TCREUR_Public/041210.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, December 10, 2004, Vol. 5, No. 245

                            Headlines

F R A N C E

BULL SA: Last Day for Holders to Exercise Warrants Dec. 15
EUROTUNNEL SA: Unveils Improved Value Proposition for Clients


G E R M A N Y

BOVENSMANN METALL: Creditors' Claims Due Later this Month
B.U.T. HOLZBAU: Gives Creditors Until January to File Claims
CREATIV WOHNBAUTEN: Sets Creditors' Meeting January
EPSILON SERVICE: Deadline for Filing of Claims Expires February
FIRST MOVERS: Under Bankruptcy Administration

IMAGE CALL: Administrator Takes over Operations
INTERTAINMENT AG: Reaches US$5 Mln Settlement with XL
IRIS INTERNATIONALER: Bonn Court Brings in Administrator
ITHEN TRANSPORTE: Administrator's Report Out January
TEAM IWG: Gives Creditors 10 Days to File Claims
THYSSENKRUPP AG: Sets Annual General Meeting January
VERTRIEBS- UND VERSAND: Succumbs to Bankruptcy


N E T H E R L A N D S

KONINKLIJKE AHOLD: Disco Appeals Reversal of Sale to Cencosud


N O R W A Y

STOLT OFFSHORE: Reiterates Breakeven Forecast this Year


R O M A N I A

SNP PETROM: Senior Unsecured Rating Raised to 'BB'


R U S S I A

DAVYDOVSKIY: Appoints V. Chirkov Insolvency Manager
KAM-MONTAZH-STROY: Declared Insolvent
MENZELINSKIY INTERECONOMIC: Proofs of Claim Deadline January 8
METROMEDIA INTERNATIONAL: Inks Deal with Preferred Stockholders
NOVOSHESHMINSK-AGRO-KHIM-SERVICE: Declared Insolvent

NTST ELECTRO-MASH: Bankruptcy Hearing Resumes February
OAO CENTERTELECOM: Fitch Rates Short-term Foreign Currency 'B'
OIL-EXTRACTING FACTORY: Insolvency Manager Takes over Helm
SOSNOVSKIY: Undergoes Bankruptcy Supervision Procedure
TAGANROGSKAYA SHOE: Hires S. Nesmeyanova as Insolvency Manager
VLADIKAVKAZSKAYA SHOE: Proofs of Claim Deadline Expires January
ZUYD-AUTO: Rostov Court Opens Bankruptcy Proceedings


S P A I N

LYCOS EUROPE: Expects Positive Net Result in Two Years


U K R A I N E

BARVINOK: Under Bankruptcy Supervision
DRUZHKIVKA' AUTO: Donetsk Court Opens Bankruptcy Proceedings
ENERGOBUD: Bankruptcy Proceedings Begin
EURO-TV: Sets Deadline for Filing of Claims
IMPERIYA: Insolvency Manager to Temporarily Oversee Business

MODERN TECHNOLOGIES: Bankruptcy Supervision Begins
OBLAGROPOSTACH: Sets Public Auction Next Week
PROGRESS: Court Appoints Insolvency Manager
TRANSPORT ENTERPRISE: Court Grants Debt Moratorium
WEEK END: Liquidator Takes over Company


U N I T E D   K I N G D O M

AIREBUS LIMITED: Hires PricewaterhouseCoopers as Liquidator
AXESILK LIMITED: Appoints Crawfords Liquidator
BARCLAYS SCOTLAND: Liquidators from Deloitte & Touche Enter Firm
BETTA WASTE: Hires Joint Liquidators from Kroll Limited
BODY ULTIMATE: Thompson and Frost Liquidators Move in

BPC HOLDINGS: Creditors' Meeting Set December 21
BROADWELL BUILDINGS: Bank of Scotland Appoints Receiver
CACHET CREATIVES: Names SPW Poppleton & Appleby Liquidator
CAMSUPPLIES LIMITED: Hires A. Graham as Insolvency Manager
CELLPHARM LIMITED: Meeting of Unsecured Creditors Next Week

CLASSIC HOMES: Names Robson Rhodes Administrator
COSWORTH RACING: Names Grant Thornton Administrator
COUNTGLADE LOGISTICS: Appoints Administrator from Ensors
COURTS PLC: Stores Attract Several Interests
DEPDEN INVESTMENTS: Members Opt to Dissolve Company

FLOCKTON PLANT: Members Decide to Wind up Firm
FOCUS LOGISTICS: Hires Joint Administrators from Grant Thornton
FYFFES BRISTOL: Special, Ordinary Winding up Resolutions Passed
GAP CONSTRUCTION: In Administrative Receivership
G.E.A. CONSULTING: Names Poppleton & Appleby Liquidator

HOUSEPLAN LIMITED: Appoints Liquidator from KPMG
IN-HOUSE PARTNERSHIP: Appoints Numerica Administrator
INTERMOVE U.K.: Director Banned from Holding Executive Post
LION CAPITAL: Names Grant Thornton Administrator
MASTIF SUPPLIES: Creditors' Meeting Set Next Week

NORWOOD SYSTEMS: Sets Creditors' Meeting Next Week
PERIPLUS PUBLISHING: Names Begbies Traynor Administrator
REGENT PRINTING: In Administrative Receivership
RISLEY HALL: Royal Bank of Scotland Appoints PwC Receiver
SCAFFOLDWAYS MIDLANDS: Fifteen-year Ban for Two Directors Served

SCEPTIC LIMITED: Insolvency Service Bans Director for 11 Years
SOVEREIGN CONSTRUCTION: Top Honchos Receive Seven-year Ban
STORM (UK): Appoints Administrators from Kroll Limited


                            *********


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


BULL SA: Last Day for Holders to Exercise Warrants Dec. 15
----------------------------------------------------------
Bull S.A.'s Board of Directors acknowledged during a meeting on
Dec. 2 the European Commission's approval of its financial
restructuring.  Bull now wishes to remind that the holders of
warrants -- BSA -- (ISIN code: FR0010093583) issued upon the
Oceanes public exchange offer that took place between June 14
and July 2, 2004 are entitled to exercise their warrants until
Dec. 15, 2004.

It is to be reminded that these warrants give right to subscribe
one Bull share at the price of EUR0.10 per share.

                            *   *   *

After suffering heavy losses, Bull has carried out a complete
operating and financial restructuring since 2002, aimed at
restoring its profitability and drastically reducing its heavy
debt burden.  Standard & Poor's Ratings Services rates its long-
term corporate credit 'B-'.

CONTACT:  BULL S.A.
          Marie-Claude Bessis
          Phone: 01 39 66 70 55
          E-mail: marie-claude.bessis@bull.net


EUROTUNNEL SA: Unveils Improved Value Proposition for Clients
-------------------------------------------------------------
Eurotunnel S.A., a leading cross-Channel operator for
accompanied trucks, unveils its new value proposition for 2005
that will continue to offer hauliers excellent service levels in
return for forecasting the daily volume of trucks they will put
through the Channel Tunnel.  Eurotunnel will plan its capacity
to meet the forecast daily volumes.  Traffic, which has not been
forecast, will have a lower priority and will be charged the
higher Standard Freight Rate.  The new system goes 'live' on 1
January 2005.

Dirk Broek, Director of Eurotunnel's Freight Division, explains
the new direction: "Our objective is to improve our quality of
service by better aligning capacity to customers' demand.

"Secondly, we want to reinforce the added-value of Eurotunnel's
service.  We are more than just an 'insurance policy' for
traditional ferry users.  We need to reaffirm the true value of
Eurotunnel to the market in terms of the cost and time savings
in the whole logistics chain."

Customers will be able to review their forecast on a regular
basis, in conjunction with Eurotunnel's account management team.

Dirk Broek, continued: "This marks a step change in our truck
value proposition.  The response from customers has been very
encouraging.  We're confident that it delivers the right mix of
benefits for the customer and cost savings to grow our business
in 2005."

CONTACT:  EUROTUNNEL S.A.
          19 Boulevard Malesherbes
          75008 Paris

          Kevin Charles
          Phone (U.K.): +44(0) 1303 288728
          Fax: 01303 288731
          E-mail: press.uk@eurotunnel.com

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

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


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


BOVENSMANN METALL: Creditors' Claims Due Later this Month
---------------------------------------------------------
The district court of Giessen opened bankruptcy proceedings
against Bovensmann Metall- und Kunststofferzeugnisse GmbH & Co.
Kommanditgesellschaft mit beschrankter Haftung on Nov. 12.
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 Jorg Dauernheim.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 20, 2005, 9:10 a.m. at Saal 405, 4. OG,
Gebaude B, Gutfleischstrasse 1, 35390 Giessen 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:  BOVENSMANN METALL- UND KUNSTSTOFFERZEUGNISSE GMBH &
          CO. KOMMANDITGESELLSCHAFT
          Industriestrasse 13-15, 35463 Fernwald-Annerod

          BOVENSMANN-GESELLSCHAFT MIT BESCHRANKTER HAFTUNG
          Industriestrasse 13-15, 35463 Fernwald-Annerod
          Contact:
          Immo Bovensmann, Manager
          Burgstrasse 4, 35325 Mucke-Merlau

          Jorg Dauernheim, Insolvency Manager
          Hanauer Str. 30, D-63674 Altenstadt
          Phone: 06047/9621-0
          Fax: 06047/9621-22


B.U.T. HOLZBAU: Gives Creditors Until January to File Claims
------------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against B.u.T. Holzbau GmbH on Nov. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 5, 2005 to register their
claims with court-appointed provisional administrator Andreas
Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 26, 2005, 12:00 noon at the district court
of Munster Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster, EG, Saal 13 B. 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:  B.U.T. HOLZBAU GMBH
          Osnabrucker Strasse 73, 48429 Rheine
          Contact:
          Benedikt Brockmann, Manager
          Osnabrucker Strasse 73, 48429 Rheine

          Andreas Sontopski, Insolvency Manager
          Gnoiener Platz 1, 48493 Wettringen
          Phone: 02557/9384-0
          Fax: +492557938450


CREATIV WOHNBAUTEN: Sets Creditors' Meeting January
---------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Creativ Wohnbauten GmbH on Nov. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 18, 2005
to register their claims with court-appointed provisional
administrator Rudiger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 13, 2005, 9:40 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 17, 2005 at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218.

CONTACT:  CREATIV WOHNBAUTEN GMBH
          Frankenstr. 1,10781 Berlin

          Rudiger Wienberg, Insolvency Manager
          Markgrafenstrasse 25, 10117 Berlin


EPSILON SERVICE: Deadline for Filing of Claims Expires February
---------------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Epsilon Service und Konzept GmbH on Nov. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 18, 2005
to register their claims with court-appointed provisional
administrator Frank Schmitt.

Creditors and other interested parties are encouraged to attend
the meeting on March 15, 2005, 09:10 a.m. at Saal 2, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  EPSILON SERVICE UND KONZEPT GMBH
          Friedberger Landstrasse 645, 60389
          Frankfurt am Main
          Contact:
          Thomas Emde, Manager
          Friedberger Landstr. 645, 60389
          Frankfurt am Main

          Dieter Gissel, Manager
          Kirchweg 14, 65510 Idstein

          Frank Schmitt, Insolvency Manager
          Olof-Palme-Strasse 13, 60439 Frankfurt/Main
          Phone: 069/50986-0
          Fax: 069/50986110


FIRST MOVERS: Under Bankruptcy Administration
---------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against First Movers GmbH on Nov. 18.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 21, 2004 to register their claims with
court-appointed provisional administrator Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 21, 2005, 9:05 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:  FIRST MOVERS GMBH
          Blindeisenweg 47, 41468 Neuss
          Contact:
          Klaus Pauly, Manager
          Neusser Landstrasse 50a, 41470 Neuss

          Georg Kreplin, Insolvency Manager
          Berliner Allee 21, 40212 Dusseldorf


IMAGE CALL: Administrator Takes over Operations
-----------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
IMAGE Call Center AG on Nov. 15.  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. Christian
Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 2, 2005, 11:00 a.m. at the district court of
Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 1.
Stock, Saal W126 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:  IMAGE CALL CENTER AG
          Olper Strasse 60, 51491 Overath

          Dr. Christian Frystatzki, Insolvency Manager
          Sankt Augustiner Strasse 94 a, 53225 Bonn
          Phone: 0228/ 40 09 40
          Fax: 40 09 479


INTERTAINMENT AG: Reaches US$5 Mln Settlement with XL
-----------------------------------------------------
Intertainment Licensing GmbH, a subsidiary of Intertainment AG
based in Ismaning near Munich, has settled the arbitration case
with the American reinsurer XL Reinsurance America Inc.  In the
pending arbitration proceedings, Intertainment had filed claims
against XL together with Comerica Bank, the insurance companies
Film Finances and Film Finances Canada (1998) Ltd. and several
other parties.  The arbitration case is supposed to decide,
among other claims, the legal suit filed by Intertainment in
December 2002 relating to the submission of fraudulently
excessive film budgets.  XL Reinsurance acted as insurer for the
now defunct agent Worldwide Film Completion Inc.

In the settlement, Intertainment is to receive US$5 million from
XL.  In return, Intertainment has agreed to withdraw its claims
against XL and Worldwide Film Completion, and certain claims
against Worldwide's principal, Steve Cardone, from the Superior
Court and arbitration actions.  The parties are bound to treat
the remaining terms of the settlement as confidential.

Intertainment will continue to vigorously pursue its arbitration
court claims against Comerica Bank, Film Finances, Film Finances
Canada (1998) Ltd. and the other involved parties.

CONTACT:  INTERTAINMENT AG
          Osterfeldstrasse 84, 85737
          Ismaning Germany
          Phone: +49 (0)89 21699-0
          Fax: +49 (0)89 21699-11
          Web site: http://www.intertainment.de
          E-mail: investor@intertainment.de


IRIS INTERNATIONALER: Bonn Court Brings in Administrator
--------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
IRIS Internationaler Reise- und Informations-Service GmbH on
Nov. 15.  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 Peter Staroselski.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 2, 2005, 11:30 a.m. at the district court of
Bonn Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 1. Stock,
Saal W126 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:  IRIS INTERNATIONALER REISE- UND INFORMATIONS-SERVICE
          GMBH
          Bonner Talweg 68, 53113 Bonn
          Contact:
          Hans-Joachim Weinand, Manager

          Peter Staroselski, Insolvency Manager
          Godesberger Allee 125-127, 53175 Bonn
          Phone: 8100045
          Fax: 8100020


ITHEN TRANSPORTE: Administrator's Report Out January
----------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Ithen Transporte GmbH on Nov. 4.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 11, 2005
to register their claims with court-appointed provisional
administrator Andre K. Gabel.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 2, 2005, 9:30 a.m. at Saal 2, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  ITHEN TRANSPORTE GMBH
          Rembrandtstrasse 17, 60596 Frankfurt am Main
          Contact:
          Lieselotte Ithen, Manager
          Rudesheim

          Andre K. Gabel, Insolvency Manager
          Bockenheimer Anlage 7, D-60322 Frankfurt am Main
          Phone: 069/1505963
          Fax: 069/15059647


TEAM IWG: Gives Creditors 10 Days to File Claims
------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Team IWG Ges. Fur Kommunikation, Werbung und Vertrieb
mgH on Nov. 16.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until Dec. 20, 2004 to register their claims with court-
appointed provisional administrator Henning Bungart.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 10, 2005, 9:20 a.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber
Bereich, Saal 293 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:  TEAM IWG GES. FUR KOMMUNIKATION, WERBUNG UND VERTRIEB
          MBH
          Adlerstr. 15, 45307 Essen

          Henning Bungart, Insolvency Manager
          Zweigertstrasse 43, 45130 Essen
          Phone: (0201) 793613
          Fax: 777516


THYSSENKRUPP AG: Sets Annual General Meeting January
----------------------------------------------------
Notice of the 6th Annual General Meeting of ThyssenKrupp AG

To our Stockholders:

Please take notice that the 6th Annual General Meeting of
ThyssenKrupp AG will be held on Friday, January 21, 2005, 10:00
a.m., at the RuhrCongress, Stadionring 20, 44791 Bochum,
Germany.

The exact wording of the invitation to the Annual General
Meeting together with the agenda was published in the electronic
Federal Gazette of December 08, 2004.

The Agenda of the Annual General Meeting are:

(a) the presentation of the adopted financial statements of
    ThyssenKrupp AG and the consolidated financial statements
    for the period ended September 30, 2004, including the
    Management Report on ThyssenKrupp AG and the Group for the
    2003/2004 fiscal year and the Report by the Supervisory
    Board.

    The aforesaid documents are available for inspection by
    stockholders at the business premises of ThyssenKrupp AG at
    40211 Dusseldorf, August-Thyssen-Strasse 1, Germany 47166
    Duisburg, Kaiser-Wilhelm-Strasse 100, Germany 45143 Essen,
    Altendorfer Strasse 103, Germany and can also be downloaded
    from http://www.thyssenkrupp.com. They will also be sent to
    stockholders on request.

(b) Resolution on the disposition of unappropriated profit
    (Dividend proposal: EUR0.60 per eligible share)

(c) Resolution on the discharge from responsibility of the
    members of the Executive Board

(d) Resolution on the discharge from responsibility of the
    members of the Supervisory Board

(e) Resolution on the election of the auditors

(f) Resolution on authorization to purchase and use treasury
    stock pursuant to Art. 71 par. 1 no. 8 Stock Corporation Act
    (AktG) and on the exclusion of subscription rights

(g) Resolution on reelections to the Supervisory Board

Under Article 17 of the Articles of Association of our Company,
to be entitled to attend the Annual General Meeting and exercise
their voting rights, stockholders must deposit their shares by
no later than January 14, 2005 with the depository, UBS
Investment Bank, attn. Corporate Action - Paying Agency, 100
Liverpool Street, London EC2M 2RH in the United Kingdom and
leave them there until the end of the Annual General Meeting.

Duisburg and Essen, December 2004

ThyssenKrupp AG The Executive Board

                            *   *   *

In November, Standard & Poor's Ratings Services revised its
outlook on ThyssenKrupp to positive from stable following
consistent reduction of the group's financial debt and its
strong operational performance.  At the same time, Standard &
Poor's affirmed its 'BB+/B' corporate credit and 'BB' senior
unsecured debt ratings on the company.


VERTRIEBS- UND VERSAND: Succumbs to Bankruptcy
----------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Vertriebs- und Versand GmbH on Nov. 11.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 18, 2005
to register their claims with court-appointed provisional
administrator Konrad Gollmer.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 5, 2005, 10:50 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 April 13, 2005, 10:30 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  VERTRIEBS- UND VERSAND GMBH
          Dusterhauptstrasse 17,13469 Berlin

          Konrad Gollmer, Insolvency Manager
          Bismarckstr. 107, 10625 Berlin


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


KONINKLIJKE AHOLD: Disco Appeals Reversal of Sale to Cencosud
-------------------------------------------------------------
Koninklijke Ahold on Dec. 8 announced that its subsidiary Disco
Ahold International Holdings N.V. has appealed a judicial order
rendered by a federal court in San Rafael, Province of Mendoza,
Argentina, of which DAIH was notified on December 3.  The order
relates to the transfer of approximately 85% of the shares of
Disco S.A. to Cencosud S.A., which was communicated on November
1, 2004.  If ultimately enforced the order could lead the
parties to reverse the transfer, at least temporarily.

Cencosud and the Argentine government were also notified of the
order.  Cencosud has also filed an appeal.  Both Ahold and
Cencosud remain fully committed to completing the transaction as
anticipated and intend to vigorously fight the order.

The order was rendered without the Argentine government, DAIH or
Cencosud having notice of application for the order, and
therefore without providing them the opportunity to contest the
request, which was made by a single plaintiff in the case which
is entitled Belmonte, Manuel y Associacion Ruralista de General
Alvear (Belmonte case), referred to below.

The order was rendered on the basis of the allegation made by
the plaintiff that DAIH and Cencosud have infringed Argentine
antitrust laws by partially completing the transaction prior to
obtaining antitrust approval.  Ahold and Cencosud believe that
no such infringement occurred.  The Argentine government
confirmed in a previous appeal in this case that antitrust
approval can also be obtained after completion of the
transaction and consequently, that no such infringement
occurred.

The order was rendered by the same court that earlier rendered
an order in the Belmonte case preventing the Argentine antitrust
authorities from continuing their required review of the Disco
transaction, as announced in Ahold's press release of November
1, 2004.

Ahold and Cencosud believe that their appeals of the order have
for now suspended the potential effects of the order.

Ahold announced the transfer of the controlling interest in
Disco on November 1, 2004, following an earlier announcement of
the transaction on March 5, 2004.  Ahold believes that the
transfer of the Disco shares as effected is in the best
interests of Disco's customers and associates, which Ahold
believes were being adversely affected by the delay in the
antitrust approval process and the closing of the transaction.

CONTACT:  ROYAL AHOLD
          Albert Heijnweg 1
          1507 EH Zaandam, The Netherlands
          Phone: +31 (0)75 659 9111
          Web site: http://www.ahold.com

          Investor Relations:
          Phone: +31 (0)75 659 58 28


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N O R W A Y
===========


STOLT OFFSHORE: Reiterates Breakeven Forecast this Year
-------------------------------------------------------
Stolt Offshore S.A. (NasdaqNM: SOSA; Oslo Stock Exchange: STO),
as part of its regular investor relations activity, issues this
Pre-Close Trading Update and Outlook, ahead of results for the
4th Quarter and the 12 months ended November 30, 2004, which
will be announced in the second half of February 2005.

2004 Pre-Close Update

As previously stated, it is anticipated that Stolt Offshore's
2004 operating revenues will be in line with expectations.  The
Company remains confident of at least achieving the management's
objective of passing break-even for the Full Year, now that the
offshore program on the Bonga project is substantially complete.

Depreciation and Amortization charges remain in line with
previous indications; around one third below historic levels
following the impairment charges taken in 2003.  After excluding
the expenses relating to the recently completed refinancing,
Selling, General & Administrative (SG&A) costs for 2004 are
expected to be in line with their historic levels of
approximately 7% to 8% of operating revenues.

2005 Outlook

For 2005, the Group expects strong revenue growth compared to
2004 as execution of the US$1.75 billion backlog, reported with
3rd Quarter earnings, commences.  For 2005 as a whole,
management's target for the Group remains a low double-digit
percentage margin for earnings before interest, tax,
depreciation and amortization (EBITDA) and a positive
contribution to profits from all regions is anticipated.

Stolt Offshore's EBITDA calculation includes contributions and
deductions arising from joint ventures and minority interests
and also takes account of the amortization of dry docking
expenditures, which are reported as part of operating expenses.

Depreciation, amortization and dry docking amortization charges
are expected to increase slightly in 2005 as a result of
preparatory work on ships and barges ahead of project activities
and an overall increase in capital expenditure levels.  SG&A
costs are expected to be in line with 2004, after excluding the
2004 refinancing expenses.

Commenting on the statement, Tom Ehret, Chief Executive Officer,
said: "With contract awards of US$2 billion secured in the
fiscal year, we have established a substantial quality backlog.
The decision to focus Stolt Offshore's skills and resources on
subsea and deepwater activities has been proved correct and we
are now able to bring to bear the appropriate resources to
deliver consistent, highly developed project solutions for our
customers.  Building on this platform, and with a confident view
of the growth drivers for our industry, Stolt Offshore is a
leading offshore contractor to the oil and gas industry,
specializing in technologically sophisticated deepwater
engineering, flow line and pipeline lay, construction,
inspection and maintenance services.  The Company operates in
Europe, the Middle East, West Africa, Asia Pacific and the
Americas.

CONTACTS: STOLT OFFSHORE S.A.
          Julian Thomson
          Deborah Keedy
          Phone: (U.K.) +44 1224 718436
          Phone: (U.S.) +1 877 603 0267 (toll free)
          E-mails: julian.thomson@stoltoffshore.com
                   deborah.keedy@stoltoffshore.com

          BRUNSWICK GROUP
          Patrick Handley (U.K.)
          Ellen Gonda (U.S.)
          Phone: (U.K.)+44 207 404 5959
          Phone: (U.S.)+1 212 333 3810
          E-mails: phandley@brunswickgroup.com
                   e.gonda@brunswickgroup.com


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


SNP PETROM: Senior Unsecured Rating Raised to 'BB'
--------------------------------------------------
Fitch Ratings upgraded Romania-based oil and gas company SNP
Petrom S.A.'s Senior Unsecured rating and EUR125 million
Eurobond issue to 'BB' from 'BB-', and removed them from Rating
Watch Positive.  The Outlook is Positive.  Petrom's Short-term
rating is affirmed at 'B'.

The action follows a review of the company's privatization
transaction, which will see OMV becoming its majority
shareholder within the next few days.  The transaction includes
the purchase of 33.34% of the existing shares from the
government (which currently controls 93%) and, importantly, a
simultaneous capital increase, whereby OMV will subscribe to new
shares to gain 51% control of Petrom.  The privatization is due
to be closed by mid December 2004, and despite some earlier
delays, the necessary legislative steps (Parliamentary approval)
have been taken, reducing execution risk.

The capital increase means some EUR830 million cash injection
for Petrom.  While there will be no restrictions on the use of
the cash, which will be held on balance sheet, Fitch understands
from its discussions with the OMV representative at Petrom that
it will be used mainly for capital expenditure, largely in
domestic upstream, refining and marketing activities.  Fitch
does not expect Petrom's debt to be directly guaranteed by OMV
or its treasury functions to be integrated in the near future.
The European Bank for Reconstruction and Development will
exchange a loan of around US$73 million advanced to Petrom for a
2% equity stake under the privatization, which will result in
gross debt falling by around 23%.

While Fitch views Petrom's internal restructuring efforts ahead
of privatization as only partially successful, and efficiency
and profitability remain weaker than its international peers',
the agency believes that the vertically-integrated OMV may
facilitate further rationalization of Petrom's upstream assets
and slow its decrease in production.  In addition, OMV has one
of the strongest retail franchises in Central and Eastern
Europe, and Petrom is likely to play a central role in its
aggressive expansionary strategy.

The Positive Outlook is predicated on an expected improvement in
profitability as a result of further internal restructuring,
increased upstream capital expenditure, a subsequent flattening
of production profile, higher reserve replacement, plus
increased downstream and gas pricing.  Also international
production is expected to start contributing to revenues.

Despite lower margins, Petrom's credit ratios for FY03 remained
strong and comparable to FY02, with gross debt-to-EBITDA of 0.8x
(0.9x in FY02) and gross interest cover of 11.7x (9.9x).
Following the EUR830 million equity increase, net debt-to-EBITDA
is expected to be negative in the next couple of years compared
to an average of 0.4x during 2001-2003.

OMV is expected to finance the transaction worth some EUR1.5
billion with a mixture of organic cash flow, equity and
convertible bonds with limited impact on its leverage, while the
Petrom acquisition will significantly increase OMV's asset base
across the energy chain.  OMV's FY03 gross debt-to-EBITDA stood
at 1.3x (net-debt-to-EBITDA at 1.0x), and EBITDA net interest
cover was at 23.0x.

Fitch had placed the ratings on Rating Watch Positive on 26 May
2004 after OMV was chosen as the winner of the privatization
tender.  Fitch notes that the terms and conditions of the
EUR125m bonds include a put option for privatization and also in
the event that Petrom should cease to produce crude oil.

CONTACT:  FITCH RATINGS
          Josef Pospisil, London
          Phone: +44 (0) 20 7417 4266

          Larissa Malycheva
          Phone: +44 (0) 20 7417 4207

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


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


DAVYDOVSKIY: Appoints V. Chirkov Insolvency Manager
---------------------------------------------------
The Arbitration Court of Kurgan region has commenced bankruptcy
proceedings against Davydovskiy after finding the agricultural
industrial cooperative insolvent.  The case is docketed as A34-
2598/04-s27.  Mr. V. Chirkov has been appointed insolvency
manager.

Creditors have until Jan. 8, 2005 to submit their proofs of
claim to:

(a) Insolvency Manager
    640003, Russia, Kurgan-3,
    Post User Box 1555

(b) The Arbitration Court Of Kurgan Region
    Russia, Kurgan, Sovetskaya Str. 192

(c) Davydovskiy
    641606, Russia, Kurgan region,
    Pritobolnyj region, Davydovskoye


KAM-MONTAZH-STROY: Declared Insolvent
-------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy proceedings against Kam-Montazh-Stroy after finding
the open joint stock company insolvent.  The case is docketed as
A65-8214/2004-SG4-16.  Mr. I. Kuchumov has been appointed
insolvency manager.

Creditors have until Jan. 8, 2005 to submit their proofs of
claim to:

(a) Insolvency Manager
    420103, Russia, Tatarstan republic,
    Kazan, Post User Box 1

(b) The Arbitration Court of Tatarstan Republic
    Russia, Kazan, Kreml, Building 1, Entrance 2

(c) Kam-Montazh-Stroy
    423570, Russia, Tatarstan republic,
    Nizhnekamsk, BSI, Post User Box 1091


MENZELINSKIY INTERECONOMIC: Proofs of Claim Deadline January 8
--------------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy proceedings against Menzelinskiy Intereconomic Mixed
Fodder Combine after finding the state-owned enterprise
insolvent.  The case is docketed as A65-22336/2004-SG4-27.  Mr.
O. Aleksandrov has been appointed insolvency manager.  Creditors
have until Jan. 8, 2005 to submit their proofs of claim to
420059, Russia, Tatarstan republic, Kazan, Post User Box 27

CONTACT:  MENZELINSKIY INTERECONOMIC MIXED FODDER COMBINE
          423700, Russia, Tatarstan republic,
          Menzelinsk, Elevatornaya Str. 1

          Mr. O. Aleksandrov
          Insolvency Manager
          420059, Russia, Tatarstan republic,
          Kazan, Post User Box 27


METROMEDIA INTERNATIONAL: Inks Deal with Preferred Stockholders
---------------------------------------------------------------
Metromedia International Group, Inc. agreed to pay certain legal
expenses, subject to a cap, incurred by an ad hoc group of
holders of the Company's preferred stock.  This group purports
to own approximately 71% of the outstanding shares of preferred
stock and the Company anticipates undertaking discussions with
the group concerning the allocation of consideration that would
be paid to the holders of the Company's preferred and common
stock if the previously announced proposed merger of the Company
is consummated.

As previously announced, the non-binding letter of intent the
Company has executed in respect of the proposed merger assigns
an aggregate preliminary enterprise value to the Company of
US$300 million.  Of this amount, approximately US$152.0 million
would be allocated to retirement, following the closing of the
proposed merger, of the Company's outstanding 10 1/2% Senior
Discount Notes due 2007.  An additional amount, estimated to be
in the range of approximately $11.7 million to $16.5 million,
would be used to fulfill certain existing obligations to the
Company's senior executives.

The contractual arrangements reflecting these obligations are
currently being finalized between the Company's Board of
Directors and the respective senior executives.  The remainder
would be allocated between the holders of the Company's
preferred and common stock in a manner to be determined by the
Company's Board of Directors prior to the execution of a
definitive merger agreement.

Although no such determination of allocation has yet been made,
the Company's Board of Directors expects to consider in
connection with this matter, among other things and without
limitation, the historical trading price of the preferred stock
and the common stock, the fact that a merger of the Company is
not a liquidation pursuant to the terms of the Company's
preferred stock, the net present value of funds that the Company
estimates would be available for distribution to the holders of
preferred stock and common stock if the Company were liquidated
in September 2007 (the maturity date of the Senior Notes),
certain prior transactions, the perpetual nature of the
Company's preferred stock, the fact that an affirmative vote of
the holders of a majority of the Company's common stock is
required to approve the proposed merger and the fact that no
vote by holders of the Company's preferred stock is required in
connection with the merger.

There can be no assurances that the proposed merger will take
place nor can any assurance be given with respect to the timing
or terms of any such transaction.  There can also be no
assurances concerning the arrangement, content or outcomes of
any discussions that may be held with the aforementioned ad hoc
group of preferred stockholders or any other stakeholder group.

Details of the terms of a final agreement, if any, reached
between the Company and the other parties to the proposed merger
will be disclosed upon signing of definitive agreements.
Details of contractual commitments to the Company's senior
executives will be disclosed when finalized.  The letter of
intent the Company has executed in respect of the proposed
merger is non-binding.

About Metromedia International Group

Through its wholly owned subsidiaries, the Company owns
interests in communications businesses in Russia and the
Republic of Georgia.  Since the first quarter of 2003, the
Company has focused its principal attentions on the continued
development of its core telephony businesses, and has
substantially completed a program of gradual divestiture of its
non-core cable television and radio broadcast businesses.  The
Company's core telephony businesses include PeterStar, the
leading competitive local exchange carrier in St. Petersburg,
Russia, and Magticom, the leading mobile telephony operator in
the Republic of Georgia.

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          Ernie Pyle
          Phone: 704-321-7383
          E-mail: investorrelations@mmgroup.com
          Web site: http://www.metromedia-group.com


NOVOSHESHMINSK-AGRO-KHIM-SERVICE: Declared Insolvent
----------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy proceedings against Novosheshminsk-Agro-Khim-Service
(TIN 1631000300) after finding the open joint stock company
insolvent.  The case is docketed as A65-7518/2004-SG4-16.  Mr.
V. Sabirov has been appointed insolvency manager.  Creditors
have until Jan. 8, 2005 to submit their proofs of claim to
422540, Russia, Tatarstan republic, Zelenodolsk, Frunze Str. 9.

CONTACT:  NOVOSHESHMINSK-AGRO-KHIM-SERVICE
          Russia, Tatarstan republic, Novosheshminskiy region,
          Novosheshminsk, Avtomobilnaya Str. 2a

          Mr. V. Sabirov
          Insolvency Manager
          422540, Russia, Tatarstan republic,
          Zelenodolsk, Frunze Str. 9


NTST ELECTRO-MASH: Bankruptcy Hearing Resumes February
------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy supervision procedure on close joint stock company
NTsT Electro-Mash.  The case is docketed as A27-18460/2004-4.
Mr. V. Tishkov has been appointed temporary insolvency manager.
A hearing will take place on Feb. 9, 2005, 11:30 a.m.

CONTACT:  NTsT ELECTRO-MASH
          Russia, Kemerovo region,
          Prokopyevsk, Shakhtyerov Pr. 1

          Mr. V. Tishkov
          Temporary Insolvency Manager
          653004, Russia, Kemerovo region,
          Prokopyevsk, Nogradskaya Str. 28-73


OAO CENTERTELECOM: Fitch Rates Short-term Foreign Currency 'B'
--------------------------------------------------------------
Fitch Ratings assigned Russia's OAO Centertelecom ratings of
Senior Unsecured foreign currency 'B-' with a Negative Outlook
and Short-term foreign currency 'B'.

The ratings take into account that CT is more heavily leveraged
than its domestic peers, with an expected net debt/EBITDA of
3.5x at end-2004, a sharp rise from 2.1x at end-2003.  With
EBITDA margin likely to deteriorate in 2004 on the back of
tariff increase delays on local services and intensifying
competition in the long-distance segment, leverage metrics are
projected to deteriorate.

The Negative Outlook captures the possibility of EBITDA margin
deteriorating further.  The company has been net cash flow
negative for the past two years, and only a projected heavy
cutback in capital expenditure will return it to the black.  In
Fitch's view, CT is facing rather high refinancing risks.
Although the company's financial position has improved after its
issuance of RUB5.6 billion bond in August 2004, it remains weak
with short-term debt accounting for 33.9% of the total (by
Russian Accounting Standards) at end-September 2004.

The ratings also reflect the dominant influence of the company's
majority shareholder, Svyazinvest, on the strategic decision-
making process in the company and CT's position as the market
leader in fixed-line communications on its territory of
operations in the Central Federal District of Russia.

As an incumbent telecom provider, the company operates PSTN and
benefits from such key strategic advantages as wide territorial
coverage of its network and a massive customer base inherited
from its predecessors that were until early 1990s the exclusive
telecom services providers.  However, CT's market share has been
gradually declining, particularly in the most profitable
segments of corporate and VIP clients.  So far the company has
not managed to reverse this trend, although it is working hard
to improve its competitive position and market share declines
have slowed.

Fitch comments that with a projected slash in capital
expenditure in 2005 and beyond, it will be difficult to restore
CT's overall market share, but its recently escalated marketing
efforts in the VIP segment should help to preserve its position
in that sector.  Overall, CT faces rather strong execution risks
for its mid-term business plan implementation.

CT has a long backlog for new installations of more than one
million applications that can provide it with good future growth
opportunities.  However, Fitch is concerned that much of this
pent-up demand is not supported by adequate disposable income.
As a natural monopoly, CT is subject to strict tariff regulation
that puts downward pressure on its margins, distorts demand for
its services, and stimulates cross-subsidization between loss-
making and profitable business segments.  The company's
organizational structure remains fragmented and is clearly in
need of streamlining although CT is gradually implementing its
strategy of uniting regional branches and has recently merged
three such divisions into one.

CONTACT:  FITCH RATINGS
          Nikolai Lukashevich, Moscow
          Phone: +7 095 956 9901
          E-mail: nikolai.lukashevich@fitchratings.com

          Raymond Hill, London
          Phone: +44 (0) 20 7417 4314
          E-mail: raymond.hill@fitchratings.com

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


OIL-EXTRACTING FACTORY: Insolvency Manager Takes over Helm
----------------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy proceedings against Oil-Extracting Factory after
finding the open joint stock company insolvent.  The case is
docketed as A63-185/2004-S5.  Mr. A. Fedorenko has been
appointed insolvency manager.  Creditors have until Jan. 8, 2005
to submit their proofs of claim to 355003, Russia, Stavropol,
Lenina Str. 384, office 301, Post User Box 254.

CONTACT:  OIL-EXTRACTING FACTORY
          357101, Russia, Stavropol region,
          Nevinnomyssk, Matrosova Str. 8

          Mr. A. Fedorenko
          Insolvency Manager
          355003, Russia, Stavropol, Lenina Str. 384,
          Office 301, Post User Box 254


SOSNOVSKIY: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
supervision procedure on open joint stock company Sosnovskiy.
The case is docketed as A64-5590/04-2.  Mr. A. Semyenov has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 392023, Russia, Tambov, Rucheynyj
Proezd, 5.

CONTACT:  SOSNOVSKIY
          Russia, Tambov region, Sosnovka

          Mr. A. Semyenov
          Temporary Insolvency Manager
          392023, Russia,
          Tambov, Rucheynyj Proezd, 5


TAGANROGSKAYA SHOE: Hires S. Nesmeyanova as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
proceedings against Taganrogskaya Shoe Factory after finding the
open joint stock company insolvent.  The case is docketed as
A53-18493/2004-S2-9.  Ms. S. Nesmeyanova has been appointed
insolvency manager.

Creditors may submit their proofs of claim to:

(a) Taganrogskaya Shoe Factory
    347900, Russia, Rostov region,
    Taganrog, Oktyabrskaya Str. 7

(b) Insolvency Manager
    344018, Russia, Rostov-na-Donu,
    Post User Box 7524

(c) The Arbitration Court Of Rostov Region
    344008, Russia, Rostov-na-Donu,
    Stanislavskogo Str. 8a


VLADIKAVKAZSKAYA SHOE: Proofs of Claim Deadline Expires January
---------------------------------------------------------------
The Arbitration Court of Severnaya Osetiya republic-Alaniya has
commenced bankruptcy proceedings against Vladikavkazskaya Shoe
Factory (TIN 1504031828) after finding the open joint stock
company insolvent.  The case is docketed as A61-1332/03-4.  Mr.
I. Gabuev has been appointed insolvency manager.  Creditors have
until Jan. 8, 2005 to submit their proofs of claim to 362040,
Russia, Vladikavkaz, Gorkogo Str. 14, Post Office 40, Post User
Box 66.

CONTACT:  VLADIKAVKAZSKAYA SHOE FACTORY
          Russia, Vladikavkaz, 6r. Temirovykh Str. 67

          Mr. I. Gabuev
          Insolvency Manager
          362040, Russia, Vladikavkaz, Gorkogo Str. 14
          Post Office 40, Post User Box 66


ZUYD-AUTO: Rostov Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
proceedings against Zuyd-Auto (TIN 6164078857) after finding the
limited liability company insolvent.  The case is docketed as
A53-13566/2003-S2-21.  Mr. Kh. Khasanov has been appointed
insolvency manager.

Creditors may submit their proofs of claim to 344010, Russia,
Rostov-na-Donu, Varfolomeyeva Str. 266.  A hearing will take
place at the Arbitration Court of Rostov region on Dec. 20,
2004, 2:45 p.m.

CONTACT:  ZUYD-AUTO
          Russia, Rostov-na-Donu,
          Sotsialisticheskaya Str. 76

          Mr. Kh. Khasanov
          Insolvency Manager
          344010, Russia, Rostov-na-Donu,
          Varfolomeyeva Str. 266


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


LYCOS EUROPE: Expects Positive Net Result in Two Years
------------------------------------------------------
Based on net results, LYCOS Europe N.V., one of Europe's leading
portal providers, assumes to achieve breakeven for the full year
2006.  Hereby the Executive Board of LYCOS Europe N.V.
concretizes the date to break even.  Accelerated growth in the
main revenue drivers of paid services & shopping as well as
Internet access coming along with a cost optimization program
starting in 2005 forms the basis of this objective target.

Especially the over proportional increase in revenues with paid
services & shopping of 56 percent (first nine months 2004 vs.
same period 2003) as well as the rapidly growing revenues with
Internet access products build the basis for a positive
development in the upcoming periods and are the reason for the
positive development of the company.  At the same time, the more
than satisfying growth in European reach with presently 19
percent reach of all Internet users (source: Nielsen; +4
percentage points vs. July 2004) will lead to sustained
advertising revenues and therefore supports the internal growth
forecast.

In addition to the positive revenue effects, the company's
profit center structure successfully implemented at the
beginning of 2004 has opened up additional potentials for cost
optimization and gain of efficiency.  Compared to the actual
cost basis in 2004 of approximately EUR155 million, LYCOS Europe
plans yearly cost reductions of around EUR30 million starting in
2005.

These cost reductions will be mainly realized due to merging of
sales and support areas, the ongoing set-up of the location in
Yerevan/Armenia as well as the central management of profit
centers and portal areas.  About one third of the cost
optimizations account for personnel costs.  The Supervisory
Board of LYCOS Europe agreed to the cost optimization program
during its board meeting on December 2, 2004.

The Executive Board of LYCOS Europe N.V. is confident to gather
an even higher growth momentum with these measures in place and
to prove a sustained profitable business as a European portal
provider.  With placing the focus on the four core product
categories Portal & Communication (E-mail, Content Channels,
Search, Tripod, Access), Communities (Chat, Dating), Webhosting
& Domains as well as Shopping LYCOS Europe is well positioned to
reach this goal.


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


BARVINOK: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Harkiv region has commenced bankruptcy
supervision procedure on Barvinok (code EDRPOU 30772793).  The
case is docketed as B-48/90-04.  Arbitral manager Mr. V.
Matsokin (License Number AA 249724) has been appointed temporary
insolvency manager.  The company holds account number
26003621050000 at UkrSibbank, Harkiv regional branch, MFO
351641.

Creditors have until December 11, 2004 to submit their proofs of
claim to:

(a) BARVINOK
    64713, Ukraine, Harkiv region,
    Barvinkivskij district, P. Ivanivka

(b) Mr. V. Matsokin
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    Izyum, Kremenetskij quarter Str. 40

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


DRUZHKIVKA' AUTO: Donetsk Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Druzhkivka' Auto Transport Enterprise 11418
(code EDRPOU 03113733) on October 5, 2004 after finding the open
joint stock company insolvent.  The case is docketed as 42/60 B.
Arbitral manager Mr. V. Paterilov (License Number AA 783055) has
been appointed liquidator/insolvency manager.  The company holds
account number 26006274897012 at CB Privatbank, Kramatorsk
branch, MFO 335548.

CONTACT:  DRUZHKIVKA' AUTO TRANSPORT ENTERPRISE 11418
          84203, Ukraine, Donetsk region,
          Druzhkivka, Nova Str. 8

          Mr. V. Paterilov
          Liquidator/Insolvency Manager
          83050, Ukraine, Donetsk region, a/b 6915
          Phone: 8 (050) 360-80-66

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


ENERGOBUD: Bankruptcy Proceedings Begin
---------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Energobud (code EDRPOU 25221831) on October
18, 2004 after finding the close joint stock company insolvent.
The case is docketed as 19/169(04).  Mr. Petro Chulakov (License
Number AA 719815) has been appointed liquidator/insolvency
manager.

Creditors have until December 11, 2004 to submit their proofs of
claim to:

(a) ENERGOBUD
    69050, Ukraine, Zaporizhya region, a/b 7683

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


EURO-TV: Sets Deadline for Filing of Claims
-------------------------------------------
The Economic Court of Poltava region has commenced bankruptcy
supervision procedure on LLC Euro-TV-Kremin (code EDRPOU
30343300).  The case is docketed as 10/214.  Mr. I. Pichugin
(License Number AA 719872) has been appointed temporary
insolvency manager.  The company holds account number
26009180920000 at JSCIB UkrSibbank, Poltava branch.

Creditors have until December 11, 2004 to submit their proofs of
claim to:

(a) EURO-TV-KREMIN
    Ukraine, Poltava region,
    Kremenchuk, Tsiolkovskij Str. 156

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


IMPERIYA: Insolvency Manager to Temporarily Oversee Business
------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Imperiya (code EDRPOU 31015724) on October
7, 2004 after finding the limited liability company insolvent.
The case is docketed as 132/14 b-04.  Mrs. Valentina Plushakova
has been appointed liquidator/insolvency manager.  The company
holds account number 26008302340649 at Prominvestbank, Brovari
branch, MFO 321437.

Creditors have until December 11, 2004 to submit their proofs of
claim to:

(a) IMPERIYA
    Ukraine, Kyiv region,
    Kalinivka, Molodizhna Str. 16

(b) Mrs. Valentina Plushakova
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Melnikov Str. 2/10

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


MODERN TECHNOLOGIES: Bankruptcy Supervision Begins
--------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on JSCCT Modern Technologies Centre (code
EDRPOU 260091603) on October 18, 2004.  The case is docketed as
24/576-b.  Mr. Mikola Parhatskij (License Number AA 250193) has
been appointed temporary insolvency manager.  The company holds
account number 260091603 at JSCB Legbank, Kyiv region branch,
MFO 300056.

CONTACT:  MODERN TECHNOLOGIES CENTRE
          Ukraine, Kyiv region,
          Gagarin Avenue, 23

          Mr. Mikola Parhatskij
          Temporary Insolvency Manager
          04060, Ukraine, Kyiv region, a/b 19

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


OBLAGROPOSTACH: Sets Public Auction Next Week
---------------------------------------------
The Branch of Agency of Bankruptcy Questions in Herson region
and the liquidator of OJSC Oblagropostach (code EDRPOU 00914792)
will sell the company's properties on December 13, 2004, 11:00
a.m.  The public auction will take place at Ukraine, Herson
region, Vijskovij passage, 6, Room 3.  Up for sale is a complex
of storage, production and constructions buildings, occupying an
area of 6,185 sq. m.  Starting price is UAH1,800,000.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price of the property being sold on or before
December 10, 2004.  The amount must be deposited to account
number 260062046 at JSPPB Aval, Herson regional branch, MFO
352015, EDRPOU 24946331.  Participants must submit competitive
propositions on or before December 10, 2004 to 54017, Ukraine,
Herson region, Vijskovij Passage 6, Rooms 3 and 8, 2nd floor.

CONTACT:  AUCTION COMMITTEE
          Ukraine, Herson region,
          Vijskovij Passage, 6, Room 3
          Phone: 8 (0522) 24-94-21
                          24-55-71
                          54-96-93


PROGRESS: Court Appoints Insolvency Manager
-------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against OJSC Progress (code EDRPOU 14315575) on
August 20, 2004 after finding the limited liability company
insolvent.  The case is docketed as 01/2456.  Smila United State
Tax Inspection has been appointed liquidator/insolvency manager.
The company holds account number 26004182513003 at Privatbank,
Shpola branch, MFO 354347.

Creditors have until December 11, 2004 to submit their proofs of
claim to:

(a) PROGRESS
    20600, Ukraine, Cherkassy region,
    Shpola, Lebedinska Str. 4

(b) Liquidator/Insolvency Manager
    20700, Ukraine, Cherkassy region,
    Smila, Lenin Str. 76

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


TRANSPORT ENTERPRISE: Court Grants Debt Moratorium
--------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on OJSC Auto Transport Enterprise 10971
(code EDRPOU 03115985) and ordered a moratorium on satisfaction
of creditors' claims on October 1, 2004.  The case is docketed
as 11/71 b.  Mr. Andrij Byelikov (License Number AA 484195) has
been appointed temporary insolvency manager.  The company holds
account number 26005000431001 at JSCB Nadra, Pervomajsk branch;
account numbers 2600030283078 and 2600130183078 at
Prominvestbank, Pervomajsk branch; and account number
26009302345 at OJSC State Savings Bank of Ukraine, Pervomajsk
branch.

Creditors have until December 11, 2004 to submit their proofs of
claim to:

(a) AUTO TRANSPORT ENTERPRISE 10971
    93200, Ukraine, Lugansk region,
    Pervomajsk, Bahmutskij Str. 26

(b) Mr. Andrij Byelikov
    Temporary Insolvency Manager
    Ukraine, Lugansk region, p. Vidnoye, 3

(c) ECONOMIC COURT OF LUGANSK REGION
    91000, Ukraine, Lugansk region,
    Geroiv VVV Square, 3a


WEEK END: Liquidator Takes over Company
---------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Week End (code EDRPOU 21125295) on October
18, 2004 after finding the limited liability company insolvent.
The case is docketed as 12/107-04.  Mr. Grigorij Ponomarenko
(License Number AA 485247) has been appointed
liquidator/insolvency manager.  The company holds account number
260075741 at JSPPB Aval, Sumi regional branch, MFO 337483.

Creditors have until December 11, 2004 to submit their proofs of
claim to:

(a) WEEK END
    40030, Ukraine, Sumi region,
    Kirov Str. 25/603

(b) Mr. Grigorij Ponomarenko
    Liquidator/Insolvency Manager
    40011, Ukraine, Sumi region,
    Privokzalna Square, 9, Office 5
    Phone: 25-13-11

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


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


AIREBUS LIMITED: Hires PricewaterhouseCoopers as Liquidator
-----------------------------------------------------------
Name of companies:
Airebus Limited
Caledonian Express Limited
London Crusader Limited
National Crusader Limited
National Express Investments Limited
Prism Developments Limited
Prism Engineering Limited
Roadmaster Travel Services Limited
South Wales & West Railway Limited
Supabus Limited

The special and ordinary resolutions to wind up these companies
were passed at a meeting on Nov. 26, 2004.  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


AXESILK LIMITED: Appoints Crawfords Liquidator
----------------------------------------------
At the extraordinary general meeting of the members of the
Axesilk Limited on Nov. 2, 2004 held at Unit 5, Branbridges
Industrial Estate, Branbridges Road, East Peckham, Tonbridge,
Kent TN12 5HF, the extraordinary resolution to wind up the
company was passed.  David Norman Kaye of Crawfords, Stanton
House, 41 Blackfriars Road, Salford, Manchester M3 7DB has been
nominated liquidator for the purpose of the winding-up.

CONTACT:  CRAWFORDS
          Stanton House, 41 Blackfriars Road,
          Salford, Manchester M3 7DB


BARCLAYS SCOTLAND: Liquidators from Deloitte & Touche Enter Firm
----------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Barclays Scotland Limited

Notice is hereby given that we, James Robert Drummond Smith and
Nicholas James Dargan both of Deloitte & Touche LLP, Athene
Place, 66 Shoe Lane, London EC4A 3WA, were appointed liquidator
of Barclays Scotland Limited on November 25, 2004.

J. R. Drummond Smith and N. J. Dargan
Joint Liquidators

November 25, 2004

CONTACT:  DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


BETTA WASTE: Hires Joint Liquidators from Kroll Limited
-------------------------------------------------------
At the extraordinary general meeting of the Betta Waste
Management Limited on Nov. 18, 2004 the extraordinary and
ordinary resolutions to wind up the company were passed.  J. M.
Wright and A. J. Wolstenholme of Kroll, Aspect Court, 4 Temple
Row, Birmingham B2 5HG has been appointed joint liquidators of
the company for the purpose of the voluntary winding-up.

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


BODY ULTIMATE: Thompson and Frost Liquidators Move in
-----------------------------------------------------
At the extraordinary general meeting of the members of the Body
Ultimate Skin Care Limited on Nov. 8, 2004 held at The Old
Halsall Arms, 2 Summerwood Lane, Halsall L39 8RJ, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Andrew W. Thompson and Jeremy C. Frost have been
appointed joint liquidators for the purpose of such winding-up.


BPC HOLDINGS: Creditors' Meeting Set December 21
------------------------------------------------
The creditors of BPC Holdings Limited will meet on Dec. 21, 2004
commencing at 12:00 noon.  It will be held at Belvedere Park
Club, Belvedere Road, Burton-on-Trent, Staffordshire DE13 0RQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Citroen Wells, Devonshire House, 1 Devonshire
Street, London W1W 5DR not later than 12:00 noon, Dec. 20, 2004.

CONTACT:  CITROEN WELLS
          Devonshire House,
          1 Devonshire Street, London W1W 5DR
          Phone: +44 (0) 20 7304 2000
          Fax: +44 (0) 20 7304 2020
          Web site: http://www.citroenwells.co.uk


BROADWELL BUILDINGS: Bank of Scotland Appoints Receiver
-------------------------------------------------------
Bank of Scotland called in Joanne Marie Wright and Adrian John
Wolstenholme, (Office Holder Nos 009152, 008995) joint
administrative receivers for Broadwell Buildings Limited (Reg No
00647061, Trade Classification: 23).  The application was filed
Dec. 2, 2004.  The company is engaged in general construction
and civil engineering.

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


CACHET CREATIVES: Names SPW Poppleton & Appleby Liquidator
----------------------------------------------------------
At the extraordinary general meeting of the members of the
Cachet Creatives Limited on Nov. 17, 2004 held at Gable House,
239 Regents Park Road, London N3 3LF, the extraordinary and
ordinary resolutions to wind up the company were passed.  M. S.
E. Solomons has been appointed liquidator for the purpose of
such winding-up.

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


CAMSUPPLIES LIMITED: Hires A. Graham as Insolvency Manager
----------------------------------------------------------
At the extraordinary general meeting of the Camsupplies Limited
on Nov. 19, 2004 held at The Rockingham Arms Hotel, 65 Bennett
Thorpe, Doncaster DN2 6AA, the extraordinary and ordinary
resolutions to wind up the company were passed.  A. Graham of
Hamilton Insolvency Practitioners Limited, Omega Court, 368
Cemetery Road, Sheffield S11 8FT has been appointed liquidator
of the company for the purpose of the voluntary winding-up.


CELLPHARM LIMITED: Meeting of Unsecured Creditors Next Week
-----------------------------------------------------------
The unsecured creditors of Cellpharm Limited will meet on Dec.
17, 2004 commencing at 11:00 a.m.  It will be held at the
offices of Baker Tilly, 1 Georges Square, Bristol BS1 6BP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Baker Tilly, 1 Georges Square, Bristol BS1 6BP
not later than 12:00 noon, Dec. 16, 2004.

CONTACT:  BAKER TILLY
          1 Georges Square
          Bristol BS1 6BP
          Phone: 0117 945 2000
          Fax: 0117 945 2001
          Web site: http://www.bakertilley.co.uk


CLASSIC HOMES: Names Robson Rhodes Administrator
------------------------------------------------
Simon Peter Bower and Geoffrey Paul Rowley (IP Nos 8338, 8919)
have been appointed joint administrators for Classic Homes
(Herts) Limited.  The appointment was made Nov. 29, 2004.  The
company develops property.  Its registered office is located at
77A St Peters Street, St Albans, Hertfordshire AL1 3ED.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


COSWORTH RACING: Names Grant Thornton Administrator
---------------------------------------------------
Nigel Ruddock (IP No 6877 ACCA), Mark Byers (IP No 8758 JCAEW)
and Paul Melville (IP No 9313 IPA) have been appointed joint
administrators for Cosworth Racing Limited.  The appointment was
made Nov. 12, 2004.  The company designs, develops, manufactures
and supports of Racing Engines for use in Formula One, Champcar
(USA) and British Touring Car Series.

CONTACT:  GRANT THORNTON UK LLP,
          The Explorer Building, Fleming Way,
          Manor Royal, Crawley RH10 9GT
          Web site: http://www.grant-thornton.co.uk

          GRANT THORNTON UK LLP
          Grant Thornton House,
          Melton Street, London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk

          GRANT THORNTON UK LLP
          Enterprise House,
          115 Edmund Street, Birmingham B3 2HJ
          Phone: 0121 212 4000
          Fax: 0121 212 4014
          Web site: http://www.grant-thornton.co.uk


COUNTGLADE LOGISTICS: Appoints Administrator from Ensors
--------------------------------------------------------
Steven Law (IP No 008727) has been appointed administrator for
warehousing company Countglade Logistics Limited.  The
appointment was made Nov. 5, 2004.

CONTACT:  ENSORS
          Cardinal House,
          46 St Nicholas Street, Ipswich IP1 1TT


COURTS PLC: Stores Attract Several Interests
--------------------------------------------
Mick McLoughlin and Chris Laverty of KPMG Corporate Recovery,
joint administrators to Courts Plc and Courts U.K. Limited,
confirmed Wednesday the receipt of a number of indicative offers
for significant parts of the U.K. chain.

Mick McLoughlin, joint administrator and Head of KPMG Corporate
Recovery said: "We have received a good level of interest and
are hopeful that we can sell a significant part of the business
as a going concern.  Potential purchasers include retailers,
property companies, private investors, trade buyers and private
equity houses.  We anticipate that it will take two to three
working days to obtain clarification of the bids and move onto
the next stage of the sale process.  We are looking for the best
deliverable deal for the creditors, employees and customers."

The 88 Courts stores across the U.K. remain closed due to a
number of incidents of aggression towards staff and property.
Mick McLoughlin added: "We appreciate customers' frustration and
would like to be able to open the stores to facilitate the
release of stock that has been allocated to customers but we
have to put the safety and security of Courts staff first.  The
closure of the stores does not affect the sale process."

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

A customer and shareholder information sheet is available at
http://www.courts.co.ukand the customer and shareholder
helpline number is: 0870 950 1333

CONTACT:  KPMG
          Rachael Morgan, Corporate Communications
          Phone: 0207 694 2692/0207 694 8773
          E-mail: rachael.morgan@kpmg.co.uk


DEPDEN INVESTMENTS: Members Opt to Dissolve Company
---------------------------------------------------
At the extraordinary general meeting of the Depden Investments
Limited on Nov. 26, 2004 held at 5 Park Court, Pyrford Road,
West Byfleet, Surrey KT14 6SD, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
Robert David Hewitt of 5 Park Court, Pyrford Road, West Byfleet,
Surrey KT14 6SD has been appointed liquidator of the company.

CONTACT:  5 Park Court, Pyrford Road,
          West Byfleet, Surrey KT14 6SD


FLOCKTON PLANT: Members Decide to Wind up Firm
----------------------------------------------
At the extraordinary general meeting of the Flockton Plant Hire
Limited on Nov. 26, 2004 held at Manor House Farm, Flockton,
Wakefield WF4 4AN, the special resolution to wind up the company
was passed.  Samantha Keen of Grant Thornton UK LLP, 31 Carlton
Crescent, Southampton SO15 2EW has been appointed liquidator of
the company for the purpose of the voluntary winding-up.

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


FOCUS LOGISTICS: Hires Joint Administrators from Grant Thornton
---------------------------------------------------------------
Samantha Keen and Nigel Morrison (IP Nos 9250, 8938) have been
appointed joint administrators for Focus Logistics Limited.  The
appointment was made Nov. 24, 2004.  The company stores and
delivers white goods.

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


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

CONTACT:  KPMG
          Stokes House, 17-25 College Square East,
          Belfast BT1 6DH
          Web site: http://www.grant-thornton.co.uk


GAP CONSTRUCTION: In Administrative Receivership
------------------------------------------------
Bank of Scotland called in Joanne Marie Wright and Adrian John
Wolstenholme (Office Holder Nos 009152, 008995) joint
administrative receivers for Gap Construction Services (Evesham)
Limited (Reg No 00978642, Trade Classification: 23).  The
application was filed Dec. 2, 2004.  The company is engaged in
general construction and civil engineering.

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


G.E.A. CONSULTING: Names Poppleton & Appleby Liquidator
-------------------------------------------------------
At the extraordinary general meeting of the G.E.A. Consulting
Limited on Nov. 17, 2004 held at 35 Ludgate Hill, Birmingham B3
1EH, the resolution to wind up the company was passed.  A.
Turpin of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3
1EH has been appointed liquidator for the purpose of such
winding-up.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


HOUSEPLAN LIMITED: Appoints Liquidator from KPMG
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

IN THE MATTER OF Houseplan Limited

Notice is hereby given that we, Mark Jeremy Orton and Allan
Watson Graham of KPMG Corporate Recovery, 2 Cornwall Street,
Birmingham, B3 2DL, were appointed liquidator of Houseplan
Limited on November 24, 2004.

Mark Jeremy Orton and Allan Watson Graham
Joint Liquidators

November 29, 2004

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


IN-HOUSE PARTNERSHIP: Appoints Numerica Administrator
-----------------------------------------------------
Nicholas Hugh O'Reilly and Sarah Megan Rayment (IP Nos 008309,
009162) have been appointed joint administrators for In-House
Partnership Marketing Limited.  The appointment was made Nov.
18, 2004.  The company is engaged in marketing and advertising.

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


INTERMOVE U.K.: Director Banned from Holding Executive Post
-----------------------------------------------------------
The director of a furniture packing business that failed with
total debts estimated at around GBP158,000 has given an
Undertaking not to hold directorships or take any part in
company management for three and a half years.

The Undertaking by Andrea Lillian McColm, 43, of Downlands,
Stevenage, Hertfordshire was given in respect of her conduct as
a director of Intermove U.K. Limited, which carried out business
from premises at 44B High Street, Old Town, Stevenage,
Hertfordshire SG1 3EF.

Acceptance of the Undertaking on November 24, 2004 prevents Mrs.
McColm from being a director of a company, or in any way being
concerned or taking part in the promotion, formation or
management of a company for the above period.

Intermove U.K. Limited was placed into voluntary liquidation on
February 12, 2003 with estimated debts of GBP158,000 owed to
creditors.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

The matter of unfit conduct, not disputed by Mrs. McColm, was
that she caused the company to trade at the risk and to the
detriment of HM Customs & Excise and the Inland Revenue from
January 2002 to February 2003.  During this time the debt owed
to those Crown departments increased by GBP59,541 (from
GBP83,314 to GBP142,855) whereas the debt owed to other
unconnected creditors increased by only GBP4,767 (from GBP11,126
to GBP15,893).

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


LION CAPITAL: Names Grant Thornton Administrator
------------------------------------------------
Andrew Conquest and Ipe Jacob (IP Nos 5329, 2121) have been
appointed joint administrators for Lion Capital Advisers
Limited.  The appointment was made last month.  The company's
registered office is located at 5th Floor, 5 Old Bailey, London
EC4M 7JX.

CONTACT:  GRANT THORNTON UK LLP
          22 Melton Street, Euston Square,
          London NW1 2EP
          Phone: 020 7383 5100
          Fax:   020 7383 4715
          Web site: http://www.grant-thornton.co.uk


MASTIF SUPPLIES: Creditors' Meeting Set Next Week
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

IN THE MATTER OF Mastif Supplies Limited

Notice is hereby given, pursuant to Section 98 of the Insolvency
Act 1986, that a Meeting of Creditors of the above Company will
be held on 17th December 2004 at 12.00 noon within the offices
of PKF, Accountants and business advisors, 78 Carlton Place,
Glasgow G5 9TH, for the purposes mentioned in Sections 99 to 101
of the said Act.

A list of the Company's creditors will be available for
inspection within the offices of PKF, Accountants and business
advisors, 78 Carlton Place, Glasgow, G5 9TH, during the two
business days preceding the above Meeting.

By Order of the Board

Ronald Pratt, Director

29th November 2004


NORWOOD SYSTEMS: Sets Creditors' Meeting Next Week
--------------------------------------------------
The creditors of Norwood Systems Limited will meet on Dec. 16,
2004 commencing at 10:15 a.m.  It will be held at Grant Thornton
House, Melton Street, Euston Square, London NW1 2EP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Grant Thornton, Grant Thornton House, Melton
Street, Euston Square, London NW1 2EP not later than 12:00 noon,
Dec. 15, 2004.

CONTACT:  GRANT THORNTON
          Grant Thornton House, Melton Street,
          Euston Square, London NW1 2EP
          Phone: 020 7383 5100
          Fax:   020 7383 4715
          Web site: http://www.grant-thornton.co.uk


PERIPLUS PUBLISHING: Names Begbies Traynor Administrator
--------------------------------------------------------
Vivian Murray Bairstow and Paul Michael Davis (IP Nos 5316,
7805) have been appointed joint administrators for Periplus
Publishing London Limited.  The appointment was made Nov. 30,
2004.

The company publishes books.  Its registered office is located
at Chiltern House, 24-30 King Street, Watford WD18 0BP.

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


REGENT PRINTING: In Administrative Receivership
-----------------------------------------------
The Royal Bank of Scotland Commercial Services Limited called in
G. P. Rowley and S. P. Bower (Office Holder Nos 8919, 8338)
joint administrative receivers for Regent Printing Limited (Reg
No 02828012, Trade Classification: 2222).  The application was
filed Nov. 29, 2004.  The company is engaged in printing.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


RISLEY HALL: Royal Bank of Scotland Appoints PwC Receiver
---------------------------------------------------------
The Royal Bank of Scotland called in Robert Jonathan Hunt and
Edward Mark Shires (Office Holder Nos 8597,7925) joint
administrative receivers for Risley Hall Hotel Limited (Reg Nos
03882677, Trade Classifications: 47).  The application was filed
Nov. 25, 2004.  The company manages hotels and restaurants.

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


SCAFFOLDWAYS MIDLANDS: Fifteen-year Ban for Two Directors Served
----------------------------------------------------------------
The directors of a scaffolding business that failed with total
debts estimated at around GBP176,619 have given Undertakings not
to hold directorships or take any part in company management for
15 years each.

The Undertakings by Keith Vallance, 54, and Alison Vallance, 51,
both of Oxford Road, Corby, Northants, were given in respect of
their conduct as directors of Scaffoldways Midlands 2000 Limited
(SM 2000), which carried out business from premises at Darwin
Road, Corby, Northants NN17 2ZR and Scaffoldways (Midlands)
Limited (SM), which carried out business from premises at their
home address.

Acceptance of the Undertakings on November 24, 2004 prevents Mr.
Vallance and Mrs. Vallance from being directors of a company or,
in any way, whether directly or indirectly, being concerned or
taking part in the promotion, formation or management of a
company for the above period.

SM 2000 was placed into liquidation on November 28, 2002 with
estimated debts of GBP157,480 owed to creditors.  SM was placed
into liquidation on October 25, 2000 with estimated debts of
GBP19,139 owed to creditors.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

Matters of unfit conduct, not disputed by Keith Vallance and
Alison Vallance:

(a) SM 2000:

    (i) Mr. Vallance acted in contravention of Section 11 of the
        Company Directors Disqualification Act 1986, which
        Observes, "It is an offence for a person who is an
        undischarged bankrupt to act as a director of, or
        directly or indirectly take part in or be concerned in
        the promotion, formation, or management of a company,
        except with leave of the court."  He had not sought
        leave of the court and from August 2000 to November 28,
        2002, acted as a director of SM 2000 whilst bankrupt;

   (ii) Mrs. Vallance allowed SM 2000 to be directed by an
        undischarged bankrupt in that she knew or ought to have
        known that Mr. Keith Vallance was an undischarged
        bankrupt and therefore his acting as director of a
        company was prohibited under Section 11 of the Company
        Directors Disqualification Act 1986.  She effectively
        handed total control of SM 2000 from August 2000 when
        the company had commenced trading to liquidation on 28
        November 2002 to Mr. Vallance, her only involvement
        being to sign cheques and company documentation as and
        when requested by Mr. Vallance;

  (iii) They both caused or allowed SM 2000 to fail to deal
        adequately with tax affairs;

   (iv) They both caused or allowed SM 2000 to fail to submit
        statutory returns;

    (v) They both failed to comply with Section 235 of the
        Insolvency Act 1986 in that he failed to co-operate with
        the joint liquidators of SM 2000 and deliver the company
        books and records, in order to allow the joint
        liquidators to substantiate the assets and liabilities
        of the company; and

   (vi) They both breached Section 216 of the Insolvency Act
        1986 in that he caused or allowed SM 2000 to trade using
        a name that was prohibited by virtue of the fact that
        Scaffoldways Midlands (SM) had entered compulsory
        liquidation on October 25, 2000.  He allowed SM 2000 to
        trade using a name that was so similar to the insolvent
        company SM as to suggest an association with that
        company.

(b) SM Limited:

    (i) Mr. Vallance acted in contravention of Section 11 of the
        Company Directors Disqualification Act 1986, which
        Observes, "It is an offence for a person who is an
        undischarged bankrupt to act as a director of, or
        directly or indirectly take part in or be concerned in
        the promotion, formation, or management of a company,
        except with leave of the court."  He had not sought his
        discharge or leave of the court and from and acted as a
        director of SM Ltd whilst bankrupt;

   (ii) Mrs. Vallance allowed an undischarged bankrupt to act as
        a director of SM in that she knew or ought to have known
        that Mr. Keith Vallance was an undischarged bankrupt and
        therefore his acting as director of a company was
        prohibited under Section 11 of the Company Directors
        Disqualification Act 1986.  She took no steps to prevent
        this and abrogated her duties as a director by
        effectively handing over the day to day running and
        control of SM to Mr. Vallance, her only involvement
        being to sign cheques and company documentation as and
        when requested by Mr. Vallance;

  (iii) They both failed to maintain and or deliver up company
        books and records; and

   (iv) They both caused or allowed SM to fail to deal
        adequately with company tax affairs.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


SCEPTIC LIMITED: Insolvency Service Bans Director for 11 Years
--------------------------------------------------------------
A director of a print manufacturing business that failed with
total debts estimated at around GBP1.1 million has given an
Undertaking not to hold directorships or take any part in
company management for 11 years.

The Undertaking by Christopher Leslie Frost, 35, of Cranbrook
Road, Ilford, Essex, was given in respect of his conduct as a
director of Sceptic Limited, which carried out business from
premises at Unit B, 20 Rothbury Road, Hackney Wick, London E9
5HA.

Acceptance of the Undertaking on November 24 2004 prevents Mr.
Frost from being a director of a company or in any way, whether
directly or indirectly, being concerned or taking part in the
promotion, formation or management of a company for the above
period.

Sceptic Limited was placed into liquidation in December 2002
with estimated debts of GBP1,134,111 owed to creditors.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered unfit
to be involved in the management of companies in the future.

Matters of unfit conduct not disputed by Mr. Frost include that,
whilst he was aware that Sceptic was insolvent, he caused
Sceptic to induce a factoring company to advance monies in false
debts, thereby placing the factoring company at risk.  These
losses have not been recovered.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


SOVEREIGN CONSTRUCTION: Top Honchos Receive Seven-year Ban
----------------------------------------------------------
Two directors of three construction businesses that failed with
total debts of around GBP340,567 has given an Undertaking not to
hold directorships or take any part in company management for
seven years each.

Undertakings by Hugh John Blair, 36, of Cumberland Crescent,
Cheltenham, Gloucestershire and Richard Floyd Benson, 37, of
Gloucester Road, Cheltenham, Gloucestershire were given in
respect of their conduct as directors of Sovereign Construction
Group Limited (Sovereign) Crown Plastering Services Limited
(Crown) and Benson Property Developments Limited (Benson) which
all carried on business from premises at 11 Rowanfield Exchange,
Devon Avenue, Cheltenham, GL51 8AU.

Acceptance of the Undertakings on November 9, 2004 (Hugh John
Blair) and November 23, 2004 (Richard Floyd Benson) prevents
them being directors of a company or, in any way, whether
directly or indirectly, being concerned or taking part in the
promotion, formation or management of a company for seven years.

Sovereign went into liquidation on September 29, 2003.  The
company has an estimated total deficiency of GBP114,164.

Crown went into liquidation on April 5, 2002.  The company has
an estimated total deficiency of GBP165,748.

Benson went into liquidation on April 5, 2002.  The company has
an estimated total deficiency of GBP60,759.

The Official Receiver at Birmingham had conduct of the
investigation and disqualification procedure.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section 6 of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

Matters of unfit conduct, not disputed by Hugh John Blair and
Richard Floyd Benson with regard to Sovereign, were that:

(a) They caused or allowed Sovereign to trade after September 1,
    2002 when they knew or ought to have known that Sovereign
    was insolvent; and

(b) They caused or allowed Sovereign to fail to maintain,
    preserve or deliver up adequate accounting records.

Matters of unfit conduct, not disputed by Hugh John Blair and
Richard Floyd Benson with regard to Benson, were that:

(a) They caused or allowed Benson to fail to maintain, preserve
    or deliver up Benson's books and records; and

(b) They failed to comply with Benson's statutory obligations to
    submit:

    (i) Returns to the Inland Revenue; and

   (ii) The Annual Return due for the period ended August 15,
        2001 to Companies House.

Matters of unfit conduct, not disputed by Hugh John Blair and
Richard Floyd Benson with regard to Crown, were that:

(a) They caused or allowed Crown to fail to maintain, preserve
    or deliver up Crown's books and records; and

(b) They caused or allowed Crown to trade to the detriment of
    the HM Customs & Excise.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


STORM (UK): Appoints Administrators from Kroll Limited
------------------------------------------------------
Stuart Charles Edward Mackellar and Charles Peter Holder (IP Nos
006883, 009093) have been appointed administrators for holding
company Storm (UK) Holdings Limited.  The appointment was made
Nov. 30, 2004.

CONTACT:  KROLL LIMITED
          5th Floor, Airedale House,
          77 Albion Street, Leeds LS1 5AP


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

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

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

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