCHEFENACKER AG
          Eckenerstrasse 2, 73730 Esslingen, Germany
          Phone: +49 (0)7 11 31 54 0
          Fax: +49 (0)7 11 31 54 102
          Web site: http://www.schefenacker.com


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


MALEV HUNGARIAN: Privatization Plan Falls Through
-------------------------------------------------
The government has called off the privatization of Malev
Hungarian Airlines for lack of sufficient offers, The Budapest
Sun Online reports.

The state privatization and holding company APV on Nov. 18
temporarily cancelled the sale of 99.95% of Malev to private
investors.  The APV board described the process "invalid" after
receiving only one binding offer.  Aviation Solution
International (ASI) had offered only HUF150 million
(US$793,000), a far cry from the HUF3.5 billion the agency was
asking the shares.

In a statement, APV said ASI's offer "[did] not fully meet the
requirements laid down in the tender documentation."   The
agency had required bidders to pay 90% of the purchase price
upfront in cash, repay the remainder in "compensation coupons"
(bought on the stock exchange), inject new capital, protect
jobs, and take on more than HUF36.7 billion (US$196 million) in
debts.  According to market observers, potential bidders were
turned off by these demands, which they consider as too high.



The state pledged to guarantee up to HUF33 billion (US$176.23)
of the debt.  The companies, which bought tender documentation
of MALEV, were Hungarian-owned Euroinvest, Austrian Airlines,
China's Hainan Airlines, and ASI.

APV said it would take another run at the privatization
following a review of the market conditions.  It first attempted
to sell MALEV in 1990, but failed.

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

          ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT. (APV RT.)
          Web site: http://www.apvrt.hu/english/m3.html
          H-1133 Budapest, Pozsonyi ut 56
          H-1399 Budapest, P.O. Box 708
          Phone:(36 1) 237 4400
          Fax:(36 1) 237 4100
          E-mail: apvrt@apvrt.hu


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


FINMATICA SPA: Senior Unsecured Rating Lowered to 'D'
-----------------------------------------------------
Fitch Ratings downgraded Finmatica S.p.A.'s Senior Unsecured
rating to 'D' from 'C' and its Short-term rating to 'D' from
'B', following the announcement that the shareholders have
approved to liquidate the company.

Chief Executive Officer Massimo Brunelli has resigned and
Finmatica has appointed Paolo Ribolla, head of a Finmatica unit,
as its liquidator.

A 'D' rating indicates the lowest recovery potential, i.e. below
50% of nominal value of obligations and accrued interest for the
senior unsecured creditors.

At 30 September 2004, Finmatica reported revenues of EUR38.2
million (EUR53.4 million at 30 September 2003 when excluding
transactions with Loop S.p.A.) and a negative EBITDA of EUR14.5
million (positive EUR20.3 million).  Net debt stood at EUR234.1
million at 30 September 2004 (EUR152.4 million), including
EUR100 million bonds due May 2005 and bank debt totaling
EUR114.3 million.  Net worth was negative in the amount of
EUR149.0 million.

CONTACT:  FITCH RATINGS
          Elisabetta Zorzi, Milan
          Phone: +39 02 8790 87213

          Stuart Reid, London
          Phone: +44(0) 20 7417 4323

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

          FINMATICA S.p.A.
          Via Cadolini, 26
          20137 Milan, Italy
          Phone: +39-02-54-04-31
          Fax: +39-02-54-05-00-49
          Web site: http://www.finmatica.com/$ita/home/


IMPREGILO SPA: Company Profile
------------------------------
NAME: Impregilo S.p.A.

COMPANY LOCATION:  Viale Italia 1,
                   Sesto S. Giovanni
                   20099 Milan, Italy

PHONE: +39-02-244-22111

FAX: +39-02-244-22293

WEB SITE: http://www.impregilo.it

TYPE OF BUSINESS:  Impregilo S.p.A. is the leading engineering
                   group in Italy.  Established in 1906,
                   Impregilo is one of the world-renown
                   construction companies that includes in its
                   portfolio a number of engineering works.  The
                   group is involved in constructing dams, and
                   hydroelectric plants, motorways and
                   transportation infrastructure, and water
                   systems.  Impregilo also has impressive track
                   record in building airports and maritime
                   ports, energy plants, hydraulic engineering,
                   railways, and sports complexes.  The company
                   also has expertise in constructing
                   commercial, industrial, and residential
                   buildings.  The group also provides motorway
                   concessions and airport and facilities
                   management.

EXECUTIVES:  Board of Directors:

             Paolo Savona (1)(2)        Chairman

             Pier Giorgio Romiti        Deputy Chairman and
                                        Chief Executive Officer

             Umberto Colombo            Director

             Adriano De Maio            Director

             Vittorio De Stasio(1)(2)   Director

             Ezio Gandini               Director

             Gian Luigi Garrino         Director

             Enzo Grilli (1)(2)         Director

             Carlo Lotti                Director

             Board of Statutory Auditors:

             Giorgio Silva              Chairman

             Roberto Ascoli             Acting Auditor

             Vittorio Amadio            Acting Auditor

             Giancarlo Caramanti        Substitute Auditor

             Enrico Colombo             Substitute Auditor

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(1) Member of the Internal Audit Committee

(2) Member of the Remuneration Committee
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

NUMBER OF EMPLOYEES: 12,998 (as of Dec. 31, 2003)

ANNUAL REVENUE: EUR2.679 billion (as of Dec. 31, 2003)

ASSETS: EUR1.358 billion (as of Dec. 31, 2003)

DEBTS: EUR766.9 million (as of Dec. 31, 2003)

NET INCOME: EUR50.5 million (as of Dec. 31, 2003)

To see 2003 financial results:
http://bankrupt.com/misc/impregilo_2003.pdf

To see latest financial results:
http://bankrupt.com/misc/impregilo_3q2004.pdf

REGULATORY AGENCY: Milan Stock Exchange (IPG)

THE TROUBLE: Prosecutors are investigating the group over a
             possible accounting fraud.  The probes centers
             around a EUR296 million loan that Impregilo
             provided to subsidiary Imprepar.  Magistrates from
             the city of Monza are trying to see how the amount
             landed in the group's 2003 report.  Included in the
             probe are Paolo Savona and Piergiorgio Romiti,
             Impregilo's chairman and chief executive
             respectively.

MAJOR SHAREHOLDERS:

   (a) Gemina S.p.A. - 24.86%

   (b) Capitalia S.p.A. - 3.32%

   (c) Market - 71.82%

AUDITOR: Reconta Ernst & Young S.p.A.


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


LAURUS N.V.: Sells Rump Share for EUR4.75 Each
----------------------------------------------
Laurus N.V. announces price of rump offering of 2,542,726 new
ordinary shares at EUR4.75 per ordinary share

In connection with its 1 for 1 rights offering of 57,304,493 new
ordinary shares at an issue price of EUR3.49 per Offer Share,
Laurus N.V. on Nov. 23, 2004 announces the pricing of the
offering of shares that were issuable upon exercise of the
transferable subscription rights but were not subscribed for
during the exercise period (the Rump Offering).

The 2,542,726 new ordinary shares included in the Rump Offering
were priced and sold via private placements in the Rump Offering
at EUR4.75 per Rump Share.  No Rump Shares were placed with
Casino Guichard-Perrachon S.A. (Casino).

Because the aggregate proceeds of the Rump Shares offered and
sold in the Rump Offering, after deduction of any selling
expenses (including any value added tax, if any), exceed the
aggregate Issue Price for such Rump Shares (such amount referred
to as the Excess Amount), by EUR3,203,835 each holder of a
Subscription Right that was not exercised at the end of the
exercise period will be entitled to receive EUR1.26 per
unexercised Subscription Right reflected in each such holder's
securities account.

Stabilization

In connection with the Offering, the Joint Global Coordinators
(ABN AMRO Rothschild and ING Investment Banking) or any person
acting for them may effect transactions on Euronext Amsterdam or
elsewhere in the open market or otherwise in connection with the
distribution of Laurus shares with a view to stabilizing or
maintaining the market price of Laurus shares at levels other
than those which might otherwise prevail in the market, provided
such transactions are in accordance with any applicable
regulations.  Any such stabilization activities, if any, will in
any event be discontinued 30 days after the date of payment for
and delivery of the Offer Shares, which is currently expected to
be 26 November 2004.

About Laurus

Laurus was formed on 30 October 1998 through a merger of De Boer
Unigro N.V. and Vendex Food Groep B.V.  With a market share of
some 16,6%, about 25,000 employees and 720 supermarkets, Laurus
is one of the main food retail organizations in The Netherlands.
Laurus operates the Konmar, Super De Boer and Edah banners in
The Netherlands.  Laurus has its own stores and also works with
franchisees that operate supermarkets under the three banners.

Laurus' shares are listed on Euronext Amsterdam.  The shares are
included in the Next150, Midkap and Food and Drug retailers
indices.  Options on Laurus' shares are also traded on Euronext
Amsterdam (as of November 2004 in EuronextLiffe).

                            *   *   *

NOT FOR DISTRIBUTION IN THE UNITED STATES, AUSTRALIA, CANADA,
AUSTRALIA, JAPAN OR ITALY

CONTACT:  LAURUS N.V.
          Parallelweg 64 5223
          AL Hertogenbosch
          Web site: http://www.laurus.nl


ROYAL SHELL: Adopts International Financial Reporting Standards
---------------------------------------------------------------
The Royal Dutch/Shell Group of Companies on Nov. 22, 2004 gave a
presentation on the accounting impacts of the adoption of
International Financial Reporting Standards (IFRS) and aspects
of Netherlands Generally Accepted Accounting Principles (GAAP)
and U.S. GAAP.  The European Union has endorsed regulations that
require listed European companies to comply with IFRS in 2005.

                     Presentation Highlights

Financial Statements

The Royal Dutch/Shell Group will implement IFRS for publication
of their financial statements in 2005 and provide comparative
data for 2004.  The 2005 Form 20-F will provide reconciliation
to U.S. GAAP.

Impacts from IFRS arise from first time adoption choices and
differences in accounting policies between U.S. GAAP and IFRS.

Group Strategy and Financial Framework

There is no impact on the Group strategy.  There is no impact on
the financial framework or cash flow.

Transition Balance Sheet

The net assets on the balance sheet at transition, January 1,
2004, are expected to decrease by approximately US$4.7 billion
and total debt to increase by approximately US$0.2 billion.
This has a positive effect on ROACE on a net income basis.

Employee Benefits

There is no impact on the actuarial position or funding of the
pension funds, which continue to be well funded.  Unrecognized
gains and losses at the date of transition (Jan. 1, 2004) will
be recognized in the 2004 opening balance sheet with a
corresponding reduction of retained earnings of US$4.9 billion.
The use of the fair value of plan assets (rather than
market-related value) to calculate annual expected investment
returns and the changed approach to amortization of investment
gains/losses can be expected to increase volatility in net
income going forward.

Net Equity and CCTD

At transition (January 1, 2004), the composition of net equity
changes because cumulative currency translation differences
(CCTD) will be recorded as part of retained earnings.

Retained earnings are increased by approximately US$1.2 billion.
Net equity and net capital employed are not impacted.

Impairments and Reversal of Impairments

IFRS and Netherlands GAAP require the use of discounted cash
flows for impairment testing and reversals.  If discounted cash
flows exceed book value and impairment has previously been
taken, a reversal is required.

Under this methodology, certain Exploration and Production
assets (Aera and Venezuela), previously impaired, will be
reversed in 2004 and certain U.S. tolling assets in Gas & Power
require impairment in 2004.

This has no impact on net income under U.S. GAAP.  There is no
significant net impact expected on 2004 Netherlands GAAP net
income.

Property, Plant and Equipment

Major inspection costs will be capitalized using the Solomon
industry definition of major inspection.  At transition (January
1, 2004), net assets increase by approximately US$0.4 billion.
Impact on quarterly net income going forward is reflected in
lower operating costs and an increase in depreciation.

Joint Ventures Consolidation

The upstream joint venture in the Netherlands will be accounted
for under the equity method under IFRS and proportionately
consolidated under U.S. GAAP.  There is no impact on net income
or net assets.

Share Options

Share options awards made after Nov. 7, 2002 and not vested at
Jan. 1, 2005 will be expensed rather than the current practice
of pro forma disclosure in the notes to the financial
statements.  2004 net income will be reduced by approximately
US$0.1 billion.

Share option awards continue to be economically hedged through
treasury stock.

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague,
          The Netherlands
          Phone: +31 70 377 9111
          Fax:   +31 70 377 3115
          Web site: http://www.shell.com

          London
          David Lawrence
          Phone: +44 207 934 3855
          Gerard Paulides
          Phone: +44 207 934 6287

          Europe
          Bart van der Steenstraten
          Phone: +31 70 377 3996

          U.S.A.
          Harold Hatchett
          Phone: +1 212 218 3112

          Media Relations

          London:
          Andy Corrigan
          Phone: +44 207 7934 5963

          Simon Buerk
          Phone: +44 207 934 3453

          Europe:
          Herman Kievits
          Phone: +31 70 377 8750


ROYAL SHELL: Sells Argentine Operation at Loss
----------------------------------------------
Royal Dutch/Shell has disposed of its last remaining energy
interest in Latin America for a fraction of its purchase price,
El Cronista reports.

The company sold back its 51.25% stake in natural gas field
Valle Morado in northern Argentina to domestic oil firm CGC for
US$750,000.  In 1998, the reserve was worth US$111 million when
it was bought by Royal Shell from CGC.

According to the report, the deal was finalized last year but
not revealed until now.  A latest financial statement released
in March showed CGC took over ownership of Valle Morado and paid
Shell US$100,000 in cash.  The balance will be due 181 days
after the start of production at any of the wells of Valle
Morado.

The sell-off is part of Shell's plan to pull out of the Latin
American market.  The company refused to comment.

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague,
          The Netherlands
          Phone: +31 70 377 9111
          Fax:   +31 70 377 3115
          Web site: http://www.shell.com


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


CZESTOCHOWA STEEL: Govt to Revise Sale Terms, Report Says
---------------------------------------------------------
The Tax Ministry is set to completely change the conditions for
the sale of Czestochowa Steel Mill, according to Warsaw Business
Journal.  The report said the details are not yet known, but it
is understood investors will have the chance to take over all
subsidiaries of the steel mill.

The condition is favorable to Ukraine's Donbas, who with India's
LNM, earlier submitted a bid for the operations.  The firm
recently announced it wants to acquire the whole Czestochowa
steel related group.

The Treasury Ministry is stepping up efforts to privatize
Czestochowa Steel Mill.  Creditors have given the company until
the end of the year to settle debts.  It may go bankrupt if it
fails to find a buyer beyond this period.  Czestochowa Steel
owes creditors more than PLN800 million.

CONTACT:  HUTA CZESTOCHOWA
          Ul. Kucelinska 22
          42-200 Czestochowa
          Phone: 0-34 323 12 61 to 68
          E-mail: huta@hcz.com.pl
          Web site: http://www.hcz.com.pl


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


AGRO-SNAB: Altay Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
proceedings against Agro-Snab after finding the open joint stock
company insolvent.  The case is docketed as A03-5731/04-B.  Ms.
O. Kosilova has been appointed insolvency manager.  Creditors
have until December 29, 2004 to submit their proofs of claim to
656038, Russia, Altay region, Barnaul, Post User Box 657.

CONTACT:  AGRO-SNAB
          659650, Russia, Altay region,
          Bystroistokskiy region, Bystryj Istok

          Ms. O. Kosilova
          Insolvency Manager
          656038, Russia, Altay region,
          Barnaul, Post User Box 657


AUTO-COLUMN 1241: Proofs of Claims Deadline Expires Next Month
--------------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy proceedings against Auto-Column 1241 after finding
the close joint stock company insolvent.  The case is docketed
as A27-6581/2004-4.  Mr. V. Viktorov has been appointed
insolvency manager.  Creditors have until December 29, 2004 to
submit their proofs of claim to 650021, Russia, Kemerovo,
Shaturskaya Str. 1.

CONTACT:  AUTO-COLUMN 1241
          650021, Russia, Kemerovo, Shaturskaya Str. 1

          Mr. V. Viktorov
          Insolvency Manager
          650021, Russia, Kemerovo, Shaturskaya Str. 1


AVIA-STROY: Court Appoints External Insolvency Manager
------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
external management bankruptcy procedure on open joint stock
company Avia-Stroy (TIN 7712016317, OGRN 1027700127564).  The
case is docketed as A45-7630/04-SB/98.  Mr. A. Reshetov has been
appointed external insolvency manager.

CONTACT:  AVIA-STROY
          633104, Russia, Novosibirsk region,
          Ob-4, Airport Tolmachevo

          Mr. A. Reshetov
          External Insolvency Manager
          633102, Russia, Novosibirsk region,
          Ob-2, Post User Box 11


BUILDER: Gives Creditors Until Next Month to File Claims
--------------------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy proceedings against Builder after finding the limited
liability company insolvent.  The case is docketed as
A14-3233-04/27/16b.  Mr. M. Putintsev has been appointed
insolvency manager.

Creditors have until December 29, 2004 to submit their proofs of
claim to 650033, Russia, Kemerovo, Post User Box 3047.  A
hearing will take place on September 16, 2005.

CONTACT:  BUILDER
          Russia, Voronezh region, Kantemirovka

          Mr. M. Putintsev
          Insolvency Manager
          650033, Russia, Kemerovo,
          Post User Box 3047
          Phone/Fax: (8-3842) 25-32-78


CABLE PLANT: Succumbs to Insolvency
-----------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
proceedings against Cable Plant after finding the limited
liability company insolvent.  The case is docketed as
A03-1057/04-B.  Mr. A. Rubashanov has been appointed insolvency
manager.  Creditors have until December 29, 2004 to submit their
proofs of claim to 656015, Russia, Altay region, Barnaul, Post
User Box 841.

CONTACT:  CABLE PLANT
          Russia, Altay region,
          Pospelikhskiy region, Pospelikha

          Mr. A. Rubashanov
          Insolvency Manager
          656015, Russia, Altay region,
          Barnaul, Post User Box 841


NAKHVALSKOYE: Proofs of Claims Due December
-------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy proceedings against Nakhvalskoye after finding the
open joint stock company insolvent.  The case is docketed as
A33-1935/04-s4.  Mr. A. Shilo has been appointed insolvency
manager.  Creditors have until December 29, 2004 to submit their
proofs of claim to 690049, Russia, Krasnoyarsk, Lenina Str. 62
"a" - 10.

CONTACT:  NAKHVALSKOYE
          Russia, Krasnoyarsk region, Sukhobuzimskiy region,
          Nakhvalskoye, Tsentralnaya Str. 2

          Mr. A. Shilo
          Insolvency Manager
          690049, Russia, Krasnoyarsk,
          Lenina Str. 62 "a" - 10


NOVOSIBIRSKIY FACTORY: Appoints Y. Erdikov Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy proceedings against Novosibirskiy Factory of
Medications after finding the open joint stock company
insolvent.  The case is docketed as A45-9793/04-SB/197.  Mr. Y.
Erdikov has been appointed insolvency manager.  Creditors have
until December 29, 2004 to submit their proofs of claim to
630071, Russia, Novosibirsk, Nikitina Str. 114.

CONTACT:  NOVOSIBIRSKIY FACTORY OF MEDICATIONS
          Russia, Novosibirsk, Stantsionnaya Str. 80

          Mr. Y. Erdikov
          Insolvency Manager
          630071, Russia, Novosibirsk, Nikitina Str. 114


PANAGINSKIY WOOD-PROM-KHOZ: Under Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on open joint stock company Panaginskiy
Wood-Prom-Khoz.  The case is docketed as A10-18496704-38.  Ms.
E. Timofeyeva has been appointed temporary insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) Panaginskiy Wood-Prom-Khoz
    665318, Russia, Irkutsk region,
    Kutuynuskiy region, Panagina

(b) Temporary Insolvency Manager
    664025, Russia, Irkutsk,
    Post User Box 103

(c) The Arbitration Court of Irkutsk Region
    664025, Russia, Irkutsk, Gagarina Avenue, 70

A hearing will take place at Russia, Irkutsk, Gagarina Avenue,
70, Room 319 on February 22, 2005, 11:00 a.m.


UGLEMET: Deadline for Proofs of Claim Today
-------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
proceedings against Uglemet after finding the close joint stock
company insolvent.  The case is docketed as A03-9441/04-B.  Mr.
N. Aksyenov has been appointed insolvency manager.  Creditors
have until today to submit their proofs of claim to 656049,
Russia, Barnaul, Geblera Str. 27a-1.

CONTACT:  Mr. N. Aksyenov
          Insolvency Manager
          656049, Russia, Barnaul, Geblera Str. 27a-1
          Phone: 36-36-30


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


ESSELTE GROUP: S&P Junks Subordinated Debt Rating
-------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on global office supplies manufacturer Esselte Group
Holdings AB to 'B' from 'BB-', and its subordinated debt rating
to 'CCC+' from 'B'.

The ratings remain on CreditWatch with negative implications
because the firm will likely need to amend its bank debt
covenants to accommodate expected weaker operating results.
Total debt outstanding on Stamford, Connecticut-based Esselte at
October 3, 2004, was US$410.2 million.

"The downgrade reflects earnings below Standard & Poor's
expectations resulting from lower unit shipments, high marketing
expenses which did not result in increased sales, and weaker
finished goods pricing in its U.S. and European markets," said
Standard & Poor's credit analyst Martin S. Kounitz.

For the nine months ended October 3, 2004, EBITDA, adjusted for
restructuring expenses, declined by 25% from the previous year.
Profitability eroded from several factors.  In its European
markets, private label filing products have gained consumer
acceptance, and required Esselte to reduce its finished goods
prices on its branded items.  Slow growth in U.S. white-collar
employment meant less demand for Esselte's office products.  In
the DYMO labeling segment, new products from competitors at
lower prices contributed to margin erosion.  Despite selling
price erosion, the DYMO segment's profit contribution was about
flat with the previous year, reflecting increased unit sale
volume.

CONTACT:  ESSELTE GROUP
          44 Commerce Road,
          Stamford, CT 06902-4561, U.S.A.
          Media Contact:
          Phone: +1 203.355.9022
          Fax: +1 203.355.9010
          Web site: http://www.esselte.com


=====================
S W I T Z E R L A N D
=====================


4M TECHNOLOGIES: Market Difficulties Drive Results into Red
-----------------------------------------------------------
The market for production machinery in the recordable optical
disc sector is currently frozen.  This is due to the existing
production overcapacity and resulting excessively low wholesale
pricing of discs.  Disc producers' margins have been further
eroded by the substantially higher cost of polycarbonate in the
3rd quarter.

Meanwhile, the retail market for recordable discs continues to
demonstrate strong growth.  In most cases, existing clients have
put expansion plans on hold until a return to orderly markets.
The associated slowdown in active enquiries continues but the
build-up in finished machinery and work in progress resulting
from shipment delays has been reduced.  Trade accounts payable
have also been sharply diminished.  The company has suffered
only one order cancellation for two machines.

The management of these exceptional circumstances has caused
disruption and incurred expense, despite early, vigorous and
continuing economy measures.

These market circumstances have adversely influenced 4M results
for the 3rd quarter with a net loss of CHF3.38 million in the
quarter and a year-to-date loss of CHF5.96 million compared to a
loss of CHF3.47 million in 2003.  Operating cash flow for the
nine months was positive at CHF3.5 million (negative at CHF2.2
million in 2003).

The company continues to invest in its R&D, systems and market
support in expectation of successfully launching a number of
high performance machines to clients, as soon as there is a
return to investment opportunity.  We are unable currently to
forecast the timing of such an upturn but believe it will occur.

CONTACT:  4M TECHNOLOGIES
          Jean-Claude Roch, Investor Relations
          Avenue des Sports 42 - CH-1400 Yverdon-les-Bains
          Phone: ++41 (0) 24 4237 111
          Fax: ++41 (0) 24 4237 181
          E-mail: jclaude.roch@4m-inc.ch


CLARIANT AG: Sells Polymer Business for JPY2.4 Billion
------------------------------------------------------
Clariant AG announced the sale of its Japanese emulsions
manufacturer Clariant Polymers K.K. to The Nippon Synthetic
Chemical Industry Co. Ltd. for a total transaction value of
JPY2.4 billion (approximately CHF27 million).  The transaction
marks a further step in Clariant's strategy to sell businesses
that are outside its core activities.

Clariant Polymers K.K. is a manufacturer and distributor of
liquid and powder emulsions that are used in numerous
applications primarily in the construction industry.  In the
year 2003 the company with a manufacturing plant in Ogaki and
R&D laboratories in Shizuoka generated sales of approximately
JPY5 billion (around CHF56 million).  All 110 employees will be
transferred to the purchasing company.  Already in December 2002
Clariant had sold large parts of its emulsions business to the
Celanese Group.

The Nippon Synthetic Chemical Industry Co. Ltd. (Nippon Gohsei)
-- headquartered in Osaka/Japan -- is a major chemical company
for the manufacture of acetic acid resins, polymers, and
electric related materials that end up in various applications
in packaging, and electronic products.  With around 1'400
employees it generates yearly net sales of more than JPY70
billion.  The purchase of Clariant Polymers K.K. will
significantly extend its technology portfolio.

Calendar of Corporate Events

March 8, 2005       Full Year 2004 Results

April 7, 2005       AGM

May 10, 2005        First Quarter 2005 Results

August 4, 2005      First Half 2005 Results

November 9, 2005    Nine Month 2005 Results

Clariant - Exactly your chemistry.

Clariant is a global leader in the field of specialty chemicals.
Strong business relationships, commitment to outstanding service
and wide-ranging application know-how make Clariant a preferred
partner for its customers.

Clariant, which is represented on five continents with over 100
group companies, employs about 25,000 people.  Headquartered in
Muttenz near Basel, it generated sales of around CHF8.5 billion
in 2003.

Clariant's businesses are organized in five divisions: Textile,
Leather & Paper Chemicals, Pigments & Additives, Masterbatches,
Functional Chemicals and Life Science Chemicals.

Clariant is committed to sustainable growth springing from its
own innovative strength.  Clariant's innovative products play a
key role in its customers' manufacturing and treatment processes
or else add value to their end products.  The company's success
is based on the know-how of its people and their ability to
identify new customer needs at an early stage and to work
together with customers to develop innovative, efficient
solutions.

CONTACT:  CLARIANT INTERNATIONAL AG
          Web site: http://www.clariant.com
          Investor Relations
          Phone: +41 61 469 67 48
          Fax: +41 61 469 67 67
          or
          Holger Schimanke
          Phone: +41 61 469 67 45
          or
          Daniel Leuthardt
          Phone: +41 61 469 67 49
          or
          Media Relations
          Fax: +41 61 469 65 66
          Walter Vaterlaus
          Phone: +41 61 469 61 58
          or
          Rainer Weihofen
          Phone: +41 61 469 67 42
          Or

          THE NIPPON SYNTHETIC CHEMICAL INDUSTRY
          Investor Relations
          Junichi Akagi
          Phone: +81 6 6440 5301
          Fax: +81 6 6440 5309
          or
          Media Relations
          Junichi Akagi
          Phone: +81 6 6440 5301
          Fax: +81 6 6440 5309


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


AGROSVIT+: Filing of Claims Ends Today
--------------------------------------
The Economic Court of Vinnitsya region has commenced bankruptcy
supervision procedure on Agricultural LLC Agrosvit+ (code EDRPOU
30803581).  The case is docketed as 5/463-04.  Mr. Volodimir
Krutkevich (License Number AA 779252) has been appointed
temporary insolvency manager.  The company holds account number
2600031412 at OJSC State savings bank of Ukraine, Vinnitsya city
branch 8672, MFO 362317.

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

(a) AGROSVIT+
    Ukraine, Vinnitsya region,
    Lipovetskij district, Chuprinivka

(b) Mr. Volodimir Krutkevich
    Temporary Insolvency Manager
    Phone: 21-60-70

(c) ECONOMIC COURT OF VINNITSYA REGION
    21100, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


GRUNDVISS: Succumbs to Insolvency
---------------------------------
The Economic Court of Rivne region commenced bankruptcy
proceedings against Grundviss (code EDRPOU 30569914) on October
12, 2004 after finding the limited liability company insolvent.
The case is docketed as 4/41.  Arbitral manager Mrs. Tamara
Bokij (License Number AA 250371) has been appointed
liquidator/insolvency manager.  The company holds account number
26007003605 at JSC Credit-Bank (Ukraine), Rivne branch, MFO
333670.

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

(a) GRUNDVISS
    Ukraine, Rivne region,
    Rivne district, Dubi

(b) Mrs. Tamara Bokij
    Liquidator/Insolvency Manager
    Ukraine, Rivne region,
    Slovatskij Str. 4/6-13

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


INVESTMARKET: Bankruptcy Supervision Begins
-------------------------------------------
The Economic Court of Odesa region has commenced bankruptcy
supervision procedure on LLC Commercial House Investmarket (code
EDRPOU 32682368).  The case is docketed as 7/222-04-7795.
Arbitral manager Mr. I. Letnitskij (License Number AA 487804)
has been appointed temporary insolvency manager.  The company
holds account number 26004964867562 at First Ukrainian
International Bank, Odesa branch, MFO 328191.

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

(a) INVESTMARKET
    68000, Ukraine, Odesa region,
    Illichivsk, 1 Travnya Str. 3

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


KOLOS: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Economic Court of Cherkassy region has commenced bankruptcy
supervision procedure on Agricultural LLC Kolos (code EDRPOU
30812465).  The case is docketed as 14/2718.  Arbitral manager
Mr. Volodimir Domanchuk (License Number AA 779179) has been
appointed temporary insolvency manager.  The company holds
account number 260014915 at JSPPB Aval, Cherkassy regional
branch, MFO 854018.

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

(a) KOLOS
    19200, Ukraine, Cherkassy region,
    Zhashkivskij district, Krivchunka

(b) Mr. Volodimir Domanchuk
    Temporary Insolvency Manager
    Ukraine, Cherkassy region,
    Monastirishenskij district, Stepivka

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


LUGANSK OBLAGROTECHSERVICE: Bankruptcy Proceedings Commenced
------------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Lugansk Oblagrotechservice (code EDRPOU
00914616) on October 13, 2004 after finding the open joint stock
company insolvent.  The case is docketed as 11/72B.  Arbitral
manager Mr. Vadim Ostrovskij (License Number AA 250229) has been
appointed liquidator/insolvency manager.  The company holds
account number 260030100122 at Ukreksimbank, Lugansk branch, MFO
304289.

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

(a) LUGANSK OBLAGROTECHSERVICE
    91033, Ukraine, Lugansk region,
    Shevchenko Quarter, 38 b

(b) Mr. Vadim Ostrovskij
    Liquidator/Insolvency Manager
    91016, Ukraine, Lugansk region,
    Geroiv VVV Square, 2/32

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


NADIYA: Insolvency Manager Comes In
-----------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Nadiya (code EDRPOU 03796057) on October 12,
2004 after finding the limited liability company insolvent.  The
case is docketed as 9/119b.  Arbitral manager Mr. Fedorenko
Andrij (License Number AA 630136) has been appointed
liquidator/insolvency manager.  The company holds account number
260004584 at JSPPB Aval, Chernigiv regional branch, MFO 353348.

CONTACT:  NADIYA
          16450, Ukraine, Chernigiv region,
          Borznyanskij district,
          Velika Zagorivka, Sidorenkivska Str. 62A

          Mr. Fedorenko Andrij
          Liquidator/Insolvency Manager
          14000, Ukraine, Chernigiv region,
          Kotsubinskij Str. 49A/222
          Phone: (0462) 17-52-45
          Fax: (0462) 17-52-45

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


STROJINVEST LTD.: Temporary Insolvency Manager Named
----------------------------------------------------
The Economic Court of Odesa region has commenced bankruptcy
supervision procedure on LLC Strojinvest Ltd. (code EDRPOU
32679376).  The case is docketed as 7/221-04-7794.  Arbitral
manager Mr. I. Letnitskij (License Number AA 487804) has been
appointed temporary insolvency manager. The company holds
account number 26006964867537 at First Ukrainian International
Bank, Odesa branch, MFO 328191.

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

(a) STROJINVEST LTD.
    65033, Ukraine, Odesa region,
    Vasil Stus Str. 2 B

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


STROJTECHNOLOGIYA: Sets Proofs of Claim Deadline
------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure on LLC Strojtechnologiya (code EDRPOU
32790119).  The case is docketed as 7/220-04-7793.  Arbitral
manager Mr. I. Letnitskij (License Number AA 487804) has been
appointed temporary insolvency manager.  The company holds
account number 26000964867588 at First Ukrainian International
Bank, Odesa branch, MFO 328191.

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

(a) STROJTECHNOLOGIYA
    68000, Ukraine, Odesa region,
    Illichivsk, Promislova Str. 2

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


SUPUTNIK: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Mikolaiv region has commenced bankruptcy
supervision procedure on CJSC Suputnik (code EDRPOU 19292778).
The case is docketed as 14/372.  Arbitral manager Mrs. Kostina
Milena (License Number AA 783216) has been appointed temporary
insolvency manager.  The company holds account number
26003226862001 at CB Privatbank, Yuzhnoukrayinsk branch, MFO
326610.

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

(a) SUPUTNIK
    55002, Ukraine, Mikolaiv region,
    Promzona, Yuzhnoukrayinsk

(b) Mrs. Kostina Milena
    Temporary Insolvency Manager
    54015, Ukraine, Mikolaiv region,
    Buzkij Boulevard, 1/32

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


YUG: Odesa Court Appoints Temporary Insolvency Manager
------------------------------------------------------
The Economic Court of Odesa region has commenced bankruptcy
supervision procedure on LLC Commercial Hose Region Yug (code
EDRPOU 32679224).  The case is docketed as 7/223-04-7796.
Arbitral manager Mr. I. Letnitskij (License Number AA 487804)
has been appointed temporary insolvency manager.  The company
holds account number 26005964867527 at First Ukrainian
International Bank, Odesa branch, MFO 328191.

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

(a) YUG
    65033, Ukraine, Odesa region, Vasil Stus Str. 2 B

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


ZALIZOBETON: Liquidator Takes over Helm
---------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Zalizobeton (code EDRPOU 05514985) on
October 4, 2004 after finding the open joint stock company
insolvent.  The case is docketed as 5/183.  Arbitral manager Mr.
Sergij Kirilichenko (License Number AA 783201) has been
appointed liquidator/insolvency manager.  The company holds
account number 26003301432901 at Prominvestbank, Mikolaiv
central branch, MFO 326438.

CONTACT:  ZALIZOBETON
          54052, Ukraine, Mikolaiv region,
          Ajvazovskij Str. 13

          Mr. Sergij Kirilichenko
          Liquidator/Insolvency Manager
          54001, Ukraine, Mikolaiv region,
          Admiralska Str. 14/3
          Phone: (0512) 35-35-18

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


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


ABBEY NATIONAL: May Further Outsource Call Center Operations
------------------------------------------------------------
Abbey is considering shipping additional call center jobs abroad
due to labor shortage in the U.K.

According to The Herald, Customer service director Ian Gillman
warned of 'significant change' at Abbey over the next months.
He was talking to the Call Centers Association convention as
replacement for Ian Clarke, director of customer contact at
Abbey.

Later, Mr. Gillman confirmed that Abbey and its new owner, Banco
Santander, had talked over further outsourcing call center
functions.  The firm earlier this year transferred 400 jobs to
India.

Mr. Gilman said there are no immediate plans to make similar
moves, but mentioned lack of adequate manpower in the U.K. is
becoming a problem.  He declined to comment further "for a
variety of reasons."

Mr. Gillman looks after 18 contact centers, both onshore and
offshore of Abbey.

CONTACT:  ABBEY NATIONAL PLC
          Abbey National House
          2 Triton Square
          Regent's Place
          London NW1 3AN
          Phone: +44-870 607 6000
          Web site: http://www.abbeynational.com


A. D. HUMPHERSON: Names BDO Stoy Hayward Administrator
------------------------------------------------------
Christopher Kim Rayment and Anthony Peter Supperstone (IP Nos
6775, 2703) have been appointed administrators for haulage
contractor A. D. Humpherson.  The appointment was made Nov. 18,
2004.  The

CONTACT:  BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham B3 3SD
          Phone: 0121 200 4600
          Fax:   0121 200 4650
          E-mail: birmingham@bdo.co.uk
          Web site: http://www.bdo.co.uk


ANGLO AMERICAN: Insolvency Service Bans Big Wig
-----------------------------------------------
A director of a coach distributor business that failed with
debts of more than GBP2.3 million has been disqualified from
acting as a company director for three years in the Manchester
County Court.

Robert David Orr, 52, of Hurstville Road, Chorlton cum Hardy,
Manchester, was a director of Anglo American Coach Industries
Limited, which carried on business from premises at Trafford
Plaza, Seymour Grove, in Manchester.

The Disqualification Order, made on November 19, 2004, prevents
Mr. Orr 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.

Anglo American Coach Industries Limited was placed into
creditors voluntary liquidation on February 26, 2002 with
estimated debts of GBP2,397,362 owed to its creditors.

Matters of unfit conduct by Mr. Orr, found by the court, were
that:

(a) He caused the company to trade at the risk and ultimately to
    the detriment of the Crown Departments; and

(b) He knew from June 30, 2000 that it was unable to pay debts
    as and when they fell due and the continued trading was
    dependant upon HM Customs & Excise and Inland Revenue not
    seeking immediate repayment of accrued debt.

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.

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


BARQUE STREET: Hires Liquidator from Tomlinsons
-----------------------------------------------
At the extraordinary general meeting of the Barque Street
Properties Limited on Nov. 10, 2004 held at Tomlinsons, St John'
s Court, 72 Gartside Street, Manchester M3 3EL, the resolutions
to wind up the company were passed.  Alan H. Tomlinson, of
Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3
3EL has been appointed as liquidator of the company for the
purpose of such winding-up.

CONTACT:  TOMLINSONS
          St John's Court, 72 Gartside Street,
          Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


BRIG STREET: Hires A. H. Tomlinsons as Liquidator
-------------------------------------------------
At the extraordinary general meeting of the Brig Street
Properties Limited on Nov. 10, 2004 held at Tomlinsons, St John'
s Court, 72 Gartside Street, Manchester M3 3EL, the resolutions
to wind up the company were passed.  Alan H. Tomlinson of
Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3
3EL has been appointed liquidator of the company for the purpose
of such winding-up.

CONTACT:  TOMLINSONS
          St John's Court, 72 Gartside Street,
          Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


BROMLEY SCHOOL: Sets Creditors Meeting This Week
------------------------------------------------
The creditors of Bromley School Of English Ltd. will meet on
Dec. 1, 2004 commencing at 2:00 p.m.  It will be held at
Sherlock House, 73 Baker Street, London W1U 6RD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tenon Recovery, Sherlock House, 73 Baker Street,
London W1U 6RD not later than 12:00 noon, Nov. 30, 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


CHURCHILL CREDIT: Winding up Resolutions Passed
-----------------------------------------------
At the extraordinary general meeting of the Churchill Credit
Company Limited on Nov. 12, 2004 held at 11 Dragoon House,
Hussar Court, Waterlooville, Hampshire PO7 7SF, the special and
ordinary resolutions to wind up the company were passed.  Duncan
R. Beat of Moriston House, 75 Springfield Road, Chelmsford,
Essex CM2 6JB has been appointed liquidator for the purpose of
such winding-up.

CONTACT:  Moriston House, 75 Springfield Road,
          Chelmsford, Essex CM2 6JB


CITYSIDE REGENERATION: Winding up Resolution Passed
---------------------------------------------------
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 subjoined 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


COLDSEAL WINDOWS: Calls in Liquidators from KPMG
------------------------------------------------
Allan Graham of KPMG Corporate Recovery and Hunter Kelly
Corporate Restructuring Partner at Ernst & Young were appointed
Thursday as joint compulsory liquidators of Coldseal Windows and
Doors Ltd.

Coldseal, part of the Carthium Group Ltd., ceased trading on 2
November 2004 and was the subject of a High Court winding up
order on Monday 22 November 2004.  The case was referred to the
Insolvency Service -- the official receiver -- to appoint the
liquidators.

Coldseal manufactured and supplied doors and windows from its
head office in Alfreton, Derbyshire and from 40 different sites
across the U.K.  The GBP60 million business directly employed
around 150 staff and used over 500 sub-contractors.

Allan Graham, joint liquidator said: "I realize that staff,
sub-contractors, warranty claimants, creditors and consumers
will be frustrated by the lack of information to date.  Now that
we have been appointed, we will do our utmost to deal with the
issues as quickly and efficiently as possible.

"Our initial task will be to quickly establish what
opportunities exist to facilitate the completion of the work in
progress particularly where consumers have paid a deposit on
their order.  We will be entering into discussions with
reputable double-glazing companies within the next few days with
this objective in mind.

"Hunter Kelly, joint liquidator added: "The official receiver
will be investigating the manner in which the company operated
prior to its demise and we will be assisting them in this regard
as far as we are able.

"Any employees concerned about monies owed to them for wages,
redundancy and lieu of notice should contact Amanda Rowe at
Ernst & Young on 0161 333 2742.

A consumer helpline has also been set up on 0121 232 3391.

Allan Graham continued: "We would urge all employees and
sub-contractors to contact us if they still have any vehicles
(which may be the property of finance companies) or other assets
of the company and we will arrange collection as soon as
possible.  They should ring the consumer helpline number."

CONTACT:   KPMG
           Corporate Communications
           Rachael Morgan
           Phone: 0207 694 2692
           Mobile: 07904 528106
           E-mail: Rachael.morgan@kpmg.co.uk


COWAN HILL: Creditors Meeting Set
---------------------------------
The creditors of Cowan Hill Limited will meet on Dec. 8, 2004
commencing at 12:00 noon.  It will be held at Grant Thornton
House, Melton Street, Euston Square, London NW1 2EP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Grant Thornton House, Melton Street, Euston
Square, London NW1 2EP not later than 12:00 noon, Dec. 7, 2004.

CONTACT:  GRANT THORNTON
          Grant Thornton House, Melton Street,
          Euston Square, London NW1 2EP
          Phone: 020 7383 5100
          Fax:   020 7383 4715
          Web site: http://www.grant-thornton.co.uk


EGG PLC: ING Direct Finalizes French Saving Biz Buyout
------------------------------------------------------
ING Direct France announces the signing of the acquisition
agreement of the savings activities of Egg in France.  This
agreement covers the savings and online brokerage businesses.

As was announced on 5 Oct. 2004, the transaction will result in
the redeployment of up to 40 of Egg's 450 French staff.  By the
end of 2004, around 45,000 Egg accounts will be transferred to
ING Direct France.

ING Direct will welcome all former Egg clients with two special
offers:

(a) No custody fees in 2005 on their transferred investment
    accounts and PEA;

(b) 10% annual interest rate during one month, on up to EUR5,000
    of their transferred savings.

"ING Direct France is pleased to welcome the clients from Egg,
who will of course benefit from all services currently available
to the 382,000 ING Direct customers.  I would also like to thank
both the teams of ING Direct France and Egg for their joint
effort in offering the best service to all of our clients", says
Andre Coisne, CEO of ING Direct France.

For more information regarding the transfer of their accounts,
Egg clients may call free of charge, 0800 119 119, from 8:00
a.m. to 10:00 p.m., Monday to Friday and 9:00 a.m. to 8:00 p.m.
on Saturdays.

CONTACT:  EGG PLC
          1 Waterhouse Sq., 138-142 Helborn
          London EC1N 2NA, United Kingdom
          Phone: +44-20-7526-2500
          Fax: +44-20-7526-2655
          Web site: http://www.egg.com


EIDOS PLC: In Negotiations with Potential Buyers
------------------------------------------------
During the current financial year (FY05), Eidos plc (Nasdaq:
EIDSY) (LSE: EID.L) launched three key titles.  ShellShock: Nam
'67 (launched in September), has proved to be a successful new
franchise with shipments to date of circa 800,000 units, and
with strong sell through, which exceeds our original forecasts.
A sequel is already underway.  In addition, Backyard Wrestling
2: There Goes The Neighborhood and Crash 'n' Burn have recently
been launched on schedule and initial shipments were in-line
with management's expectations.

As previously announced, the PC release of Championship Manager
5 was deferred from October 2004 in order to allow for further
development and refinement of the game.  It will now release,
closely followed by the platform and online versions, in the
second half of FY05 on a date to be announced in due course.
This will add to the already heavily weighted and strong second
half release line-up which will see Project: Snowblind and
Imperial Glory release in Q3 and Just Cause, 25 to Life and
Commandos Strike Force, together with the eagerly awaited next
in the series of Hitman and Lara Croft Tomb Raider, all
currently scheduled for Q4 release.

We believe that the fundamental strengths of Eidos, in terms of
its owned intellectual property, creative talent and technical
capabilities, continue to make it one of the leading independent
companies in the sector.  However, given the volatility inherent
in the hit-driven computer games industry and the increasing
levels of development expenditure required to launch new titles,
the outlook for Eidos as a listed company remains challenging.

IO Acquisition

The integration of IO Interactive, the Danish games developer
that we acquired in April this year, has been a success.  In
addition to bringing ownership and control of the highly
acclaimed Hitman franchise in-house, IO has provided the Company
with significant additional, high quality development capability
and technical expertise.  Specifically, IO is now leading the
Group's in-progress transition program to the next generation
PlayStation and Xbox hardware platforms.

Strategic Review

As shareholders will be aware, the Board announced in June that
it intended to undertake a strategic review of both the business
and the future direction of the Company.

During the review process, we concluded that shareholders'
interests would be best served by exploring the sale of the
Company.  Consequently, in conjunction with our financial
advisers, UBS, we prepared a short list of the most likely
potential partners.  We then held preliminary discussions on a
confidential basis with short listed candidates as well as with
certain other interested parties who approached us directly.
Following this initial review, more detailed discussions were
progressed with a smaller number of potential acquirers and due
diligence is now continuing with certain of these parties.

The Board is pursuing this process with the utmost vigor and
with the objective of securing an acceptable offer for the
Company.  It is our intention to bring this process to a
satisfactory conclusion as soon as possible.  However, at this
point in the discussions, there can be no assurance that an
offer for the Company will be forthcoming.

In parallel with the strategic review, the senior executive team
has remained focused on its day-to-day management
responsibilities in driving the business with the aim of
achieving our FY05 operating objectives.

Eidos plc is listed on the London Stock Exchange (ticker: EID.L)
and on the Nasdaq National Market (symbol: EIDSY).  Further
information on the Company can be found at http://www.eidos.com.

Eidos and the Eidos logo are trademarks of Eidos plc.  All other
names and/or brands and/or product names referred to in this
release are registered trademarks or trademarks pending
registration belonging to Group companies.  All rights reserved.

CONTACT:  BRUNSWICK
          Jonathan Glass
          Phone: +44(0) 207 404 5959
          or
          Wendel Verbeek
          Phone: +44(0) 207 404 5959
          or
          Nina Devlin
          Phone: (+1) 212 333 3810


FORTY EIGHT: Sets Meeting to Appoint Liquidator
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Forty Eight Shelf (134) Limited
                        (In Liquidation)

I, Henry R. Paton of Milne Craig & Corson, Abercorn House, 79
Renfrew Road, Paisley PA3 4DA was appointed Interim liquidator
of Forty Eight Shelf (134) Limited by Interlocutor of Paisley
Sheriff Court on November 1, 2004.

Pursuant to Section 138(4) of the Insolvency Act 1986 and Rule
4.12 of the Insolvency (Scotland) Rules 1986, notice is hereby
given that the first meeting of creditors of the company will be
held within Abercorn House, 79 Renfrew Road, Paisley, PA3 4DA on
December 14, 2004 at 12:00 noon for the purpose of choosing a
Liquidator who may either be the Interim Liquidator or any other
person qualified to act as Liquidator.  The meeting may also
consider other resolutions referred to in Rule 4.12(3)

To be entitled to vote at the meeting, creditors must have
lodged their claims with me at the meeting or at the address
below prior to the meeting.  Voting may either be in person by
the creditor or by proxy.  To be valid, the proxy must be lodged
with me at the meeting or at the address below prior to the
meeting.  A resolution at the meeting is passed if a majority of
those voting have voted in favor of it.

For the purposes of formulating claims, creditors should note
that the date of Liquidation is September 30, 2004.

Your attention is also drawn to rules 4.15 - 4.17 and 7 of the
Insolvency (Scotland) Rules 1986.

Henry R. Paton, Interim Liquidator
November 12, 2004

CONTACT:  MILNE CRAIG & CORSON
          Abercorn House
          79 Renfrew Road
          Paisley PA3 4DA
          Phone: 00 44 141 887 7811
          Fax: 00 44 141 887 7753
          E-mail: mcc.admin@milnecraig.co.uk
          Web site: http://www.milnecraig.co.uk


GLOBAL VEHICLE: Calls in D. R. Beat as Liquidator
-------------------------------------------------
At the extraordinary general meeting of the Global Vehicle
Imports (UK) Limited on Nov. 12, 2004 held at 11 Dragoon House,
Hussar Court, Waterlooville, Hampshire PO7 7SF, the special and
ordinary resolutions to wind up the company were passed.  Duncan
R. Beat of Moriston House, 75 Springfield Road, Chelmsford,
Essex CM2 6JB has been appointed liquidator for the purpose of
such winding-up.

CONTACT:  Moriston House, 75 Springfield Road,
          Chelmsford, Essex CM2 6JB


GOLD CUP: Appoints Moore Stephens Liquidator
--------------------------------------------
At the extraordinary general meeting of the Gold Cup Vending
Services Limited on Nov. 19, 2004 held at 5 West Court,
Buntsford Hill Business Park, Bromsgrove B60 3DX, the special
and ordinary resolutions to wind up the company were passed.
Nigel Price of Moore Stephens Corporate Recovery, Beaufort
House, 94-96 Newhall Street, Birmingham B3 1PB has been
appointed liquidator for the purpose of such winding-up.

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


INDEPENDENT PACKAGING: Hires Administrators from Begbies Traynor
----------------------------------------------------------------
David Hill and John W Davies (IP Nos 6904, 6425) have been
appointed administrators for Independent Packaging Services Ltd.
The appointment was made Nov. 17, 2004.  Its registered office
is located at 14 Lambourne Crescent, Cardiff Business Park,
Llanishen, Cardiff CF14 5GF.

CONTACT:  BEGBIES TRAYNOR
          4th Floor, Riverside House,
          31 Cathedral Road, Cardiff CF11 9HB
          Phone: 029 2022 5022
          Fax: 029 2022 4523
          E-mail: cardiff@begbies-traynor.com
          Web site: http://www.begbies.com


INSTRUMENTALLY YOURS: Names Liquidator from Baker Tilly
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Instrumentally Yours Limited
                         (In Liquidation)

I, Maureen Elizabeth Leslie, Insolvency Practitioner of Baker
Tilly, Breckenridge House, 274 Sauchiehall Street, Glasgow,
hereby give notice pursuant to Rule 4.19 of the Insolvency
(Scotland) Rules 1986 that I was appointed Liquidator of
Instrumentally Yours Limited by resolution of the First Meeting
of Creditors held on November 5, 2004.  A liquidation committee
was not established.  Accordingly, I hereby give notice that 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 me to do so in terms of Section 142(3)
of the Insolvency Act 1986.

Maureen E. Leslie, Liquidator

CONTACT:  BAKER TILLY
          Breckenridge House
          274 Sauchiehall Street
          Glasgow G2 3EH
          Phone: 0141 307 5000
          Fax: 0141 307 5005
          E-mail: david.gwilliam@bakertilly.co.uk
          Web site: http://www.bakertilly.co.uk


JSNF REALISATIONS: Meeting of Creditors Set on Friday
-----------------------------------------------------
The creditors of JSNF Realisations Limited will meet on Dec. 3,
2004 commencing at 10:30 a.m.  It will be held at The Alverton
Manor Hotel, Tregolis Road, Truro, Cornwall TR1 1ZQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tenon Recovery, Sherlock House, 73 Baker Street,
London W1U 6RD not later than 12:00 noon, Dec. 2, 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


MARGASON DEMOLITION: Director Disqualified for Five Years
---------------------------------------------------------
A director of a demolition and plant hire business that failed
with total debts estimated at nearly GBP140,000 has been
disqualified form acting as a company director for five years in
the Liverpool County Court.

Margaret Quinn, 45, of Whitefield Avenue, Walton, Liverpool, was
a director of Margason Demolition and Plant Hire Limited, which
carried on the business from 5 Bedford Place, in Bootle.

The Disqualification Order, made on November 1, 2004, prevents
Margaret Quinn 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 five-year period.

Margason was placed into voluntary liquidation on October 30,
2002 with estimated debts of GBP139,236

Matters of unfit conduct found by the Court were that:

(a) She caused Margason to fail to deal properly with its
    taxation affairs and caused it to fail to pay monies due to
    Crown Departments totaling GBP75,877, (including GBP35,475
    in respect of VAT for the period August 1999 to October 2002
    and GBP40,403 in respect of PAYE and National Insurance
    contributions for tax years 2000/2001 and 2001/2002; and

(b) She caused or allowed Margason to fail to maintain, serve
    and deliver up to the Joint Liquidators adequate accounting
    records such that the Joint Liquidators' administration was
    hampered, in that they were unable to verify the company's
    trading performance, or satisfy themselves that they were
    aware of all its assets and liabilities.

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 the disqualification of those who are considered to be unfit
to be involved in the management of companies in the future.

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


M.T.B. METAFIN: Hires KPMG as Administrator
-------------------------------------------
Mark Jeremy Orton and Allan Watson Graham (IP Nos 8846, 8719)
have been appointed administrators for M.T.B. Metafin Limited.
The appointment was made Nov. 18, 2004.  The company is engaged
in engineering and allied industries.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


NICOL TRANSMISSIONS: Calls in Administrators from Bridgestones
--------------------------------------------------------------
Jonathan Lord and Robert Cooksey (IP Nos 9041, 9040) have been
appointed administrators for Nicol Transmissions Limited.  The
appointment was made Oct. 8, 2004.  The company sells motor
vehicle parts.

CONTACT:  BRIDGESTONES
          125-127 Union Street, Oldham OL1 1TE


PARKER GRAPHICS: Parker Investments Limited Appoints Receiver
-------------------------------------------------------------
Parker Investments Limited called in Nimish C. Patel (Office
Holder No 8679) administrative receiver for Parker Graphics
Limited (Reg No 4452749, Trade Classification: 10).  The
application was filed Nov. 16, 2004.  The company is engaged in
servicing and manufacturing printing equipment.

CONTACT:  KRANEFIELDS
          Trinity House, Heather Park Drive,
          Wembley, Middlesex HA0 1SU
          Phone: 020 8795 2097


PL REALISATIONS: In Administrative Receivership
-----------------------------------------------
Name of companies:
PL Realisations Limited
SVL Realisations Limited
TK Realisations Limited
Triapt Holdings Limited

Natwest Bank plc called in Allan Watson Graham (Office Holder No
8719) and James Douglas Ernie Money (Office Holder No 1317)
joint administrative receivers for these companies.  The
application was filed Nov. 17, 2004.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk

          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


RED EMPLOYMENT: Names Leonard Curtis Administrator
--------------------------------------------------
J. M. Titley and A. Poxon (IP Nos 8617, 8620) have been
appointed joint administrators for Red Employment And Training
Services Limited.  The appointment was made Nov. 19, 2004.

The company is engaged in labor recruitment.  Its registered
office is located at 23 Dartford Road, March, Cambridgeshire
PE15 8AN.

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


ROWANCROWN LIMITED: Winding-up Account Due Mid December
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Rowancrown Limited
                   (In Compulsory Liquidation)

Notice is hereby given pursuant to Rule 4.31 of the Insolvency
(Scotland) Rules 1986, that the Final Meeting of Creditors of
the above named company will be held within the offices of
Campbell Dallas on December 15, 2004, at 11:00 a.m. for the
purposes of receiving the Liquidator's account of the winding-up
together with any explanations that may be given.  The
Liquidator will be seeking his release at the meeting.

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

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

Robert M. Dallas, Liquidator
November 11, 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


STILL WATERS: Top Honcho Receives Disqualification Order
--------------------------------------------------------
A director of an exhibition contractors business that failed
with total debts estimated at around GBP166,000 has given an
Undertaking not to hold directorships or take any part in
company management for two-and-a-half years.

The Undertaking by Thomas Waters, 54, of Margaret Way,
Redbridge, Ilford, Essex, was given in respect of his conduct as
a director of Still Waters Visual Communications Limited, which
carried out business from premises at Unit 2B, Penhall Road,
Charlton, London SE7 8RX.

Acceptance of the Undertaking on November 22, 2004 prevents Mr.
Waters 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.

Still Waters was placed into liquidation on 28 November 2002
with estimated debts of GBP166,045 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 unfit
to be involved in the management of companies in the future.

The matters of unfit conduct, not disputed by Mr. Waters, was
that he caused Still Waters to pay GBP19,487 out of GBP81,542
owed to the Inland Revenue for PAYE and NIC liabilities for the
period of 2001/2002.  By the date of liquidation Still Waters'
liability had increased to GBP62,554 although the amount due
from Still Waters to its trade creditors fell from GBP48,374 to
GBP37,821.

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


SWISSPORT UK: Hires Deloitte & Touche Administrator
---------------------------------------------------
Neville Barry Kahn and Nicholas James Dargan (IP Nos 008690,
008024) have been appointed joint administrators for Swissport
UK Limited.  The appointment was made Nov. 16, 2004.

The company offers aircraft groundhandling services.  Its
registered office is located at : Swissport UK Limited,
Groundstar House, Freight Village, Newcastle Int Airport,
Newcastle upon Tyne NE13 8BH.

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


TEAM-EXCEL LIMITED: Joint Administrators from Berley Move In
------------------------------------------------------------Jere
my Berman and Mark Levy (IP Nos 5303, 6329) have been appointed
joint administrators for Team-Excel Limited.  The appointment
was made Nov. 16, 2004.

The company offers waste management training services.  Its
registered office is located at 76 New Cavendish Street, London
W1G 9TB.

CONTACT:  BERLEY
          76 New Cavendish Street, London W1G 9TB


TRADES TEAM: Creditors Appoint Liquidator
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Trades Team Limited
                      (In Liquidation)

I, Blair Carnegie Nimmo, Chartered Accountant, KPMG Corporate
Recovery, 191 West George Street, Glasgow, G2 2LJ hereby give
notice, that on November 9, 2004, I was appointed liquidator of
Trades Team Limited 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
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


TUFNOL LIMITED: Sets General Meeting Next Week
----------------------------------------------
The general meeting of the unsecured creditors of Tufnol Limited
will be on Dec. 9, 2004 commencing at 10:30 a.m.  It will be
held at BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3
3SD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham
B3 3SD not later than 12:00 noon, Dec. 8, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham B3 3SD
          Phone: 0121 200 4600
          Fax:   0121 200 4650
          E-mail: birmingham@bdo.co.uk
          Web site: http://www.bdo.co.uk


ULTRA STORAGE: Names Leonard Curtis Administrator
-------------------------------------------------
J. M. Titley and A. Poxon (IP Nos 8617, 8620) have been
appointed joint administrators for Ultra Storage Systems
Limited.  The appointment was made Nov. 12, 2004.

The company provides storage systems.  Its registered office is
located at DTE House, Hollins Mount, Hollins Lane, Bury BL9 8AT.

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


WIND RIVER Proofs of Claim Deadline Set Second Week of December
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Wind River Scotland Limited

Pursuant to Rule 4.182A of the Insolvency Rules 1986, notice is
hereby given that the liquidator intends to make a first and
final distribution to creditors of Wind River Scotland Limited
and that the last date for proving debts against company, which
is being voluntarily wound up, is on December 7, 2004, by which
date claims must be sent to Andrew Conquest of Grant Thornton
U.K. LLP, Grant Thornton House, Melton Street, Euston Square,
London NW1 2EP, the liquidator of the company.

After December 7, 2004, the liquidator may make that
distribution without regard to the claim of any person in
respect of a debt not already proved.

This notice refers to company number SC130589, which is solvent
and has been dormant since December 19, 2001.  The notice does
not refer to other companies bearing the Windriver Group name,
which are trading and are not in liquidation.

Andrew Conquest, Liquidator
October 26, 2004

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.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
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Copyright 2004.  All rights reserved.  ISSN 1529-2754.

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