TCREUR_Public/041201.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, December 1, 2004, Vol. 5, No. 238

                            Headlines

C Z E C H   R E P U B L I C

IP BANKA: Nomura Loses Bid to Block Government-backed Lawsuit


F R A N C E

VIVENDI UNIVERSAL: Honors Vow to Retain, Create Jobs in France


G E R M A N Y

AYDEMIR GMBH: Cologne Court Sets Claims Deadline December
BERTRAM-BUNEMANN: Under Bankruptcy Administration
BWS BILDUNGSWERK: Sets First Creditors' Meeting January
F&D FOOD: Mexican Restaurant Files for Bankruptcy
GESUNDHEITSORIENTIERTES KRAFT: Creditors' Meeting Set January

GUNTHER HAHL: Real Estate Firm Succumbs to Bankruptcy
HAHL KUNSTSTOFF: Lawsuits Versus Plastic Product Maker Stayed
HVB GROUP: Drafts Two New Management Board Members
KOSCHKE & WEISS: Magdeburg Court Appoints Administrator
MG TECHNOLOGIES: Moving Headquarters to Bochum

PERI GMBH: Senior Unsecured Bond Rated 'BB'; Outlook Stable
SIEGFRIED GREGOR: Creditors' Meeting Set December
SPR-BAU GMBH: Administrator's Report Out this Month
STABOTEC STAHLBAU: Creditors to Meet in Two Weeks


H U N G A R Y

DAM STEEL: New Owner Restarts Diosgyor Operations


I R E L A N D

ELAN CORPORATION: FDA Grants Accelerated Approval to TYSABRI(R)


I T A L Y

GIANNI VERSACE: Hints Possible Sale of Non-core Assets
PARMALAT FINANZIARIA: 18 Potential Buyers Eye Parmatour


K Y R G Y Z S T A N

AINEK: Sets Public Auction Next Week
FARM ILYICH: Demands Replacement of Current Insolvency Manager
ORIENT: Calls Creditors' Meeting
SHUAN-HU: Claims Verification Date Set January 19


L I T H U A N I A

UKIO BANKAS: 'D/E' Individual Rating Affirmed; Outlook Negative


N E T H E R L A N D S

WORLD DIRECTORIES: VNU Completes Sale to Apax
WORLD DIRECTORIES: Proposed EUR545 Mln Senior Notes Rated 'CCC+'


R U S S I A

ELECTRO-MECHANICAL: Stavropol Court Appoints Insolvency Manager
GAS-PROM-SERVICE: Undergoes Bankruptcy Supervision Procedure
KHIM-LES-KHOZ: Names V. Kiryanov External Insolvency Manager
MAYSKAYA RAY-SEL-KHOZ-TEKHNIKA: Bankruptcy Supervision Begins
MUNICIPAL UNITARY: Proofs of Claim Deadline Nears

NOVOANNINSK-AGRO-PROM-KHIMIYA: Court Hires Insolvency Manager
ROS-STROY-SERVICE: Hires S. Kapusta as Insolvency Manager
SAN-TEKH-MONTAZH: Tver Court Opens Bankruptcy Proceedings
VOLZHSKIY MECHANICAL: Declared Insolvent
YUKOS OIL: Blasts Prosecutor's Office for Bullying Management

YUKOS OIL: EGM Now A Vote Between Liquidation and Bankruptcy
YUKOS OIL: Hearing on Yuganskneftegaz Sale this Week
ZVEROVSKOYE MINE: Creditors Have Until this Month to File Claims


S P A I N

IZAR: Secures EUR32 Million Navy Contract


S W I T Z E R L A N D

SWISS INTERNATIONAL: To Levy Additional Ticketing Charge


U K R A I N E

BATKIVSHINA: Claims Filing Period Ends this Week
BSL: Last Day for Filing of Claims Tomorrow
CHERKASINVESTBUD: Cherkassy Court Opens Bankruptcy Proceedings
DIM YAKOSTI: Insolvency Manager Takes over Helm
EPOS: Insolvency Manager to Temporarily Oversee Business

GRADIZK-UNIVERSAL: Liquidator Enters Firm
KRASNOPILLYA' AUTO: Andrij Sisoyev Named Liquidator
NATIONAL INVESTMENTS: Succumbs to Insolvency
NEW ARTPLUS: Bankruptcy Proceedings Begin
SHEVCHENKIVSKA RAJAGROCHEMISTRY: Declared Insolvent
SUNFLOWER GROUP: Files for Bankruptcy


U N I T E D   K I N G D O M

ADAM & HARVEY: Final Members Meeting Set January
BEN LINE: Liquidator to Present Final Report Mid-January
BIP LIMITED: Names KPMG Administrator
BLAIR INCORPORATED: Hires Joint Administrators from Hacker Young
BLOEMENDAAL GARDEN: Liquidator's Final Report Out January

BLUE SWORD: Appoints Begbies Traynor Administrator
CAIRNLECK LIMITED: Creditors Opt to Liquidate Company
CARDINE REALISATIONS: Appoints Liquidator
CARMICHAEL INTERNATIONAL: In Administrative Receivership
CARRIER SERVICE: Members Meeting Set End of December

CARTONLEAF LIMITED: Creditors to Meet Before Year Ends
COOPER EVANS: Liquidator to Give Final Report Later this Month
COOPERS & LYBRAND: Members Final Meeting Set
COURTS PLC: Calls in Administrator
COURTS PLC: Company Profile

EURODIS ELECTRON: Expects to Save Additional EUR6 Million
FADCO ENGINEERING: Hires Crane & Partners Liquidator
FINANCE CREDIT: Menzies to Host Final Meeting this Month
FINE SHOES: Hires Liquidators from KPMG
GEE WALKER: Sets General Meeting this Month

G MUSIC: Members Pass Winding up Resolutions
IT SUPPORT: Annette Menzies Appointed Liquidator
MAC DISTRIBUTION: Winding up Report Due Mid-December
MARCEL NOMINEES: Final Meeting of Members Set Later this Month
MASTER DISTRIBUTORS: Ordinary Winding up Resolution Passed

MCDONNELL DEMOLITION: Names Poppleton & Appleby Administrator
NETWORK RAIL: Turns in GBP34 Mln Pre-tax Loss for the Year
NETWORK RAIL: Mike Firth Joins Board
ORTHOPAEDIC MANUFACTURING: Sets Creditors' Meeting Next Week
R K PLANT: Members Pass Special Winding up Resolution

SCP AMERICA: Hires PricewaterhouseCoopers as Liquidator
SOVEREIGN ROTATING: Meeting of Creditors Set Next Week
STEEL TRADERS: Calls in Joint Liquidators from KPMG
SUSSEX VALUES: Sets Creditors' Meeting Next Week
TRADE DIRECT: Calls in Administrators from PKF

WEB4TEST LIMITED: Holds Final Meetings Mid-December
WH SMITH: Names Replacement for Outgoing Non-executive Chairman
WRG FINANCE: Long-term Corporate Credit Rated 'BB-'


                            *********


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


IP BANKA: Nomura Loses Bid to Block Government-backed Lawsuit
-------------------------------------------------------------
Japanese investment bank Nomura failed to convince a Swiss court
to postpone hearings on the arbitration case filed by the Czech
Republic through the finance ministry, reports Interfax.

Nomura had asked the Zurich court to defer hearing the case
until after it had ruled on its appeal in a previous lawsuit.
In September, the court allowed the finance ministry to pursue a
case against the bank on top of the one lodged by the Czech
National Property Fund (FNM).  FNM is suing Nomura for breach of
contract in the privatization of the defunct Investicni a
postovni banka (IPB).  It is seeking CZK263 billion in
compensation.

The finance ministry believes its participation in the
arbitration could increase the government's chances for victory.
Nomura has a pending counter-suit against the government in
London, seeking CZK40 billion in compensation for its failed
investment in IPB.

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


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


VIVENDI UNIVERSAL: Honors Vow to Retain, Create Jobs in France
--------------------------------------------------------------
Finance Minister Nicolas Sarkozy says Vivendi Universal has
fulfilled its commitment to generate needed jobs in the country.
He said the government has a system in place to ensure companies
like Vivendi make good on their pledge.

Plagued by rising unemployment rate caused by the outsourcing of
jobs previously performed by the local labor force, the
government has adopted a special tax system that grants
incentives to companies that retain jobs in France, says Les
Echos.  Vivendi has promised to create 1,600 permanent jobs in
three years and 2,500 more in five years in areas where the
unemployment rate is high.

CONTACT:  VIVENDI UNIVERSAL S.A.
          42 Avenue de Friedland
          75380 Paris Cedex 08
          Phone: +33-1-71-71-10-00
          Fax: +33-1-71-71-10-01
          Web site: http://www.vivendiuniversal.com


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


AYDEMIR GMBH: Cologne Court Sets Claims Deadline December
---------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Aydemir 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. Christoph.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 26, 2005, 9:15 a.m. at the district court of
Cologne Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142 at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  AYDEMIR GMBH
          Marktstr. 10, 50968 Koln
          Contact:
          Sahin Aydemir, Manager
          Nordlinger Str. 5, 51103 Koln

          Dr. Christoph Niering, Insolvency Manager
          Brabanter Str. 2, 50674 Koln
          Phone: 92081-137
          Fax: +492219208197


BERTRAM-BUNEMANN: Under Bankruptcy Administration
-------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Bertram-Bunemann-Partner-GmbH on Nov. 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Dec. 11, 2004 to
register their claims with court-appointed provisional
administrator Dr. jur. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 19, 2005, 9:30 a.m. at Saal 226, 2.
Obergeschoss, Amtsgericht Hannover, Dienstgebaude Hamburger
Allee 26, 30161 Hannover 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:  BERTRAM-BUNEMANN-PARTNER-GMBH
          Werftstr. 15, 30163 Hannover
          Contact:
          Gerhard Bunemann, Manager
          Friedrich Baller, Manager
          Jurgen Dumschat, Manager
          Roland Grusemann, Manager
          Christian Rathmann, Manager

          Dr. jur. Rainer Eckert, Insolvency Manager
          Lister Strasse 18, 30163 Hannover
          Phone: 0511/626287-0
          Fax: 0511/626287-10


BWS BILDUNGSWERK: Sets First Creditors' Meeting January
-------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against BWS Bildungswerk fur Wirtschaft und Soziales GmbH on
Nov. 5.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Dec. 15, 2004 to register their claims with court-appointed
provisional administrator Hans-Gerd Jauch.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 19, 2005, 9:40 a.m. at the district court of
Cologne Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142 at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  BWS BILDUNGSWERK FUR WIRTSCHAFT UND SOZIALES GMBH
          Niehler Str. 102 - 116, 50733 Koln
          Contact:
          Dieter Gehl, Manager
          Zum Muhlenfeld 17, 50170 Kerpen

          Hans-Gerd Jauch, Insolvency Manager
          Sachsenring 81, 50677 Koln
          Phone: 33660130
          Fax: +492213366085


F&D FOOD: Mexican Restaurant Files for Bankruptcy
-------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against F&D Food and Drinks GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 24, 2004 to register their
claims with court-appointed provisional administrator Klaus
Bollig.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 25, 2005, 10:00 a.m. at the district court
of Cologne Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  F&D FOOD AND DRINKS GMBH
          Graf-Gessler-Strasse 4, 50679 Koln
          Contact:
          Robert Cornelis van Leeuwen, Manager
          Neuhoffer Strasse 32, 50679 Koln

          Klaus Bollig, Insolvency Manager
          Aachener Str. 321, 50931 Koln
          Phone: 92042404
          Fax: +4922194056950


GESUNDHEITSORIENTIERTES KRAFT: Creditors' Meeting Set January
-------------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Gesundheitsorientiertes Kraft- und Leistungstraining GmbH on
Nov. 3.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Dec. 22, 2004 to register their claims with court-appointed
provisional administrator Dr. Bruno Kubler.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 25, 2005, 11:15 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142 at which time the administrator will present his
first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  GESUNDHEITSORIENTIERTES KRAFT-
          UND LEISTUNGSTRAINING GMBH
          Herforderstr. 18 a, 50737 Koln
          Contact:
          Manfred Fusting
          Karl Zoergiebel STR, Managing Director
          22, 50259 Pulheim

          Dr. Bruno Kubler, Insolvency Manager
          Aachener Str. 217, 50931 Koln
          Phone: 400 770
          Fax: +492214007720


GUNTHER HAHL: Real Estate Firm Succumbs to Bankruptcy
-----------------------------------------------------
The district court of Tubingen opened bankruptcy proceedings
against Gunther Hahl 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 Jurgen Sulz.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 20, 2005, 9:00 a.m. at the district court of
Tubingen -- Aussenstelle --, 72074 Tubingen, Schulberg 14, 2.
OG, Saal 208 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:  GUNTHER HAHL GMBH & CO.
          Industriekunststoffe, Maltschachstr. 32, 72144
          Dusslingen
          Contact:
          Jurgen Hahl, Manager

          Jurgen Sulz, Insolvency Manager
          Rommelsbacher Str. 27, 72760 Reutlingen


HAHL KUNSTSTOFF: Lawsuits Versus Plastic Product Maker Stayed
-------------------------------------------------------------
The district court of Tubingen opened bankruptcy proceedings
against Hahl Kunststoff-Technologie 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 Jurgen Sulz Rommelsbacher.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 20, 2005, 10:00 a.m. at the district court
of Tubingen -- Aussenstelle --, 72074 Tubingen, Schulberg 14, 2.
OG, Saal 208 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.

Hahl manufactures and sells plastic products.

CONTACT:  HAHL KUNSTSTOFF-TECHNOLOGIE GMBH
          Contact:
          Jurgen Hahl, Manager
          Maltschachstr. 32, 72144 Dusslingen

          Jurgen Sulz, Insolvency Manager
          Rommelsbacher Str. 27, 72760 Reutlingen


HVB GROUP: Drafts Two New Management Board Members
--------------------------------------------------
HVB Group has made two appointments to its management board in
an effort to turn around its unprofitable German business.  The
new board members are Christine Licci, who formerly headed a
unit of Citigroup Inc.; and Johann Berger, who is currently a
board member at Hypo Real Estate Holding AG.

Ms. Licci, who made Citigroup's German retail-banking unit more
profitable than the leading consumer businesses, will run HVB's
retail business.  She will start at the job Jan. 17, 2005.  Mr.
Berger will head HVB's real estate and corporate clients
business starting April 1.

HVB, at the same time, made Michael Mendel -- in charge of its
German retail and corporate clients business -- the head of its
Austrian and Eastern European operations.  Mr. Mendel replaces
Gerhard Randa who is leaving in May.  Mr. Randa will be put
forward as a candidate for the bank's supervisory board.

HVB accumulated losses of more than EUR3.4 billion (US$4.5
million) over the past two years, forcing it to cut 11,000 jobs.
A sale of about US$4 billion of assets boosted reserves and
helped it stem losses, but its German operations remained
unprofitable.  The German business made a EUR33 million pre-tax
loss in the third quarter, almost twice the figure posted in the
previous three months.


KOSCHKE & WEISS: Magdeburg Court Appoints Administrator
-------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Koschke & Weiss Gbr on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 15, 2004 to register their
claims with court-appointed provisional administrator Klaus
Wrede.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 9:30 a.m. at Saal D,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  KOSCHKE & WEISS GBR
          Friedrichstr. 15 e, 39387 Oschersleben
          Contact:
          Lutz Koschke, Manager
          Friedrichstr. 15 e, 39387 Oschersleben
          Andreas Weiss, Manager
          Gansekamp 5, 38173 Sickte Volzum

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


MG TECHNOLOGIES: Moving Headquarters to Bochum
----------------------------------------------
On Dec. 6, 2004 the Executive Board plus 24 employees of mg
technologies ag will commence work at the Group's Bochum head
office that mg is to share with subsidiary GEA AG.  The move of
mg's holding offices will be completed once the company's annual
accounts have been prepared in the spring of 2005.  A further 18
mg staff will then relocate to Bochum.  Just fewer than 100
employees will then be working at the Group's new holding
company.

Mg will then have reduced the number of its Group holding
companies from six to one in just over a year.  This will enable
it to cut its holding-company costs, as planned, from the
original EUR170 million per year to approximately EUR50 million.
mg technologies ag's registered office will remain in Frankfurt
am Main for the time being.

At the beginning of 2004, roughly 110 people were employed at
the Group's Frankfurt head office, while GEA's holding company
had 65 employees.  Mg has managed to reduce its headcount
without any layoffs.  The staff members affected have either
taken on new roles within the mg Group or have signed
dissolution contracts based on the social plan concluded in
March 2004.  Some employees have found positions at other
companies at their own initiative.  The roughly 1,200 jobs at mg
subsidiaries will not be affected by the relocation of the
Group's head office to Bochum and will remain in the Frankfurt
area.

Metallgesellschaft, which was established in 1881, has been
trading as mg technologies ag since 2000.  For 92 years it was
based in Reuterweg in Frankfurt before moving to its current
site in Bockenheimer Landstrasse in Frankfurt's west end in June
1997.

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

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


PERI GMBH: Senior Unsecured Bond Rated 'BB'; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit ratings to Germany-based construction equipment
company Peri-Werk Artur Schworer GmbH & Co. KG (PERI) and its
operating company Peri GmbH.  At the same time, a 'BB' senior
unsecured debt rating was assigned to the proposed EUR225
million bond to be issued by Peri GmbH, one notch below the
corporate credit rating, reflecting its structural subordination
to higher priority liabilities.  The outlook is stable.

"The ratings reflect PERI's exposure to markets that are
cyclical, competitive, and fragmented, its limited
diversification by product and end-market, and its moderately
aggressive financial profile, particularly in terms of its lack
of free cash flow generation," said Standard & Poor's credit
analyst Izabela Listowska.  "These negative factors are
mitigated, however, by PERI's leading position in the market of
concrete modular formwork systems in Europe, its strong product
portfolio and business know-how, a combination of rental and
sales income, and its good geographical diversification."

With sales of about EUR600 million for the 12 months ended Sept.
30, 2004, PERI commands leading market positions in several
European countries (Germany, Italy, Poland, France, Portugal,
the Czech Republic, the U.K., and Spain) and a strong presence
across Europe, the U.S., parts of Middle East, and Asia.  It is
more geographically diversified than its competitors, generating
less than one-fifth of its revenues in Germany.

PERI's products and engineering skills are recognized in the
construction industry, and are used in some of the world's most
technically demanding construction projects.  This is reflected
in its above-average organic growth rate and strong operating
margin of about 30%.  More than one-half of revenues are
generated from rental services, providing for more stable income
than from the sale of equipment.  The proportion of income from
rental services tends to increase in an economic downturn, as
contractors rent equipment to preserve capital.

PERI's production plants are concentrated mainly in one
location, in Bavaria, Germany (95% of own total production).
This provides flexibility in terms of shifting production from
one product to another, as well as economies of scale, yet it
also gives rise to concentration and foreign-exchange risk.

PERI has consistently maintained a financial profile in line
with the 'BB' rating category over the past eight years, while
at the same time more than doubling its turnover.  PERI reported
funds from operations covering total debt by about 30%, EBITDA
fixed charge cover of about 6.0x, and total debt to EBITDA
(gross) of about 2.5x on average over the past three years.
Operating cash flows have been fully absorbed to cover heavy
capital investments in the rental stock over the past few years.
Nevertheless, Standard & Poor's believes that PERI has the
ability to generate free cash flow once the company's growth
slows.

"The stable outlook reflects our expectation that PERI will
maintain its competitive position and manage growth in a way
that maintains its financial profile," said Ms. Listowska.
Standard & Poor's expects PERI to achieve an EBITDA interest
cover of above 5.0x and FFO to debt above 25% to maintain the
rating.  The rating does not factor in any major debt-funded
acquisitions.

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

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

          PERI GmbH
          P. O. 12 64
          89259 Weissenhorn, Germany
          Phone: +49 (0) 73 09 / 9 50 - 0
          Fax: +49 (0) 73 09 / 9 51 - 0
          E-mail: info@peri.de
          Web sites: http://www.peri.de
                     http://www.peri-up.com


SIEGFRIED GREGOR: Creditors' Meeting Set December
-------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Siegfried Gregor - Dachdeckerei-Fassadenbau
GmbH on Nov. 1.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until Feb. 16, 2005 to register their claims with court-
appointed provisional administrator Christoph Rosenmuller.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004, 9:25 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on March 16, 2005, 9:5 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  SIEGFRIED GREGOR - DACHDECKEREI - FASSADENBAU -
          GERUSTBAU GMBH
          Warmensteinacher Strasse 58,12349 Berlin

          Christoph Rosenmuller, Insolvency Manager
          Berliner Str. 117, 10713 Berlin


SPR-BAU GMBH: Administrator's Report Out this Month
---------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against SPR-Bau GmbH on Nov. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 16, 2005 to register their
claims with court-appointed provisional administrator Dr.
Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004, 9:45 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on March 16, 2005, 9:45 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  SPR-BAU GMBH
          Kuhnemannstrasse 4,13409 Berlin
          Contact:
          Wolfgang Schroder, Insolvency Manager
          Genthiner Str. 48, 10785 Berlin


STABOTEC STAHLBAU: Creditors to Meet in Two Weeks
-------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against STABOTEC Stahlbau Befahranlagen, Wartungs-
und Montageservice GmbH on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 16, 2005 to register their claims with
court-appointed provisional administrator Christoph Schulte-
Kaubrugger.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004, 9:50 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on March 16, 2005, 9:50 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  STABOTEC STAHLBAU BEFAHRANLAGEN, WARTUNGS- UND
          MONTAGESERVICE GMBH
          Breitenbachstrasse 14,13509 Berlin

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


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


DAM STEEL: New Owner Restarts Diosgyor Operations
-------------------------------------------------
Dam Steel's operations in Diosgyor have resumed two months after
it was bought out of liquidation by the Ukrainian-Swiss Donbass-
Duferco steelworks consortium.

Budapest Business Journal says DAM 2004 Kft, which operates the
site, re-launched metal rolling at the site two weeks ago after
two months of preparatory work.  The plant, which previously
belonged to Italian owner, Cogne Acciai Speciali s.r.l., closed
in February and later liquidated.  The consortium acquired the
plant in September and in October the new owners rehired 700
employees.

Bela Toth, managing director of DAM 2004, said steel production
proper is expected to begin in February or March 2005.
According to him, management plans to upgrade machineries next
year.  He estimates the investment cost to come at around HUF5
billion (EUR20.2 million).

Mr. Toth also said the plant will focus on producing high-
quality fine steel products.  He expects demand for fine steel
products to grow 3-5% in the future, twice as much as the
expected growth in demand for average quality steel.

"High-quality fine steel will cover 70% of our production," Mr.
Toth said.  The company aims to sell half of its product
domestically, and half in other European countries.

Mr. Toth said revenue could come at only HUF2.5 billion this
year, but turnover will likely increase to HUF43 billion to
HUF45 billion in 2005.  "As of November, all our capacity is
covered by orders," he said.


=============
I R E L A N D
=============


ELAN CORPORATION: FDA Grants Accelerated Approval to TYSABRI(R)
---------------------------------------------------------------
Biogen Idec and Elan Corporation, plc (NYSE: ELN) announced that
the U.S. Food and Drug Administration (FDA) has approved
TYSABRI(R) (natalizumab), formerly referred to as ANTEGREN(R),
as treatment for relapsing forms of multiple sclerosis (MS) to
reduce the frequency of clinical relapses.  FDA granted
Accelerated Approval for TYSABRI following Priority Review based
on one-year data from two Phase III studies, the AFFIRM
monotherapy trial and the SENTINEL add-on trial with
AVONEX(R)(Interferon beta-1a).

TYSABRI, the first humanized monoclonal antibody approved for
the treatment of MS, inhibits adhesion molecules on the surface
of immune cells.  Research suggests TYSABRI works by preventing
immune cells from migrating from the bloodstream into the brain
where they can cause inflammation and potentially damage nerve
fibers and their insulation.

"TYSABRI is a powerful and innovative therapy that offers new
hope for hundreds of thousands of people living with MS," said
James C. Mullen, chief executive officer, Biogen Idec.  "We
believe TYSABRI will revolutionize the treatment of MS and
become the leading choice for patients and physicians."

"TYSABRI is a significant breakthrough for patients with MS,"
said Kelly Martin, president and chief executive officer, Elan.
"The approval of TYSABRI, with its unique mechanism of action
and new level of efficacy, has the potential to make a genuine
difference in the lives of patients and families who struggle
with the debilitating effects of this disease."

Results of the AFFIRM Monotherapy Trial

AFFIRM is a two-year, randomized, multi-center, placebo-
controlled, double-blind study of 942 patients conducted in 99
sites worldwide, in which patients were randomized to receive
either a fixed 300 mg IV infusion dose of TYSABRI (n=627) or
placebo (n=315) every four weeks.  TYSABRI reduced the rate of
clinical relapses by 66% relative to placebo (p<0.001), the
primary endpoint at one-year.  The annualized relapse rate was
0.25 for TYSABRI-treated patients versus 0.74 for placebo-
treated patients.

AFFIRM also met all one-year secondary endpoints, including MRI
measures.  In the TYSABRI-treated group, 60% of patients
developed no new or newly enlarging T2 hyperintense lesions
compared to 22% of placebo-treated patients (p<0.001).  On the
one-year MRI scan, 96% of TYSABRI-treated patients had no
gadolinium enhancing lesions compared to 68% of placebo-treated
patients (p<0.001).  The proportion of patients who remained
relapse free was 76% in the TYSABRI-treated group compared to
53% in the placebo-treated group (p<0.001).

Results of SENTINEL Add-on Study

Approval was also based on the results of another Phase III
clinical trial, SENTINEL.  SENTINEL is a two-year, randomized,
multi-center, placebo-controlled, double blind study of 1,171
AVONEX-treated patients in 123 clinical trial sites worldwide.

In the SENTINEL trial, AVONEX-treated patients who continued to
experience disease activity were randomized to add TYSABRI
(n=589) or placebo (n=582) to their standard regimen.

SENTINEL achieved its one-year primary endpoint.  The addition
of TYSABRI to AVONEX resulted in a 54% reduction in the rate of
clinical relapses over the effect of AVONEX alone (p<0.001).
The annualized relapse rate was 0.36 for patients receiving
TYSABRI when added to AVONEX versus 0.78 with AVONEX plus
placebo.

SENTINEL also met all secondary endpoints, including MRI
measures.  In the group treated with TYSABRI plus AVONEX, 67
percent of patients developed no new or newly enlarging T2
hyperintense lesions compared to 40% in the AVONEX plus placebo
group (p<0.001).  On the one-year MRI scan, 96% of TYSABRI plus
AVONEX-treated patients had no gadolinium-enhancing lesions
compared to 76% of AVONEX plus placebo-treated patients
(p<0.001).  The proportion of patients who remained relapse-free
was 67% in the TYSABRI plus AVONEX-treated group compared to 46%
in the AVONEX plus placebo-treated group (p<0.001).

"I believe TYSABRI will be an important therapeutic advance for
patients with relapsing MS," said Richard Rudick, MD, lead
investigator of the SENTINEL trial and director, Mellen Center
for Multiple Sclerosis, Cleveland Clinic Foundation.  "Patients
who have discontinued therapy, are newly diagnosed with MS, or
have persistent active disease despite being on a current
therapy will benefit from TYSABRI."

Safety

Common adverse events associated with TYSABRI include headache,
fatigue, urinary tract infection, depression, lower respiratory
tract infection, joint pain and abdominal discomfort.  The rate
of infection in both studies was approximately one per patient-
year in both TYSABRI-treated patients and placebo-treated
patients.

Serious infections occurred in 1.3% of placebo-treated patients
and 2.1% of TYSABRI-treated patients.  Serious infections
included bacterial infections such as pneumonia and urinary
tract infection, which responded appropriately to antibiotics.
TYSABRI has been associated with hypersensitivity reactions,
including serious systemic reactions, which occurred at an
incidence of less than 1% of patients.

Immunogenicity

All biologics have the potential to induce patient antibodies.
Analysis of the one-year Phase III MS trials indicate a low
level of immunogenicity associated with TYSABRI.  Patients were
tested for antibodies every 12 weeks in the AFFIRM and SENTINEL
trials.  Antibodies were detected in approximately 10 percent of
patients at least once during treatment, with 6% of patients
remaining persistently positive.  Persistently positive
antibodies were associated with a substantial decrease in
efficacy and an increase in certain infusion-related adverse
events.  Almost all patients who tested positive for antibodies
did so within the first 12 weeks of treatment.

Two-year Results

AFFIRM and SENTINEL are two-year trials.  Two-year results are
anticipated beginning in the first half of 2005.  Patients who
complete these trials are eligible for enrollment in a long-term
safety extension study.

"The MS community is pleased that the FDA approval of TYSABRI
provides an additional treatment option for people with
relapsing forms of MS.  There are many people living with MS who
may benefit from this different treatment approach," said
Stephen C. Reingold, PhD, vice president for research, the
National MS Society.

About TYSABRI

Biogen Idec and Elan are collaborating equally on the
development of TYSABRI in MS, Crohn's disease (CD), and
rheumatoid arthritis (RA).  In September 2004, a Marketing
Authorization Application (MAA) for CD was filed with the EMEA
based on Phase III studies, and another Phase III induction
trial for CD is ongoing.  A Phase II trial is also underway to
evaluate TYSABRI in RA.  To date, more than 2,800 patients have
received TYSABRI in clinical trials.

Information about TYSABRI, including prescribing information,
and its comprehensive support services, will be available
through a single toll-free number (1-800-456-2255), and via
http://www.TYSABRI.com.

About Multiple Sclerosis

MS is a chronic disease of the central nervous system that
affects approximately 400,000 people in North America and more
than one million people worldwide.  It is a disease that affects
more women than men, with onset typically occurring between 20
and 40 years of age.  Symptoms of MS may include vision
problems, loss of balance, numbness, difficulty walking and
paralysis.

About Biogen Idec

Biogen Idec creates new standards of care in oncology and
immunology.  As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.  For product labeling, press releases and additional
information about the company, please visit
http://www.biogenidec.com.

About Elan

Elan Corporation, plc is a neuroscience-based biotechnology
company.  We are committed to making a difference in the lives
of patients and their families by dedicating ourselves to
bringing innovations in science to fill significant unmet
medical needs that continue to exist around the world.  Elan
shares trade on the New York, London and Dublin Stock Exchanges.
For additional information about the company, please visit
http://www.elan.com.

CONTACT:  ELAN CORPORATION
          Anita Kawatra
          Phone: 212-407-5740
          Or   800-252-3526

          Emer Reynolds
          Phone: 353 1 709 4000
           Or    800-252-3526

          BIOGEN IDEC
          Media Contacts:
          Amy Brockelman
          Phone: 617-914-6524

          Investor Contacts:
          Elizabeth Woo
          Phone: 617-679-2812


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


GIANNI VERSACE: Hints Possible Sale of Non-core Assets
------------------------------------------------------
The board of directors of fashion house Gianni Versace S.p.A.
has decided to split its non-core assets from its core fashion
business, just-style.com reports.

The group plans to create a holding company composed of an
industrial operation and a core property assets division.  The
board also said it is considering setting up an internal audit
committee in 2005.  The shakeup is the latest in the company's
efforts to rehabilitate its business, which has struggled since
the murder of its founder and namesake Gianni Versace seven
years ago.

In October, Versace named Laura Manelli, formerly from fashion
company Armani and French luxury goods group LVMH, new head of
its world retail operations.  Two months earlier, it appointed
Giancarlo Di Risio as chief executive officer, the first
outsider to occupy the post.  The firm booked a loss of EUR26.5
million (GBP18 million) in 2002; it expects to book another loss
this year.

CONTACT:  GIANNI VERSACE S.p.A.
          Via Manzoni 38
          20121 Milan
          Phone: +39-02-760-93-1
          Fax: +39-02-760-04122
          Web site: http://www.versace.it


PARMALAT FINANZIARIA: 18 Potential Buyers Eye Parmatour
-------------------------------------------------------
Offers have begun pouring in for insolvent tour operator
Parmatour, sister company of collapsed dairy giant Parmalat, Il
Sole 24 Ore says.

Investment bank Mediobanca, which manages Parmatour's sale,
revealed they received around 18 non-binding offers to acquire
the insolvent tour operator, following the decision of
International Air Transport Association (IATA) to renew the
group's license to sell airline tickets.  Tickets sale is one of
the assets being sold by the Tanzi family, which also owns
failed food group Parmalat.

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

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


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


AINEK: Sets Public Auction Next Week
------------------------------------
The bidding organizer and insolvency manager of JSC Ainek will
sell its properties on December 7, 2004, 10:00 p.m.  The public
auction will take place at Kyrgyzstan, Bishkek, Fatianov Str. 1.
For sale are 11 lots of constructions and computer equipment.
Assets can be inspected at Kyrgyzstan, Tokmok, Industrial Zone,
JSC Ainek.

To participate, bidders must submit all necessary documents and
deposit an amount equivalent to 10% of the starting price on or
before December 6, 2004.  For more information, call (0-312) 42-
38-45 and (0-312) 42-39-68.


FARM ILYICH: Demands Replacement of Current Insolvency Manager
--------------------------------------------------------------
The Department of the Bankruptcy Issues under the State
Committee of the Kyrgyz Republic on State Property Committee
will meet creditors of Joint Agricultural Farm Ilyich on
December 8, 2004, 10:00 a.m. at Bishkek, Moskovskaya Str. 151,
Room 106.

Agenda:

(a) To release Mr. K. M. Musabaev as temporary insolvency
    manager;

(b) To appoint new temporary insolvency manager; and

(c) Others

For more information, call (0-312) 21-67-26.


ORIENT: Calls Creditors' Meeting
--------------------------------
The Department of the Bankruptcy Issues under the State
Committee of the Kyrgyz Republic on State Property Committee
will meet creditors of limited liability company Orient on
December 8, 2004, 11:00 at Bishkek, Moskovskaya Str. 151, Room
106.

Agenda:

(a) To release Mr. K. M. Musabaev as temporary insolvency
    manager;

(b) To appoint new temporary insolvency manager; and

(c) Others

For more information, call (0-312) 21-67-26.


SHUAN-HU: Claims Verification Date Set January 19
-------------------------------------------------
Limited liability company, Shuan-Hu, which recently became
insolvent, will consider all proofs of claim on January 19, 2005
at Bishkek, Sovetskaya Str. 170A.  For more information, call
(0-502) 22-76-82.


=================
L I T H U A N I A
=================


UKIO BANKAS: 'D/E' Individual Rating Affirmed; Outlook Negative
---------------------------------------------------------------
Fitch Ratings affirmed Lithuania's Ukio Bankas' ratings at Long-
term foreign currency 'B+', Short-term 'B', Individual 'D/E' and
Support rating at '5'.  The Outlook remains Negative.

The Negative Outlook reflects Fitch's continuing concerns over
substantial holdings of non-core investments including a real
estate asset in Moscow valued at nearly twice the bank's equity,
as well as the continued opacity of its shareholder structure
and related party lending.  Fitch has been informed by the
bank's management that the real estate investment will be sold
in the second quarter of 2005 and the shareholding structure
will be simplified, with various connected stakes becoming
consolidated under a single Lithuanian-based company.

In its analysis of Ukio, Fitch also notes that the bank has been
successfully expanding its retail business, increasing its
market share of deposits and rapidly expanding retail lending
via its leasing subsidiary.  As a result it has made some
progress in diversifying its funding and revenues.  Nonetheless,
the bank's profitability remains weak despite benefiting from
low net provisioning costs and an effective tax rate of zero,
neither of which are expected to continue.  Loan quality is good
although concentrations in the loan book remain high.

Copies of the full rating report will be available from the
agency's subscriber Web site at http://www.fitchresearch.com.

CONTACT:  FITCH RATINGS
          Chris Birney, London
          Phone: +44 7862 4093

          Banu Saracci, London
          Phone: +44 20 7417 4373

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

          UKIO BANKAS
          Maironio str. 25
          LT-44250 Kaunas
          Phone: /370 37/301301, 301470
          Fax: /370 37/323188
          SWIFT: UKIO LT 2X
          Telex: 269897 UKIS LT
          E-mail: ub@ub.lt
          Web site: http://www.ub.lt/en/


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


WORLD DIRECTORIES: VNU Completes Sale to Apax
---------------------------------------------
VNU (AEX:VNU), a leading global information and media company,
has successfully completed the sale of its World Directories
group to World Directories Acquisition Corp., a legal entity
owned by funds advised by Apex Partners Worldwide LLP and Cinven
Limited.  The agreement for the sale was previously announced by
VNU on Sept. 27, 2004.  World Directories Acquisition Corp. paid
EUR2,075 million for VNU's World Directories group.

VNU remains committed to use at least half of the proceeds from
this divestiture to repay debt.

About VNU

VNU is a global information and media company with leading
market positions and recognized brands in marketing information
(ACNielsen), media measurement and information (Nielsen Media
Research) and business information (Billboard, The Hollywood
Reporter, Computing, Intermediair).

VNU is active in more than 100 countries, with headquarters in
Haarlem, the Netherlands and New York, U.S.A.  The company
employs 36,000 people.  Total revenues amounted to EUR3.9
billion in 2003.  VNU is listed on the Euronext Amsterdam (ASE:
VNU) stock exchange.

For more information, visit http://www.vnu.com.

CONTACT:  VNU
          Press Contact:
          Koen van Zijl
          Phone: + 31 23 546 39 35
          or
          Investor Relations:
          Rob de Meel
          Phone: + 31 23 546 36 00


WORLD DIRECTORIES: Proposed EUR545 Mln Senior Notes Rated 'CCC+'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Delaware-based WDAC Subsidiary Corp.
(World Directories), an international publisher of classified
directories.  The outlook is stable.

At the same time, Standard & Poor's assigned its 'B' debt rating
and a recovery rating of '3' to the proposed EUR1.215 billion
(US$1.591 billion) senior secured term loan facilities, to be
issued by entities guaranteed by World Directories.  A 'CCC+'
debt rating was also assigned to the proposed EUR545 million,
second-ranking senior notes, due 2014, to be issued by World
Directories.  All ratings are preliminary and subject to review
of final documentation.

The 'CCC+' long-term rating is two notches below the corporate
credit rating, reflecting the subordinated position of the notes
behind the group's EUR975 million senior secured term loan
facility, EUR140 million acquisition facility, and EUR100
million revolving credit facility.  The senior secured loan
facilities are rated 'B', at the same level as the corporate
credit rating and carry a recovery rating of '3', indicating
Standard & Poor's expectation of meaningful (50%-80%) recovery
for lenders in the event of a payment default.  World
Directories' capital structure also includes EUR100 million of
payment-in-kind (PIK) notes due 2015 issued by its parent
company, WDAC Intermediate Corp., which are treated as part of
World Directories' consolidated debt obligations by Standard &
Poor's.

The ratings reflect a very aggressive financial leverage profile
resulting from the acquisition of World Directories by funds
advised by Apax Partners Worldwide LLP and Cinven Ltd. from VNU
N.V. (BBB/Stable/A-2).

"The group is heavily reliant on the continuing stability of its
cash-generative classified directory businesses in Belgium and
Ireland, as well as on revenue stabilization in the more
challenging markets of Portugal and The Netherlands," said
Standard & Poor's credit analyst Anna Overton.

With initial lease and pension deficit adjusted gross debt of
about EUR1.6 billion -- or close to 8x the annual EBITDA base --
World Directories will need to apply substantially all of its
free cash flow to debt reduction.  The group is expected to
decrease its gross debt-to-EBITDA ratio to less than 7x by the
end of 2006.

Standard & Poor's expects positive consolidated revenue trends
in the medium term, translating into modest margin improvement
in the key European markets.

"These factors should drive steady cash flow generation within
the group, allowing it to meet its extensive debt service
requirements," added Ms. Overton

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

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


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


ELECTRO-MECHANICAL: Stavropol Court Appoints Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on open joint stock company
Electro-Mechanical Factory.  The case is docketed as A63-245/04-
S5.  Mr. Y. Shapovalov has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 357502, Russia,
Pyatigorsk, Ermolova Str. 38.  A hearing will take place at the
Arbitration Court of Stavropol region on January 20, 2005, 10:00
a.m.

CONTACT:   ELECTRO-MECHANICAL FACTORY
           Russia, Stavropol region, Lermontov

           Mr. Y. Shapovalov
           Temporary Insolvency Manager
           357502, Russia,
           Pyatigorsk, Ermolova Str. 38

           The Arbitration Court of Stavropol region
           355000, Russia,
           Stavropol, Mira Str. 458b


GAS-PROM-SERVICE: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on limited liability company Gas-Prom-
Service (TIN 6168911438).  The case is docketed as A53-17560/04-
S2-30.  Mr. A. Sologub has been appointed temporary insolvency
manager.   Creditors may submit their proofs of claim to 344092,
Russia, Rostov-na-Donu, Volkova Str. 31/1, Apartment 20.

CONTACT:  GAS-PROM-SERVICE
          344104, Russia, Rostov-na-Donu,
          Dovatora Str. 150/2

          Mr. A. Sologub
          Temporary Insolvency Manager
          344092, Russia, Rostov-na-Donu,
          Volkova Str. 31/1, Apartment 20


KHIM-LES-KHOZ: Names V. Kiryanov External Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
external management bankruptcy procedure on Borskiy experimental
industrial Khim-Les-Khoz.  The case is docketed as A43-4377/04-
33-107.  Mr. V. Kiryanov has been appointed external insolvency
manager.

CONTACT:  KHIM-LES-KHOZ
          606440, Russia, Nizhniy Novgorod region,
          Bor, Fomina Str. 15

          Mr. V. Kiryanov
          External Insolvency Manager
          606440, Russia, Nizhniy Novgorod region,
          Bor, Fomina Str. 15

          The Arbitration Court of Nizhniy Novgorod region:
          603082, Russia, N. Novgorod, Kreml, Building 9


MAYSKAYA RAY-SEL-KHOZ-TEKHNIKA: Bankruptcy Supervision Begins
-------------------------------------------------------------
The Arbitration Court of Kabardino-Balkariya republic has
commenced bankruptcy supervision procedure on open joint stock
company Mayskaya Ray-Sel-Khoz-Tekhnika.  The case is docketed as
A20-3426/02.  Mr. Sh. Kardanov has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 360021, Russia, Kabardino-Balkariya republic, Nalchik,
Mazlova Str. 16.

CONTACT:  Mr. Sh. Kardanov
          Temporary Insolvency Manager
          360021, Russia, Kabardino-Balkariya republic,
          Nalchik, Mazlova Str. 16


MUNICIPAL UNITARY: Proofs of Claim Deadline Nears
-------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
proceedings against Municipal Unitary Trade Enterprise (TIN
5944020091) after finding the company insolvent.  The case is
docketed as A50-7021/2004-B.  Mr. A. Tarabrin has been appointed
insolvency manager.  Creditors have until December 29, 2004 to
submit their proofs of claim to 614060, Russia, Perm, Gorkogo
Str. 60-5.

CONTACT:  MUNICIPAL UNITARY TRADE ENTERPRISE
          618120, Russia, Perm region,
          Osa, Bogomyagkova Str. 8

          Mr. A. Tarabrin
          Insolvency Manager
          614060, Russia, Perm, Gorkogo Str. 60-5


NOVOANNINSK-AGRO-PROM-KHIMIYA: Court Hires Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy proceedings against Novoanninsk-Agro-Prom-Khimiya
(TIN 3419007810) after finding the open joint stock company
insolvent.  The case is docketed as A12-22830/04-s58.  Mr. A.
Medvedev has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 400123, Russia, Volgograd
region, Novoanninsk, Lenina Str. 107.

CONTACT:  NOVOANNINSK-AGRO-PROM-KHIMIYA
     Russia, Volgograd region,
          Novoanninsk, Stroitelnyj Per. 18a

          Mr. A. Medvedev
          Insolvency Manager
          400123, Russia, Volgograd region,
          Novoanninsk, Lenina Str. 107


ROS-STROY-SERVICE: Hires S. Kapusta as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
proceedings against Ros-Stroy-Service after finding the limited
liability company insolvent.  The case is docketed as A53-
762/2004-S2-6 (24).  Mr. S. Kapusta has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to Russia, Rostov-na-Donu, Sholokhova Str. 8a.

CONTACT:  ROS-STROY-SERVICE
          344010, Russia, Rostov-na-Donu,
          Nansena Str. 148a

          Mr. S. Kapusta
          Insolvency Manager
          Russia, Rostov-na-Donu,
          Sholokhova Str. 8a


SAN-TEKH-MONTAZH: Tver Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
proceedings against San-Tekh-Montazh after finding Tverskoye
insolvent.  The case is docketed as A66-4458-04.  Mr. N.
Vereshyak has been appointed insolvency manager.  Creditors have
until December 29, 2004 to submit their proofs of claim to
Russia, Tver, Main Post Office, Post User Box 169.

CONTACT:  SAN-TEKH-MONTAZH
          170040, Russia, Tver,
          50 Let Oktyabrya Pr. 17A

          Mr. N. Vereshyak
          Insolvency Manager
          Russia, Tver, Main Post Office,
          Post User Box 169
          Phone: (0822) 42-88-43


VOLZHSKIY MECHANICAL: Declared Insolvent
----------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy proceedings against Volzhskiy Mechanical Factory
after finding the open joint stock company insolvent.  The case
is docketed as A12-8883/04-s50.  Mr. P. Bashmakov has been
appointed insolvency manager.   Creditors have until December
29, 2004 to submit their proofs of claim to Russia, Volgograd
region, Volzhskiy, Aleksandrova Str. 71.

CONTACT:  VOLZHSKIY MECHANICAL FACTORY
          Russia, Volgograd region,
          Volzhskiy, Aleksandrova Str. 71

          Mr. P. Bashmakov
          Insolvency Manager
          Russia, Volgograd region,
          Volzhskiy, Aleksandrova Str. 71


YUKOS OIL: Blasts Prosecutor's Office for Bullying Management
-------------------------------------------------------------
The Management Board of Yukos Oil Company met on Nov. 23 to
discuss a draft anti-crisis plan to maintain operations of the
company for the period 2005 to 2009.  However, as a result of
the announced sale of Yuganskneftegaz at below market price, the
unfounded tax claim for 2003 of just under US$6 billion and
targeted pressure from the Russian General Prosecutor's Office
on the management of the Company, the Management Board agreed
that there would be no prospect of the management executing such
a plan.

During the meeting the Management Board agreed to develop and
approve, in the very near future, a short-term emergency plan to
cover a three to four month period.  This plan would
specifically address the prevention of technical accidents and
social tensions in the subsidiaries of the Company, which may
occur following the sale of Yuganskneftegaz and expropriation of
other assets.

The unprecedented daily pressure on Yukos managers from the
General Prosecutor's Office now forces the Management Board to
question if this emergency plan can be fulfilled.  The actions
taken against Yukos and members of the Yukos management team
over the last few days by the General Prosecutor's Office in
Russia are more deliberate than the cycle of raids and demands
placed on the company in the recent past.

It is our belief that this extraordinary pressure from the
General Prosecutor's Office has specific aims: the removal of
the management, the derailing of any settlement process with the
Russian authorities and the total destruction of Yukos Oil
Company.  Managing Yukos under the restrictions placed on it by
the Russian authorities takes significant effort in itself and
it is remarkable that the management team have been able to
steer the company over the last year and continue to perform in
an outstanding manner.  The management has done everything in
its power to prevent political attacks from damaging the
operations of the Company.

The Management Board will continue, despite the escalation in
difficulties affecting it, to fulfill its responsibilities to
all stakeholders and will, for as long as it can, run the
company within the framework of good corporate governance.
Management will be wherever it needs to be to ensure this. That
said, the Management Board wishes it to be known that it places
the responsibility for the damage to Yukos Oil Company and for
any further risks that the Company may face, firmly in the hands
of the Russian General Prosecutor's Office.

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


YUKOS OIL: EGM Now A Vote Between Liquidation and Bankruptcy
------------------------------------------------------------
The Board of Directors of YUKOS Oil Company on Thursday endorsed
the distribution documents for the extraordinary general
shareholders meeting due on December 20, 2004.

The Board of Directors accepted the recommendation of YUKOS'
Management Board to exclude from the agenda of the shareholders
meeting the item on the approval of the anti-crisis program.
The Management Board came out with the above recommendation as
the existing program cannot be implemented in view of the
announced auction sale of Yuganskneftegaz shares at a bargain
price, presentation of the tax bill in excess of RUR170 billion
for the year 2003 and lack of formal response from the
government to the numerous settlement proposals made by the
Company.

So, the extraordinary general meeting of YUKOS' shareholders due
on December 20, 2004 will consider 'Liquidation of OAO NK YUKOS'
or 'Bankruptcy of OAO NK YUKOS'

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


YUKOS OIL: Hearing on Yuganskneftegaz Sale this Week
----------------------------------------------------
Yukos Oil has appealed the government's plan to sell its main
production unit to the Moscow Arbitration Court, the Associated
Press says.

In November, bailiffs motioned for the sale of Yuganskneftegaz
to cover Yukos' 2000-2003 back-tax liabilities amounting to
US$24.5 billion (EUR18.5 billion).  The auction date is set Dec.
19 and the starting price is US$8.6 billion.

Yukos has promised to mount a tough legal battle against
companies that would attempt to snatch the unit, which accounts
for about 60% of its total oil production.  The company
considers the starting price as too low, and insists that
bailiffs have no right to sell core assets to settle the tax
bill.  The appeal will be heard this week.

Tipped to enter a bid are Italian energy giant Eni and state-
controlled natural gas monopoly Gazprom, which has reportedly
been advised to do so by Deutsche Bank.  Eni denies it is taking
part in the sale.  Deutsche Bank would not comment, while a
source at Gazprom told Dow Jones Newswires that it was
considering the advice.

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


ZVEROVSKOYE MINE: Creditors Have Until this Month to File Claims
----------------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
proceedings against Zverovskoye Mine Management after finding
the limited liability company insolvent.  The case is docketed
as A53-4254/04-S2-7.  Mr. S. Baludin has been appointed
insolvency manager.

Creditors have until Dec. 29, 2004 to submit their proofs of
claim to 344010, Russia, Rostov-na-Donu, Nakhichevanskiy Per.,
64, office 1007.

CONTACT:  ZVEROVSKOYE MINE MANAGEMENT
          346312, Russia, Rostov region,
          Zverevo, Obukhova Str. 7

          Mr. S. Baludin
          Insolvency Manager
          344010, Russia, Rostov-na-Donu,
          Nakhichevanskiy Per. 64, Office 1007


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


IZAR: Secures EUR32 Million Navy Contract
-----------------------------------------
Izar has won a EUR32.2 million contract from the government to
construct LCM-1E landing craft, Expansion says.

The government approved Sunday a contract tasking Izar to
construct 12 LCM-1E landing craft for the navy from 2004 to
2009.  The craft, which will replace the 1975-built LCM-8s, will
be assembled at Izar's San Fernando shipyard in Cadiz.

Meanwhile, government has unveiled a plan allotting more than
EUR600 million over 15 years to public and private shipbuilders.
The fund is intended to help shipbuilders cope with fierce
competition from Asian rivals.  The government, however,
excluded Izar from the list of recipients.

Izar has been in trouble since the European Commission ruled
illegal around EUR1.1 billion in state aid.  The regulator
likewise ordered the shipbuilder to repay the amount, forcing
the group to draft a restructuring plan.

CONTACT:  IZAR CONSTRUCCIONES NAVALES a.s.
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


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


SWISS INTERNATIONAL: To Levy Additional Ticketing Charge
--------------------------------------------------------
Swiss International will be charging a new "Swiss Service Fee"
for its ticketing services in its home Swiss market from Jan. 3,
2005 onwards.  The new fee will be levied for its advisory and
processing services in selling Swiss air tickets, and will apply
to all sales at Swiss ticket desks, via the Swiss Call Centers
and at http://www.swiss.com.

For direct sales to the customer (at a Swiss ticket desk or via
a Swiss Call Center) the "Swiss Service Fee" will amount to
CHF50.00 per ticket for European flights and CHF80.00 per ticket
for intercontinental flights.  For tickets bought online, a flat
Swiss Service Fee of CHF25.00 per ticket will be charged.  Swiss
will, however continue to make its Web Specials and its two
lowest European fare categories available on its Web site exempt
from any service fee, to compete more effectively with the low-
cost carriers.

A New Distribution Model

Swiss unveiled its new and more transparent 2005 Distribution
Model to the travel sector back in June 2004.  Under the new
model, the price paid for any Swiss ticket will consist of two
components, which will be shown separately on the ticket. The
first of these will consist of the fare, all airport user fees
and any other flight-related surcharges.  The second will be the
Swiss Service Fee.  The new approach will enable customers to
distinguish clearly between the price they pay for their journey
by air and the service fee they are charged for the advisory,
booking and ticket-issuing services provided by Swiss.

In adopting its new distribution model, Swiss is following a
global trend within the air transport sector.  With the
competitive environment currently undergoing radical change,
airlines are seeking all possible ways of reducing their
expenditure, including their distribution costs.

Tickets for children aged 2 to 11 will be subject to a 50% Swiss
Service Fee (unless they are booked via Web at
http://www.swiss.com),provided the applicable fare permits a
child's reduction for the flight ticket concerned. c For fares
that do not permit specific child's reductions, the normal full
Swiss Service Fee will apply.  No Swiss Service Fee will be
charged on tickets for infants under two years of age.

Swiss also points out that the Swiss Service Fee, and thus also
the total price paid for a flight ticket obtained via Swiss
direct sales, may differ from those charged by a travel agency
or an Internet booking service.

Swiss will also continue to levy a fee of CHF20.00 per ticket
for the issue of paper tickets to destinations for which an e-
ticket could otherwise be issued.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0)848 773 773
          Fax: +41 (0)61 582 3554
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


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


BATKIVSHINA: Claims Filing Period Ends this Week
------------------------------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against Batkivshina (code EDRPOU 31418455) on
October 14, 2004 after finding the limited liability company
insolvent.  The case is docketed as 7/99-B.  Arbitral manager
Mr. Oleksandr Kushniruk (License Number AA 783223) has been
appointed liquidator/insolvency manager.

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

(a) BATKIVSHINA
    43700, Ukraine, Volinska region,
    Gorihivskij district, Buzhani

(b) Mr. Oleksandr Kushniruk
    Liquidator/Insolvency Manager
    43018, Ukraine, Volinska region,
    Lutsk, Potebni Str. 52-A/56

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


BSL: Last Day for Filing of Claims Tomorrow
-------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against BSL (code EDRPOU 21476534) on October 15,
2004 after finding the limited liability company insolvent.  The
case is docketed as 43/852.  Mr. Ganenko Andrij (License Number
AA 779311) has been appointed liquidator/insolvency manager.
The company holds account number 26007300112035 at CB VABank,
First Kyiv region branch, MFO 320360.

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

(a) BSL
    03110, Ukraine, Kyiv region,
    I, Klimenko Str. 23

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


CHERKASINVESTBUD: Cherkassy Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Cherkasinvestbud (code EDRPOU 30947050) on
September 28, 2004 after finding the close joint stock company
insolvent.  The case is docketed as 14-08/3291.  Arbitral
manager Mr. O. Pashenko has been appointed liquidator/insolvency
manager.

CONTACT:  CHERKASINVESTBUD
          Ukraine, Cherkassy region,
          Geronimivka, Geronimivska Str. 1

          Mr. O. Pashenko
          Liquidator/Insolvency Manager
          18002, Ukraine, Cherkassy region,
          Lenin Str. 31/1, a/b 558
          Phone: (0472) 45-54-64

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


DIM YAKOSTI: Insolvency Manager Takes over Helm
-----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Dim Yakosti (code EDRPOU 3043309) on
September 22, 2004 after finding the limited liability company
insolvent.  The case is docketed as 24/713-B.  Mr. Oleksandr
Chechelnitskij (License Number AA 250036) has been appointed
liquidator/insolvency manager.

The company holds account number 26001303183201/980 at JSCB TAS-
Komertsbank, MFO 300164.

CONTACT:  DIM YAKOSTI
          Ukraine, Kyiv region,
          General Naumov Str. 23B

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


EPOS: Insolvency Manager to Temporarily Oversee Business
--------------------------------------------------------
The Economic Court of Harkiv region has commenced bankruptcy
proceedings against EPOS (code EDRPOU 21262632) after finding
the limited liability company insolvent.  The case is docketed
as 12098/2-23.  Mr. Andrij Kovez has been appointed
liquidator/insolvency manager.  The company holds account number
26006301218 at JSCB Ukrsocbank, Harkiv regional Branch.

CONTACT:  Mr. Andrij Kovez
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Antonovich Str. 47-B

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


GRADIZK-UNIVERSAL: Liquidator Enters Firm
-----------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Gradizk-Universal (code EDRPOU 00909911)
after finding the limited liability company insolvent.  The case
is docketed as 8/45.  Arbitral manager Mr. O. Bruhovetskij
(License Number AA 249739) has been appointed
liquidator/insolvency manager.  The company holds account number
26004100001904 at JSPPB Aval, Poltava regional branch.

CONTACT:  GRADIZK-UNIVERSAL
          Ukraine, Poltava region,
          Gradizk, Kyiv regionska Str. 1

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


KRASNOPILLYA' AUTO: Andrij Sisoyev Named Liquidator
---------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Krasnopillya' Auto Transport Enterprise
15940 (code EDRPOU 00727239) on October 11, 2004 after finding
the limited liability company insolvent.  The case is docketed
as 6/64-04.  Arbitral manager Mr. Andrij Sisoyev (License Number
AA 485260) has been appointed liquidator/insolvency manager.
The company holds account number 26006310134 at OJSC State
Savings bank of Ukraine, Krasnopillya branch, MFO 337665.

CONTACT:  KRASNOPILLYA' AUTO TRANSPORT ENTERPRISE 15940
          Ukraine, Sumi region,
          Krasnopillya, Mezenivska Str. 105

          Mr. Andrij Sisoyev
          Liquidator/Insolvency Manager
          40022, Ukraine, Sumi region,
          Psilska Str. 4, office 9
          Phone: 22-19-78, 21-84-21

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


NATIONAL INVESTMENTS: Succumbs to Insolvency
--------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against National Investments (code EDRPOU 2338001)
on October 12, 2004 after finding the limited liability company
insolvent.  The case is docketed as 15/199-b.  Arbitral manager
Mr. Kuzmich Yaroslav (License Number AA 783243) has been
appointed liquidator/insolvency manager.  The company holds
account number 26004010789840 at CB Finances and credit, Kyiv
region branch, MFO 322948.

CONTACT:  NATIONAL INVESTMENTS
          04111, Ukraine, Kyiv region,
          Salutna Str. 14

          Mr. Kuzmich Yaroslav
          Liquidator/Insolvency Manager
          01042, Ukraine, Kyiv region, 42, a/b 1
          Phone: 8 (039) 493-69-63

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


NEW ARTPLUS: Bankruptcy Proceedings Begin
-----------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against New Artplus on September 21, 2004 after
finding the limited liability company insolvent.  The case is
docketed as 14/27.  Mr. Vadim Hristenko (License Number AA
249793) has been appointed liquidator/insolvency manager.

CONTACT:  NEW ARTPLUS
          Ukraine, Kirovograd region,
          Kirovograd district,
          Sazonivka, Akademichna Str. 20/18

          Mr. Vadim Hristenko
          Liquidator/Insolvency Manager
          25028, Ukraine, Kirovograd region,
          Geroiv Stalingradu Str. 4/9
          Phone: (0522) 22-05-25, 22-75-86


SHEVCHENKIVSKA RAJAGROCHEMISTRY: Declared Insolvent
---------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Shevchenkivska Rajagrochemistry (code EDRPOU
05491215) on October 20, 2004 after finding the open joint stock
company insolvent.  The case is docketed as B-24/61-04.
Arbitral manager Mrs. N. Ivlyeva (License Number AA 250463) has
been appointed liquidator/insolvency manager.  The company holds
account number 2600026490000 at JSCIB UkrSibbank, Harkiv branch,
MFO 351641.

CONTACT:  SHEVCHENKIVSKA RAJAGROCHEMISTRY
          63601, Ukraine, Harkiv region,
          Shevchenkove, Pionerska Str. 43

          Mrs. N. Ivlyeva
          Liquidator/Insolvency Manager
          61189, Ukraine, Harkiv region,
          S. Tarhov Str. 5/9
          Phone: 8 (067) 902-72-57

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


SUNFLOWER GROUP: Files for Bankruptcy
-------------------------------------
The Economic Court of Odesa region commenced bankruptcy
proceedings against Sunflower Group (code EDRPOU 31817899) on
September 21, 2004 after finding the limited liability company
insolvent.  The case is docketed as 2/196-04-6470.  Mr. Oleg
Bojchuk (License Number AA 250424) has been appointed
liquidator/insolvency manager.

CONTACT:  SUNFLOWER GROUP
          65098, Ukraine, Odesa region,
          Privozna Str. 1

          Mr. Oleg Bojchuk
          Liquidator/Insolvency Manager
  65078, Ukraine, Odesa region, a/b 122

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


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


ADAM & HARVEY: Final Members Meeting Set January
------------------------------------------------
The final meeting of the members of Adam & Harvey Group Plc will
be on Jan. 3, 2005 commencing at 10:30 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


BEN LINE: Liquidator to Present Final Report Mid-January
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Ben Line Container Holdings Limited
                         (In Liquidation)

Notice is hereby given, pursuant to Section 106 of the
Insolvency Act 1986, that a final general meeting of Ben Line
Container Holdings Limited will be held at Ten George Street,
Edinburgh EH2 2DZ on January 17, 2005 at 10:30 a.m. to be
followed at 10.45am by a meeting of the Creditors, for the
purpose of having a final account laid before them 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 and creditors are entitled to attend in person or
alternatively by proxy.  A creditor may vote only if his claim
has been submitted to me and that claim has been accepted in
whole or in part.  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 and
claims must be lodged with me at or before the meeting.

T. M. Burton, Liquidator

November 16, 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


BIP LIMITED: Names KPMG Administrator
-------------------------------------
Mark Jeremy Orton and Allan Watson Graham (Office Holder Nos
8846, 8719) have been appointed administrators for BIP Limited.
The appointment was made Nov. 22, 2004.  The company
manufactures chemicals.

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


BLAIR INCORPORATED: Hires Joint Administrators from Hacker Young
----------------------------------------------------------------
Andrew Andronikou and Peter Kubik (IP Nos 1253, 9220) have been
appointed joint administrators for Blair Incorporated Limited.
The appointment was made Nov. 18, 2004.

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


BLOEMENDAAL GARDEN: Liquidator's Final Report Out January
---------------------------------------------------------
The final meeting of the Bloemendaal Garden Centre Limited will
be on Jan. 5, 2005 commencing at 11:00 a.m.  It will be held at
South Central, 11 Peter Street, Manchester M2 5LG.

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.  Shareholders who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Numerica, South Central, 11 Peter Street,
Manchester M2 5LG not later than 12:00 noon, Jan. 4, 2005.

CONTACT:  NUMERICA
          South Central, 11 Peter Street,
          Manchester M2 5LG
          Phone: 0161 833 8300
          Fax:   0161 833 8333
          Web site: http://www.numerica.biz


BLUE SWORD: Appoints Begbies Traynor Administrator
--------------------------------------------------
Gary Bell and Richard W. Traynor (IP Nos 008710, 006730) have
been appointed administrators for engineering company Blue Sword
Limited.  The appointment was made Nov. 16, 2004.  Its
registered office is located at Begbies Traynor, Elliot House,
151 Deansgate, Manchester M3 3BP.

CONTACT:  BEGBIES TRAYNOR
          Elliot House,
          151 Deansgate, Manchester M3 3BP
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


CAIRNLECK LIMITED: Creditors Opt to Liquidate Company
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Cairnleck Limited
                       (In Liquidation)

In terms of Rule 4.19(4)(b) of the Insolvency (Scotland) Rules,
notice is hereby given that on October 27, 2004 Donald McKinnon,
168 Bath Street, Glasgow, G2 4TP was appointed liquidator of
Cairnleck Limited by a resolution of the first meeting of
creditors held in terms of Section 138(3) of the Insolvency Act
1986.

A liquidation committee was established.

Donald McKinnon, Liquidator

CONTACT:  WYLIE & BISSET
          168 Bath Street
          Glasgow G2 4TP
          Phone: +44 (0) 141 566 7000
          Fax: +44 (0) 141 566 7001
          E-mail: info@wyliebisset.com
          Web site: http://www.wyliebisset.com


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

                               and

         IN THE MATTER OF Cardine Realisations 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 Realisations 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


CARMICHAEL INTERNATIONAL: In Administrative Receivership
--------------------------------------------------------
Murray VCT 2 Plc and Murray VCT 3 Plc called in Ian Best and
David Duggins (Office Holder Nos 8631, 8324) administrative
receivers for Carmichael International Limited (Reg No 3527677,
Trade Classification: 07).  The application was filed Nov. 19,
2004.

Previously named Meaujo (380) Limited until 29 January 1999.
The company manufactures fire engines.

CONTACT:  ERNST & YOUNG LLP
          No.1 Colmore Square
          Birmingham B4 6HQ
          Phone: +44 [0] 121 535 2000
          Fax:   +44 [0] 121 535 2001
          Web site: http://www.ey.com


CARRIER SERVICE: Members Meeting Set End of December
----------------------------------------------------
The final meeting of the members of Carrier Service Limited will
be on Dec. 29, 2004 commencing at 11:00 a.m.  It will be held at
Kingston Smith & Partners LLP, Devonshire House, 60 Goswell
Road, London EC1M 7AD.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Kingston Smith and Partners LLP, Devonshire House, 60
Goswell Road, London EC1M 7AD not later than 12:00 noon, Dec.
28, 2004.

CONTACT:  KINGSTON SMITH AND PARTNERS LLP
          Devonshire House, 60 Goswell Road,
          London EC1M 7AD
          Phone: 020 7566 4000
          Fax:   020 7566 4010
          Web site: http://www.kingstonsmith.co.uk


CARTONLEAF LIMITED: Creditors to Meet Before Year Ends
------------------------------------------------------
Name of companies:
Cartonleaf Limited
Chester Street Investments Limited
Islandstream Limited
Longspiral Limited
Mossisland Limited
Retoria Limited

The final meeting of the members of these companies will be on
Dec. 30, 2004 commencing at 10:00 a.m. and thereafter a 15-
minute intervals.  It will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the properties of the
companies disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, Dec. 29, 2004.

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


COOPER EVANS: Liquidator to Give Final Report Later this Month
--------------------------------------------------------------
The final meeting of the members of Cooper Evans Limited will be
on Dec. 30, 2004 commencing at 10:00 a.m.  It will be held at
Baker Tilly, 1st Floor, 46 Clarendon Road, Watford,
Hertfordshire WD17 1JJ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Baker Tilly, 1st Floor, 46 Clarendon Road, Watford,
Hertfordshire WD17 1JJ not later than 12:00 noon, Dec. 29, 2004.

CONTACT:  BAKER TILLY
          1st Floor,
          46 Clarendon Road, Watford,
          Hertfordshire WD1 1JJ
          Phone: 01923 816400
          Fax:   01923 253402
          Web site: http://www.bakertilly.co.uk


COOPERS & LYBRAND: Members Final Meeting Set
--------------------------------------------
Name of companies:
Coopers & Lybrand Europe (Services) Limited
Gourlay Services Limited

The final meeting of the members of these companies will be on
Dec. 30, 2004 commencing at 10:30 a.m. and 10:45 a.m.
respectively.  It will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

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

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


COURTS PLC: Calls in Administrator
----------------------------------
The Board of Courts Plc announces that it and its U.K.
subsidiary, Courts (U.K.) Limited, which operates the group's
U.K. retail business, have resolved to seek to appoint
Administrators over their businesses.  The Board expects the
Administrators will make a further announcement in due course.

CONTACT:  GCG HUDSON SANDLER
          Andrew Hayes
          Nick Lyon
          James Hill
          Phone: +44(0) 20 7796 4133


COURTS PLC: Company Profile
---------------------------
NAME: Courts Plc

COMPANY LOCATION: The Grange
                  1 Central Rd.
                  Morden Surrey SM4 5PQ

PHONE: +44-20 8640 3322

FAX: +44-20 8410 9444

WEB SITE: http://www.courtsplc.com

TYPE OF BUSINESS:  Courts Plc is an international retailer of
                   household furniture, beddings and floor
                   coverings.  The group has entered various
                   markets including United Kingdom, Antigua,
                   Barbados, Belize, Dominica, Fiji, Grenada,
                   Guyana, Indonesia, Jamaica, Madagascar,
                   Malaysia, Mauritius & Rodrigues, Papua New
                   Guinea, St Kitts & Nevis, St Lucia, St
                   Vincent & the Grenadines, Singapore and
                   Trinidad & Tobago.  Courts Plc is also
                   engaged in electronic products retail and has
                   taken advantage of E-marketing.

EXECUTIVES:  Non Executive Chairman    Robert Shrager

             Managing Director
                & Chief Executive      Bruce J.R. Cohen

             Executive Deputy
                Managing Director      Howard S.R. Cohen

             Executive Director
                Finance                Malcolm S. Samuels

             Secretary                 Christopher M. Lee

NUMBER OF EMPLOYEES: 10,756 (as of March 31, 2004)

ANNUAL REVENUE: GBP686.3 million (as of March 31, 2004)

ASSETS: EUR1.358 billion (as of March 31, 2004)

NET LOSS: GBP48 million (as of March 31, 2004)

The full copy of Courts Plc's 2004 financial report is available
free of charge at http://bankrupt.com/misc/courts_2004.pdf.

REGULATORY AGENCY: London Stock Exchange

THE TROUBLE: Courts Plc, already hurt by sluggish trade in the
             U.K. and overseas, failed to persuade its creditor
             banks to extend its GBP280 million credit lines.
             The group entered administration Monday.

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


EURODIS ELECTRON: Expects to Save Additional EUR6 Million
---------------------------------------------------------
Summary

The Board of Eurodis Electron plc expects the overall result
before restructuring costs for the six months ending 30 November
2004 to be in line with market expectations.  We expect to
announce these results on 27 January 2005.

Market

In our AGM statement released on 28 September 2004 we said that
we believed a short-term global inventory correction was
occurring and this remains the case.

Trading

Although, in the short-term, sales are likely to continue to be
impacted by the current market conditions, this excludes the
potential benefit from net new franchise arrangements
anticipated and expected sales from the co-operation with
Advanced Technology Group ('ATeG'), announced on 4 November
2004.

We are continuing to review the operating costs' base, to ensure
it is aligned with the Group's requirements without affecting
sales reach.  Additional savings have been identified, which,
once fully implemented, will reduce the operating costs' base by
EUR6 million to a revised annual run rate of EUR63 million.
Some restructuring costs are likely to arise; these will be
reported with the results for the six months ending 30 November
2004.

Inventory is currently at a similar level to that reported as at
31 May 2004.  By maximizing the benefits of our Advanced
Logistics Centre we intend to reduce inventory further whilst
maintaining good levels of customer service.  We expect that net
debt at 30 November 2004 will be below EUR60 million.  Our
facilities headroom is in line with our expectations and,
notwithstanding the usual Christmas seasonal dip, we expect
headroom to remain adequate going forward.

Joint Venture

Together with World Peace Group we have signed an agreement to
set up a Hong-Kong based joint venture company, Eurodis WPG Asia
Limited.  This will strengthen the existing alliance between
Eurodis and WPG and enable both parties to benefit by supporting
companies transferring production from Europe to Asia Pacific.

Outlook

The benefits of the ATeG co-operation and reduced operating
costs will assist in returning the business to profitability,
although the timing of this remains difficult to predict.

Forthcoming results

Our provisional timetable for results announcements is as
follows:

Six months to 30 November 2004 27 January 2005
Ten months to 31 March 2005 Late May 2005
Sixteen months to 30 September 2005 Late November 2005

CONTACT:  EURODIS ELECTRON PLC
          Doug Rogers, Non-Executive Chairman
          Phone: 01737 242 464
          Steven Swayne, Chief Executive
          Phone: 01737 242 464
          Peter Grant, Group Finance Director
          Phone: 01737 242 464

          BELL POTTINGER FINANCIAL
          Zoe Sanders/Chris Birks
          Phone: 020 7861 3232


FADCO ENGINEERING: Hires Crane & Partners Liquidator
----------------------------------------------------
At the extraordinary general meeting of the Fadco Engineering
Limited on Nov. 19, 2004 held at Sussex House, 8-10 Homesdale
Road, Bromley, Kent BR2 9LZ, the subjoined extraordinary
resolution to wind up the company was passed.  Guy Charles David
Harrison of Crane & Partners, Sussex House, 8-10 Homesdale Road,
Bromley, Kent BR2 9LZ has been appointed liquidator for the
purpose of such winding-up.

CONTACT:  CRANE & PARTNERS
          Sussex House,
          8-10 Homesdale Road,
          Bromley, Kent BR2 9LZ
          Phone: 020 8464 0131
          Fax:   020 8464 6018
          Web site: http://www.craneandpartners.com


FINANCE CREDIT: Menzies to Host Final Meeting this Month
--------------------------------------------------------
The final meeting of the members of Finance Credit Limited will
be on Dec. 30, 2004 commencing at 10:30 a.m.  It will be held at
17-19 Foley Street, London W1W 6DW.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.   Proxy forms must be lodged
with Menzies Corporate Restructuring, 17-19 Foley Street, London
W1W 6DW not later than 12:00 noon, Dec. 29, 2004

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


FINE SHOES: Hires Liquidators from KPMG
---------------------------------------
At a meeting of the members of Fine Shoes Limited on Nov. 16,
2004, the special, ordinary and extraordinary resolutions to
wind up the company were passed.  Richard John Hill of KPMG
Corporate Recovery, Arlington Business Park, Theale, Reading RG7
4SD has been appointed liquidator of the company for the purpose
of such winding-up.

CONTACT:  KPMG
          Corporate Recovery, Arlington Business Park,
          Theale, Reading RG7 4SD
          Phone: (0118) 9642000
          Fax:   (0118) 9642222
          Web site: http://www.kpmg.co.uk


GEE WALKER: Sets General Meeting this Month
-------------------------------------------
The general meeting of Gee Walker & Slater Limited will be on
Dec. 31, 2004 commencing at 11:30 a.m.  It will be held at Suite
508, Daisyfield Business Centre, Appleby Street, Blackburn BB1
3BL.

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.


G MUSIC: Members Pass Winding up Resolutions
--------------------------------------------
At the extraordinary general meeting of the G Music & Sons
Limited on Oct. 11, 2004 held at the offices of UHY Hacker
Young, St Alphage House, 2 Fore Street, London EC2Y 5DH, the
special and ordinary resolutions to wind up the company were
passed.  Andrew Mark Kaye and Ladislav Hornan of UHY Hacker
Young, St Alphage House, 2 Fore Street, London EC2Y 5DH have
been appointed liquidator for the purpose of such winding-up.

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


IT SUPPORT: Annette Menzies Appointed Liquidator
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF IT Support (Scotland) Limited
                       (In Liquidation)

I, Annette Menzies, French Duncan, 375 West George Street,
Glasgow, G2 4LW hereby give notice, pursuant to Rule 4.19 of the
Insolvency (Scotland) Rules 1986, that on November 16, 2004 I
was appointed Liquidator of IT Support (Scotland) Limited by
Resolution of the First Meeting of Creditors.

A Liquidation committee was not established at this meeting.

Annette Menzies, Liquidator
November 16, 2004

CONTACT:  FRENCH DUNCAN
          375 West George Street
          Glasgow G2 4LH
          Phone: 0141 221 2984
          Fax: 0141 221 2980
          E-mail: enquiries@frenchduncan.co.uk
          Web site: http://www.frenchduncan.co.uk


MAC DISTRIBUTION: Winding up Report Due Mid-December
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Mac Distribution Limited
                         (In Liquidation)

Notice is hereby given, pursuant to Section 106 of the
Insolvency Act 1986, that a final meeting of the members and
creditors of Mac Distribution will be held at Afton House, 26
West Nile Street, Glasgow G1 2PF on December 13, 2004 at 11 a.m.
for the purpose of having an account laid before them by the
liquidator showing the manner in which the winding up has been
conducted and the property of the company disposed of, and of
hearing any explanation that may be given by the Liquidator, and
also of determining the manner in which the books, accounts and
documents of the company and of the Liquidator shall be disposed
of and for the Liquidator to seek sanction for his release from
office.

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

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

F. J. Gray, Liquidator

November 11, 2004

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


MARCEL NOMINEES: Final Meeting of Members Set Later this Month
--------------------------------------------------------------
Name of companies:
Marcel Nominees Limited
Quilter Investments Limited

The final meeting of the members of these companies will be on
Dec. 30, 2004 commencing at 11:00 a.m. and 11:15 a.m.
respectively.  It will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

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

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


MASTER DISTRIBUTORS: Ordinary Winding up Resolution Passed
----------------------------------------------------------
At the extraordinary general meeting of the members of the
Master Distributors Limited on Nov. 17, 2004 held at Masters
House, 107 Hammersmith Road, London W14 0QH, the ordinary
resolutions to wind up the company were passed.  Keith Aleric
Stevens has been appointed liquidator for the purpose of the
winding-up.


MCDONNELL DEMOLITION: Names Poppleton & Appleby Administrator
-------------------------------------------------------------
M. S. E. Solomons and D. L. Platt (IP Nos 9043, 2669) have been
appointed administrators for McDonnell Demolition And
Construction Limited.  The appointment was made Nov. 16, 2004.

The company is engaged in demolition buildings and earth moving.
Its registered office is located at Gable House, 239 Regents
Park Road, London N3 3LF.

CONTACT:  SPW Poppleton & Appleby
          Gable House
          239 Regents Park Road, London N3 3LF


NETWORK RAIL: Turns in GBP34 Mln Pre-tax Loss for the Year
----------------------------------------------------------
Improvements in rail performance gathered pace in the first six
months of 2004/5 as Network Rail cut delays by 16% and recorded
an operating profit.  Costs were reduced, rail maintenance was
taken in-house, and the company was reorganized along customer-
focused functional lines, while a GBP20 billion debt issuance
program was launched following the period end.

Financial Headlines*:

(a) Turnover increased from GBP1,501 million to GBP1,874
    million,

(b) Total operating costs (excluding depreciation and
    exceptional items) reduced by GBP70 million,

(c) First half operating profit of GBP225 million compared to
    GBP95 million operating loss,

(d) Net debt increased from GBP10.3 billion to GBP13.9 billion,

(e) Pre-tax loss of GBP34 million compared to GBP233 million
    loss in 2003/4

Performance highlights:

(a) 16% reduction in Network Rail delay minutes,

(b) 12 successive months of year on year punctuality
    improvements,

(c) GBP51 million net performance income versus GBP213 million
    performance penalties,

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(* all results compare six months to 30 September 2004 with six
months to 30 September 2003)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

John Armitt, Chief Executive, said: "It has been an encouraging
six months with an acceleration in the rate of performance
improvement and continued progress in our efforts to improve the
efficiency of the business.

"The first half of 2004/5 marked the start of the new five year
regulatory period, which has put the company on a sound
financial footing.  Our new investment appraisal procedures are
ensuring greater efficiency and maximizing the effectiveness of
every pound in the ground.

"We are undertaking record investment to deliver a safe,
reliable and efficient railway.  Passengers are benefiting from
improved punctuality and the completion of key projects, though
we all recognize much remains to be done before we deliver the
railway the public rightly expect."

Chairman's statement:

"The first six months of the financial year to 31 March 2005
have seen improvements in the train performance delivered to
customers and passengers, and in the efficiency of the business
as we bring costs under control.  This continues the substantial
progress made since Network Rail took over responsibility for
the national railway infrastructure in October 2002.

"The most encouraging element of our performance in the first
half of the year has been the continuing reduction in Network
Rail delay minutes.  In the 2003/04 financial year there was a
7% reduction.  The last six months has seen an acceleration in
the rate of improvement with a 16% reduction in delays compared
to the same period the previous year.  This completes twelve
successive months of performance improvement.  For passengers
this has led to an increase in the proportion of trains
classified as arriving 'on time'.  On a moving annual average
basis, this has increased from 81.2% in March to 81.8% by mid-
September, and to 82.0% by mid-October. We expect to deliver
further improvements as the year continues while we work towards
our longer-term target of 90% punctuality by March 2009.

"Significant progress has also been made on the vital task of
bringing costs under control.  Savings have been achieved
through a combination of factors including improvements in
efficiency, much tougher scrutiny of work to ensure it is
essential and properly justified and reduced penalty payments to
train operators.

"We launched our long-term financing plan, the Debt Issuance
Program (DIP), on 1 November 2004.  This is a highly flexible
financing platform that enables us to raise a wide range of debt
finance.  The DIP, which is supported by the SRA in the form of
a Financial Indemnity, enables Network Rail to borrow at very
low cost, ensuring a good deal for the taxpayer and the fare
payer.

"One of the key successes of the period was the conclusion of
the process to bring rail maintenance in-house.  In the space of
one year some 16,000 maintenance workers, 5,000 road vehicles,
600 depots and a network of training centers transferred into
Network Rail from contractors.  In the maintenance areas that
came in-house first, significant improvements in performance
have already been witnessed.  The insourcing of maintenance will
play a key part in delivering our target to reduce annual
maintenance expenditure by some 30% by 2008/09.

A number of Network Rail projects have concluded or reached
significant milestones over the last six months.  The most high
profile of these was the new timetable for the West Coast
mainline, which sees journey times on the line reduce
significantly, with the fastest journey from London to
Manchester now at 2 hours 6 minutes, a reduction of 35 minutes.
Further journey time improvements will follow in the years to
come.

The Felixstowe to Nuneaton project to facilitate larger freight
containers on the network through the ports of Felixstowe,
Harwich and Tilbury has also been concluded on time and on
budget.  The project provides a vital rail artery for our
freight customers and we hope this new link will support the
ongoing development of their businesses.

A very significant development was the publication in July of
the Government White Paper, 'The Future of Rail', which sets out
proposals to reform the structure of the railway industry.
Network Rail welcomes the White Paper as a platform for a
customer focused and high performing railway, and looks forward
to working with the Department for Transport on the
implementation of their plans over the coming months.

Whilst the six months covered by these financial statements saw
zero passenger accidental fatalities, since the end of the
period in question, a tragic accident took place at Ufton Nervet
level crossing in Berkshire, which led to seven fatalities.  Our
thoughts go out to those who were bereaved or injured.  At the
time of writing, the Police investigation is ongoing and the
Company is doing all it can to assist both the Police and those
people affected by the accident.  Preliminary findings by the
Health and Safety Executive report that no evidence was found to
suggest that there were any errors by railway employees or
faults with the level crossing, the signaling system or the
train involved in the incident.  I have expressed my thanks to
the HSE for its prompt action in publishing this report, which I
am sure will reassure passengers about the safety of our
infrastructure.

It is a further matter of deep regret that the period saw two
workforce fatalities.  The Safety & Compliance Directorate are
continuing to work with our maintenance teams and renewals
contractors to address the root causes of these terrible
accidents and our objective remains zero workforce fatalities."

Financial Performance

(a) Operating profit for the 6 months to 30 September 2004 was
    GBP225 million, compared to an operating loss for the same
    period in 2003/04 of GBP95 million;

(b) Turnover for the 6 months to 30 September 2004 was
    GBP1,874 million, compared to turnover for the comparative
    period in 2003/04 of GBP1,501 million.  Turnover to 30
    September 2004 includes GBP51 million net performance income
    against performance penalties of GBP213 million for the
    comparative period in 2003/04;

(c) Total operating costs excluding depreciation and exceptional
    items have decreased by GBP70 million;

(d) Exceptional items in the period totaled GBP28 million
    (2003/04: GBPnil).  These represent further transitional
    reorganization costs;

(e) Loss before tax of GBP34 million compares to a loss of
    GBP233 million for the same period in 2003/04;

(f) Net debt increased from GBP10.3 billion to GBP13.9 billion
    in the 12 months to 30 September 2004.    The increased
    level of net debt and higher interest rates resulted in an
    interest expense of GBP306 million for the period (2003/04:
    GBP151 million).  The net debt position at 30 September 2004
    remains significantly below both the level forecast on
    acquisition, and also that forecast in the Company's current
    business plan;

(g) Cash inflow from operations for the period was GBP0.6
    billion (2003/04: GBP1.0 billion), cash outflow on capital
    expenditure was GBP1.7 billion (2003/04: GBP1.8 billion)
    while the cash inflow from financing was GBP1.3 billion
    (2003/04: GBP0.9 billion);

(h) Fixed assets for the 6 months to 30 September 2004 have
    increased from GBP18.6 billion to GBP20.0 billion.
    Additions totaled GBP1.8 billion.  Depreciation for the
    period was GBP0.4 billion;

(i) Net assets at 30 September 2004 totaled GBP3.6 billion (30
    September 2003: GBP2.5 billion).

Financial Outlook for the Full Year

The company's priorities will remain focused on improving
performance, keeping costs under control and launching the DIP.
In terms of profit, seasonal factors impact costs harder in the
second half of the year and this effect, along with rising
interest costs as debt increases, and higher depreciation as the
railway network grows, means that an increased loss is forecast
for the six months to 31 March 2005 compared to that recorded
for the six months to 30 September 2004.  In addition, the
deferral of revenue grant receipts, agreed with the SRA in years
one and two of the current control period, impacts profit and
loss accordingly.

The company's efforts will continue to be on strong budgetary
control and on maximizing the value of every pound in the
ground.  This strong control has already led to some investment
being re-profiled within the regulatory control period.  Our
debt levels are lower than forecast as we continue to strive to
ensure that all work undertaken, either capital or revenue, is
satisfactorily planned and costed.

Conclusion

The six months to 30 September was a successful period for
Network Rail.  Our safety record remains good, costs are being
brought under control and performance is improving substantially
across the country.  We recognize that further improvements in
each of these areas remains essential and we are committed to
delivering on these in the years to come.

Ian McAllister (Chairman)
26 November 2004

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

CONTACT:  NETWORK RAIL
          Media
          Phone:  020 7557 8292

          Jon Simmons
          Financial Dynamics
          Phone:  020 7831 3113


NETWORK RAIL: Mike Firth Joins Board
------------------------------------
Network Rail announces the appointment of Mike Firth as a non-
executive director with effect from 4 December 2004.

Mr. Firth, 62, is former Head of Corporate Banking at HSBC Bank
plc until his retirement on 30 September 2002.  He brings
valuable additional business and financial experience to the
Network Rail Board of Directors.

Mike is also a non-executive director of Somerfield plc,
Communisis plc and First Technology PLC.

In addition, further to an earlier announcement advising of his
intention to resign from the Board of Network Rail, Adrian
Montague will formally step down on 4 December.

Ian McAllister, Network Rail Chairman said: "I am delighted to
welcome Mike Firth to the Network Rail Board.  His experience in
the corporate environment and in particular finance will be of
great benefit to Network Rail.

"I would also like to repeat my thanks to Adrian for his
significant contribution to Network Rail."

CONTACT:  NETWORK RAIL LIMITED
          40 Melton St.
          London NW1 2EE,
          United Kingdom
          Phone: +44 20 7557 8000
          Fax:   +44 20 7557 9000
          Web site: http://www.networkrail.com


ORTHOPAEDIC MANUFACTURING: Sets Creditors' Meeting Next Week
------------------------------------------------------------
The creditors of Orthopaedic Manufacturing Company Limited will
meet on Dec. 8, 2004 commencing at 3:00 p.m.  It will be held at
the offices of UHY Hacker Young, at St Alphage House, 2 Fore
Street, London EC2Y 5DH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to UHY Hacker Young, at St Alphage House, 2 Fore
Street, London EC2Y 5DH not later than 12:00 noon, Dec. 7, 2004.

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


R K PLANT: Members Pass Special Winding up Resolution
-----------------------------------------------------
At the extraordinary general meeting of the members of the R K
Plant And Transport Limited on Nov. 4, 2004 held at Moor Close,
North Hill, Launceston, Cornwall PL15 7NH, the special
resolution to wind up the company was passed.  Derek Anthony
Jeal of Parkway House, 1 Pityme Business Centre, St Minver,
Wadebridge, Cornwall PL27 6NU has been appointed liquidator for
the purpose of such winding-up.

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


SCP AMERICA: Hires PricewaterhouseCoopers as Liquidator
-------------------------------------------------------
At the extraordinary general meeting of SCP America Square held
on 19 November 2004, the special and ordinary resolutions to
wind up the company were passed.  Richard Setchim and Jonathan
Sisson of PricewaterhouseCoopers LLP, Plumtree Court, London
EC4A 4HT has been appointed joint liquidators of the company for
the purpose of such winding-up.

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


SOVEREIGN ROTATING: Meeting of Creditors Set Next Week
------------------------------------------------------
The creditors of Sovereign Rotating Electrics Limited will meet
on Dec. 8, 2004 commencing at 11:30 a.m.  It will be held at
Ramada Jarvis Hotel, Westhampnett, Chichester, West Sussex PO19
7QL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Grant Thorton, Enterprise House, 115 Edmund
Street, Birmingham B3 2HJ not later than 12:00 noon, Dec. 7,
2004.

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


STEEL TRADERS: Calls in Joint Liquidators from KPMG
---------------------------------------------------
At the extraordinary general meeting of the Steel Traders
Limited on Nov. 16, 2004 held at Coxs Lane, Cradley Heath, West
Midlands B64 5QU, 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 have 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


SUSSEX VALUES: Sets Creditors' Meeting Next Week
------------------------------------------------
The creditors of Sussex Values & Conversions Limited will be on
Dec. 8, 2004 commencing at 2:00 p.m.  It will be held at the
offices of UHY Hacker Young, at St Alphage House, 2 Fore Street,
London EC2Y 5DH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to UHY Hacker Young, at St Alphage House, 2 Fore
Street, London EC2Y 5DH not later than 12:00 noon, Dec. 7, 2004.

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


TRADE DIRECT: Calls in Administrators from PKF
----------------------------------------------
David Sydney Merrygold (IP No 6494) and Brian James Hamblin (IP
No 2085) have been appointed administrators for construction
company Trade Direct Manufacturing Limited.  Its registered
office is located at 16 The Havens, Ransomes Europark, Ipswich
IP3 9SJ.

CONTACT:  16 The Havens,
          Ransomes Europark, Ipswich IP3 9SJ

          PKF
          Farringdon Place,
          20 Farringdon Road, London EC1M 3AP
          Phone: 020 7065 0000
          Fax:   020 7065 0650
          E-mail: info.london@uk.pkf.com
          Web site: http://www.pkf.co.uk


WEB4TEST LIMITED: Holds Final Meetings Mid-December
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Web4test Limited
                        (In Liquidation)

Notice is hereby given, pursuant to Section 106 of the
Insolvency Act 1986, that final meetings of the members and of
the creditors of Web4test Limited will be held at Deloitte &
Touche LLP, Lomond House, 9 George Square, Glasgow on December
15, 2004 at 10:00 a.m. and 10:15 a.m. respectively, for the
purpose of having an account laid before them showing the manner
in which the winding-up has been conducted and the property of
the company disposed of, and of hearing any explanation that may
be given by the liquidator and in determining whether the
liquidator should have his release in terms of section 173 of
the said Act.

John Charles Reid, Liquidator
November 15, 1004

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


WH SMITH: Names Replacement for Outgoing Non-executive Chairman
---------------------------------------------------------------
WH Smith plc announces the appointment of Robert Walker as non-
executive Chairman of WH Smith plc.

Robert Walker, aged 59, will join the Board on 1 January 2005 as
a non-executive director and will become Chairman on 1 February
2005.  He succeeds Richard Handover, who has been Chairman of WH
Smith PLC since November 2003.  Mr. Handover will leave the
Board on 31 January 2005.

Following the appointment of Robert Walker, who is a non-
executive director of Signet Group plc, Walker Boyd, Group
Finance Director of Signet Group plc and a non-executive
director of WH Smith, will not offer himself for election at the
Company's Annual General Meeting on 27 January 2005 and will
leave the Board following that meeting.  This is in accordance
with best corporate governance and the recommendation of the
Combined Code regarding cross-directorships.

Kate Swann, Group Chief Executive, WH Smith PLC said: "I am
delighted that Robert Walker has agreed to join us as Chairman
of WH Smith.  His extensive experience in consumer markets, his
enthusiasm and leadership skills will serve the Company and its
shareholders well and I look forward to working with him.

"On behalf of the Board I would like to thank Richard for his
contribution to WH Smith during a career spanning forty years
and, personally, for the support he has given me since I joined
the Company.  Richard will be greatly missed by his many
colleagues in the business.  He and Walker Boyd leave with our
very best wishes for the future."

Robert Walker, said: "The WH Smith Group benefits from a strong,
well-established brand with enormous customer loyalty and
leading positions in its key markets.  I am excited at the
opportunities and challenges that lie ahead and I look forward
to working with Kate and her team."

CONTACT:  WH SMITH PLC
          Phone: 020 7409 3222
          Louise Evans, Media Relations
          Mark Boyle, Investor Relations

          BRUNSWICK
          Phone: 020 7404 5959
          Louise Charlton
          Tom Buchanan


WRG FINANCE: Long-term Corporate Credit Rated 'BB-'
---------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to U.K.-based waste management company
WRG Finance PLC and related entity WRG Acquisitions PLC.  At the
same time, Standard & Poor's assigned its 'B+' rating to WRG
Acquisitions' proposed GBP250 million second-lien floating-rate
notes issue, and its 'B' rating to WRG Finance PLC's proposed
GBP250 million senior unsecured notes issue.  The outlook is
stable.

"The ratings on the WRG (Waste Recycling Group) entities reflect
the WRG group's highly leveraged financial profile, regulatory
changes in the U.K. waste disposal business, WRG's lack of
vertical integration, and its contract renewal risk," said
Standard & Poor's credit analyst Alf Stenqvist.  "These factors
are mitigated by relatively stable demand for waste disposal
services, WRG's strong positions in the U.K. landfill business,
its long-term relationship and contracts with municipalities, as
well as high-margin and contracted waste-to-energy business."

Pro forma the refinancing, WRG had total cash pay debt of GBP650
million at the end of September 2004.

The fact that a large proportion of WRG's current landfill
business benefits from long-term contracts with local
authorities should provide a stable base of operating cash flows
over the medium term.  Standard & Poor's expects a gradual
improvement in the financial profile.

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

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


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
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Copyright 2004.  All rights reserved.  ISSN 1529-2754.

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