/raid1/www/Hosts/bankrupt/TCREUR_Public/041208.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, December 8, 2004, Vol. 5, No. 243

                            Headlines

F R A N C E

AIR BOURBON: Escapes Liquidation; Enters Receivership
EURO DISNEY: Creditors Approve Final Restructuring Plan


G E R M A N Y

APPARATE- U: Creditors Have Until this Month to File Claims
BEGENDIK FEINKOST: Administrator's Report Out February
BIELEFELDER AUTOEXPORT: Bielefeld Court Appoints Administrator
DRESDNER BANK: To Reorganize Latin American Unit
E + B WOHNDESIGN: Succumbs to Bankruptcy

FLS FOTO: Creditors' Claims Due Next Week
GARANT SCHUH: Provisional Administrator Takes over Operations
I.M.C. INTERNATIONAL: Sets Creditors' Meeting January
KABEL DEUTSCHLAND: Senior Unsecured Rating Affirmed at 'BB-'
"KLEISTHER"-GASTSTATTEN: Creditors' Meeting Next Week

LWH LUFT: Bielefeld Court Sets Claims Filing Deadline
MEDI@BILD IMAGING: Bankruptcy Court Stays All Pending Lawsuits
PRO-TEL: Dusseldorf Court Confirms Bankruptcy


G R E E C E

ASPIS BANK: Fitch Keeps 'C/D' Individual Rating; Outlook Stable


K Y R G Y Z S T A N

AGROPROMBANK: Liquidator Sets Public Auction Date
BAYTURSUN: Public Auction of Assets Next Week
KYRGYZKOMUR: Selling Loan Security Today
SYN-TASH: Public Auction Next Week


L U X E M B O U R G

MILLICOM INTERNATIONAL: Managers Exercise Option to Buy Shares


N E T H E R L A N D S

NUMICO N.V.: Arranges New EUR1 Billion Credit Facility
UNITEDGLOBALCOM, INC.: Issues EUR537 Million New Debt Securities


P O L A N D

AIR POLONIA: Fails to Meet Lease Payments; Grounds Planes


R O M A N I A

BANCA COMERCIALA: Individual Rating Raised to 'C/D'


R U S S I A

ANDREYEVSKIY: Gives Creditors Until January to File Claims
BREWERY VESHKAYMSKIY: Insolvency Manager Takes over Helm
BUILDER: Public Auction Set Tomorrow
GRANITE: Hires V. Pitsun as Insolvency Manager
KILMEZ-SEL-KHOZ-TEKHNIKA: Claims Filing Period Ends Today

KISELEVSKAYA: Public Auction Set Next Week
MEKHANIZATOR - LTD: Sets Deadline for Proofs of Claim
QUANT-1: Under Bankruptcy Supervision
SAMARSKIY SEMOLINA: Undergoes Bankruptcy Supervision Procedure
URAL-AGGLOMERATE: Gives Creditors Until January to File Claims


S W I T Z E R L A N D

ABB LTD.: U.S. Court Rejects Unit's Prepackaged Asbestos Plan
ABB LTD.: S&P Affirms Ratings, Revises Outlook to Stable


U K R A I N E

BORISFEN: Undergoes Bankruptcy Supervision Procedure
KOTELNIK: Succumbs to Insolvency
MOLKOMCENTRE: Under Bankruptcy Supervision
MONOMAH A: Court Orders Debt Moratorium
OBERON: Insolvency Manager to Temporarily Oversee Business

PERLIT: Insolvency Manager Enters Firm
REMONT: Oleksandra Mitrofanova Appointed Liquidator
RESENG: Kyiv Court Appoints Insolvency Manager
TAVRIDA: Bankruptcy Proceedings Commenced
VEDA-TRANS: Bankruptcy Supervision Begins


U N I T E D   K I N G D O M

AA NINE: Final General Meeting Set January
ABERDEEN PROPERTY: Liquidator's Report Out December
AIR ART: Winding up Resolutions Passed
ALEC BOTHAM: Appoints Liquidator from Vantis
AMBROSE DEVELOPMENTS: Names Joint Liquidators from Geral-Edelman

AYREFIELD HOLDINGS: Hires Liquidator from Milner Boardman
BAE SYSTEMS: Govt Agrees to Amend Terms of Eurofighter Contract
BMV MANAGEMENT: Sets Deadline for Filing of Claims
BOLTON BACON: Hires Kroll Limited as Administrator
CHAINE ET TRAME: Names Begbies Traynor Administrator

COX ECM: Members Final Meeting Set Next Year
DAVID TAYLOR: Calls in Joint Administrators from PKF
DUNWILCO 1022: Appoints Liquidator
ENVIRONMENT & RESOURCE: Liquidator to Present Winding-up Report
EURO EXPRESS: Names Joint Administrators from Numerica

EXPLORATION VENTURES: Hires PricewaterhouseCoopers as Liquidator
FINANCIAL FREEDOM: Winding-up Report Due at Year's End
FI PACKAGING: Sets Creditors Meeting Next Week
INTENDO SOFTWARE: Creditors Appoint Liquidator
INTERNATIONAL POWER: Expects GBP84 Mln Compensation from TXU

INVESCO BUSINESS: Subjoined Special Winding up Resolution Passed
ISOTECH TECHNOLOGY: Creditors Meeting Set Next Week
JARVIS PLC: Disposing GBP25 Million Worth of Leasehold Assets
J M JEWELLERY: HSBC Bank Appoints Kroll Limited Receiver
KALTEK AUTOMATION: In Administrative Receivership

MAIN QMS: Liquidator's Report Due January 2005
MORGAN MONEY: Members General Meeting Set
NATURAL COMFORTS: Names Administrator from Tenon Recovery
OM 2000: Members Final General Meeting Set January Next Year
P E RANDALL: Members General Meeting Set This Month

RANK GROUP: Expects Full-year Result to Meet Expectations
ROBERT TYERS: Special, Ordinary Winding up Resolutions Passed
SAMUEL BRADLEY: Hires V. A. Simmons Administrator
THE BUSINESS: Joint Administrators from Leonard Curtis Move In
THE VENTURE: Members Final Meeting Set Next Year
V-COMMS LIMITED: Winding up Resolutions Passed
WESTICA LIMITED: Administrators Take over Helm

* Piper Rudnick, DLA Create Global Legal Services Organization


                            *********


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


AIR BOURBON: Escapes Liquidation; Enters Receivership
-----------------------------------------------------
A commercial court has placed troubled regional carrier Air
Bourbon into receivership, Les Echos says.

The court opted for receivership instead of liquidation to allow
the carrier to avail of financing and resume operations.  The
court will review today the initial report of receivers.  It
also gave the airline eight months to present a list of debts.

Air Bourbon declared bankruptcy recently and suspended all its
flights, leaving hundreds of Reunion Island passengers stranded.
The resignation of managing director Frederic Pralus also led
authorities to suspend the carrier's flight license.  This
triggered a number lawsuits brought by travel agencies, seeking
refund for paid tickets.

Rivals Corsair and Air Austral, meanwhile, have started offering
more flights to fill the void left by Air Bourbon.

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


EURO DISNEY: Creditors Approve Final Restructuring Plan
-------------------------------------------------------
Euro Disney S.C.A., operator of Disneyland Resort Paris, and
other entities of the Euro Disney Group, The Walt Disney Company
(TWDC), Caisse des Depots et Consignations and the Company's
other lenders have finalized and signed the legal documentation
called for by the previously announced memorandum of agreement
(MOA), which became effective September 30, 2004.

Most of the terms of the MOA, including the continued waiver of
certain debt covenants for fiscal years 2003 and 2004 and the
final documentation, remain subject to certain conditions
including the condition that the Company, subject to
shareholders' approval, complete a capital increase for at least
EUR250 million in the form of an offering of shares of the
Company with preferential subscription rights of the
shareholders maintained.  The Company has until March 31, 2005
to complete such capital increase.  Absent that, the Company,
TWDC and the Group's other lenders would have thirty days after
March 31 to negotiate a new waiver of debt covenants and reach a
new agreement on a financial restructuring.  Absent such a
waiver and agreement, the Company would then be unable to meet
all of its debt obligations.

The annual shareholders' meeting of the Company will take place
on December 17, 2004, in the form of a combined ordinary and
extraordinary meeting, and will address approvals of certain
transactions called for by the MOA including the legal
reorganization contemplated therein as well as the
abovementioned capital increase.

Euro Disney S.C.A. and its subsidiaries operate the Disneyland
Resort Paris which includes: Disneyland Park, Walt Disney
Studios Park, seven themed hotels with approximately 5,800 rooms
(excluding 2,033 additional third-party rooms located on the
site), two convention centres, Disney Village (a dining,
shopping and entertainment centre) and a 27-hole golf facility.
The Group's operating activities also include the management and
development of the 2,000-hectare site, which currently includes
approximately 1,000 hectares of undeveloped land.  Euro Disney
S.C.A.'s shares trade in Paris (SRD), London and Brussels.

CONTACT:  EURO DISNEY
          Corporate Communication
          Pieter Boterman
          Phone: +331 64 74 59 50
          Fax: +331 64 74 59 69
          E-mail: pieter.boterman@disney.com

          Investor Relations
          Sandra Picard-Rame
          Phone: +331 64 74 56 28
          Fax: +331 64 74 56 36
          E-mail: sandra.picard.rame@disney.com


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


APPARATE- U: Creditors Have Until this Month to File Claims
-----------------------------------------------------------
The district court of Wolfsburg opened bankruptcy proceedings
against Elsa-Werk -- Apparate- u. Maschinenbau GmbH & Co. KG on
Oct. 27.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Dec. 17, 2004 to register their claims with court-appointed
provisional administrator Dirk W. Svetlik.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 14, 2005, 9:30 a.m. at Saal D, Amtsgericht,
Rothenfelder Strasse 43, 38440 Wolfsburg 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:  APPARATE- U. MASCHINENBAU GMBH & CO. KG
          Alter Schwanfelder Weg 73, 38350 Helmstedt

          ELSA-WERK APPARATE- U. MASCHINENBAU VERWALTUNGS- UND
          BETEILIGUNGSGESELLSCHAFT MBH
          Alte Schwanefelder Weg 73, 38350 Helmstedt
          Contact:
          Rainer Rilke, Manager
          Wehrstr. 7, 31241 Klein Ilsede

          Dirk W. Svetlik, Insolvency Manager
          Amtsstrasse 8, 38448 Wolfsburg
          Phone: 05363/7700
          Fax: 05363/71163


BEGENDIK FEINKOST: Administrator's Report Out February
------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Begendik Feinkost GmbH on Nov. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 30, 2004 to register their
claims with court-appointed provisional administrator Hannelore
Kruger.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 1, 2005, 9:30 a.m. at the district court of
Cologne Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142 at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  BEGENDIK FEINKOST GMBH
          Bruhler Str. 205, 50968 Koln
          Contact:
          Metin Dogu, Manager
          Ostheimer Str. 135, 51107 Koln

          HANNELORE KRUGER, Insolvency Manager
          Knief, Bonner Str. 172-176, 50968 Koln
          Phone: 9370500
          Fax: +4922193705050


BIELEFELDER AUTOEXPORT: Bielefeld Court Appoints Administrator
--------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Bielefelder Autoexport GmbH on Nov. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Jan. 4, 2005 to
register their claims with court-appointed provisional
administrator Andreas Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 25, 2005, 9:00 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065 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.

Bielefelder sells automobiles and car parts.

CONTACT:  BIELEFELDER AUTOEXPORT GMBH
          Eckendorfer Str. 34, 33609 Bielefeld

          Andreas Stratenwerth, Insolvency Manager
          Lemgoer Str. 4, 33604 Bielefeld


DRESDNER BANK: To Reorganize Latin American Unit
------------------------------------------------
Dresdner Bank plans to restructure its operations in Latin
America, Die Welt says.

The bank intends to absorb Dresdner Bank Lateinamerika's (DBLA)
corporate banking activities and investment banking division and
sell its private banking division.  Several offers have been
made for DBLA's private banking unit, but the group has yet to
select a buyer.

DBLA's restructuring came as a surprise since Dresdner had
previously excluded the unit from its list of strategic
businesses.  Job losses are expected along with the
restructuring, though its extent has yet to be released.

CONTACT:  DRESDNER BANK AG
          Jurgen-Ponto-Platz 1
          60301 Frankfurt, Germany
          Phone: +49-692--630
          Fax: +49-692-63-4831
          Web site: http://www.dresdner-bank.de

          DRESDNER BANK LATEINAMERIKA AG
          Neuer Jungfernstieg 16
          20354 Hamburg, Germany
          Phone: (+49 40) 3595-0
          Fax: (+49 40) 3595 3314
          Telex: 41524-140 dr d
          E-mail: public-relations@dbla.com
          Web site: http://www.dbla.com


E + B WOHNDESIGN: Succumbs to Bankruptcy
----------------------------------------
The district court of Monchengladbach opened bankruptcy
proceedings against E + B Wohndesign GmbH on Nov. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 17, 2004
to register their claims with court-appointed provisional
administrator Oliver Spies.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 19, 2005, 9:45 a.m. at the district court of
Monchengladbach, Hauptstelle, Hohenzollernstrasse 157, 41061
Monchengladbach, Erdgeschoss rechts, A 14 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  E + B WOHNDESIGN GMBH
          Odenkirchener Strasse 167 - 169
          41236 Monchengladbach
          Contact:
          Engin Bekdes, Manager
          Arsbecker Strasse 20, 46242 Bottrop

          Oliver Spies, Insolvency Manager
          Hohenzollernstrasse 124 - 126
          41061 Monchengladbach
          Phone: 02161/40 60 28 - 0
          Fax: +492161309987


FLS FOTO: Creditors' Claims Due Next Week
-----------------------------------------
The district court of Cologne opened bankruptcy proceedings
against FLS Foto-Labor-Shop GmbH on Nov. 3.  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.
Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 13, 2005, 10:35 a.m. at the district court
of Cologne Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13.
Etage, Saal 1311 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  FLS FOTO-LABOR-SHOP GMBH
          Habsburger Ring 9-13, 50674 Koln
          Contact:
          Michael Weinert, Manager
          Hasengarten 12a, 50996 Koln

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


GARANT SCHUH: Provisional Administrator Takes over Operations
-------------------------------------------------------------
The district court of Dusseldorf has commenced insolvency
proceedings against footwear and leather goods retailer Garant
Schuh + Mode, Frankfurter Allgemeine Zeitung says.

The court likewise appointed Friedrich Wilhelm Metzeler
insolvency administrator.  The court's ruling would allow Garant
Schuh to focus on implementing its restructuring plan.  The shoe
retailer will hold the first creditors' meeting February next
year.

Garant Schuh filed for insolvency in September after failing to
obtain cash from banks to plug a financing gap.  The group had
to get the approval of all of its 18 creditor banks to avail of
a EUR15 million loan, which Garant Schuh said was necessary to
continue operations.  Dutch Rabobank International, however, did
not agree with the terms of the loan.  The shoe retailer
eventually got the banks' assent at the end of September,
allowing it to resume operations of its core businesses.

Garant Schuh provides centralized buying services to around
7,850 European stores.  The firm has 1,910 and 4,850 members in
Germany and in the continent respectively.

CONTACT:  GARANT SCHUH + MODE A.G.
          Elisabethstr. 70
          D-40217 Dusseldorf
          Phone: +49/(0)211/3386-01
          Fax: ++49/(0)211/3386-297
          E-mail: kontakt@garantschuh.com
          Web site: http://www.garantschuh.de


I.M.C. INTERNATIONAL: Sets Creditors' Meeting January
-----------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against I.M.C. International Executive Search & HR Solutions
GmbH on Nov. 15.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until Jan. 6, 2005 to register their claims with court-appointed
provisional administrator Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 27, 2005, 9:30 a.m. at the district court of
Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf, 3.
OG Altbau, A 341 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:  I.M.C. INTERNATIONAL EXECUTIVE SEARCH & HR SOLUTIONS
          GMBH
          Neuer Zollhof 3, 40221 Dusseldorf

          Dr. Winfrid Andres, Insolvency Manager
          Neuer Zollhof 3, 40221 Dusseldorf


KABEL DEUTSCHLAND: Senior Unsecured Rating Affirmed at 'BB-'
------------------------------------------------------------
Fitch Ratings affirmed Kabel Deutschland GmbH's Senior Notes at
'B+' and at the same time affirmed Kabel Deutschland Vertrieb
und Service GmbH & Co.'s (KDS) Senior Unsecured rating at 'BB-'
and its senior secured rating at 'BB+'.  The rating Outlook is
Stable.

The agency does not rate the EUR400 million ten-year floating
rate senior pay-in-kind (PIK) notes issued by Kabel Deutschland
Holding GmbH & Co KG.  The PIK notes are structurally
subordinated and there would be a lower recovery for these
noteholders in distressed scenarios.  The affirmation of the KDG
and KDS ratings is contingent upon receipt of final documents
conforming to information already received.

The notes are being issued by an intermediate holding company
inserted between KDG and the existing holding company Cable
Holding S.a.r.l.  They are therefore structurally subordinated
to the existing senior secured bank debt and the Senior Notes.
Proceeds from the PIK notes are expected to be used to fund a
distribution to the equity investors in the company.

"Whilst leverage has increased, with total debt to expected 2004
EBITDA of 6.3x, the PIK notes do not affect the cash flows
within the group, given their non cash pay nature," said Susan
Hunter, Director in Fitch's European Corporate Group.

Fitch notes that the existing covenant tests are not altered by
the issue of this incremental debt, as the new issuer is outside
the definition of the group for those tests.  In addition,
financial covenants prevent debt issuance if the consolidated
net leverage ratio for the issuer and its subsidiaries (KDG and
KDS) exceeds 6.0x after the proposed issuance.  Should further
issuance occur this would be viewed as negative for the existing
ratings.

KDG is Germany's leading provider of cable television services,
with approximately 15.3 million homes passed and 9.6 million
customers.  The company was formed in 2003 when a consortium of
investors acquired six regional operators from Deutsche Telekom.
In 2003 the business generated a reported EBITDA of EUR403
million on revenues of EUR1,067 million.  EBITDA guidance for
the twelve months ending 31 December 2004 is between EUR400
million and EUR405 million.

CONTACT:  FITCH RATINGS
          Susan Hunter, London
          Phone: +44 (0) 207 417 6347

          Roger Coyle
          Phone: +44 (0) 207 862 4105

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


"KLEISTHER"-GASTSTATTEN: Creditors' Meeting Next Week
-----------------------------------------------------
The district court of Berlin opened bankruptcy proceedings
against "Kleisther"-Gaststatten GmbH on Nov. 10.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Jan. 21, 2005 to
register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubrugger.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 13, 2004, 9:50 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on March 14, 2005, 9:40 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  "KLEISTHER"-GASTSTATTEN GMBH
          Hauptstr. 5,10827 Berlin

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


LWH LUFT: Bielefeld Court Sets Claims Filing Deadline
-----------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against LWH Luft-Wasser-Hygiene GmbH & Co. KG on Nov. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 30, 2004
to register their claims with court-appointed provisional
administrator Jochen Schnake.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 20, 2005, 10:15 a.m. at the district court
of Bielefeld Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065 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:  LWH LUFT-WASSER-HYGIENE GMBH & CO. KG
          Poststr. 21, 32139 Spenge

          LWH LUFT-WASSER-HYGIENE BETEILIGUNGSGESELLSCHAFT MBH
          Poststr. 21, 32139 Spenge
          Contact:
          Rainer Laskowski, Manager
          Zum Park 81, 32130 Enger

          Jochen Schnake, Insolvency Manager
          Ravensberger Str. 12, 33824 Werther


MEDI@BILD IMAGING: Bankruptcy Court Stays All Pending Lawsuits
--------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Medi@Bild Imaging AG on Nov. 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 27, 2004 to register their
claims with court-appointed provisional administrator Jens-Soren
Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 26, 2005, 12:20 p.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  MEDI@BILD IMAGING AG
          Feldstrasse 66, 20359 Hamburg
          Contact:
          Ralf G. Schopker, Director

          Jens-Soren Schroder, Insolvency Manager
          Raboisen 38, 20095 Hamburg
          Phone: 334460
          Fax: 33446111


PRO-TEL: Dusseldorf Court Confirms Bankruptcy
---------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Pro-Tel-Direkt Limited on Nov. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 22, 2004 to register their
claims with court-appointed provisional administrator Dr.
Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 19, 2005, 10:00 a.m. at the district court
of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf,
3. OG Altbau, A 341 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:  PRO-TEL-DIREKT LIMITED
          5 Jupiter House, Calleva Park,
          U.K.- Aldermaston, Berkshire RG7 8NN
          Contact:
          Johann Schorn, Manager
          Solinger Str. 203 a, 40764 Langenfeld

          Dr. Winfrid Andres, Insolvency Manager
          Neuer Zollhof 3, 40221 Dusseldorf


===========
G R E E C E
===========


ASPIS BANK: Fitch Keeps 'C/D' Individual Rating; Outlook Stable
---------------------------------------------------------------
Fitch Ratings affirmed Aspis Bank's ratings at Long-term 'BB+',
Short-term 'B', Individual 'C/D' and Support '5'.  The Outlook
remains Stable.

Aspis' Long-term, Short-term and Individual ratings reflect its
good niche franchise in the residential mortgage market, sound
asset quality, advanced risk management systems and improved
capital base.  They also consider its small size, and weak,
albeit improving, performance due to a high cost base and rising
risk profile.

Aspis' origin as a specialized mortgage bank explains why
residential mortgage lending is its biggest business (around 43%
of total loans at end-2003).  Since converting into a commercial
bank in 2001 and expanding its business horizons, Aspis has
diversified into other lending activities, in particular higher-
margin consumer and SME lending, leveraging off cross-selling
opportunities within its large mortgage retail customer base.

While this has strengthened revenue generation, the bank's
profitability has been weighed down by rising costs associated
with its conversion and the need to strengthen its structure and
IT systems.  To improve its ratings, Fitch considers Aspis will
need to raise cost efficiency, dilute risk concentration and
continue to support its capital base in line with the future
growth in risk-weighted assets.

Aspis' sound risk profile and asset quality benefit from its
sizeable share of low-risk residential mortgage loans,
reasonable loan loss coverage levels and sophisticated risk
management systems.  Fitch expects the bank's future risks to
arise from the recent and rapid lending growth, particularly in
riskier areas, and the relatively recent surge of consumer
lending in Greece, which could raise additional risks in an
economic slowdown.  A EUR36.5 million capital increase in 2004
strengthened Aspis' capital base.  Its total capital ratio
(solely Tier 1) was sound at 9.56% at end-September 2004.

Aspis is the 10th largest commercial bank in Greece by total
assets, with a market share of around 1% of both system loans
and deposits, and retains a domestic focus.

CONTACT:  FITCH RATINGS
          Matthew Hegarty, London
          Phone: +44 207 417 6319

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


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


AGROPROMBANK: Liquidator Sets Public Auction Date
-------------------------------------------------
The liquidator of Joint Stock Commercial Bank Agroprombank will
sell the company's assets on December 10, 2004, 10:00 a.m.  The
public auction will take place at Bishkek, Chui avn., Room 208.

For sale are:

Lots 1-30: assorted fabrics and clothes;

Lot 31: Fodder grinder.  Starting price is KGS40,000; and

Lot 32: Diesel electric station.  Starting price is KGS160,000.

For more information, call (0-312) 66-05-82 or (0-312) 62-69-91.


BAYTURSUN: Public Auction of Assets Next Week
---------------------------------------------
The bidding organizer and insolvency manager of Joint
Agrivultural Farm Baytursun will sell the company's properties
on December 14, 2004, 10:00 a.m.  The public auction will take
place at Kyrgyzstan, Bishkek, Krasnooktabrskaya Str. Luggage
Office Building.  For sale are three lots of agricultural
machines.  To participate, bidders should deposit an amount
equivalent to 10% of the starting price.  For more information,
call (0-312) 62-67-87.


KYRGYZKOMUR: Selling Loan Security Today
----------------------------------------
The bidding organizer and insolvency manager of open joint stock
company Kyrgyzkomur will sell its accounts receivable today,
10:00 p.m.  The public auction will take place at Bishkek, Chui
Avenue 106, Room 102.  Valued at KGS1,078,099, this receivable
currently secures the company's debt to Kemin Regional Financial
Department.

To participate, bidders should deposit an amount equivalent to
5% of the starting price to the cashier of Kyrgyzkomur on or
before December 7, 2004 at Bishkek, Chui Avenue 106, Room 102.
For more information, call (0-312) 62-52-42.


SYN-TASH: Public Auction Next Week
----------------------------------
The bidding organizer and insolvency manager of Agricultural
Manufacturing Co-Operative Syn-Tash will sell the company's
properties on December 14, 2004, 10:00 a.m.  The public auction
will take place at Issyk- Ata, Telman, canteen building.  For
sale are four lots of manufacturing and living quarters.

To participate, bidders should deposit an amount equivalent to
10% of the starting price with the cashier of Agricultural
Manufacturing Co-Operative Syn-Tash on or before 12:00 noon of
December 13, 2004.  For more information, call (0-502) 60-51-31.


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


MILLICOM INTERNATIONAL: Managers Exercise Option to Buy Shares
--------------------------------------------------------------
Millicom International Cellular S.A. announces that in
connection with the offering of 8 million Ordinary Shares in the
form of Ordinary Shares or Swedish Depositary Receipts (SDRs),
the option granted to the Managers at the Share Offering in
respect of 1 million Optional Shares has been exercised in full.
The aggregate Share Offering will now be 9 million Ordinary
Shares.

The Company also announces that in connection with the offering
of US$175 million 4.00% Convertible Bonds convertible into
Ordinary Shares and/or SDRs, the option granted to the Managers
at the Bond Offering in respect of US$25,000,000 principal
amount of Optional Bonds has been exercised in full.  The
aggregate principal amount of the Bonds will now be
US$200,000,000.

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

                            *   *   *

In November, Standard & Poor's Ratings Services assigned its 'B-
' senior unsecured debt rating to the proposed US$175 million to
US$200 million convertible bond offering of Millicom.  At the
same time Standard & Poor's affirmed its 'B+' long-term
corporate credit rating and remaining 'B-' senior unsecured debt
ratings on Millicom.  The outlook remains negative.

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

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


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


NUMICO N.V.: Arranges New EUR1 Billion Credit Facility
------------------------------------------------------
Royal Numico N.V. announces the successful refinancing of its
existing senior bank loan facility.  The new credit facility
offers Numico more favorable terms and conditions.

Jean-Marc Huet, CFO of Numico: "The improved terms and
conditions of this new bank loan facility are a clear reflection
of Numico's strongly improved operational and financial risk
profile.  More attractive terms and conditions will provide us
with a significant reduction of our financial expenses and
greater operational flexibility."

The new bank loan facility consists of a committed unsecured
revolving multi-currency credit facility amounting to EUR1.0
billion, maturing on 3 December 2009.  The interest margin,
which is linked to a leverage ratio grid, will vary from 0.60%
to 0.30% over EURIBOR, compared to 1.25% to 0.60% over EURIBOR
under the existing facility.  The new bank loan facility will
also result in lower upfront fees and commitment fees.

The existing EUR850 million credit facility will be cancelled,
and the related accrued fees of approximately EUR2.5 million
(non-cash) will be taken in the fourth quarter of 2004.  The new
facility -- of which EUR270 mln will initially be drawn to repay
the outstanding advances of the existing credit facility -- will
be used for general purposes.

Royal Numico is a specialized nutrition company with leading
positions in Baby Food and Clinical Nutrition.  The company
operates in over 100 countries and employs approximately 10,500
people (http://www.numico.com).

CONTACT:  ROYAL NUMICO N.V.
          Corporate Communications
          Phone: +31 79 353 9931
          Investor Relations
          Phone: +31 79 353 9003


UNITEDGLOBALCOM, INC.: Issues EUR537 Million New Debt Securities
----------------------------------------------------------------
UnitedGlobalCom, Inc. (UGC) (NASDAQ: UCOMA) announces that it
has completed a partial refinancing of its European bank deal,
with a new EUR537 million seven year institutional tranche
(Facility F), increasing the Company's average debt maturity,
increasing available liquidity and reducing the average interest
margin.

The new Facility F consists of a US$525 million tranche and a
EUR140 million tranche.  Interest margins step down after an
initial nine-month period to 3.10% (all-in swapped rate) on the
dollar denominated tranche and 3.25% on the Euro tranche.  The
dollar denominated tranche has been swapped into euros through a
seven-year cross-currency swap.

The net proceeds will be applied to:

(a) Prepay all outstanding amounts under the Company's Facility
    A revolver, thus providing available liquidity under
    Facility A of approximately EUR667 million,

(b) Prepay approximately EUR102 million of a portion of the term
    loan Facility B that matures in June 2006,

(c) Prepay EUR178 million of Facility C debt, which has a higher
    interest margin

Mike Fries, President and Chief Executive Officer of UGC, said:
"This partial refinancing of our European debt facilities
demonstrates our success in broadening investor appetite for UGC
debt securities.  We are particularly pleased to be able to
improve the terms of Facility F at advantageous swapped
equivalent pricing and at the same time increase the overall
size of this financing due to over subscription."

About UnitedGlobalCom

UGC is a leading international provider of video, voice, and
broadband Internet services with operations in 14 countries,
including 11 countries in Europe.  Based on the Company's
operating statistics at September 30, 2004, UGC's networks
reached approximately 15.5 million homes passed and served over
11.1 million RGUs, including approximately 9.1 million video
subscribers, 761,000 telephone subscribers and 1.3 million
broadband Internet subscribers.

Please visit http://www.unitedglobal.comfor further
information.

CONTACT:  UNITEDGLOBALCOM INC.
          Richard S.L. Abbott
          Investor Relations
          Phone: (303) 220-6682
          E-mail: ir@unitedglobal.com

          Bert Holtkamp
          Corporate Communications - UGC Europe
          Phone: + 31 (0) 20 778 9447
          E-mail: communications@ugceurope.com

          Claire Appleby
          UGC Investor Relations - Europe
          Phone: +44 20 7 838 2004
          E-mail: ir@ugceurope.com


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


AIR POLONIA: Fails to Meet Lease Payments; Grounds Planes
---------------------------------------------------------
The country's first budget airline, Air Polonia, suspended all
flights Sunday due to liquidity problems, Reuters says.

Air Polonia's struggle started Thursday when creditors began
collecting lease payments.  The carrier failed to meet the
payments, forcing creditors to secure three of its planes.

Air Polonia shareholders Miroslaw Szelezinski and Tomasz Sudol
said aviation business specialist, PlaneConsult, had initially
promised to inject US$10 million into the carrier, but it
withdrew the offer at the last minute.

Meanwhile, the flight suspension stranded around 53,000
passengers, some of whom reacted violently while queuing at
Warsaw's Okecie airport.  Air Polonia President Jan Litwinski
fortunately was able to strike a deal with low-cost airline
SkyEurope to transport the stranded passengers.  The deal
allowed Air Polonia passengers to purchase empty seats on
SkyEurope flights for one Polish Grosz, plus airport duties.

Mr. Litwinski said, "SkyEurope will provide flights for the
roughly 53,000 passengers who have purchased Air Polonia
tickets."

SkyEurope, one of the pioneers in the no-frills airline
industry, denied any plans to take over Air Polonia.  SkyEurope
CEO Christian Mandl said, "We have no intention to take over Air
Polonia, given its accumulated debts and liabilities.  We will
however create job opportunities for some Air Polonia staff
wishing to join SkyEurope."

CONTACT:  AIR POLONIA
          Web site: http://www.airpolonia.com


=============
R O M A N I A
=============


BANCA COMERCIALA: Individual Rating Raised to 'C/D'
---------------------------------------------------
Fitch Ratings upgraded Banca Comerciala Romana's Individual
rating to 'C/D' from 'D'.  At the same time the agency has
affirmed the bank's other ratings at Long-term 'BB+', Short-term
'B', and Support '3'.  The Outlook on the Long-term rating is
Stable.

The upgrade reflects improvements made in BCR's corporate
governance and risk management frameworks under advice from its
minority shareholders, EBRD and IFC.  It also factors in BCR's
dominant franchise in Romania and the benefits it can expect to
receive from the improvements and growth in the Romanian economy
and banking system.  These will help balance out the expected
further pressure on profitability.  In addition, the bank is
implementing new IT infrastructure and centralizing its back
office activities, which should improve efficiency.

"BCR is by far the largest bank in Romania and this franchise
positions it well to benefit from the expected growth in the
banking system," says Tim Beck of Fitch's Financial Institutions
group.  "On the other hand, profitability has come under
pressure from lower nominal interest rates and increasing
competition from foreign-owned banks, and this process is likely
to continue."

BCR's Long-term, Short-term and Support ratings reflect the
potential support it can expect to receive from the Romanian
state in case of need.

BCR accounts for around 30% of all assets in the banking system.
In June 2004, EBRD and IFC each purchased 12.5% plus 1 share of
the bank from the state.  The state's ownership has now been
reduced to 36.88%, with employees owning 8%, while the remaining
30.12% is owned by five private Romanian investment companies.
The Romanian state can redeem some of the shares sold to EBRD
and IFC in order to obtain a majority participation that could
then be sold to a strategic investor.  It has been agreed with
the IMF that this will occur by 2006.

CONTACT:  FITCH RATINGS
          Tim Beck, London
          Phone: +44 (0) 20 7417 3460

          Philip Smith
          Phone: +44 (0) 20 7417 4340

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


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


ANDREYEVSKIY: Gives Creditors Until January to File Claims
----------------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
proceedings against Andreyevskiy (TIN 5527006889) after finding
the agricultural industrial complex insolvent.  The case is
docketed as K/E-42/02.  Mr. V. Nenashev has been appointed
insolvency manager.  Creditors have until Jan. 8, 2005 to submit
their proofs of claim.

CONTACT:  ANDREYEVSKIY
          646954, Russia, Omsk region,
          Okoneshnikovskiy region, Mayak


BREWERY VESHKAYMSKIY: Insolvency Manager Takes over Helm
--------------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy proceedings against Brewery Veshkaymskiy after
finding the open joint stock company insolvent.  The case is
docketed as A72-7409/02-R365-B.  Mr. A. Kolotilin has been
appointed insolvency manager.

CONTACT:  BREWERY VESHKAYMSKIY
     433201, Russia, Ulyanovsk region, Veshkayma


BUILDER: Public Auction Set Tomorrow
------------------------------------
Limited liability company Builder will sell its properties on
Dec. 9, 2004, 3:00 p.m.  The public auction will take place at
632740, Russia, Novosibirsk region, Kupino, K. Marksa Str. 41.
Up for sale are equipment, transportation and an immovable
property worth RUB1,592,100.

CONTACT:  BUILDER
          632740, Russia, Novosibirsk region,
          Kupino, K. Marksa Str. 41


GRANITE: Hires V. Pitsun as Insolvency Manager
----------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
proceedings against Granite after finding the limited liability
company insolvent.  The case is docketed as A03-4853/04-B.  Mr.
V. Pitsun has been appointed insolvency manager.  Creditors have
until Jan. 8, 2005 to submit their proofs of claim to 658820,
Russia, Altay region, Slavgorod, Post User Box 25.

CONTACT:  GRANITE
          Russia, Altay region,
          Slavgorod, Uritskogo Str. 49a

          Mr. V. Pitsun
          Insolvency Manager
          658820, Russia, Altay region,
          Slavgorod, Post User Box 25


KILMEZ-SEL-KHOZ-TEKHNIKA: Claims Filing Period Ends Today
---------------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
proceedings against Kilmez-Sel-Khoz-Tekhnika after finding the
open joint stock company insolvent.  The case is docketed as
A28-197/04-278/24.  Mr. O. Ivanov has been appointed insolvency
manager.  Creditors have until today to submit their proofs of
claim to 610000, Russia, Kirov, Bolshevikov Str. 89-a, Office
21.

CONTACT:  KILMEZ-SEL-KHOZ-TEKHNIKA
          613570, Russia, Kirov region,
          Kilmez, Svobody Str. 12

          Mr. O. Ivanov
          Insolvency Manager
          610000, Russia, Kirov,
          Bolshevikov Str. 89-a, Office 21


KISELEVSKAYA: Public Auction Set Next Week
-------------------------------------------
The insolvency manager of state-owned brewer Kiselevskaya will
sell its properties on Dec. 14, 2004, 11:00 a.m.  The public
auction will take place at Russia, Kemerovo, N. Ostrovskogo Str.
32-336.  Up for sale are five buildings.

Preliminary examination and reception of bids are done until
5:00 p.m. today.  The list of documentary requirements is
available at 650099, Russia, Kemerovo, N. Ostrovskogo Str. 32-
444.  To participate, bidders must deposit an amount equivalent
to 5% of the starting price to the settlement account
40702810700120000423, branch OJSC MDM-Bank, Kemerovo,
correspondent account 30101810600000000791, BIC 043207791 before
the banks close today.

CONTACT:  KISELEVSKAYA BREWERY COMPANY
          652702, Russia, Kemerovo region,
          Kiselevsk, Novostroyka Str. 1

          PARTNERSHIP OF INSOLVENCY MANAGERS OF KUZBASS
          (TIN 4205056410)
          Bidding Organizer
          650099, Russia, Kemerovo,
          N. Ostrovskogo Str. 32-444
          Phone: 8 (384-2) 36-72-34


MEKHANIZATOR - LTD: Sets Deadline for Proofs of Claim
-----------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
proceedings against Mekhanizator - Ltd after finding the limited
liability company insolvent.  The case is docketed as A03-
4851/04-B.  Mr. V. Pitsun has been appointed insolvency manager.
Creditors have until Jan. 8, 2005 to submit their proofs of
claim to 658820, Russia, Altay region, Slavgorod, Post User Box
25.

CONTACT:  MEKHANIZATOR - LTD
          Russia, Altay region, NNR,
          Galbshtadt, Traktornaya Str. 6

          Mr. V. Pitsun
          Insolvency Manager
          658820, Russia, Altay region,
          Slavgorod, Post User Box 25


QUANT-1: Under Bankruptcy Supervision
-------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision procedure on limited liability company Quant-1 (TIN
6324016387).  The case is docketed as A55-12176/04-13.  Mr. V.
Makov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) Temporary Insolvency Manager
    443031, Russia, Samara,
    Molodyezhnaya Str. 8, Apartment 40

(b) Quant-1
    Russia, Samara, Pugachevskiy Trakt,
    72, apartment 66


SAMARSKIY SEMOLINA: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision procedure on close joint stock company Samarskiy
Semolina Mill #2.  The case is docketed as A55-13073/2004-38.
Mr. D. Korobkov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 443091, Russia,
Samara, Krupskaya Str. 1.

CONTACT:  SAMARSKIY SEMOLINA MILL #2
          443015, Russia, Samara,
          Karbyuratornaya Str. 1

          Mr. D. Korobkov
          Temporary Insolvency Manager
          443091, Russia, Samara,
          Krupskaya Str. 1


URAL-AGGLOMERATE: Gives Creditors Until January to File Claims
--------------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy proceedings against Ural-Agglomerate after finding
the close joint stock company insolvent.  The case is docketed
as A76-2756/04-32-7.  Ms. T. Vysotskaya has been appointed
insolvency manager.  Creditors have until Jan. 8, 2005 to submit
their proofs of claim to 454084, Russia, Chelyabinsk, Pobedy Pr.
160, Building "B", Office 206.

CONTACT:  URAL-AGGLOMERATE
          465950, Russia, Chelyabinsk region,
          Magnitka, Spartaka Str. 6

          Ms. T. Vysotskaya
          Insolvency Manager
          454084, Russia, Chelyabinsk, Pobedy Pr. 160,
          Building "B", Office 206


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


ABB LTD.: U.S. Court Rejects Unit's Prepackaged Asbestos Plan
-------------------------------------------------------------
The United States Court of Appeals for the Third Circuit
published its decision Thursday rejecting the prepackaged
chapter 11 plan proposed in 2002 by Combustion Engineering,
Inc., attempting to settle its asbestos-related liabilities, as
well as claims against two other ABB, Ltd., units, ABB Lummus
Global, Inc. and Basic, Inc.

A full-text copy of the Third Circuit's 136-page opinion is
available at no charge at:

     http://www.ca3.uscourts.gov/opinarch/033392p.pdf

Three principal issues came to the Third Circuit on appeal:

First, on the facts in Combustion Engineering's case, the
petitioners questioned whether the Bankruptcy Court has "related
to" jurisdiction over the derivative and non-derivative claims
against the non-debtors Basic and Lummus.  The Third Circuit
says the factual findings in the Bankruptcy Court are
insufficient.

The Sec. 105 injunction in favor of Basic and Lummus is vacated.

Second, the appellants opposing the Combustion Engineering plan
asked the Third Circuit whether a non-debtor that contributes
assets to a post-confirmation trust can take advantage of Sec.
105 of the Bankruptcy Code to cleanse itself of non-derivative
asbestos liability.  No, the Third Circuit says, a Sec. 105
channeling injunction can't extend to non-derivative third-party
actions against a debtor's non-debtor friends.

Third, the petitioners asked the Third Circuit to look at the
two-trust structure and use of "stub claims" in the voting
process -- which allowed certain asbestos claimants who were
paid as much as 95% of their claims prepetition to vote to
confirm a Plan under which they appear to receive a larger
recovery than other asbestos claimants -- and decide whether
that scheme is permitted under the Bankruptcy Code.  The Third
Circuit says the scheme may violate the Bankruptcy Code and the
"equality among creditors" principle that underlies it.  The
Third Circuit remands this issue to the District Court for
further development and review in considering any revised
reorganization proposal.

                     The Chapter 11 Filing

ABB Ltd.'s U.S. subsidiary, Combustion Engineering, Inc., filed
for chapter 11 protection on February 17, 2003, and delivered
its prepackaged plan to the U.S. Bankruptcy Court for the
District of Delaware that day to halt and resolve the tide of
asbestos-related personal injury suits brought against the
companies.  Over the dozen years prior to the chapter 11 filing
-- according to information obtained from
http://www.LitigationDataSource.com-- the number of claims
against Combustion Engineering, its affiliates, ABB and former
joint venture partners, skyrocketed:

     Year   Asbestos Claims Asserted Against CE
     ----   -----------------------------------
     1990   18,891 .
     1991   19,000 .
     1992   20,000 +
     1993   21,000 +
     1994   22,000 ++
     1995   23,842 +++
     1996   27,577 ++++++
     1997   28,976 +++++++
     1998   28,264 ++++++
     1999   33,961 ++++++++++
     2000   39,138 +++++++++++++
     2001   54,569 ++++++++++++++++++++++++
     2002   79,204 ++++++++++++++++++++++++++++++++++++++++

CE is named as a defendant in cases pending in multiple
jurisdictions, with plaintiffs alleging injury as a result of
exposure to asbestos in products manufactured or sold by CE or
that was contained in materials used in CE's construction or
maintenance projects.

               Combustion Engineering's History

Combustion Engineering was formed in Delaware in 1912 as The
Locomotive Superheater Co. and manufactured and sold
superheaters for steam locomotives.  From the 1930s forward,
CE's core business is designing, selling and erecting power-
generating facilities, including major steam generators.  CE
also services large steam boilers and related electrical power
generating equipment.  From the 1930s through the 1960s,
asbestos insulation was used on many CE boilers.

                   Development of the Plan

Faced with escalating asbestos litigation costs and decreasing
insurance coverage, an economic decline in its business, and
ABB's financial woes, CE began exploring its options in late
2002.  After considering several options, CE concluded that the
best avenue for maximizing payments to both current and future
claimants and enhancing the value of CE's estate was through a
consensual restructuring.  CE recognized that it could not
propose a plan to effectively reorganize without the cooperation
of ABB, Asea Brown Boveri and representatives of current and
future asbestos claimants.  Over a three-month period, CE, ABB
and asbestos claimant representatives engaged in extensive
negotiations to develop a strategy for permanently addressing
CE-related asbestos claims.  The negotiations culminated in the
Prepackaged Chapter 11 Plan.

                Establishment of a 524(g) Trust

The pre-packaged plan was negotiated with certain asbestos
claimants' lawyers and approved by David T. Austern, Esq. (who
serves as General Counsel for Claims Resolution Management
Corporation in Fairfax, Virginia), the proposed representative
for future claimants.  The Plan contemplates establishment of a
trust under 11 U.S.C. Sec. 524(g), entry of a channeling order
directing present and future asbestos claimants to that trust
for payment, and entry of an injunction prohibiting present and
future claimants from seeking compensation from any source other
than the trust.

                   Valuation & Plan Funding

Under the Plan, all of CE's value -- at the end of September
2002, CE's value was US$812,000,000 -- is delivered to the Sec.
524(g) Trust for the benefit of present and future claimants.
In addition:

      (1) ABB contributes:

          (a) 30,298,913 shares of its stock, initially valued
              at $50,000,000, but with a current market value
              exceeding $81,000,000;

          (b) a financial commitment to pay $250,000,000 to the
              Trust in pre-agreed installments from 2004 to 2009
              (guaranteed by certain ABB affiliates);

          (c) up to $100,000,000 more from 2006 through 2011 if
              certain performance benchmarks are achieved; and

          (d) the release of all claims and interest of the ABB
              group in insurance covering CE's asbestos personal
              injury claims;

      (2) Asea Brown Boveri contributes:

          (a) an indemnification of all of CE's environmental
              liabilities, which has a value of around
              $100,000,000;

          (b) a release of its indemnification rights against CE
              for asbestos claims asserted against Asea Brown
              Boveri after June 30, 1999;

          (c) a note evidencing Asea Brown Boveri's agreement to
              contribute almost $38,000,000 on account of the
              asbestos claims attributable to:

                 -- Basic, Incorporated (CE acquired this
                    acoustical plaster manufacturer in 1979) and

                 -- ABB Lummus Global, Inc. (CE acquired
                    this manufacturer of feed water heaters that
                    used asbestos-containing gaskets in
                    transactions stretching from 1930 to 1970);

              and

          (d) if Lummus is sold within 18 months of the Plan's
              Effective Date, an additional $5,000,000; and

      (3) Lummus and Basic release and assign all of their
          interests in insurance covering asbestos personal
          injury claims, including certain CE-shared policies.

Accordingly, the total value of these contributions to the Trust
range from US$1,250,000,000 to US$1,386,000,000, excluding any
value attributable to the insurance policies, and subject to
wide swings as the value of CE increases or decreases over time.

                    Bankruptcy Professionals

Jeffrey N. Rich, Esq. at Kirkpatrick & Lockhart LLP, and Laura
Davis Jones, Esq. at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C. represent Combustion Engineering.

The Blackstone Group, L.P., provides CE with financial advisory
services.

David M. Bernick, Esq., at Kirkland & Ellis, provides legal
advice to ABB.

The CE Settlement Trust, holding the largest unsecured claim
against CE's estate, is represented by Hasbrouck Haynes, Jr.
CPA at Haynes Downard Andra & Jones LLP.

Combustion Engineering is the U.S. subsidiary of ABB Ltd.  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


ABB LTD.: S&P Affirms Ratings, Revises Outlook to Stable
--------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Switzerland-based engineering services company ABB Ltd. to
stable from positive, following the U.S. Third Circuit Court of
Appeals' ruling that ABB's Chapter 11 Plan of Reorganization for
its U.S. subsidiary, Combustion Engineering (CE) will need to be
reviewed again by the District Court.  At the same time,
Standard & Poor's affirmed the 'BB+' long-term and 'B' short-
term ratings on the company.

"The outlook revision is based on the delay in the process of
settling ABB's asbestos-related litigation as a result of the
ruling of the Court of Appeals, which adds an element of
uncertainty," said Standard & Poor's credit analyst Maria
Bissinger.  "While this remains outstanding, it is unlikely ABB
could return to investment grade."

Our ratings continue to factor in that ABB group and CE will
remain protected from asbestos litigation by the Bankruptcy
Court's injunction, and that CE will remain in Chapter 11.
Lummus Global and Basic Ltd. were excluded from the Plan of
Reorganization.  However, the number of asbestos claims against
Lummus and Basic is small when compared with those against CE.
At present, there are no open claims outstanding at Lummus and
Basic; all 20,000 past claims have been settled.

"Our ratings do not factor in significant additional cash
outflows, either for potential new claims being made against
Lummus or Basic, or for a renegotiation of the pre-packaged Plan
of Reorganization for CE, which was announced in January 2003
and which includes a US$1.2 billion trust fund for claims
against CE," said Ms. Bissinger.

Standard & Poor's expects that ABB will continue to improve its
cash flow generation in the foreseeable future.  Major cash
outflows from the settlement of the asbestos-related litigation
are not factored into the ratings. No acquisitions are expected.

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


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


BORISFEN: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on Borisfen (code EDRPOU 21286845) on
October 15, 2004.  The case is docketed as 5/108-B.  Arbitral
manager Mrs. O. Serova (License Number 2499908) has been
appointed temporary insolvency manager.  The company holds
account number 20628303820824 at Prominvestbank, Nova Kahovka
branch, MFO 352264.

CONTACT:  BORISFEN
          73420, Ukraine, Herson region,
          Kahovka district, Vasilivka

          Mrs. O. Serova
          Temporary Insolvency Manager
          Ukraine, Herson region,
          Kahovka, K. Libkneht Str. 6/12

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


KOTELNIK: Succumbs to Insolvency
--------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Kotelnik of OJSC Pervomajskij Plant of
Agricultural Machines (code EDRPOU 30611777) on October 7, 2004
after finding the company insolvent.  The case is docketed as
25/181.  Arbitral manager Mrs. Oleksandra Mitrofanova (License
Number AA 250430) has been appointed liquidator/insolvency
manager.  The company holds account number 26001208795001 at CB
Privatbank, MFO 313399.

CONTACT:  KOTELNIK
          71118, Ukraine, Zaporizhya region,
          Berdyansk, Svobodi Str. 117/3

          Mrs. Oleksandra Mitrofanova
          Liquidator/Insolvency Manager
          71116, Ukraine, Zaporizhya region,
          Berdyansk, Morozov Str. 27/126

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


MOLKOMCENTRE: Under Bankruptcy Supervision
------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on Molkomcentre (code EDRPOU 30330800) on
October 19, 2004.  The case is docketed as 9/194.  Arbitral
manager Mr. Igor Spitsin (License Number AA 419437) has been
appointed temporary insolvency manager.  The company holds
account number 26007312281001 at CBPrivatbank, Kirovograd
branch, MFO 323583.

Creditors had until December 6, 2004 to submit their proofs of
claim to:

(a) MOLKOMCENTRE
    25014, Ukraine, Kirovograd region,
    Tereshkova Str. 231

(b) Mr. Igor Spitsin
    Temporary Insolvency Manager
    Ukraine, Kirovograd region,
    Geroiv Stalingradu Str. 30, Body 1, Room 78

(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
    Ukraine, Kirovograd region,
    Lunacharski str. 29


MONOMAH A: Court Orders Debt Moratorium
---------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on Monomah A (code EDRPOU 24325936) on
October 4, 2004 and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 42/154B.  Arbitral
manager Mr. S. Kravtsov (License Number AA 250157) has been
appointed temporary insolvency manager.  The company holds
account number 26003301625064 at JSCB National credit, Artemivsk
branch, MFO 335708.

Creditors had until December 6, 2004 to submit their proofs of
claim to:

(a) MONOMAH A
    84500, Ukraine, Donetsk region,
    Artemivsk, Trudova Str. 2

(b) Mr. S. Kravtsov
    Temporary Insolvency Manager
    Ukraine, Donetsk region,
    Artemivsk, Yuvilejna Str. 61/62

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


OBERON: Insolvency Manager to Temporarily Oversee Business
----------------------------------------------------------
The Economic Court of Lviv region has commenced bankruptcy
supervision procedure on LLC Scientific-Production Enterprise
Oberon (code EDRPOU 13795455).  The case is docketed as 6/253-
4/138.  Arbitral manager Mrs. I. Horoz has been appointed
temporary insolvency manager.  The company holds account number
26007276745001 at CB Privatbank, MFO 325321.

Creditors had until December 6, 2004 to submit their proofs of
claim to:

(a) OBERON
    Ukraine, Lviv region,
    Pulyuj Str. 30

(b) Mrs. I. Horoz
    Temporary Insolvency Manager
    Ukraine, Lviv region,
    P. Panch Str. 18/48

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


PERLIT: Insolvency Manager Enters Firm
--------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Perlit (code EDRPOU 24518405) on October 11,
2004 after finding the company insolvent.  The case is docketed
as 19/164.  Arbitral manager Mrs. Oleksandra Mitrofanova
(License Number AA 250430) has been appointed
liquidator/insolvency manager.  The company holds account number
26008208174001 at CB Privatbank, MFO 313399.

CONTACT:  PERLIT
          71118, Ukraine, Zaporizhya region,
          Berdyansk, Svobodi Str. 117/3

          Mrs. Oleksandra Mitrofanova
          Liquidator/Insolvency Manager
          71116, Ukraine, Zaporizhya region,
          Berdyansk, Morozov Str. 27/126

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


REMONT: Oleksandra Mitrofanova Appointed Liquidator
---------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Remont (code EDRPOU 24518813) on October 11,
2004 after finding the company insolvent.  The case is docketed
as 19/165.  Arbitral manager Mrs. Oleksandra Mitrofanova
(License Number AA 250430) has been appointed
liquidator/insolvency manager.

The company holds account number 26007208175001 at CB
Privatbank, MFO 313399.

CONTACT:  REMONT
          71118, Ukraine, Zaporizhya region,
          Berdyansk, Svobodi Str. 117/3

          Mrs. Oleksandra Mitrofanova
          Liquidator/Insolvency Manager
          71116, Ukraine, Zaporizhya region,
          Berdyansk, Morozov Str. 27/126

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


RESENG: Kyiv Court Appoints Insolvency Manager
----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Reseng (code EDRPOU 25272952) on September
17, 2004 after finding the limited liability company insolvent.
The case is docketed as 43/170.  Arbitral manager Mr. Oleksandr
Snizhko (License Number AA 315460) has been appointed
liquidator/insolvency manager.  The company holds account number
26007010151 at OJSC FZAB, MFO 322432.

CONTACT:  RESENG
          Ukraine, Kyiv region,
          Geroiv Sevastopolya Str. 33

          Mr. Oleksandr Snizhko
          Liquidator/Insolvency Manager
          03127, Ukraine, Kyiv region,
          40-Richya Zhovtnya Str. 126, Body 3, Room 18

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


TAVRIDA: Bankruptcy Proceedings Commenced
-----------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Tavrida (code EDRPOU 24512667) on October 7,
2004 after finding the company insolvent.  The case is docketed
as 25/184.  Arbitral manager Mrs. Oleksandra Mitrofanova
(License Number AA 250430) has been appointed
liquidator/insolvency manager.  The company holds account number
26004208509001 at CB Privatbank, MFO 313399.

CONTACT:  TAVRIDA
          71118, Ukraine, Zaporizhya region,
          Berdyansk, Svobodi Str. 117/3

          Mrs. Oleksandra Mitrofanova
          Liquidator/Insolvency Manager
          71116, Ukraine, Zaporizhya region,
          Berdyansk, Morozov Str. 27/126

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


VEDA-TRANS: Bankruptcy Supervision Begins
-----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on Veda-Trans (code EDRPOU 24076686) on
October 8, 2004.  The case is docketed as 23/339-b.  Arbitral
manager Mr. Oleksandr Snizhko (License Number AA 315460) has
been appointed temporary insolvency manager.

Creditors had until December 6, 2004 to submit their proofs of
claim to:

(a) VEDA-TRANS
    03134, Ukraine, Kyiv region,
    Yakutska Str. 14

(b) Mr. Oleksandr Snizhko
    Temporary Insolvency Manager
    03127, Ukraine, Kyiv region,
    40-Richya Zhovtnya Str. 126, Body 3, Room 18

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


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


AA NINE: Final General Meeting Set January
------------------------------------------
Name of companies:
AA Nine Limited
Sorbo One Limited

The final general meeting of these companies will be on Jan. 10,
2005 commencing at 11:05 a.m. and 11:15 a.m. respectively.  It
will be held at Ernst & Young, 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 properties of the
companies disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

CONTACT:  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


ABERDEEN PROPERTY: Liquidator's Report Out December
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

   IN THE MATTER OF The City of Aberdeen Property and General
                     Investment Trust Limited
                        (In Liquidation)

Notice is hereby given pursuant to Section 94 of the Insolvency
Act 1986 that a final meeting of the members of The City of
Aberdeen Property and General Investment Trust Limited will be
held at KPMG, Saltire Court, 20 Castle Terrace, Edinburgh, EH1
2EG, on December 30, 2004 at 12:30 p.m. for the purpose of
having an account laid before them, and to receive the
Liquidator's report showing how the winding-up of the company
has been conducted and hearing any explanation that may be given
by the Liquidator.

Any member who is entitled to attend and vote at the meeting is
entitled to appoint a proxy to attend and vote instead of him.
A proxy holder need not be a member of the company.

B. C. Nimmo, Liquidator
November 22, 2004

CONTACT:  KPMG LLP
          Saltire Court
          20 Castle Terrace
          Edinburgh EH1 2EG
          Phone: (0131) 222 2000
          Fax: (0131) 527 6666
          Web site: http://www.kpmg.co.uk


AIR ART: Winding up Resolutions Passed
--------------------------------------
At the extraordinary general meeting of the members of the Air
Art Limited on Nov. 24, 2004 held at Bell Walk House, High
Street, Uckfield, East Sussex TN22 5DQ, the extraordinary and
ordinary resolutions to wind up the company were passed.  Fiona
Monson has been appointed liquidator for the purpose of such
winding-up.


ALEC BOTHAM: Appoints Liquidator from Vantis
--------------------------------------------
At the extraordinary general meeting of the Alec Botham Limited
on Nov. 30, 2004 held at 49 London Road, St Albans,
Hertfordshire AL1 1LJ, the subjoined extraordinary resolution to
wind up the company was passed.  Nigel J. Hamilton-Smith of
Vantis Business Recovery, 49 London Road, St Albans,
Hertfordshire AL1 1LJ has been appointed liquidator for the
purpose of such winding-up.

CONTACT:  VANTIS BUSINESS RECOVERY
          49 London Road, St Albans,
          Hertfordshire AL1 1LJ
          Phone: 01727 811111
          Fax:   01727 810057
          Web site: http://www.vantismt.com


AMBROSE DEVELOPMENTS: Names Joint Liquidators from Geral-Edelman
----------------------------------------------------------------
At the extraordinary general meeting of the members of the
Ambrose Developments & Construction Limited on Nov. 26, 2004
held at 25 Harley Street, London W1G 9BR, the extraordinary and
ordinary resolutions to wind up the company were passed.
Bernard Hoffman and Ian Yerrill of 25 Harley Street, London W1G
9BR have been appointed joint liquidators of the company for the
purpose of its voluntary winding-up.

CONTACT:  GERALD-EDELMAN BUSINESS RECOVERY
          25 Harley Street,
          London W1G 9BR
          Phone: 020 7299 1400
          Fax: 020 7299 1401
          E-mail: gemail@geraldedelman.com
          Web site: http://www.geraldedelman.com


AYREFIELD HOLDINGS: Hires Liquidator from Milner Boardman
---------------------------------------------------------
At the extraordinary general meeting of the members of the
Ayrefield Holdings Limited on Nov. 26, 2004 held at Century
House, Ashley Road, Hale WA15 9TG, the extraordinary and
ordinary resolutions to wind up the company were passed.  Darren
Brookes of Milner Boardman & Partners, Century House, Ashley
Road, Hale, Cheshire WA15 9TG has been appointed liquidator for
the purpose of such winding-up.

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


BAE SYSTEMS: Govt Agrees to Amend Terms of Eurofighter Contract
---------------------------------------------------------------
BAE Systems plc has made good progress towards securing a way
forward for the Eurofighter Typhoon program.

The company has reached an agreement in principle with the U.K.
MOD on variations in the U.K.'s share of the currently
contracted Eurofighter Typhoon tranche 1 activity to reflect
program changes.  Agreements have also been reached in principle
covering the U.K.'s share of further development of future
capabilities and for the U.K. share of production of the second
tranche of 236 aircraft.  These agreements bring a balanced
overall improvement to the Typhoon program for BAE Systems and
support delivery of an outstandingly capable system to the U.K.
MOD and the air forces of the partner nations.

These agreements will become legally binding only when the
necessary four partner nations approvals are in place and
contractual agreements are finalized between NETMA (the agency
representing the four government customers) and Eurofighter GmbH
(the four nation industrial group).  Negotiations are at an
advanced stage and it is hoped that the Tranche 2 order, and
associated contractual terms and conditions, can be agreed by
the governments of the four partner nations in the near future.
The agreements reached for the Eurofighter Typhoon program will
have no bearing on the company's 2004 results, the outlook for
which remains as previously indicated.

This agreement between U.K. MOD and BAES is fair and equitable
and will underpin the company's business plan assumptions.  It
is also consistent with the current expectations for some modest
improvement in a contribution from the Programs business group
next year.

In addition to an improved contribution from the programs
business group in 2005, the company's North America business
group continues to perform well and the good contribution from
Airbus is expected to continue, along with further improvements
from International Partnerships, particularly in MBDA.

BAE Systems has for some time signaled a progressive reduction
in margin for its Customer Solutions & Support business group.
This anticipated margin reduction is a consequence of both a
higher volume of lower margin UK MoD support activity and a
reduction in margin within its Al Yamamah support operations in
Saudi Arabia as the programme embraces greater local content in
Kingdom.  An anticipated increased pace of indigenous Saudi
content in the Al Yamamah programme, including greater in-
Kingdom repair and overhaul work, is expected to bring forward
that margin reduction resulting in a lower CS&S contribution in
2005. Al Yamamah support margins are expected to stabilize from
2005.

Overall, the result of these developments across the company is
expected to underpin modest performance improvement for BAE
Systems in 2005.

Issued by:

BAE Systems plc

London


BMV MANAGEMENT: Sets Deadline for Filing of Claims
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF BMV Management Limited
                        (In Liquidation)

I, Kenneth W. Pattullo, of Begbies Traynor, 4th Floor, 78 St
Vincent Street, Glasgow G2 5UB hereby give notice, pursuant to
Rule 4.19 of the Insolvency (Scotland) Rules 1986, that on 11th
November 2004 I was appointed Liquidator of BMV Management
Limited by a Resolution of the First Meeting of Creditors held
in terms of Section 138(3) of the Insolvency Act 1986.  No
Liquidation Committee was established.

Accordingly, I do not intend to summon a further meeting for the
purpose of establishing a Liquidation Committee unless one-
tenth, in value, of the creditors require it in terms of Section
142(3) of the Insolvency Act 1986.

All creditors who have not already done so are required to lodge
their claims with me by February 11, 2005.

Kenneth W. Pattullo, Liquidator
November 24, 2004

CONTACT:  BEGBIES TRAYNOR
          4th Floor
          78 St. Vincent Street
          Glasgow G2 5UB
          Phone: 0141 222 2230
          Fax: 0141 222 2330
          E-mail: liverpool@begbies-traynor.com
          Web site: http://www.begbies.com


BOLTON BACON: Hires Kroll Limited as Administrator
--------------------------------------------------
David Whitehouse and Simon Wilson (IP Nos 8699, 8963) have been
appointed joint administrators for Bolton Bacon Company Limited.
The appointment was made Nov. 30, 2004.  The company is engaged
in selling meat and meat products.

CONTACT:  KROLL LIMITED
          1 Oxford Court,
          Bishopsgate, Manchester M2 3WR


CHAINE ET TRAME: Names Begbies Traynor Administrator
----------------------------------------------------
G. N. Lee and P. Stanley (IP Nos 009204, 008123) have been
appointed joint administrators for Chaine Et Trame (UK) Limited.
The appointment was made Nov. 29, 2004.

The company sells fabric.  Its registered office is located at
Fitzpatrick Building, 188 York Street, London N7 9AS.

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


COX ECM: Members Final Meeting Set Next Year
--------------------------------------------
The final meeting of the members of Cox ECM Limited will be on
Jan. 7, 2005 commencing at 11:00 a.m.  It will be held at St
George House, 40 Great George Street, Leeds LS1 3DQ.

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 Robson Rhodes LLP, St George House, 40 Great George Street,
Leeds LS1 3DQ not later than 12:00 noon, Jan. 6, 2005.


CONTACT:  ROBSON RHODES L.L.P.
          St. George House
          40 Great George Street
          Leeds LS1 3 DQ
          Phone: 0113 225 4000
          Fax: 0113 225 4002
          Web site: http://www.robsonrhodes.co.uk


DAVID TAYLOR: Calls in Joint Administrators from PKF
----------------------------------------------------
David Sydney Merrygold (IP No 6494) and Philip James Long (IP No
2086) have been appointed joint administrators for David Taylor
Stores Limited.  The appointment was made Nov. 17, 2004.

The company sells furniture.  Its registered office is located
at 16 The Havens, Ransomes Europark, Ipswich IP3 9SJ.

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


DUNWILCO 1022: Appoints Liquidator
----------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Dunwilco (1022) Limited
                        (In Liquidation)

Notice is hereby given that I, David Forbes Rutherford of Cowan
& Partners CA, 60 Constitution Street, Leith, Edinburgh EH6 6RE,
was appointed liquidator of Dunwilco (1022) Limited on November
25, 2004.

David Forbes Rutherford, Liquidator
November 26, 2004


ENVIRONMENT & RESOURCE: Liquidator to Present Winding-up Report
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

    IN THE MATTER OF Environment & Resource Technology Limited
                         (In Liquidation)

Notice is hereby given pursuant to Section 94 of the Insolvency
Act 1986 that a final meeting of the members of Environment &
Resource Technology Limited will be held at KPMG, Saltire Court,
20 Castle Terrace, Edinburgh, EH1 2EG, on December 30, 2004 at
1:00 p.m. for the purpose of having an account laid before them,
and to receive the Liquidator's report showing how the winding-
up of the company has been conducted and hearing any explanation
that may be given by the Liquidator.

Any member who is entitled to attend and vote at the meeting is
entitled to appoint a proxy to attend and vote instead of him.
A proxy holder need not be a member of the company.

B. C. Nimmo, Liquidator
November 24, 2004

CONTACT:  KPMG LLP
          Saltire Court
          20 Castle Terrace
          Edinburgh EH1 2EG
          Phone: (0131) 222 2000
          Fax: (0131) 527 6666
          Web site: http://www.kpmg.co.uk


EURO EXPRESS: Names Joint Administrators from Numerica
------------------------------------------------------
Maurice Moses and Nicholas Hugh O'Reilly (IP Nos 5542, 8309)
have been appointed joint administrators for Euro Express
Operations Limited.  The appointment was made Nov. 26, 2004.
The company is engaged in selling automotive fuel.

CONTACT:  NUMERICA
          PO Box 2653, 66 Wigmore Street,
          London W1A 3RT
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.numerica.biz


EXPLORATION VENTURES: Hires PricewaterhouseCoopers as Liquidator
----------------------------------------------------------------
Name of companies:
Exploration Ventures Limited
Exven Limited
Minven Minerals Limited

At a meeting of these companies held on Nov. 23, 2004, the
special and ordinary resolutions to wind up the companies were
passed.  Richard Setchim and Jonathan Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of the companies for the
purpose of such windings-up.

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


FINANCIAL FREEDOM: Winding-up Report Due at Year's End
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Financial Freedom (Europe) Limited
                        (In Liquidation)

Notice is hereby given pursuant to Section 94 of the Insolvency
Act 1986, that a Meeting of the Members of the Financial Freedom
(Europe) Limited will be held at Saltire Court, 20 Castle
Terrace, Edinburgh EH1 2EG on December 31, 2004 at 11:00 a.m.
for the purpose of laying the accounts of the winding up before
the Meeting, giving any explanation thereof, and of passing a
resolution of directing the manner in which the books, accounts
and documents of the Company, and the Liquidator shall be
disposed of.

John Charles Reid, Liquidator

CONTACT:  KPMG LLP
          Saltire Court
          20 Castle Terrace
          Edinburgh EH1 2EG
          Phone: (0131) 222 2000
          Fax: (0131) 527 6666
          Web site: http://www.kpmg.co.uk


FI PACKAGING: Sets Creditors Meeting Next Week
----------------------------------------------
The creditors of FI Packaging Limited will meet on Dec. 16, 2004
commencing at 2:30 p.m.  It will be held at the offices of Moore
Stephens, Victory House, Admiralty Place, Chatham Maritime, Kent
ME4 4QU.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Moore Stephens, Victory House, Admiralty Place,
Chatham Maritime, Kent ME4 4QU not later than 12:00 noon, Dec.
15, 2004.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Victory House, Admiralty Place
          Chatham Maritime Kent ME4 4QU
          Phone: +44 (01634) 895100
          Fax: +44 (01634) 895101
          Web site: http://www.moorestephens.com


INTENDO SOFTWARE: Creditors Appoint Liquidator
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

IN THE MATTER OF INTENDO SOFTWARE LIMITED

(In Liquidation)

I, Maureen Elizabeth Leslie, Insolvency Practitioner of Baker
Tilly, 23 Queen Street, Edinburgh, hereby give notice pursuant
to Rule 4.19 of the Insolvency (Scotland) Rules 1986 that I was
appointed Liquidator of Intendo Software Limited by resolution
of the First Meeting of Creditors held on 18th November 2004. A
liquidation committee was not established. Accordingly, I hereby
give notice that I do not intend to summon a further meeting for
the purpose of establishing a Liquidation Committee unless one
tenth in value of the creditors require me to do so in terms of
Section 142(3) of the Insolvency Act 1986.

Maureen Elizabeth Leslie, Liquidator of Intendo Software Limited

18th November 2004

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


INTERNATIONAL POWER: Expects GBP84 Mln Compensation from TXU
------------------------------------------------------------
The administrators of TXU Europe have announced the terms of a
proposed Company Voluntary Arrangement (CVA).  The CVA outlines
International Power's compensation claim following the
termination of a power offtake contract between Rugeley Power
station and TXU Europe in November 2002.  The CVA is subject to
creditor and court approval, which is expected to take place in
Q1 2005.

The administrators of TXU Europe expect to pay Rugeley between
GBP73 million and GBP84 million, which will be subject to a
normal corporation tax charge.

Settlement of this claim will be phased with the first receipt
(estimated at GBP50 million) expected in March 2005, with the
balance later in 2005 and early 2006.

As previously announced, the majority of this settlement will be
used to repay project debt at Rugeley.

International Power owns 100% of Rugeley power station (1,000MW
coal fired), located in Staffordshire, England.

International Power plc is a leading independent electricity
generating company with 11,953MW (net) in operation and 1,649MW
(net) under construction.  International Power has power plants
in operation or under construction in Australia, the United
States of America, the United Kingdom, the Czech Republic, the
UAE, Oman, Saudi Arabia, Portugal, Turkey, Malaysia, Pakistan
and Thailand.

International Power was listed on the London Stock Exchange and
the New York Stock Exchange (as ADR's), on 2 October 2000. The
ticker symbol on both stock exchanges is 'IPR'.

CONTACT:  INTERNATIONAL POWER
          Investor Contact:
          Anna Hirst
          Phone: +44 (0)20 7320 8788

          Media Contact:
          Anthony Silverman - Finsbury Group
          Phone: +44 (0)20 7251 3801


INVESCO BUSINESS: Subjoined Special Winding up Resolution Passed
----------------------------------------------------------------
Name of companies:
Invesco Business Services Limited
Invesco Financial Services Limited
Invesco Life Limited

At the extraordinary general meeting of these companies on Nov.
26, 2004 held at 30 Finsbury Square, London EC2A 1AG, on 26
November 2004, the subjoined special resolution to wind up the
companies was passed.  Maurice Grisman John Glover of 31 Burnaby
Gardens, Chiswick, London W4 3DR has been appointed liquidator
for the purpose of such windings-up.

CONTACT:  31 Burnaby Gardens,
          Chiswick, London W4 3DR


ISOTECH TECHNOLOGY: Creditors Meeting Set Next Week
---------------------------------------------------
The creditors of Isotech Technology Limited will meet on Dec.
14, 2004 commencing at 11:00 a.m.  It will be held at KPMG LLP,
2 Cornwall Street, Birmingham B3 2DL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL
not later than 12:00 noon, Dec. 13, 2004.

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


JARVIS PLC: Disposing GBP25 Million Worth of Leasehold Assets
-------------------------------------------------------------
Introduction

Jarvis plc reached a conditional agreement with Network Rail on
arrangements relating to five leasehold interests held by the
Group close to York railway station known as the York Central
Site, the leasehold property situated at Jarvis House, Toft
Green, York and 39 other property interests held by the Group
for a total cash consideration of GBP25 million (plus VAT, where
applicable).

Background to and Reasons for the Transaction

As outlined in the 2004 Annual Report, the Directors are
implementing a Business Plan that is designed to develop a
simpler, leaner and more cash generative business that is
sustainable in the long term.  This Business Plan has several
core elements, as set out in the section headed 'The Business
Plan' below.

The strategy underlying the Business Plan is for the Group to
focus primarily on U.K. rail, road and plant hire activities.
The Directors believe this will enable Jarvis to maintain a
competitive advantage and grow its market share by capitalizing
on its investment in technology, new products and equipment.

As part of its restructuring initiatives Jarvis has been seeking
to rationalize its property portfolio.  This has enabled the
Board to identify a number of properties as being surplus to
requirements and to identify an opportunity for the Group to
seek an alternative basis of occupation in certain other
properties.  In both of these cases there is an opportunity for
Jarvis to realize cash in the short term whilst achieving fair
value and to retain the use of those properties required for
continuing use.  These properties are currently used, or have in
the past been used, for the accommodation and operation of rail
and road businesses and other Group functions.

Having conducted marketing exercises of the various properties,
the Board has resolved to enter into the Transaction by way of a
framework agreement covering all of the identified Properties
for total cash consideration of GBP25 million (plus VAT, where
applicable).

Principal Terms and Conditions of the Transaction

The Transaction comprises three principal elements:
                                              Proceeds[*]
York Central Site                             GBP4.5m
Jarvis House                                  GBP3.5m
Wider Property Portfolio                      GBP17.0m
Total:                                        GBP25.0m

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Plus VAT, where applicable
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

These elements are described in more detail below.

(1) York Central Site

Jarvis holds five separate leasehold interests in adjoining
sites next to York railway station.  The sites comprise the York
Central Site and include facilities for rail plant hire, rail
plant maintenance and storage, as well as facilities for
Jarvis's rail renewals activities.  The total area of the sites
is approximately 20.2 acres.  Four of the sites are currently on
long leases from Network Rail, three of which are for a term of
50 years and one of which is for a term of 125 years.  Parts of
two of these sites are currently leased back to Network Rail and
a third party by Jarvis at an annual rental from Network Rail of
GBP65,500.  The fifth site is leased from another third party
with Network Rail as the head lessor, and is on a lease of
nearly 50 years.  All leases to Jarvis are currently on a
peppercorn rental.

Under the terms of the York Central transaction, Jarvis will
continue to occupy parts of each of the sites, but will
surrender its four current leases from Network Rail back to
Network Rail and assign the fifth site to Network Rail.  It will
then enter into new operating leases for all of those parts of
the sites it then occupies.  These new leases will be of a ten-
year duration, with a right to renew for a further ten years, at
an initial rental of GBP320,000 per annum, upwardly reviewable
in five years.  As part of the negotiations for this lease
rearrangement, Jarvis has already received cash consideration of
GBP4.5 million from Network Rail and there will be a further sum
due in respect of the VAT thereon.  No further consideration
will be payable.  However, both the cash consideration and the
VAT will be repayable if the principal conditions contained in
the Framework Agreement are not satisfied.

On the Framework Agreement becoming unconditional, Network Rail
and Jarvis will enter into a collaboration agreement for the
York Central Site to deal with relocation and to exploit jointly
any redevelopment value for the Properties.

The new leases contain break clauses that can be invoked after
three years if Network Rail has secured planning consent
(outline or otherwise) or has a pending planning application for
the redevelopment of any of the sites that form part of the York
Central Site and surrounding areas.  In such circumstances, the
collaboration agreement obliges Network Rail to use reasonable
endeavors to make another site available to Jarvis and to incur
expenditure to make such site suitable for Jarvis's use, or to
reimburse Jarvis's relocation costs in each case, for up to a
total of GBP3 million.  To the extent that Network Rail's net
receipts from redevelopment exceed GBP4.5 million, after payment
of any relocation costs by Network Rail, it will be obliged to
pay Jarvis 25% of that excess.  The new leases also contain
break clauses, which Network Rail can exercise if Network Rail
requires any of the sites, or parts of them, for its own
purposes.  In that event, the same relocation package will
apply.

(2) Jarvis House, York

Network Rail has approached Jarvis to acquire its lease on
Jarvis House, where Network Rail already occupies one 18,000
square feet floor in a building totaling 75,000 square feet.
Jarvis is already committed to enter into a lease on a new-build
development known as Meridian House, York and will relocate its
headquarters and rail and road operations to this location.
Annual rental obligations on Meridian House are approximately
GBP1 million lower than those on Jarvis House.

Under the terms of the Jarvis House transaction, Jarvis is to
transfer the lease of Jarvis House to Network Rail for a total
cash consideration of GBP3.5 million (plus VAT) comprised of a
premium of GBP100,000, GBP1.5 million for the fixtures and
fittings in Jarvis House and a GBP1.9 million contribution
towards the costs of Jarvis moving to Meridian House. Network
Rail will also make additional premises available to Jarvis in
York.

(3) Wider Property Portfolio

The Board has also identified 16 properties that are surplus to
the Group's requirements and can be sold, and a further 23
properties which Jarvis will continue to occupy and over which
Network Rail will enter into sale and leaseback arrangements.
Collectively all of these properties are known as the Wider
Property Portfolio.

In total, Network Rail will pay GBP17.0 million cash
consideration (plus VAT, where applicable) to Jarvis for the new
arrangements in respect of the Wider Property Portfolio.
Network Rail will pay GBP7.25 million to Jarvis for the eleven
freeholds in the Wider Property Portfolio and GBP9.75 million
for the 28 leasehold properties (plus VAT, where applicable in
both cases).

Of the 16 surplus properties, five are freehold and 11 are
leasehold.  Network Rail is the freeholder of nine of the
leaseholds.

Of the 23 properties that are the subject of sale and leaseback
arrangements, six are freehold and 17 are leasehold.  Network
Rail is the freeholder in relation to 15 of the leasehold
properties.  Under the terms of the sale and leaseback
arrangements each lease will be for a term of 20 years, with a
break option after ten years.

In respect of the 28 leaseholds, Jarvis will surrender its
existing leases on 24 properties where Network Rail is the
freeholder and in respect of four other properties that are let
by third parties to Jarvis, and these leases will be assigned to
Network Rail.  In consideration for those properties currently
let to Jarvis by Network Rail, Jarvis will receive GBP8.6
million (plus VAT, where applicable).  In consideration for the
properties currently let to Jarvis by third parties, Jarvis will
receive GBP1.15 million (plus VAT, where applicable).

On the Framework Agreement becoming unconditional, Network Rail
and Jarvis will enter into a Wider Property Portfolio
collaboration agreement to deal with relocation and to exploit
jointly any redevelopment value for the sale and leaseback
properties.  The new leases contain break clauses operable by
either party if the properties are not being used in accordance
with the collaboration agreement.  There is an additional break
clause to allow Network Rail to end the leases for development
and operational reasons.  In the event of a break, Network Rail
is obliged to make another site available to Jarvis and to incur
expenditure to make such site suitable for Jarvis's use, or to
pay Jarvis's relocation costs.  Jarvis will be entitled to
receive 25 % of the uplift in value of any individual disposal.
To the extent that Network Rail's net receipts from
redevelopment exceed GBP8.5 million, after payment of any
relocation costs by Network Rail, it is obliged to pay Jarvis
25% of that excess.

It is a term of the Framework Agreement that Jarvis will
indemnify Network Rail in relation to remediation costs
applicable to environmental contamination of the 16 surplus
properties, up to a maximum of GBP2 million.

(4) Conditions to be satisfied prior to Completion

Shareholder approval is the principal condition to completion of
the individual transactions underlying the Framework Agreement.

The only part of the York Central transaction, which is subject
to a further condition is the assignment of the fifth site by
Jarvis to Network Rail.  This requires landlord's consent (not
to be unreasonably withheld or delayed).  The payment of GBP4.5
million has been received for this transaction and it is
expected that the outstanding VAT thereon will be received
following Shareholder approval at the EGM.

The assignment of the lease on Jarvis House is conditional upon
receipt of the landlord's consent both to the assignment of the
lease and to the underletting by Network Rail to Jarvis of
additional premises in York.  The Board does not consider that
these conditions will delay completion beyond the EGM, and
accordingly GBP3.5 million (plus VAT) is expected to be received
at that time.

In relation to the Wider Property Portfolio:

(a) The sale and purchase of the freehold properties, and the
    leasehold properties leased to Jarvis by third parties, is
    conditional upon Network Rail investigating Jarvis's title
    to these properties.  Completion of the sale and purchase of
    each of these properties will occur on satisfaction of this
    condition in relation to the relevant property.  Payment
    will be made for the relevant property at that time.  The
    overall long-stop date for the condition to be satisfied in
    each case is 4 March 2005;

(b) The sale and purchase of seven of the above properties is
    also conditional upon Network Rail receiving the consent of
    the Office of Rail Regulation; and

(c) The surrender of the leasehold properties let to Jarvis by
    Network Rail is conditional upon Network Rail receiving
    replies to enquiries before surrender that are submitted to
    Jarvis by Network Rail.  It is expected that this condition
    will be met before the EGM and the sum of GBP8.6 million
    (plus VAT, where applicable) will be payable at that time.

Having considered all of the above elements, the Board believes
that the Transaction represents the best opportunity to realize
cash from the Properties in the short term whilst achieving fair
value.

Financial Effects of the Transaction and Application of
Transaction Proceeds

In addition to the GBP4.5 million already received on the York
Central transaction, the further cash to be received by Jarvis
on completion of the Transaction amounts to GBP20.5 million
(plus VAT, where applicable).  The aggregate book value of the
various properties and associated assets as at 31 March 2004,
being the date of the last audited balance sheet, amounted to
GBP17.6 million.  The Transaction will give rise to a profit,
before tax and after relocation and transaction costs, of
approximately GBP5.6 million.

Subject to the consent of Core Lenders to use the proceeds from
the transaction for working capital purposes, the proceeds of
the Transaction will be used primarily to provide additional
working capital but also to fit out the new premises in York and
cover relocation costs which are expected to amount to
approximately GBP1.9 million.

Current Trading and Prospects

On 8 November 2004, the Board provided a trading update. Since
that announcement, trading is continuing to prove difficult but
consistent with the update provided.  The interim results for
the six months ended 30 September 2004 will be released before
the end of December 2004 once the Board has completed its
review, which will include an assessment of appropriate levels
of provisions.

As foreshadowed on 8 November 2004, the results will show a
substantial deterioration in the Group's financial position
since 31 March 2004.

Recent Changes to the Group's Current Financing Facilities

On 30 July 2004, the Group's Core Lenders agreed terms to extend
the Group's facilities until 25 March 2005 and to provide an
additional working capital facility of up to GBP25 million and a
new bonding facility of up to GBP9 million.

These facilities were summarized in the 2004 Annual Report.  On
3 December 2004, the bonding facility was reduced by GBP4
million and the working capital facility increased by the same
amount.

The Business Plan

The 2004 Annual Report sent to Shareholders in September 2004
described the Business Plan adopted by the Board to stabilize
the Group's finances and reduce indebtedness to more acceptable
levels.

The Business Plan was central to the Core Lenders' decision to
continue to support the Group and provide continued facilities
to 25 March 2005.  The plan assumed that a number of important
measures would be successfully implemented in a timely manner
for indebtedness to be brought back to an acceptable level so
that working capital facilities adequate for the Group's needs
could be secured.

The Transaction is an important element in the achievement of
the Business Plan.

In addition to the strategic repositioning of the Group, the
other principal components of the Business Plan are set out
below with an update on the Group's progress in achieving them:

    (i) The timely realization of value from Group assets, in
        particular, the Company's investment in the Tube Lines
        PPP Project and the European Roads businesses.

The Group is in discussions to realize value from the disposal
of its interests in the Tube Lines PPP Project and the European
Roads businesses.  These transactions remain on course for later
this calendar year.

   (ii) A substantial reduction in the Group's overheads,
        including accommodation costs, achieved through re-
        location to a smaller number of sites.

A program to achieve annualized future savings of more than
GBP20 million has been implemented ahead of plan.  In recent
weeks, further annualized savings of GBP30 million have been
identified and action to achieve these savings is underway.

The disposal of properties and re-location of the Group's
headquarters described above will achieve the majority of the
reduction in the Group's accommodation costs envisaged in the
Business Plan.

  (iii) The rationalization of the Group's accommodation
        services business, including the sub-contracting of
        construction activities on new projects to be undertaken
        by the Group in the future.

As announced on 8 November 2004, the severe cash flow pressures
endured by the Group since September have proven to have had a
materially worse than anticipated impact on the Group's
relationships and terms of business with its sub-contractors,
and therefore on the Group's ability to deliver the construction
contracts in accordance with deadlines and anticipated costs.
Accordingly, the Board expected further significant costs to
complete the construction contracts.

The Group continues to look for ways to limit its exposure to
these contracts.  It is in advanced discussions with its
partners in the projects and is negotiating alternative sources
of funding (the 'project refinancing discussions') as well as
the possibility of bringing in new parties to complete the
contracts.

The Board announced, on 3 December 2004, the sale of its PFI
bidding and management operations.

   (iv) The satisfactory renegotiation of the Group's core
        financing arrangements, which are currently repayable on
        25 March 2005.

The Directors are confident that, following the conclusion of
the project refinancing discussions described in (iii) above and
realization of value from the Group's interests in the Tube
Lines PPP Project, satisfactory longer-term core financing
arrangements for the Group will be put in place.  Without
satisfactory agreements being reached on those matters, the
Board considers it may prove difficult to secure longer-term
financing arrangements for the Group.  The Core Lenders have
been kept abreast of developments, and discussions with respect
to a refinancing are progressing.  There can be no certainty
that a satisfactory conclusion to these negotiations will be
reached.

The Group's Core Lenders have indicated that their consent to
applying the proceeds from the Transaction to meet the Group's
working capital requirements will depend in part on seeing
satisfactory progress being made on items (i) and (iii) above.

Working capital

The Directors are of the opinion that the Continuing Group does
not have sufficient working capital for its present requirements
-- that is, for at least the next 12 months from the date of
this announcement.

The Directors are actively pursuing the measures described
herein to ensure that the Group secures adequate facilities for
its present requirements but there can be no certainty that
these measures will prove to be successful.

The Group continues to operate within its debt facilities but
headroom is limited and accordingly management is concentrating
on managing cash.  The Directors are in discussions with the
Core Lenders to secure longer-term core financing arrangements
for the Group, probably in conjunction with a realization of the
Group's interests in the Tube Lines PPP Project.  To provide the
time necessary to secure a refinancing, the Directors are
progressing a number of important actions outlined below:

(a) Obtaining Shareholder approval to the Transaction and
    securing the Core Lenders' consent to the use of the
    proceeds for working capital purposes as described above
    (which the Directors expect to be obtained before the EGM);

(b) The realization of a number of other smaller assets which
    are currently being negotiated;

(c) Securing the receipt of certain outstanding sums due in
    respect of work already undertaken;

(d) Continuing the deferral or rescheduling of certain amounts
    owed to third party creditors and non-Core Lenders within
    the period; and

(e) Realizing value from the sale of the European Roads
    businesses and securing Core Lenders' consent to the use of
    the proceeds for working capital purposes.

Whilst these actions are well progressed, the Board recognizes
that they are complex and require the consent and/or support of
third parties, including Lenders and other stakeholders.

If Shareholders do not approve the Transaction, the Directors
believe that this is likely to have a material adverse effect on
the Core Lenders' willingness to enter into a refinancing and on
the ability of the Group to continue to trade.

If Shareholders do approve the Transaction, which the Directors
believe is essential to the Group's finances in the short-term,
there is still a risk that a refinancing will not be achieved if
there were to be a material adverse change in the Group's
underlying businesses or other material adverse developments, or
management did not achieve in time the actions described above.

In the absence of a refinancing, emergency funding of working
capital would be required by the second half of January 2005.
Such funding cannot be guaranteed nor can its terms, which may
be materially disadvantageous to Shareholders.  If such support
were not forthcoming, the Group would be unable to continue to
trade.

Extraordinary General Meeting

Completion of the Transaction is conditional, amongst other
things, upon the approval of Shareholders.  A circular
containing a Notice of Extraordinary General Meeting will be
dispatched to Shareholders shortly.

Alan Lovell, Chief Executive commented: "[Mon]day's announcement
marks a very important step in our strategy.  Property is one of
the three main assets from which we seek to realize value, the
others being the European Roads businesses and our Tube Lines
PPP Project investment, with both transactions continuing to
make good progress.  Elsewhere we have completed the disposal of
parts of the PFI business and expect to make an announcement
regarding UPP soon.  We continue to talk to our Lenders about
refinancing for the Group.  A great deal remains to be achieved
but we are confident of a satisfactory conclusion."

CONTACT:  JARVIS PLC
          Jonathan Haslam
          Phone: 020 7017 8147

          MERLIN
          Paul Downes
          PR
          Phone: 020 7653 6620


J M JEWELLERY: HSBC Bank Appoints Kroll Limited Receiver
--------------------------------------------------------
HSBC Bank Plc called in J. M. Wright and G. S. Johal (Office
Holder Nos 009152, 005770) joint administrative receivers for J
M Jewellery Limited (Reg No 3889940, Trade Classification:
3622).  The application was filed Nov. 29, 2004.  The company
manufactures jewelry.

CONTACT:  KROLL LIMITED
          Aspect Court, 4 Temple Row,
          Birmingham B2 5HG


KALTEK AUTOMATION: In Administrative Receivership
-------------------------------------------------
HSBC Bank Plc called in David Moore and Donald Bailey (Office
Holder Nos 7510, 6739) joint administrative receivers for Kaltek
Automation Limited (Reg No 02992191, Trade Classification:
3220).  The application was filed Nov. 16, 2004.  The company
manufactures control panel.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


MAIN QMS: Liquidator's Report Due January 2005
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                    IN THE MATTER OF Main QMS
                        (In Liquidation)

Notice is hereby given that the final meeting of the members of
Main QMS will be held in terms of Section 94 of the Insolvency
Act 1986 at the offices of Ritsons, Chartered Accountants, 28
High Street, Nairn on January 6, 2005 at 10:30 a.m. for the
purpose of receiving the Liquidator's report showing how the
winding up has been conducted together with any explanations
that may be given by him and in determining whether the
Liquidator should have his release in terms of Section 173 of
said Act.

W. L. Young, Liquidator
November 25, 2004

CONTACT:  RITSONS
          28 High Street
          Nairn, IV12 4AU
          Phone: 01667453048
          E-mail: nairn@ritsonsca.com
          Web site: http://www.ritsonsca.com


MORGAN MONEY: Members General Meeting Set
-----------------------------------------
The general meeting of the members of Morgan Money Management
Limited will be on Jan. 4, 2005 commencing at 11:00 a.m.  It
will be held at Fairview House, Victoria Place, Carlisle,
Cumbria CA1 1HP.

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:  Fairview House, Victoria Place,
          Carlisle, Cumbria CA1 1HP


NATURAL COMFORTS: Names Administrator from Tenon Recovery
---------------------------------------------------------
Ian William Kings (IP No 7232) has been appointed administrator
for Natural Comforts Limited.  The appointment was made Nov. 24.
2004.  The company wholesales and retails household goods.

CONTACT:  TENON RECOVERY
          Tenon House, Ferryboat Lane,
          Sunderland SR5 3JN
          Phone: 0191 511 5000
          Fax:   0191 511 5001
          Web site: http://www.tenongroup.com


OM 2000: Members Final General Meeting Set January Next Year
------------------------------------------------------------
The final general meeting of the members of OM 2000 Plc
(formerly Oxford Molecular Group Plc) will be on Jan. 19, 2005
commencing at 11:30 a.m.  It will be held at KPMG, 8 Salisbury
Square, London EC4Y 8BB.

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 KPMG, 8 Salisbury Square, London EC4Y 8BB not later than
12:00 noon, Jan. 18, 2005.

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


P E RANDALL: Members General Meeting Set This Month
---------------------------------------------------
The general meeting of the members of P E Randall Limited will
be on Dec. 21, 2004 commencing at 10:30 a.m.  It will be held at
Moore Stephens Corporate Recovery, Beaufort House, 94-96 Newhall
Street, Birmingham B3 1PB.

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 Moore Stephens Corporate Recovery, Beaufort House, 94-96
Newhall Street, Birmingham B3 1PB not later than 12:00 noon,
Dec. 20, 2004.

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


RANK GROUP: Expects Full-year Result to Meet Expectations
---------------------------------------------------------
Overall we expect the full year results for the Group to be
broadly in line with current market expectations.  Gaming has
performed strongly in the period since 30 June 2004 and has
returned to double-digit profit growth, after a subdued first
half.  Hard Rock has also performed well, with profits
significantly above last year, helped by increased contributions
from brand licensing activities.

Deluxe Film has seen lower than expected volumes in the period
whilst Deluxe Media has continued to experience difficult
trading conditions and is expected to make only a modest
contribution to the Group's full year operating profit.  The
Group's results in pounds sterling continue to be adversely
affected by movements in the U.S. dollar.

The Board's investigation into the technical and commercial
implications of the separation of both Deluxe Film and Deluxe
Media, including discussions with key stakeholders, is
progressing well.  The Group expects to be able to announce the
conclusions of its review at the time of the preliminary results
in February 2005.

Gaming

The period since 30 June 2004 has seen a return to strong growth
in each of the Group's gaming and betting businesses.

In Mecca Bingo, the improved trends in the U.K. highlighted in
our interim announcement have continued, with attendance up 1%
in the period since 30 June 2004 and turnover up almost 6%. As a
result, the year to date attendance figures are now down just 1%
and year to date turnover is up by 3%.  The business has
undoubtedly benefited from the removal of admission charges and
the introduction of a gross profits tax regime in late 2003
although these changes have had a small impact on operating
margins.  The Spanish bingo clubs have continued to perform well
with strong growth in turnover for the year to date.

Grosvenor Casinos has enjoyed a much improved trading
performance since the half-year.  Both London and the provinces
have experienced strong growth in both attendance and handle, as
the impact of the introduction of EU identification rules,
increased competition and the increased presence of fixed odds
betting terminals offering roulette, has ameliorated.  The
Clermont and the Park Tower are continuing to perform well, with
the Clermont's win percentage back to more normal levels,
although year to date profit continues to be held back by an
adverse variance in bad debts compared with 2003.  At the three
mid-market London casinos, turnover is well ahead since 30 June
2004, driven by improved attendance and a small increase in win
percentage.  The provincial casinos have also enjoyed
substantially improved levels of attendance, handle and
turnover.

Two new casinos have opened since September, one in Stoke-on-
Trent and the other in Bolton.  Other developments include the
award of a new casino license in Dundee and plans to relocate
both our Ramsgate casino and the casino in Manchester Bury New
Road during 2005.  The two Hard Rock casinos continue to make
good progress, with strong increases in attendance, handle and
turnover.  Overall turnover at Grosvenor Casinos for the year to
date is up by 12%.

Blue Square has continued to show good growth.  The Internet and
telephone sports betting businesses continue to perform in line
with expectations and total turnover has been boosted by the
launch of the on-line Blue Square Casino.  The Blue Square Poker
Room has also just been launched.

Gaming Deregulation

The Gambling Bill is now making its way through the various
parliamentary stages and is expected to become law during 2005.
Rank welcomes the Government's determination to modernize the
U.K.'s gaming laws, and also its cautious approach regarding the
introduction of very large casino developments into the U.K.
Throughout the process, Rank has continued to lobby for a level
playing field upon which all casinos, including small, large and
regional developments, can compete on the same basis.  Rank
plans to compete in all market segments, including regional
casinos, and believes that its strong market position and well-
invested gaming estate means that it is well placed to benefit
from the new regulations when they become law.

Hard Rock

Like-for-like sales in the owned cafes since the half-year have
broadly followed the trends experienced in the first half.  Food
and beverage sales have remained positive (up 2.2% in the
period), partially offset by a continued decline in merchandise
sales (-4.5% in the period).  Overall like for like sales for
the year to date are now up by 0.6%.  Steps taken to manage
costs during the first half have seen further improvements in
the operating margin of the owned cafes.

Contributions from recent cafe openings in Louisville, Hollywood
(Fl), Destin and at Foxwoods have been ahead of expectations.
Since the half-year, new franchised cafes have opened in Athens,
Kuwait City and Hurghada in Egypt.  A new cafe in Gothenburg is
expected to open this month.

Hard Rock's operating profits are now benefiting from the
expansion of the brand into casinos and hotels.  The two
Seminole hotels and casinos in Florida are performing in line
with expectations and the hotels in Chicago and New York have
also contributed to the results during the period.  The recently
announced plans for a new Hard Rock Hotel in Madrid will take
the total number of developments within the joint venture with
Sol Melia to four and the total number of hotels and casinos
bearing the Hard Rock name to thirteen.


Deluxe

At Deluxe Film like for like volumes in Film Laboratories have
been relatively weak in the period since the half-year,
reflecting the release of a lower number of titles than had
previously been scheduled by two of our major studio customers.
However, the current schedule for 2005 is encouraging.  The
Digital and Other Services business has continued to grow
strongly, and is now benefiting from the recent acquisitions of
DVCC, Softitler and EFILM, which continues to grow both its
customer base and the use of digital intermediates throughout
the industry.

In Deluxe Media, whilst DVD volumes are well ahead of last year,
to date they have been below our expectations for the busy pre-
Christmas season.  This, together with the continued decline of
VHS and margin pressure within distribution, means that we
anticipate that Media will make only a modest contribution to
Group operating profit for the full year.  Whilst some progress
has been made in gaining new studio contract business, further
wins are required if the full impact of the lost Fox
International DVD contract, announced in May 2004, is to be
mitigated in 2005.

CONTACT:  THE RANK GROUP PLC
          Phone: 020 7706 1111
          Mike Smith, Chief Executive
          Ian Dyson, Finance Director
          Peter Reynolds, Director of Investor Relations

          Press Enquiries:
          The Maitland Consultancy
          Phone: 020 7379 5151
          Angus Maitland


ROBERT TYERS: Special, Ordinary Winding up Resolutions Passed
-------------------------------------------------------------
At the extraordinary general meeting of the members of the
Robert Tyers Limited on Nov. 24, 2004 held at Salisbury House,
Station Road, Cambridge CB1 2LA, the special and ordinary
resolutions to wind up the company were passed.  Shay Lettice of
the firm of Peters Elworthy & Moore has been appointed
liquidator of the company for the purpose of the voluntary
winding-up.

CONTACT:  PETERS ELWORTHY & MOORE
          Salisbury House, Station Road
          Cambridge CB1 2LA
          Phone: 01223 728222
          Fax: 01223 461424
          Web site: http://www.pem.co.uk


SAMUEL BRADLEY: Hires V. A. Simmons Administrator
-------------------------------------------------
Vincent A. Simmons (IP No 8898) has been appointed administrator
for Samuel Bradley Limited.  The appointment was made Nov. 29,
2004.

The company supplies, repairs and offers textile machinery
service.  It registered office is located at 1 Levens Road,
Newby Road Industrial Estate, Hazel Grove, Stockport SK7 5DL.

CONTACT:  Bennett Verby, 7 St Petersgate,
          Stockport, Cheshire SK1 1EB


THE BUSINESS: Joint Administrators from Leonard Curtis Move In
--------------------------------------------------------------
A. Poxon and J. J. Schapira (IP Nos 8620, 5784) have been
appointed joint administrators for The Business Connection
(U.K.) Limited.  The appointment was made Nov. 17, 2004.  The
company is engaged in labor recruitment.

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


THE VENTURE: Members Final Meeting Set Next Year
------------------------------------------------
The final meeting of the members of The Venture Practice Group
Limited will be on Jan. 4, 2005 commencing at 10:30 a.m.  It
will be held at 90 St Faiths Lane, Norwich NR1 1NE.

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:  MCTEAR WILLIAMS & WOOD
          90 St Faiths Lane,
          Norwich NR1 1NE
          Phone: 01603 877540
          Fax: 01603 877549
          E-mail: mail@mw-w.com
          Web site: http://www.mw-w.com


V-COMMS LIMITED: Winding up Resolutions Passed
----------------------------------------------
At the extraordinary general meeting of the members of the V-
Comms Limited on Nov. 24, 2004 held at 44 Broadwater Avenue,
Poole, Dorset BH14 8QJ, the special and ordinary resolutions to
wind up the company were passed.  Graham P. Petersen of the firm
of Benedict Mackenzie, be and is hereby appointed Liquidator for
the purpose of such winding-up."

CONTACT:  BENEDICT MACKENZIE LLP
          3-4 The Courtyard, East Park,
          Crawley, West Sussex RH10 6AG
          Phone: 01293 447 799 / 410 333
          Fax: 01293 447 800 / 428 530
          Web site: http://www.benemack.com


WESTICA LIMITED: Administrators Take over Helm
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Westica Limited

Notice is hereby given that we, John Charles Reid and James
Bernard Stephen, both of Deloitte & Touche LLP Lomond House, 9
George Square, Glasgow, G2 1QQ, were appointed administrators of
Westica Limited on November 23, 2004 by notice of appointment
lodged in the Court of Session.

John Charles Reid
James Bernard Stephen

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


* Piper Rudnick, DLA Create Global Legal Services Organization
--------------------------------------------------------------
Piper Rudnick LLP, one of the United States' leading law firms,
and DLA, which has extensive coverage across Europe and Asia and
is ranked 7th in the U.K., announced an international merger of
equals that will create one of the largest law firms in the
world.

The announcement comes two months after Piper Rudnick's
announcement of a merger with Gray Cary Ware & Freidenrich LLP.
The combined firm will be known as DLA Piper Rudnick Gray Cary
and will become the only legal provider in the world with more
than 1,000 lawyers on both sides of the Atlantic.  Both mergers
become effective January 1, 2005.

The merger was announced jointly by Piper Rudnick's co-chairs,
Francis B. Burch Jr., and Lee I. Miller, and DLA's managing
partner, Nigel Knowles.  The combined firm will be led by Burch,
Miller and Knowles who will all serve as joint CEOs.

With more than 2,700 lawyers located in 18 countries and
projected 2005 revenues of US$1.5 billion, the combined firm
will become the third largest law firm in the world based on
number of attorneys and the second largest based on revenue,
according to the latest AmLaw Global 100 rankings.  DLA Piper
Rudnick Gray Cary will have 49 offices located throughout the
U.S., Europe, Asia and Russia, uniquely positioning the firm to
help companies with their sophisticated legal needs anywhere in
the world.

Globalization, Client Needs Drive Combination

"While the size of this combination is certain to capture
attention, this merger represents the culmination of the
strategic plan that was put into motion in 1999 when Piper &
Marbury merged with Rudnick & Wolfe," said Mr. Burch.  "More
important than size is delivering a platform that will
accommodate the expanding global needs of our clients."

Miller continued: "This merger is designed to extend the global
reach of our key practice areas so that we can serve the needs
of clients wherever they choose to do business.  As clients
consolidate the number of law firms they retain and as they
expand into new countries and markets, we will be able to offer
consistent, multinational service across a range of core
practices and geographies from a single point of contact."

"We will differentiate ourselves by being one of few global
firms that is not predominantly capital markets-driven,"
explained Knowles.

"Rather, our goal is to become a well-rounded firm of choice for
clients that are seeking legal practice depth and a single
resource for all of their global legal needs."

Leaders of both firms stress that their respective client bases
have become increasingly active across national borders as
consolidation and convergence continue within all industries
served by the legal profession.

"Our clients are distributing products and services across
international borders, opening and closing plants and offices,
interacting with international regulatory bodies and settling
disputes across international jurisdictions," said Mr. Burch.
"In turn, we need to have the legal knowledge and geographic
presence to address those needs."

Coupled with the globalization trend, purchasers of legal
services are reducing the number of law firms they use across
regions and continents.  As such, those clients are seeking
firms with the platform to address their expanding needs.  Track
Records, Entrepreneurial Cultures Drive Integration "What is
interesting about this merger beyond its size and scale,"
explained Brad Hildebrandt, chairman of legal consulting firm
Hildebrandt International, "is the fact that these firms have
very entrepreneurial cultures and have been successfully
expanding through mergers over the past several years.  More
importantly, these firms have demonstrated an ability to
effectively integrate each of their mergers around a common
vision which has been critical to each firm's success up to this
point."

The merged organization will provide an extensive range of legal
services across all existing practice areas and will be
organized along the lines of seven global practice groups as:

(a) Corporate and Finance - On the corporate and finance side,
    both firms operate significant transactional-based practices
    and focus on middle and upper-mid market clients.  The
    combined corporate practice would have ranked third in the
    world in 2004 for the 111 M&A transactions it completed in
    the first half of the year.  It is also on the panels of a
    number of major banks and financial institutions and has a
    substantial bankruptcy and restructuring practice.

(b) Litigation - The group brings together more than 800 top
    litigators in the U.S., Europe and Asia and offers lawyers
    experienced in patent, class action, securities, antitrust,
    banking and finance, technology, telecommunications and
    insurance disputes.

(c) Real Estate - With over 200 real estate lawyers in both the
    U.S. and the U.K., this top-ranked group will become one of
    the world's pre-eminent international real estate practices,
    serving the needs of developers, corporations, retailers and
    investors.

(d) Legislative and Regulatory - Both firms operate groups in
    this area and are widely recognized as leaders in this
    field.  The combined group will have the unique opportunity
    to help corporations address challenges and opportunities at
    any level of government around the world.

(e) Human resources - This practice represents a combination of
    DLA's market-leading Human Resources Group and Piper
    Rudnick's Labor and Employment Law Group and will include
    more than 200 lawyers located in key jurisdictions around
    the world.

(f) Commercial - The group will be a market leader in European
    Public Private Partnerships (PPPs) and the provision of
    infrastructure and project finance services to sponsors and
    funders internationally.  The group has lawyers who are
    particularly experienced in energy, sports, water, defense,
    healthcare and transportation, and is recognized in
    particular for its top-ranked franchise practice.

(g) Technology, Media and Communications (TMC) - This global
    practice represents a combination of market-leading teams in
    information technology/outsourcing, telecommunications, IP,
    media, e-business, sport, data protection and privacy.  With
    over 420 lawyers globally it will be the dominant global
    TMC/TMT practice.

About Piper Rudnick LLP

Piper Rudnick is a business law firm of 1,000 lawyers in offices
throughout the United States and a European office in Paris,
whose core practices are litigation, real estate, business and
technology, and government affairs.  In October 2004, the firm
announced that it would merge with Gray Cary Ware & Freidenrich
LLP, a leading California-based corporate and technology firm.
The merger is to take effect in January 2005, and will result in
a U.S. presence of about 1,350 lawyers in 19 offices.

About DLA

DLA is an international legal service organization and provides
a full range of legal and business services through its offices
in Europe and Asia.  The firm is committed to building close
relationships with its clients in order to serve their long-term
needs through its award winning Client Relationship Management
program.  In addition to its 29 offices in 16 countries, DLA is
also the founding member of DLA Group, an exclusive alliance of
multi-service law firms with a shared vision to provide
coordinated legal services to clients locally and
internationally.  Other Group members include: DLA Nordic
(Scandinavia), Lukowicz, Merski & Partners (Poland) and Ang &
Partners (Singapore).  After January 1, 2005, the Group will be
known as DLA Piper Rudnick Gray Cary Group.

Web site: http://www.piperrudnick.com/



                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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.


                 * * * End of Transmission * * *