TCREUR_Public/041207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, December 7, 2004, Vol. 5, No. 242

                            Headlines

F R A N C E

BULL SA: Gets 'B-' Long-term Credit Rating from S&P
BULL SA: Drafts Former IBM Exec to Chair Board
REMY COINTREAU: Ratings Outlook Changed to Negative


G E R M A N Y

BHO-TEKCAN: Creditors Have Until Next Week to File Claims
LANTEC AG: Administrator Takes over Operations
MAFO SERVICE: Court Sets Creditors' Claims Deadline December
MAGENTA MARKETING: Munich Court Appoints Administrator
NORDSTERN IMMOBILIEN: Provisional Administrator Takes over Helm

PFK ONCOLOGY: Creditors Have Until Next Week to File Claims
REISER METALLBAU: Under Bankruptcy Administration
TEX UP: Neumunster Court Brings in Provisional Administrator
TSU TAXI: Creditors Have Until this Week to File Claims
TV MARKT: Administrator's Report Out December
WESTLB AG: Blasts E.U. for New Landesbank Restrictions


I T A L Y

FINMATICA SPA: Court Postpones Bankruptcy Trial
PARMALAT FINANZIARIA: BofA Seeks Dismissal of US$10 Billion Suit
PARMALAT FINANZIARIA: Books Lower Revenues, Higher EBITDA
PARMALAT U.S.A.: Releases Monthly Operating Report Ended Oct. 23
PARMALAT U.S.A.: Milk Products Books US$10 Million Net Profit
PARMALAT U.S.A.: Farmland Dairies Absorbs US$3.3 Mln Net Loss
VOLARE GROUP: ENAC Sets Deadline for Recovery Plan


L A T V I A

PAREX BANKA: Individual Rating Affirmed at 'C/D'


L I T H U A N I A

SIAULIU BANKAS: 'D' Individual Rating Affirmed


R U S S I A

AGRO-KHIMIK: Creditors Have Until January to File Claims
AUTO-TRAN-SERVICE: Under Bankruptcy Supervision
BAEVSKAYA SEL-KHOZ-TEKHNIKA: Names A. Pupkov Insolvency Manager
BARYSHEVSKOYE: Undergoes Bankruptcy Supervision Procedure
GORNYAK: Succumbs to Bankruptcy

KVITKOVSKAYA FURNITURE: Bankruptcy Hearing Resumes Next Year
MURINSKIY: Sets Deadline for Proofs of Claim
SEL-KHOZ-TEKHNIKA: Bankruptcy Hearing Resumes February
TUVA-OIL-PRODUCT: Declared Insolvent
VITIM-WOOD: Insolvency Manager to Temporarily Oversee Business
YUKOS OIL: Gazprom in Talks to Raise Fund for Yugansk Bid
YUKOS OIL: Loses Right to Increase Stake in Lithunian Refinery


S W I T Z E R L A N D

ABB LTD: U.S. Court Orders Further Review of Unit's Rescue Plan


U K R A I N E

ARTEMIVKA: Harkiv's Chief Liquidator Takes over Firm
DONTRANSINVEST: Succumbs to Insolvency
HLIBOROB: Insolvency Manager Takes over Operations
ISKOR: Under Bankruptcy Supervision
KOKSOBUD: Names Temporary Insolvency Manager

KOMSOMOLSKE: Declared Insolvent
KUZKIVSKE: Bankruptcy Proceedings Begin
NEDRIGAJLIVSKIJ FOOD: Declared Insolvent
PUTIVLZERNOPROM: Bankruptcy Supervision Begins
SELISHANSKIJ SUGAR: Names Sergij Kaplya Liquidator


U N I T E D   K I N G D O M

ANGEL ENTERPRISES: Creditors Meeting this Week
AQUAPROOF LIMITED: Hires Joint Liquidators from KPMG
ARAKIN LIMITED: Appoints Liquidator from Deloitte & Touche
BANK OF WALES: Members Final Meeting January
BARCLAY ASSETS: Hires Joint Liquidators from Deloitte & Touche

BCMB CORPORATION: Final General Meeting Next Week
BRITISH INDUSTRIAL: Liquidator's Report Out January
CAVANAGH ROOFING: Liquidator Calls Final Meeting
CNA UNDERWRITING: Sets Members Final Meeting Next Year
COMPASS GROUP: Reports Encouraging Results

COURTS PLC: Administrators Sell Unit for Undisclosed Sum
DURASTIC ROOFING: Joint Liquidators from KPMG Move in
EBOOKERS PLC: Cendant Takes over Business for GBP209 Million
FIRE CONTROL: Sets up Liquidation Committee
GA PROPERTY: Names PricewaterhouseCoopers Liquidator

GEORGE WILLIAMSON: Special Winding up Resolution Passed
H.HUNTSMAN & SONS: Names David Rubin & Partners Administrator
HIGH SMITHSTONE: Winding-up Report Due Last Week of December
IMAGICTV (UK): Owners Opt to Liquidate Business
KBI COMMERCIAL: Calls in Liquidator from Piper Thompson

MODERNJOINT LIMITED: Holds First Creditors' Meeting
NAVIGATION INVESTMENTS: Members Pass Winding-up Resolutions
NSA (EUROPE): Sets Creditors Meeting Next Week
PROJECT TWO: Hires Baker Tilly as Administrator
PRO-LIFE PAISLEY: To Name Liquidator Third Week of December

RUBEROID CONTRACTS: Hires KPMG as Liquidator
RUSSELL MCINTYRE: Creditors Opt to Liquidate Company
SAFARILIFE PLC: Special Winding up Resolution Passed
SEASONS ENGINEERING: Calls in Joint Administrators from Begbies
SLATER YENDALL: Names Administrators from Menzies
TXU EUROPE: Administrators to Return Cash to Creditors

* Large Companies with Insolvent Balance Sheets


                            *********


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


BULL SA: Gets 'B-' Long-term Credit Rating from S&P
---------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate credit rating to French IT group Bull S.A.  The
outlook is stable.  At the same time, Standard & Poor's withdrew
its 'T4' short-term ADEF French national scale rating on the
company.

With revenues and EBIT of EUR1,189 million (US$1,590 million)
and EUR41 million, respectively, in the 12 months to June 30,
2004, Bull is a supplier of IT hardware (46% of 2003 revenues)
-- in particular servers -- and related maintenance and
services.

After suffering heavy losses, Bull has carried out a complete
operating and financial restructuring since 2002, aimed at
restoring its profitability and drastically reducing its heavy
debt burden.

The group cut its staff by 39% between year-end 2001 and year-
end 2003, with major redundancy plans being financed through
asset disposals -- notably the sale of Bull's service activities
in Europe, outside France and Italy.  Still, the group's
revenues were more than halved in the 12 months ended June 30,
2004, compared with the EUR2.5 billion generated in 2001.  As a
result of significant cost reduction and an improvement in the
gross margin, however, Bull has posted a small but relatively
stable EUR20 million half-yearly EBIT since the second half of
2002.

"Financially, the restructuring has entailed several
transactions, which, once completed, will leave Bull with a
sound balance sheet bearing very limited debt," said Standard &
Poor's credit analyst Patrice Cochelin.

"This is an important step in the company's start-up as a purely
publicly owned company."

Management's main challenge in the coming months will be to
stabilize revenues after years of decline: In first-half 2004,
revenues declined by 9% sequentially and 12% year-on-year.  The
company expects revenue stabilization on a sequential basis in
second-half 2004.

"We expect Bull to continue to generate positive free operating
cash flow in the coming months," said Mr. Cochelin.  "Despite
intense competitive pressures in its markets, the company should
benefit from renewed credibility with its clients following its
successful restructuring; this, in turn, should enable
management to focus on stabilizing the revenue base and
maintaining tight cost control."

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


BULL SA: Drafts Former IBM Exec to Chair Board
----------------------------------------------
The board of Bull S.A. has appointed the former vice president
of IBM as its new chairman and managing director, according to
IDG News Service.  Didier Lamouche will take over the helm of
the business from acting chairman and managing director Gervais
Pellissier starting February.

Mr. Lamouce was formerly in charge of IBM's semiconductor
industrial operations.  He previously created and headed up
Altis, a semiconductor joint venture between IBM and Infineon
Technologies.

Bull is an international group that operates mainly in the areas
of up-market professional servers and specialized computer
engineering services.  Its turnover in 2003 was EUR1,265
million.  In 1999 it was forced to sell assets.  Since 2001 its
position has deteriorated owing to the stock market crisis
affecting technology stocks, the crisis in the Internet sector
and the collapse of telecommunications markets.

Recently, the company reported earnings before tax, financial
expenses, goodwill amortization and exceptional items (EBIT) of
EUR20.1 million, i.e. 3.6% of the revenue, for the first half.
Last year's figure was EUR20 million (3.1% of revenue).

CONTACT:  BULL S.A.
          68 Route de Versailles
          78430 Louveciennes, France
          Phone: +33-1-39-66-60-60
          Fax: +33-1-39-66-60-62
          Web site: http://www.bull.com


REMY COINTREAU: Ratings Outlook Changed to Negative
---------------------------------------------------
Moody's Investors Service has changed the outlook on Remy
Cointreau's Ba2 senior implied and issue ratings from stable to
negative.

The agency said the rating action reflects Remy's weaker than
expected credit metrics at March 2004.  Looking forward, Moody's
expects the winemaker's credit metrics at March 2005 to be
broadly static in comparison.  It said both credit metrics
position the firm rather weakly in the Ba2 rating category.

Moody's expects the debt reduction, already factored in its
expected credit metrics at March 2005, to be likely delayed.  At
fiscal year ending March 2004, Remy elected to consolidate
EUR115 million of debt related to its contractual arrangements
with the two co-op's that are involved in the storage and ageing
of Eau de Vie, the main component of Cognac. The rating agency
says the repayment of the debt is wholly reliant upon cash flows
from Remy.

Remy's leverage and cash flow coverage measures remain weak for
the Ba2 rating category.  Its net Adjusted debt (excluding the
co-op debt): EBITDAR was 4.5 x and including the co-op debt
5.1x.  Its cash-flow coverage measures (RCF/net adjusted debt)
was 6.2% (excluding the co-op debt) or 5.5% including the co-op
debt.


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


BHO-TEKCAN: Creditors Have Until Next Week to File Claims
---------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against BHO-Tekcan GmbH on Oct. 22.  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 Dr. Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 10, 2005, 10:15 a.m. at Saal 1.044,
Justizzentrum, Thuringer Str. 16, 06112 Halle of 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:  BHO-TEKCAN GMBH GARTEN- UND LANDSCHAFTSBAU
          Merseburger Str. 214, 06130 Halle
          Contact:
          Jacqueline Koukema, Manager
          Konrad-Adenauer-Str. 23, 51149 Koln

          Dr. Volkhard Frenzel, Insolvency Manager
          Magdeburger Str. 23, D-06112 Halle
          Phone: 0345/231110
          Fax: 0345/2311199


LANTEC AG: Administrator Takes over Operations
----------------------------------------------
The district court of Munich opened bankruptcy proceedings
against LANTEC AG Kommunikationssysteme on Oct. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 14, 2005
to register their claims with court-appointed provisional
administrator Dr. Kurt Bruder.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 10:00 a.m. at Infanteriestr. 5,
Sitzungssaal 102 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 Feb.
22, 2005, 9:00 a.m. at the same venue.

CONTACT:  LANTEC AG KOMMUNIKATIONSSYSTEME
          Bajuwarenring 12 in 82041 Oberhaching

          Dr. Kurt Bruder, Insolvency Manager
          Herzog-Wilhelm-Str. 17, 80331 Munchen
          Phone: 089/236858-0
          Fax: 089/2603440


MAFO SERVICE: Court Sets Creditors' Claims Deadline December
------------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Mafo -- druck Formular -- Service GmbH on
Nov. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Dec. 28, 2004 to register their claims with court-appointed
provisional administrator Dr. Jurgen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 25, 2005, 11:30 a.m. at Saal 1.043,
Justizzentrum, Thuringer Str. 16, 06112 Halle 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:  MAFO -- DRUCK FORMULAR -- SERVICE GMBH
          Zscherbener Landstrasse 2, 06179 Zscherben
          Contact:
          Helmut Fleidl, Manager
          Birkenweg 7, 83139 Sochtenau

          Dr. Jurgen Wallner, Insolvency Manager
          Franckestrasse 3, 06110 Halle
          Phone: 0345/614080
          Fax: 0345/6140810


MAGENTA MARKETING: Munich Court Appoints Administrator
------------------------------------------------------
The district court of Munich opened bankruptcy proceedings
against Magenta Marketing GmbH on Nov. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 1, 2005 to register their
claims with court-appointed provisional administrator Heinrich
Muller-Feyen.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 17, 2005, 9:10 a.m. at Infanteriestr. 5,
Sitzungssaal 102 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:  MAGENTA MARKETING GMBH
          Waakirchner Str. 48 in 81379 Munchen

          Heinrich Muller-Feyen, Insolvency Manager
          Thiereckstr. 2/I, 80331 Munchen
          Phone: 089/2919250


NORDSTERN IMMOBILIEN: Provisional Administrator Takes over Helm
---------------------------------------------------------------
The district court of Schwerin opened bankruptcy proceedings
against Nordstern Immobilien GmbH 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 Stefan
Niederste.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 17, 2005, 9:15 a.m. 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:  NORDSTERN IMMOBILIEN GMBH
          Contact:
          Winfried Wieczorek, Manager
          Zeppelinstrasse 10, 19306 Neustadt-Glewe

          Stefan Niederste Frielinghaus, Administrator
          Heinrich-Mann-Strasse 18, 19053 Schwerin


PFK ONCOLOGY: Creditors Have Until Next Week to File Claims
-----------------------------------------------------------
The district court of Munich opened bankruptcy proceedings
against PFK Oncology Services GmbH on Oct. 28.  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 Hanns Pollmann.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 10, 2005, 9:00 a.m. at Infanteriestr. 5,
Sitzungssaal 101 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:  PFK ONCOLOGY SERVICES GMBH
          Fraunhofer Str. 22 in 82152 Planegg

          Hanns Pollmann, Insolvency Manager
          Prannerstr. 11, 80333 Munchen


REISER METALLBAU: Under Bankruptcy Administration
-------------------------------------------------
The district court of Neumunster opened bankruptcy proceedings
against Reiser Metallbau GmbH on Nov. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 1, 2005 to register their
claims with court-appointed provisional administrator.

Creditors and other interested parties are encouraged to attend
the meeting on May 6, 2005, 9:00 a.m. at Raum B.126, im
Gerichtsgebaude Boostedter Strasse 26 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:  REISER METALLBAU GMBH
          Rendsburger Strasse 349, 24537 Neumunster
          Contact:
          Matthias Dombrowski, Manager
          Augustenburger Strasse 15 A, 24534 Neumunster

          Herrn Bodo Stower, Insolvency Manager
          Itzehoer Strasse 42, 24537 Neumunster

          Wolfgang Weidemann, Insolvency Manager
          Wendenstrasse 4, 20097 Hamburg


TEX UP: Neumunster Court Brings in Provisional Administrator
------------------------------------------------------------
The district court of Neumunster opened bankruptcy proceedings
against TEX UP GmbH on Nov. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 1, 2005 to register their claims with
court-appointed provisional administrator Helmut Gattermann.

Creditors and other interested parties are encouraged to attend
the meeting on April 22, 2005, 8:15 a.m. at Raum B.126, im
Gerichtsgebaude, Boostedter Strasse 26 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:  TEX UP GMBH
          Ploner Chaussee 130a
          24620 Bonebuttel
          Contact:
          Herrn Siegmund Loos, Manager
          Ostredder 11, 24536 Tasdorf

          Helmut Gattermann, Insolvency Manager
          Heilwigstr. 75, 20249 Hamburg


TSU TAXI: Creditors Have Until this Week to File Claims
-------------------------------------------------------
The district court of Munich opened bankruptcy proceedings
against TSU Taxi Service Union GmbH & Co. KG on Nov. 1.
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. Bruno Kubler.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 11:30 a.m. at Infanteriestr. 5,
Sitzungssaal 102 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:  TSU TAXI SERVICE UNION GMBH & CO. KG
          Dachauer Str. 203-207 in 80637 Munchen

          Dr. Bruno Kubler, Insolvency Manager
          Konrad-Zuse-Platz 1, 81829 Munchen
          Phone: 99299-0
          Fax: 99299-299


TV MARKT: Administrator's Report Out December
---------------------------------------------
The district court of Munich opened bankruptcy proceedings
against TV Markt 2000 Service Center 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 Axel W. Bierbach.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 21, 2004, 9:30 a.m. at Infanteriestr. 5,
Sitzungssaal 102 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on Jan.
20, 2005, 10:10 a.m. at Infanteriestr. 5, Sitzungssaal 102.

CONTACT:  TV MARKT 2000 SERVICE CENTER GMBH
          Landsberger Str. 23 in 82110 Germering

          Axel W. Bierbach, Insolvency Manager
          Schwanthalerstr. 32, 80336 Munchen
          Phone: 54511-0
          Fax: 54511-444


WESTLB AG: Blasts E.U. for New Landesbank Restrictions
------------------------------------------------------
WestLB AG's shareholders have expressed irritation at new,
additional conditions laid down by the European Commission for
solving the dispute about state aid for German Landesbanks.

In a joint statement issued in Dusseldorf on Friday, the owners
said: "We urge the Commission to remove the additional obstacles
to an appropriate capitalization of the Landesbanks set forth in
its letter of November 30, 2004 without delay.  They are, in our
view, illegal.  The new conditions laid down by the European
Commission have no connection with the results of the
negotiations conducted in the past months over the dispute about
state aid.  Far from creating a level playing field, the
Commission now seeks to place the Landesbanks at a considerable
competitive disadvantage.  These new conditions are without
legal foundation and have no bearing on the issue at hand.  We
are now forced to review all previous results of the
negotiations."

In July 2001, the European Commission, Federal Government and
federal states reached agreement on the terms and conditions for
the elimination of the state guarantees (so-called Understanding
I) for Landesbanks and savings banks in Germany and their future
legal position.

Unless the European Commission is prepared to adopt a more
conciliatory stance, WestLB's owners fear serious consequences
for the entire state aid proceedings.

"The question is whether the European Commission intends to
terminate retroactively the entire understanding reached in 2001
concerning the guarantees for Landesbanks and savings banks."

WestLB's owners reiterated their determination to secure an
appropriate capitalization of WestLB and to prevent harm being
done to the Bank in the course of the state aid proceedings.
They also reaffirmed their intention to honor all legal
obligations arising from a settlement of the state aid
proceedings.

CONATCT:  WESTLB AG
          Herzogstrasse 15
          40217 Dusseldorf, Germany
          Phone: +49-211-826-01
          Fax: +49-211-826-6119
          Web site: http://www.westlb.com


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


FINMATICA SPA: Court Postpones Bankruptcy Trial
-----------------------------------------------
An Italian court has reset the bankruptcy trial of insolvent
software group Finmatica S.p.A., Il Sole 24 Ore says.

The court wants to give Paolo Ribolla, the group's liquidator
and commissioner, ample time to review offers for Finmatica.
The trial's postponement could also allow the troubled group to
meet creditors and retain the operations of certain units.

Mr. Ribolla confirmed around nine bidders have submitted non-
binding offers to acquire Finamatica's core business --
development of banking and financial software.  They include
U.S.-based IT group EDS, local software company Opera 21 and
local banking services outsourcing firm CSE.

CONTACT:  FINMATICA S.p.A.
          Via Cannizzaro
          83/A 00156 Roma
          Phone: +39 06/439911
          Fax: +39 06/43991259
          Web site: http://www.finmatica.com


PARMALAT FINANZIARIA: BofA Seeks Dismissal of US$10 Billion Suit
----------------------------------------------------------------
Bank of America Corp. has filed a petition with a North Carolina
court to dismiss a lawsuit filed by Parmalat, seeking billions
of dollars in claims, the Associated Press reports.

Court-appointed administrator Enrico Bondi filed the lawsuit in
October, accusing the bank of knowingly hiding the true
financial status of the group.  He claims Bank of America had
known Parmalat was insolvent, yet continued to structure deals
that allowed the company to disguise its true financial state.

Mr. Bondi is trying to recover US$10 billion (EUR7.52 billion)
in damages to return to creditors.  It has sued global lenders
such as UBS AG, Credit Suisse First Boston, Deutsche Bank AG,
Citigroup Inc. and Bank of America.  Mr. Bondi claims these
banks took advantage of the firm's financial problems by
financing it in ways that allowed the company to disguise debt
as equity.  In turn, Parmalat paid banks an estimated EUR5.3
billion (US$7.05 billion) in fees and interest payments from
1990 and 2003.

BofA said in an e-mailed statement that the claims are not
supported by facts and legally insufficient: "It is widely
recognized under U.S. law that a company which has participated
in a fraud cannot sue other parties to recover damages from that
fraud.

"Because Bondi filed the suit on behalf of Parmalat and because
he admits in his own legal papers the vast fraud carried out by
Parmalat management, he is barred from bringing the suit.  Only
creditors and shareholders of the company would have the right
to do so."

The administrator has not sued any Italian banks, which are
among Parmalat's largest creditors.  Bank of America is
Parmalat's second largest creditor with over US$462 million
(EUR347.53 million) in unsecured credit.


PARMALAT FINANZIARIA: Books Lower Revenues, Higher EBITDA
---------------------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
presents the operating and financial results of the Parmalat
Group as of Oct. 31, 2004.

A number of the non-Italian operations of the Group classified
as non-core that at December 31, 2003 were consolidated line-by-
line (for example: USA Dairy, Brazil, Chile and EVH) and certain
financial companies (i.e. Parmalat Capital Finance) are
currently subject to certain restrictions on their management as
a result of local bankruptcy proceedings, with the result that
these operations are effectively outside the control of Parmalat
Finanziaria S.p.A. in Extraordinary Administration.  For this
reason, the Group no longer consolidates these companies on a
line-by-line basis.

More specifically, the main companies are: Parmalat U.S.A.
Corp., Farmland Dairies, and Milk Products of Alabama, which
constitute the U.S.A. Dairy Division (these milk and dairy
products operations have filed for Chapter 11 bankruptcy
protection); two Brazilian companies (Parmalat Brasil and
Parmalat Participacoes), which have successfully filed for
composition with creditors under a local proceeding called
Concordata, which applies to their subsidiaries as well; the
Chilean operations, which have filed for composition with
creditors locally; EVH, a company incorporated in Canada that
has been granted creditor protection under the Companies'
Creditors Arrangement Act; and Parmalat Capital Finance, which
has been placed in liquidation by the local court.

This group of companies also includes Eurofood IFSC, which is
currently the subject of a dispute with the Irish judicial
authorities, who allege that the Italian Extraordinary
Administration proceedings cannot be applied to this company.

Consequently, the pro forma data for the previous year have been
restated to reflect the new scope of the line-by-line
consolidation process.  In the tables contained in this press
release, the restated data are compared with those of the
current fiscal year.

Financial Highlights

                                 Revenues
Values in
millions
of Euro            Previous      Previous        Current
                     year          year            year
                                 Pro-Forma

Core Activities [*] 3,127.2      3,127.2         3,047.6

Non-Core
Activities     [**] 1,399.2        576.8           484.5

Total               4,526.4      3,704.0         3,523.1

                                  EBITDA

                   Previous      Previous         Current
                     year          year             year
                                 Pro-Forma

Core Activities [*]   179.0        179.0            214.4

Non-Core
Activities [**]       (61.0)       (37.7)           (14.5)

Total                 118.0        141.3            228.9

                            EBITDA % of Revenues

                   Previous      Previous         Current
                     year          year             year
                                 Pro-Forma

Core Activities [*]     5.7          5.7              7.0

Non-Core
Activities [**]        (4.4)        (6.5)            (3.0)

Total                   2.6          3.8              6.5

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Core Activities: consist of drinks products (milk and fruit
juice) and milk-based products, focused on approximately 30
brands (global brands or strong local brands), centered on high
potential countries where there is strong demand for healthy
lifestyle products, the willingness to recognize premium prices
for the Parmalat brand and the availability of leading edge
technology.

[**] Non-core activities: these are countries and activities
considered to be non-strategic that will be subject to
divestment.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Group's consolidated data present a strong increase of the
operative result (from EUR141.3 million situation pro forma on
October 2003 to EUR228.9 million on October 2004) due to the re-
organization and restructuring activities implemented during the
current year, although there has been a volume reduction (from
EUR3,704.0 million situation pro forma on October 2003 to
EUR3,532.1 million on October 2004, - 4,6%).

                         Core Businesses

The Group's Core Businesses had revenues of EUR3,047.6 million
in the first ten months of 2004, down slightly (-2.5%) from the
EUR3,127.2 million booked in the same period last year, but
EBITDA increased to EUR214.4 million, or 19.8% more than the
EUR179.0 million earned in the ten months ended October 31,
2003.

Successful marketing initiatives and efforts to curtail
operating costs and overheads are the reasons for the improved
operating performance.

The operating data are before expenses related to the
Extraordinary Administration proceedings.  The accrued portion
attributable to the first ten months of 2004 amounts to about
EUR60.0 million.

October 2004 revenues (the difference between the cumulative
revenues at October 31 and September 30) totaled EUR325.4
million, or 7.8% less than in the same period last year
(EUR350.8 million).  However, EBITDA rose 21.4% to EUR21.5
million (EUR16.9 million in October 2003).

An analysis of the Group's performance in the main geographic
regions in which it operates is provided below.

Italy

In the first ten months of 2004, revenues decreased to
EUR1,140.8 million, or 9.8% less than the EUR1,253.2 million
reported at October 31, 2003.

As was the case in September, the revenue shortfall was
accompanied by an increase in ten-month EBITDA, which grew from
EUR65.9 million in 2003 to EUR70.2 million this year.  The ratio
of EBITDA to net revenues improved by 6.5%, rising from 5.3% in
2003 to 6.1% this year.

In October 2004, revenues amounted to EUR111.7 million and
EBITDA decreased to EUR3.6 million (3.2% of revenues) due to a
rise in advertising investments.

The resumption of advertising programs (the Kyr campaign in
particular) has already produced a rise in unit sales, as seen
in the September and October sales figures.  Other recent
promotional and advertising campaigns (Zymil, Eurolat products)
should generate additional sales momentum in the coming months.

Spain

Revenues for the first ten months of 2004 totaled EUR189.5
million, or 3.1% less than the EUR195.5 million reported a year
earlier.  EBITDA were also down, decreasing both in absolute
terms (down 32.6%, from EUR19.0 million to EUR12.8 million) and
as a percentage of revenues (from 9.7% to 6.7%).

For the month of October, revenues and EBITDA totaled EUR16.6
million and EUR0.5 million (3.0% of revenues), respectively.
The main reasons for the sharp decline in EBITDA compared with
October 2003 are a rise in costs, which could not be fully
offset by price increases for affected products, and the
inclement weather that characterized the summer of 2004.
In addition, specific problems arose in certain market segments:
in the yogurt (bioliquids in particular) and dessert areas,
sales were affected by aggressive promotions from competitors
with a global reach, and increasingly intense television
advertising by competitors had an impact on the flavored milk
segment.

Another factor that affected the year-over-year comparison of
the October results was the smaller number of business days
(five weekends and a holiday this year, compared with just four
weekends in 2003).

South Africa

Revenues for the first ten months of 2004 grew to EUR201.8
million, up 28.2% compared with the EUR157.4 million reported in
the same period a year ago.  EBITDA improved in absolute terms,
rising to EUR17.2 million, or 17.0% more than the EUR14.7
million earned in 2003, but declined as a percentage of revenues
(down from 9.3% to 8.5%).

In October 2004, the South African operations booked revenues of
EUR23.5 million and earned EBITDA of EUR3.0 million (12.8% of
revenues).

The positive trend in revenues and EBITDA, compared with the
first ten months of 2003, was made possible by the acquisition
of new brands (Simonsberg and Melrose); higher unit sales of
yogurt and milk and sharply higher shipments of UHT milk; and
the positive impact of the appreciation of the South African
brand versus the euro (+6.7%).  Unfortunately, EBITDA did not
benefit in the same manner due to a change in the sales mix to
the advantage of less profitable products (such as bulk cheese)
and the impact of higher oil prices on production costs.

Venezuela

In October 2004, the slide of the Bolivar versus the Euro that
had reached an unprecedented level earlier in 2004 (-26.3%
compared with 2003) came to a virtual halt compared with
September 2004, when it was down 26.5% compared with September
2003.

Revenues for the first ten months of 2004 decreased 26.9% to
EUR122.6 million (EUR167.8 million in 2003) and EBITDA
contracted in absolute terms (EUR4.2 million, compared with
EUR20.0 million in 2003) and as a percentage of revenues (down
from 11.9% to 3.5%).

For the month of October 2004, revenues totaled EUR11.9 million
and EBITDA amounted to EUR0.4 million (3.4% of revenues).

The two main reasons for the sharp deterioration in the
operating performance of the Venezuelan operations are the
difficulties experienced by the Venezuelan economy, which
resulted in a halt in the importation of numerous raw materials,
and the decision by the Venezuelan Government to regulate the
markets for certain essential staples, which include "basic"
powdered milk.  The Group responded to these developments by
implementing a process designed to refocus the Venezuelan
operations, beginning with the restructuring of the local
operating unit.

Canada

Cumulative revenues at October 31, 2004 totaled EUR964.2
million, about the same as in the corresponding period a year
ago (EUR960.2 million).  The modest improvement in net revenues
produced impressive gains in EBITDA, which rose 21.1% in
absolute terms (EUR66.1 million, compared with EUR54.6 million
for the ten months ended October 31, 2003) and 1.2 points as a
percentage of revenues (from 5.7% to 6.9%).

In October 2004, revenues totaled EUR114.9 million and EBITDA
amounted to EUR10.2 million (8.9% of revenues).  The excellent
results achieved by the Canadian operations despite the negative
performance of the local currency (in October, the Canadian
dollar was down 2.4% versus the Euro) were made possible mainly
by strong sales of basic ingredients and cheese.  As expected,
the implementation by local managers of some of the initiatives
outlined in the Industrial Plan provided a further boost to the
bottom line.  These initiatives include: renegotiations of
contracts with certain suppliers; expansion of the contract with
Canada's largest retail chain; reduction of promotional and
advertising expenses, distribution costs and overhead;
reorganization of the manufacturing processes; and a
streamlining of the product portfolio.

Another positive development was the recent launch of the Omega
3 product line, which is expected to produce significant
economic benefits in the future.

Australia

Owing in part to the appreciation of the Australian dollar
versus the Euro (+4.1% compared with the average rate through
October 2003), revenues grew to EUR317.1 million, up from
EUR308.2 million in the first ten months of 2003 (+2.9%).  Over
the same period, EBITDA increased from EUR26.1 million to
EUR27.0 million (+3.5%).

In October 2004, net revenues totaled EUR39.5 million and EBITDA
amounted to EUR4.4 million (11.1% of revenues).

Factors that contributed to these improved results, in addition
to the impact of foreign exchange translation rates, include:
higher unit sales of milk (especially pasteurized milk) and
yogurt, the containment of overhead and promotional expenses, a
more effective raw materials procurement policy and the
implementation of programs to reduce complexity.

                       Non-core Businesses

The Group's Non-core Businesses reported revenues of EUR484.5
million, or 16.0% less than the EUR576.8 million booked in the
first ten months of 2003.

As was the case in the first nine months of 2004, EBITDA for the
first ten months were positive, reaching EUR14.5 million
(negative EBITDA of EUR37.7 million for the ten months ended
October 31, 2003), due mainly to a change in the treatment of
certain items attributed to Parma F.C. that were related to the
sale of some of the team's players.

In October 2004, net revenues totaled EUR51.5 million (EUR19.2
million in 2003) and EBITDA amounted to EUR1.7 million.

The main reasons for the year-over-year improvement in
cumulative EBITDA are the restatement referred to above and
programs implemented by certain Italian businesses and the U.S.
baked goods operations (U.S.A. Bakery).

Italy

The Divisions of Parmalat S.p.A. that have been designated as
Non-core Businesses had revenues of EUR67.7 million, down
sharply (-34.8%) from the EUR103.8 million reported in October
2003.  Despite this decrease in net revenues, EBITDA improved by
74.0%, with the loss shrinking both in absolute terms (from
negative EUR12.7 million to negative EUR3.3 million) and in
relative terms (from -12.2% to -4.9% of net revenues).  The
decision to discontinue the water business and drastic cuts in
advertising and promotion for baked goods and fruit juices are
the main reasons for the improved results.

U.S.A. Bakery

The sharp decline suffered by the U.S. dollar versus the Euro
(-9.9% since October 2003) had a negative impact on the results
for the period.  Revenues for the first ten months of 2004
totaled EUR238.9 million, or 16.7% less than in the same period
last year, when they totaled EUR286.7 million.  Nevertheless,
EBITDA, while still negative, improved by 42.7% both in absolute
terms (from negative EUR12.4 million to negative EUR7.1 million)
and in relative terms (from -4.3% to -3.0% of net revenues).

Overall, the negative impact of lower unit sales and higher raw
materials prices was offset by targeting promotional investments
more effectively, reorganizing the manufacturing operations and
cutting overheads.

The full copy of Parmalat Finanziaria's third quarter financial
results is available free of charge at:
http://bankrupt.com/misc/parmalat_3q2004.pdf.

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

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


PARMALAT U.S.A.: Releases Monthly Operating Report Ended Oct. 23
----------------------------------------------------------------

                      Parmalat USA Corporation
                            Balance Sheet
                       As of October 23, 2004

Assets

Cash & Cash Equivalents                                      $0
Accounts Receivable-Net                                       0
Notes Receivable -Current                                     0
Inventory                                                     0
Prepaid Expenses                                              0
Other Current Assets                                          0
                                                 --------------
Total Current Assets                                          0

Fixed Assets                                                  0
Accumulated Depreciation                                      0
                                                 --------------
Net Fixed Assets                                              0

Other Assets                                        326,253,113
Intercompany Receivables                             24,965,537
                                                 --------------
Total Assets                                       $351,218,650
                                                 ==============

Liabilities Subject to Compromise
   Long Term Debt & Interest                        $19,836,909
   Intercompany payables                            212,783,632
                                                 --------------
Total Liabilities Subject to Compromise             232,620,541

Liabilities
   Accounts Payable                                           0
   Notes & Loans Payable                                      0
   Accrued Expenses                                     876,709
   Intercompany Payables                                      0
                                                 --------------
Total Liabilities                                   233,497,250

Equity
Common Stock                                          1,388,356
Paid In Capital                                     227,962,103
Retained Earnings                                  (110,643,290)
YTD Net Income/(Loss)                                  (985,771)
                                                 --------------
Total Equity                                        117,721,398
                                                 --------------
Total Liabilities & Owners' Equity                 $351,218,648
                                                 ==============


                      Parmalat USA Corporation
                          Income Statement
             From September 19, 2004 to October 23, 2004

Revenues
   Gross sales                                                -
   Less: Returns & discounts                                  -
                                                 --------------
   Net sales                                                 $0

Expenses
   Raw Materials & Ingredients                                -
   Packaging                                                  -
   Direct Labor                                               -
   Power                                                      -
   Freight                                                    -
   Distribution                                               -
   Industrial Depreciation                                    -
   Production Overhead                                        -
   Warehouse (Cooler)                                         -
   Marketing Costs                                            -
   Sales Admin Expenses                                       -
   General Expenses                                           -
   Financial Costs                                      126,933
   Goodwill/trademarks                                   18,226
   Extraordinary                                              -
   Corporate Allocation                                       -
   Depreciation                                               -
   Amortization                                               -
   Income Taxes                                               -
                                                 --------------
   Total Expenses                                       145,159

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                        250
   Other                                                      -
                                                 --------------
   Total Reorganization Expenses                            250
                                                 --------------
Net Profit (Loss)                                     ($145,409)
                                                 ==============


Parmalat USA Corporation received no cash nor made disbursements
from September 19, 2004, to October 23, 2004.

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., at 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)


PARMALAT U.S.A.: Milk Products Books US$10 Million Net Profit
-------------------------------------------------------------

                    Milk Products of Alabama, LLC
                            Balance Sheet
                       As of October 23, 2004

Assets

Cash & Cash Equivalents                              $7,633,384
Accounts Receivable-Net                               2,100,489
Inventory                                                     0
Prepaid Expenses                                              0
Other Current Assets                                  2,164,521
                                                   ------------
Total Current Assets                                 11,898,394

Fixed Assets                                                  0
Accumulated Depreciation                                      0
                                                   ------------
Net Fixed Assets                                              0

Other Assets                                                  0
Intercompany Receivables                                      0
                                                   ------------
Total Assets                                        $11,898,394
                                                   ============

Liabilities Subject to Compromise
   Accrued Expenses                                     $45,227
   Intercompany payables                              8,338,493
                                                   ------------
Total Liabilities Subject to Compromise               8,383,720

Liabilities
   Accounts Payable                                      48,612
   Accrued Expenses                                     199,526
                                                   ------------
Total Current Liabilities                               248,138

Long Term Notes Payable -- Intercompany                       -
Other                                                 2,847,993
                                                   ------------
Total Long Term Liabilities                           2,847,993

Intercompany Payables                                (9,524,361)
                                                   ------------
Total Liabilities                                     1,955,490

Equity
Retained Earnings                                        18,414
YTD Net Income/(Loss)                                 9,924,490
                                                   ------------
Total Equity                                          9,942,904
                                                   ------------
Total Liabilities & Owners' Equity                  $11,898,394
                                                   ============


                    Milk Products of Alabama, LLC
                          Income Statement
             From September 19, 2004 to October 23, 2004

Revenues
   Gross sales                                       $3,014,095
   Less: Returns & discounts                              2,028
                                                   ------------
   Net sales                                          3,012,067

Expenses
   Raw Materials & Ingredients                        2,232,700
   Packaging                                            259,798
   Direct Labor                                          63,179
   Power                                                 19,434
   Freight                                               93,221
   Industrial Depreciation                                   13
   Production Overhead                                   14,561
   Warehouse (Cooler)                                   138,814
   Marketing Costs                                        7,290
   Sales Admin Expenses                                  20,961
   General Expenses                                     159,991
   Financial Costs                                          769
   Other (Income) Expense                                  (259)
   Extraordinary                                      2,579,466
   Corporate Allocation                                       0
   Income Taxes                                               0
                                                   ------------
   Total Expenses                                     5,589,938

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                            (12,895,738)
                                                   ------------
   Total Reorganization Expenses                    (12,895,738)
                                                   ------------
Net Profit (Loss)                                   $10,317,867
                                                   ============


                    Milk Products of Alabama, LLC
                   Cash Receipts and Disbursements
             From September 19, 2004 to October 23, 2004

Cash - Beginning of Month                              $278,837

Receipts From Operations
   Cash Sales                                                 -

Collection of Accounts Receivable
   Prepetition                                                0
   Postpetition                                       3,697,934
                                                   ------------
   Total Operating Receipts                           3,697,934

Non - Operating Receipts
   Transfers                                         (3,960,564)
   Other                                              9,440,339
                                                   ------------
   Total Non-Operating Receipts                       5,479,775
                                                   ------------
   Total Receipts                                     9,177,709
                                                   ------------
Total Cash Available                                  9,456,546

Operating Disbursements
   Bank Charges                                               -
   Consulting Fees                                    1,791,555
   Ingredients                                                -
   Licenses & Taxes                                           -
   Packaging                                                  -
   Raw Milk                                                   -
   R & M, Parts, Supplies                                     -
   Other                                                 17,704
   Warehouse (Cooler)                                         -
   Marketing Costs                                            -
   Sales Admin Expenses                                       -
   General Expenses                                       4,771
   Title Fees                                            10,785
   Goodwill/trademarks                                        -
   Extraordinary                                              -
   Corporate Allocation                                       -
   Income Taxes                                               -
                                                   ------------
   Total expenses                                     1,824,815

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                   ------------
   Total Reorganization Expenses                              -
                                                   ------------
Total Disbursements                                   1,824,815
                                                   ------------
Net Cash Flow                                         7,352,894
                                                   ------------
Cash - End of Month                                  $7,631,730
                                                   ============

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)


PARMALAT U.S.A.: Farmland Dairies Absorbs US$3.3 Mln Net Loss
-------------------------------------------------------------


                        Farmland Dairies, LLC
                            Balance Sheet
                       As of October 23, 2004

Assets

Cash & Cash Equivalents                              $6,234,862
Accounts Receivable-Trade                            38,847,473
Accounts Rec.-Securitization                        (36,267,087)
Notes Receivable                                        261,392
Inventory                                            15,708,697
Prepaid Expenses                                     12,239,241
Other Current Assets                                  6,261,735
                                                   ------------
Total Current Assets                                 43,286,313

Fixed Assets                                        210,390,545
Accumulated Depreciation                            116,349,205
                                                   ------------
Net Fixed Assets                                     94,041,340

Other Assets                                         43,808,224
Intercompany Receivables                             69,311,953
                                                   ------------
Total Assets                                       $250,447,830
                                                   ============

Liabilities Subject to Compromise:
   Accounts Payable                                  14,594,549
   Accrued Expenses                                   3,167,370
   Intercompany Payables                             25,318,781
   Capital Lease                                     95,000,000
                                                   ------------
Total Liabilities Subject to Compromise             138,080,700

Liabilities:
   Notes & Loans Payable                                      0
   Capital Leases - Short Term                                0
   Accounts Payable                                  12,003,350
   Accrued Expenses                                  25,892,926
                                                   ------------
Total Current Liabilities                            37,896,276
Notes & Loans Payable                                25,265,341
Capital Leases - Long Term                               41,491
Other                                                 8,389,235
                                                   ------------
Total Long Term Liabilities                          33,696,067

Intercompany Payables                               (82,068,989)
                                                   ------------
Total Liabilities                                   127,604,054

Equity
Paid In Capital                                     161,506,590
Accum Comprehensive Income                           (7,013,988)
Retained Earnings                                    11,323,693
YTD Net Income/(Loss)                               (42,972,519)
                                                   ------------
Total Equity                                        122,843,776
                                                   ------------
Total Liabilities & Owners' Equity                 $250,447,830
                                                   ============


                        Farmland Dairies, LLC
                          Income Statement
             From September 19, 2004 to October 23, 2004

Revenues
   Gross sales                                      $42,731,493
   Less: Returns & discounts                          1,015,421
                                                   ------------
   Net sales                                         41,716,072

Expenses
   Raw Materials & Ingredients                       27,482,798
   Packaging                                          2,811,594
   Direct Labor                                         976,650
   Power                                                545,173
   Freight                                              487,605
   Distribution                                       3,135,816
   Industrial Depreciation                              480,567
   Production Overhead                                2,885,647
   Warehouse (Cooler)                                 2,009,605
   Marketing Costs                                      786,533
   Sales Admin Expenses                                 493,142
   General Expenses                                   1,286,993
   Financial Costs                                    1,379,963
   Goodwill/trademarks                                    8,445
   Extraordinary                                         85,787
   Corporate Allocation                                       0
   Provision for Income Taxes                             8,376
                                                   ------------
   Total Expenses                                    44,864,694

Reorganization Expenses                                 154,120
                                                   ------------
Net Profit (Loss)                                   ($3,302,742)
                                                   ============


                        Farmland Dairies, LLC
                   Cash Receipts and Disbursements
             From September 19, 2004 to October 23, 2004

Cash - Beginning of Month                            $7,216,818

Receipts From Operations
   Cash Sales                                                 0

Collection of Accounts Receivable
   Prepetition                                          238,168
   Postpetition                                      41,006,727
                                                   ------------
   Total Operating Receipts                          41,244,895

Non - Operating Receipts
   Payments from/(to) GE Capital                      3,400,000
   Voided Checks (Prepetition)                                -
   Adjustments                                          (82,851)
   Deposits -- Other                                    335,370
   Transfers                                          3,960,564
                                                   ------------
   Total Non-Operating Receipts                       7,613,083
                                                   ------------
   Total Receipts                                    48,857,978
                                                   ------------
Total Cash Available                                 56,074,796

Operating Disbursements
   Chemicals                                            670,191
   Commissions                                          176,536
   Consulting/Legal                                      94,780
   Co-packing                                           750,960
   Employee & Employee-related expenses               1,205,969
   Equipment Leases                                     477,785
   Freight & Postage                                    287,292
   Fuel                                                 234,446
   Transportation                                       641,587
   Ingredients                                        1,629,158
   Insurance                                          1,118,194
   Lab Fees                                              87,406
   Licenses & Taxes                                      62,029
   Marketing                                             24,553
   Other                                                617,107
   Packaging                                          2,791,413
   Pallets/Cases/Bossies                                319,017
   Milk Producers                                    24,738,276
   Marketing Administrator                              706,012
   Purchased Products                                   705,995
   R & M, Parts, Supplies                             1,214,422
   Raw Milk                                           1,314,997
   Rebates                                              170,188
   Rent                                                 199,110
   Security                                             146,561
   Temporary Labor                                       90,736
   Travel & Entertainment                                43,495
   Utilities                                          1,044,552
   Securitization Payments                            1,211,516
   Payroll                                            4,137,542
   Payroll Taxes                                        707,729
   Voided Checks (Postpetition)                               0
                                                   ------------
   Total expenses                                    47,619,554

Reorganization Expenses
   Professional Fees                                  2,054,715
   U.S. Trustee Fees                                          0
   DIP Interest & Fees                                  195,572
                                                   ------------
   Total Reorganization Expenses                      2,250,287
                                                   ------------
Total Disbursements                                  49,869,841
                                                   ------------
Net Cash Flow                                        (1,011,863)
                                                   ------------
Cash - End of Month                                  $6,204,955
                                                   ============

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)


VOLARE GROUP: ENAC Sets Deadline for Recovery Plan
--------------------------------------------------
Ente Nazionale per l'Aviazione Civile (ENAC), the civilian
aviation authority, has given insolvent low-cost carrier Volare
Group until this week to present a recovery plan, Reuters says.

The aviation authority said Volare has until December 10 to
present a plan restarting its flights under Air Europe.  ENAC
likewise set the same deadline for the troubled group to recover
its license, which the aviation authority suspended after the
group admitted financial and operational problems.

Should Volare fail to meet the deadline, ENAC would start
reviewing other carrier's offer to transport Volare's Christmas
passengers, who bought Air Europe tickets for flights from
December 15, 2004 to January 15, 2005.  Irish no-frills carrier
Ryanair, which competes with Volare's Volareweb.com brand, is
already offering stranded Volare passengers free tickets.
Ryanair recently started talks with airports on covering
Volare's domestic routes.

On November 26, the government placed the debt-ridden carrier
under extraordinary administration, allowing the group to fend
off creditors and continue operations, while the state-appointed
commissioner Carlo Rinaldi tries to turn around the troubled
airline.  Volare grounded its fleet on November 19, leaving
thousands of passengers stranded.  A probe has been launched
against Volare over alleged false accounting and embezzlement.

Volare Group is a holding company composed of Volare Airlines,
which takes care of regular flights; and AirEurope, which
operates the group's charter business.  The group has 24 planes
covering 20 routes across Europe.

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


===========
L A T V I A
===========


PAREX BANKA: Individual Rating Affirmed at 'C/D'
------------------------------------------------
Fitch Ratings completed a review of Latvia's Parex banka
relating to allegations made by a third party in a letter to
Fitch.  The allegations relate to improper business practices by
the bank.

Fitch has sought explanation from the bank on all the
allegations and detailed additional information to that provided
in its review of the rating in July.  The agency has also been
in contact with the Latvian and Swiss regulators concerning
these allegations and received no information from these
regulators that these allegations are valid.

At all times the bank has maintained that the allegations are
completely without merit.  Fitch has received both verbal and
written responses from the bank, denying all the allegations,
and met in person with the bank to discuss the issues raised.

Fitch notes that in affirming Parex's rating in July the agency
stated there were some weaknesses in its corporate governance,
resulting in some undue shareholder influence in extending
loans.  This issue continues to be a constraint on the bank's
rating.

While the agency has carried out additional analysis of the
audited accounts and sought additional information from the bank
and regulators, Fitch does not audit or verify the truth or
accuracy of the information provided to it by an issuer, it's
experts, agents or other parties and, specifically, in this
matter Fitch has not in any way attempted to verify or audit the
truth or accuracy of the information provided to it by the bank
or any of the regulators.  Accordingly, as a result of the
representations made to the agency by the issuer and the
regulators and other information provided as part of the review,
Fitch has determined that no rating actions are warranted at
this point.  Consequently, Fitch has affirmed Parex banka at
Long-term 'BB+', Short-term 'B', Support '3' and Individual
'C/D'.  The Outlook is Stable.

The agency adds that a rating in the 'BB' range indicates there
is a possibility of credit risk developing, particularly as a
result of adverse economic change over time and that entities
rated in this category are not investment grade.  Further, a
bank with a 'C/D' Individual rating is defined as an adequate
bank possessing one or more troublesome aspects and there are
concerns regarding its profitability and balance sheet
integrity, franchise, management, operating environment or
prospects. (Full rating definitions available at
http://www.fitchratings.com)

CONTACT:  FITCH RATINGS
          Claudia Nelson,
          Banu Saracci, London
          Phone: +44 20 7417 4269

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


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


SIAULIU BANKAS: 'D' Individual Rating Affirmed
----------------------------------------------
Fitch Ratings revised the Long-term rating Outlook on
Lithuania's Siauliu Bankas to Stable from Positive.  All its
ratings are affirmed at Long-term 'B+', Short-term 'B',
Individual 'D' and Support '5'.

The rating action comes after the improvements previously
expected in the bank's performance as a result of the better
business environment failed to materialize.  The bank is
suffering from pressure on its core operating profitability from
a high cost base and decreasing margins.  There are also some
concerns over the strong lending growth seen outside the bank's
historical region, the bank's high loan concentrations, low
reserve coverage and a planned reduction in capital ratios.

SB is Lithuania's sixth largest bank, with an established
position in its region and an expanding SME franchise in
Lithuania as a whole.  Its ownership is widely fragmented, with
a trading company as the largest shareholder taking a 9.3%
stake.  Fitch understands, however, that there is an informal
shareholder pact amongst holders of 65% of the shares.  SB has
leasing, private equity, real estate management and factoring
subsidiaries.

CONTACT:  FITCH RATINGS
          Claudia Nelson
          Tim Beck, London
          Phone: +44 20 7417 4222

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


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


AGRO-KHIMIK: Creditors Have Until January to File Claims
--------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
proceedings against Agro-Khimik after finding the limited
liability company insolvent.  The case is docketed as A19-
5099/04-29.  Mr. Y. Bezverbnyj has been appointed insolvency
manager.  Creditors have until Jan. 8, 2005 to submit their
proofs of claim to 664081, Russia, Irkutsk, Post User Box 141.

CONTACT:  AGRO-KHIMIK
          666310, Russia, Ust-Ordynskiy Buryatskiy autonomous
          region, Bokhan, Solnechnaya Str. 1

          Mr. Y. Bezverbnyj
          Insolvency Manager
          664081, Russia, Irkutsk,
          Post User Box 141


AUTO-TRAN-SERVICE: Under Bankruptcy Supervision
-----------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on state-owned enterprise Auto-
Tran-Service.  The case is docketed as A60-21596/04-S3.  Ms. T.
Ivanova has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 620014, Russia,
Ekaterinburg, Post User Box 366.

CONTACT:  AUTO-TRAN-SERVICE
          Russia, Ekaterinburg, Alpinistov Str. 38

          Ms. T. Ivanova
          Temporary Insolvency Manager
          620014, Russia, Ekaterinburg,
          Post User Box 366


BAEVSKAYA SEL-KHOZ-TEKHNIKA: Names A. Pupkov Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
proceedings against Baevskaya Sel-Khoz-Tekhnika after finding
the open joint stock company insolvent.  The case is docketed as
A03-10969/03-B.  Mr. A. Pupkov has been appointed insolvency
manager.  Creditors have until Jan. 8, 2005 to submit their
proofs of claim to 656002, Russia, Altay region, Barnaul,
Vorovskogo Str. 140, Post User Box 130.

CONTACT:  BAEVSKAYA SEL-KHOZ-TEKHNIKA
          658510, Russia, Altay region, Baevskiy region,
          Baevo, Zabaykalskaya Str. 74

          Mr. A. Pupkov
          Insolvency Manager
          656002, Russia, Altay region, Barnaul,
          Vorovskogo Str. 140, Post User Box 130


BARYSHEVSKOYE: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on state-owned housing and
communal service firm, Baryshevskoye.  The case is docketed as
A45-16505/04-SB/161.  Ms. O. Sysoeva has been appointed
temporary insolvency manager.

Creditors have until Dec. 8, 2004 to submit their proofs of
claim to:

(a) Insolvency Manager
    655010, Russia, Novosibirsk,
    Potaninaskaya Str. 3a, Office 51

(b) Baryshevskoye
    633154, Russia, Novosibirsk region,
    Baryshevo, Telmana Str. 16a


GORNYAK: Succumbs to Bankruptcy
-------------------------------
The Arbitration Court of Sakhalin region has commenced
bankruptcy proceedings against Gornyak after finding the limited
liability company insolvent.  The case is docketed as A59-
396/03-S22.  Mr. Y. Tryasorukov has been appointed insolvency
manager.  Creditors have until Jan. 8, 2005 to submit their
proofs of claim to 693022, Russia, Sakhalin region, Yuzhno-
Sakhalinsk-22, Post User Box 79.

CONTACT:  GORNYAK
          Russia, Sakhalin region, Nevelskiy region,
          Gornozavodsk, Vokzalnaya Str. 2 A

          Mr. Y. Tryasorukov
          Insolvency Manager
          693022, Russia, Sakhalin region,
          Yuzhno-Sakhalinsk-22, Post User Box 79


KVITKOVSKAYA FURNITURE: Bankruptcy Hearing Resumes Next Year
------------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
proceedings against Kvitkovskaya Furniture Factory (TIN
3838005154) after finding the state-owned enterprise insolvent.
The case is docketed as A19-7024/03-38.  Mr. Y. Kostyrin has
been appointed insolvency manager.

Creditors have until Jan. 8, 2005 to submit their proofs of
claim to 664039, Russia, Irkutsk-39, Post User Box 4959.  A
hearing will take place at the Arbitration court of Irkutsk
region on Sept. 20, 2005, 10:00 a.m.

CONTACT:  KVITKOVSKAYA FURNITURE FACTORY
          665011, Russia, Irkutsk region, Tayshetskiy region,
          Kvirok, Oktyabrskaya Str. 1

          Mr. Y. Kostyrin
          Insolvency Manager
          664039, Russia, Irkutsk-39,
          Post User Box 4959

          The Arbitration Court of Irkutsk region
          664025, Russia, Irkutsk,
          Gagarina Avenue, 70, Room 319
          Phone: 564-257
          Fax: 34-44-66


MURINSKIY: Sets Deadline for Proofs of Claim
--------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
proceedings against Murinskiy after finding the close joint
stock company insolvent.  The case is docketed as A19-8044/04-8.
Mr. Y. Bezverbnyj has been appointed insolvency manager.
Creditors have until Jan. 8, 2005 to submit their proofs of
claim to 664081, Russia, Irkutsk, Post User Box 141.

CONTACT:  MURINSKIY
          666116, Russia, Irkutsk region,
          Ekhirit-Bulagatskiy region, Aluzhino

          Mr. Y. Bezverbnyj
          Insolvency Manager
          664081, Russia, Irkutsk,
          Post User Box 141


SEL-KHOZ-TEKHNIKA: Bankruptcy Hearing Resumes February
------------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on state-owned enterprise Sel-
Khoz-Tekhnika.  The case is docketed as A72-8964/04-17/30-B.
Mr. A. Sakhovskiy has been appointed temporary insolvency
manager.  Creditors may submit their proofs of claim to 432011,
Russia, Ulyanovsk, Post User Box 9944.  A hearing will take
place on Feb. 10, 2005, 11:00 a.m.

CONTACT:  SEL-KHOZ-TEKHNIKA
          433460, Russia, Ulyanovsk region,
          Staraya Mayna, Rabochaya Str. 12A

          Mr. A. Sakhovskiy
          Temporary Insolvency Manager
          432011, Russia, Ulyanovsk,
          Post User Box 9944


TUVA-OIL-PRODUCT: Declared Insolvent
------------------------------------
The Arbitration Court of Tyva republic has commenced bankruptcy
proceedings against Tuva-Oil-Product after finding the open
joint stock company insolvent.  The case is docketed as A69-
482/04-7.  Mr. G. Ten has been appointed insolvency manager.
Creditors have until Jan. 8, 2005 to submit their proofs of
claim to 660005, Russia, Krasnoyarsk, Krasnodarskaya Str. 15-66.

CONTACT:  TUVA-OIL-PRODUCT
          667009, Russia, Tyva republic,
          Kyzyl, Kalinina Str. Oil base

          Mr. G. Ten
          Insolvency Manager
          660005, Russia, Krasnoyarsk,
          Krasnodarskaya Str. 15-66


VITIM-WOOD: Insolvency Manager to Temporarily Oversee Business
--------------------------------------------------------------
The Arbitration Court of Buryatiya republic has commenced
bankruptcy proceedings against Vitim-Wood after finding the
limited liability company insolvent.  The case is docketed as
A10-3978/04.  Ms. T. Kovalyeva has been appointed insolvency
manager.

CONTACT:  VITIM-WOOD
          Russia, Buryatiya republic,
          Taksimo, Sosnovaya Str. 14


YUKOS OIL: Gazprom in Talks to Raise Fund for Yugansk Bid
---------------------------------------------------------
State-controlled gas monopoly Gazprom is trying to arrange
financial support for its bid for Yukos Oil's main production
unit, reports say.

The most leveraged Russian company is in talks with Western
banks to raise up to US$10 billion to fund the purchase of
Yuganskneftegaz at an auction on Dec. 19.  The starting price
for the asset is almost US$9 billion.

A source told Reuters: "It's obvious that Gazprom's borrowings
would not be limited to just US$3.9 billion next year."  Gazprom
plans to cut other borrowings to fund core operations by a
quarter next year to US$3.9 billion.  According to the report, a
London-based Russian loan specialist had said market talk
suggests a US$6 billion syndicated bridge loan to a bond issue,
most likely unsecured.  ABN AMRO confirmed the talks, but
declined to comment further.  Gazprom's adviser Deutsche also
declined to comment.

The possible buyout will let the Kremlin partly regain control
over the oil industry, after losing it through complex
privatization deals in the mid-1990s.  But the process promises
to be controversial, as Yukos minority shareholders have
threatened to sue Russia for expropriation because they say the
sale of Yugansk would destroy any residual value left in Yukos.

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

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

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


YUKOS OIL: Loses Right to Increase Stake in Lithunian Refinery
--------------------------------------------------------------
The Lithunian government has turned down a request from Yukos to
delay its buyout of shares in their joint venture, Mazeikiu
Nafta oil processing complex.  The decision effectively stripped
Yukos of the right to increase its stake under a previous
agreement.

"The Cabinet decided not to agree with a delay of the term, as
the investment treaty does not provide for it," said a statement
from the government's information bureau and quoted by Interfax.

Yukos Oil, which holds a 53.7% stake in the company, had asked
for a 120-day delay to purchase an additional 9.72% of newly
issued shares.  An agreement with the government, which holds a
40.6% in Mazeikiu Nafta, allows Yukos to buy another 11.5% in
the refinery from the government's own stake.

The Mazeikiu Nafta complex includes an oil refinery, the Butinge
offshore terminal and a pipeline.  It gets about 63% of the oil
it needs from Yukos itself.  Analysts have said that it may be
worth about US$850 million.  The 9.72% shares that Yukos was
entitled to buy was worth US$75 million.

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

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

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


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


ABB LTD: U.S. Court Orders Further Review of Unit's Rescue Plan
---------------------------------------------------------------
The Third Circuit Court of Appeals in the United States has
ruled that ABB Ltd.'s Chapter 11 Plan of Reorganization for its
U.S. subsidiary, Combustion Engineering (CE) will be reviewed
again by the District Court.

Under the Plan of Reorganization announced in January 2003, ABB
offered a US$1.2 billion trust fund for claims against CE.  It
consisted of the assets of CE valued at US$812 million, about 30
million ABB shares, and cash contributions totaling about US$350
million.  The plan was accepted by an overwhelming majority of
claimants, and approved by both the Bankruptcy and District
courts.

ABB said it was considering its options and fully expects to be
able to resolve the issues raised by the Appeals Court, and will
move quickly to do so.  In the meantime, CE remains in Chapter
11, and it and the ABB group remain protected from asbestos
litigation by the Bankruptcy Court's injunction.

The Third Circuit Court of Appeals found that it was not
appropriate to include Lummus Global and Basic Ltd in the
Combustion Engineering Plan.  ABB said it would look promptly at
other mechanisms to deal with the insignificant asbestos
exposure of these two companies.

"Given the fact that both the Bankruptcy and District Courts
have approved the Combustion Engineering Plan of Reorganization,
we are naturally surprised and disappointed at [Fri]day's
decision," said Jurgen Dormann ABB chairman and CEO.  "But we
remain confident that we can resolve Combustion Engineering's
asbestos liability within a Plan of Reorganization compatible
with the Third Circuit's decision within a relatively short time
frame and without significant additional cost."

ABB (http://www.abb.com)is a leader in power and automation
technologies that enable utility and industry customers to
improve performance while lowering environmental impact.  The
ABB Group of companies operates in around 100 countries and
employs about 103,000 people.

CONTACT:  ABB LTD.
          Affolternstrasse 44
          8050 Zurich, Switzerland
          Phone: +41 43 317 7111
          Fax:   +41 43 317 4420
          Web site: http://www.abb.com

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


ARTEMIVKA: Harkiv's Chief Liquidator Takes over Firm
----------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Artemivka (code EDRPOU 00850891) on
September 21, 2004 after finding the limited liability company
insolvent.  The case is docketed as 19/61-04.  Chief of
Liquidation Commission Mr. Sirovoj Oleksandr has been appointed
liquidator/insolvency manager.  The company holds account number
260030000316 at JSPPB Aval, Harkiv regional branch, MFO 350589.

Creditors had until December 5, 2004 to submit their proofs of
claim to:

(a) ARTEMIVKA
    Ukraine, Harkiv region, Pechenizkij district,
    Artemivka, 40 Rokiv Peremogi Str. 2

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


DONTRANSINVEST: Succumbs to Insolvency
--------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Dontransinvest (code EDRPOU 30739930) on
August 16, 2004 after finding the limited liability company
insolvent on.  The case is docketed as 42/131B.

CONTACT:  DONTRANSINVEST
          83029, Ukraine, Donetsk region,
          Svitlogo Puti Str. 10

          ECONOMIC COURT OF DONETSK REGION
          83048, Ukraine, Donetsk region,
          Artema Str. 157


HLIBOROB: Insolvency Manager Takes over Operations
--------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Hliborob (code EDRPOU 00707082) on October
21, 2004 after finding the limited liability company insolvent.
The case is docketed as B-19/54-04.  Arbitral manager Mr. D.
Kaluzhnij (License Number AA 779114) has been appointed
liquidator/insolvency manager.  The company holds account number
26002301197 at Oshadbank, Novodolazke branch 2854, MFO 350200.

CONTACT:  HLIBOROB
          Ukraine, Harkiv region,
          Novodolazkij district, Odrinka

          Mr. D. Kaluzhnij
          Liquidator/Insolvency Manager
          Ukraine, Harkiv, Pushkinska Str. 79/12
          Phone: 8 (057) 704-22-66

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


ISKOR: Under Bankruptcy Supervision
-----------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on Joint Ukrainian-Spanish Enterprise
Iskor (code EDRPOU 14350815) on September 21, 2004.  The case is
docketed as 4/148 B.  Arbitral manager Mr. Sergij Statetskij
(License Number AA 315401) has been appointed temporary
insolvency manager.  The company holds account number 26007586
at JSPPB Aval, Korostishiv branch, MFO 311528.

CONTACT:  ISKOR
          12503, Ukraine, Zhitomir region,
          Korostishiv, Bilshovitska Str. 149

          Mr. Sergij Statetskij
          Temporary Insolvency Manager
          02217, Ukraine, Kyiv region,
          M. Zakrevskij Str. 27/2-173

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


KOKSOBUD: Names Temporary Insolvency Manager
--------------------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure on LLC Koksobud (code EDRPOU
25535357).  The case is docketed as B 15/103/04.  Mr. U.
Tsibulskij (License Number AA 779176) has been appointed
temporary insolvency manager.  The company holds account number
26002010002840 at CB Privatbank, Krivij Rig branch, MFO 305750.

CONTACT:  KOKSOBUD
          50006, Ukraine, Dnipropetrovsk region,
          Krivij Rig, Veteraniv Pratsi Str. 26

          Mr. U. Tsibulskij
          Temporary Insolvency Manager
          50027, Ukraine, Dnipropetrovsk region,
          Krivij Rig, a/b 1221

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


KOMSOMOLSKE: Declared Insolvent
-------------------------------
The Economic Court of Herson region commenced bankruptcy
proceedings against Komsomolske (code EDRPOU 00856698) on
October 12, 2004 after finding the limited liability company
insolvent.  The case is docketed as 6/118-B.  Mr. Dmitro
Zaporozhets (License Number AA 487833) has been appointed
liquidator/insolvency manager.

CONTACT:  KOMSOMOLSKE
          75700, Ukraine, Herson region,
          Skadovskij district, Krasnek, Karl Marks Str. 5

          Mr. Dmitro Zaporozhets
          Liquidator/Insolvency Manager
          73000, Ukraine, Herson region,
          Chervonoflotska Str. 3/1
          Phone: 8 (0552) 24-82-86

          ECONOMIC COURT OF HERSON REGION
          73000, Ukraine, Herson region,
          Gorkij Str. 18


KUZKIVSKE: Bankruptcy Proceedings Begin
---------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against KUZKIVSKE (code EDRPOU 30902701) on
September 30, 2004 after finding the limited liability company
insolvent.  The case is docketed as 7/36-04.  Arbitral manager
Mr. Vadim Zakorko (License Number AA 719836) has been appointed
liquidator/insolvency manager.

CONTACT:  KUZKIVSKE
          41632, Ukraine, Sumi region,
          Konotop district, Kuzki, Shevchenko Str. 30

          Mr. Vadim Zakorko
          Liquidator/Insolvency Manager
          40030, Ukraine, Sumi region,
          Proletarska Str. 69, 2nd floor

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


NEDRIGAJLIVSKIJ FOOD: Declared Insolvent
----------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Nedrigajlivskij Plant of Food Products (code
EDRPOU 00379554) on September 27, 2004 after finding the open
joint stock company insolvent.  The case is docketed as 7/79-04.
Mr. Dmitro Kozin (License Number AA 487785) has been appointed
liquidator/insolvency manager.

CONTACT:  NEDRIGAJLIVSKIJ PLANT OF FOOD PRODUCTS
          42127, Ukraine, Sumi region,
          Nedrigajlivskij district,
          Vilshanka, Romenska Str. 95

          Mr. Dmitr Kozin
          Liquidator/Insolvency Manager
          40034, Ukraine, Sumi region,
          Internatsionalistiv Str. 63A/36

          ECONOMIC COURT OF SUMI REGION
          40011, Ukraine, Sumi region,
          Ribalka Str. 2


PUTIVLZERNOPROM: Bankruptcy Supervision Begins
----------------------------------------------
The Economic Court of Sumi region has commenced bankruptcy
supervision procedure on LLC Putivlzernoprom (code EDRPOU
30051599).  The case is docketed as 6/105-04.  Arbitral manager
Mr. Mikola Usenko (License Number AA 249729) has been appointed
temporary insolvency manager.

Creditors had until December 5, 2004 to submit their proofs of
claim to:

(a) PUTIVLZERNOPROM:
    41500, Ukraine, Sumi region,
    Putivl, Zavodska Str. 10

(b) ECONOMIC COURT OF SUMI REGION
    40011, Ukraine, Sumi region,
    Ribalka Str. 2


SELISHANSKIJ SUGAR: Names Sergij Kaplya Liquidator
--------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Selishanskij Sugar Plant (code EDRPOU
00373468) on October 5, 2004 after finding the limited liability
company insolvent.  The case is docketed as 01/786.  Arbitral
manager Mr. Sergij Kaplya (License Number AA 240486) has been
appointed liquidator/insolvency manager.  The company holds
account number 260061874 at JSPPB Aval, Korsun-Shevchenkivske
branch, MFO 354411.

CONTACT:  SELISHANSKIJ SUGAR PLANT
          19443, Ukraine, Cherkassy region,
          Korsun-Shevchenkivskij district, Selishe

          Mr. Sergij Kaplya
          Liquidator/Insolvency Manager
          18000, Ukraine, Cherkassy region,
          Slavi Str. 4/1

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


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


ANGEL ENTERPRISES: Creditors Meeting this Week
----------------------------------------------
The creditors of Angel Enterprises LLP will meet on Dec. 10,
2004 commencing at 11:30 a.m.  It will be held at Arundel I,
Hotel Swiss Howard, Temple Place, London WC2R 2PR.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Singla & Co., 12 Devereux Court, Strand, London
WC2R 3JL not later than 12:00 noon, Dec. 9, 2004.

CONTACT:  SINGLA & CO.
          12 Devereux Court,
          Strand, London WC2R 3JL


AQUAPROOF LIMITED: Hires Joint Liquidators from KPMG
----------------------------------------------------
At the extraordinary general meeting of the Aquaproof Limited
(formerly Hyflex Roofing Limited) on Nov. 24, 2004 held at
Hawthorn House, Smethwick, the special and ordinary resolutions
to wind up the company were passed.  Mark Jeremy Orton and Allan
Watson Graham of KPMG Corporate Recovery, 2 Cornwall Street,
Birmingham B3 2DL have been appointed joint liquidators for the
purpose of such winding-up.

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


ARAKIN LIMITED: Appoints Liquidator from Deloitte & Touche
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Arakin Limited
                         (In Liquidation)

We, John Charles Reid and James Bernard Stephen, Lomond House, 9
George Square, Glasgow G2 1QQ, hereby give notice that we were
appointed Joint Interim Liquidators of Arakin Limited on October
14, 2004 by Interlocutor of the Court of Session.

Notice is hereby given pursuant to Section 138 of the Insolvency
Act 1986 and Rule 4.12 of the Insolvency (Scotland) Rules 1986,
and further to the Interlocutor of November 19, 2004 granted by
the Court of Session, that the first Meeting of Creditors of the
Company will be held within The Merchants House of Glasgow, 7
West George Street, Glasgow G2 1BA on December 7, 2004 at
10.00am for the purpose of choosing a Liquidator and determining
whether to establish a Liquidation Committee. The meeting may
also consider other resolutions referred to in Rule 4.12(3).

A resolution at the meeting is passed if a majority in value of
those voting vote in favor of it.

A creditor will be entitled to vote at the meeting only if a
claim has been lodged with me at the meeting or before the
meeting at my office and it has been accepted for voting
purposes in whole or in part.  For the purpose of formulating
claims, creditors should note that the date of commencement of
the Liquidation is October 14, 2004.  Proxies may also be lodged
with me at the meeting or before the meeting at my office.

James Bernard Stephen, Joint Interim Liquidator

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


BANK OF WALES: Members Final Meeting January
--------------------------------------------
The final meeting of the members of Bank Of Wales (Nominees)
Limited will be on Jan. 4, 2004 commencing at 10:00 a.m.  It
will be held at the offices of PricewaterhouseCoopers LLP,
Benson House, 33 Wellington Street, Leeds LS1 4JP.

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

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street, Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax:   [44] (113) 289 4460
          Web site: http://www.pwcglobal.com


BARCLAY ASSETS: Hires Joint Liquidators from Deloitte & Touche
--------------------------------------------------------------
BARCLAY ASSETS LIMITED
BARCLAYS NOMINEES (BGSS) LIMITED
BARCLAYS SAFE DEPOSIT CENTRES LIMITED
BARSHELFCO (BM NO.1) LIMITED
BARSHELFCO (BM NO.2) LIMITED
B. INVEST LIMITED
EXSHELFCO (BGS) LIMITED
FLEETWAY HOUSE CONSTRUCTION MANAGEMENT LIMITED
GRACECHURCH MORTGAGE FINANCE (NO.5) LIMITED
UNIT TRUST NOMINEES LIMITED

At the general meeting of these companies, the resolutions to
wind up the companies were passed.  J. R. D. Smith and N. J.
Dargan of Deloitte & Touche LLP, Athene Place, PO Box 810, 66
Shoe Lane, London EC4A 3WA have been appointed joint liquidators
of the companies.

CONTACT:  DELOITTE
          Athene Place
          66 Shoe Lane, London EC4A 3BQ
          Phone: +44 (0) 207 007 2507
          Fax: 44 (0) 207 007 3442


BCMB CORPORATION: Final General Meeting Next Week
-------------------------------------------------
The final general meeting of BCMB Corporation Limited will be on
Dec. 22, 2004 commencing at 10:30 a.m.  It will be held at 1
More London Place, London SE1 2AF.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Ernst & Young LLP, at 1 More London Place, London SE1 2AF
not later than 12:00 noon, Dec. 21, 2004.

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


BRITISH INDUSTRIAL: Liquidator's Report Out January
---------------------------------------------------
The final meeting of the members of British Industrial Holdings
Limited will be on Jan. 7, 2004 commencing at 10:00 a.m.  It
will be held at Spectrum House, 20-26 Cursitor Street, London
EC4A 1HY.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Baker Tilly, Spectrum House, 20-26 Cursitor Street, London
EC4A 1HY not later than 12:00 noon, Jan. 6, 2004.

CONTACT:  BAKER TILLY
          Spectrum House
          20-26 Cursitor Street, London EC4A 1HY
          Phone: 020 7405 2088
          Fax: 020 7831 2206
          Web site: http://www.bakertilly.co.uk


CAVANAGH ROOFING: Liquidator Calls Final Meeting
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Cavanagh Roofing Limited
                         (In Liquidation)

Notice is hereby given in terms of section 106 of the Insolvency
Act 1986, that a final meeting of the members and creditors will
be held within the offices of Wylie & Bisset CA, 168 Bath
Street, Glasgow G2 4TP at 10:00 a.m. on December 23, 2004 for
the purpose of receiving an account of the winding up from the
Liquidator.

M. D. Sheppard, Liquidator
November 22, 2004

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


CNA UNDERWRITING: Sets Members Final Meeting Next Year
------------------------------------------------------
Name of companies:
CNA Underwriting Agencies Limited
London Market Reinsurance Services Limited

The final meeting of the members of these companies will be on
Jan. 13, 2005 commencing at 10:15 a.m. and 10:30 a.m.
respectively.  It will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

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

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


COMPASS GROUP: Reports Encouraging Results
------------------------------------------
The Group's reported financial highlights for the year ended 30
September 2004 are:

                           2004                     2003
Turnover                GBP11,772m                 GBP11,286m
Total operating profit
- reported              GBP500m                    GBP521m
- before goodwill
amortization            GBP775m                    GBP797m

Profit before tax
- reported              GBP370m                    GBP358m
- before goodwill
amortization
and exceptional
items [1]               GBP645m                    GBP661m

Basic earnings per share
- reported                 8.3p                     8.3p
- before goodwill amortization
and exceptional
items [1]                 21.1p                    20.8p
- underlying at
constant currency [2]     21.1p                    19.5p

Free cash flow          GBP246m                    GBP415m

Business highlights [2]

(a) Turnover of GBP11.8 billion, up 7% on a like for like basis;

(b) Basic earnings per share on an underlying constant currency
    basis, up 8% at 21.1p;

(c) Final dividend of 6.2 pence per share, 9.3 pence per share
    for the full year, up 11%;

(d) New contract gains of GBP1.2 billion per annum signed in the
    year and contract retention continues to be strong at 95%.
    Developments announced on Nov. 30, 2004 include plans to
    open a total of nine Moto Marks & Spencer Simply Food units
    at its U.K. motorway service areas and a GBP22 million per
    annum contract with Bank of America in North America.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1]  There were no exceptional items in 2004.

[2]  The bases for calculating like for like growth, underlying
and continuing activities performance are explained in more
detail in the attached preliminary results for Compass Group for
the year ended 30 September 2004.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Outlook

After a difficult period, the Group enters the new financial
year confident that actions have been taken to address the
challenges of 2004 to give a solid platform from which to grow.
80% of the additional turnover needed in 2005 to deliver at
least 6% like for like turnover growth has already been secured
and the pipeline across all businesses is encouraging.  With
further benefits still to be achieved, especially in purchasing,
the Group is confident of improved performance.

The Group's expectations for free cash flow in 2005 remains
unchanged at GBP350 million to GBP370 million.

The Group is now increasing its focus on organic growth, with a
renewed emphasis on how capital is used, in order to deliver
sustainable improvements in return on capital employed.

Sir Francis Mackay, Chairman, said: "We have a market leading
position in all the major world economies, a strong management
team and a strategy for delivering shareholder value in an
expanding sector of the economy.

"2004 was a challenging year for the Group with a number of
trading issues which had an impact on performance.  Actions have
been put in place to address these issues and I remain confident
about the future prospects for the Group."

Michael J Bailey, Chief Executive, said: "Our main drive is to
return to delivering profit growth and strong free cash flow.
We are putting a renewed emphasis on improving return on capital
employed going forward.

"I am confident in the robustness of our business model and the
commitment, motivation and capabilities of our employees will
enable us to do what is required to deliver on our objectives
for 2005 and beyond."

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

CONTACT:  COMPASS GROUP PLC
          Michael J. Bailey
          Chief Executive

          Andrew Martin
          Finance Director

          Sarah Ellis
          Director of Investor Relations
          Phone: 01932 573000

          BRUNSWICK
          Simon Sporborg
          Pamela Small
          Phone: 020 7404 5959

          Web site: http://www.compass-group.com


COURTS PLC: Administrators Sell Unit for Undisclosed Sum
--------------------------------------------------------
The joint administrators of Courts Plc and Courts (U.K.)
Limited, Mick McLoughlin and Chris Laverty of KPMG Corporate
Recovery, announces the sale of the business and assets of
Courts Contracts, a non-retailing division of Courts Ltd.,
safeguarding 90 jobs.

Courts Contracts operates from eight warehouses and fits out
show homes for residential building companies.  It has been sold
to the existing management team for an undisclosed sum.

Mick McLoughlin, joint administrator and Head of KPMG Corporate
Recovery, commenting on the sale, said: "We are pleased to
finalize this sale, which effectively secures the future of 90
employees.  The business did not form part of the core retail
business and a timely sale was vital to ensure that the customer
support could be protected.  An MBO provided the best solution
and the sale to the management team not only saves jobs but also
reflects good value for creditors.

The appointment of administrators over Courts Plc and Courts
(U.K.) Limited does not affect Courts Overseas Limited, Courts
Group International Limited, Courts World Wide Purchases Limited
or any of Courts overseas operations.  The Courts overseas
operations have separate boards, management, suppliers and
funding, and will continue to trade as normal.

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


DURASTIC ROOFING: Joint Liquidators from KPMG Move in
-----------------------------------------------------
At the extraordinary general meeting of the Durastic Roofing &
Cladding Limited on Nov. 24, 2004 held at Hawthorn House,
Smethwick, the special and ordinary resolutions to wind up the
company were passed.  Mark Jeremy Orton and Allan Watson Graham
of KPMG Corporate Recovery, 2 Cornwall Street, Birmingham B3 2DL
have been appointed joint liquidators for the purpose of such
winding-up.

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


EBOOKERS PLC: Cendant Takes over Business for GBP209 Million
------------------------------------------------------------
Highlights of the recommended cash acquisition by Cendant Bidco
of ebookers plc.

(a) Recommended cash acquisition of ebookers by Cendant Bidco at
    320 pence per ebookers Share, valuing the entire issued
    share capital of ebookers at approximately GBP209 million;
    GBP170 million net of assumed debt and acquired cash
    as at 30 September 2004; and

(b) Irrevocable undertakings received by Cendant Bidco from
    holders of approximately 41.4% of ebookers Shares, including
    from Flightbookers Investments Limited, which is controlled
    by a trust in which Dinesh Dhamija (Chairman and Chief
    Executive Officer of ebookers) has an interest.

Summary

(a) The Boards of Cendant and ebookers announce that they have
    reached agreement on the terms of a recommended cash
    acquisition by Cendant Bidco of ebookers which is expected
    to be effected by means of a scheme of arrangement under
    section 425 of the Companies Act.  Under the terms of the
    Scheme, ebookers Shareholders will be entitled to receive
    320 pence per ebookers Share in cash and holders of ebookers
    ADSs will be entitled to receive 640 pence per ebookers ADS
    in cash (equivalent to US$12.38).  On this basis, the terms
    of the Acquisition value the entire existing issued share
    capital of ebookers at approximately GBP209 million.  As at
    30 September 2004, ebookers had gross debt of approximately
    GBP18.1 million and cash at bank and in hand of
    approximately GBP56.7 million;

(b) The ebookers Directors, who have been so advised by Credit
     Suisse First Boston, consider the terms of the Acquisition
     to be fair and reasonable.  An affiliate of Credit Suisse
     First Boston has an advisory relationship with Cendant and
     the ebookers Directors have therefore sought independent
     advice from Ernst & Young regarding the Acquisition (as
     required by the Panel).  In this connection, Ernst & Young
     also considers the terms of the Acquisition to be fair and
     reasonable and has so advised the ebookers Directors.  In
     providing advice to the Board of ebookers, Credit Suisse
     First Boston and Ernst & Young have taken into account the
     commercial assessments of the ebookers Directors;

(c) The ebookers Directors intend unanimously to recommend that
    ebookers Shareholders vote in favor of the Scheme at the
    Court Meeting and in favor of the resolutions required to
    effect the Acquisition to be proposed at the Extraordinary
    General Meeting;

(d) Dinesh Dhamija (Chairman and Chief Executive Officer of
    ebookers) and Flightbookers Investments Limited, which is
    controlled by a trust in which Dinesh Dhamija has an
    interest, have irrevocably undertaken to vote, or procure

    the vote, in favor of the Scheme at the Court Meeting and in
    favor of the resolutions required to effect the Acquisition
    to be proposed at the Extraordinary General Meeting, in
    respect of 26,985,700 ebookers Shares, representing
    approximately 41.3% of the ebookers Shares.  In addition,
    each of the other ebookers Directors has irrevocably
    undertaken to vote, or procure the vote, in favor of the
    Scheme at the Court Meeting and in favor of the resolutions
    required to effect the Acquisition to be proposed at the
    Extraordinary General Meeting in respect of their own
    beneficial holdings of ebookers Shares of, in aggregate,
    51,078 ebookers shares, representing approximately 0.08% of
    the ebookers shares;

(e) The irrevocable undertakings referred to above will remain
    binding in the event of a competing offer being announced
    for ebookers and also oblige Flightbookers Investments
    Limited, Dinesh Dhamija and each of the other ebookers
    Directors to accept an Offer announced by Cendant Bidco
    within three months from the date on which the Scheme does
    not become effective or is withdrawn or any condition to
    which the Scheme is subject becomes incapable of
    satisfaction and is not waived in accordance with its terms,
    provided that the terms of any such Offer are, in the
    opinion of Citigroup, no less favorable to acceptors than
    the financial consequences for them of the Scheme becoming
    effective, or on such other terms as may be agreed between
    Cendant Bidco and ebookers;

(f) In the event that a third party announces a higher competing
    offer for ebookers, ebookers has undertaken that it will not
    withdraw the Scheme for a period of 48 hours and if, within
    that time, Cendant communicates to ebookers a revision to
    the terms of the Acquisition, so that the revised terms of
    the Acquisition provide for a price in cash per ebookers
    Share no less than the price offered under the competing
    offer, and the revised terms of the Acquisition are
    otherwise no less favorable to ebookers Shareholders than
    the terms of the competing offer taking into account all the
    circumstances, including, without limitation, any obligation
    to pay the inducement fee provided for in the Merger
    Agreement, the ebookers Directors will continue to recommend
    the Acquisition and withdraw any recommendation of the
    competing offer.

(g) The Acquisition is conditional on, amongst other things,
    certain approvals by ebookers Shareholders, and the sanction
    of the Scheme by the Court.  Regulatory clearances from the
    relevant competition authorities in Germany and Norway will
    also need to be obtained.  Approval of the Acquisition will
    be sought from ebookers Shareholders at the Court Meeting
    and the Extraordinary General Meeting.  In order to become
    effective, the Scheme must be approved by a majority in
    number representing three-fourths in value of the ebookers
    Shares that are voted at the Court Meeting. In addition, a
    special resolution implementing the Scheme and sanctioning
    the related reduction of capital must be passed by ebookers
    Shareholders representing 75% of the votes cast at the
    Extraordinary General Meeting.

(h) It is expected that the Scheme Document will be posted in
    December 2004 and that, subject to the satisfaction, or
    where relevant waiver, of all relevant conditions, the
    Scheme will become effective and the Acquisition completed
    in the first quarter of 2005; and

(i) Cendant believes that the Acquisition provides for synergies
    in content, technology, fulfillment and operations, with
    Cendant's current operations across the U.K. and Europe.
    Cendant plans to build on ebookers' strength in the long and
    medium-haul segments, by augmenting it with Cendant's long-
    haul destination ground product, such as hotels and rental
    cars, through its other travel businesses including Travel
    2, HotelClub.com, Lodging.com and Orbitz.  Cendant also
    plans to introduce short haul/city break product through
    HotelClub.com and its vacation rental group and timeshare
    businesses.

Commenting on the Acquisition, Samuel L. Katz, chairman and
Chief Executive Officer, Cendant Travel Distribution Services
Division, said: "ebookers will serve as the foundation for
Cendant's online travel consumer vertical in Europe.  The
addition of ebookers to our portfolio of travel distribution
businesses immediately strengthens Cendant's position as one of
the world's leading on-line travel distributors and provides a
foundation for significant growth opportunities in the fast-
growing European online segment.

"This transaction is an integral part of our continuing effort
to expand our global 'order making' capabilities through both
our existing businesses and through strategic 'tuck ins'.  The
combination of Cendant Travel Distribution Services Division and
ebookers addresses the needs of the rapidly changing travel
environment in Europe by enabling consumers, suppliers and
travel agencies to benefit from richer content, wider
distribution and increased value.

"Recent industry research suggests that online penetration of
the travel market in Europe is less than 10% of gross bookings,
compared to more than 30% in the U.S., providing us with the
potential for significant growth."

Gordon Wilson, Managing Director for Cendant Travel Distribution
Services Division's International Markets division, said: "This
is a clear example of Cendant's Travel Distribution Services
Division delivering on its stated strategy of integrating its
travel assets throughout the distribution chain to become a
multi-channel distributor of the richest travel inventory.  We
are looking forward to working closely with ebookers'
outstanding team to build on their considerable achievements."

Commenting on the Acquisition, Dinesh Dhamija, Chairman and
Chief Executive Officer of ebookers, said: "'ebookers has become
a leader in European online travel and [Thurs]day's transaction
represents a logical next step in the Company's development.
Within the Cendant group, ebookers will be well placed to take
the business to the next level, building on our existing
strengths in Europe, and excellence in value-add services such
as long haul and hotels.  This is good news for our customers,
our shareholders and our employees."

                            *   *   *

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN OR INTO AUSTRALIA, CANADA OR JAPAN

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

CONTACT:  CENDANT
          Media Relations
          Contact:
          Neil Bennet, Maitland (U.K. & U.S.)
          Phone: +44 (0)20 7379 5151

          David Sturken, Maitland (European enquiries)
          Phone: +44 (0)20 7379 5151

          Investor Relations
          Contact:
          Sam Levenson
          Phone: +1 (212) 413 1832
          Henry A. Diamond
          Phone: +1 (212) 413 1920

          CITIGROUP GLOBAL MARKETS LIMITED
          Phone: +44 (0)20 7986 4000
          (Financial Adviser to Cendant)
          Peter Tague
          Iain Robertson
          Grant Kernaghan

          EBOOKERS PLC
          Phone: +44 (0)20 7489 2451
          Dinesh Dhamija
          Michael Healy

          CUBITT CONSULTING
          Phone: +44 (0)20 7367 5100
          (Media Relations Adviser)
          Simon Brocklebank-Fowler
          Michael Henman

          CREDIT SUISSE FIRST BOSTON
          Phone: +44 (0)20 7888 8888
          (Financial Adviser to ebookers)
          Andrew Christie
          Simon Taurins
          Ian Brown

          ERNST & YOUNG
          Phone: +44 (0)20 7951 2000
          (Independent Financial Adviser to Ebookers)
          John Stephan
          Steve Taylor


FIRE CONTROL: Sets up Liquidation Committee
-------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Fire Control Limited
                         (In Liquidation)

I, Annette Menzies, French Duncan, 375 West George Street,
Glasgow, G2 4LW hereby give notice, pursuant to Rule 4.19 of the
Insolvency (Scotland) Rules 1986, that on 18th November 2004 I
was appointed Liquidator of Fire Control Limited by Resolution
of the First Meeting of Creditors.

A Liquidation committee was established at this meeting.

Annette Menzies, Liquidator
November 18, 2004

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


GA PROPERTY: Names PricewaterhouseCoopers Liquidator
----------------------------------------------------
GA Property Agency Limited
Goodman & Mann Limited
James Hurst Associates Limited
Morley Property (Estate Services) Limited
Project Seattle Limited
Security Insurance Limited
Steerline Limited
Wordbase Limited

At the extraordinary general meeting of these companies on
November 19, 2004, the special and ordinary resolutions to wind
up the companies were passed.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP have been appointed joint liquidators of the
companies for the purpose of such windings-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street, Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax:   [44] (113) 289 4460
          Web site: http://www.pwcglobal.com


GEORGE WILLIAMSON: Special Winding up Resolution Passed
-------------------------------------------------------
At the extraordinary general meeting of the members of the
George Williamson (Garages) Limited on Nov. 22, 2004 held at 33-
35 Exchange Street, Driffield YO25 6LL, the special resolution
to wind up the company was passed.  David Horner of David Horner
& Co., 11 Clifton Moor Business Village, James Nicolson Link,
Clifton Moor, York YO30 4XG has been appointed liquidator for
the purpose of winding-up the company.

CONTACT:  DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link,
          York YO30 4XG
          Phone: 01904 479801
          Web site: http://www.davidhornerandco.co.uk


H.HUNTSMAN & SONS: Names David Rubin & Partners Administrator
-------------------------------------------------------------
Asher Miller and Henry Lan (IP Nos 9251, 8188) have been
appointed administrators for tailors H.Huntsman & Sons Limited.
The appointment was made Nov. 22, 2004.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane, London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


HIGH SMITHSTONE: Winding-up Report Due Last Week of December
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF High Smithstone Quarry Limited

Company Number: SC189830

(In Liquidation)

Notice is hereby given pursuant to Rule 4.31 of the Insolvency
(Scotland) Rules 1986, that the Final Meeting of Creditors of
High Smithstone Quarry Limited will be held within the offices
of Kroll Limited, Afton House, 26 West Nile Street, Glasgow G1
2PF on December 23, 2004, at 1:00 p.m. for the purposes of
receiving the Liquidator's account of the winding-up together
with any explanations that may be given. The Liquidator will be
seeking his release at the meeting.

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

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

F J Gray, Liquidator

Kroll Limited, Afton House, 26 West Nile Street, Glasgow G1 2PF

23rd November 2004


IMAGICTV (UK): Owners Opt to Liquidate Business
-----------------------------------------------
At the extraordinary general meeting of the Imagictv (UK)
Limited on Nov. 15, 2004 held at Shoppenhangers Road, Maidenhead
SL6 2PJ, the special and ordinary resolutions to wind up the
company were passed.  Jeremy Simon Spratt and Finbarr Thomas
O'Connell of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have
been appointed joint liquidators for the purpose of such
winding-up.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square, London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


KBI COMMERCIAL: Calls in Liquidator from Piper Thompson
-------------------------------------------------------
At the extraordinary general meeting of the KBI Commercial
Limited on Nov. 19, 2004 held at the offices of Piper Thompson,
Mulberry House, 53 Church Street, Weybridge, Surrey KT13 8DJ,
the special and ordinary resolutions to wind up the company were
passed.  Tony James Thompson of Piper Thompson, Mulberry House,
53 Church Street, Weybridge, Surrey KT13 8DJ has been appointed
liquidator.

CONTACT:  PIPER THOMPSON
          Mulberry House, 53 Church Street,
          Weybridge, Surrey KT13 8DJ


MODERNJOINT LIMITED: Holds First Creditors' Meeting
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Modernjoint Limited
                         (In Liquidation)

I, Ian W. Wright, hereby give notice that I was appointed
Interim Liquidator of Modernjoint Limited on November 11, 2004
by Interlocutor of the Sheriff of North Strathclyde at Paisley.

Notice is also given that the First Meeting of Creditors of the
company will be held at the offices of Haines Watts, James
Miller House, 98 West George Street, Glasgow G2 1PJ, on December
17, 2004 at 10:30 a.m. for the purposes of choosing a Liquidator
and of determining whether to establish a Liquidation Committee.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims and proxies have been submitted and accepted at the
meeting or lodged beforehand at the address below.  A resolution
will be passed when a majority of those voting have voted in
favor of it.  For the purpose of formulating claims, creditors
should note that the date of commencement of the Liquidation is
November 11, 2004.

I. W. Wright, Interim Liquidator

CONTACT:  HAINES WATTS (GLASGOW INSOLVENCY)
          James Miller House
          98 West George Street
          Glasgow G2 1PJ
          Phone: 0141 342 1600
          Fax: 0141 342 1616
          Web site: http://www.hwca.com


NAVIGATION INVESTMENTS: Members Pass Winding-up Resolutions
-----------------------------------------------------------
At the extraordinary general meeting of the Navigation
Investments Limited on Nov. 19, 2004 held at 17 Devonshire
Street, London W1G 7EY, the subjoined special and ordinary
resolutions to wind up the company were passed.  Stephen
Franklin of Panos, Eliades, Franklin & Co, of Albany House, 18
Theydon Road, London E5 9NZ has been appointed liquidator for
the purpose of such winding-up.

CONTACT:  FRANKLIN & CO.
          Albany House,
          18 Theydon Road, London E5 9NZ


NSA (EUROPE): Sets Creditors Meeting Next Week
----------------------------------------------
The creditors of NSA (Europe) Limited will meet on Dec. 16, 2004
commencing at 11:00 a.m.  It will be held at The Novotel,
Grayfriars Road, Ipswich IP1 1UP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to McTear Williams & Wood, 19 Silent Street, Ipswich
IP1 1TF not later than 12:00 noon, Dec. 15, 2004.

CONTACT:  MCTEAR WILLIAMS & WOOD
          19 Silent Street
          Ipswich IP1 1TF
          Phone: 01473 218191
          Fax: 01473 218081
          E-mail: mail@mw-w.com
          Web site: http://www.mw-w.com


PROJECT TWO: Hires Baker Tilly as Administrator
-----------------------------------------------
Richard Paul Rendle and Guy Edward Brooke Mander (IP Nos 005766,
008845) have been appointed joint administrators for Project Two
Services Limited.  The appointment was made Nov. 25, 2004.  The
company offers air conditioning service engineers.

Nature of Business: Air Conditioning Service Engineers.
Trade Classification: 26.
Date of Appointment: 25 November 2004.
Joint Administrators' Names and Address: Richard Paul Rendle and
Guy Edward Brooke Mander (IP Nos 005766 and 008845), both of
Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF.

CONTACT:  BAKER TILLY
          City Plaza, Temple Row
          Birmingham B2 5AF
          Phone: 0121 214 3100
          Fax: 0121 214 3101
          Web site: http://www.bakertilly.co.uk


PRO-LIFE PAISLEY: To Name Liquidator Third Week of December
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Pro-Life Paisley 98 Limited
                         (In Liquidation)

I, William Thomson Mercer Cleghorn of RSM Robson Rhodes LLP,
Conference House, 152 Morrison Street, The Exchange, Edinburgh
EH3 5EB, hereby give notice, pursuant to Rule 4.18 of The
Insolvency (Scotland) Rules 1986, I was appointed Interim
Liquidator of Pro-Life Paisley 98 Limited by Interlocutor of
Sheriff of North Strathclyde at Paisley on October 15, 2004.

Notice is hereby given, pursuant to Section 138(4) of the
Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland)
Rules 1986, that the First Meeting of Creditors of the said
company will be held at RSM Robson Rhodes LLP, Conference House,
152 Morrison Street, The Exchange, Edinburgh EH3 5EB on December
17, 2004 at 11:00 a.m. for the purpose of choosing a Liquidator
and considering the other resolutions specified in Rule 4.12(3)
of the aforementioned Rules.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims and proxies have been submitted and accepted at the
Meeting or lodged beforehand at the address below.

A resolution will be passed when a majority of those voting have
voted in favor of it.  For the purpose of formulating claims,
creditors should note that the date of commencement of the
Liquidation is September 24, 2004.

W. T. M. Cleghorn, Interim Liquidator

CONTACT:  RSM ROBSON RHODES LLP
          Conference House
          152 Morrison Street
          The Exchange
          Edinburgh EH3 8EB
          Phone: +44 (0) 131 200 6166
          Fax: +44 (0) 131 200 6200
          Web site: http://www.rsmi.co.uk


RUBEROID CONTRACTS: Hires KPMG as Liquidator
--------------------------------------------
At the extraordinary general meeting of the Ruberoid Contracts
Limited (formerly Maurice Hill Limited) on Nov. 24, 2004 held at
Hawthorn House, Smethwick, the special and ordinary resolutions
to wind up the company were passed.  Mark Jeremy Orton and Allan
Watson Graham of KPMG Corporate Recovery, 2 Cornwall Street,
Birmingham B3 2DL have been appointed joint liquidators for the
purpose of such winding-up.

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


RUSSELL MCINTYRE: Creditors Opt to Liquidate Company
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Russell McIntyre Limited
                        (In Liquidation)

I, Eileen Blackburn, French Duncan, 375 West George Street,
Glasgow, G2 4LW hereby give notice, pursuant to Rule 4.19 of the
Insolvency (Scotland) Rules 1986, that on November 18, 2004 I
was appointed Liquidator of Russell McIntyre Limited by
Resolution of the First Meeting of Creditors.

A Liquidation committee was not established at this meeting.

Eileen Blackburn, Liquidator
November 18, 2004

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


SAFARILIFE PLC: Special Winding up Resolution Passed
----------------------------------------------------
At the extraordinary general meeting of the members of the
Safarilife Plc on Nov. 19, 2004 held at Nerine House, St
George's Place, St Peter Port, Guernsey, the special resolution
to wind up the company was passed.  A. C. Pickford of Chandlers
Limited, Anson Court, La Route des Camps, St Martins, Guernsey
has been appointed liquidator for the purpose of winding-up the
company.

CONTACT:  CHANDLERS LIMITED
          Anson Court, La Route des Camps,
          St Martins, Guernsey


SEASONS ENGINEERING: Calls in Joint Administrators from Begbies
---------------------------------------------------------------
Vivian Murray Bairstow and Paul Michael Davis (IP Nos 5316,
7805) have been appointed administrators for Seasons Engineering
Limited.  The appointment was made Nov. 23, 2004.  The company
manufactures other fabricated metal products.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill,
          London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


SLATER YENDALL: Names Administrators from Menzies
-------------------------------------------------
Paul John Clark and Jason James Godefroy (IP Nos 8570, 9097)
have been appointed administrators for Slater Yendall Limited.
The appointment was made Nov. 26, 2004.

The company is engaged in general mechanical engineering and
engine remanufacturing.  Its registered office is located at
Howard Road, Park Farm North, Redditch, Worcestershire B98 7SE.

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


TXU EUROPE: Administrators to Return Cash to Creditors
------------------------------------------------------
KPMG and Ernst & Young, administrators of TXU Europe, announce
the imminent distribution of funds to TXU creditors via a series
of Company Voluntary Arrangements (CVAs).  Creditors of 25
separate TXU operating companies will receive payments early in
2005, as long as meetings to be held in January approve the
proposals.

The estimated dividend for the three largest operating companies
is in excess of 40 pence in the pound for TXU Europe Energy
Trading creditors, over 70 pence in the pound for TXU Europe
Group creditors, and over 90 pence in the pound for TXU U.K.
creditors.

The proposed arrangements cover all of the group's main trading
companies.  The majority of the group's financial creditors sit
in holding companies further up the group, and a proposal to
resolve disputed matters within those companies is currently
being negotiated.  The proposals will allow substantial funds to
flow to the group's trade creditors, whilst being an important
milestone in resolving the remaining holding company issues.

Alan Bloom of Ernst & Young, the lead EY administrator of TXU
said: "After two years of complex negotiations I am delighted
that we have been able to work out many of the outstanding
issues within the TXU Group.  All disputes between the CVA
companies will be resolved, most major termination claims will
be settled as well as all inter-company disputes, once our
proposals have been approved by creditors."

Jim Tucker of KPMG, joint administrator of TXU Europe Group plc,
added: "This administration is one of the most complex in the
U.K. in recent years.  Across the companies there is now in
excess of GBP1.7 billion in cash.  However, establishing which
companies and which creditors within those businesses are
entitled to those funds has been strongly disputed.  If any one
of a number of issues had been litigated, payments to creditors
would have been delayed for at least two further years.

"The compromise proposed by Ernst & Young and ourselves has been
heavily negotiated with all parties, and both firms strongly
recommend the formal approval of these proposals."

Ian Whitlock, Energy partner at Ernst & Young continues: "The
U.K. power sector can now face the future with much more
confidence.  Most of the major power suppliers will have agreed
their claims with TXU under this CVA compromise and early next
year we will be in a position to distribute approximately GBP1.3
billion to creditors.  This is welcome news for all involved."

Timetable:

(a) Pathfinder document to be issued 3 December,

(b) Dispatch CVA documents, proxies and notices of meetings to
    creditors and shareholders 7 January,

(c) Creditors meetings 28 January,

(d) Distribution of dividends begins end of March

CONTACT:  KPMG
          Media Enquiries
          Jim Tucker
          Corporate Recovery Partner
          Phone: 07802 306410

          Judith Dow
          Corporate Communications
          Phone: 020 7694 8584 or 07786 197 718

          ERNST & YOUNG
          Will White
          Media Relations
          Phone: 020 7951 3264 or 0777 155 5247

          Vicky Conybeer
          Phone: 020 7951 0868 or 07870 635 196


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

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


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


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


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


FRANCE
------
Acces Industrie                      (32)         124      (63)
Arbel                     PA.ARB     (50)         213      (47)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Bull S.A.                 BULP.PA   (912)         902      (38)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Charbo De France                  (3,872)       4,738   (2,868)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
LVL Medical Group         LVLM.PA     (8)         149       (6)
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


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