TCREUR_Public/041130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, November 30, 2004, Vol. 5, No. 237

                            Headlines

F R A N C E

AIR BOURBON: Grounds Plane After Failing to Secure State Aid


G E R M A N Y

AUTOHAUS THIES: Under Bankruptcy Administration
CALIFORNIA TEXTILHANDELS: Gifhorn Court Appoints Administrator
CALIFORNIA VERWALTUNGS: Administrator's Report Out January
HTG HANSEATISCHE: Sets First Creditors' Meeting January
HTK GMBH: Forwarding Firm Succumbs to Bankruptcy

KARSTADTQUELLE AG: Hurdles Final Obstacle to Capital Increase
KARSTADTQUELLE AG: Board, Management Split Over CRO Appointment
MG TECHNOLOGIES: Unsecured Rating Affirmed; Outlook Negative
NETMARKET DIENSTLEISTUNGS: Creditors' Claims Due this Week
PEUTE DRUCK: Hamburg Court Sets Claims Deadline

REIMERS GMBH: Liquor Store Applies for Bankruptcy Proceedings
ROLF MULLER: Creditors Have Until December to File Claims
WIWO GMBH: Provisional Administrator Takes over Operations


I T A L Y

APRILIA SPA: Piaggio to Complete Purchase Before Year Ends
PARMALAT FINANZIARIA: Crucial Ruling Due this Week
VOLARE GROUP: State Puts Firm Under Extraordinary Administration
VOLARE GROUP: Expects Commissioner to Resume Operations


K Y R G Y Z S T A N

EDRUS: Sets Claims Verification Date
ENERGIA: Creditors' Meeting Set this Week
MANAS-KUTU: Under Bankruptcy Supervision
RAHAESH MANAFI: Creditors' Meeting Set Friday


N E T H E R L A N D S

KONINKLIJKE AHOLD: Bart Kuper to Step down Next Year


P O L A N D

ELEKTRIM SA: PAK Attracts Several International Investors


R U S S I A

DIVEYEVSKAYA: Creditors Have Until December to File Claims
KALINOVSKOYE: Sverdlovsk Court Opens Bankruptcy Proceedings
KATAYS-AGRO-KHIMIYA: Insolvency Manager Takes over Operations
KEMEROVO-VZRYV-PROM: Court Hearing Resumes February Next Year
KRASNOGORSKIY FACTORY: Deadline for Proofs of Claim Set

NOVOVYATSK-PROM-SERVICE: Succumbs to Bankruptcy
OMSKOYE EXPERIMENTAL: Hires V. Belkin Insolvency Manager
PROM-TRACTOR - CHEBOKSARSKIY: Declared Insolvent
TEKH-ENERGO-SERVICE: Bankruptcy Proceedings Begin
VYKSUNSKAYA SEL-KHOZ-TEKHNIKA: Files for Bankruptcy
YUKOS OIL: Begs Lithuania to Postpone Mazeikiu Stock Sale


S W E D E N

ESSELTE GROUP: Company Profile


U K R A I N E

AGROERA: Creditors Have Until This Week to File Claims
KAGARLIK' ELEVATOR: Bankruptcy Proceedings Begin
KASKAD: Insolvency Manager to Temporarily Oversee Business
NIKOPOL BEER: Under Bankruptcy Supervision
POLIMIR: Insolvency Manager Takes over Helm

ROSMARKET: Court Brings in Liquidator
UKRAINIAN INDUSTRIAL: Names V. Krikun Insolvency Manager
UKRRIBTORG: Undergoing Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

ALLIED SERVICES: Calls in Liquidator from Valentine & Co.
AMPLIO TECHNOLOGY: Names BDO Stoy Hayward Administrator
ANSWERCALL DIRECT: PricewaterhouseCoopers Takes over Helm
CARDINE OPERATIONS: Appoints Liquidator
CDRP (GP): Final Members Meeting Set January

CHIPPERY POTATO: Members Pass Winding up Resolutions
CLAIMS SUPERVISION: Hires Milner Boardman Administrator
COMODO RESEARCH: Names KPMG Liquidator
COSTAIN GROUP: Wins GBP81 Million PFI Contracts
COTSWOLD PRINTING: Hires PKF as Liquidator

DRAX: Appoints Adviser to Study Possible Sale of Entire Business
DREAMSCOPE SERVICES: West Bromwich Appoints PwC Receiver
EDINBURGH INCA: Final General Meeting Set Last Week of December
ELDRIDGE POPE: Bidco Offer Receives 72% Acceptances
ENDACOTT RJB: In Administrative Receivership

EXPERTS FORUM: Hires Joint Administrators from Milner Boardman
FOCUS ENVIRONMENTAL: Names Valentine & Co. Liquidator
FRUCOR BEVERAGES: Members General Meeting Set End of December
GRAHAM RANGER: Calls in Liquidator from Thompson Partnership
GUILTEE CLOTHING: Hires G. Kakouris Liquidator

HANON SOLUTIONS: Names Liquidator from Baker Tilly
HOLT INSULATION: Meeting of Unsecured Creditors Set Next Week
HOUSING RESOURCES: Calls in Liquidator from O'Hara & Co.
INKA SYSTEMS: Liquidator to Present Winding-up Report December
INTERNATIONAL EXPRESS: Calls in Liquidator

INTERNATIONAL POWER: EGM Okays Proposed Buyout of EME Portfolio
K MUMTAZ: Names G. D. Sharma Liquidator
KONEMANN U.K.: Owners Opt to Dissolve Business
KOOCHI BAR: Extraordinary Winding up Resolution Passed
LEGALSHIELD LIMITED: Joint Administrators Move in

LONGVILLE ESTATES: Special Winding up Resolution Passed
MULTI-FINISH CONTRACTORS: Liquidator Enters Firm
MYTRAVEL GROUP: Reiterates Breakeven Forecast
NEPTUNE CONTRACTORS: Hires Liquidator from Arrans
PRIVATE NURSING: Appoints Liquidator

PROCESS COMPUTING: Sets Final Meeting of Members
ROAD ACCIDENT: Hires Administrators from Milner Boardman
WM LOW: Winding-up Report Due Third Week of December

* Large Companies with Insolvent Balance Sheets


                            *********


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


AIR BOURBON: Grounds Plane After Failing to Secure State Aid
------------------------------------------------------------
Regional carrier Air Bourbon ceased operations Saturday, leaving
250 passengers touring the Reunion Islands stranded, according
to Reuters.

The passengers were scheduled to return to mainland France
aboard the carrier's Airbus A340 over the weekend, but were
forced to extend their stay at the island's capital Saint-Denis.
Air Bourbon President Erick Lazarus met with the passengers to
explain the carrier's predicament.  He told stranded passengers
that the carrier suspended all its flights after failing to
reach a deal with the regional government regarding a rescue
plan.

Competitors Air France, Corsair and Air Austral have agreed to
give stranded passengers a lift home to Reunion Islands or
mainland France for EUR300 each, excluding airport taxes.  This,
however, would depend on availability of seats as flights from
the island to Paris are usually fully booked this time of the
year when tourists flock the islands.  Around a thousand
passengers, 80% of which tourists, are set to travel with Air
Bourbon next week; and 10,000 more in the next few weeks.

Regional representative Paul Verges has asked Prime Minister
Jean-Pierre Raffarin to provide funds for chartering extra
flights and to assist the carrier's 165 employees in finding new
jobs.

CONTACT:  AIR BOURBON
          Aerogare Orly Sud Porte C
          BP 123
          94541 Orly
          Fax: +33 (0)1 49 75 10 45
          Web site: http://www.air-bourbon.com


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


AUTOHAUS THIES: Under Bankruptcy Administration
-----------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Autohaus Thies GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 14, 2004 to register their
claims with court-appointed provisional administrator Peter-
Alexander Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 14, 2005, 10:05 a.m. at the district court
of Hamburg of Insolvenzgericht, Weidestrasse 122d, 22083
Hamburg, Saal 1, 2. Ebene (Zi. 2.18) 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:  AUTOHAUS THIES GMBH
          Kleiner Schippsee 7-9, 21073 Hamburg
          Phone: 040/32528728

          Contact:
          Edwin-Peter Thies, Manager

          Peter-Alexander Borchardt, Insolvency Manager
          Deichstrasse 1, 20459 Hamburg
          Phone: 040/3760100


CALIFORNIA TEXTILHANDELS: Gifhorn Court Appoints Administrator
--------------------------------------------------------------
The district court of Gifhorn opened bankruptcy proceedings
against California Textilhandels GmbH & Co. KG on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 30, 2004
to register their claims with court-appointed provisional
administrator Michael H. J. Graaff.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 20, 2005, 9:30 a.m. at Saal 118, Amtsgericht
Gifhorn, Am Schlossgarten 4, 38518 Gifhorn 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:  CALIFORNIA VERWALTUNGS GMBH
          Steinweg 21-25, 38518 Gifhorn
          Contact:
          Wolfgang Strutz, Manager
          Steinweg 21-25, 38518 Gifhorn

          Michael H. J. Graaff, Insolvency Manager
          Georgstrasse 48, D-30159 Hannover
          Phone: 0511/2704120
          Fax: 0511/27041210


CALIFORNIA VERWALTUNGS: Administrator's Report Out January
----------------------------------------------------------
The district court of Gifhorn opened bankruptcy proceedings
against California Verwaltungs GmbH on Nov. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Dec. 30, 2004 to
register their claims with court-appointed provisional
administrator Michael H.J. Graaf.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 21, 2005, 9:00 a.m. at Saal 118, Amtsgericht
Gifhorn, Am Schlossgarten 4, 38518 Gifhorn 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:  CALIFORNIA VERWALTUNGS GMBH
          Steinweg 21-25, 38518 Gifhorn
          Contact:
          Wolfgang Strutz, Manager

          Michael H.J. Graaff, Insolvency Manager
          Georgstrasse 48, D-30159 Hannover
          Phone: 0511/2704120
          Fax: 0511/27041210


HTG HANSEATISCHE: Sets First Creditors' Meeting January
-------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against HTG Hanseatische Trockenbau Gesellschaft mbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 23, 2004
to register their claims with court-appointed provisional
administrator Hendrik Rogge.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 26, 2005, 9:15 a.m. at the district court of
Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal
1, 2. Ebene (Zi. 2.18) 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:  HTG HANSEATISCHE TROCKENBAU GESELLSCHAFT MBH
          Eiffestrasse 432, 20537 Hamburg
          Phone: 2513221
          Fax: 2513636

          Contact:
          Sven-Uwe Gohritz, Manager
          Ekkehard Luders, Manager
          Hartmut Schmidt, Manager

          Hendrik Rogge, Insolvency Manager
          Albert-Einstein-Ring 15, 22761 Hamburg
          Phone: 897186-0
          Fax: 897186-11


HTK GMBH: Forwarding Firm Succumbs to Bankruptcy
------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against HTK GmbH Spedition & Logistik on Nov. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Dec. 23, 2004 to
register their claims with court-appointed provisional
administrator Karsten Totter.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 21, 2005, 10:30 a.m. at the district court
of Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) 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.

HTK is into the forwarding business.

CONTACT:  HTK GMBH SPEDITION & LOGISTIK
          Peutestrasse 16, 20539 Hamburg
          Contact:
          Thorsten Schulz, Manager
          Jurgen Wrona, Manager

          Karsten Totter, Insolvency Manager
          Speersort 4/6, 20095 Hamburg
          Phone: 303010
          Fax: 30301246


KARSTADTQUELLE AG: Hurdles Final Obstacle to Capital Increase
-------------------------------------------------------------
Ailing retail giant KarstadtQuelle AG's EUR500 million capital
increase is moving ahead, according to the Associated Press.

After several days of talks, the department store and mail order
group finally persuaded a small group of stockholders to approve
the recapitalization plan, which would be done through the
issuance of new shares.  Rebel shareholders were reluctant to
approve the plan initially, raising concerns that new shares
would dilute the value of KarstadtQuelle stocks.  In addition,
they questioned the state of the group's finances.
KarstadtQuelle plans to release new shares before the year ends.

KarstadtQuelle spokesman Joerg Howe said, "We have an agreement
with the dissident shareholders.  We expect that there will be
no legal disputes and we expect that the capital increase can be
carried out in short order."

The retail giant has been pushing for the capital increase, as
it is one of the conditions set by creditor banks before
extending a EUR1.75 billion credit line.   Announced in October,
the restructuring plan would leave around 5,500 of
KarstadtQuelle's 100,000 employees jobless and a dozen
department stores sold.

The group blames the slump in consumer consumption, among
others, for its woes.  The group recently relinquished its 82%
stake in a three-year-old venture with coffeehouse giant
Starbucks.

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


KARSTADTQUELLE AG: Board, Management Split Over CRO Appointment
---------------------------------------------------------------
A row has crop up over the appointment of a chief restructuring
officer (CRO) at retail giant KarstadtQuelle, Financial Times
Deutschland says.

While the supervisory board and banks are amenable to the
proposal, management board chairman Christoph Achenbach is
reportedly against the idea, as he is concerned that a CRO might
limit his room for decision-making.

Talks are reportedly ongoing with possible nominees for the
post, according to banking sources.  Backers of the proposal
believe a CRO could carry out restructuring without being loaded
with operational duties.  Aside from naming a CRO from external
sources, other proposals include an internal promotion to the
post or a creation of a steering committee.  The supervisory
board will meet on December 22, 2004 to decide the matter.

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


MG TECHNOLOGIES: Unsecured Rating Affirmed; Outlook Negative
------------------------------------------------------------
Fitch Ratings affirmed German engineering group MG Technologies
AG's Senior Unsecured rating at 'BBB-'.  The Outlook remains
Negative.

The ratings reflect MG's leading position in its process
engineering operations, which are grouped under GEA AG, along
with its relatively balanced geographical diversification and
its de-leveraged financial profile.

Fitch expects that MG will benefit from the improving operating
performance of its core business as well as its restructuring
and cost-cutting programs currently underway.  The investment-
grade ratings are backed by the group's comfortable financial
flexibility that cushions the restructuring of the
underperforming plant engineering activities and the adaptation
of the group structure, both leading to sizeable charges, as
well as the intended growth strategy.

Following a strategic realignment, the disposal of MG's
chemicals activities has significantly altered the underlying
operating risk profile, leading to the loss of one of the two
important cash flow contributors.

Fitch acknowledges the efficient realization of most of the
intended divestments.  At the same time, the Negative Outlook
reflects Fitch's ongoing concerns that MG remains in a
challenging transition phase, affected by below-average
profitability.  The continuing execution and implementation
risks in rolling out a viable growth strategy are accompanied by
corporate governance issues.  Fitch will therefore closely
monitor co-operation between management and the supervisory
board.

Effective 1 November, the supervisory board appointed Juerg
Oleas as the new chairman of the executive board after a dispute
between former CEO Udo Stark and the largest shareholder.  Fitch
does not envisage short-term changes in the group's strategy.

MG completed the process of selling four of the Dynamit Nobel
Group's five business units at the end of July.  Total cash
inflow of EUR1.4 billion enabled short-term liabilities of
EUR631 million to be repaid by the end of September.  In
addition EUR161 million of the outstanding EUR300m Eurobond was
repurchased via a tender offer.

MG has suspended its disposal of Dynamit Nobel Kunststoff GmbH
(DNK) as a result of the potential buyer's contractual failure.
The group is currently examining various options for the future
of DNK, but has set no specific timeframe.

Fitch considers MG's liquidity to be comfortable.  With the
disposal of its chemicals businesses, MG has substantially
strengthened its balance sheet.  As at 30 September 2004 the
group enjoyed a minor net cash position.  The company also has
access to considerable committed credit facilities, to be
renegotiated in 2005.  However, Fitch notes that MG is
considering several bolt-on/medium-sized acquisitions in order
to grow its core business around GEA.  This will lead to a re-
leveraging of the balance sheet.  MG has committed itself to
moderate gearing ratio below 25%-30%.

CONTACT:  FITCH RATINGS
          Markus Leitner, Frankfurt
          Phone: +49 (0) 69 7680 76 241

          Wolfgang Wiehe, London
          Phone: +44 (0) 20 7417 4233

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


NETMARKET DIENSTLEISTUNGS: Creditors' Claims Due this Week
----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Netmarket Dienstleistungs-und Servicegesellschaft mbH on
Nov. 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 Jorn Weitzmann.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 3, 2005, 9:25 a.m. at the district court of
Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal
1, 2. Ebene (Zi. 2.18) 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:  NETMARKET DIENSTLEISTUNGS- UND SERVICEGESELLSCHAFT MBH
          Hellkamp 58, 20255 Hamburg

          Jorn Weitzmann, Insolvency Manager
          Arnold-Heise-Strasse 9, 20249 Hamburg
          Phone: 460797-0
          Fax: 460797-25


PEUTE DRUCK: Hamburg Court Sets Claims Deadline
-----------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Peute Druck + Display GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 7, 2005 to register their
claims with court-appointed provisional administrator Reinhard
Titz.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 3, 2005, 9:35 a.m. at the district court of
Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal
1, 2. Ebene (Zi. 2.18) 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:  PEUTE DRUCK + DISPLAY GMBH & CO. KG
          Merkurring 20, 22143 Hamburg
          Contact:
          Olaf Martelock, Manager
          Schulstrasse 18, 21502 Geesthacht
          Bernd Seidler, Manager
          Alte Post 98, 22929 Schonberg

          Reinhard Titz, Insolvency Manager
          Speersort 4/6, 20095 Hamburg
          Phone: 303010
          Fax: 30301226


REIMERS GMBH: Liquor Store Applies for Bankruptcy Proceedings
-------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Reimers GmbH on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 20, 2004 to register their claims with
court-appointed provisional administrator Dr. Gideon Bohm.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 24, 2005, 9:40 a.m. at the district court of
Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal
1, 2. Ebene (Zi. 2.18) 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.

Reimers produces and sells liquor and wines.

CONTACT:  REIMERS GMBH
          Clemens-Schultz-Str. 86-87, 20359 Hamburg
          Contact:
          Matthias Reimers, Manager

          Dr. Gideon Bohm, Insolvency Manager
          Bachstrasse 85a, 22083 Hamburg
          Phone: 040/3208360
          Fax: 040/32083636


ROLF MULLER: Creditors Have Until December to File Claims
---------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Rolf Muller Gerustbau 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 Ralf
Kruger.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 17, 2005, 9:50 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) 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.

Rolf makes and rents out scaffoldings.

CONTACT:  ROLF MULLER GERUSTBAU GMBH
          Binsbarg 7, 22525 Hamburg
          Contact:
          Karen Hapke, Manager
          Rudiger Hapke, Manager

          Ralf Kruger
          Hermannstrasse 46, 20095 Hamburg

          Karsten Totter, Insolvency Manager
          Speersort 4/6, 20095 Hamburg
          Phone: 303010
          Fax: 30301246


WIWO GMBH: Provisional Administrator Takes over Operations
----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against WiWo GmbH & Co. KG on Oct. 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 20, 2004 to register their
claims with court-appointed provisional administrator Dr. Hans-
U. Hildebrandt.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 20, 2005, 10:10 a.m. at the district court
of Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) 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:  WIWO GMBH & CO. KG
          Contact:
          Wolfgang Schmahl, Manager
          Hamburger Strasse 49, 21465 Reinbek

          Dr. Hans-U. Hildebrandt, Insolvency Manager
          Raboisen 38, 20095 Hamburg
          Phone: 33446-0
          Fax: 33446-111


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


APRILIA SPA: Piaggio to Complete Purchase Before Year Ends
----------------------------------------------------------
Scooter-maker Piaggio is expected to complete its takeover of
erstwhile rival Aprilia shortly after December 10, Agencia
Giornalistica Italia says.

Speaking during the group's 120th anniversary celebration,
Piaggio president Roberto Colaninno said his legal team is
preparing the takeover papers and would need ample time to
finish it.  Mr. Colaninno said he expects to close the deal
after his December 6-7 business trip to China, where Italian
president Carlo Azeglio Ciampi would sign a memorandum of
understanding between Scuola superiore Sant'Anna and Chong Quing
University.  Mr. Colaninno added he expects to resume operations
at Aprilia this week with meetings set between Piaggio
management and Aprilia unions.

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

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


PARMALAT FINANZIARIA: Crucial Ruling Due this Week
--------------------------------------------------
Parma bankruptcy court judge, Giuseppe Coscioni, will decide
this week whether to admit the claims of international banks
against Parmalat Finanziaria, The Wall Street Journal says.

Parmalat administrator Enrico Bondi has rejected most of the
claims, including that of Citigroup and Bank of America Corp.
He believes these institutions either helped Parmalat's former
managers manipulate the company's finances or failed to advise
them properly on lending risks.

The banks claim Mr. Bondi is favoring Italian lenders, giving
them more of the new firm to emerge under Parmalat's
restructuring plan.  Citigroup has accused Mr. Bondi of
designing a restructuring plan that will give Italian banks
"total control of the company."  The bank filed a lawsuit in an
administrative court in the Lazio region last month against two
Italian government ministries overseeing the administrator,
according to the report.

Parmalat's creditors claim they are owed EUR11.6 billion
(US$15.4 billion), but claims filed with the court total EUR22.6
billion.  Many of the debts at Parmalat subsidiaries were
guaranteed by the parent company; hence many creditors have
filed two claims.  Citigroup says it is owed EUR541 million,
while Bank of America seeks US$410 million (EUR308 million).

In its lawsuit, Citigroup said international banks would be left
with only 2.3% of the restructured company if the judge sides
with Mr. Bondi.  If the judge sustains Citigroup's position,
foreign banks would control about 28% of the new company.

Italian banks could end up controlling between 20% and 40% of
the new company, depending on the amount of claims allowed from
different creditors, according to various estimates.  Holders of
Parmalat bonds, primarily international investors, could end up
with a majority stake in the new company.

Mr. Bondi insists on the fairness of his recommendations.

CONTACT:  PARMALAT FINANZIARIA
          Sede legale: 43044 Collecchio (Pr)
          - Via Oreste Grassi, 26
          Codice fiscale e iscrizione nel Registro delle Imprese
          di Parma 00175250471 - Partita I.V.A. 01938950340 -
          R.E.A. Parma n. 188325 - U.I.C. n. 730

          Sede amministrativa: 20122 Milano
          Piazza Erculea, 9
          Phone: (39) 02.8068801
          Fax: (39) 02.8693863
          E-mail: x_affari_societari_it@parmalat.net


VOLARE GROUP: State Puts Firm Under Extraordinary Administration
----------------------------------------------------------------
Ailing low-cost airline group Volare went into extraordinary
administration Friday, Reuters says.

This came after the government passed a decree declaring the
administration order.  The decree also amended existing law
governing extraordinary administration to suit Volare's
situation.  Under previous provisions of the Marzano Law, only
companies with at least EUR1 billion of debt and at least a
thousand employees can go into extraordinary administration.
Italy changed the provisions Friday, allowing companies with at
least EUR300 million of debt and at least 500 personnel to
qualify for the protection of the law.  Volare has incurred
around EUR300 million in debts and employs around 1,400 people.

Volare recently suspended its flights and ticket sales after
failing to pay lease charges and renewing the insurance coverage
on its planes.  Volare Group is a holding company composed of
Volare Airlines, which takes care of regular flights; and
AirEurope, which operates the group's charter business.  The
group has 24 planes covering 20 routes across Europe.

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


VOLARE GROUP: Expects Commissioner to Resume Operations
-------------------------------------------------------
Mauro Gambaro, chairman of troubled airline group Volare,
expressed hope the carrier would resume flights after entering
extraordinary administration, the Associated Press says.

"I hope that the company can continue to operate," Mr. Gambaro
said in an interview with state news agency ANSA.

"I imagine that the extraordinary commissioner will decide in
this sense, but it doesn't depend on us," He added.

Mr. Gambaro's statement came after the government passed a
decree amending the Marzano Law, which covers extraordinary
administrations, paving the way for Volare's rescue.  The decree
likewise allowed assistance to 1,400 affected Volare employees.

The government used the same move it made to rescue collapsed
food group Parmalat, allowing an extraordinary commissioner to
take charge of the dairy giant.

The Volare Group is a holding company composed of Volare
Airlines and Air Europe, a low-cost airline and a charter
carrier respectively.  Ente Nazionale per l'Aviazione Civile
(ENAC), the civilian aviation authority, suspended the group's
license for a month following Volare's suspension of flights.

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


===================
K Y R G Y Z S T A N
===================


EDRUS: Sets Claims Verification Date
------------------------------------
Limited liability company Edrus, which recently became
insolvent, will consider all proofs of claims on January 19,
2005 at Jalal Abad, Suzak, Intymak.


ENERGIA: Creditors' Meeting Set this Week
-----------------------------------------
The Arbitration Court of Talas has commenced bankruptcy
supervision procedure on Small Enterprise Energia.  The case is
docketed as T06-154/9-03.  Mr. Muradil Moldoliev (License No.
0332) was appointed temporary insolvency manager on September 9,
2004.

Creditors will meet on December 3, 2004, 2:00 p.m. at Talas,
Small Enterprise Energia.  Proxies must have authorization to
vote.  For more information, call (0-502) 28-17-07 or (03422) 5-
28-54.


MANAS-KUTU: Under Bankruptcy Supervision
----------------------------------------
The Inter-District Court in Bishkek commenced bankruptcy
supervision procedure on International Fund Manas-Kutu on
September 27, 2004.  The case is docketed as 03-256/04-c9.  Mr.
Toktoaly Kazankapov (License No. 300) was appointed temporary
insolvency manager on November 10, 2004.   Creditors will meet
on December 3, 2004, 11:00 a.m. at Bishkek, Moskovskaya Str.
151, Room 106.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.  For more
information, call (0-312) 21-67-26.


RAHAESH MANAFI: Creditors' Meeting Set Friday
---------------------------------------------
The Department of the Bankruptcy Issues under the State
Committee of the Kyrgyz Republic on State Property Committee
appointed Mr. Toktoaly Kazankapov temporary insolvency manager
of LLC Rahaesh Manafi on November 10, 2004.  Creditors will meet
on December 3, 2004, 10:00 a.m. at Bishkek, Moskovskaya Str.
151, Room 106.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.  For more
information, call (0-312) 21-67-26.


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


KONINKLIJKE AHOLD: Bart Kuper to Step down Next Year
----------------------------------------------------
Bart Kuper, Senior Vice President Tax, has decided to leave
Royal Ahold effective Feb. 21, 2005 to pursue his career outside
the company.

Over the last decade, Mr. Kuper has served Ahold in several
executive positions in Finance & Accounting.  Before his
appointment as SVP Tax in September 2003, Mr. Kuper served for
18 months as SVP Finance & Tax at Ahold U.S.A.

Kuper joins VNU, a global information and media company, as
Senior Vice President Tax.  He will first be based in Haarlem
before likely relocating to New York in due course.

The Executive Board of Ahold wishes to express its appreciation
for Bart Kuper's contribution to the company.  His successor
will be announced in due course.

CONTACT:  ROYAL AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


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


ELEKTRIM SA: PAK Attracts Several International Investors
---------------------------------------------------------
Work in the Patnow II power plant, which has been suspended
since last year, looks unlikely to restart soon, despite
availability of potential additional source of funds to finish
it.

According to Warsaw Business Journal, several parties are
rumored to have indicated interest in investing in the Patnoow-
Adamow-Konin (PAK) power plant group to the Treasury Ministry.
The problem is the Ministry -- its largest shareholder -- is at
odds with the Elektrim S.A., which controls PAK's operations.
Interested parties include energy group Vattenfall of Sweden,
Iberdrola of Spain, and CEZ of Czech Republic.

Elektrim and its subsidiary PAK have already completed 47% of
the Patnow power plant II project, spending some EUR210 million
as part of a promised investment.  But for lack of funds and
disagreement with Poland's Treasury regarding deadline, it was
forced to suspend construction in May last year.

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

The government has threatened to deprive Elektrim of control
over PAK.  But TV mogul Zbigniew Solorz-Zak, which controls
Elektrim, deflects the blame to the government.  He said they
were not able to find financing due to the uncertainty
surrounding the future of long-term energy delivery contracts.

According to the report, Mr. Solorz-Zak said his investments in
PAK first need to be secured before a new investor is allowed
into the company.  He added he is not afraid of government's
threats.

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

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

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

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


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


DIVEYEVSKAYA: Creditors Have Until December to File Claims
----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy proceedings against Diveyevskaya after finding the
poultry farm insolvent.  The case is docketed as A43-5987/04-24-
136.  Mr. I. Morozov has been appointed insolvency manager.
Creditors have until December 29, 2004 to submit their proofs of
claim to 603137, Russia, Nizhniy Novgorod, 40 Let Pobedy Str.
10, Apartment 12.

CONTACT:  Mr. I. Morozov
          Insolvency Manager
          603137, Russia, Nizhniy Novgorod,
          40 Let Pobedy Str. 10, Apartment 12


KALINOVSKOYE: Sverdlovsk Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy proceedings against Kalinovskoye after finding the
close joint stock company insolvent.  The case is docketed as
A60-11437/2003-S-S.  Ms. A. Zhuykova has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 620062, Russia, Ekaterinburg, Post User Box 185.

CONTACT:  KALINOVSKOYE
          Russia, Sverdlovsk region, Kamyshlovskiy region,
          Okryabrskiy, Kabakova Str. 3

          Ms. A. Zhuykova
          Insolvency Manager
          620062, Russia, Ekaterinburg,
          Post User Box 185


KATAYS-AGRO-KHIMIYA: Insolvency Manager Takes over Operations
-------------------------------------------------------------
The Arbitration Court of Kurgan region has commenced bankruptcy
proceedings against Katays-Agro-Khimiya after finding the
agricultural chemical company insolvent.  The case is docketed
as A34-6972/03-S27.  Mr. K. Safronov has been appointed
insolvency manager.  Creditors have until December 29, 2004 to
submit their proofs of claim to 620089, Russia, Ekaterinburg,
Post Office 89, Post User Box 384.

CONTACT:  Mr. K. Safronov
          Insolvency Manager
          620089, Russia, Ekaterinburg,
          Post office 89, Post User Box 384


KEMEROVO-VZRYV-PROM: Court Hearing Resumes February Next Year
-------------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy supervision procedure on limited liability company
Kemerovo-Vzryv-Prom.  The case is docketed as A27-19190/2004-4.
Mr. S. Chernykh has been appointed temporary insolvency manager.
A hearing will take place on February 9, 2005, 10:30 a.m.

CONTACT:  KEMEROVO-VZRYV-PROM
          650903, Russia, Kemerovo region,
          Kedrovka, Sovetskaya Str. 5

          Mr. S. Chernykh
          Temporary Insolvency Manager
          650040, Russia, Kemerovo, N. Ostrovskogo Str. 12,
          Business Centre, Office 601

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


KRASNOGORSKIY FACTORY: Deadline for Proofs of Claim Set
-------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy proceedings against Krasnogorskiy Factory of Abrasive
Tool (TIN 7403000373) after finding the open joint stock company
insolvent.  The case is docketed as A76-4444/04-55-5.  Ms. Y.
Moskalenko has been appointed insolvency manager.  Creditors
have until December 29, 2004 to submit their proofs of claim to
620131, Russia, Ekaterinburg, Post User Box 99.

CONTACT:  KRASNOGORSKIY FACTORY OF ABRASIVE TOOL
          Russia, Chelyabinsk region, Emanzhelinsk,
          Krasnogorskiy, Promyshlennyj Block, 1

          Ms. Y. Moskalenko
          Insolvency Manager
          620131, Russia, Ekaterinburg,
          Post User Box 99


NOVOVYATSK-PROM-SERVICE: Succumbs to Bankruptcy
-----------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
proceedings against Novovyatsk-Prom-Service after finding the
open joint stock company insolvent.  The case is docketed as
A28-139/04-89/20.  Ms. E. Esualova has been appointed insolvency
manager.  Creditors have until December 29, 2004 to submit their
proofs of claim to 610002, Russia, Kirov, Novovyatskiy region,
Krasnoarmeyskaya Str. 5.

CONTACT:  NOVOVYATSK-PROM-SERVICE
          610008, Russia, Kirov, Novovyatskiy region,
          Krasnoarmeyskaya Str. 5

          Ms. E. Esualova
          Insolvency Manager
          610002, Russia, Kirov, Novovyatskiy region,
          Krasnoarmeyskaya Str. 5


OMSKOYE EXPERIMENTAL: Hires V. Belkin Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
proceedings against Omskoye Experimental Production (management
of under construction factory of Zoloagloporitovyj Gravel) after
finding the open joint stock company insolvent.  The case is
docketed as K/E-29/04.  Mr. V. Belkin has been appointed
insolvency manager.  Creditors have until December 29, 2004 to
submit their proofs of claim to 644010, Russia, Omsk,
Leningradskaya Square, 2A, Room 5.

CONTACT:  OMSKOYE EXPERIMENTAL PRODUCTION (MANAGEMENT OF UNDER
          CONSTRUCTION FACTORY OF ZOLOAGLOPORITOVYJ
          GRAVEL)
          644009, Russia, Omsk-9,
          10 Let Oktyabrya Str. 221, Room 1

          Mr. V. Belkin
          Insolvency Manager
          644010, Russia, Omsk,
          Leningradskaya Square, 2A, Room 5


PROM-TRACTOR - CHEBOKSARSKIY: Declared Insolvent
------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy proceedings against Prom-Tractor - Cheboksarskiy
Foundry (TIN 212731843, KPP 525701001) after finding the limited
liability company insolvent.  The case is docketed as A43-
6544/04-18-19.  Mr. V. Nazimov has been appointed insolvency
manager.  Creditors have until December 29, 2004 to submit their
proofs of claim to 603086, Russia, Nizhniy Novgorod,
Dolzhanskaya Str. 2a.

CONTACT:  PROM-TRACTOR - CHEBOKSARSKIY FOUNDRY
          603086, Russia, Nizhniy Novgorod,
          Dolzhanskaya Str. 2a

          Mr. V. Nazimov
          Insolvency Manager
          603086, Russia, Nizhniy Novgorod,
          Dolzhanskaya Str. 2a


TEKH-ENERGO-SERVICE: Bankruptcy Proceedings Begin
-------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy proceedings against Tekh-Energo-Service after finding
the limited liability company insolvent.  The case is docketed
as A65-7519/2004-SG4-31.  Mr. R. Arslanov has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 420029, Russia, Tatarstan republic, Kazan, Sibirskiy Trakt
Str. 34.

CONTACT:  TEKH-ENERGO-SERVICE
          422983, Russia, Tatarstan republic,
          Chistopol, Pionerskaya Str. 1

          Mr. R. Arslanov
          Insolvency Manager
          420029, Russia, Tatarstan republic,
          Kazan, Sibirskiy Trakt Str. 34


VYKSUNSKAYA SEL-KHOZ-TEKHNIKA: Files for Bankruptcy
---------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy proceedings against Vyksunskaya Sel-Khoz-Tekhnika
(TIN 5247003860) after finding the open joint stock company
insolvent.  The case is docketed as A43-4428/04-33-117.  Mr. S.
Slepov has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 603001, Russia, Nizhniy
Novgorod, Pochainskaya Str. 20.

CONTACT:  VYKSUNSKAYA SEL-KHOZ-TEKHNIKA
          607063, Russia, Nizhniy Novgorod region,
          Vyksa, Zaprudnaya Str. 1

          Mr. S. Slepov
          Insolvency Manager
          603001, Russia, Nizhniy Novgorod,
          Pochainskaya Str. 20
          Phone: 8-290-5-37-48


YUKOS OIL: Begs Lithuania to Postpone Mazeikiu Stock Sale
---------------------------------------------------------
Yukos Oil has asked the Lithuanian government to delay the sale
of shares in their joint venture Mazeikiu Nafta oil-processing
complex for at least four months.

Yukos representative in Lithuania Tomas Gizas admitted to Itar-
Tass on Friday that the company is interested in buying 9.72% of
Mazeikiu Nafta shares.  He also confirmed that the government
had received the request.

But acting Lithuanian economics minister, Petras Cesna, said:
"Lithuania is now going through the process of government
formation and nobody is seriously handling this problem."
Besides, the official added, "We have serious doubts of Yukos'
capability to conclude the deal worth US$75 million, as the
company has found itself on the verge of bankruptcy."

Yukos owns 53.7% of the shares and the rights to the operator of
the Mazeikiu Nafta oil enterprise; the Lithuanian government
owns the rest.

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

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

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


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


ESSELTE GROUP: Company Profile
------------------------------
NAME: ESSELTE GROUP HOLDINGS AB

COMPANY LOCATION: ESSELTE SVERIGE AB
                  Sundbybergsvagen 1
                  SE-171 27 Solna
                  Sweden

                  ESSELTE CORPORATION
                  44 Commerce Road,
                  Stamford, CT 06902-4561, U.S.A.
                  Web site: http://www.esselte.com

PHONE: +46 (0)8 705 15 00

FAX: +46 (0)8 705 15 85

E-MAIL: saljkontoret@esselte.com

WEB SITE: http://www.esselte.se

TYPE OF BUSINESS: Esselte, whose registered office is in Solna,
Sweden and its executive office in Stamford, Conn., U.S.A., is a
leading global office supplies manufacturer.  It has
subsidiaries in 26 countries.  The Company develops,
manufactures and sells products that simplify the modern home
and workplace.   Esselte sells more than 30,000 different office
product SKUs in over 120 countries; its principal brands include
DYMO, Esselte, Leitz, Pendaflex and Xyron. Esselte was founded
in 1913 as SLT (Sveriges Litografiska Tryckerier) after the
union of 13 Swedish graphics related companies.

Esselte has 7 5/8% Senior Subordinated Notes due 2011 listed on
the Irish Stock Exchange (http://www.ise.ie).

EXECUTIVES: Magnus Nicolin, President and CEO
            Rich Douville, SVP & CFO

NUMBER OF EMPLOYEES: 6,000 (worldwide)

ANNUAL SALES: US$1.1 billion (2003)

DEBTS: US$410.2 million (as of Oct. 3, 2004)

THE TROUBLE:  As reported by TCR-Europe in Nov. 29, 2004,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Esselte Group Holdings AB to 'B' from 'BB-', and its
subordinated debt rating to 'CCC+' from 'B'.  The ratings are on
CreditWatch with negative implications because the firm will
likely need to amend its bank debt covenants to accommodate
expected weaker operating results.


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


AGROERA: Creditors Have Until This Week to File Claims
------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on limited liability agricultural company
Agroera (code EDRPOU 05423202) on August 26, 2004.  The case is
docketed as 14/2816.  Mr. Sergij Nazarenko has been appointed
temporary insolvency manager.  The company holds account number
26007281866001 at CB Privatbank, Uman branch, MFO 354347.

Creditors have until December 2, 2004 to submit their proofs of
claim to:

(a) AGROERA
    20300, Ukraine, Cherkassy region,
    Uman district, Kocherzhintsi, Lenin Str. 1

(b) Mr. Sergij Nazarenko
    Temporary Insolvency Manager
    18000, Ukraine, Cherkassy region,
    Dobrovolskij Str. 3/1-25

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


KAGARLIK' ELEVATOR: Bankruptcy Proceedings Begin
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Kagarlik' Elevator (code EDRPOU 00951801) on
October 22, 2004 after finding the open joint stock company
insolvent.  The case is docketed as 191/3 b-2004/2/14.  Arbitral
manager Mr. Mikola Ribalchenko (License Number AA 719828) has
been appointed liquidator/insolvency manager.  The company holds
account number 2600552401 at JSPPB Aval, Obuhiv branch, MFO
321585)

CONTACT:  KAGARLIK' ELEVATOR
          09200, Ukraine, Kyiv region,
          Kagarlik, Frunze Str. 95

          Mr. Mikola Ribalchenko
          Liquidator/Insolvency Manager
          04000, Ukraine, Sumi region,
          Lushpi Avenue, 22/311

          ECONOMIC COURT OF KYIV REGION
          01033, Ukraine, Kyiv region,
          Zhelyanska Str. 58 b


KASKAD: Insolvency Manager to Temporarily Oversee Business
----------------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on Kaskad (code EDRPOU 31028246).  The
case is docketed as 46/678.  Arbitral manager Mr. I. Mihno
(License Number AA 668303) has been appointed temporary
insolvency manager.  The company holds account number
26002285464001/980 at CB Privatbank, Kyiv regional branch, MFO
321842.

CONTACT:  KASKAD
          Ukraine, Kyiv region,
          Kropivnitskij Str. 1

          Mr. I. Mihno
          Temporary Insolvency Manager
          Phone: 243-33-58

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


NIKOPOL BEER: Under Bankruptcy Supervision
------------------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure on Nikopol Beer Plant.   The
case is docketed as B/29/155/04.  Mr. Kirilo Gavrichkov (License
Number AA 783172) has been appointed temporary insolvency
manager.

CONTACT:  NIKOPOL BEER PLANT
          53211, Ukraine, Dnipropetrovsk region,
          Nikopol, Dovgalevska Str. 2

          Mr. Kirilo Gavrichkov
          Temporary Insolvency Manager
          49055, Ukraine, Dnipropetrovsk region,
          Lenin Str. 41, office 504

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


POLIMIR: Insolvency Manager Takes over Helm
-------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
proceedings against Polimir (code EDRPOU 31029344) after finding
the limited liability company insolvent.  The case is docketed
as 23/137.  Arbitral manager Mr. V. Krikun (License Number AA
669678) has been appointed liquidator/insolvency manager.  The
company holds account numbers 26001150232810/643,
26004150232840/840, 26004150231/980 at OJSC Inprombank, Kyiv
region branch, MFO 322863; and 260060018929/978/643/980 at CJSC
Ukrainian credit bank, Kyiv region branch, 321701.

CONTACT:  POLIMIR
          Ukraine, Kyiv region,
          Gospitalnij Lane, 16-a

          Mr. V. Krikun
          Liquidator/Insolvency Manager
          Phone: 234-47-55

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


ROSMARKET: Court Brings in Liquidator
-------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC ROSMARKET (code EDRPOU 30635515) after
finding the limited liability company insolvent.  The case is
docketed as 23/123.  Arbitral manager Mr. V. Krikun (License
Number AA 669678) has been appointed liquidator/insolvency
manager.  The company holds account number 2600530011546/980 at
JSC VaBank, first branch, MFO 320360)

CONTACT:  ROSMARKET
          Ukraine, Kyiv region,
          Kikvidze Str. 16

          Mr. V. Krikun
          Liquidator/Insolvency Manager
          Phone: 234-47-55

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


UKRAINIAN INDUSTRIAL: Names V. Krikun Insolvency Manager
--------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukrainian Industrial Complex (code EDRPOU
31407600) after finding the limited liability company insolvent.
The case is docketed as 23/205-b.  Arbitral manager Mr. V.
Krikun (License Number AA 669678) has been appointed
liquidator/insolvency manager.  The company holds account number
260080171910/978/840/810, 260090171900 at JSB Brokbiznesbank,
Kyiv region branch, MFO 300249; and 2600900560073/840/980 at
JSCB Praveks Bank, Kyiv region branch, MFO321983.

CONTACT:  UKRAINIAN INDUSTRIAL COMPLEX
          01103, Ukraine, Kyiv region,
          Druzhbi Narodiv Str. 8/9

          Mr. V. Krikun
          Liquidator/Insolvency Manager
          Phone: 234-47-55

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


UKRRIBTORG: Undergoing Bankruptcy Supervision Procedure
-------------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on Ukrribtorg (code EDRPOU 30436934)
The case is docketed as 24/532.  Arbitral manager Mr. I. Mihno
(License Number AA 668303) has been appointed temporary
insolvency manager.  The company holds account numbers
26008289147002/840 and 26009289147001/980 at CJSC CB Privatbank,
MFO 320649.

CONTACT:  UKRRIBTORG
          Ukraine, Kyiv region,
          Melnikov Str. 8/22

          Mr. I. Mihno
          Temporary Insolvency Manager
          Phone: 243-33-58

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


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


ALLIED SERVICES: Calls in Liquidator from Valentine & Co.
---------------------------------------------------------
At the extraordinary general meeting of the Allied Services (UK)
Limited on Nov. 19, 2004 held at Roundhouse Hotel, 1 Meyrick
Road, Lansdowne, Bournemouth BH1 3QR, the extraordinary and
ordinary resolutions to wind up the company were passed.  Robert
Valentine of 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS
has been appointed liquidator for the purpose of such winding-
up.

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


AMPLIO TECHNOLOGY: Names BDO Stoy Hayward Administrator
-------------------------------------------------------
Martha H. Thompson (IP No 8678/01) and David Harry Gilbert (IP
No 2376/01) have been appointed joint administrators for Amplio
Technology Group Limited.  The appointment was made Nov. 18,
2004.  The company resells memory products and associated
components.

CONTACT:  BDO STOY HAYWARD LLP
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk

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


ANSWERCALL DIRECT: PricewaterhouseCoopers Takes over Helm
---------------------------------------------------------
AnswerCall Direct in Armagh has called in joint administrative
receivers from PricewaterhouseCoopers, The Scotsman reports.

Garth Carlow of PwC said: "Our appointment follows a period of
difficult trading and loss of business for the company."

AnswerCall Direct was put up in 1996 and is one of North
Ireland's long-established call centers.  It provides inbound
and outbound services to a variety of organizations in Northern
Ireland, Britain and abroad.

In April, it moved from its smaller office in Portadown's
Garvaghy Road to Armagh's Edenaveys Industrial Estate, promising
to expand its workforce from 200 to 600 by 2006.  Some GBP3
million was provided by Invest Northern Ireland for the project.
But the company was forced to shed 40 jobs in Armagh in
September following the withdrawal of a direct line inquiry
contract.

Mr. Carlow now says their focus would be on "preserving the core
business."  They have already received a number of enquiries
regarding the business.  Kelsey Buck is the firm's managing
director.

CONTACT:  ANSWERCALL DIRECT
          Phone: +44 (0)28 3836 2908
          or
          Phone: (NI) 0800 018 8388
                     (ROI) 1800 855 000
          Web site: http://www.answercalldirect.com


CARDINE OPERATIONS: Appoints Liquidator
---------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

IN THE MATTER OF Cardine Operations Limited

Notice is hereby given that I, Michael James Meston Reid of
Meston Reid & Co, 12 Carden Place, Aberdeen AB10 1UR, was
appointed liquidator of Cardine Operations Limited on November
11, 2004.

Michael James Meston Reid, Liquidator
November 11, 2004

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


CDRP (GP): Final Members Meeting Set January
--------------------------------------------
The final meeting of the members of CDRP (GP) Limited will be on
Jan. 6, 2004 commencing at 10:15 a.m.  It will be held at the
offices of PricewaterhouseCoopers LLP, Plumtree Court, London
EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

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


CHIPPERY POTATO: Members Pass Winding up Resolutions
----------------------------------------------------
At the extraordinary general meeting of the Chippery Potato Chip
Factory (UK) Limited on Nov. 8, 2004 held at 16 Wroughton Road,
London SW11 6BG, the resolutions to wind up the company were
passed.  Alan H. Tomlinson of Tomlinsons, 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


CLAIMS SUPERVISION: Hires Milner Boardman Administrator
-------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed joint administrators for Claims Supervision Services
Limited.  The company is engaged in other business activities.
Its registered office is located at 1C Bickerton Road,
Southport, Merseyside PR8 2DY.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


COMODO RESEARCH: Names KPMG Liquidator
--------------------------------------
At the extraordinary general meeting of the Comodo Research Lab
Ltd. on Nov. 18, 2004 held at KPMG LLP, 1 The Embankment,
Neville Street, Leeds LS1 4DW, the extraordinary and ordinary
resolutions to wind up the company were passed.  Richard Dixon
Fleming and Howard Smith of KPMG LLP have been appointed joint
liquidators for the purpose of such winding-up.

CONTACT:  KPMG
          Corporate Recovery, 1 The Embankment,
          Neville Street, Leeds LS1 4DW
          Phone: (0113) 231 3000
          Fax: (0113) 231 3200
          Web site: http://www.kpmg.co.uk


COSTAIN GROUP: Wins GBP81 Million PFI Contracts
-----------------------------------------------
Costain Group announced two significant Private Finance
Initiatives (PFI) contracts in the health and education sectors
with a combined value to the Group of approximately GBP81
million.

In education, as part of the Seafort consortium, Costain has
been selected by Ealing Council as preferred partner for its
second round of school PFIs to design, build and operate three
new schools by 2006.

The projects involve GBP113.4 million of investment in Acton and
Greenford High Schools and Featherstone and Glebe Nursery School
during the 25-year contract, of which GBP47.7 million will be
construction costs.  The contract for the work is expected to be
agreed early in 2005 with work starting on site by early spring.

In health, as part of the Prime Health Consortium, Costain has
reached agreement and financial close with Kingston Hospital NHS
Trust for a GBP33 million PFI development at Kingston Hospital.

The project involves construction of a new building that will
provide modern and high specification clinical facilities
including new surgical and gynaecology wards and assessment
units, a modern physiotherapy services department as well as
education and dining facilities.  Enabling works will start next
month with completion scheduled for the summer of 2006.

Stuart Doughty, Group Chief Executive, said: "We are very
pleased to have secured these contracts, which further
strengthen our presence in the health and education sectors,
while developing our skills in the PFI arena.

"These are exactly the type of projects we are looking to be
involved in, as part of long term agreements with our partners
and clients and following detailed negotiations between all
parties to ensure the best possible results."

25 November 2004

                            *   *   *

In Sept., Fitch Ratings affirmed U.K.-based engineering and
construction group Costain Group Plc's ratings at Senior
Unsecured 'B' and Short-term 'B'.  The Outlook is Stable.

The ratings reflect Costain's established market position in the
U.K. engineering and construction sector.  They also reflect
management's progress in adopting a more risk-averse approach in
its business model and towards meeting previously stated
financial targets of 15% annual sales growth and 3% pre-tax
profit margins by 2006.  Furthermore, the group's forward order
book stands at over GBP1 billion, which provides a good platform
for future growth.  Nevertheless, Costain remains small in its
peer group and is active in cyclical and competitive markets.

CONTACT:  COSTAIN GROUP PLC
          Phone: 01628 842 444
          Stuart Doughty, Chief Executive
          Charles McCole, Finance Director

          COLLEGE HILL
          Phone: 020 7457 2020
          Mark Garraway
          Matthew Gregorowski


COTSWOLD PRINTING: Hires PKF as Liquidator
------------------------------------------
At the extraordinary general meeting of the members of the
Cotswold Printing Company Limited on Nov. 15, 2004 held at 6-7
Litfield Place, Clifton, Bristol BS8 3LX, the extraordinary and
ordinary resolutions to wind up the company were passed.  Susan
J. Stockley and Keith R. Morgan of PKF, 6-7 Litfield Place,
Clifton, Bristol BS8 3LX have been appointed joint liquidators
for the purpose of such winding-up.

CONTACT:  PKF
          Pannell House, 6-7 Litfield Place,
          The Promenade, Clifton, Bristol BS8 3LX
          Phone: 0117 906 4000
          Fax:   0117 974 1238
          E-mail: info.bristol@uk.pkf.com
          Web site: http://www.pkf.co.uk


DRAX: Appoints Adviser to Study Possible Sale of Entire Business
----------------------------------------------------------------
Electricity generator Drax is looking at future strategic
options, including a sale of the company, The Telegraph reports.

Europe's largest coal-fired power station appointed financial
advisers from investment bank Dresdner Kleinwort Wasserstein
last month to review its business.  The company, which is owned
by a consortium of banks, might be sold or be used as
acquisition vehicle to buy other electricity assets, the report
said.  A sale could come at between GBP750 million to GBP800
million, according to analysts.

The future of Drax looked uncertain after energy giant TXU
Europe collapsed in 2002, burying with it unpaid long-term
supply contracts.  According to the report, it is understood
that if Drax receives the sum it is looking for -- believed to
be in excess of GBP300 million -- it is more likely to remain
independent rather than be sold off.  By then it will have money
to redeem bonds, making it free to pursue an acquisition
strategy.

Drax recently reported GBP107.3 million turnover for the three
months to the end of September, up from GBP89 million in 2003.
Ebitda (earnings before interest, tax, depreciation and
amortization) level, losses fell from GBP87.9 million in 2003 to
just GBP2.3 million.  Earnings for the first nine months of 2004
were GBP46.6 million, compared with a loss of GBP70.2 million in
2003.


DREAMSCOPE SERVICES: West Bromwich Appoints PwC Receiver
--------------------------------------------------------
West Bromwich Building Society called in Mark Elijah Thomas
Bowen and David J. Waterhouse joint administrative receivers for
Dreamscope Services Limited (Reg No 03811991).  The application
was filed Nov. 9, 2004.

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


EDINBURGH INCA: Final General Meeting Set Last Week of December
---------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Edinburgh Inca Trust Plc
                        (In Liquidation)

Notice is hereby given, pursuant to Section 94 of the Insolvency
Act 1986, that a final general meeting of Edinburgh Inca Trust
Plc will be held at Ten George Street, Edinburgh EH2 2DZ on
December 23, 2004 at 10:00 a.m. for the purpose of having a
final account laid before it showing how the winding up of the
company has been conducted and the property of the company
disposed of, and of hearing any explanations that may be given
by the liquidator.

Members are entitled to attend in person or alternatively by
proxy. A member may vote according to the rights attaching to
his shares as set out in the company's Articles of Association.
A resolution will be passed only if a majority of those voting
in person or by proxy vote in favor.  Proxies must be lodged
with me at or before the meeting.

T M Burton, Liquidator
November 19, 2004

CONTACT:  ERNST & YOUNG LLP
          Ten George Street
          Edinburgh EH2 2DZ
          Phone: +44 [0] 131 777 2000
          Fax: +44 [0] 131 777 2001
          Web site: http://www.ey.com


ELDRIDGE POPE: Bidco Offer Receives 72% Acceptances
---------------------------------------------------
Offer Update

On 16 September 2004, PricewaterhouseCoopers made a recommended
cash offer on behalf of Bidco for the entire issued and to be
issued share capital of Eldridge Pope (other than the 5,525,291
Eldridge Pope Shares which Bidco had conditionally agreed to
acquire pursuant to the Share Exchange Agreement).  On
15 October 2004, Bidco announced that the Offer had been
declared unconditional in all respects.

On 26 October 2004, Bidco announced that as valid acceptances
had been received in respect of more than 90% of the Eldridge
Pope Shares to which the offer relates, Bidco intended to apply
the provisions of sections 428-430F of the Companies Act 1985 to
acquire compulsorily all outstanding Eldridge Pope Shares on the
terms of the Offer.  Accordingly, on 26 October 2004 Bidco
posted formal notices pursuant to section 429(4) of the Act to
those Eldridge Pope Shareholders who had not yet validly
accepted the Offer.

As at 3:00 p.m. (London time) on 25 November 2004, valid
acceptances of the Offer had been received in respect of a total
of 17,823,847 Eldridge Pope Shares, representing 72.03% of
Eldridge Pope's issued share capital.

Since the Offer was made on 16 September 2004, Bidco has
acquired through market purchases a further 469,072 Eldridge
Pope shares, representing 1.90% of the existing issued share
capital of Eldridge Pope.  In addition, on 15 September 2004
Bidco conditionally agreed to acquire the 5,525,291 Eldridge
Pope Shares held by SDA and Michael Cannon (representing 22.3%
of the existing issued share capital of Eldridge Pope) pursuant
to the Share Exchange Agreement and these shares were acquired
by Bidco on 15 October 2004.

Bidco has therefore received valid acceptances of the Offer in
respect of (or acquired or otherwise conditionally agreed to
acquire) 23,818,210 Eldridge Pope Shares in aggregate
representing 96.25% of Eldridge Pope's existing issued share
capital.

As at 3:00 p.m. (London time) on 25 November 2004 valid
elections for Bidco Units under the Share Alternative and the
mix and match facility have not exceeded the maximum available
under the Offer.  Therefore valid elections for Bidco Units
received by 3:00 p.m. (London time) on 25 November 2004 will not
be subject to any scaling back and elections will be satisfied
in full.

The directors of Bidco announce that the Sixth Mix and Match
Facility has been closed and a new mix and match facility (the
'Seventh Mix and Match Facility') has been opened from 3:00 p.m.
(London time) on 25 November 2004.  The Seventh Mix and Match
Facility will remain open until 3.00 p.m. (London time) on 2
December 2004.  The Seventh Mix and Match Facility will operate
on the same terms as the Mix and Match Facility, save that valid
elections for Bidco Units made under the Seventh Mix and Match
Facility will only be satisfied to the extent that other
Eldridge Pope Shareholders who accept the Offer during the
period of the Seventh Mix and Match Facility either validly
accept all of the consideration due to them in cash or validly
elect to receive fewer Bidco Units than their Basic Entitlements
under the Seventh Mix and Match Facility, thereby releasing
Bidco Units to which they would otherwise be entitled under the
Offer.

After the Seventh Mix and Match Facility has been closed, Bidco
reserves the right to reintroduce a mix and match facility,
subject to the rules of the City Code.

The Offer, including the Share Alternative, will remain open for
acceptance until 7 December 2004.

On 16 September 2004, the directors of Bidco announced that
Bidco had received undertakings to accept the Offer in respect
of, in aggregate, 4,599,685 Eldridge Pope Shares representing
18.6% of Eldridge Pope's issued share capital.

Valid acceptances have now been received in respect of all of
these Eldridge Pope Shares, with the exception of partially
valid acceptances in respect of 5,086 shares, pending receipt of
the share certificates.  These partially valid acceptances are
not included in the figure for valid acceptances.

Consideration in respect of valid acceptances received following
the date of this announcement will be dispatched to accepting
Eldridge Pope Shareholders within 14 days of such receipt.

Eldridge Pope Shareholders who have not yet accepted the Offer
are urged to complete, sign and return the Form of Acceptance
(whether or not their Eldridge Pope Shares are in CREST) as soon
as possible to be received by post or by hand by Computershare
Investor Services PLC, PO Box 859, The Pavilions, Bridgwater
Road, Bristol BS99 1XZ or by hand only (during normal business
hours) by Computershare Investor Services PLC, 2nd Floor,
Vintners Place, 68 Upper Thames Street, London EC4V 3BJ.  If you
have lost your Form of Acceptance or have any other queries in
connection with the Offer, you should contact Computeshare
Investor Services PLC by telephone on 0870 702 0100 or +44 870
702 0100 from outside the United Kingdom.

                            *   *   *

Not for release, publication or distribution into the United
States, Canada,
Australia or Japan

CONTACT:  BIDCO
          Peter Large
          Phone: 01865 263 000
          Gregor Grant
          Phone: 01865 263 000

          PRICEWATERHOUSECOOPERS
          Sean Williams
          Phone: 020 7213 5579
          Gerry Young
          Phone: 020 7212 4027

          Tulchan Communications
          Phone: 020 7353 4200
          Andrew Honnor


ENDACOTT RJB: In Administrative Receivership
--------------------------------------------
Charles Endacott called in Michael Colin Sanders (Office Holder
No 8698) administrative receiver for Endacott RJB Marketing
Limited (Reg No 02738753, Trade Classification: 7440).  The
company is engaged in sales and marketing.

CONTACT:  BN JACKSON NORTON
          1 Gray's Inn Square,
          Gray's Inn, London WC1R 5AA
          Phone: 02074302321


EXPERTS FORUM: Hires Joint Administrators from Milner Boardman
--------------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed joint administrators for Experts Forum Limited.  The
company is engaged in legal activities.  Its registered office
is located at 1C Bickerton Road, Southport, Merseyside PR8 2DY.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


FOCUS ENVIRONMENTAL: Names Valentine & Co. Liquidator
-----------------------------------------------------
At the extraordinary general meeting of the Focus Environmental
Management Limited on Nov. 18, 2004 held at the offices of
Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3
2HS, the extraordinary and ordinary resolutions to wind up the
company were passed.  Robert Valentine of 4 Dancastle Court, 14
Arcadia Avenue, London N3 2HS has been appointed liquidator for
the purpose of such winding-up.

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


FRUCOR BEVERAGES: Members General Meeting Set End of December
-------------------------------------------------------------
The final general meeting of the members of Frucor Beverages
(UK) Limited will be on Dec. 23, 2004 commencing at 11:00 a.m.
It will be held at the offices of BDO Stoy Hayward LLP, Kings
Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

CONTACT:  BDO STOY HAYWARD LLP
          Kings Wharf, 20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


GRAHAM RANGER: Calls in Liquidator from Thompson Partnership
------------------------------------------------------------
At the extraordinary general meeting of the members of the
Graham Ranger Limited on Nov. 16, 2004 held at Square Root
Business Centre, 102 Windmill Road, Croydon, Surrey CR0 2XQ, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Jeremy C. Frost and Daniel P. Hennessy of The
Thompson Partnership, 102 Windmill Road, Croydon, Surrey CR0 2XQ
have been appointed joint liquidators of the company for the
purpose of the voluntary winding-up.

CONTACT:  THE THOMPSON PARTNERSHIP
          102 Windmill Road,
          Croydon, Surrey CR0 2XQ


GUILTEE CLOTHING: Hires G. Kakouris Liquidator
----------------------------------------------
At the extraordinary general meeting of the members of the
Guiltee Clothing Company Ltd. on Nov. 22, 2004 held at 43
Blackstock Road, London N4 2JF, the extraordinary resolution to
wind up the company was passed.  Andreas Georgiou Kakouris of 43
Blackstock Road, London N4 2JF has been nominated liquidator for
the purpose of the winding-up.


HANON SOLUTIONS: Names Liquidator from Baker Tilly
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Hanon Solutions Limited

Notice is hereby given that I, Maureen Elizabeth Leslie of Baker
Tilly, 23 Queen Street, Edinburgh EH2 1JX, was appointed
liquidator of Hanon Solutions Limited on November 8, 2004.

Maureen Elizabeth Leslie, Liquidator
November 8, 2004

CONTACT:  BAKER TILLY
          23 Queen Street
          Edinburgh EH2 1JX
          Phone: 0131 225 6424
          Fax: 0131 220 1282
          E-mail: janet.hamblin@bakertilly.co.uk
          Web site: http://www.bakertilly.co.uk


HOLT INSULATION: Meeting of Unsecured Creditors Set Next Week
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Holt Insulation Ltd.
                        (In Receivership)

Notice is hereby given, pursuant to section 67(2) of the
Insolvency Act 1986, that a meeting of the unsecured creditors
of Holt Insulation Ltd. will be held at 2 Blythswood Square,
Glasgow G2 4AD on December 8, 2004 at 10:00 a.m. for the
purposes of having laid before it a copy of the report prepared
by the Joint Receiver in accordance with the said section and,
if thought fit, appointing a creditors' committee.

Creditors whose claims are wholly secured are not entitled to
attend or vote at the meeting.  Creditors who are partly secured
may only vote in respect of the balance of the amount due to
them after deducting the value of the security, as estimated by
them.

For the purposes of voting a Statement of Claim together with a
form of proxy must be lodged with me at or before the meeting.

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

K. R. Craig, Joint Receiver

CONTACT:  TENON RECOVERY
          2-4 Blythswood Square
          Glasgow G2 4AD
          Phone: 0141 272 8000
          Fax: 0141 272 8001
          E-mail: glasgow@tenongroup.com
          Web site: http://www.tenongroup.com


HOUSING RESOURCES: Calls in Liquidator from O'Hara & Co.
--------------------------------------------------------
At the extraordinary general meeting of the members of the
Housing Resources Limited on Nov. 19, 2004 held at O'Hara & Co,
Wesley House, Huddersfield Road, Birstall, Batley WF17 9EJ, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Peter O'Hara of O'Hara & Co, Wesley House,
Huddersfield Road, Birstall, Batley WF17 9EJ has been appointed
liquidator for the purpose of such winding-up.

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


INKA SYSTEMS: Liquidator to Present Winding-up Report December
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Inka Systems (U.K.) Limited
                        (In Liquidation)

Notice is hereby given, pursuant to Section 94 of the Insolvency
Act 1986, that the a final meeting of the members of Inka
Systems (U.K.) Limited will be held at the offices of Grant
Thornton U.K. LLP, Byron House, Cambridge Business Park, Cowley
Road, Cambridge CB4 0WZ on December 14, 2004 at 10:30 a.m. for
the purpose of having an account laid before them by the
liquidator showing the manner in which the winding-up of the
Company has been conducted and the property of the company
disposed of, and of hearing any explanation that may be given by
the liquidator.

A member entitled to attend and vote at the above meeting may
appoint a proxy to attend and vote in his place.  It is not
necessary for the proxy to be a member.  Proxy forms must be
returned to the offices of Grant Thornton U.K. LLP, Byron House,
Cambridge Business Park, Cowley Road, Cambridge CB4 0WZ not
later than 12:00 noon on December 13, 2004.

Andrew D Conquest, Liquidator
November 11, 2004

CONTACT:  GRANT THORNTON U.K. LLP
          Byron House
          Cambridge Business Park
          Cowley Road
          Cambridge CB4 0WZ
          Phone: 01223 225600
          Fax: 01223 225619
          Web site: http://www.grant-thornton.co.uk


INTERNATIONAL EXPRESS: Calls in Liquidator
------------------------------------------
At the extraordinary general meeting of the members of the
International Express Money Transfer Limited on Nov. 10, 2004
held at 50 Newhall Street, Birmingham B3 3QE, the extraordinary
and ordinary resolutions to wind up the company were passed.
Gagen Dulari Sharma has been appointed liquidator for the
purpose of such a winding-up.


INTERNATIONAL POWER: EGM Okays Proposed Buyout of EME Portfolio
---------------------------------------------------------------
International Power plc announces that at its Extraordinary
General Meeting on Thursday all resolutions were passed
including:

(a) proposed acquisition of Edison Mission Energy's
    international asset portfolio; and

(b) resolution to increase the Company's authorized share
    capital.

Sir Neville Simms, Chairman said: "The Board is delighted by the
overwhelming level of shareholder support in favor of the
acquisition.  Plans for the integration of the EME assets are
making good progress, and the acquisition is on track for
completion in December this year."

International power plc is a leading independent electricity
generating company with 11,210MW (net) in operation and 1,649MW
(net) under construction.  International Power has power plants
in operation or under construction in Australia, the United
States of America, the United Kingdom, the Czech Republic, the
UAE, Oman, Saudi Arabia, Portugal, Turkey, Malaysia, Pakistan
and Thailand.  International Power was listed on the London
Stock Exchange and the New York Stock Exchange (as ADRs), on 2
October 2000.  The ticker symbol on both exchanges on 'IPR'.

                            *   *   *

Standard & Poor's Ratings Services recently said that its 'BB'
long-term issuer credit and senior unsecured debt ratings on
International Power PLC (IPower) remain on CreditWatch with
negative implications.  The rating agency said the company's
ambitious acquisition schedule is not yet completed, despite
some progress.  The ratings were placed on CreditWatch on July
30, 2004, owing to IPower's involvement in a number of
transactions at the same time.

CONTACT:  INTERNATIONAL POWER
          Investor Contact
          Aarti Singhal
          Phone: +44 (0)20 7320 8681

          Company Secretary
          Stephen Ramsay
          Phone: +44 (0)20 7320 8627

          FINSBURY LTD.
          Media Contact
          Morgan Bone
          Phone: +44 (0)20 7251 3801


K MUMTAZ: Names G. D. Sharma Liquidator
---------------------------------------
At the extraordinary general meeting of the members of the K
Mumtaz Limited on Nov. 10, 2004 held at 50 Newhall Street,
Birmingham B3 3QE, the extraordinary and ordinary resolutions to
wind up the company were passed.  Gagen Dulari Sharma has been
appointed liquidator for the purpose of such a winding-up.


KONEMANN U.K.: Owners Opt to Dissolve Business
----------------------------------------------
At the extraordinary general meeting of the Konemann U.K.
Limited on Nov. 16, 2004 held at 219 Croxted Road, London SE21
8NL, the special and ordinary resolutions to wind up the company
were passed.  Mark Jeremy Orton and Allan Watson Graham of KPMG
Corporate Recovery, 2 Cornwall Street, Birmingham B3 2DL has
been appointed joint liquidators for the purpose of such
winding-up.

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


KOOCHI BAR: Extraordinary Winding up Resolution Passed
------------------------------------------------------
At a meeting of the members of Koochi Bar Limited on Nov. 5,
2004, the extraordinary resolution to wind up the company was
passed.  J. M. Titley of DTE Leonard Curtis, 24 Wellington
Street, St Johns, Blackburn BB1 8AF has been appointed
liquidator of the company for the purpose of such a winding-up.

CONTACT:  DTE LEONARD CURTIS
          24 Wellington Street
          St. Johns
          Blackburn BB1 8AF
          Phone: 01254 699799
          Fax: 01254 699130
          Web site: http://www.dtegroup.com


LEGALSHIELD LIMITED: Joint Administrators Move in
-------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed joint administrators for Legalshield Limited.  The
appointment was made Nov. 19, 2004.

The company sells non-life insurance.  Its registered office is
located at St. Georges House, 215-219 Chester Road, Manchester
M15 4JE.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


LONGVILLE ESTATES: Special Winding up Resolution Passed
-------------------------------------------------------
At the extraordinary general meeting of the Longville Estates
Limited on Nov. 18, 2004 held at Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP, the special resolution to
wind up the company was passed.  Mr. R. F. Simms of F A Simms &
Partners Plc, Insol House, 39 Station Road, Lutterworth,
Leicestershire LE17 4AP has been appointed liquidator for the
purpose of such winding-up.

CONTACT:  F A SIMMS & PARTNERS PLC
          Insol House, 39 Station Road,
          Lutterworth, Leicestershire LE17 4AP
          Phone: 01455 557111
          Fax: 01455 552572
          E-mail: info@fasimms.com
          Web site: http://www.fasimms.com


MULTI-FINISH CONTRACTORS: Liquidator Enters Firm
------------------------------------------------
At the extraordinary general meeting of the members of the
Multi-Finish Contractors Limited on Nov. 18, 2004 held at The
Holiday Inn (Rochester), Maidstone Road, Chatham, Kent ME5 9SF,
the extraordinary resolution to wind up the company was passed.
Ruth Duncan of Maxwell Davies, 16 Caring Lane, Maidstone, Kent
ME14 4NJ has been appointed liquidator for the purpose of such
winding-up.

CONTACT:  MAXWELL DAVIES
          16 Caring Lane,
          Maidstone, Kent ME14 4NJ


MYTRAVEL GROUP: Reiterates Breakeven Forecast
---------------------------------------------
Shareholder Circular

MyTravel Group plc is in the process of finalizing a circular
for posting to shareholders setting out the terms of its
consensual restructuring proposal and giving notice of an
extraordinary general meeting to be held on 20 December 2004.
The terms of the proposal to shareholders are the same as those
announced on 13 October 2004, namely that shareholders will
retain 4% of the enlarged share capital of the company.

The company is also in the process of finalizing a circular for
posting to shareholders and general creditors containing the
explanatory statement required in connection with the scheme of
arrangement described in its announcement of 3 November, and
giving notice of the meetings of the shareholders and general
creditors required for the scheme.  Under the scheme,
shareholders would be entitled to 4% of the share capital of
MyTravel Holdings, the new holding company that would acquire
the assets of MyTravel Group plc.  Under the scheme, 2% of the
share capital of MyTravel Holdings would be available for
bondholders.

Current Trading and Future Prospects

As previously announced, the company's operating result for the
12 month period to 30 September 2004 will be approximately
break-even.  Having changed its year-end to 31 October, the
company expects to announce its results for the period to
31 October 2004 in December 2004.

Trading for the winter season 2004/2005 continues to be
encouraging for all divisions.  Bookings for the summer season
2005 are at a very early stage but are so far encouraging.

In North America, the Company is making steady progress.
Northern Europe continues to perform strongly.

The Company continues to see an improving performance in the
U.K.  Capacity has been reduced significantly for both the
winter and summer seasons, to bring it into line with demand for
brochure holidays.  Bookings are ahead of last year as a
percentage of available capacity for both the current winter
season and the summer season 2005.

In addition, the Company has taken further steps to reduce its
risk and to increase its operational flexibility.  The Company's
exposure to guaranteed accommodation is reducing at a faster
rate than its capacity.  In the U.K., the number of aircraft in
the fleet will fall from 33 to 24.  With the departure from the
fleet of the last cruise ship in May 2005, the Company will
cease to be a cruise tour operator on a risk basis.  However,
the Company has also established The Cruise Store, a new cruise
retail business selling the products of different cruise lines
by telephone, Internet and through Going Places travel agents.

Completion of the restructuring will result in the Group's
interest costs falling significantly.  While fuel and currency
risk is largely unhedged at present, the restructuring is
expected to lead to additional hedging becoming available.  The
restructuring is not expected to alter the Company's position as
a taxpayer on the profits of its non-U.K. businesses in the
current financial year.

For the year ending 31 October 2006, the Company's business plan
shows the three divisions making a profit at the operating
level.

The Board believes that following the completion of the
restructuring there will be a good prospect of successfully
implementing the business plan.

MyTravel Chief Executive Peter McHugh said: "We have a clear
strategy for MyTravel's return to sustained profitability.
There is still much to be done, particularly in the U.K., but
overall I am greatly encouraged by our progress."

Board Changes

The company is pleased to announce the appointment to the Board
of Sam Weihagen, Chief Executive, MyTravel Northern Europe.  He
will join the Board at the conclusion of the extraordinary
general meeting on 20 December 2004.  Mr. Weihagen has a degree
in business administration and accounting from Gothenburg
University.  He joined MTNE in 1975, becoming Commercial
Director, with responsibility for purchasing and flight
planning, and finally Chief Executive in 2001.

He is Chairman of the Tour Operating Federation of Sweden.
(There is no further information to disclose under paragraph
6.F.2 of the Listing Rules.)  The company also announces that
Paul Walker has decided that in view of his commitments at Sage
Group plc, where he is Chief Executive, he is not in a position
to devote sufficient time to his responsibilities at MyTravel,
and accordingly he will retire as a non-executive director at
the conclusion of the extraordinary general meeting on 20
December 2004.

Commenting on these changes, MyTravel Chairman Michael Beckett
said: "Sam Weihagen has a strong track record over nearly thirty
years as a tour operator.  He is doing an excellent job as head
of our Scandinavian business, which is going from strength to
strength.  I am delighted that he is joining the Board.  We are
sorry to lose Paul Walker, who has played a valuable role on the
board since his appointment in 2000, but we understand that his
full-time commitment as chief executive of a FTSE100 company
must come first."

Restructuring Agreements

The agreements required to implement the restructuring have now
been signed by the company and by lending banks and facility
providers representing 94.3% of all commitments.  A further 4.7%
have committed to sign [Fri]day.  These agreements will become
effective when signed by the remaining lending banks and
facility providers, which represent only 1.0% of commitments.
The company will continue to seek signatures from these parties.

Financial Services Authority

On 4 November 2004, the Financial Services Authority issued a
decision notice, which indicated that the Regulatory Decisions
Committee had decided to impose a financial penalty on the
company for contraventions of the Listing Rules.  The
contraventions alleged in the decision notice relate to events
that took place between July and October 2002.  The Board
rejects the allegations in the decision notice and intends to
refer the decision to the Financial Services and Markets
Tribunal.  The Board does not believe that the decision notice
will have a significant effect on the financial position of the
company.

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


NEPTUNE CONTRACTORS: Hires Liquidator from Arrans
-------------------------------------------------
At the extraordinary general meeting of the Neptune Contractors
Limited on Nov. 18, 2004 held at Falcon House, Falcon Park,
Claymore, Tame Valley Industrial Estate, Tamworth B77 5DQ, the
subjoined extraordinary resolution to wind up the company was
passed.  Robert Gibbons of Arrans, PO Box 9377, Falcon House,
Falcon Park, Tamworth, Staffordshire B77 5HL has been appointed
liquidator for the purpose of such winding-up.

CONTACT:  ARRANS
          PO Box 9377, Falcon House, Falcon Park,
          Tamworth, Staffordshire B77 5HL


PRIVATE NURSING: Appoints Liquidator
------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

  IN THE MATTER OF Private Nursing Homes of Edinburgh Limited


Notice is hereby given that I, David Forbes Rutherford of Cowan
& Partners CA, 60 Constitution Street, Leith, Edinburgh, EH6
6RR, was appointed liquidator of Private Nursing Homes of
Edinburgh Limited on November 15, 2004.

David Forbes Rutherford, Liquidator
November 16, 2004

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


PROCESS COMPUTING: Sets Final Meeting of Members
------------------------------------------------
The final meeting of the members of the Process Computing
Limited will be on Dec. 31, 2004 commencing at 11:00 a.m.  It
will be held at the offices of PricewaterhouseCoopers LLP,
Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

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


ROAD ACCIDENT: Hires Administrators from Milner Boardman
--------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed administrators for Road Accident Management Limited.
The appointment was made Nov. 19, 2004.  The company's
registered office is located at St. Georges House, 215-219
Chester Road, Manchester M15 4JE.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


WM LOW: Winding-up Report Due Third Week of December
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Wm Low & Company Plc

Notice is hereby given pursuant to Section 94 of the Insolvency
Act 1986, that the final meeting of members of Wm Low & Company
Plc will be held at the offices of PricewaterhouseCoopers LLP,
One Kingsway, Cardiff CF10 3PW on 21st December 2004 commencing
at 10:00 a.m. far the purpose of having an account laid before
the members showing how the winding-up has been conducted and
the property of the Company disposed of, and hearing any
explanation that may be given by the liquidator.

A member entitled to attend and vote at the meeting may appoint
a proxy, who need not be a member, to attend and vote instead of
him/her.

A. V. Lomas, Liquidator
November 16, 2004

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          One Kingsway
          Cardiff CF10 3PW
          Phone: [44] (29) 2023 7000
          Fax: [44] (29) 2080 2400
          Web site: http://www.pwc.com


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

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


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


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


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


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


GERMANY
-------
Agor A.G.                 DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Son A.G.  GUSG        (8)         111      N.A.
Glunz A.G.                GLUG        (0)         428      (17)
Kamps A.G.                KMPSF.PK   (93)       1,075      (61)
Kaufring A.G.             KAUG       (19)         151      (51)
Mannheimer A.G.                      (15)         879      N.A.
Marbert A.G.              MTBG       (13)         144      (50)
Nordsee A.G.                          (8)         195      (31)
Primacom A.G.             PRIG      (106)       1,264      (50)
Rinol A.G.                RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (38)         150      (26)
Senator Entertainment
    A.G.                  SENGk.BE  (153)         126     (148)
Sinn Leffers A.G.         WHGG        (4)         454     (145)
Spar Handels- A.G.        SPAG      (442)       1,433     (234)
VBH Holding A.G.          VBHG       (54)         337      (80)


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


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


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


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


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


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


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


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


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L      (51)         585       82
Dawson Holdings           DWN.L      (29)         142      (29)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI      (1,318)      3,472     (293)
Euromoney Institutional
   Investor Plc           ERM.L     (122)         167       (2)
Gallaher Group            GLH       (492)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV       (130)         997      (56)
Intertek Testing Services ITRK       (64)         508       77
Invensys PLC                        (559)       5,885      882
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L       (8)         297        7
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Misys Plc                 MSY       (334)         934       44
Mytravel Group            MT.L    (1,118)       2,551     (533)
Orange Plc                ORNGF     (594)       2,902        7
PD Ports Plc              PDP.L     (282)         361        0
Premier Foods Plc         PFD.L     (565)       1,105       34
Probus Estates Plc        PBE.L      (28)         113      (35)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,092)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

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


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

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

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

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

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

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


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