TCREUR_Public/041203.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, December 3, 2004, Vol. 5, No. 240

                            Headlines

C Z E C H   R E P U B L I C

UNION BANKA: Unidentified Debtor Blocks CZK3 Bln Debt Repayment


F R A N C E

ALSTOM SA: Sells Diesel Locomotive Plant for Undisclosed Sum
EUROTUNNEL SA: Non-executive Director Pierre Cardo Resigns


G E R M A N Y

COLOR ART: Creditors' Claims Due Next Week
DZ BANK: Individual Rating Affirmed at 'C/D'
EURO-PERSONAL: Provisional Administrator Takes over Operations
GEORG HILGERS: Calls First Creditors' Meeting
HAFTUNG & CO.: Frankfurt Court Appoints Insolvency Administrator

H. + C. WIECHERT: Claims Deadline Nears
HEGLA GROSSKUCHENTECHNIK: Under Bankruptcy Administration
KARSTADTQUELLE AG: New Loan Terms Include Cap on Dividend Payout
MANNHEIMER OMNIBUSREISEN: Claims Verification Set January 24
NOCTI VAGUS: Creditors' Meeting Set December

RENCK & HESSENMULLER: Administrator's Report Out January
SIMPLYST AKTIENGESELLSCHAFT: Applies for Bankruptcy Proceedings
SOLANUM KARTOFFELVERARBEITUNGS: Files for Bankruptcy
THYSSENKRUPP AG: Net Debt Down to EUR2.8 Billion in 2004
THYSSENKRUPP AG: S&P Affirms 'BB+/B' Corporate Credit Rating


I T A L Y

PARMALAT U.S.A.: Deadline for Disputing Citibank's Claim Set


L U X E M B O U R G

MILLICOM INTERNATIONAL: Selling Ordinary Shares at US$23.24 Each


N E T H E R L A N D S

ASM INTERNATIONAL: Places US$125 Mln Convertible Notes
VERSATEL N.V.: Inks Sponsorship Deal with National Soccer League
VERSATEL N.V.: Offers to Buy Eredivisie Football Pay-TV Rights


R U S S I A

AGRO-SERVICE: Hires D. Gilmanov as Insolvency Manager
BUILDING INDUSTRY: Undergoes External Management Procedure
DIMITROV-GRAIN-PRODUCT: Proofs of Claim Deadline Next Week
GIPRO-TEKH-SERVICE: Bankruptcy Hearing Resumes Next Year
KARGASOKSKIY FISH: Gives Creditors Until January to File Claims

KRASNOSELSKOYE: Hires S. Piskarev as Insolvency Manager
REM-STROY: Declared Insolvent
RUSSIAN-TURKISH GRAIN: Court Schedules Next Hearing February
URVANSKAYA RAY-SEL-KHOZ-TREKHNIKA: Succumbs to Bankruptcy
VESHKAMSKIY ELEVATOR: Insolvency Manager Takes over Operations


U K R A I N E

ENERGOGAZOZABEZPECHENNYA: Under Bankruptcy Supervision
KARPATI: Sets Proofs of Claim Deadline
LADMET: Court Brings in Temporary Insolvency Manager
POBUTPLASTMAS: Gives Creditors Until Tomorrow to Prove Claims
SHIRETSKIJ SKLOPRILAD: Bankruptcy Supervision Begins

STYLE HOLDING: Insolvency Manager to Temporarily Run Business
SUMI' AUTO 15928: Claims Deadline Expires Weekend
TSIKLON: Lviv Court Opens Bankruptcy Proceedings
ZAHID-METAL: Files for Bankruptcy


U N I T E D   K I N G D O M

AUCTIONWORLD LIMITED: Calls in Administrators from PKF
BETAPOWER LIMITED: Hires Liquidator from Harrisons
BIG FOOD: 'BB' Rating Under Review for Possible Downgrade
BOOTH & BIDDICK: Hires KPMG as Liquidator
BRITISH ENERGY: Calls Shareholders Meeting

BRITISH ENERGY: Lenders to Get More than 95% of Reorganized Firm
BRITISH ENERGY: Reveals New Shares Allocation for Members
BRITISH ENERGY: To Create New Subsidiary While Restructuring
BRITISH ENERGY: Details Financial Effects of Possible Disposal
BRITISH ENERGY: Warns of Future Financial, Trading Difficulties

BRITISH ENERGY: Rules out Dividend Until 2007
BRITISH ENERGY: Asks to Extend Creditors' Scheme Long Stop Date
EGG PLC: Sells Savings and Online Brokerage Business
ENTERTAINMENT AND LEISURE: Names Grant Thornton Administrator
EUROBREAD LIMITED: Administrators from Elwell Watchorn Move in

EUROPASS TELECOM: Sets Creditors' Meeting Next Week
FAST BANANA: Members Pass Winding up Resolutions
FRESHA FRUIT: Calls in Liquidators from KPMG
FRESH JUICE: Meeting of Creditors Set Next Week
FURNEAUX STEWART: Calls Creditors' Meeting

GEEPS END: Appoints Liquidator from Begbies Traynor
H BOASE: Calls in Liquidator from KPMG
IMPAK FOAM: Hires Joint Administrators from BDO Stoy Hayward
INTER-EUROPE FORWARDING: Names Tenon Recovery Administrator
JAMES STRICK: Winding up Resolutions Passed

MAYFAIR NOMINEES: Calls in Liquidator from Stoy Hayward
NICOL TRANSMISSIONS: Creditors' Meeting Set December 13
NTL INCORPORATED: Selling Broadcast Operation for GBP1.27 Bln
PARK WALK: Calls in Liquidator from BDO Stoy Hayward
RED AND THE GREEN: Names Administrators from Milner Boardman

RENTOKIL INITIAL: Warns of Further Deterioration in Trading
ROWE & CO.: Special, Ordinary Winding up Resolutions Passed
SHOOTGLEN LIMITED: Names Grant Thornton Administrator
SPECTRUM RETAIL: Sets Creditors' Meeting Next Week
TRC PERFORMANCE: Liquidators from Leonard Curtis Move in
VC GROUP: Names Numerica Administrator
WILLCROSS LIMITED: Hires J. P. Shaw as Liquidator


                            *********


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


UNION BANKA: Unidentified Debtor Blocks CZK3 Bln Debt Repayment
---------------------------------------------------------------
Bankrupt Union Banka cannot fulfill an earlier pledge to repay
around 75,000 creditors, Czech News Agency says.  This after a
Union Banka debtor, which filed an appeal with the High Court in
Olomouc, blocked a CZK3 billion payment a day before its
release, bankruptcy assets administrator Michaela Huserova said.

The bank announced in September it would repay an initial 20% of
the acknowledged claims this month.  Meanwhile, Ms. Huserova
unveiled a job reduction plan wherein the bank would retain only
45 of its 140 employees.  The bank would further cut down its
workforce to 20-25 employees starting July 1, 2005.

CONTACT:  UNION BANKA a.s.
          Ul. 30 Dubna c. 35
          70200 Ostrava
          Phone: 596108111
          Fax: 596120134
          E-mail: union@union.cz
          Web site: http://www.union.cz


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


ALSTOM SA: Sells Diesel Locomotive Plant for Undisclosed Sum
------------------------------------------------------------
Vossloh AG has signed a contract to take over from Alstom S.A.
its diesel locomotive plant in Valencia, Spain.  It was agreed
not to disclose any purchase price details.  The deal
strengthens Vossloh's foremost position as European manufacturer
of diesel locomotives.

So far the lineup has focused on diesel-hydraulic locomotives
and the acquisition will extend it to include the diesel-
electric variety.  The consummation of the transaction is
subject, among other things, to the approval of the cartel
authorities.

Through its Vossloh Locomotives GmbH subsidiary in Kiel,
Germany, Vossloh develops and builds two- and four-axle diesel-
hydraulic locomotives with low and medium output. Over the past
years, this company has established itself as one of the leading
suppliers in this segment.  Last year's sales amounted to around
EUR234 million.

Alstom Valencia develops and builds diesel-electric locomotives
for passenger, freight, and shunting services.  Among the focal
points of the product range are high-output six-axle diesel
locomotives.  The plant manufactures bogies, too.  Alstom
Valencia is also involved in local transportation projects in
the Valencia region.  Latest annual sales totaled some EUR100
million.

CONTACT:  ALSTOM S.A.
          25 Avenue Kleber
          75795 Paris Cedex 16
          Phone: +33-1-47-55-20-00
          Fax: +33-1-47-55-25-99
          Web site: http://www.alstom.com

          VOSSLOH AG
          Vosslohstrasse 4
          58791 Werdohl
          Phone: +49-2392-52-0
          Fax: +49-2392-52-219
          Web site: http://www.vossloh.de

          Christiane Konrad
          Phone: +49 (0)2392 52-249


EUROTUNNEL SA: Non-executive Director Pierre Cardo Resigns
----------------------------------------------------------
On Nov. 30, 2004 several newspapers reported the decision of
Pierre Cardo to leave the Eurotunnel S.A. joint board (of which
he has been a member since 7 April 2004).

Eurotunnel confirms that Mr. Cardo sent a letter to the
Chairman, Jacques Maillot, announcing his resignation as a non-
executive director with effect from 29 November.  Furthermore,
Eurotunnel confirms that it has indeed requested, and obtained,
from the President of the Tribunal de Commerce de Paris (the
Paris commercial court), the nomination of a Mandataire ad hoc
(court-appointed representative).  The Mandataire has been
appointed for an initial period of six months, which may be
renewed, in order to assist the Group with the management and
implementation of the operational restructuring plan known as
Project DARE.

By an order dated 18 November 2004, Mme Perette Rey (the
President of the Tribunal de Commerce) has nominated Maitre
Regis Valliot to this position.  In view of the complexity of
Eurotunnel's situation and the importance of what is at stake,
Maitre Valliot's involvement will help to bring together the
various participants in the project.  This nomination, at the
request of Eurotunnel, is not in any way linked to an insolvency
procedure.

CONTACT:  EUROTUNNEL S.A.
          19 Boulevard Malesherbes
          75008 Paris
          UK - Kevin Charles
          Phone: +44(0) 1303 288728
          Fax: 01303 288731
          E-mail: press.uk@eurotunnel.com

          France - Mady Chabrier
          Phone: +33(0) 1 55 27 35 43

          Calais Region - Yves Szrama
          Phone: +33 (0) 3 21 00 69 04


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


COLOR ART: Creditors' Claims Due Next Week
------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Color Art Photo Portraitstudio Beratungs-Gesellschaft
mbH on Nov. 3.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until Dec. 10, 2004 to register their claims with court-
appointed provisional administrator Dr. Sabine Feuerborn.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 26, 2005, 10:00 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:  COLOR ART PHOTO PORTRAITSTUDIO BERATUNGS-GESELLSCHAFT
          MBH
          Handwerkshof 6, 51469 Bergisch Gladbach
          Contact:
          Thomas Pochert, Manager
          Heidgen 18, 51467 Bergisch Gladbach

          Dr. Sabine Feuerborn, Insolvency Manager
          Else-Lang-Str. 1, 50858 Koln
          Phone: 285 547-0
          Fax: +4922128554729


DZ BANK: Individual Rating Affirmed at 'C/D'
--------------------------------------------
Fitch Ratings affirmed DZ BANK AG Deutsche Zentral-
Gennossenschaftsbank ratings at Long-term 'A', Short-term 'F1',
Individual 'C/D' and Support '1'.  The Outlook on the Long-term
rating remains Stable.

The Long-term, Short-term and Support ratings reflect the
potential support from the federal government given the bank's
position in the German cooperative banking sector as well as the
significance of the latter to the German banking market.  DZ
BANK is by far the larger of two central banks for the German
cooperative banking sector and the sixth largest banking group
in Germany.  It provides clearing and other services for about
1,100 local cooperative banks.

The Individual rating takes into account the continuing recovery
in DZ BANK's earnings as well as its improved capitalization and
asset quality.  DZ BANK's cost base has been substantially
reduced over the past two years, while a clean out of its loan
portfolio and a clearer focus on risk-adjusted returns have also
helped to restore profitability to a more satisfactory level.

While there is still some scope for further cost cutting in the
group, further improvement in its cost/income ratio will depend
more on DZ BANK's ability to boost revenues.  There is
significant potential for cross-selling in Germany's cooperative
banking sector, but increasing cooperation between DZ BANK, the
local cooperative banks and other entities in the sector will be
instrumental in achieving this.

Having reached unprecedented levels in 2002 as a result of
continuous asset quality deterioration and exposure to large
troubled corporates, loan loss provisions have come down to a
more acceptable level.  DZ BANK has introduced more stringent
risk control systems, adopted a more selective approach to
corporate lending and reduced weighted risks.  There remain,
however, some question marks about the quality of the property
loan book, and management has to prove its ability to keep
credit risk charges under control.

Although the group's capitalization has improved, a high
proportion of its Tier 1 capital remains in the form of hybrid
dated capital.  Excluding this, DZ BANK's Tier 1 capital/risks
ratio (according to German regulatory requirements) would have
been 6.5% at end-June 2004.

CONTACT:  FITCH RATINGS
          Alison Le Bras, Paris
          Phone: +33 1 44 29 91 46

          Olivia Perney-Guillot, Frankfurt
          Phone: +49 69 7680 76243

          Michael Steinbarth, London
          Phone: +44 207 862 4068

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

          DZ BANK
          Web site: http://www.dzbank.de


EURO-PERSONAL: Provisional Administrator Takes over Operations
--------------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Euro-Personal-Service Verwaltungs GmbH on
Oct. 29.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 18, 2005 to register their claims with court-appointed
provisional administrator Karl-Heinz Trebing.

Creditors and other interested parties are encouraged to attend
the meeting on March 15, 2005, 9:10 a.m. at Saal 2, Geb. F,
Klingerstr. 20, 60313 Frankfurt, statt 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:  EURO-PERSONAL-SERVICE VERWALTUNGS GMBH
          Stollbergstr. 1a/Wilhelmstr. 9, 65719 Hofheim/Ts

          Karl-Heinz Trebing, Insolvency Manager
          Hanauer Landstr. 287-289, 60314 Frankfurt
          Phone: 069/15051300


GEORG HILGERS: Calls First Creditors' Meeting
---------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Georg Hilgers GmbH on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 25, 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. 20, 2005, 11:00 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13.
Etage, Saal 1311 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:  GEORG HILGERS GMBH
          Emil Hoffmann Strasse 55, 50996 Koln
          Contact:
          Frank Schwarz, Manager
          Oberbergstrasse 11, 52396 Hambach

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


HAFTUNG & CO.: Frankfurt Court Appoints Insolvency Administrator
----------------------------------------------------------------
The district court of Frankfurt opened bankruptcy proceedings
against Haftung & Co. KG on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 10, 2005 to register their claims
with court-appointed provisional administrator Manfred
Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 15, 2005, 9:15 a.m. at the district court
of Frankfurt, Uhr, Saal 1, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, statt 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:  HAFTUNG & CO.KG
          Weissfrauenstrasse 1
          60311 Frankfurt am Main

          Manfred Burghardt, Insolvency Manager
          Theobald-Christ-Strasse 24,
          D-60316 Frankfurt am Main
          Phone: 069/94414770
          Fax: 069/94414780


H. + C. WIECHERT: Claims Deadline Nears
---------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Spielzimmer -- H. + C. Wiechert 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. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 25, 2005, 9:05 a.m. at Saal 1, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt 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:  SPIELZIMMER -- H. + C. WIECHERT GMBH
          Grosse Friedberger Strasse 32
          60313 Frankfurt am Main

          Dieter Drevermann, Insolvency Manager
          Obere Saulheimer Str. 15G, 55291 Saulheim


HEGLA GROSSKUCHENTECHNIK: Under Bankruptcy Administration
---------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against HEGLA Grosskuchentechnik GmbH on Nov. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Dec. 27, 2004 to
register their claims with court-appointed provisional
administrator Dr. Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 27, 2005, 9:00 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13.
Etage, Saal 1311 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:  HEGLA GROSSKUCHENTECHNIK GMBH
          Hamburger Strasse 11, 50321 Bruhl

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


KARSTADTQUELLE AG: New Loan Terms Include Cap on Dividend Payout
----------------------------------------------------------------
Ailing retail and mail order group KarstadtQuelle has struck an
agreement with creditor banks regarding the terms of its
extended credit line, Financial Times Deutschland says.

Creditor banks recently extended KarstadtQuelle's EUR1.75
billion credit line, which the retail giant would use to finance
its restructuring plan.  The banks required KarstadtQuelle to
present extensive securities, which include its 50% stake in
travel group Thomas Cook.  The credit line extension is a
prerequisite for the retail giant's EUR500 million capital
increase.

The banks and KarstadtQuelle have yet to sign a formal contract,
though.  The contract is expected to limit the retail group's
scope in certain operations, including dividend payment.  Aside
from the capital increase, KarstadtQuelle also plans to issue
convertible bonds with a minimum volume of EUR125 million.

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


MANNHEIMER OMNIBUSREISEN: Claims Verification Set January 24
------------------------------------------------------------
The district court of Mannheim opened bankruptcy proceedings
against Mannheimer Omnibusreisen GmbH on Nov. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Dec. 13, 2004 to
register their claims with court-appointed provisional
administrator Steffen Rauschenbusch.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 24, 2005, 9:00 a.m. at the district court of
Mannheim, 68149 Mannheim, Schloss, Westflugel, 2. Stockwerk,
Raum 232 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:  MANNHEIMER OMNIBUSREISEN GMBH
          Contact:
          Gunter Klinger, Manager
          Torackerstr. 2a, 68165 Mannheim

          Steffen Rauschenbusch, Insolvency Manager
          O 3, 9-12, 68161 Mannheim
          Phone: 0621/16680


NOCTI VAGUS: Creditors' Meeting Set December
--------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Nocti Vagus GmbH on Nov. 5.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Jan. 27, 2005 to
register their claims with court-appointed provisional
administrator Joachim Voigt.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 16, 2004, 10:25 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 24, 2005, 10:20 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  NOCTI VAGUS GMBH
          Saarbrucker Str. 36,10405 Berlin

          Joachim Voigt, Insolvency Manager
          Rankestrasse 33, 10789 Berlin


RENCK & HESSENMULLER: Administrator's Report Out January
--------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Renck & Hessenmuller Transport- und Lagerhaus GmbH on
Nov. 2.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Dec. 23, 2004 to register their claims with court-appointed
provisional administrator Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 24, 2005, 10:20 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  RENCK & HESSENMULLER TRANSPORT- UND LAGERHAUS GMBH
          Werner-Siemens-Strasse 17, 22113 Hamburg
          Contact:
          Walter Georg
          Peter Homann

          Jan H. Wilhelm, Insolvency Manager
          Albert-Einstein-Ring 11/15, 22761 Hamburg
          Phone: 8995615


SIMPLYST AKTIENGESELLSCHAFT: Applies for Bankruptcy Proceedings
---------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Simplyst Aktiengesellschaft on Nov. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Dec. 13, 2004 to
register their claims with court-appointed provisional
administrator Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 10, 2005, 11:00 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122 d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  SIMPLYST AKTIENGESELLSCHAFT
          Rodingsmarkt 39, 20459 Hamburg
          Contact:
          Dr. Michael Schwarz, Director
          Heimhuder Strasse 80, 20148 Hamburg
          Franz Weige, Director

          Stephan Neubauer, Insolvency Manager
          Spitalerstrasse 4, 20095 Hamburg
          Phone: 334410
          Fax: 33401521


SOLANUM KARTOFFELVERARBEITUNGS: Files for Bankruptcy
----------------------------------------------------
The district court of Gera opened bankruptcy proceedings against
SOLANUM Kartoffelverarbeitungs gesellschaft m.b.H. on Nov. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 17, 2004
to register their claims with court-appointed provisional
administrator Dr. H. Hess.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 25, 2005, 10:15 a.m. at the district court
of Gera, Rudolf-Diener-Str. 1, Zimmer 317 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:  SOLANUM KARTOFFELVERARBEITUNGSGESELLSCHAFT M.B.H.
          Hauptstrasse 5 a, 07589 Saara

          Dr. H. Hess, Insolvency Manager
          Barbarossahof 4-5, 99092 Erfurt


THYSSENKRUPP AG: Net Debt Down to EUR2.8 Billion in 2004
--------------------------------------------------------
In fiscal year 2003/2004 ThyssenKrupp delivered its best results
since the merger in 1999.  The Company's medium-term goal has
already been reached.  The triple jump has been achieved.

(a) Earnings before taxes from continuing operations reached
    EUR1,580 million (fiscal 2002/2003: EUR774 million), EUR806
    million more than a year earlier.

    Earnings thus more than doubled.  Without a number of
    special non-recurring effects EBT would have been EUR1.75
    billion. This earnings level reflects the operating strength
    of the Group;

(b) Linked with the earnings is a ROCE of 12% and a positive EVA
    of EUR572 million, to which all segments contributed.  Here,
    too, the Company achieved its medium-term target;

(c) Order intake and sales increased at double-digit rates:
    orders by 17% to EUR41.0 billion and sales by 11% to EUR39.3
    billion;

(d) Net financial payables decreased from EUR4.2 billion to
    EUR2.8 billion.  Gearing improved from 55.2% to 34%;

(e) Earnings per share was EUR1.81, compared with EUR1.09 in
    fiscal 2002/2003; and

(f) At its meeting on November 30, 2004 the Supervisory Board
    endorsed the proposal of the Executive Board to recommend to
    the Annual General Meeting an increase in the dividend from
    EUR0.50 to EUR0.60 per share.

ThyssenKrupp AG Executive Board Chairman Prof. Dr. Ekkehard
Schulz: "ThyssenKrupp has geared itself to the profound changes
brought about by globalization.  The platform for ThyssenKrupp
was the merger in 1999.  [Wednes]day's success confirms that
this was the right move.  The marked qualitative as well as
quantitative improvement in our earnings and the solid
performance of ThyssenKrupp reflect the many measures
implemented in recent years to increase our performance
capability."

If the economic forecasts are accurate, ThyssenKrupp expects the
Group's encouraging performance to continue in 2004/2005.  Sales
in the region of over EUR41 billion are expected in the current
fiscal year.  This does not include portfolio changes.

Mr. Schulz said: "Assuming no distortions on the raw material
and currency markets, our aim for 2004/2005, despite the signs
of a slowdown of the global economy, is to maintain the very
good level of pre-tax earnings achieved in 2003/2004.  This does
not include the effects of disposals.  We will continue to pay a
dividend based on our earnings performance."

The annual report 2003/2004 is available in German and English;
both versions can also be viewed online or downloaded at
http://www.thyssenkrupp.com.

A copy of the annual report has been submitted to the U.K.
Listing Authority, and will shortly be available for inspection
at the U.K. Listing Authority's Document
Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Phone: (0)20 7676 1000


THYSSENKRUPP AG: S&P Affirms 'BB+/B' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on German
industrial conglomerate ThyssenKrupp AG (TK) to positive from
stable following consistent reduction of the group's financial
debt and its strong operational performance.  We also understand
that the group is committed to continue the disposal program.
At the same time, Standard & Poor's affirmed its 'BB+/B'
corporate credit and 'BB' senior unsecured debt ratings on the
company.

"The outlook revision reflects TK's improving financial profile
and its continuing commitment to further deleverage its balance
sheet," said Standard & Poor's credit analyst Olivier Beroud.
TK's financial ratios for the fiscal year ended Sept. 30, 2004,
have benefited from strong operational performance, restraint in
capital expenditure spending, and a relatively moderate dividend
payout level.

"The positive outlook reflects the expectation that TK will
continue its solid operational performance, with meaningful free
cash flow generation and consequent debt reduction, combined
with further progress in its divestment program," said Mr.
Beroud.  The long-term corporate credit rating could be upgraded
by one notch to 'BBB-' and the short-term rating to 'A-3' if
Standard & Poor's considered that TK's financial profile was
consistent with a low investment-grade rating.

Standard & Poor's expects further progress in the divestment
program in 2005, which we would view as a confirmation of TK's
determination to reduce financial debt to a level that is
consistent with an investment-grade rating.  We understand, for
example, that the company is in talks with potential investors
to divest its residential real estate business.  In addition, TK
is expected to benefit from further positive developments, with
strong steel markets, at least for the first part of 2005.

"Further progress in the divestment program would bring the FFO
to-net-debt ratio (including pensions) closer to 25%, a level at
which it would be expected to remain in order to warrant a 'BBB-
' rating," said Mr. Beroud.

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

          THYSSENKRUPP AG
          P.O. Box 10 10 10
          D-40001 Dusseldorf
          Phone: +49 211 824 0
          Fax: +49 211 824 36000
          E-mail: info@thyssenkrupp.com
          Web site: http://www.thyssenkrupp.com


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


PARMALAT U.S.A.: Deadline for Disputing Citibank's Claim Set
------------------------------------------------------------
In a Consent Order, Judge Drain of the U.S. Bankruptcy Court for
the Southern District of New York extends until Jan. 14, 2005,
the period by which the Official Committee of Unsecured
Creditors appointed in the chapter 11 cases of Parmalat U.S.A.
Corporation and its debtor-affiliates can:

     (i) file an adversary proceeding or contested matter
         challenging the amount, validity, enforceability,
         perfection or priority of the rights of Citibank, N.A.,
         London Branch, under and in connection with the
         Parmalat Receivables Purchase Agreement dated November
         2, 2000; or

    (ii) otherwise assert any claims or causes of action or
         other rights and defenses against Citibank London.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq. and Marcia L.
Goldstein, Esq. of Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debts.  (Parmalat Bankruptcy News, Issue No. 37; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

CONTACT:  PARMALAT U.S.A. CORPORATION
          520 Main Ave.
          Wallington, NJ 07057
          Phone: 973 777 2500
          Fax:   973 777 7648
          Toll Free: 888 727 6252
          Web site: http://www.parmalatusa.com


===================
L U X E M B O U R G
===================


MILLICOM INTERNATIONAL: Selling Ordinary Shares at US$23.24 Each
----------------------------------------------------------------
Millicom International Cellular S.A. announced on Dec. 1, 2004
that it has priced its offerings of 8 million Ordinary Shares in
the form of Swedish Depositary Receipts or Ordinary Shares and
US$175 million of convertible bonds convertible into Ordinary
Shares and/or SDRs.

The Ordinary Shares were priced at US$23.24 per Ordinary Share
(SEK156.90 per SDR), Wednesday's closing price on Nasdaq.
Payment for and settlement of the Ordinary Shares is expected to
occur on December 7, 2004.

The Bonds were priced at par and will pay an annual coupon of
4.00%, payable semi-annually in arrear.  The conversion price
was set at US$34.86 per share, representing a premium of 50% to
Wednesday's closing price on NASDAQ.  At that conversion price,
the Bonds will initially be convertible into an aggregate of
approximately 5.02 million Ordinary Shares or SDRs commencing on
the date that is 41 days after the issuance date of the Bonds.
The conversion price is subject to adjustment in the case of
certain dilutive events.  Payment for and settlement of the
Bonds is expected to occur on Jan. 7, 2005.  Millicom will
undertake to list the Bonds on the Luxembourg Stock Exchange on
that date.

The aggregate proceeds of the offerings are expected to be
approximately US$361 million (before deducting commissions,
concessions and the expenses of the offerings and without giving
effect to any exercise of the lead manager's options to purchase
additional Ordinary Shares or Bonds).  The net proceeds of the
offerings will primarily be used by Millicom to fund investment
in its existing businesses, including in capital expenditures
and license renewals, as well as to potentially increase its
stake in any of its existing holdings.

Millicom has agreed, subject to certain exceptions, not to sell
any further Ordinary Shares and/or SDRs of the Company, or
securities convertible into or exchangeable for such Ordinary
Shares and/or SDRs, for a period of 120 days.

The Bonds, Ordinary Shares and SDRs, including Ordinary Shares
or SDRs issuable upon conversion of the Bonds, have not been and
will not be registered under the U.S. Securities Act of 1933 and
may not be offered or sold in the United States unless
registered under the U.S. Securities Act of 1933 or pursuant to
an exemption from registration.

Stabilisation/FSA

This press release has been issued by Millicom International
Cellular S.A. and has been approved for the purposes of Section
21 of the Financial Services and Markets Act 2000 by the lead
manager of the offering.  The lead manager of the offering is
acting for Millicom International Cellular S.A. and no one else
in connection with the offer of (i) the Ordinary Shares in the
form of Ordinary Shares or SDRs and (ii) the Bonds, and will not
be responsible to any other person for providing the protections
afforded to their respective clients, or for providing advice in
relation to the proposed offer.

CONTACTS: MILLICOM INTERNATIONAL CELLULAR S.A.
          Luxembourg
          Marc Beuls
          President and Chief Executive Officer
          Phone:  +352 27 759 327

          Andrew Best
          Investor Relations
          Phone:  +44 (0) 7798 576378


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


ASM INTERNATIONAL: Places US$125 Mln Convertible Notes
------------------------------------------------------
ASM International N.V. (ASMI) (Euronext Amsterdam:ASM) announced
Wednesday the private placement of US$125 million of 4.25%
convertible subordinated notes due 2011.  The notes are
convertible into ASMI common shares at a conversion price of
US$20.82 per share, which is equivalent to a conversion rate of
48.0307 shares for each US$1,000 principal amount of notes and
represents a 35% premium over the closing sale price of ASM
International common shares on the Euronext Amsterdam stock
exchange on December 1, 2004.

Initially, cash will be delivered in lieu of a portion of the
common shares to be delivered upon conversion in an amount equal
to the principal amount of the notes converted (or, if less, the
conversion value).  Upon receipt by ASM International of
shareholder approval to issue additional common shares, only
common shares will be delivered upon conversion of the notes.

Prior to the time of shareholder approval, the maximum number of
common shares issuable upon conversion of each US$1,000
principal amount of notes in excess of the cash portion will be
34 or, if the initial purchasers' option to purchase additional
notes is fully exercised, 28.

ASM International has granted the initial purchasers an option
to purchase, within 30 days after the date of the initial
offering, up to an additional US$25 million principal amount of
notes.  ASM International intends to use the net proceeds from
the sale of the notes to repay its US$115 million outstanding
principal amount of 5% Convertible Subordinated Notes due
November 2005, either by purchase in the market or at maturity
to the extent such notes have not previously been converted or
purchased, and for other general corporate purposes.

The notes were issued in a private placement for resale by the
initial purchasers to qualified institutional buyers in reliance
on Rule 144A under the Securities Act of 1933, as amended, and
outside the United States in compliance with Regulation S under
the Securities Act and in reliance on Section 2(1) of the
Exemption Regulation pursuant to the Netherlands Act for the
Supervision of Securities Trading, as amended.

The notes have not been registered under the Securities Act of
1933 or applicable state securities laws, and unless so
registered, may not be offered or sold in the United States,
except pursuant to an applicable exemption from the registration
requirements of the Securities Act of 1933, and applicable state
securities laws.  The notes may only be offered or sold to
individuals or legal entities who or which trade or invest in
securities in the conduct of their profession or trade.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the notes.  This press release
is being issued pursuant to and in accordance with Rule 135c
under the Securities Act of 1933, as amended, and pursuant to
and in accordance with the Exemption Regulation pursuant to the
Netherlands Act for the Supervision of Securities Trading, as
amended.

CONTACT:  ASM INTERNATIONAL N.V.
          Robert L. de Bakker
          Phone: +31 30 2298540
          Bilthoven, the Netherlands
          E-mail: robert.de.bakker@asm.com

          Mary Jo Dieckhaus
          Phone: +1 212-986-2900
          New York City
          E-mail: maryjo.dieckhaus@asm.com


VERSATEL N.V.: Inks Sponsorship Deal with National Soccer League
----------------------------------------------------------------
Versatel Nederland B.V. signed a long-term sponsorship contract
with the KNVB (Royal Netherlands Football Association).
Versatel will become, amongst others, sponsor of the Dutch
national football team and the exclusive telecommunications
partner of the KNVB and its subsidiaries.  Both organizations
will cooperate up until the European Championship in Switzerland
and Austria in 2008.  Financial details will not be disclosed.

Raj Raithatha, Chief Executive Officer of Versatel, states:
"Recently, Versatel has announced the rebranding of its
subsidiary Zon per January 1st, 2005 to market its consumer
products in The Netherlands under the Versatel brand.  This
partnership with the KNVB marks a logical step to accelerate
brand awareness and to gain access to unique football content.

"Additionally, Versatel and the KNVB will jointly develop
services for the over 1 million KNVB members and we will offer
football content exclusively to our Versatel customers."

Henk Kesler, Chief Executive Professional Football KNVB, adds:
"We are proud to announce Versatel as our new sponsor.  Versatel
is a fast-growing, competitive company that has agreed to
develop various telecommunications, Internet and interactive
services with us.  As KNVB we want the best for our members and
we are convinced that we have gained a brand in Versatel that
will contribute to reaching our goals."

Versatel Nederland B.V. is part of Versatel Telecom
International N.V. (Euronext: VRSA).  Versatel, based in
Amsterdam, is a competitive communications network operator and
a leading alternative to the former monopoly telecommunications
carriers in its target market of The Netherlands, Belgium and
Germany.  Founded in October 1995, the Company holds full
telecommunication licenses in The Netherlands, Belgium and
Germany and has over 1 million customers and approximately 1,900
employees.

Versatel operates a facilities-based local access broadband
network that uses the latest network technologies to provide
business and residential customers with high bandwidth voice,
data and Internet services.  Versatel is a publicly traded
company on Euronext Amsterdam under the symbol "VRSA".  News and
information are available at http://www.versatel.com.

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

          Anoeska van Leeuwen
          Corporate Marketing & Communications
          Phone: +31-20-750-1322
          Mobile: + 31 6 54287128
          E-mail: anoeska.vanleeuwen@versatel.nl

          KNVB
          Frank Huizinga
          Press Officer
          Phone: +31 (0) 343 499 224
          E-mail: frank.huizinga@knvb.nl


VERSATEL N.V.: Offers to Buy Eredivisie Football Pay-TV Rights
--------------------------------------------------------------
Versatel Nederland B.V. is participating independently in the
tender for the live pay-TV rights of the Dutch Eredivisie
football matches (including Ajax, Feyenoord, PSV and the 15
other members of the premier league).

Versatel believes that if it is successful in acquiring these
exclusive rights, the unique football content would help drive
accelerated subscriber growth for its triple play services in
The Netherlands, which would be launched for the start of the
2005/2006 season in August 2005.

The tender covers, amongst others, the pay TV rights for the
next three football seasons and Versatel expects that it will be
able to fund the cost of the rights, the production and
broadcast of the matches and the accelerated roll-out of triple
play services in The Netherlands through its internal cash
resources, without the need for outside financing.

Versatel Nederland B.V. is part of Versatel Telecom
International N.V. (Euronext: VRSA).  Versatel, based in
Amsterdam, is a competitive communications network operator and
a leading alternative to the former monopoly telecommunications
carriers in its target market of The Netherlands, Belgium and
Germany.  Founded in October 1995, the Company holds full
telecommunication licenses in The Netherlands, Belgium and
Germany and has over 1 million customers and approximately 1,900
employees.

Versatel operates a facilities-based local access broadband
network that uses the latest network technologies to provide
business and residential customers with high bandwidth voice,
data and Internet services.  Versatel is a publicly traded
company on Euronext Amsterdam under the symbol "VRSA". News and
information are available at http://www.versatel.com.

The Versatel logo is a registered trademark in The Netherlands,
Belgium, Luxembourg, Germany and several other European
countries.

                            *   *   *

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

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

          Anoeska van Leeuwen
          Corporate Marketing & Communications
          Phone: +31-20-750-1322
          Mobile: + 31 6 54287128
          E-mail: anoeska.vanleeuwen@versatel.nl


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


AGRO-SERVICE: Hires D. Gilmanov as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on state-owned enterprise Agro-
Service.  The case is docketed as A07/25492/04-G-MOG.  Mr. D.
Gilmanov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 452235, Russia,
Bashkortostan republic, Kushnarenkovskiy region, Kaltay,
Sadovaya Str. 33.

CONTACT:  AGRO-SERVICE
          452230, Russia, Bashkortostan republic,
          Kushnarenkovo, Bazarnaya Str. 1A

          Mr. D. Gilmanov
          Temporary Insolvency Manager
          452235, Russia, Bashkortostan republic,
          Kushnarenkovskiy region, Kaltay, Sadovaya Str. 33


BUILDING INDUSTRY: Undergoes External Management Procedure
----------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
external management bankruptcy procedure on open joint stock
company Building Industry.  The case is docketed as A33-
16484/03-s4.  Mr. N. Rasskazov has been appointed external
insolvency manager.

CONTACT:  BUILDING INDUSTRY
          662150, Russia, Krasnoyarsk region, Achinsk,
          South Prom. Zone, Kvartal 1, Building 10

          Mr. N. Rasskazov
          External Insolvency Manager
          662150, Russia, Krasnoyarsk region, Achinsk,
          South Prom. Zone, Kvartal 1, Building 10


DIMITROV-GRAIN-PRODUCT: Proofs of Claim Deadline Next Week
----------------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on open joint stock company Dimitrov-
Grain-Product.  The case is docketed as A41-K2-17840/04.  Mr. A.
Nikolskiy has been appointed temporary insolvency manager.

Creditors have until Dec. 8, 2004 to submit their proofs of
claim to 107996, Russia, Moscow, Sadovo-Spasskaya Str. 13,
Building 2, office 300.  A hearing will take place on Feb. 16,
2005.

CONTACT:  DIMITROV-GRAIN-PRODUCT
          Russia, Moscow region, Dmitrov,
          Zheleznodorozhnyj Per. 3

          Mr. A. Nikolskiy
          Temporary Insolvency Manager
          107996, Russia, Moscow,
          Sadovo-Spasskaya Str. 13, Building 2, Office 300


GIPRO-TEKH-SERVICE: Bankruptcy Hearing Resumes Next Year
--------------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on limited liability company Gipro-Tekh-
Service.  The case is docketed as A40-45158/04-71-30 B.  Mr. K.
Kozhevnikov has been appointed temporary insolvency manager.

Creditors have until Dec. 8, 2004 to submit their proofs of
claim to 119415, Russia, Moscow, Udaltsova Str., 39, apartment
29.  A hearing will take place on Jan. 27, 2005, 10:30 a.m.

CONTACT:  GIPRO-TEKH-SERVICE
          109378, Russia, Moscow,
          Volgogradskiy Pr. 157, Building 2

          Mr. K. Kozhevnikov
          Temporary Insolvency Manager
          119415, Russia, Moscow,
          Udaltsova Str. 39, Apartment 29


KARGASOKSKIY FISH: Gives Creditors Until January to File Claims
---------------------------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
proceedings against Kargasokskiy Fish Breeding Farm after
finding the limited liability company insolvent.  The case is
docketed as A67-4485/04.  Mr. S. Edygenov has been appointed
insolvency manager.  Creditors have until Jan. 8, 2005 to submit
their proofs of claim to 634050, Russia, Tomsk, Post User Box
70.

CONTACT:  KARGASOKSKIY FISH BREEDING FARM
          Russia, Tomsk region,
          Kargasok, Uchebnaya Str. 73

          Mr. S. Edygenov
          Insolvency Manager
          634050, Russia, Tomsk,
          Post User Box 70


KRASNOSELSKOYE: Hires S. Piskarev as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy proceedings against Krasnoselskoye after finding the
close joint stock company insolvent.  The case is docketed as
A12-4835/04-s48.  Mr. S. Piskarev has been appointed insolvency
manager.  Creditors have until Jan. 8, 2005 to submit their
proofs of claim to 400075, Russia, Volgograd, Krasnopolyanskaya
Str. 26, Apartment 3.

CONTACT:  KRASNOSELSKOYE
          Russia, Volgograd region,
          Bykovskiy region, Krasnoselets

          Mr. S. Piskarev
          Insolvency Manager
          400075, Russia, Volgograd,
          Krasnopolyanskaya Str. 26, Apartment 3


REM-STROY: Declared Insolvent
-----------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy proceedings against Rem-Stroy after finding
the open joint stock company insolvent.  The case is docketed as
A20-3214/02.  Mr. B. Kantor has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 360000,
Russia, Kabardino Balkariya republic, Nalchik, Lermontova Str.
54, Room 203.

CONTACT:  REM-STROY
          Russia, Kabardino Balkariya republic,
          Nartkala, Yubileynaya Str. 6

          Mr. B. Kantor
          Insolvency Manager
          360000, Russia, Kabardino Balkariya republic,
          Nalchik, Lermontova Str. 54, Room 203


RUSSIAN-TURKISH GRAIN: Court Schedules Next Hearing February
------------------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
supervision procedure on Russian-Turkish Grain Receiving
enterprise (TIN 4334006070).  The case is docketed as A28-
199/04-305/10.  Mr. A. Malygin has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 613560, Russia,
Kirov region, Urzhumskiy region, R-Turel, Kooperativnaya Str.
100.  A hearing will take place at the Arbitration court of
Kirov region at Russia, Kirov, Gostinyj Per. 5/1, Room 305 on
Feb. 16, 2005, 10:00 a.m.

CONTACT:  RUSSIAN-TURKISH GRAIN RECEIVING ENTERPRISE
          613560, Russia, Kirov region, Urzhumskiy region,
          R-Turel, Kooperativnaya Str. 100

          Mr. A. Malygin
          Temporary Insolvency Manager
          613560, Russia, Kirov region, Urzhumskiy region,
          R-Turel, Kooperativnaya Str. 100


URVANSKAYA RAY-SEL-KHOZ-TREKHNIKA: Succumbs to Bankruptcy
---------------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy proceedings against Urvanskaya Ray-Sel-
Khoz-Trekhnika after finding the open joint stock company
insolvent.  The case is docketed as A20-3170/02.  Mr. B. Kantor
has been appointed insolvency manager.

CONTACT:  URVANSKAYA RAY-SEL-KHOZ-TREKHNIKA
          Russia, Kabardino Balkariya republic,
          Urvanskiy region, Nartkala, Zhamborova Str. 54


VESHKAMSKIY ELEVATOR: Insolvency Manager Takes over Operations
--------------------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Veshkamskiy Elevator.  The case is docketed as A72-8822/04-
17/29-B.  Mr. A. Sobitnyuk has been appointed temporary
insolvency manager.

Creditors have until Dec. 8, 2004 to submit their proofs of
claim to 433513, Russia, Ulyanovsk region, Dimitrovograd, Post
User Box 968.  A hearing will take place on Feb. 10, 2005.

CONTACT:  VESHKAMSKIY ELEVATOR
          Russia, Ulyanovsk region,
          Veshkayma, Elevatornaya Str. 4

          Mr. A. Sobitnyuk
          Temporary Insolvency Manager
          433513, Russia, Ulyanovsk region,
          Dimitrovograd, Post User Box 968


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


ENERGOGAZOZABEZPECHENNYA: Under Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Energogazozabezpechennya (code
EDRPOU 31517909) on October 21, 2004.  Arbitral manager Mr. Oleg
Ribka (License Number AA 779170) has been appointed temporary
insolvency manager.  The company holds account number 260092800
at JSB Ukrgazbank, MFO 320478.

CONTACT:  ENERGOGAZOZABEZPECHENNYA
          03150, Ukraine, Kyiv region,
          Velika Vasilivska Str. 62

          Mr. Oleg Ribka
          Temporary Insolvency Manager
          03179, Ukraine, Kyiv region,
          Verhovinna Str. 80/54
          Phone: 8 (044) 295-33-33
                 8 (050) 341-00-55

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


KARPATI: Sets Proofs of Claim Deadline
--------------------------------------
The Economic Court of Lviv region has commenced bankruptcy
supervision procedure on Karpati (code EDRPOU 01528298).  The
case is docketed as 6/209-7/77.  Arbitral manager Mr. M. Kachur.
(License Number AA 719751) has been appointed temporary
insolvency manager.  The company holds account number 260017122
at JSPPB Aval, MFO 325570 and account number 26005471028001 at
bank Ukraine, MFO 325644.

Creditors have until December 4, 2004 to submit their proofs of
claim to:

(a) KARPATI
    Ukraine, Lviv region,
    Skolivskij district,
    Verhnye Sinyovidne,
    S. Striltsiv Str.

(b) Mr. Kachur M.
    Temporary Insolvency Manager
    Ukraine, Lviv region,
    Butsmanuk Str. 92b/2


LADMET: Court Brings in Temporary Insolvency Manager
----------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on Ladmet (code EDRPOU 05480341).  The
case is docketed as 6/193-4/104.  Arbitral manager Mr. T.
Chabanovich (License Number AA 484206) has been appointed
temporary insolvency manager.  The company holds account number
2600514080001 at Bank Universalnij, MFO 325707.

Creditors have until December 4, 2004 to submit their proofs of
claim to:

(a) LADMET
    79056, Ukraine, Lviv region,
    Plastov Str. 11a

(b) Mr. T. Chabanovich
    Temporary Insolvency Manager
    Ukraine, Lviv region,
    Pustomitivskij district, Yampil


POBUTPLASTMAS: Gives Creditors Until Tomorrow to Prove Claims
-------------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Pobutplastmas (code EDRPOU 02970079) on
September 29, 2004 after finding the limited liability company
insolvent.  Arbitral manager Mr. Vasiltsov Sergij (License
Number AA 140487) has been appointed liquidator/insolvency
manager.  The company holds account number 26007330022070 at
JSCB Ukrsocbank, Berdyansk branch, MFO 313452.

Creditors have until December 4, 2004 to submit their proofs of
claim to:

(a) POBUTPLASTMAS
    Ukraine, Zaporizhya region,
    Berdyansk, Shevchenko Str. 71

(b) Mr. Vasiltsov Sergij
    Liquidator/Insolvency Manager
    71100, Ukraine, Zaporizhya region
    Berdyansk, Pratsi Avenue, 33/55, office 407
    Phone: (06153) 7-18-00

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


SHIRETSKIJ SKLOPRILAD: Bankruptcy Supervision Begins
----------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on OJSC Shiretskij Plant Skloprilad (code
EDRPOU 00227005).  The case is docketed as 6/338-29/276.  Mr.
Andrij Sibal (License Number AA 485266) has been appointed
temporary insolvency manager.

CONTACT:  SHIRETSKIJ SKLOPRILAD
          81100, Ukraine, Lviv region,
          Pustomiti, Ostrivska Str. 32

          Mr. Andrij Sibal
          Temporary Insolvency Manager
          79000, Ukraine, Lviv region,
          P. Doroshenko Str. 61/5

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


STYLE HOLDING: Insolvency Manager to Temporarily Run Business
-------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Style Holding on October 12, 2004 after
finding the company insolvent.  The case is docketed as 15/151-
b.  Arbitral manager Mr. Zanko Mikola (License Number AA 249798)
has been appointed liquidator/insolvency manager.  The company
holds account number 26001301275844 at Prominvestbank, Harkiv
branch in Kyiv region, MFO 322205.

CONTACT:  STYLE HOLDING
          01133, Ukraine, Kyiv region
          I. Kudrya Str. 34

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


SUMI' AUTO 15928: Claims Deadline Expires Weekend
-------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on OJSC Sumi' Auto Transport Enterprise
15928 (code EDRPOU 01528068) on September 17, 2004.  The case is
docketed as 6/108-04.  Mr. Sergij Lisenko (License Number AA
249568) has been appointed temporary insolvency manager.  The
company holds account number 26043309702080 at Prominvestbank,
Sumi regional branch, MFO 337278.

Creditors have until December 4, 2004 to submit their proofs of
claim to:

(a) SUMI' AUTO TRANSPORT ENTERPRISE 15928
    40009, Ukraine, Sumi region,
    Bilopilskij shlyah, 26

(b) Mr. Sergij Lisenko
    Temporary Insolvency Manager
    Ukraine, Sumi region, Petropavlovska Str. 70
    Phone: (0542) 21-35-96

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


TSIKLON: Lviv Court Opens Bankruptcy Proceedings
------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against LLC Tsiklon (code EDRPOU 23270021) after
finding the limited liability company insolvent.  The case is
docketed as 6/305-29/266.  Mr. Andrij Sibal (License Number AA
485266) has been appointed liquidator/insolvency manager.

CONTACT:  TSIKLON
          Ukraine, Lviv region,
          Kavaleridze Str. 8/203

          Mr. Andrij Sibal
          Liquidator/Insolvency Manager
          79000, Ukraine, Lviv region
          P. Doroshenko Str. 61/5

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


ZAHID-METAL: Files for Bankruptcy
---------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Zahid-Metal (code EDRPOU 30887526) after
finding the limited liability company insolvent.  The case is
docketed as 6/372-4/279.  Mr. Andrij Sibal (License Number AA
485266) has been appointed liquidator/insolvency manager.

CONTACT:  ZAHID-METAL
          Ukraine, Lviv region,
          Pustomiti district, Pidberiztsi,
          Polyova Str. 1

          Mr. Andrij Sibal
          Liquidator/Insolvency Manager
          79000, Ukraine, Lviv region,
          P. Doroshenko Str. 61/5

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


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


AUCTIONWORLD LIMITED: Calls in Administrators from PKF
------------------------------------------------------
Tele-shopping channel AuctionWorld Limited has gone into
administration after incurring around EUR14 million in debts,
Accountancy Age says.

Philip Long and Brian Hamblin of PKF accountants and business
advisors have been named administrators and are currently
investigating the group's accounts.  The administrators would
post advice and information on the group's Web site after
wrapping up their probe.

After being stormed with unprecedented number of overpricing
complaints, the Office of Communications (Ofcom) fined
Auctionworld GBP450,000.  The channel stopped trading on
November 19.  AuctionWorld, a cable and satellite TV shopping
channel, offers on-air bidding for high-end products including
diamonds, jewelry, plasma televisions, cameras, computers and
collectible items.

Hertfordshire-based AuctionWorld also has offices and a
warehouse in Waltham Cross and two studios in Teddington.  The
group employs 300 and operates two channels on the Sky network:
Channel 651, which is AuctionWorld and Channel 666 called "Chase
It."

CONTACT:  AUCTION-WORLD.TV
          Unit 7 i/o Centre
          Lea Road
          Waltham Cross
          Hertfordshire EN9 1AS
          Web site: http://www.auction-world.tv

          PKF
          E-mail: auctionworld@uk.pkf.com
          Web site: http://www.pkf.co.uk

          Frances Dukeson
          Phone: 0207 065 0376

          Christiane Morris
          Phone: 0207 065 0141


BETAPOWER LIMITED: Hires Liquidator from Harrisons
--------------------------------------------------
At the extraordinary general meeting of the members of the
Betapower Limited on Nov. 22, 2004 held at 4 St Giles Court,
Southampton Street, Reading RG1 2QL, the special resolution to
wind up the company was passed.  P. R. Boyle of Harrisons, 4 St
Giles Court, Southampton Street, Reading RG1 2QL has been
appointed liquidator for the purpose of winding-up the Company.

CONTACT:  HARRISONS
          4 St Giles Court, Southampton Street,
          Reading RG1 2QL
          Phone: 0118 951 0798
          Fax:   0118 939 4409
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


BIG FOOD: 'BB' Rating Under Review for Possible Downgrade
---------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit ratings on U.K.-based food retailer The Big
Food Group PLC and related entities on CreditWatch with negative
implications, due to concerns about the potential increase in
debt levels that might arise from the proposed takeover by
Iceland-based Baugur Group hf (Baugur).  At Sept. 17, 2004,
estimated lease - and pension-adjusted net debt was GBP875
million ($1.65 billion).

The CreditWatch placement follows the announcement by Big Food
that Baugur and its investment partners have substantially
completed their due diligence.  Big Food's board has confirmed
it would recommend a potential takeover offer price of 95 pence
per share.  The offer, which has to be made by Dec. 17, 2004, is
subject to unspecified terms and conditions, and may not
materialize.

"In our opinion, although the financing for the proposed offer
has not been disclosed, the announcement raises the prospect
that more debt might be injected into the group's existing
capital structure in the near term," said Standard & Poor's
credit analyst Omar Saeed.

"At present, Standard & Poor's views Big Food's financial
profile as unable to sustain any further increase in
indebtedness at the current rating level," he added.

Estimated lease-adjusted funds from operations (after cash
exceptional costs) to net debt (capitalized for operating leases
and pension deficits) -- of about 20% for the 12 months ended
Sept. 17, 2004 -- are just in line with Standard & Poor's
expectations for the 'BB' ratings.

Standard & Poor's will continue to monitor the situation closely
and will update the market when further information is provided.
The ratings continue to reflect Big Food's weakened business
profile, primarily due to the continuing underperformance of its
core retail and cash-and-carry businesses.  The ratings also
reflect the increased level of competition and consolidation
within the U.K.'s food retail market and the group's
profitability, which is below par compared with peers.

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

          THE BIG FOOD GROUP PLC
          Second Avenue, Deeside Industrial Park
          Deeside Flintshire CH5 2NW
          Phone: +44 (0) 1244 830100
          Web site: http://www.thebigfoodgroup.co.uk


BOOTH & BIDDICK: Hires KPMG as Liquidator
-----------------------------------------
At the extraordinary general meeting of the Booth & Biddick
Limited on Nov. 18, 2004 held at the offices of Fyffes UK
Limited, Houndmills Road, Basingstoke, Hampshire RG21 6XL, the
special and ordinary resolutions to wind up the company were
passed.  Robert Graham Ferguson of KPMG, Stokes House, 17-25
College Square East, Belfast BT1 6DH has been appointed
liquidator for the purpose of such winding-up.

CONTACT:  KPMG
          Stokes House, Square East
          Belfast BT1 6DH
          Phone: +44 (28) 9024 3377
          Fax: +44 (28) 9089 3893
          Web site: http://www.kpmg.ie


BRITISH ENERGY: Calls Shareholders Meeting
------------------------------------------
In a petition presented to the Court of Session at the instance
of British Energy Plc, a company incorporated under the
Companies Act and having its Registered Office at 3 Redwood
Crescent, Peel Park, East Kilbride, Lanarkshire, for sanction
for a scheme of arrangement Nov. 29, 2004 under Section 425 of
the Companies Act 1985 between the Company and holders of Scheme
Shares (as defined in the Members' Scheme), confirmations of
reduction of capital and re-registration as a private limited
company, by virtue of an Order made by Lord Eassie dated
November 9, 2004 the Court ordered that meetings of the under-
mentioned holders of the several classes of shares in the
capital of the Company be convened for the purposes of
considering and, if thought fit, approving (with or without
modification) the Members' Scheme.

Notice is hereby given that, as authorized by the said Order,
the directors of the Company have fixed the respective meetings
to be held at Murrayfield Stadium Conference Center, Edinburgh
EH12 5PJ at the under-mentioned times, at which place and
respective times the relevant members of the Company are
requested to attend the appropriate meetings:

(a) Meeting of the holders of ordinary shares of 44 28/43p each
    share capital of the Company: 10:30 a.m. on December 22,
    2004; and

(b) Meeting of the holders of A shares of 60p each share capital
    of the Company: 11:30 a.m.[1] on December 22, 2004.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Or so soon thereafter as the preceding meeting shall have
    concluded or been adjourned.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Any member of the Company who is entitled to attend and vote at
one or more of the meetings may vote in person or they may
appoint another person, whether a member of the Company or not,
as their proxy to attend or vote in their place.  Forms of proxy
for use at the respective meetings are being circulated to
members of the Company and copies of the forms of proxy can be
obtained by contacting the registrars of the Company, Lloyds TSB
Registrars, SEA 9411, The Causeway, Worthing BN99 6ED or by
contacting the Company helpline on freephone 0800 035 0844 (or
if calling form outside the U.K. +44 (0) 1295 225 285 (calls
charge at applicable rates)), Monday to Friday 9:00 a.m. to 5:00
p.m. (U.K. time)

In the case of joint holders, the vote of a senior who tenders
the vote, whether in person or by proxy, will be accepted to the
exclusion of the votes of the other joint holders and for this
purpose seniority will be determine by the order of which name
stand in the register of the members of the Company in respect
of joint holding.

It is requested that forms appointing proxies be lodged with the
registrars of the Company, Lloyds TSB Registrars, SEA 9411, The
Causeway, Worthing BN99 6ED not later than 48 hours before the
time appointed for the relevant meeting, but if forms are not so
lodged they may be handed to the chairman of the relevant
meeting.

Only those shareholders registered in the register of the
members of the Company as at 6:00 p.m. on December 20, 2004 or,
in the event that the relevant meeting is adjourned, in the
register of members 48 hours before the time appointed for the
adjourned meeting shall be entitled to vote in respect of the
number of shares registered in their name at the relevant time.
Changes to entries in the relevant register of members after
6:00 p.m. on December 20, 2004 or, in the event the relevant
meeting is adjourned, in the register of members 48 hours before
the meeting appointed for the adjourned meeting shall be
disregarded in determining the rights of any person to attend or
vote at the relevant meeting.

A copy of the aforementioned Members' Scheme together with a
copy of the statement explaining the effect thereof is being
issued to all members of the Company.  Further copies of the
Members' Scheme and the statement explaining the effect thereof
can be obtained by the Members of the Company by contacting the
Company attention of the Company Secretary, 3 Redwood Crescent,
Peel Park, East Kilbride, Lanarkshire; or by contacting the
Company helpline on freephone 0800 035 0844 (or if calling form
outside the U.K. +44 (0) 1295 225 285 (calls charge at
applicable rates)), Monday to Friday 9:00 a.m. to 5:00 p.m.
(U.K. time)

By said Order of the Lord Eassie dated November 9, 2004, the
Court has authorized the said meetings to appoint Adrian
Montague, chairman of the Company or, failing him, Clare
Spottiswoode, a director of the Company to act as chairman of
the aforementioned meetings and has directed the chairman to
report the results of the meetings to the Court.

MacRoberts, Solicitors
Agent for British Energy Plc

CONTACT:  BRITISH ENERGY PLC
          3 Redwood Crescent
          Peel Park
          East Kilbride G74 5PR
          Phone: +44 (0) 1355 262 000
          Web site: http://www.british-energy.com

          John Searles
          Investor Relations
          Phone: 01355 26 2202

          Andrew Dowler
          Media Relations
          Phone: 020 7831 3113

          MACROBERTS SOLICITORS
          Excel House
          30 Semple Street
          Edinburgh EH3 8BL
          Phone: +44 (0)131 229 5046
          Fax: +44 (0)131 229 0849
          Web site: http://www.macroberts.com


BRITISH ENERGY: Lenders to Get More than 95% of Reorganized Firm
----------------------------------------------------------------
                   Summary of the Restructuring

Creditors

The key features of the Restructuring are:

(a) Creditors (other than BNFL) have agreed to extinguish their
    unsecured claims against the Group in exchange for GBP275
    million of New Bonds to be issued by Holdings Plc and at
    least 97.5% of the New Shares to be issued by New British
    Energy.  Appendix 1 to this announcement contains details of
    the agreed allocations of the New Bonds and New Shares to
    these Creditors, which have been extracted without material
    adjustment from the Creditors' Scheme Circular;

(b) NLF will fund the New British Energy Group's qualifying
    uncontracted nuclear liabilities and qualifying costs of
    decommissioning the Group's nuclear power stations.  The
    Secretary of State will fund qualifying decommissioning
    costs and qualifying uncontracted liabilities to the extent
    they exceed the assets of the NLF, as well as, subject to
    certain limitations, qualifying contracted liabilities for
    historic spent fuel;

(c) in consideration for the assumption of the nuclear
    liabilities and decommissioning costs referred to above,
    Holdings Plc will issue GBP275 million of New Bonds to the
    NLF and will also make further annual periodic payments to
    The NLF, including the NLF Cash Sweep Payment;

(d) the Eggborough Banks as lenders and swap providers with
    security over the Eggborough Station and the shares of EPL,
    have agreed to replace their existing secured claims with
    the right to receive payments under the Amended Credit
    Agreement equivalent to those payable to holders of GBP150
    million of New Bonds (including interest and capital).  In
    addition, they will have an option to acquire the shares in,
    or assets of, EPL on March 31, 2010 or, prior to August 31,
    2009, on or after the occurrence of an event of default that
    is continuing under the Amended Credit Agreement.  The
    Eggborough Banks will also be repaid GBP37.5 million
    pursuant to the RBS Letter of Credit; and

(e) the BNFL contracts for front-end and back-end related fuel
    services to the Group's AGR stations have been amended,
    amongst other things, in order to link certain elements of
    payments under those contracts to wholesale electricity
    prices.

Appendix can be viewed at
http://bankrupt.com/misc/britishenergy_appendix.htm.

CONTACT:  BRITISH ENERGY PLC
          3 Redwood Crescent
          Peel Park
          East Kilbride G74 5PR
          Phone: +44 (0) 1355 262 000
          Web site: http://www.british-energy.com

          John Searles
          Investor Relations
          Phone: 01355 26 2202

          Andrew Dowler
          Media Relations
          Phone: 020 7831 3113


BRITISH ENERGY: Reveals New Shares Allocation for Members
---------------------------------------------------------
Shareholder Allocation

In addition, if the Restructuring is completed, New British
Energy will issue a mix of New Shares and Warrants to
Shareholders on these basis:

(a) if the Members' Scheme is approved by Shareholders and it
    becomes effective, Shareholders will receive New Shares
    representing 2.5% of the issued share capital of New
    British Energy immediately following implementation of the
    Restructuring and Warrants entitling them to subscribe for
    New Shares equal to 5% of New British Energy's thereby
    diluted share capital immediately following completion of
    the Restructuring (excluding the impact of the Employee
    Options and conversion of the NLF Cash Sweep Payment);

(b) if the Members' Scheme is not approved by Shareholders (or
    it otherwise Lapses) but Ordinary Shareholders approve the
    Disposal, then Shareholders will not receive any New Shares
    but will receive Warrants entitling them to subscribe
    for New Shares equal to 5% of New British Energy's thereby
    diluted share capital immediately following completion of
    the Restructuring (excluding the impact of the Employee
    Options and conversion of the NLF Cash Sweep Payment); and

(c) if Shareholders do not vote in favor of the Members' Scheme
    (or it otherwise Lapses) and Ordinary Shareholder approval
    in respect of the Disposal is not obtained, Shareholders
    will receive no New Shares or Warrants.

(d) A summary of the allocations of New Shares and New Warrants
    is attached at Appendix 1 of the announcement.   A more
    detailed description of the Restructuring is contained in
    Part VI of the Prospectus: "Further information relating to
    the Restructuring."

Appendix can be viewed at
http://bankrupt.com/misc/britishenergy_appendix.htm.

CONTACT:  BRITISH ENERGY PLC
          3 Redwood Crescent
          Peel Park
          East Kilbride G74 5PR
          Phone: +44 (0) 1355 262 000
          Web site: http://www.british-energy.com

          John Searles
          Investor Relations
          Phone: 01355 26 2202

          Andrew Dowler
          Media Relations
          Phone: 020 7831 3113


BRITISH ENERGY: To Create New Subsidiary While Restructuring
------------------------------------------------------------
Implementation of the Restructuring

The Restructuring entails, amongst other things, a debt for
equity and debt swap involving the creation of two new holding
companies, New British Energy and its subsidiary, Holdings Plc.
British Energy, New British Energy and Holdings Plc will have
the same directors.  New British Energy will issue New Shares
and Warrants, and Holdings Plc will issue New Bonds.

Creditors' claims

The Bondholders and RBS will compromise their claims through
Creditors' Scheme.  To become Effective, the Creditors' Scheme
must be approved by a majority in number of the relevant
creditors representing three-fourths in value of such creditors'
claims (in each case of those creditors present and voting).
The Creditors' Scheme must then receive the sanction of the
Court and the Court order sanctioning the Creditors' Scheme must
be filed with the Scottish Registrar.

The Significant Creditors will extinguish all, and the
Eggborough Banks will extinguish part, of their existing claims
against the British Energy Group pursuant to the various
arrangements under the Creditor Restructuring Agreement and
related documents.

Members' Scheme

In order to implement the Restructuring, it is proposed that we
will become a wholly owned subsidiary of New British Energy by
means of the Members' Scheme.  The Members' Scheme requires the
approval of the Ordinary Shareholders and A Shareholders and
must thereafter be sanctioned by the Court.

What Shareholders will Receive

Members' Scheme

If the Members' Scheme is approved by the requisite majorities
of Shareholders and becomes Effective, subject to certain
restrictions relating to overseas Shareholders, Shareholders
will be entitled to receive:

for every 50 Ordinary Shares                   1.0 New Share and
                                               2.1 Warrants

for every 50 A Shares                          1.0 New Share and
                                               2.1 Warrants

in respect of British Energy Shares held at the Scheme Record
Time.

Each Shareholder will receive New Shares and Warrants under the
Members' Scheme only if he or she elects to do so by completing
the relevant Form(s) of Election or, in the case of the Warrants
only, such Shareholder is deemed to have elected to receive such
Warrants.  If a Shareholder does not make a valid Shareholder
Election or Deemed Election, the relevant New Shares and
Warrants will be sold in the market at the best price reasonably
obtainable in the market and the net proceeds (if any) will be
remitted to the relevant Shareholder.  In considering whether to
make a Shareholder Election, Shareholders should bear in mind
the expense involved in transactions in small numbers of
securities.  It is generally the case that stockbrokers' minimum
commissions are around GBP10 to GBP25.

CONTACT:  BRITISH ENERGY PLC
          3 Redwood Crescent
          Peel Park
          East Kilbride G74 5PR
          Phone: +44 (0) 1355 262 000
          Web site: http://www.british-energy.com

          John Searles
          Investor Relations
          Phone: 01355 26 2202

          Andrew Dowler
          Media Relations
          Phone: 020 7831 3113


BRITISH ENERGY: Details Financial Effects of Possible Disposal
--------------------------------------------------------------
Disposal

If the Members' Scheme is not approved, then we intend to
implement the Restructuring by means of the Disposal.  The
Disposal involves the sale of our Business to Holdings Plc in
accordance with the terms of the Business Transfer Agreement.
In return, Holdings Plc will perform all of our obligations and
will discharge all of our liabilities.

The Restructuring is not conditional on Shareholder approval.
Therefore, if the Members' Scheme or the Disposal is not
approved, we are required, under the Creditor Restructuring
Agreement, to proceed with the Disposal without the approval of
Ordinary Shareholders.  In this case, however, Shareholders will
not receive any New Shares or Warrants.

Differences between Members' Scheme and Disposal

Implementation of the Restructuring through the Members' Scheme
may provide certain tax benefits to the Group, avoids the need
to transfer our Business to Holdings Plc and avoids the need to
maintain the Company as a shell company after the Disposal and
pending dissolution.  For this reason, if Shareholders approve
the Members' Scheme and it becomes Effective they will receive
both New Shares and Warrants as described above.  If the
Members' Scheme is not approved by Shareholders and we have to
implement the Restructuring through the Disposal, the risk of
disruption which may result from the need to transfer all of our
Business to Holdings Plc, the loss of potential tax benefits and
the costs involved in administering the Company after the
Disposal has been effected make this option less attractive.
Accordingly, if Shareholders do not approve the Members' Scheme
but pass the Disposal Resolution at the Extraordinary General
Meeting and the Restructuring is completed, they will receive
only the Warrants.

If we proceed with the Disposal, Shareholders will remain
holders of British Energy Shares but we will cease to
beneficially own any assets (including shares in subsidiary
companies), as these will have been transferred to Holdings Plc.
The British Energy Shares will, therefore, be unlisted shares in
an empty shell company with no value.  In due course British
Energy would be wound up or struck off the register of companies
on a solvent basis and there will be no further return to
Shareholders.

What Shareholders will Receive

Disposal with Ordinary Shareholder approval

If the Members' Scheme is not approved by the requisite
majorities of Shareholders, is not sanctioned by the Court or
otherwise Lapses, but the Disposal Resolution is approved at the
EGM then following completion of the Restructuring, Shareholders
will, subject to certain restrictions relating to overseas
Shareholders, be entitled to receive:

for every 50 Ordinary Shares                                 2.1
Warrants

for every 50 A Shares                                        2.1
Warrants

in respect of British Energy Shares held at the Disposal Record
Time.

Each Shareholder will receive Warrants under the Disposal only
if he or she elects to do so by completing the relevant Form(s)
of Election or such Shareholder is deemed to have elected to
receive such Warrants.  In the event that a Shareholder does not
make a valid Shareholder Election or Deemed Election, the
relevant Warrants will be sold in the market at the best price
reasonably obtainable in the market and the net proceeds (if
any) will be remitted to the relevant Shareholder.  In
considering whether to make a Shareholder Election, Shareholders
should bear in mind the expense involved in transactions in
small numbers of securities.  It is generally the case that
stockbrokers' minimum commissions are around GBP10 to GBP25.

The terms and conditions of the Warrants are set out in Part
VIII of the Prospectus: "Conditions of the Warrants."

Disposal without Ordinary Shareholder approval

If the Members' Scheme is not approved by the requisite
majorities of Shareholders, is not sanctioned by the Court or
otherwise Lapses and the Disposal is not approved at the EGM,
then Shareholders will not receive any New Shares or Warrants.

There are a number of risks related to ownership of the New
Shares and Warrants.  Part II of the Prospectus: "Risk factors"
contains further detail in relation to such risks.

Financial Effects of the Disposal

Under the terms of the Disposal, Holdings Plc will acquire all
of our Business in exchange for agreeing to assume all of our
liabilities.  As at August 30, 2004, Holdings Plc had net assets
of GBP50,000.  Holdings Plc did not trade prior to that date and
therefore has no previous earnings.  As at 30 June 2004, we had
total assets of GBP2,559 million and total liabilities of
GBP5,840 million.  In the three-month period ended 30 June 2004,
we had a loss after tax and exceptional items of GBP115 million.
Following the Disposal we would have no assets and our
liabilities will be covered by the indemnity from Holdings Plc.

Shareholders should not rely on this summary information and
should read the Members' Scheme Circular and the accompanying
Prospectus.  The net asset information for Holdings Plc has been
extracted without adjustment from the Accountants' Report set
out in Section 4 of Part IV of the Prospectus: "Financial
information," and the figures relating to our total assets,
total liabilities, and loss after tax and exceptional items have
been extracted without material adjustment from our results for
the three months ended June 30, 2004 which are set out in
Section 2 of Part IV of the Prospectus: "Financial information."

CONTACT:  BRITISH ENERGY PLC
          3 Redwood Crescent
          Peel Park
          East Kilbride G74 5PR
          Phone: +44 (0) 1355 262 000
          Web site: http://www.british-energy.com

          John Searles
          Investor Relations
          Phone: 01355 26 2202

          Andrew Dowler
          Media Relations
          Phone: 020 7831 3113


BRITISH ENERGY: Warns of Future Financial, Trading Difficulties
---------------------------------------------------------------
Trading

At the time of the announcement of the outline terms of our
Restructuring on November 28, 2002, the wholesale market price
for electricity had been GBP17.0 per MWh for delivery in 2003/04
whilst average unit operating costs (including those relating to
the Eggborough Station) for the six months ending September 30,
2002 were approximately GBP19.9 per MWh.  In short, as a result
of our high fixed cost base (particularly the costs associated
with our fuel) on a per MWh basis, our costs of producing
electricity were exceeding our achieved selling price.

We entered into the agreements with Creditors and the Secretary
of State in October 2003 in order to avoid administration in
circumstances where no other viable option was available to the
Group.  The agreements provide the best that we could negotiate
for Shareholders at the time.  We believe the only alternative
would have been for us to take appropriate insolvency
proceedings under which any distribution to Shareholders would
have been highly unlikely.

At the time of the announcement of the formal terms of the
Restructuring on October 1, 2003 we had contracted to sell our
electricity for the remainder of that financial year at what we
also estimated at that time would be an average price of GBP17.1
per MWh.  At that time, we had entered into fixed price
contracts for summer 2004 and winter 2004/2005 in relation to
approximately 50% of our output for 2004/05 at an average price
of GBP18.3 per MWh and altogether had contracts to sell
approximately 90% of our output for that period.

Taken together with the partial hedge provided by the new BNFL
contracts (assuming the market price could fall below GBP21.0
per MWh), this meant we would only be 8% exposed to fluctuations
in the wholesale electricity price.

The prevailing market price at the time had been GBP21.6 per MWh
for 2004/05.

The wholesale market price for electricity has increased
significantly compared to the price at the time that the
Restructuring was announced.  This increase in the wholesale
price for electricity, together with key elements of the
Restructuring, details of which are set out in summary in the
bullet points on the second half of page 9 and on page 10 of the
Prospectus (and which are dealt with more fully in Part VI of
the Prospectus: "Further information relating to the
Restructuring") mean that the outlook for the Group has improved
since the announcement made on November 28, 2002, although this
has been offset by declines in output.

Current, Financial and Trading Prospects of the Group

Nuclear output was 15 TWh (a 67% load factor) for the three-
month period ended June 30, 2004, 28.7 TWh (a 68% load factor)
for the six-month period ended 30 September 2004 and 33.1 TWh (a
67% load factor) for the seven-month period ended 31 October
2004.  The U.K. nuclear output for the equivalent periods in
2003 was 17.0 TWh (an 82% load factor), 33.3 TWh (a 79% load
factor) and 37.9 TWh (a 77% load factor).

The reduction on the previous year, and in the second quarter of
this year compared to the first quarter, has been primarily due
to unplanned outages.

During the three-month period ended 30 June 2004 and the six-
month period ended September 30, 2004, investment expenditure on
plant projects, major repairs and strategic spares across the
whole Group, including incremental costs associated with PIP,
totaled GBP32 million and GBP64 million respectively of which we
estimate that GBP17 million and GBP32 million respectively may
have been capitalized, with the main projects in the period
including replacement of cast iron pipework, fuel route
improvements and the implementation of the work management
program.

As a result of the FRS 11 impairment review in the financial
year ended March 31, 2003, all expenditure of a capital nature
has been expensed and will continue to be expensed until such
time as it is possible to demonstrate that it results in an
enhancement to the carrying value of fixed assets.

As indicated above, we had already contracted to sell much of
our planned nuclear output for the current year during the
previous financial year and have had to buy back power.
Therefore we have not seen the full benefit of the recent rises
in electricity prices.  These factors, as well as increased
pension costs and an increased depreciation charge related to
the impairment reversal made in March 2004, have had a
significant adverse impact on our profitability and cash flow.

In view of the recent unplanned outages and the delayed return
to service of our Hartlepool and Heysham 1 power stations, the
Directors consider that the outlook for the Company's financial
and trading prospects for the remainder of the financial year
will be challenging.

The principal factors affecting the financial and trading
prospects of the Group for the current financial year are:
output, nuclear unit cash costs, sales, PIP, and cash and
liquidity.

Following the unplanned outage at Heysham 1 in early 2004, as a
result of cast iron pipework failure, we reviewed the
implications for further cast iron pipework replacement at our
other nuclear power stations and, accordingly, on March 19, 2004
we announced that our indicative target for nuclear output for
2004/2005 was reduced from 67 TWh to 64.5 TWh.  We have suffered
a number of unplanned outages since that date and following the
evaluation of structural inspections carried out during a
statutory outage at Hartlepool, we decided that further work was
required to demonstrate the integrity of certain boilers.

On July 30, 2004, we announced that we had revised our target
nuclear output for 2004/2005 to around 61.5 TWh.  However,
following discussions with the NII concerning our program of
works at Hartlepool and Heysham 1, we currently expect that
Hartlepool and Heysham 1 will not return to service until later
this calendar year and consequently we expect nuclear output of
59.5 TWh in the financial year ending March 31, 2005 (as we
announced on 18 November 2004).  Based on New British Energy's
business plans, we further expect the average annual nuclear
output over the next 3 financial years (including this financial
year) to be approximately 61.8 TWh.

Subject always to its continuing obligations as a listed
company, New British Energy proposes to publish information
regarding the Group's output on a quarterly basis at the same
time as it publish the results for that quarter (rather than on
a monthly basis) and it does not propose to make further
forward-looking statements regarding the Group's proposed annual
output during a financial year.

Based on an average annual nuclear output over the next 3
financial years of approximately 61.8 TWh, our average nuclear
unit cash costs are projected to be GBP19.1 per MWh at current
price levels.  These costs have increased since the October 2003
announcement as a result of the reduction in output, the higher
level of projected investment and the costs of PIP referred to
below, the increase in electricity prices and inflation.  The
rise in electricity prices impacts our nuclear unit cash costs
because under the new arrangements for back-end fuel services we
are now making additional payments to BNFL.  This will continue
for so long as electricity prices remain above GBP16.0 per MWh
(in 2002/2003 monetary values and indexed to RPI).

As of November 22, 2004 contracts were in place covering
virtually all of the planned output for the financial year
ending March 31, 2005, of which nearly all are at fixed prices.
The average price for these fixed price contracts is GBP21.0 per
MWh.  For 2005/2006, contracts are in place for approximately
two-thirds of planned generation, with approximately half of
these being at fixed prices at an average price of approximately
GBP25 per MWh.

The market price for forward baseload contracts has continued to
rise and the wholesale price for annual contracts with delivery
in 2005/2006 has risen from around GBP24.5 per MWh at the end of
March 2004 to over GBP30.0 per MWh by November 22, 2004, an
increase of some 20%.  Whilst there is no guarantee that these
prices will continue to prevail they are comfortably above our
estimates of average nuclear unit cash costs.

In August 2003 we brought together a team within British Energy
and engaged a consortium of experienced external consultants, to
design and implement a far-reaching performance improvement
program (PIP).  By putting in place and implementing this
program, which in essence involves investing in our people,
processes and plant, we are aiming to increase the degree of
reliability of our nuclear generating assets.  However, because
of the program's wide ranging nature and the time and costs
involved in implementing it, we do not expect to see the
benefits of the hoped for improvement in operational reliability
in the current or next financial year.

AGR power stations are unique to the U.K. and were built in the
1970s and 1980s by different design consortia to different
design specifications.  Accordingly, there can be no assurance
that the improvement in reliability achieved in other nuclear
power station improvement programs, upon which PIP is based and
which have been undertaken on newer fleets of nuclear power
stations based on non-AGR technology, will be capable of being
achieved in respect of our AGR power stations.

Based on our current expectations of future electricity prices
and output, and therefore our financial resources, we believe
that the annual investment in plant projects, major repairs and
strategic spares across the whole New British Energy Group,
which includes incremental annual PIP expenditure of GBP70
million to GBP120 million, will be in the range of GBP200
million to GBP250 million in each of the two years ending March
31, 2006 and 2007.  This compares with the range of capital
expenditure of GBP85 million to GBP90 million announced in
October 2003, which did not include any PIP expenditure, nor the
costs of major repairs and strategic spares.

This financial year, based on the financial resources we expect
to have available to us, this investment will be in the range of
GBP140 million to GBP170 million including incremental PIP
expenditure of approximately GBP20 million.  If our financial
resources are otherwise required due to unforeseen outages or
changes to electricity prices and collateral requirements, we
may be required to adjust our investment plans accordingly.

On June 30, 2004, net debt was GBP382 million with gross debt
standing at GBP883 million.  We had cash and liquid resources of
GBP501m of which GBP321m was deposited as collateral in support
of our trading activities.  At October 31, 2004, the amounts
were GBP450 million and GBP332 million respectively.  We also
entered into a receivables facility agreement on August 25, 2004
to provide additional liquidity and we have agreed to defer
amounts due to certain suppliers in order to better match the
profile of monthly expenditure with the receipt of income from
the sale of electricity.

A more detailed description of the Group's current trading and
prospects is set out in Part III of the Prospectus: "Operating
and financial review and prospects."  Financial information
relating to the Group and a pro forma net asset statement for
the New British Energy Group are set out in Part IV of the
Prospectus: "Financial information" and Part V: "Unaudited pro
forma financial information" respectively.  Shareholders should
not rely on this summary information and should read the entire
Members' Scheme Circular and accompanying Prospectus.

Our cash and sales figures have been extracted without material
adjustment from our underlying accounting and sales records used
in the preparation of the financial information in Part IV of
the Prospectus: "Financial information" and the information
relating to PIP has been extracted from our own internal records
regarding how we allocate our expenditure.

CONTACT:  BRITISH ENERGY PLC
          3 Redwood Crescent
          Peel Park
          East Kilbride G74 5PR
          Phone: +44 (0) 1355 262 000
          Web site: http://www.british-energy.com

          John Searles
          Investor Relations
          Phone: 01355 26 2202

          Andrew Dowler
          Media Relations
          Phone: 020 7831 3113


BRITISH ENERGY: Rules out Dividend Until 2007
---------------------------------------------
The board of New British Energy intends to distribute to
shareholders as much of New British Energy's available cash flow
as prudently possible, but not until operational requirements of
the business permit.  In addition, under the terms of the
Restructuring, there are certain restrictions on, or factors
affecting, the board's ability to pay dividends including:

(a) New British Energy is required to fund cash reserves out of
    its net cash flow in order to support the New British Energy
    Group's collateral and liquidity requirements post-
    Restructuring.  The initial target amount for the cash
    Reserves is GBP490 million plus the amount by which cash
    employed as collateral exceeds GBP200 million.  Prior to
    paying any dividends, New British Energy's cash needs to
    equal or exceed the Target Amount and certain other amounts
    specified in the Contribution Agreement;

(b) the terms of the Contribution Agreement also require that
    once the cash reserve is funded to the Target Amount, New
    British Energy must make the NLF Cash Sweep Payment.
    Initially this is 65% of the New British Energy Group's
    adjusted net cash flow (calculated on the basis set out in
    the summary of the Contribution Agreement in paragraph
    17.2(e) of Part X of the Prospectus: "Additional
    information").  This percentage may be adjusted for certain
    corporate actions but may never exceed 65%. The requirement
    to make the NLF Cash Sweep Payment will greatly reduce the
    amount of cash that would otherwise be available for
    distribution to Shareholders.  In addition, New British
    Energy may not pay any dividends without making an
    additional payment to the NLF if the result of paying such
    dividend would be that the aggregate amount of dividends
    paid to shareholders in the period following the
    Restructuring would exceed the aggregate of New British
    Energy's annual adjusted net cash flow in such period less
    the aggregate NLF Cash Sweep Payments payable in such
    period;

(c) the terms of the New Bonds contain certain covenants (which
    are described in detail in Part VII of the Prospectus:
    "Terms and conditions of the New Bonds"), including a
    restriction that allows New British Energy to pay a dividend
    only if the Target Amount is met and no event of default has
    occurred; and

(d) New British Energy must have distributable reserves.

As a result of these restrictions and after making a prudent
allowance for collateral requirements the directors of New
British Energy consider that the earliest period for which a
dividend may be declared is the financial year ending 2007.  A
further description of New British Energy's dividend policy is
set out in Part III of the Prospectus: "Operating and financial
review and prospects."

CONTACT:  BRITISH ENERGY PLC
          3 Redwood Crescent
          Peel Park
          East Kilbride G74 5PR
          Phone: +44 (0) 1355 262 000
          Web site: http://www.british-energy.com

          John Searles
          Investor Relations
          Phone: 01355 26 2202

          Andrew Dowler
          Media Relations
          Phone: 020 7831 3113


BRITISH ENERGY: Asks to Extend Creditors' Scheme Long Stop Date
---------------------------------------------------------------
Completion of the Restructuring is subject to a number of
important conditions, including the Initial Conditions, the
Filing Conditions and the Restructuring Condition.  Admission is
also conditional upon the Restructuring being implemented.  In
addition to these conditions, the Restructuring will not be
implemented if either of the Creditor Restructuring Agreement or
the Government Restructuring Agreement is terminated in
accordance with its terms.  Both the Creditor Restructuring
Agreement and the Government Restructuring Agreement will
terminate if, amongst other things, British Energy receives a
valid notice from the relevant parties terminating the agreement
on the basis that there is a continuing Material Adverse Change.
In such circumstances the standstill arrangements, which
restrict the Creditors from taking any steps to initiate
insolvency proceedings or demand or accelerate any amounts due
and payable to them by any member of the British Energy Group,
would also terminate.

Moreover, unless otherwise agreed by the Creditors, the
Secretary of State and British Energy, the Creditor
Restructuring Agreement and the Government Restructuring
Agreement will automatically terminate, and consequently the
Restructuring will not be implemented if the Creditors' Scheme
has not become effective by January 31, 2005 (or such later date
as the requisite parties may agree).

Polygon and Brandes

On September 3, 2004, two groups of shareholders together
holding 10.22% of our Ordinary Shares, requisitioned an
extraordinary general meeting of the Company.  The resolutions
proposed by Polygon and Brandes sought to stop us from taking
certain actions, which may be necessary to implement the
Restructuring.  In response, certain of our Bondholders
commenced proceedings in London against Polygon and Brandes for,
amongst other things, the tort of procuring or inducing a breach
of the Creditor Restructuring Agreement or otherwise interfering
with its due performance.  We too commenced proceedings against
Polygon and its associates in New York in relation to a U.S.
S.E.C. filing required to be made by Polygon in relation to its
interests in British Energy.

On September 23, 2004, we sent Shareholders a circular notifying
Shareholders of our intention to apply for the UKLA to cancel
the listings of the British Energy Shares and on the following
day we sent a further circular to Shareholders containing the
notice of the Requisitioned EGM.  Having considered our recent
circulars, on September 30, 2004 Polygon stated that it now
believed that there was no commercial logic for it supporting
the resolutions to be considered at the Requisitioned EGM and
consequently confirmed that it would vote against the
resolutions to be put to the Requisitioned EGM and that it would
not further oppose the Restructuring.  On that day, we announced
that we would be withdrawing our action against Polygon in New
York and that the Bondholders had agreed terms to stop the
proceedings in London insofar as they related to Polygon.

Brandes subsequently announced on October 6, 2004 that it was
not going to pursue the matter further for the time being but
that it would continue to monitor events so that it may take
appropriate steps to promote the legitimate interests of its
clients.

Following our application for the UKLA to cancel the listings of
the British Energy Shares from the Official List, the UKLA
cancelled those listings with effect from 8:00 a.m. on October
21, 2004 and October 20, 2004 was the last day of dealings in
British Energy Shares on the main market of the London Stock
Exchange.

Although we are, therefore, exempt from the continuing
obligation provisions of the Listing Rules, which apply to
issuers of equity securities, we are intending to comply with
these obligations (other than the requirement to seek
shareholder approval for significant transactions such as the
Disposal) as if the listings had not been cancelled.  As the
listings of the Bonds have not been cancelled, we do remain
subject to the continuing obligation provisions of the Listing
Rules, which apply to issuers of specialist debt securities.

The Requisitioned EGM was held on October 22, 2004 following
which we announced that none of the resolutions that had been
proposed at the Requisitioned EGM had been passed.

Our indicative timetable for the Restructuring anticipates the
Creditors' Scheme becoming Effective and Admission occurring in
mid-January.  The indicative timetable of principal events for
the Creditors' Scheme is set out in Appendix 2 and the
indicative timetable of principal events for Shareholders is set
out in Appendix 3.  However, the indicative timetable is our
best case expectation and subject to change and delay (see note
1 to the timetable).  We have, therefore, decided that it is
prudent to seek an extension to the present long stop dates of
January 31, 2005 and have proposed terms for an extension to at
least March 31, 2005 to Creditors and the Secretary of State.

The Group owes some GBP1.5 billion to the Bondholders, the
Eggborough Banks, RBS, the Significant Creditors (currently
Deutsche Bank AG) and BNFL which is stood still pending
implementation of the Restructuring but which would become due
and payable if the Restructuring is not completed by the long
stop date of (at present) January 31, 2005.  An alternative
restructuring would require the agreement of these creditors and
the Secretary of State and we have no assurance that such
agreement would be reached.

Furthermore the Board believes that any fundraising for the
purpose of achieving an alternative restructuring would carry
significant risks.  If for any reason the Restructuring cannot
be completed before the present or any extended long stop date
and a replacement standstill cannot be agreed with creditors
shortly thereafter, we would be unable to meet our financial
obligations as they fall due, in which case we may have to
commence insolvency proceedings.  In the circumstances, the
Board continues to believe that there is no reliable alternative
to the Restructuring available to us.

We have agreed an extension of the Restructuring Long Stop Date
under the Creditor Restructuring Agreement until March 31, 2005,
subject to certain intermediate milestones, with the ad hoc
committee of Bondholders (on behalf of Consenting Bondholders),
Deutsche Bank AG and BNFL.  The extension also requires the
agreement of the holders of two-thirds of the Eggborough Banks'
debt and swap claims.  The steering committee of the Eggborough
syndicate comprises Barclays and RBS.  Eggborough Banks holding
some 53% of the Eggborough Banks' claims (including Barclays and
RBS) have agreed to this extension and RBS extended the RBS
Letter of Credit.  The approval of further Eggborough Banks is
required to achieve the requisite two-thirds majority.

The extension of the Creditor Restructuring Agreement also
requires written resolutions of Bondholders to extend the
standstill period under the terms of the Company's Bonds due
2003, 2006 and 2016 to be signed by a simple majority of the
holders of each series of the bonds.  The ad hoc committee of
Bondholders has agreed to approve these resolutions.

The Secretary of State is not party to the Creditor
Restructuring Agreement but, for technical reasons, her consent
is required to enable that agreement to be extended in the
manner contemplated; the Secretary of State has consented to the
extension solely for that purpose.  The Secretary of State has
also agreed to extend the longstop date for completion of the
Government Restructuring Agreement between the Company and the
Secretary of State to April 30, 2005.

In the context of meeting its overarching objectives at this
time of nuclear safety, security of electricity supplies and
value for money for the taxpayer, the Government has stated that
it believes that continuity and stability in the management of
British Energy's business in the immediate future is desirable.
The Government has also sought and received assurances from
British Energy's management that any measures taken to manage
the Group's working capital will not adversely affect safety or
security of supply.  The extension of the Government
Restructuring Agreement is therefore subject to conditions
relating to those two issues.

The proposed extension will also preserve the possibility of
extension of the Creditor Restructuring Agreement beyond March
31, 2005 up to October 31, 2005, again subject to certain
intermediate milestones.  However, each of those parties and
majorities who are required to agree the proposed extension
would have absolute discretion as to whether to object to or
confirm the continuation of the extension beyond March 31, 2005
and may require amendments to the standstill and restructuring
arrangements in connection with the Restructuring being
completed after March 31, 2005.

The requisite parties may object to the continuation of the
extension or may not give such confirmations or agree the terms
(if any) upon which they would be willing for the Restructuring
to be completed after March 31, 2005.  Furthermore the agreement
of the Secretary of State will be required to extend the
Government Restructuring Agreement beyond April 30, 2005.

In any event if it were to become reasonably apparent that the
Restructuring would not be completed by March 31, 2005, we are
required to renegotiate the payments payable to BNFL with effect
from March 31, 2005 (subject to completion of the Restructuring
after March 31, 2005) under the BNFL agreements for historic
spent fuel services which have been agreed on the assumption
that the Restructuring would complete and these payments would
commence before March 31, 2005.  Subject to certain limitations,
these payments are expected to be funded by the Government as
part of the Restructuring and consequently any new schedule
would require agreement between us, BNFL and the Government.

Consequently even if the proposed extension becomes effective
there can be no assurance that any extension beyond March 31,
2005 will be available on the present terms of the Agreed
Restructuring or any other terms.

The intermediate milestones to the proposed extension include
Bondholders and RBS passing resolutions approving the Creditors'
Scheme by April 15, 2005 and the Creditors' Scheme becoming
effective within 30 business days of grant of the Creditors'
Scheme order or within 15 business days of final determination
of any appeal.  These milestones may be extended with the
agreement of those parties and majorities who are required to
agree the proposed extension.

Both the Creditor Restructuring Agreement and the Government
Restructuring Agreement are subject to conditions and to earlier
termination in certain events, as previously announced by
British Energy.

If such an extension becomes effective and/or if it becomes
apparent that the Restructuring Effective Date will be delayed
beyond January 31, 2005, we will inform Shareholders and
Creditors by making an appropriate announcement to a Regulatory
Information Service and the press.

For the avoidance of doubt, in such circumstances Admission may
not occur prior to January 31, 2005 and will remain conditional
on the Restructuring being implemented.  However, there is no
assurance that the proposed extension of the long stop dates for
the Restructuring will be agreed.  If for any reason we are
unable to implement the Restructuring prior to the present or
any extended long stop dates and a replacement standstill cannot
be agreed with Creditors shortly thereafter, we would be unable
to meet our financial obligations as they fall due, in which
case we may have to take appropriate insolvency proceedings.  If
we were to commence insolvency proceedings, distributions, if
any, to unsecured creditors may represent only a small fraction
of their unsecured liabilities and it is highly unlikely there
would be any return to Shareholders.

Admission is conditional upon the Restructuring being
implemented.

Recommendation for Scheme Creditors and Bondholders

The terms of the Restructuring are complex and you are urged to
read the Creditors' Scheme Circular with care as it contains a
great deal of important information.  If you are in any doubt as
to any aspect of these proposals and/or about the action you
should take, you should immediately consult your stockbroker,
bank manager, solicitor, accountant or other professional
adviser.

The Restructuring remains subject to a number of important
conditions (which are outlined in the Creditors' Scheme
Circular).  Notwithstanding the above, the Company believes that
the Restructuring, of which the Creditors' Scheme is a key
element, is in the interests of Scheme Creditors and
Bondholders.

Accordingly, the Company supports the Creditors' Scheme and
Restructuring and therefore recommends that Bondholders vote in
favor of the Bondholder Resolutions at the Bondholder Meetings
and that Scheme Creditors vote in favor of the Creditors' Scheme
at the Scheme Meeting.

Recommendation for Shareholders

We entered into the agreements with Creditors and the Secretary
of State in October 2003 in order to avoid administration in
circumstances where no other viable option was available to the
Group and the agreements provide the best that we could
negotiate for Shareholders at the time.  We believe the only
alternative would have been for us to take appropriate
insolvency proceedings under which any distributions to
Shareholders would have been highly unlikely.

We continue to believe there is no reliable alternative option
to the Restructuring available to us.

The effectiveness of the Members' Scheme and, failing that, the
implementation of the Disposal, is required for the
Restructuring to be implemented.  Therefore, if the Members'
Scheme is not approved or the Disposal Resolution is not passed,
we are required to implement the Disposal without Shareholder
approval.  If the Disposal is implemented, Shareholders will
remain holders of British Energy Shares, but we will have
disposed of all of our assets and the British Energy Shares will
be unlisted securities and will not have any value.

As note above, the Restructuring remains subject to a number of
important conditions (which are outlined in the Members' Scheme
Circular and will result in a very significant dilution of the
interests of Shareholders.  Notwithstanding the above, the
Directors consider that the Restructuring (implemented, if
necessary, by the Disposal) and the resolutions to be proposed
at the EGM are in the best interests of the Group and the
Shareholders as a whole.

Even if Shareholders approve the Members' Scheme it may still
not become Effective for other reasons and therefore Ordinary
Shareholders are encouraged to vote in favor of the Disposal as
well as the Members' Scheme.

In light of the difficult circumstances faced by the Group, the
Directors, who have received financial advice from Citigroup
Global Markets Limited, consider the Restructuring to be in the
interests of the Company.  In providing advice to the Directors,
Citigroup Global Markets Limited has placed reliance upon the
commercial assessments of the Directors.

Accordingly, the Directors unanimously support the Restructuring
and recommend that Shareholders vote in favor of the Members'
Scheme to be approved at the Court Meetings and both the
resolutions to be proposed at the Extraordinary General Meeting,
that is, the Members' Scheme Resolution and the Disposal
Resolution.  The Directors intend to vote in favor in respect of
their own beneficial holdings, amounting to 4,188 Ordinary
Shares.

Appendix can be viewed at
http://bankrupt.com/misc/britishenergy_appendix.htm

CONTACT:  BRITISH ENERGY PLC
          3 Redwood Crescent
          Peel Park
          East Kilbride G74 5PR
          Phone: +44 (0) 1355 262 000
          Web site: http://www.british-energy.com

          John Searles
          Investor Relations
          Phone: 01355 26 2202

          Andrew Dowler
          Media Relations
          Phone: 020 7831 3113


EGG PLC: Sells Savings and Online Brokerage Business
----------------------------------------------------
On 13 July the Board of Egg plc announced that it had begun to
take the necessary steps to withdraw from the French market.  On
5 October 2004, Egg announced that it had received an approach
in respect of its French savings and online brokerage business
from ING Direct France and had granted exclusivity to conclude
the agreement.

On 25 November Egg announces that it has received the opinion of
the French Works Council and has reached an agreement to sell
its savings and online brokerage business to ING Direct France.

The sale will transfer 45,000 savings and investment accounts to
ING Direct France.  As of [Fri]day, savings account liabilities
subject to the transaction currently total approximately EUR35
million (GBP25 million) and investment account funds under
administration total approximately EUR30 million (GBP21
million).  No assets will be transferred to ING Direct France.

The transaction will result in the redeployment of up to 40 of
Egg's 450 French workforce and is expected to be completed by
the end of 2004.  Our expectations with regard to the total exit
costs in France remain unchanged.

Egg plc is the world's largest pure online bank, providing
financial services products through its Internet site and other
distribution channels.

Egg plc floated on 12 June 2000 and is listed on the London
Stock Exchange.  Prudential plc holds 78% of the share capital.

CONTACT:  EGG PLC
          Media:
          Emma Byrne
          Phone: 0207 526 2600/07775 657 241
          Mark Maguire
          Phone: 0207 526 2651/07771 808 624

          Investors/Analysts:
          Kieran Coleman
          Phone: 0207 526 2648/07711 717358


ENTERTAINMENT AND LEISURE: Names Grant Thornton Administrator
-------------------------------------------------------------
Nigel Morrison (IP No 8938) and Richard Michael Hawes (IP No
8954) have been appointed joint administrators for Entertainment
And Leisure Services (Swindon) Limited.  The appointment was
made Nov. 24, 2004.  The company operates nightclubs.

CONTACT:  GRANT THORNTON UK LLP
          11-13 Penhill Road,
          Cardiff CF11 9UP
          Phone: 029 2023 5591
          Fax:   029 2038 3803
          Web site: http://www.grant-thornton.co.uk


EUROBREAD LIMITED: Administrators from Elwell Watchorn Move in
--------------------------------------------------------------
David John Watchorn and Richard John Elwell (IP Nos 8086 and
6057) have been appointed administrators for Eurobread Limited.
The appointment was made Nov. 23, 2004.  The company
manufactures food.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street, Sileby,
          Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax:   (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


EUROPASS TELECOM: Sets Creditors' Meeting Next Week
---------------------------------------------------
The creditors of Europass Telecom Ltd. will meet on Dec. 10,
2004 commencing at 10:00 a.m.  It will be held at The Hilton
Watford, Elton Way, Watford, Hertfordshire WD2 8HA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Baker Tilly, 5th Floor, Exchange House, 446
Midsummer Boulevard, Central Milton Keynes not later than 12:00
noon, Dec. 9, 2004.

CONTACT:  BAKER TILLY
          5th Floor, Exchange House,
          446 Midsummer Boulevard,
          Central Milton Keynes MK9 2EA
          Phone: 01908 687 800
          Fax:   01908 687 801
          Web site: http://www.bakertilly.co.uk


FAST BANANA: Members Pass Winding up Resolutions
------------------------------------------------
At the extraordinary general meeting of The Fast Banana Company
Limited on Nov. 8, 2004 held at the offices of Fyffes UK
Limited, Houndmills Road, Basingstoke, Hampshire RG21 6XL, the
special and ordinary resolutions to wind up the company were
passed.  Mr. Robert Graham Ferguson of KPMG, Stokes House, 17-25
College Square East, Belfast BT1 6DH has been appointed
liquidator for the purpose of such winding-up.

CONTACT:  KPMG
          Stokes House, Square East
          Belfast BT1 6DH
          Phone: +44 (28) 9024 3377
          Fax: +44 (28) 9089 3893
          Web site: http://www.kpmg.ie


FRESHA FRUIT: Calls in Liquidators from KPMG
--------------------------------------------
At the extraordinary general meeting of the Fresha Fruit Limited
on Nov. 18, 2004 held at the offices of Fyffes UK Limited,
Houndmills Road, Basingstoke, Hampshire RG21 6XL, the special
and ordinary resolutions to wind up the company were passed.
Robert Graham Ferguson of KPMG, Stokes House, 17-25 College
Square East, Belfast BT1 6DH has been appointed liquidator for
the purpose of such winding-up.

CONTACT:  KPMG
          Stokes House, Square East
          Belfast BT1 6DH
          Phone: +44 (28) 9024 3377
          Fax: +44 (28) 9089 3893
          Web site: http://www.kpmg.ie


FRESH JUICE: Meeting of Creditors Set Next Week
-----------------------------------------------
The creditors of Fresh Juice Bar Limited will meet on Dec. 10,
2004 commencing at 3:00 p.m.  It will be held at the offices of
Elwell Watchorn & Saxton, Cumberland House, 35 Park Row,
Nottingham NG1 6EE.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Elwell Watchorn & Saxton, 109 Swan Street,
Sileby, Leicestershire LE12 7NN not later than 12:00 noon, Dec.
9, 2004.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street, Sileby,
          Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax:   (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


FURNEAUX STEWART: Calls Creditors' Meeting
------------------------------------------
The creditors of Furneaux Stewart Design And Communication
Limited will meet on Dec. 16, 2004 commencing at 10:30 a.m.  It

will be held at the offices of UHY Hacker Young, 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, St Alphage House, 2 Fore
Street, London EC2Y 5DH not later than 12:00 noon, Dec. 15,
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


GEEPS END: Appoints Liquidator from Begbies Traynor
---------------------------------------------------
At the extraordinary general meeting of the Geeps End Limited
On Nov. 22, 2004 held at Begbies Traynor, 2-3 Pavilion
Buildings, Brighton, East Sussex BN1 1EE, the special resolution
to wind up the company was passed.  I. P. Sykes of Begbies
Traynor, 2-3 Pavilion Buildings, Brighton BN1 1EE has been
appointed the liquidator of the company for the purpose of such
winding-up.

CONTACT:  BEGBIES TRAYNOR
          2-3 Pavilion Buildings,
          Brighton, East Sussex BN1 1EE
          Phone: 01273 747847
          Fax:   01273 747743
          Web site: http://www.begbies.com


H BOASE: Calls in Liquidator from KPMG
--------------------------------------
At the extraordinary general meeting of the H Boase Limited on
Nov. 18, 2004 held at the offices of Fyffes UK Limited,
Houndmills Road, Basingstoke, Hampshire RG21 6XL, the special
and ordinary resolutions to wind up the company were passed.
Robert Graham Ferguson of KPMG, Stokes House, 17-25 College
Square East, Belfast BT1 6DH has been appointed liquidator for
the purpose of such winding-up.

CONTACT:  KPMG
          Stokes House, Square East
          Belfast BT1 6DH
          Phone: +44 (28) 9024 3377
          Fax: +44 (28) 9089 3893
          Web site: http://www.kpmg.ie


IMPAK FOAM: Hires Joint Administrators from BDO Stoy Hayward
-------------------------------------------------------------
Geoffrey Stuart Kinlan and Anthony David Nygate (IP Nos 8268/01,
9237) have been appointed joint administrators for Impak Foam
And Rubber Limited.  The appointment was made Nov. 18, 2004.
The company manufactures foam and rubber.

CONTACT:  BDO STOY HAYWARD LLP
          Prospect Place, 85 Great North Road,
          Hatfield, Hertfordshire AL9 5BS
          Phone: 01707 255888
          Fax:   01707 255890
          E-mail: hatfield@bdo.co.uk
          Web site: http://www.bdo.co.uk


INTER-EUROPE FORWARDING: Names Tenon Recovery Administrator
-----------------------------------------------------------
Simon R. Thomas and Steven J. Parker (IP Nos 8920, 8989) have
been appointed administrators for Inter-Europe Forwarding
Services Limited.  The appointment was made May 26, 2004.

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


JAMES STRICK: Winding up Resolutions Passed
-------------------------------------------
At the extraordinary general meeting of the James Strick & Sons
Limited on Nov. 18, 2004 held at the offices of Fyffes UK
Limited, Houndmills Road, Basingstoke, Hampshire RG21 6XL, the
special and ordinary resolutions to wind up the company were
passed.  Robert Graham Ferguson of KPMG, Stokes House, 17-25
College Square East, Belfast BT1 6DH has been appointed
liquidator for the purpose of such winding-up.

CONTACT:  KPMG
          Stokes House, Square East
          Belfast BT1 6DH
          Phone: +44 (28) 9024 3377
          Fax: +44 (28) 9089 3893
          Web site: http://www.kpmg.ie


MAYFAIR NOMINEES: Calls in Liquidator from Stoy Hayward
-------------------------------------------------------
At the extraordinary general meeting of the Mayfair Nominees
Limited on Nov. 18, 2004 held at BDO Stoy Hayward LLP, 8 Baker
Street, London W1U 3LL, the subjoined special resolution to wind
up the company was passed.  Malcolm Cohen of BDO Stoy Hayward
LLP, 8 Baker Street, London W1U 3LL has been appointed
liquidator for the purpose of such winding-up.

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


NICOL TRANSMISSIONS: Creditors' Meeting Set December 13
-------------------------------------------------------
The creditors of Nicol Transmissions Limited will meet on Dec.
13, 2004 commencing at 11:00 a.m.  It will be held at The
Boundary Hotel, Birmingham Road, Walsall, Birmingham.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Bridgestones, 125-127 Union Street, Oldham OL1
1TE not later than 12:00 noon, Dec. 10, 2004.

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


NTL INCORPORATED: Selling Broadcast Operation for GBP1.27 Bln
-------------------------------------------------------------
Ntl Incorporated (NASDAQ: NTLI) on Wednesday entered into a
definitive agreement to sell its broadcast business to a
consortium led by Macquarie Communications Infrastructure Group
(MCG) and including Macquarie Bank Limited, Industry Funds
Management (Nominees) Limited and other third party investors
for a purchase price of GBP1.27 billion.  The sale is subject to
regulatory approval and is expected to close in the first
quarter of 2005.  ntl and the broadcast business have also
entered into certain agreements relating to the provision of
future services.

Ntl is currently evaluating alternative uses of the proceeds
generated from the sale.  These alternatives include a special
dividend to shareholders and/or stock repurchases, debt
repayment and general corporate purposes.  The decision
regarding use of proceeds, which will be designed to maximize
shareholder value, will be made after the sale is completed,
taking into account tax, legal and structural considerations.

Simon Duffy, Chief Executive Officer of ntl, said: "We are very
pleased to have agreed the sale of our Broadcast division to MCG
on these terms.  MCG has been an excellent owner of a similar
business we sold to them in Australia in 2002 and I am sure that
they will prove to be an equally good owner of our U.K.
Broadcast business.  The 2002 transaction has proved to be
highly beneficial to both MCG and ntl and I am confident that
the transaction we are announcing will prove to be just as
successful for both parties.  Going forward, this transaction
will enable us to focus on continuing to grow our core cable and
broadband businesses."

The broadcast business provides tower site leasing, broadcast
transmission, satellite, media, public safety communications and
other network services in the U.K. and the Republic of Ireland.
The broadcast business' customers include the leading U.K.
mobile wireless operators, all major commercial television and
radio broadcasters and public safety organizations such as the
police, fire and ambulance services.  The broadcast business has
the second largest independent portfolio of wireless towers and
sites available for lease in the U.K.

More on ntl Incorporated:

Ntl Incorporated (NASDAQ: NTLI) offers a wide range of
communications and entertainment services to residential and
business customers throughout the U.K. and Ireland.

Ntl is the U.K.'s largest cable company and leading broadband
supplier with over one million broadband customers and 3 million
residential customers.

Ntl's fibre-optic broadband network can service 7.8 million
homes in the U.K. including London, Manchester, Nottingham,
Oxford, Cambridge, Cardiff, Glasgow and Belfast.

CONTACT:  NTL INCORPORATED
          Investor Relations:
          U.S.
          Patti Leahy
          Phone: +1 610 667 5554
          U.K.: Virginia Ramsden
          Phone: +44 (0)20 7967 3338
          or
          Media:
          Alison Kirkwood
          Phone: +44 (0)1256 752662/(0)7788 186154
          Nicola Mitchell
          Phone: +44 (0) 1256 752669/(0)7884 057 576
          or

          BUCHANAN COMMUNICATIONS
          Richard Oldworth
          or
          Jeremy Garcia
          Phone: +44 (0)20 7466 5000


PARK WALK: Calls in Liquidator from BDO Stoy Hayward
----------------------------------------------------
At the extraordinary general meeting of the Park Walk
Restaurants Limited on Nov. 18, 2004 held at BDO Stoy Hayward
LLP, 8 Baker Street, London W1U 3LL, the subjoined special
resolution to wind up the company was passed.  Malcolm Cohen of
BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL has been
appointed liquidator for the purpose of such winding-up.

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


RED AND THE GREEN: Names Administrators from Milner Boardman
------------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed administrators for Red And The Green Limited.  The
appointment was made Nov. 24, 2004.

The company develops and sells real estate.  Its registered
office is located at 116 Duke Street, Liverpool L1 5JW.

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


RENTOKIL INITIAL: Warns of Further Deterioration in Trading
-----------------------------------------------------------
Chairman Brian McGowan commented on Rentokil Initial's update
for the ten months to Oct. 31, 2004: "The actions which I
initiated back in July were and continue to be aimed at re-
energizing the company.  We have been reinvesting in sales,
service, marketing, IT, R&D and HR and increasing the pace of
activity on acquisitions.  These initiatives will continue.  The
Board and I are encouraged that our management around the world
has accepted the need for this change and positively support it.

"Following a thorough review, we have taken the decision to
dispose of the linen and garment elements of our U.K. Hygiene
business.  The board believes this action will enhance the
medium-term profitability and competitive position in the
remaining parts of this business.  The Board is also in the
process of identifying the options open to it in respect of the
loss-making German hospital textiles activity.

I have no specific news regarding the search for a new Chief
Executive and, given the critical importance of making the right
appointment, the search could well take some time.  In the
meantime, I will continue to drive the pace of action and
change.  We are at an advanced stage in our search for an
Acquisitions Director.

We are certain that we are taking the right actions to return
the company to future sustainable growth.  There is, however, no
single, easy, quick-fix solution.  Whilst, in the light of
current trends, we expect a further deterioration in trading
results into the first half of 2005, the benefits of the
investments and cultural changes should start to come through
thereafter, although the year as a whole is likely to give a
weaker performance than in 2004."

Financial Summary

(a) Turnover from continuing operations increased by 1.9% to
    GBP2,059.9 million,

(b) Operating Profit from continuing operations declined by
    11.1% to GBP332.5 million,

(c) Profit Before Tax declined by 11.9% to GBP293.9 million,

(d) Operating Cash Flow has been good and in line with our
    expectations,

(e) Contract Portfolio Increased by GBP32.7 million over the ten
    months

        Segmental Commentary - Continuing Operations

Hygiene

Total Hygiene turnover grew by 1.3% to GBP829.2 million with
operating profit down by 12.3% to GBP209.7 million.

Hygiene Services turnover was up by 1.2% at GBP638.7 million
with operating profits down by 14.7% to GBP144.2 million.
Contract portfolio net gain for the ten months (including
GBP3.3 million from acquisitions) was GBP12.5 million to exit at
GBP739.0 million.

(a) Within the total turnover of GBP638.7 million, washroom
    declined by 0.5% to GBP253.6 million, garments increased by
    4.1% to GBP209.9 million, floorcare increased by 5.0% to
    GBP35.2 million, linen increased by 0.9% to GBP92.7 million,
    whilst other specialist hygiene services decreased by 3.3%
    to GBP47.3 million;

(b) In the U.K. the turnover regression of 4.7% for the first
    half improved to 3.7% for the ten months, albeit the
    operating profit decline increased from 39.6% to 42.3%.  In
    Germany turnover regression at 3.5% increased from the first
    half's 1.8%, although the operating profit reduction at
    23.3% was broadly in line with that of the first half.  An
    update on these two businesses is set out below.

Pest Control turnover increased by 1.6% to GBP190.5 million
whilst operating profit fell by 6.4% to GBP65.5 million.
Contract portfolio net gain for the ten months was GBP3.7
million (with only GBP0.3 million of this coming from
acquisitions) to exit at GBP183.5 million.

Security

Turnover increased by 1.0% to GBP490.6 million with operating
profit down by 7.3% at GBP43.3 million, in part impacted by
reorganization costs on recent acquisitions in the U.K. and
increased SUI and healthcare costs in the US. Within the total,
electronic turnover grew by 4.1% to GBP202.0 million whilst
manned guarding turnover declined by 1.1% to GBP288.6 million.
Contract portfolio net gain for electronic, for the ten months,
was GBP8.9 million (of which GBP5.3 million was from
acquisitions) to exit at GBP90.3 million, whilst manned guarding
increased by GBP3.7 million to GBP317.9 million.

Facilities Management

Total Facilities Management turnover grew by 1.4% to GBP545.0
million with operating profit declining by 14.0% to GBP55.0
million.

Facilities Management Services increased turnover by 1.4% to
GBP381.2 million with operating profit regressing by 13.3% to
GBP25.5 million.  Contract portfolio net gain for the ten months
was GBP2.5 million to exit at GBP382.6 million.

Tropical Plants turnover regression at 1.9% to GBP87.7 million
improved from the 3.5% for the first half.  This slow down also
showed in operating profit regression at 32.0% compared to the
38.0% for the first half, to leave operating profit at GBP8.1
million.  Contract portfolio net gain for the ten months was
flat with GBP0.5 million from acquisitions compensating for
losses of a similar amount, to leave the exit portfolio
unchanged at GBP91.7 million.

Conferencing turnover growth accelerated to 5.4% from 4.3% for
the first half; at the same time the operating profit regression
for the first half of 6.2% reducing to 5.5% for the ten months.
This produced ten-month turnover and operating profit of GBP76.1
million and GBP21.4 million respectively.  Contract portfolio
net gain for the ten months was GBP1.4 million to leave the exit
position at GBP37.4 million.

Parcels Delivery

Turnover grew by 8.3% to GBP195.1 million producing a 0.5%
increase in operating profits to GBP24.5 million.

Geographical Commentary - Continuing Operations

U.K. turnover grew by 1.1% to GBP1,024.9 million with operating
profit down by 17.9% to GBP150.3 million.

Continental Europe turnover was up by 3.0% at GBP688.1 million
with operating profit declining by 3.0% to GBP136.4 million.

North America turnover increased by 2.6% to GBP235.6 million
with operating profit 19.5% lower at GBP9.7 million.

Asia Pacific and Africa turnover at GBP111.3 million was 0.5%
higher but operating profit fell by 5.7% to GBP36.1 million.

Other Items

Acquisitions

Fifteen bolt-on acquisitions, with aggregate annualized turnover
of c. GBP18.5 million, were made in Hygiene, Security and
Tropical Plants, in U.K., Continental Europe, North America and
Asia Pacific at a total cost of c. GBP26.0 million.

Disposals

In addition to the two previously reported disposals in the
first half of 2004, the company has since disposed of its
peripheral U.K. courier business, which in 2003 broke even on
turnover of c. GBP4.5 million.

In the context of the increasing importance in business
development and customer retention resulting from BEE (Black
Economic Empowerment) in South Africa, a conditional agreement
has been reached to sell a 25.1% shareholding in the company's
South African subsidiary to a consortium of local investors for
c. GBP20 million, the funding thereof to be provided by
interest-bearing vendor finance.

Completion, which is subject to South African reserve bank
approval, is anticipated in December and should produce a gain
on sale of c. GBP15.0 million (see below).

U.K. Textiles

As indicated in the interim results announcement LEK,
consultants have been performing a review of the under-
performing U.K. hygiene business.  Their focus has been on the
textile-related operations comprising of table and bed linen,
workwear, roller towels and specialist floorcare.  Having
evaluated the options identified by LEK, the Board has decided
to dispose of the loss-making linen and related workwear
activities in order to concentrate upon washroom services,
including roller towels (third party turnover of c. GBP75.0
million), floorcare (c.GBP13.0 million) and other specialist
hygiene services (GBP31.0 million).

The linen and workwear activities have a combined turnover of c.
GBP55.0 million and certain specific related assets of c.
GBP40.0 million.  The envisaged disposal of these activities
should improve profits by c. GBP5.0 million p.a. although the
potential disruption arising from the reorganization and exit
processes are such that the benefits are not expected to be
realized until 2006.  Exceptional costs, before any gain or loss
on disposal, will clearly depend upon the nature and timing of
the exit strategy and our current assessment is that these could
amount to some GBP25 million to GBP30 million in 2005.

Continuity of supply of roller towels and floorcare 'product' is
likely to be achieved through a combination of limited retained
in-house capability and sub-contract arrangements.

German Hospital Textiles

Within the German hygiene business, which has an annualized
turnover of c. GBP78.0 million and operating profits of c.
GBP12.5 million, the hospital linen activities, which are
currently loss-making, represent some GBP17.0 million (22%) of
the turnover.  The current run rate of losses is in the order of
GBP1.5 million p.a.  The Board is identifying the options open
to it with a view to consulting the representatives of the work
force in accordance with the requirements of German law.

International Financial Reporting Standards (IFRS)

The company continues to make good progress in preparing for and
evaluating the financial effects of the impending move to IFRS
for the financial year 2005.  We anticipate, subject to audit,
the principal impacts on profits are likely to be restricted to
IAS19 (employee benefits and IAS38 (intangible assets)).  It is
not envisaged that IFRS2 (share-based payments), IAS17 (leases),
and IAS39 (financial instruments) will have any material impact
on profits.

IAS19

Implementation of IAS19 will give rise to a c. GBP11.5 million
reduction in 2004 profit before tax as restated under IFRS,
representing, in the main, differing treatment of defined
benefit pension costs under IAS19 compared to SSAP24.  In
addition, given the phasing of holiday pay within the year, the
total IAS19 adjustment would reduce restated profit before tax
by c. GBP14.0 million in the first half, but increase the second
half profit by GBP2.5 million.  It is anticipated that the full
year IAS19 defined benefit pension charge will increase by a
further c. GBP4.0 million in 2005 to c. GBP20.0 million with the
effects of holiday pay giving similar phasing characteristics to
2004.

IAS38

Since 1998, on adoption of FRS10, the company has held goodwill
in respect of acquisitions on its balance sheet with the
carrying value being subject to the usual impairment testing
under FRS11.  It is anticipated that on transition to IFRS,
having analyzed all acquisitions since 1998, this previous
goodwill balance will be split between goodwill and other
specifically identifiable intangible assets such as customer
contracts and lists.  In future, under IAS38, this latter
category of intangible assets will be amortized over their
anticipated useful lives.  On a pro-forma full-year basis, based
upon all acquisitions completed from 1998 to date, the likely
effect of the resulting amortization charge would be to reduce
2004 profit before tax by c. GBP23.0 million, with a
corresponding anticipated 2005 profit impact of c. GBP21.0
million.

It is anticipated that a number of the IFRS profit effects will
be partially mitigated by taxation, so as to leave our medium-
term tax rate in the previous anticipated range of 26% - 28% of
profits.

It is currently envisaged that a seminar will be held ahead of
the announcement of the 2004 preliminary results, specifically
to cover, in considerably more detail, the likely effects pro-
forma of IFRS on both the company's profit and loss account and
balance sheet.

Prospects for 2004

The Board is currently still of the view that, based upon most
recent internal estimates, profit before tax for the year 2004,
at constant average 2003 exchange rates, should be not less than
GBP350 million.  This is despite the delays in realizing the
benefits from the increased level of investment in the business
and the ongoing challenging market conditions.

It is anticipated, however, that the aforementioned profit
before tax for the year 2004, at constant average 2003 exchange
rates, will be reduced by adverse foreign currency exchange
adjustments (currently estimated to be c. GBP5 million) and by a
number of specific exceptional one-off items, the latter
aggregating to a likely net negative of some GBP35 million.
These items are anticipated to be:-

                                                  GBPm
Gain on the planned sale of a 25.1% stake
in the South African business as part
of a black economic empowerment
(B.E.E.) initiative                                15

Impairment of goodwill, in particular U.S.
Tropical Plants and German Hospital
Textile Services                                  (15)

Impairment of fixed assets in U.S.
Facilities Management                              (9)

Increases in vacant property
and environmental provisions
in respect of specific properties
in U.K. and U.S.                                  (20)

Potentially uninsured losses
in respect of product supply
by a discontinued business.                        (6)


                                                  (35)

Notwithstanding the above, the Board reaffirms its previously
announced intention to recommend a total dividend of 6.71p per
share for the year to 31 December 2004 representing an increase
of 10.0% over 2003.

Prospects for 2005

The Board remains convinced that the right actions are being
taken to return to a path of sustainable growth over the medium
to longer term.  However, following a review of 2005 budgets and
recognizing a combination of:

(a) the full year effect of the significant and wide ranging
    investments in the business;

(b) the current trends and the slower than previously envisaged
    growth in contract portfolios;

(c) the uncertainty over the potentially disruptive effects of,
    and the delay in the timing of the realization of the
    eventual benefits from, the restructuring of the U.K.
    textiles operations;

the Board anticipates a further deterioration in trading results
into the first half of 2005, although the benefits of the
investments and cultural changes should start to come through
thereafter.  However, the year as a whole is likely to give a
weaker performance than in 2004.

Again as previously announced, in the absence of unforeseen
circumstances, the Board restates its intention to recommend an
increase in the dividend for 2005 of a further 10% to 7.38 pence
per share.

                            *   *   *

The above statement is made based upon unaudited management
accounts and at constant rates of exchange, these being the
average rates of exchange for foreign currencies for the year
2003, as used in the 2003 Annual Report.

CONTACT:  RENTOKIL INITIAL
          B D McGowan, Chairman
          R C Payne, Finance Director
          C D Grimaldi, Corporate Affairs Director
          Phone: 01342 833022

          BRUNSWICK GROUP LLP
          John Sunnucks
          Phone: 020 7404 5959

          CATULLUS CONSULTING
          Alex Mackey
          Phone: 07773 787458


ROWE & CO.: Special, Ordinary Winding up Resolutions Passed
-----------------------------------------------------------
At the extraordinary general meeting of the Rowe & Co (Exeter)
Limited on Nov. 18, 2004 held at the offices of Fyffes UK
Limited, Houndmills Road, Basingstoke, Hampshire RG21 6XL, the
special and ordinary resolutions to wind up the company were
passed.  Robert Graham Ferguson of KPMG, Stokes House, 17-25
College Square East, Belfast BT1 6DH has been appointed
liquidator for the purpose of such winding-up.

CONTACT:  KPMG
          Stokes House, Square East
          Belfast BT1 6DH
          Phone: +44 (28) 9024 3377
          Fax: +44 (28) 9089 3893
          Web site: http://www.kpmg.ie


SHOOTGLEN LIMITED: Names Grant Thornton Administrator
-----------------------------------------------------
Leslie Ross, Malcolm Shierson and Mark Byers (IP Nos 8758, 5330,
7244) have been appointed administrators for Shootglen Limited.
The appointment was made Nov. 19, 2004.  The company is engaged
in equipment leasing.

CONTACT:  GRANT THORNTON
          Heron House, Albert Square
          MANCHESTER M60 8GT
          Phone: 0161 834 5414
          Fax: 0161 832 6042
          Web site: http://www.grant-thornton.co.uk


SPECTRUM RETAIL: Sets Creditors' Meeting Next Week
--------------------------------------------------
Name of companies:
Spectrum Retail Projects Limited
Spectrum Special Projects Limited

The creditors of these companies will meet on Dec. 9, 2004
commencing at 12:00 noon.  It will be held at Rothman Pantall &
Co., Clareville House, 26-27 Oxendon Street, London SW1Y 4EP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Rothman Pantall & Co., Clareville House, 26-27
Oxendon Street, London SW1Y 4EP not later than 12:00 noon, Dec.
8, 2004.

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


TRC PERFORMANCE: Liquidators from Leonard Curtis Move in
--------------------------------------------------------
At the extraordinary general meeting of the TRC Performance
Limited on Nov. 16, 2004 held at AIB House, Grenville Street, St

Helier, Jersey JE4 9WN, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  John Malcolm
Titley of DTE Leonard Curtis, DTE House, Hollins Mount, Bury BL9
8AT has been appointed as liquidator for the purpose of such
winding-up.

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


VC GROUP: Names Numerica Administrator
--------------------------------------
Frank Wessely and Peter Hughes-Holland (IP Nos 7788, 1700) have
been appointed joint administrators for VC Group Ltd.  The
appointment was made Nov. 18, 2004.

The company distributes car parts.  Its registered office is
located at Cedar House, Breckland, Lindford Wood, Milton Keynes,
Buckinghamshire MK14 6EX.

CONTACT:  NUMERICA
          81 Station Road, Marlow,
          Buckinghamshire SL7 1SX
          Phone: 01628 478100
          Fax:   01628 472629
          Web site: http://www.numerica.biz


WILLCROSS LIMITED: Hires J. P. Shaw as Liquidator
-------------------------------------------------
At the extraordinary general meeting of the Willcross Limited on
Nov. 6, 2004 held at The Kowloon Hotel, 19-21 Nathan Road,
Kowloon, Hong Kong, the subjoined special resolution to wind up
the company was passed.  James Paul Shaw of Woodford House,
Woodford Road, Watford, Hertfordshire has been appointed
liquidator for the purpose of such winding-up.


                            *********


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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Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.

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

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