TCREUR_Public/041214.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, December 14, 2004, Vol. 5, No. 247

                            Headlines

B U L G A R I A

CHIMCO AD: Leases Facilities to Indagro-Geneva


F R A N C E

VIVENDI UNIVERSAL: Fined EUR1 Million for Accounting Fraud
VIVENDI UNIVERSAL: Mulls Disposal of 15% Veolia Stake


G E R M A N Y

GESELLSCHAFT FUR AUS- WEITERBILDUNG: Succumbs to Bankruptcy
HANS GESELLSCHAFT: Creditors' Meeting Set January
HOLZMULLER SPEZIALTRANSPORT: Under Bankruptcy Administration
JENOPTIK AG: Off Watch Negative After M&W-Caatoossee Merger
KTO GMBH: Creditors' Claims Due this Week

MEYER GMBH: Hannover Court Sets Claims Deadline December
MODERN TAAHUT: Koln Court Appoints Provisional Administrator
PORST UND GOLLER: Gives Creditors Until January to File Claims
ROSENGARTEN GBR: Creditors' Claims Due End-December
R&R AUSBAU: Dessau Court Sets Claims Deadline January
TISCHLEREI HAFNER: Applies for Bankruptcy Proceedings


I T A L Y

CIRIO FINANZIARIA: Del Monte Attracts Three Potential Buyers
GIACOMELLI SPORTS: Receiver Launches Another Sale


N E T H E R L A N D S

KENDRION N.V.: Rump Offering Ends Today


P O L A N D

AIR POLONIA: Bankruptcy Staged, Report Says


R U S S I A

DISTILLERY RYAZANSKIY: Court Hearing Resumes April
ELECTRO-CABEL-SBYT: Hires Y. Antonets as Insolvency Manager
KAMESKOYE: Undergoes Bankruptcy Supervision Procedure
KOLPYANSKIY BUTTER: Declared Insolvent
LIKHOSLAVLSKAYA MOVABLE: Court Sets Hearing This Month

MONCHEGORSKIY FACTORY: Sets Deadline for Proofs of Claim
PEAT ENTERPRISE: Novgorod Court Appoints Insolvency Manager
SARATOVSKIY FACTORY: Declared Insolvent
TRANS-DOR-HOLDING: Saratov Court Names Insolvency Manager
VIMPEL-COMMUNICATIONS: Retains 'BB-' Ratings Despite Tax Bill

VIMPEL-COMMUNICATIONS: Faces Class Action Lawsuit in U.S.
YUKOS OIL: Yuganskneftegaz Attracts Three Possible Bidders
YUKOS OIL: Tomskneft Faces US$114 Million Back Tax Claims
YUKOS OIL: Lead Expert Quizzed Over Tomskneft's Funds
YURYEVSKIY: Creditors Have Until January to File Claims


S P A I N

CAJA RURAL: Individual Rating Downgraded to 'B/C'


S W I T Z E R L A N D

GENERAL MOTORS: To Undertake Massive Job Cuts in Europe


U K R A I N E

CHORNUHINSKE REPAIR: Under Bankruptcy Supervision
FINSERVICE: Ruslan Borovik Named Liquidator
INDUSTRIYA: Under Bankruptcy Supervision
INTERGAZ: Succumbs to Insolvency
MASHIVSKIJ RAJAGROPOSTACH: Bankruptcy Proceedings Commenced

MAYAK: Economic Court Launches Bankruptcy Proceedings
POLIGRAFTEHNIKA: Insolvency Manager Takes over Helm
SERVIS DOLINSHINI: Bankruptcy Supervision Begins
SILGOSPHIMIYA: Court Appoints Liquidator
TEPLOENERGO: Insolvent Status Declared

TEPLOMEREZHA: Temporary Insolvency Manager Comes In
TEPLOSTROJ: Donetsk Authorities Assign Insolvency Manager
UKRAINA: Court Appoints Temporary Insolvency Manager


U N I T E D   K I N G D O M

ADPRES LIMITED: Hires Liquidator from Hunt Johnston Stokes
ANDY HAULAGE: Calls in Liquidator from Kroll Limited
AVALON TRADE: In Administrative Receivership
BASF CHEMICALS: Brings in Liquidator from Moore Stephens
BATTERIES DIRECT: Members Agree to Wind up Company

BRADFORD BLOOM: Applies for Liquidation
BUSINESS LINK: Final General Meeting Set January
CENTRAL PLASTICS: Hires Liquidator from UHY Hacker Young
CLIFTON HARGREAVES: Owners Opt to Liquidate Firm
COFFEE HOUSE: Final Meeting of Members, Creditors Set January

COOPERS OF CHELTENHAM: Names Hazlewoods Liquidator
CURZON BERKELEY: Sets Members General Meeting January
DETCO LIMITED: Liquidator to Submit Final Report Next Month
DOME SYSTEMS: Members Agree to Dissolve Company
DUNMORE PUB: Brings in Liquidators from PricewaterhouseCoopers

ELBOWROOM LIVING: Calls Creditors' Meeting
ELDRIDGE POPE: Bidco Offer Receives 72.73% Acceptances
EUROHOOF (UK): Bibby Factors Appoints PKF Receiver
EVER 2056: Members Pass Winding up Resolutions
FIT'N'KIT LIMITED: Hires Harris Lipman as Liquidator

GLOBAL CROSSING: Proposed Senior Secured Notes Rated 'B-'
MASTIF SUPPLIES: Creditors to Convene this Week
MULTI-SPORTS LIMITED: Sets Creditors' Meeting Next Week
MYTRAVEL GROUP: Resets Bondholders Meeting to End of December
NORTHERN SCAFFOLD: Owners Opt for Liquidation

ORKLA SECURITIES: Members Meeting Set January
PTOREX ENGINEERING: Sets Final General Meeting January
SHEFFIELD GP: Liquidator's Final Report Out January
SPAZONE LIMITED: Liquidator Calls Final Creditors' Meeting
STANDARD INVESTMENTS: Liquidator to Give Final Update January

ST. CHRISTOPHER: Hires Kroll Limited as Administrator
TANNAHILL PROPERTY: Liquidator Enters Firm
TRUE BLUE: Appoints Liquidator from Francis Clark
ZEPHYR PLASTIC: Names Begbies Traynor Administrator

* Large Companies with Insolvent Balance Sheets


                            *********


===============
B U L G A R I A
===============


CHIMCO AD: Leases Facilities to Indagro-Geneva
----------------------------------------------
The Bulgarian subsidiary of Italian farming industry major
Indagro-Geneva is to rent out facilities of bankrupt Chimco AD
for one year.  The Vratsa Regional Court and the bankruptcy
receivers of the nitric fertilizer, Boris Borisov and Indrago
Bulgaria, agreed on the transaction last week, Bulgarian News
Network says.  A court in northern Bulgaria declared Chimco
bankrupt last week.  It owes state gas distributor Bulgargas and
the National Electric Company about BGN150 million.

CONTACT:  CHIMCO
          Chimco, 3037 Vratza, Bulgaria
          Phone: +359 92 2 22 71; +359 92 2 23 81
          Fax: +359 92 3 31 18
          E-mail: info@chimco.bg
          Web site: http://www.chimco.bg


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


VIVENDI UNIVERSAL: Fined EUR1 Million for Accounting Fraud
----------------------------------------------------------
The Financial Market Authority fined Vivendi Universal S.A. and
its former head Jean-Marie Messier a total of EUR2 million for
hiding the firm's true financial status in the past years.

The market regulator ordered the company and its former chairman
and CEO to pay EUR1 million (US$1.35 million) each for the
misconduct between 2001 and 2002.  Mr. Messier brought Vivendi
close to bankruptcy through his acquisition spree that earned
the company up to EUR35 billion (US$47 billion) in debts.  The
regulator cleared him of insider trading, but charged him of
incorrect reporting to hide Vivendi's debt level.

According to the Financial Management Authority, Mr. Messier
reduced Vivendi's debt by subtracting expected proceeds of a
sell-off that did not take place until 14 months later.  This
enabled him to report Vivendi's EUR3.4 billion (US$4.6 billion)
debt in October 2000 as EUR1.2 billion (US$1.6 billion).

Mr. Messier was also found guilty of breaking market rules and
wrongly consolidating figures from Telcom, its 49%-owned Polish
subsidiary.  He was freed from similar accusations relating to
two other Vivendi units, Cegetel and Maroc Telecom.  The
watchdog cleared former Vivendi finance director Guillaume
Hannezo of any wrongdoing.

CONTACT:  VIVENDI UNIVERSAL
          Investor Relations, Paris
          Daniel Scolan
          Phone: +33 (0) 1 71 71 32 91
          Laurence Daniel
          Phone: +33 (0) 1 71 71 12 33
          Or
          New York
          Eileen McLaughlin
          Phone: +(1) 212.572.8961


VIVENDI UNIVERSAL: Mulls Disposal of 15% Veolia Stake
-----------------------------------------------------
Vivendi Universal plans to sell a 15% stake in the world's
biggest water company, Veolia Environnement S.A., according to
Bloomberg News.  The stake is worth about EUR1.5 billion (US$2
billion) at current market prices, the report says.

The planned disposal follows the sell-off of about a third of
Veolia in an initial public offering in July 2000.  It will
leave Vivendi with only 5.3% of Veolia, and debt of EUR4
billion.  It will also reduce further its water utility
operations.

Former head Jean-Marie Messier had disastrously tried to turn
the water utility business into a global media company.
Chief Executive Jean-Rene Fourtou has already sold more than
US$25 billion of assets to pare down the debts racked up by his
predecessor's shopping spree.

Vivendi, which also owns France's second-largest mobile- phone
operator, SFR, cut its borrowings to EUR5.5 billion at the end
of September from EUR34.9 billion at the end of June 2002.

Vivendi said the capital gain from the sale will be offset
against the company's current capital losses and will therefore
not result in a capital gains tax.

CONTACT:  VIVENDI UNIVERSAL
          Investor Relations, Paris
          Daniel Scolan
          Phone: +33 (0) 1 71 71 32 91
          Laurence Daniel
          Phone: +33 (0) 1 71 71 12 33
          Or
          New York
          Eileen McLaughlin
          Phone: +(1) 212.572.8961


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


GESELLSCHAFT FUR AUS- WEITERBILDUNG: Succumbs to Bankruptcy
-----------------------------------------------------------
The district court of Saarbrucken opened bankruptcy proceedings
against Gesellschaft fur Aus- und Weiterbildung mbH, Rathausstr.
36a, 66292 Riegelsberg, on Nov. 15, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 12, 2005 to register their
claims with court-appointed provisional administrator Gunter
Staab.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 20, 2004, 2:15 p.m. at the district court of
Saarbrucken, Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280
Sulzbach, 1. Etage, Saal 13, at which time the administrator
will present his first report of the insolvency proceedings.
The court will verify the claims set out in the administrator's
report on Feb. 17, 2005 at the same venue.

CONTACT:  GESELLSCHAFT FUR AUS- UND WEITERBILDUNG MBH
          Rathausstr. 36a, 66292 Riegelsberg
          Christof Huschens, Manager

          Gunter Staab, Bahnhofstrasse 77, 66111 Saarbrucken
          Phone: 0681/3090416
          Fax: 0681/3090456


HANS GESELLSCHAFT: Creditors' Meeting Set January
-------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Hans und Eckehard Ruter Gesellschaft, Gustav-Heinemann-
Str. 19, 59065 Hamm, on Nov. 12, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 14, 2005 to register their
claims with court-appointed provisional administrator Stephan
Heinrichsmeyer.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 6, 2005, 10:50 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on Feb.
17, 2005 at the same venue.

CONTACT:  HANS UND ECKEHARD RUTER GESELLSCHAFT
          Gustav-Heinemann-Str. 19, 59065 Hamm
          Hans Ruter, Manager

          Stephan Heinrichsmeyer, Insolvency Manager
          Spiekergasse 6-8, 33330 Gutersloh
          Phone: 05241/92 02-0
          Fax: 05241 92 02 22


HOLZMULLER SPEZIALTRANSPORT: Under Bankruptcy Administration
------------------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Holzmuller Spezialtransport GmbH, Holzstrasse 5, 86316
Friedberg, HRB 20651 AG Augsburg, on Nov. 12, 2004.
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 Rainer U. Muller.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 17, 2005, 9:25 a.m. at the district court of
Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlass 1,
86150 Augsburg, 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:  HOLZMULLER SPEZIALTRANSPORT GMBH
          HolzstraSSe 5, 86316 Friedberg, HRB 20651 AG Augsburg
          Ulrich HolzmUller, Manager

          Rainer U. Muller, Insolvency Manager
          Schiessstattenstr. 15, 86159 Augsburg


JENOPTIK AG: Off Watch Negative After M&W-Caatoossee Merger
-----------------------------------------------------------
Fitch Ratings affirmed Jenoptik AG's ratings at Senior Unsecured
'B+' and Short-term 'B', and its EUR150 million senior notes at
'B+', and removed them from Rating Watch Negative.  The Outlook
is Stable.  The affirmation comes after the merger of Jenoptik's
subsidiary M&W Zander with German software and IT services
provider Caatoossee AG has been put on hold.

The group was put on Rating Watch Negative in October, following
the announcement of a potential merger of M&W Zander with
Caatoossee, which has a poor operating record.

The merger was subject to a number of conditions, which
Caatoosee in November this year stated it did not meet.
Following conversations with Jenoptik's management, Fitch
understands that the transaction is not progressing.  While
Jenoptik's management did not completely rule out such a
transaction in the future, it outlined that it could only take
place in a manner that is not detrimental to Jenoptik's credit
profile.  However, Fitch remains skeptical of the business logic
for the Caatoosee merger and retains its view of the likely
negative impact on Jenoptik's credit profile of such a potential
transaction.  Nevertheless, the agency regards the likelihood of

re-negotiations with Caatoosee as low.

In July 2004 Fitch downgraded Jenoptik's ratings to the present
level, following the review of the full year 2003 results, which
were materially below expectations (pls. also see announcement
dated 2 July 2004 on http://www.fitchratings.com).

CONTACT:  FITCH RATINGS
          Karsten Frankfurth, Frankfurt
          Phone: +49 69 7680 76170

          Monica Klingberg Insoll, London
          Phone: +44 207 417 4281

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

          Jenoptik Aktiengesellschaft
          Carl-Zeiss-Strasse 1
          07739 Jena, Germany
          Phone: +49-3641-65-0
          Fax: +49-3641-42-4514
          Web site: http://www.jenoptik.com


KTO GMBH: Creditors' Claims Due this Week
-----------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against KTO GmbH Koch Trend Office, Werkstrasse 23, 68519
Viernheim (AG Lampertheim, HRB-Nr. 61744), on Nov. 16, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Dec. 15, 2004
to register their claims with court-appointed provisional
administrator Marc Schmidt-Thieme.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 10:45 a.m. at the district court
of Darmstadt, Zimmer 4, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, 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:  KTO GMBH KOCH TREND OFFICE
          Werkstrasse 23, 68519 Viernheim
          (AG Lampertheim, HRB-Nr. 61744)
          Hartlieb Koch, Manager

          Marc Schmidt-Thieme, Insolvency Manager
          Soldnerstr. 2, 68219 Mannheim
          Phone: 0621/87708-0
          Fax: 0621/8770820


MEYER GMBH: Hannover Court Sets Claims Deadline December
--------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Meyer GmbH, Kiel 19, 30900 Wedemark (AG Burgwedel, HRB
3686), on Nov. 12, 2004.  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 Dirk Stadler.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 25, 2005, 9:10 a.m. at the district court of
Hanover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover, at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  MEYER GMBH
          Kiel 19, 30900 Wedemark (AG Burgwedel, HRB 3686)
          Olaf Meyer, Manager

          Dirk Stadler, Insolvency Manager
          Luisenstr. 9, 30159 Hannover
          Phone: 0511/36703-110
          Fax: 0511/36703-133


MODERN TAAHUT: Koln Court Appoints Provisional Administrator
------------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Modern Taahut Insaat Ve ticaret Limited Sirteki,
Industriestrasse 30, 50389 Wesseling, on Nov. 19, 2004.
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 Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 26, 2005, 11:20 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13.
Etage, Saal 1311, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  MODERN TAAHUT INSAAT VE TICARET LIMITED SIRTEKI
          Industriestrasse 30, 50389 Wesseling
          Serhan Caglar, Manager

          Jana Dettmer, Insolvency Manager
          Weyerstr. 54, 50676 Koln
          Phone: 0221/92 12 17 - 0
          Fax: +4922192121720


PORST UND GOLLER: Gives Creditors Until January to File Claims
--------------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Porst und Goller GbR, Gardeweg 2, 51688 Wipperfurth, on Nov. 16,
2004.  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 Michael Schmidt-Modrow.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 26, 2005, 10:45 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13.
Etage, Saal 1311, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  PORST UND GOLLER GBR
          Gardeweg 2, 51688 Wipperfurth

          Michael Schmidt-Modrow, Insolvency Manager
          Albert-Schmidt-Allee 24, 42897 Remscheid
          Phone: 02191/5922407
          Fax: +4921915922408


ROSENGARTEN GBR: Creditors' Claims Due End-December
---------------------------------------------------
The district court of Arnsberg opened bankruptcy proceedings
against Rosengarten GbR, Kurhaus 6 - 8, 57392 Schmallenberg, on
Nov. 19, 2004.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until Dec. 31, 2004 to register their claims with court-
appointed provisional administrator Wilfried Pohle.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 4, 2005, 9:15 a.m. at the district court of
Arnsberg, Eichholzstrasse 4, 59821 Arnsberg, EG, 328, 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:  ROSENGARTEN GBR
          Kurhaus 6 - 8, 57392 Schmallenberg

          Wilfried Pohle, insolvency Manager
          Bahnstr. 1, 34431 Marsberg
          Phone: 02992/973716
          Fax: 02992/973719


R&R AUSBAU: Dessau Court Sets Claims Deadline January
-----------------------------------------------------
The district court of Dessau opened bankruptcy proceedings
against R&R Ausbau GmbH, Ernst-Thalmann-Strasse 1, 06774
Schlaitz (AG Stendal, HRB 16353), on Nov. 15, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 12, 2005
to register their claims with court-appointed provisional
administrator Jorg Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 14, 2005, 11:00 a.m. at the district court
of Dessau, Willy-Lohmann-Str. 33, Saal 123, 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:  R&R AUSBAU GMBH
          Ernst-Thalmann-Strasse 1, 06774 Schlaitz
          (AG Stendal, HRB 16353)
          Andreas Rau, Manager

          Jorg Riedemannn, Insolvency Manager
          Muhlweg 47, 06114 Halle
          Phone: 0345/293900
          Fax: 0345/2939029


TISCHLEREI HAFNER: Applies for Bankruptcy Proceedings
-----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Tischlerei Hafner Gesellschaft, Gurtelstr.
25,10247 Berlin, on Nov. 18, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 9, 2005 to register their claims with
court-appointed provisional administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 9:35 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II, Stock
Saal 218, 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 6, 2005 at
the same venue.

CONTACT:  TISCHLEREI HAFNER GESELLSCHAFT
          Gurtelstr. 25,10247 Berlin

          Rolf Nacke, Insolvency Manager
          Gross-Berliner-Damm 73 c, 12487 Berlin


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


CIRIO FINANZIARIA: Del Monte Attracts Three Potential Buyers
------------------------------------------------------------
Cirio Finanziaria S.p.A. said it is in advanced talks with three
interested bidders for a stake in Del Monte Pacific Ltd., but
warned there is no certainty an offer may be forthcoming.

Administrators of the food company are selling a 40% stake in
Del Monte Pacific Ltd. as part efforts to raise cash to pay
debts.  Cirio defaulted on more than EUR1 billion in debt in
2002 before going into liquidation.  The current disposal may
raise an estimated US$180 million.

In a statement to the Singapore stock exchange, Del Monte
Pacific said Cirio would choose a winning bidder and afterwards
proceed with the sale.  It did not identify the final bidders,
but earlier reports suggested that Philippine beverage and food
conglomerate San Miguel Corp., Japan's Sumitomo Corp., U.S.-
based HJ Heinz Co., and Fresh Del Monte Produce Inc. are among
those interested in the stake.

MCI Inc., the holding company of the Lorenzo family, which holds
a 22%-stake in Del Monte Pacific, has a right to match any final
offer that Cirio may accept, it added.

Del Monte Pacific owns brand rights over Del Monte products in
the Philippines and in the Indian subcontinent.


GIACOMELLI SPORTS: Receiver Launches Another Sale
-------------------------------------------------
Elio Blasio, receiver of bankrupt sporting goods group
Giacomelli Sports S.p.A., plans to launch another sale of the
ailing retailer, Il Sole 24 Ore says.

Mr. Blasio had three failed attempts to sell Giacomelli.
Submission of bids will last until the first week of January.

Giacomelli sold its Longoni Sport and Sport&Natura sports retail
chains to rival sportswear retailer Cisalfa in September.  The
group has remaining 49 shops, ten of which might face closure.
Mr. Blasio said the shops are currently stocking up EUR4 million
to EUR5 million in merchandise in preparation for the Christmas
season.

CONTACT:  GIACOMELLI SPORT S.p.A.
          Via Nuova Circonvallazione Ovest, 14/16
          47900 Rimini Italia
          Phone: +39 541 748611
          Fax: +39 541 742201
          Web site: http://www.giacomellisport.com


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


KENDRION N.V.: Rump Offering Ends Today
---------------------------------------
Kendrion N.V. announces that in connection with its 11 for 2
rights offering to existing shareholders of 62,500,000 new
ordinary shares, eligible existing shareholders have subscribed
for 49,034,172 Offer Shares at an issue price of EUR0.80 per
Offer Share through the exercise of their preferential
allocation rights (the PARs).  This represents approximately
79.6% of the total number of Offer Shares.

The numbers in this press release are subject to final
confirmation by the Subscription Agent, ING Bank N.V.

Rump Offering

The exercise period for the PARs ended at 14.30 hours CET
Monday, 13 December 2004.  On 14 December 2004, ING Investment
Banking, Deutsche Bank AG London, Fortis Bank (Nederland) N.V.
and NIB Capital Bank N.V., together the "Joint Bookrunners",
will endeavor to procure purchasers for the Offer Shares not
subscribed for through the exercise of PARs during the exercise
period (the Rump Shares) by way of private placements in the
Netherlands and elsewhere, in transactions made outside the
United States in reliance on Regulation S of the U.S. Securities
Act, at a price per Rump Share which is at least equal to the
total of the Issue Price and any expenses relating to procuring
such purchasers (the Rump Offering).

The Rump Offering is expected to end no later than 17.40 hours
CET on 14 December 2004.  Any Offer Shares not subscribed for
through the exercise of PARs or sold by the Joint Bookrunners in
the Rump Offering will be subscribed for by ING Bank N.V.,
Deutsche Bank AG London, Fortis Bank (Nederland) N.V., NIB
Capital Bank N.V. and Lloyds TSB Bank Plc at the Issue Price of
EUR0.80.

Upon completion of the Rump Offering, if the aggregate proceeds
for the Rump Shares offered and sold in the Rump Offering, after
deduction of selling expenses (including any value added tax),
if any, exceed the aggregate Issue Price for such Rump Shares
(the Excess Amount), each holder of a PAR that was not exercised
at the end of the exercise period will be entitled to receive,
except as noted below, a part of the Excess Amount in cash
proportional to the number of unexercised PARs reflected in such
holder's securities account (the Unexercised PAR Payment).  If
the Excess Amount divided by the total number of unexercised
PARs is EUR0.01 or less per unexercised PAR, no Unexercised PAR
Payment will be made to holders of any unexercised PARs and
instead any Excess Amount will be for the benefit of the
Underwriters.  Kendrion will not be entitled to receive any
Excess Amount.

The Unexercised PAR Payments, if any, will be distributed to
holders of unexercised PARs as soon as practicable after the
closing of the Offering and will be credited to those holders
through the facilities of Euroclear Nederland, Euroclear and
Clearstream, Luxembourg.  Payments will be made in euro only,
without interest and after withholding of any applicable taxes.
If we have announced that an Excess Amount is available for
distribution to holders of unexercised PARs and they have not
received payment therefor within a reasonable time following the
closing of the Offering, they should contact the financial
intermediary through which they hold their unexercised PARs.

Neither we, nor the Subscription Agent nor the Underwriters, nor
any person procuring subscriptions for Rump Shares, will be
responsible for any lack of Excess Amount arising from any sale
of the Rump Shares in the Rump Offering.

Allotment of the Offer Shares is expected to take place on 14
December 2004.  Payment for and delivery of the offering is
expected to take place on 17 December 2004.

In connection with the Offering, ING Investment Banking or any
person acting for it may effect transactions on Euronext
Amsterdam or elsewhere in the open market or otherwise in
connection with the distribution of Kendrion shares with a view
to stabilizing or maintaining the market price of Kendrion
shares at levels other than those which might otherwise prevail
in the market, provided such transactions are in accordance with
applicable regulations.  Such stabilizing, if commenced, may be
discontinued at any time and will in any event be discontinued
30 days after the date of payment for and delivery of the Offer
Shares, which is currently expected to be 17 December 2004.

Profile Kendrion N.V.

Kendrion N.V. is an international company, which has
approximately 3,200 employees in 16 European countries.

Kendrion aims at niche market leadership in business-to-business
markets.  Kendrion develops high quality industrial components
and provides services in the field of plastic semi-manufactures
and fasteners.  Motivated local entrepreneurship, quality
management in the broadest sense and logistic expertise are
characteristic of Kendrion.

Kendrion stock is listed on the Euronext Amsterdam stock
exchange and included in the Euronext index NextPrime.

CONTACT:  KENDRION N.V.
          Mr. P. Veenema
          Utrechtseweg 46 Utrechtseweg 33
          3704 HD ZEIST 3704 HA ZEIST
          Phone: 030 - 699.72.50
          Fax: 030 - 695.11.65
          Web site: http://www.kendrion.com


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


AIR POLONIA: Bankruptcy Staged, Report Says
-------------------------------------------
The shareholders of Air Polonia had already laid down the
framework of a rescue plan for the budget carrier months before
it filed for bankruptcy, Gazeta Wyborcza has learned.

Documents accessed by the newspaper show shareholders signed a
deal paving the way for the transfer of the firm's assets to Air
Polonia LLC, leaving the "old" Air Polonia with debts.  The new
entity would receive support from the Crescent Irish-Jordanian
fund; but the plan fell through for lack of agreement between
parties.

According to the report, Air Polonia continued to sell tickets,
leased planes and purchased fuel in August when the carrier's
situation was already precarious.  President Jan Litwinski then
said the firm has net profit of PLN1.2 million in the first
half, and is selling 90% of tickets for each flight, which is
more than that of national carrier LOT.  He is now saying the
carrier went bankrupt because an investor unexpectedly withdrew
a promised capital injection.

Creditors of the firm secured three of its planes earlier this
month when it failed to meet payments.

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


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


DISTILLERY RYAZANSKIY: Court Hearing Resumes April
--------------------------------------------------
The Arbitration Court of Ryazan region has commenced bankruptcy
supervision procedure on close joint stock company Distillery
Ryazanskiy.  The case is docketed as A54-4058-04-S20.  Mr. E.
Malykhin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 390044, Russia,
Ryazan, Krupskoy Str. 19/1, GOS 44, Post User Box 311.  A
hearing will take place on April 4, 2005.

CONTACT:  DISTILLERY RYAZANSKIY
          390000, Russia, Ryazan,
          Pavlova Str. 5

          Mr. E. Malykhin
          Temporary Insolvency Manager
          390044, Russia, Ryazan,
          Krupskoy Str. 19/1, GOS 44, Post User Box 311


ELECTRO-CABEL-SBYT: Hires Y. Antonets as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
supervision procedure on close joint stock company Electro-
Cabel-Sbyt - Nizhniy Novgorod (TIN 5260101338).  The case is
docketed as A67-10785/04.  Mr. Y. Antonets has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 634057, Russia, Tomsk, Govorova Str. 1A, Office 6.

CONTACT:  ELECTRO-CABEL-SBYT - NIZHNIY NOVGOROD
          634515, Russia, Tomsk region, Zorkaltsevo,
          Timiryazevskaya Str. 9, Apartment 1

          Mr. Y. Antonets
          Temporary Insolvency Manager
          634057, Russia, Tomsk,
          Govorova Str. 1A, Office 6


KAMESKOYE: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on open joint stock company
Kameskoye.  The case is docketed as A33-19011/04-s4.  Mr. V.
Kustikov has been appointed temporary insolvency manager.

CONTACT:  KAMESKOYE
          Russia, Krasnoyarsk region,
          Taseyevo, Molodyezhnoye Str. 64

          Mr. V. Kustikov
          Temporary Insolvency Manager
          660069, Russia, Krasnoyarsk,
          Post User Box 13082


KOLPYANSKIY BUTTER: Declared Insolvent
--------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
proceedings against Kolpyanskiy Butter And Cheese Producing
Factory after finding the open joint stock company insolvent.
The case is docketed as A48-3361/04-20b.  Mr. V. Sinegubkin has
been appointed insolvency manager.  Creditors have until Jan.
12, 2005 to submit their proofs of claim to 302028, Russia,
Orel, Gorkogo Str. 45, Office 29.

CONTACT:  KOLPYANSKIY BUTTER AND CHEESE PRODUCING FACTORY
          Russia, Orel region, Kolpny,
          Internatsionalnaya Str. 31

          Mr. V. Sinegubkin
          Insolvency Manager
          302028, Russia, Orel,
          Gorkogo Str. 45, Office 29
          Phone: (086-2) 47-49-08
              or (086-2) 29-50-76


LIKHOSLAVLSKAYA MOVABLE: Court Sets Hearing This Month
------------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on close joint stock company
Likhoslavlskaya Movable Mechanized Column.  The case is docketed
as A66-9540/2004.  Mr. Y. Smirnov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 170000, Russia,
Tver, Vagzhanova Str. 12, Post User Box 177.  A hearing will
take place on Dec. 27, 2004.

CONTACT:  LIKHOSLAVLSKAYA MOVABLE MECHANIZED COLUMN
          171210, Russia, Tver region,
          Likhoslavl, Vagzhanova Str. 15

          Mr. Y. Smirnov
          Temporary Insolvency Manager
          170000, Russia, Tver,
          Vagzhanova Str. 12, Post User Box 177


MONCHEGORSKIY FACTORY: Sets Deadline for Proofs of Claim
--------------------------------------------------------
The Arbitration Court of Murmansk region has commenced
bankruptcy proceedings against Monchegorskiy Factory Of Radio
And TV Equipment Repair (5107110012, KPP 510701001) after
finding the municipal unitary enterprise insolvent.  The case is
docketed as A42-2352/04-10.  Mr. A. Arendachuk has been
appointed insolvency manager.  Creditors have until Jan. 12,
2005 to submit their proofs of claim to 184500, Russia, Murmansk
region, Monchegorsk, Metallurgov Pr. 2A.

CONTACT:  MONCHEGORSKIY FACTORY OF RADIO AND
          TV EQUIPMENT REPAIR
          184500, Russia, Murmansk region,
          Monchegorsk, Komsomolskaya Str. 21

          Mr. A. Arendachuk
          Insolvency Manager
          184500, Russia, Murmansk region,
          Monchegorsk, Metallurgov Pr. 2A
          Phone/Fax: (8 81536) 3-48-88


PEAT ENTERPRISE: Novgorod Court Appoints Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Peat Enterprise Kushaverskoye.  The case is docketed as A44-
9760/04-S4-K.  Mr. A. Tsybin has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 174571, Russia,
Novgorod region, Khvoyninskiy region, Yubileyniy, Sosnovskaya
Str. 3.  A hearing will take place Jan. 20, 2005, 11:00 a.m.

CONTACT:  PEAT ENTERPRISE KUSHAVERSKOYE
          174571, Russia, Novgorod region, Khvoyninskiy region,
          Yubileyniy, Sosnovskaya Str. 3

          Mr. A. Tsybin
          Temporary Insolvency Manager
          174571, Russia, Novgorod region, Khvoyninskiy region,
          Yubileyniy, Sosnovskaya Str. 3


SARATOVSKIY FACTORY: Declared Insolvent
---------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
proceedings against Saratovskiy Factory Of Enamel Goods after
finding the company insolvent.  The case is docketed as A57-
187B/04-23.  Ms. A. Alyabyeva has been appointed insolvency
manager.

Creditors may submit their proofs of claim to:

(a) Saratovskiy Factory Of Enamel Goods
    410076, Russia, Saratov, Degtyarnaya Square, 1

(b) Insolvency Manager
    410031, Russia, Saratov, Radisheva Str. 71


TRANS-DOR-HOLDING: Saratov Court Names Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
proceedings against Trans-Dor-Holding after finding the
corporation insolvent.  The case is docketed as A57-15B/03-31.
Mr. V. Samonin has been appointed insolvency manager.  Creditors
have until Jan. 12, 2005 to submit their proofs of claim to
410003, Russia, Saratov, Radisheva Str. 71.

CONTACT:  TRANS-DOR-HOLDING
          Russia, Saratov, Kutyakova Str. 20

          Mr. V. Samonin
          Insolvency Manager
          410003, Russia, Saratov, Radisheva Str. 71


VIMPEL-COMMUNICATIONS: Retains 'BB-' Ratings Despite Tax Bill
-------------------------------------------------------------
Standard & Poor's maintained the credit ratings and outlook on
mobile phone operator Vimpel-Communications (VimpelCom) despite
a multi-million-dollar demand for back taxes from authorities.

The ratings agency said the notice of a US$157 million bill does
not immediately affect the firm's 'BB-' rating and positive
outlook.

S&P said: "At present, VimpelCom's situation remains within the
framework of normal tax investigation and assessment procedures.
Furthermore, the amount of the preliminary tax claim is
manageable for the company given its adequate levels of cash
flow generation and liquid financial resources on the balance
sheet.  The ratings and the outlook on VimpelCom reflect the
positive trend in its business growth and financial
performance."

It will closely watch further developments associated with
VimpelCom's tax reassessment, warning that a possible legal
battle could have a negative impact on the outlook or the
ratings.

CONTACT:  Vimpel-Communications (NYSE: VIP [ADR])
          10, 8 Marta St., Building 14
          127083 Moscow, Russia
          Phone: +7-095-725-0700
          Fax: +7-095-721-0017
          Web site: http://www.vimpelcom.com


VIMPEL-COMMUNICATIONS: Faces Class Action Lawsuit in U.S.
---------------------------------------------------------
Notice is hereby given that a class action lawsuit was filed in
the United States District Court for the Southern District of
New York on behalf of all securities purchasers of Open Joint
Stock Company "Vimpel-Communications" (a/k/a Vympel
Communicatii) (VIP) (RTS: VIMP) from March 25, 2004 through
December 8, 2004, inclusive (the Class Period).

If you wish to discuss this action or have any questions
concerning this notice or your rights or interests with respect
to these matters, please contact Schiffrin & Barroway, LLP (Marc
A. Topaz, Esq. or Darren J. Check, Esq.) toll-free at 1-888-299-
7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.

VimpelCom is a leading provider of telecommunications services
in Russia and Kazakhstan.  The Company operates under the 'Bee
Line GSM' brand in Russia and 'K-mobile' and 'EXCESS' brands in
Kazakhstan.  VimpelCom is recognized for introducing two digital
cellular communications standards in Russia.  It built the first
dual-band GSM-900/1800 cellular network in Russia and leads the
development and emergence of the mass consumer market for
wireless telecommunications in Russia with prepaid products.

The complaint charges VimpelCom, Alexander V. Izosimov and Elena
A. Shmatova with violations of the Securities Exchange Act of
1934.  More specifically, the Complaint alleges that the Company
failed to disclose and misrepresented the following material
adverse facts, which were known to defendants or recklessly
disregarded by them:

(1) that VimpelCom was passing fifty percent (50%) of its
    revenues from its Moscow operations to its wholly owned
    subsidiary KB Impuls, thereby improperly deducting fifty
    percent (50%) of Moscow revenues as expenses to VimpelCom;

(2) as such, VimpelCom was only paying taxes on fifty percent
   (50%) of the Moscow revenues rather than on all revenues from
    its Moscow operations, including revenues passed onto KB
    Impuls;

(3) that this improper deduction caused VimpelCom to
    artificially inflate its financial results by at least
    US$534 million for fiscal years 2001-2003;

(4) that as a result of this, the Company's financial results
    were in violation of generally accepted accounting
    principles ("GAAP");

(5) that the Company lacked adequate internal controls; and

(6) that as a result of the above, the Company's financial
    results were materially inflated at all relevant times.

On December 8, 2004, VimpelCom announced that it had received an
act with preliminary conclusions of the review of VimpelCom's
2001 tax filing by its tax inspectorate, stating that the
Company owed an additional RUB2.5 billion which is approximately
US$90 million in tax (plus RUB1.9 billion or approximately US$67
million in fines and penalties).  A large portion of this amount
related to the deductibility of expenses incurred by VimpelCom
in connection with the agency relationship between VimpelCom and
its wholly owned subsidiary, KB Impuls, which held the GSM
license for the city of Moscow and the Moscow region. News of
this shocked the market.  Shares of VimpelCom fell $8.38 per
share, or 21.78 percent, to close at $30.10 per share on
unusually high trading volume.

Plaintiff seeks to recover damages on behalf of class members
and is represented by the law firm of Schiffrin & Barroway,
which prosecutes class actions in both state and federal courts
throughout the country.  Schiffrin & Barroway is a driving force
behind corporate governance reform, and has recovered in excess
of a billion dollars on behalf of institutional and high net
worth individual investors.  For more information about
Schiffrin & Barroway, or to sign up to participate in this
action online, please visit http://www.sbclasslaw.com.

If you are a member of the class described above, you may, not
later than February 8, 2005, move the Court to serve as lead
plaintiff of the class, if you so choose.  A lead plaintiff is a
representative party that acts on behalf of other class members
in directing the litigation.  In order to be appointed lead
plaintiff, the Court must determine that the class member's
claim is typical of the claims of other class members, and that
the class member will adequately represent the class.  Under
certain circumstances, one or more class members may together
serve as "lead plaintiff."  Your ability to share in any
recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff.  You may retain Schiffrin &
Barroway, or other counsel of your choice, to serve as your
counsel in this action.

CONTACT:  Vimpel-Communications (NYSE: VIP [ADR])
          10, 8 Marta St., Building 14
          127083 Moscow, Russia
          Phone: +7-095-725-0700
          Fax: +7-095-721-0017
          Web site: http://www.vimpelcom.com

          SCHIFFRIN & BARROWAY, LLP
          Marc A. Topaz, Esq.
          Darren J. Check, Esq.
          Three Bala Plaza East, Suite 400
          Bala Cynwyd, PA  19004
          1-888-299-7706 (toll-free) or 1-610-667-7706
          E-mail: info@sbclasslaw.com
          Web site: http://www.sbclasslaw.com


YUKOS OIL: Yuganskneftegaz Attracts Three Possible Bidders
----------------------------------------------------------
The Federal Anti-monopoly Service on Friday said three bids have
already been lodged for Yukos Oil's main production unit,
Yuganskneftegaz.  The interests came from Gazpromneft, a
subsidiary of the state-owned gas giant Gazprom, the First
Venture Company (Pervaya Venchurnaya Kompaniya), and Interkom, a
closed stock company.

Gazprom's government-controlled board approved the bid Wednesday
and gave the go-ahead for the company to raise cash for the bid.
It is reportedly negotiating to secure a EUR10 billion (US$13
billion) loan via a one-year facility from a syndicate
consisting of Deutsche Bank AG, Dresdner Bank AG, J.P. Morgan
Chase & Co., ABN Amro N.V., BNP Paribas S.A., and Calyon.

Bailiffs are selling the Siberian unit on Dec. 19 to recover
more than US$26 billion (GBP13.6 billion) in back taxes from
Yukos.  Applications to take part in the auction remain open
until 18.

Yuganskneftegaz is being offered at a starting price of US$9
billion.  The final selling price is unlikely to cover all of
Yukos' back taxes and analysts predict further asset sales next
year, according to MosNews.  As such, analysts see Gazprom's
plan to borrow up to US$13.3 billion as an indication it is
looking to bid for other Yukos units in the future.

Gazprom, which is 38% state owned, has long been the favorite to
win.  A deal will allow the government to regain control of the
country's vast oil reserves.

A Gazprom spokesman told Dow Jones the firm will plans to honor
about US$700 million-US$800 million in Yukos debt -- secured by
Yuganskneftegaz's crude oil exports -- to another banking
syndicate if the company's board gives final approval to the
Yuganskneftegaz purchase.

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

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

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


YUKOS OIL: Tomskneft Faces US$114 Million Back Tax Claims
---------------------------------------------------------
Tax authorities have served Tomskneft-VNK, a unit of Yukos Oil,
a tax bill of US$114 million for 2001, according to MosNews.
The demand was the first to be issued against several Yukos
units currently under investigation.

Shares in Tomskneft were arrested in July together with that of
Yuganskneftegaz, and Samaraneftegaz as part of court bailiff's
effort to extract payment for tax debts from Yukos.  The oil
firm's back tax debt already reached more than US$20 billion.

According to Moody's, a large part of Yukos' financial debt
relates to facilities totaling US$2.6 billion.  The debt
instrument is secured by export proceeds and guaranteed by some
of Yukos' main production assets, including Yuganskneftegaz.  A
portion is also fully supported by Yukos' main shareholder
Menatep Group.

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

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

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


YUKOS OIL: Lead Expert Quizzed Over Tomskneft's Funds
-----------------------------------------------------
Investigators detained Yukos Oil legal department deputy chief
Svetlana Bakhmina for questioning last week in relation to the
affairs of the firm's Tomskneft unit, according to reports.

"[Ms. Bakhmina] is suspected of misappropriating, together with
an organized group, the property of Tomskneft and Eastern Oil
Company (VNK) companies worth RUB8 billion rubles," a spokesman
for the prosecutor's office told Interfax.

In an interview with Gazeta.Ru, a Yukos representative said the
move against Ms. Bakhmina was clearly the authorities' attempt
to weaken the company's legal defenses as well as to destroy the
corporate management in general.

The government, as one of its shareholders, is blaming majority
stockholder Yukos for share dealings that resulted to its
devaluation, and losses for investors.

Yukos has denied the allegations, saying that the deals were
made in the interests of VNK and the government.

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

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

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


YURYEVSKIY: Creditors Have Until January to File Claims
-------------------------------------------------------
The Arbitration Court of Ivanovo region has commenced bankruptcy
proceedings against Yuryevskiy after finding the tinned food
factory insolvent.  The case is docketed as A1178/10-B.  Mr. S.
Andrianov has been appointed insolvency manager.  Creditors have
until Jan. 12, 2005 to submit their proofs of claim to 153025,
Russia, Ivanovo, Boevikov Str. 30, Apartment 12.

CONTACT:  Mr. S. Andrianov
          Insolvency Manager
          153025, Russia, Ivanovo,
          Boevikov Str. 30, Apartment 12


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


CAJA RURAL: Individual Rating Downgraded to 'B/C'
-------------------------------------------------
Fitch Ratings downgraded Caja Rural de Navarra's Individual
rating to 'B/C' from 'B'.  At the same time, the agency has
affirmed the Caja's other ratings at Long-term 'A-' (A minus),
Short-term 'F2' and Support '3'.  The rating Outlook remains
Stable.

The rating action is based on the downward trend in CRN's core
profitability, particularly in the first nine months of 2004.
The Caja's Long-, Short-term and Individual ratings also take
into account its strong local franchise, backed by its status as
a rural credit co-operative (Caja Rural) and membership of the
Caja Rural Group, healthy asset quality and capital adequacy.
They also consider its size, regional concentration and an
appetite for equity investments.

While CRN's profitability has historically been sound, it has
been undermined by steadily narrowing net interest margin and
higher operating costs due to branch expansion over the past
three years.  Its cost-to-income ratio was 64% at end-September
2004 compared to 52% at end-2001 and its pre-provision operating
profit-to-average total assets ratio has also deteriorated to
1.15% at end-September 2004 from 1.98% at end-2001.

CRN's asset quality ratios are healthy, with an impaired-to-
total loans ratio of 1.1% and loan loss reserve coverage of 224%
at end-September 2004.  CRN's capital adequacy is sound, with an
E.U. total capital-to-weighted risks ratio of 9.94% (Tier 1:
9.92%) at end-June 2004.

CRN is a member of the Asociacion Espanola de Cajas Rurales, the
representative body for the Caja Rural Group.  This group
comprises 75 (virtually all) Cajas Rurales in Spain and works
according to the principles of mutual support, synergy and cost
rationalization, although there is no formal cross-guarantee
scheme in place.

Despite being the third-largest Spanish credit co-operative, CRN
is a small bank and was the 63rd largest banking group at end-
2003.  It is based in the region of Navarra where it enjoys 14%
share of both lending and deposits markets, and where 72% of its
173 branches were located at end-2003.  Its core business is
largely retail, mainly deposit-taking, as well as residential
mortgages for individuals and lending to SMEs.

The credit research on CRN is available on Fitch's subscription
Web site http://www.fitchresearch.comor by contacting Fitch's
Ratings Desk in London on Phone: +44 20 7417 6300.

CONTACT:  FITCH RATINGS
          Roger Turro, Barcelona
          Phone: +34 93 323 8406

          Santiago Gallo, London
          Phone: +44 20 7417 4250

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


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


GENERAL MOTORS: To Undertake Massive Job Cuts in Europe
-------------------------------------------------------
General Motors plans to axe 12,000 jobs in Europe to save costs
at the loss-making operation, The Telegraph reports.  Around
10,000 of the job cuts will be at its Adam Opel AG arm in
Germany, while the rest will be spread across plants in the
U.K., Sweden, Spain and Belgium.  The shakeup is estimated to
cost US$1 billion, and save the firm more than US$650 million a
year.

General Motors failed to make a profit in Europe since 1999.  It
devised a restructuring deal that involved no mandatory job
losses, but it still lost US$3 billion in the past four years.

The firm hopes to avoid forced layoffs in Germany through an
incentive scheme.  But it will consider redundancies if not
enough staff takes up the severance package.

Opel chief executive Hans Demant said: "These cuts were not easy
for anyone, but in the long term they will lead Opel to new
successes."

GM Europe president Carl-Peter Forster said: "Facing the
realities of the market is absolutely imperative.  Over the past
three years, we worked very hard to find other solutions.
Contrary to all forecasts, however, the market has not
improved."

The job cuts will reduce the company's workforce from 32,000 to
22,000 upon completion.

CONTACT:  GENERAL MOTORS SUISSE S.A.
          Kundeninformationscenter
          Stelzenstrasse 4
          8152 Glattbr ugg
          Phone: 0848 810 820
          Fax: 044 828 21 55
          E-mail: kic@ch.gm.com
          Web site: http://www.opel.ch/


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


CHORNUHINSKE REPAIR: Under Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Poltava region has commenced bankruptcy
supervision procedure on OJSC Chornuhinske Repair-Transport
Enterprise (code EDRPOU 03758482).  The case is docketed as
14/259.  Mr. Yurij Teleshun (License Number AA 484197) has been
appointed temporary insolvency manager.

Creditors had until December 13, 2004 to submit their proofs of
claim to:

(a) CHORNUHINSKE REPAIR-TRANSPORT ENTERPRISE
    37132, Ukraine, Poltava region,
    Chornuhinskij district, Galyave

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


FINSERVICE: Ruslan Borovik Named Liquidator
-------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Finservice (code EDRPOU 31073283) on October
5, 2004 after finding the limited liability company insolvent.
The case is docketed as 8/534.  Arbitral manager Mr. Ruslan
Borovik (License Number AA 783249) has been appointed
liquidator/insolvency manager.

The company holds account number 2600501641483 at OJSC
Ukreksimbank, Poltava branch, MFO 331649.

CONTACT:  FINSERVICE
          37500, Ukraine, Poltava region,
          Lubni, Dragomanov Str. 33

          Mr. Ruslan Borovik
          Liquidator/Insolvency Manager
          36039, Ukraine, Poltava region,
          Roza Luksemburg Str. 36

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


INDUSTRIYA: Under Bankruptcy Supervision
----------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on JSCOT Industriya (code EDRPOU 21983402)
on October 7, 2004 and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 15/179B.  Mr. Yurij
Menzarenko (License Number AA 250217) has been appointed
temporary insolvency manager.  The company holds account number
260041776 at JSPPB Aval, Donetsk branch, MFO 335076.

Creditors had until December 13, 2004 to submit their proofs of
claim to:

(a) INDUSTRIYA
    86405, Ukraine, Donetsk region,
    Yenakiyeve, Bogomoltsya Str. 9

(b) Mr. Yurij Menzarenko
    Temporary Insolvency Manager
    Ukraine, Donetsk region,
    Yenakiyeve, Kosmonavtiv Str. 19

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


INTERGAZ: Succumbs to Insolvency
--------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Intergaz (code EDRPOU 23388478) on October
25, 2004 after finding the limited liability company insolvent.
The case is docketed as 23/149b.  Mr. M. Ribalchenko (License
Number AA 719828) has been appointed liquidator/insolvency
manager.

CONTACT:  INTERGAZ
          Ukraine, Kyiv region,
          B. Hmelnitskij Str. 55

          Mr. M. Ribalchenko
          Liquidator/Insolvency Manager
          Phone: 8 (0542) 21-57-95

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


MASHIVSKIJ RAJAGROPOSTACH: Bankruptcy Proceedings Commenced
------------------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Mashivskij Rajagropostach (code EDRPOU
00906568) on November 11, 2004 after finding the open joint
stock company insolvent.  The case is docketed as 10/247.
Arbitral manager Mr. A. Dulenko (License Number AA 668335) has
been appointed liquidator/insolvency manager.

The company holds account number 26001106231414 at JSPPB Aval,
Poltava regional branch, MFO 331605.

CONTACT:  MASHIVSKIJ RAJAGROPOSTACH
          39400, Ukraine, Poltava region,
          Mashivka, Lenin Str. 130

          Mr. A. Dulenko
          Liquidator/Insolvency Manager
          39500, Ukraine, Poltava region,
          Karlivka, Lenin Str. 70/2
          Phone: (05346) 2-34-69

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


MAYAK: Economic Court Launches Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Mayak (code EDRPOU 03770460) on October 26,
2004 after finding the limited liability company insolvent.  The
case is docketed as 7/42.  Mr. U. Teleshun (License Number AA
484197) has been appointed liquidator/insolvency manager.

The company holds account number 26007300312 at JSB Poltava-
bank, MFO 331489.

CONTACT:  MAYAK
          37103, Ukraine, Poltava region,
          Chornuhinskij district, Harsiki

          Mr. U. Teleshun,
          Liquidator/Insolvency Manager
          36003, Ukraine, Poltava region,
          Nezalezhnosti Square, 1 B/18
          Phone: 50-80-67

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


SERVIS DOLINSHINI: Bankruptcy Supervision Begins
------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on Production-Commercial Firm
Servis Dolinshini (code EDRPOU 3054485) on September 7, 2004.
The case is docketed as B-7/130.  Mr. Vitalij Gumenuk (License
Number AA 047774) has been appointed temporary insolvency
manager.  The company holds account number 26006252298101 at
Privatbank, Dolina branch, MFO 336677.

CONTACT:  SERVIS DOLINSHINI
          Ukraine, Ivano-Frankivsk region,
          Dolina, Grushevskij Str. 11

          Mr. Vitalij Gumenuk
          Temporary Insolvency Manager
          Ukraine, Ivano-Frankivsk region,
          Privokzalna Str. 9/81

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Grunvaldska Str. 11


SILGOSPHIMIYA: Court Appoints Liquidator
----------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy proceedings against Silgosphimiya (code EDRPOU
05489141) on October 15, 2004 after finding the open joint stock
company insolvent.  The case is docketed as B-11/137.  Mr.
Mikola Sayevich (License Number AA 520164) has been appointed
liquidator/insolvency manager.

The company holds account number 260082601 at JSPPB Aval,
Tlumatske branch, MFO 336462.

CONTACT:  SILGOSPHIMIYA
          Ukraine, Ivano-Frankivsk region,
          Tlumatskij district, Lokitka,

          Mr. Mikola Sayevich
          Liquidator/Insolvency Manager
          78200, Ukraine, Ivano-Frankivsk region,
          Kolomiya, Kostomarov Str. 4/108

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Grunvaldska Str. 11


TEPLOENERGO: Insolvent Status Declared
--------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Teploenergo (code EDRPOU 30268056) on
October 25, 2004 after finding the limited liability company
insolvent.  The case is docketed as 6/71-04.  Mr. Yurij Hovrin
(License Number AA 783224) has been appointed
liquidator/insolvency manager.

CONTACT:  TEPLOENERGO
          40030, Ukraine, Sumi region,
          Shishkarivska Str. 9

          Mr. Yurij Hovrin
          Liquidator/Insolvency Manager
          40030, Ukraine, Sumi region, a/b 282

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


TEPLOMEREZHA: Temporary Insolvency Manager Comes In
--------------------------------------------------
The Economic Court of Zhitomir region has commenced bankruptcy
supervision procedure on Teplomerezha (code EDRPOU 20414241).
The case is docketed as 3/145 B.  Mr. Viktor Kapitanov (License
Number AA 250099) has been appointed temporary insolvency
manager.

Creditors had until December 13, 2004 to submit their proofs of
claim to:

(a) TEPLOMEREZHA
    12500, Ukraine, Zhitomir region,
    Korostishiv, Miru Str. 3

(b) ECONOMIC COURT OF ZHITOMIR REGION
    10014, Ukraine, Zhitomir region,
    Mala Berdichivska Str. 25


UKRAINA: Court Appoints Temporary Insolvency Manager
----------------------------------------------------
The Economic Court of Sumi region has commenced bankruptcy
supervision procedure on LLC Ukraina (code EDRPOU 30811325).
The case is docketed as 7/127-04.  Arbitral manager Mr. Andrij
Petrov (License Number AA 779254) has been appointed temporary
insolvency manager.  The company holds account number 260091131
at JSCB Ukrsocbank, Sumi branch, MFO 337018.

Creditors had until December 13, 2004 to submit their proofs of
claim to:

(a) UKRAINA
    Ukraine, Sumi region,
    Sumi district, Tokari

(b) Mr. Andrij Petrov
    Temporary Insolvency Manager
    40007, Ukraine, Sumi region,
    Bogun Str. 2/1-32

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


POLIGRAFTEHNIKA: Insolvency Manager Takes over Helm
---------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Poligraftehnika on October 19, 2004 after
finding the open joint stock company insolvent.  The case is
docketed as 14/77.  Arbitral manager Mrs. Liliya Timakin
(License Number AA 487834) has been appointed
liquidator/insolvency manager.

The company holds account number 2600130011242 at Ukrsocbank,
MFO 323657.

CONTACT:  POLIGRAFTEHNIKA
          Ukraine, Kirovograd region,
          Oleksandriya, Budivelnikiv Avenue, 30

          Mrs. Liliya Timakin,
          Liquidator/Insolvency Manager
          28000, Ukraine, Kirovograd region,
          Oleksandriya, Lenin Avenue, 7/12

          THE ECONOMIC COURT OF KIROVOGRAD REGION
          Ukraine, Kirovograd region,
          Lunacharski Str. 29


TEPLOSTROJ: Donetsk Authorities Assign Insolvency Manager
---------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Teplostroj (code EDRPOU 01414608) on October
7, 2004 after finding the limited liability company insolvent.
The case is docketed as 5/38 B.  Arbitral manager Mr. Valerij
Sivyakov (License Number AA 249819) has been appointed
liquidator/insolvency manager.  The company holds account number
26008301745708 at Prominvestbank, Donetsk branch, MFO 334635.

CONTACT:  TEPLOSTROJ
          83062, Ukraine, Donetsk region,
          I. Tkachenko Str. 126

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


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


ADPRES LIMITED: Hires Liquidator from Hunt Johnston Stokes
----------------------------------------------------------
At the extraordinary general meeting of the Adpres Limited on
Nov. 24, 2004 held at the Hilton Croydon, 101 Waddon Way, Purley
Way, Croydon CR4 4HH, the extraordinary and ordinary resolutions
to wind up the company were passed.  Gordon Johnston of HJS
Recovery, 12-14 Carlton Place, Southampton, Hampshire SO15 2EA
has been appointed liquidator of the company.

CONTACT:  HUNT JOHNSTON STOKES
          12-14 Carlton Place
          Southampton Hampshire SO15 2EA
          Phone: 023 8023 4222
          Fax: 023 8023 4888
          E-mail: info@hjsgroup.co.uk
          Web site: http://www.hjsaccountants.co.uk


ANDY HAULAGE: Calls in Liquidator from Kroll Limited
----------------------------------------------------
At the extraordinary general meeting of the Andy Haulage & Crane
Hire Limited on Dec. 3, 2004 held at 5th Floor, Airedale House,
77 Albion Street, Leeds LS1 5AP, the extraordinary and ordinary
resolutions to wind up the company were passed.  S. C. E.
Mackellar and C. P. Holder of Kroll, 5th Floor, Airedale House,
77 Albion Street, Leeds LS1 5AP have been appointed joint
liquidators of the company.

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


AVALON TRADE: In Administrative Receivership
--------------------------------------------
National Westminster Bank Plc called in Mark Peter George Roach
and Graham David Randall (Office Holder Nos 9231, 9051) joint
administrative receivers for Avalon Trade Finishers Limited (Reg
No 00713983, Trade Classification: 2222 and 2223).  The
application was filed Dec. 6, 2004.  The company is engaged in
bookbinding, finishing and printing.

CONTACT:  NUMERICA LLP
          Crown House,
          37-41 Prince Street, Bristol BS1 4PS
          Phone: 0117 934 2800
          Fax: 0117 922 5191
          Web site: http://www.numerica.biz


BASF CHEMICALS: Brings in Liquidator from Moore Stephens
--------------------------------------------------------
At the extraordinary general meeting of BASF Chemicals Limited
on Dec. 2, 2004 held at BASF plc, PO Box 4, Earl Road, Cheadle,
Cheshire SK8 6QG, the special resolution to wind up the company
was passed.  Simon Geoffrey Paterson of Moore Stephens, Victory
House, Admiralty Place, Chatham Maritime, Kent ME4 4QU has been
appointed liquidator of the company.

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


BATTERIES DIRECT: Members Agree to Wind up Company
--------------------------------------------------
At the extraordinary general meeting of the members of the
Batteries Direct Limited on Dec. 2, 2004 held at 47-49 Green
Lane, Northwood, Middlesex HA6 3AE, the extraordinary resolution
to wind up the company was passed.  Ashok K. Bhardwaj of 47-49
Green Lane, Northwood, Middlesex HA6 3AE has been nominated
liquidator of the company.


BRADFORD BLOOM: Applies for Liquidation
---------------------------------------
At the extraordinary general meeting of the Bradford Bloom & Co.
Limited on Nov. 26, 2004 held at The Bonnington Hotel, 92
Southampton Row, London WC1B 4BH, the subjoined extraordinary
resolution to wind up the company was passed.  David Paul Hudson
of Begbies Traynor, The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG has been appointed liquidator for
the purpose of such winding-up.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


BUSINESS LINK: Final General Meeting Set January
------------------------------------------------
The final general meeting of the members of Business Link South
West Limited will be on Jan. 10, 2005 commencing at 10:30 a.m.
It will be held at KPMG, 8 Salisbury Square, London EC4Y 8BB.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with KPMG, 8 Salisbury Square, London EC4Y 8BB not later than
12:00 noon, Jan. 9, 2005.

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


CENTRAL PLASTICS: Hires Liquidator from UHY Hacker Young
--------------------------------------------------------
At the extraordinary general meeting of the Central Plastics
2000 Limited on Nov. 25, 2004 held at St James Building, 79
Oxford Street, Manchester M1 6HT, the extraordinary and ordinary
resolutions to wind up the company were passed.  R. E. C. Cook
of the firm of UHY Hacker Young turnaround and recovery, St
James Building, 79 Oxford Street, Manchester M1 6HT has been
appointed liquidator of the company.

CONTACT:  UHY HACKER YOUNG
          St James Building,
          79 Oxford Street, Manchester M1 6HT
          Phone: 0161 236 6936
          Fax:   0161 228 0117
          E-mail: manchester@uhy-uk.com
          Web site: http://www.uhy-uk.com


CLIFTON HARGREAVES: Owners Opt to Liquidate Firm
------------------------------------------------
At the extraordinary general meeting of the contributories of
the Clifton Hargreaves Technologies Limited on Nov. 18, 2004
held at 69-75 Lincoln Road, Peterborough PE1 2SQ, the
resolutions to wind up the company were passed.  Alan Keith
Thornton, of Bulley Davey, 69-75 Lincoln Road, Peterborough PE1
2SQ has been appointed liquidator of the company.

CONTACT:  BULLEY DAVEY
          69-75 Lincoln Road,
          Peterborough PE1 2SQ
          Liquidator:
          M Perkins
          Phone: 01733 569494
          Fax: 01733 565250
          Web site: http://www.bulleydavey.co.uk


COFFEE HOUSE: Final Meeting of Members, Creditors Set January
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Coffee House Franchising Limited
                         (In Liquidation)

Notice is hereby given that, in terms of Section 106 of the
Insolvency Act 1986, the final Meetings of the Members and
Creditors of Coffee House Franchising Limited will be held
within the offices of Grant Thornton U.K. LLP, 95 Bothwell
Street, Glasgow G2 7JZ at 10:00 a.m. and at 10:15 a.m.
respectively on January 7, 2005 for the purpose of receiving a
final account of the winding-up from the Liquidator, together
with any explanations that may be given by him, and to determine
whether he should be released as Liquidator in terms of Section
173 of the Insolvency Act 1986.

All members, and creditors whose claims have been accepted, are
entitled to attend in person or by proxy, and a resolution will
be passed by a majority of those voting.  Members and creditors
may vote whose proxies have been submitted and accepted at the
meetings or lodged beforehand at the office listed below.

M. P. Henderson, Liquidator
November 25, 2004

CONTACT:  GRANT THORNTON U.K. LLP
          95 Bothwell Street
          Glasgow G2 7JZ
          Phone: 0141 223 0000
          Fax: 0141 223 0001
          Web site: http://www.grant-thornton.co.uk


COOPERS OF CHELTENHAM: Names Hazlewoods Liquidator
--------------------------------------------------
At the extraordinary general meeting of the members of Coopers
of Cheltenham Limited on Dec. 2, 2004 held at Windsor House,
Barnett Way, Barnwood, Gloucester GL4 3RT, the extraordinary and
ordinary resolutions to wind up the company were passed.  Philip
John Gorman of Hazlewoods, Windsor House, Barnett Way, Barnwood,
Gloucester GL4 3RT has been appointed liquidator of the company.

CONTACT:  HAZLEWOODS
          Windsor House, Barnett Way,
          Barnwood, Gloucester GL4 3RT
          Phone: +44 (0) 1452 634800
          Fax:  +44 (0) 1452 371900
          Web site: http://www.hazlewoods.co.uk


CURZON BERKELEY: Sets Members General Meeting January
-----------------------------------------------------
The general meeting of the members of Curzon Berkeley Limited
will be on Jan. 5, 2005 commencing at 12:00 noon.  It will be
held at the offices of Wilder Coe, Southgate House, St George's
Way, Stevenage, Hertfordshire SG1 1HG.

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

the meeting may appoint proxies.  Proxy forms must be lodged
with Wilder Coe, Southgate House, St George's Way, Stevenage,
Hertfordshire SG1 1HG not later than 12:00 noon, Jan. 4, 2005.

CONTACT:  WILDER COE
          12th Floor, Southgate House,
          St George's Way, Stevenage SG1 1HG
          Phone: 01438 847200
          Fax:   01438 847150
          Web site: http://www.wildercoe.co.uk


DETCO LIMITED: Liquidator to Submit Final Report Next Month
-----------------------------------------------------------
The final general meeting of the members of the Detco Limited
will be on Jan. 14, 2005 commencing at 10:30 a.m.  It will be
held at 62 Wilson Street, London EC2A 2BU.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Benedict Mackenzie LLP, 62 Wilson Street, London EC2A 2BU
not later than 12:00 noon, Jan. 13, 2005.

CONTACT:  BENEDICT MACKENZIE LLP
          62 Wilson Street,
          London EC2A 2BU
          Phone: 020 7247 1174
          Fax:   020 7247 3494
          Web site: http://www.benemack.com


DOME SYSTEMS: Members Agree to Dissolve Company
-----------------------------------------------
At the extraordinary general meeting of Dome Systems Limited on
Dec. 3, 2004 held at The Bell Hotel, Church Street, Tewkesbury,
Gloucestershire, the extraordinary resolution to wind up the
company was passed.  Elizabeth Mary Grove of E. Mary Grove & Co,
White Lodge, 50 Ledbury Road, Hereford HR1 2SY has been
appointed liquidator of the company.

CONTACT:  E. MARY GROVE & CO.
          White Lodge,
          50 Ledbury Road, Hereford HR1 2SY


DUNMORE PUB: Brings in Liquidators from PricewaterhouseCoopers
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Dunmore Pub Company Limited

Notice is hereby given that we, Graham H. Martin and Laurie K.
Manson, both of PricewaterhouseCoopers LLP, Kintyre House, 209
West George Street, Glasgow G2 2LW, were appointed liquidator of
Dunmore Pub Company Limited on November 18, 2004.

Graham H. Martin and Laurie K. Manson, Joint Liquidators
November 26, 2004

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Kintyre House
          209 West George Street
          Glasgow G2 2LW
          Phone: [44] (0) 131 5242233
          Fax: [44] (0) 131 2604008
          Web site: http://www.pwc.com


ELBOWROOM LIVING: Calls Creditors' Meeting
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Elbowroom Living Limited

Notice is hereby given, pursuant to Section 98 of the Insolvency
Act 1986, that a meeting of the creditors of Elbowroom Living
Limited be held within Cowan & Partners CA, 60 Constitution
Street, Leith on December 16, 2004 at 11:00 a.m. for the
purposes mentioned in Sections 99, 100 and 101 of the said Act.

A list of the names and addresses of the company's creditors may
be inspected, free of charge, at the offices of Cowan &
Partners, 60 Constitution Street, Leith, Edinburgh two business
days prior to the meeting.

By Order of the Board.
John MacLeod, Director

November 26, 2004

CONTACT:  COWAN & PARTNERS
          60 Constitution Street
          Edinburgh EH6 6RR
          Phone: 0131 554 0724
          Fax: 0131 553 2267
          E-mail: mail@cowanandpartners.co.uk


ELDRIDGE POPE: Bidco Offer Receives 72.73% Acceptances
------------------------------------------------------
On 16 September 2004, PricewaterhouseCoopers made a recommended
cash offer on behalf of Bidco for the entire issued and to be
issued share capital of Eldridge Pope (other than the 5,525,291
Eldridge Pope Shares which Bidco had conditionally agreed to
acquire pursuant to the Share Exchange Agreement).  On 15
October 2004, Bidco announced that the Offer had been declared
unconditional in all respects.

On 26 October 2004, Bidco announced that, as valid acceptances
had been received in respect of more than 90% of the Eldridge
Pope Shares to which the offer relates, Bidco intended to apply
the provisions of sections 428-430F of the Companies Act 1985 to
acquire compulsorily all outstanding Eldridge Pope Shares on the
terms of the Offer.  Accordingly, on 26 October 2004 Bidco
posted formal notices pursuant to section 429(4) of the Act to
those Eldridge Pope Shareholders who had not yet validly
accepted the Offer.

As at 3:00 p.m. (London time) on 7 December 2004, valid
acceptances of the Offer had been received in respect of a total
of 17,997,931 Eldridge Pope Shares, representing 72.73% of
Eldridge Pope's issued share capital.

Since the Offer was made on 16 September 2004, Bidco has
acquired through market purchases a further 469,072 Eldridge
Pope shares, representing 1.90% of the existing issued share
capital of Eldridge Pope.  In addition, on 15 September 2004
Bidco conditionally agreed to acquire the 5,525,291 Eldridge
Pope Shares held by SDA and Michael Cannon (representing 22.3%.
of the existing issued share capital of Eldridge Pope) pursuant
to the Share Exchange Agreement and these shares were acquired
by Bidco on 15 October 2004.

Bidco has therefore received valid acceptances of the Offer in
respect of (or acquired or otherwise conditionally agreed to
acquire) 23,992,294 Eldridge Pope Shares in aggregate
representing 96.95% of Eldridge Pope's existing issued share
capital.

As at 3:00 p.m. (London time) on 7 December 2004 valid elections
for Bidco Units under the Share Alternative and the Eighth Mix
and Match Facility have not exceeded the maximum available under
the Offer.  Therefore valid elections for Bidco Units received
by 3:00 p.m. (London time) on 7 December 2004 will not be
subject to any scaling back and elections will be satisfied in
full.

The directors of Bidco announce that the Offer, including the
Share Alternative and the Eighth Mix and Match Facility, have
been closed with effect from 3:00 p.m. (London time) on 7
December 2004.

On 16 September 2004, the directors of Bidco announced that
Bidco had received undertakings to accept the Offer in respect
of, in aggregate, 4,599,685 Eldridge Pope Shares representing
18.6% of Eldridge Pope's issued share capital.

Valid acceptances have now been received in respect of all of
these Eldridge Pope Shares, with the exception of partially
valid acceptances in respect of 5,086 shares, pending receipt of
the share certificates.  These partially valid acceptances are
not included in the figure for valid acceptances.

Eldridge Pope Shareholders who have not accepted the Offer by 7
December 2004 will shortly have their Eldridge Pope shares
compulsorily acquired by Bidco under section 429(4) of the Act
and the consideration payable will then be paid to Eldridge Pope
as trustee for such non-accepting Eldridge Pope Shareholders.

                            *   *   *

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION INTO THE UNITED
STATES, CANADA, AUSTRALIA OR JAPAN

CONTACT:  BIDCO
          Peter Large
          Phone: 01865 263 000

          Gregor Grant
          Phone: 01865 263 000

          PRICEWATERHOUSECOOPERS
          Sean Williams
          Phone: 020 7213 5579

          Gerry Young
          Phone: 020 7212 4027

          TULCHAN COMMUNICATIONS
          Andrew Honnor
          Phone: 020 7353 4200


EUROHOOF (UK): Bibby Factors Appoints PKF Receiver
--------------------------------------------------
Bibby Factors Northwest Limited called in Kerry Bailey (Office
Holder No 8780) and Jonathan D Newell (Office Holder No 6419)
joint administrative receivers for Eurohoof (UK) Limited (Reg No
02735781, Trade Classification: 9305).  The application was
filed Nov. 25, 2004.  The company manufactures and sells
horseshoes.

CONTACT:  PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk

          PKF
          52 Mount Pleasant,
          Phone: 0151 7088232
          Fax: 0151 7088169
          E-mail: info.liverpool@uk.pkf.com
          Web site: http://www.pkf.co.uk


EVER 2056: Members Pass Winding up Resolutions
----------------------------------------------
At the extraordinary general meeting of the members of the Ever
2056 Limited on Nov. 30, 2004 held at Crusader House, 145-157 St
John Street, London EC1V 4RU, the special and ordinary
resolutions to wind up the company were passed.  Simon Peter
Bower and Michael John Hore of RSM Robson Rhodes LLP, 186 City
Road, London EC1V 2NU have been appointed liquidators of the
company.

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


FIT'N'KIT LIMITED: Hires Harris Lipman as Liquidator
----------------------------------------------------
At the extraordinary general meeting of the members of Fit'n'Kit
Limited on Nov. 29, 2004 held at The Grand Atlantic Hotel, Beach
Road, Weston-super-Mare BS23 1BA, the extraordinary resolution
to wind up the company was passed.  John Dean Cullen of Harris
Lipman, Coptic House, 4-5 Mount Stuart Square, Cardiff Bay CF10
5EE, an Insolvency Practitioner licensed by the Association of
Chartered Certified Accountants, has been appointed liquidator
of the company.

CONTACT:  HARRIS LIPMAN
          Coptic House, 4-5 Mount Stuart Square,
          Cardiff Bay CF10 5EE
          Phone: (029) 2049 5444
          Fax: (029) 2049 5744
          Web site: http://www.harrislipman.co.uk


GLOBAL CROSSING: Proposed Senior Secured Notes Rated 'B-'
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' debt rating
to the proposed US$350 million-equivalent senior secured notes
due 2014 to be issued by Global Crossing (U.K.) Finance PLC, the
financial subsidiary of Global Crossing (U.K.)
Telecommunications Ltd. (GCUK), a U.K.-based provider of managed
network communications services.  The issue is guaranteed by
GCUK.  A recovery rating of '5' was also assigned to the notes,
indicating the expectation of negligible (0%-25%) recovery of
principal in the event of a default.

The ratings are subject to the successful completion of the
restructuring agreement (for further information, please refer
to the "The Restructuring Agreement" section of the article
titled, "Research Update: Global Crossing U.K.'s Proposed Senior
Secured Notes Rated 'B-'; Recovery Rating '5'", published on
Dec. 10, 2004, on RatingsDirect, Standard & Poor's Web-based
credit analysis system at http://www.ratingsdirect.com).

The debt rating does not reflect GCUK's current credit quality.
Standard & Poor's has yet to assign a long-term corporate credit
rating, but expects to assign its 'B-' rating on the successful
completion of the proposed notes issue.

"The ratings on GCUK will reflect the company's very high
leverage and very aggressive financial policy, under which
virtually all of its free cash flow is to be upstreamed in the
form of dividends and/or loans to its owner, U.S.-based Global
Crossing Ltd. (GCL), subject to certain restrictions under the
notes indenture," said Standard & Poor's credit analyst Leandro
de Torres Zabala.

GCL, a provider of communications services to carriers in the
U.S. that emerged from Chapter 11 proceedings in December 2003,
is a weaker entity than GCUK.  GCL is expected to continue to
generate heavy negative free cash flow over the medium term
under the group's ambitious business plan, and possibly beyond
if there is no meaningful improvement in the battered U.S. voice
and data transport industry in the meantime.

GCUK suffers from a very competitive business market in the
U.K. -- particularly with regard to its carrier operation that
is exposed to the market's large surplus capacity of fiber-optic
networks -- and from price pressure across the company's
products and services.

The ratings on GCUK will be supported by the group's generation
of positive free cash flow, recurrent core sales derived from
managed voice and data services, a creditworthy customer base,
and the U.K.'s pro-competition regulation.  GCUK achieved a 24%
EBITDA margin on sales of GBP203 million in the nine months to
Sept. 30, 2004.  The group's adjusted (for operating leases and
unfunded pensions) total debt to EBITDA was approximately 5.5x
at Nov. 1, 2004, pro forma for the implementation of the
restructuring agreement.

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

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


MASTIF SUPPLIES: Creditors to Convene this 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 Mastif Supplies Limited
will be held on December 17, 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 two business days
prior to the meeting.

By Order of the Board.
Ronald Pratt, Director
November 29, 2004

CONTACT:  PKF
          78 Carlton Place
          Glasgow G5 9TH
          Phone: 0141 4295900
          Fax: 0141 4295901
          E-mail: info.glasgow@uk.pkf.com
          Web site: http://www.pkf.co.uk


MULTI-SPORTS LIMITED: Sets Creditors' Meeting Next Week
-------------------------------------------------------
Creditors of Multi-Sports Limited will meet on Dec. 21, 2004
commencing at 11:00 a.m.  It will be held at Sherlock House, 73
Baker Street, London W1U 6RD.  Creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be submitted together with written debt claims to Tenon
Recovery, Sherlock House, 73 Baker Street, London W1U 6RD not
later than 12:00 noon, Dec. 20, 2004.

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


MYTRAVEL GROUP: Resets Bondholders Meeting to End of December
-------------------------------------------------------------
MyTravel Group plc announces that the bondholders meeting held
Friday, to consider a resolution approving the terms for
conversion of the bonds into MyTravel equity as part of the
company's consensual restructuring proposal, lacked the
necessary quorum and has therefore been adjourned to 29
December.

A notice of adjournment and reconvening of the meeting is being
posted to bondholders Friday. MyTravel will implement the
restructuring pursuant to the scheme of arrangement if the
scheme is sanctioned by the court at the hearing scheduled for
20 December.  The company will then withdraw the resolution to
approve the consensual restructuring proposal.

                            *   *   *

Mytravel's restructuring includes:

(a) The conversion into MyTravel equity of approximately GBP800
    million of unsecured debt and facilities, including:

     (i) GBP250 million revolving credit facility,

    (ii) US$100 million U.S. private placement,

   (iii) GBP210 million minority interest preference shares,

    (iv) certain elements of aircraft lease financing
         arrangements,

     (v) GBP216 million of convertible bonds

(b) On completion of the restructuring:

     (i) Converting creditors (other than bondholders) would be
         issued new shares representing 88% of the company's
         enlarged share capital;

    (ii) Converting bondholders would be issued new shares
         representing 8% of the company's enlarged share
         capital.  This allocation has been made on a
         similar basis to the other converting creditors;

   (iii) Shareholders would retain 4% of the enlarged share
         capital.

(c) The provision at no material cost to the company of new 5-
    year committed facilities by the parties to the company's
    GBP400 million bonding facility and providers of bilateral
    guarantee and letters of credit facilities (amounting in
    aggregate to approximately GBP167 million).

(d) The company has proposed a timetable for the restructuring
    that would see it completed by the end of 2004.

(e) On completion of the restructuring, the company's debt will
    be approximately GBP140 million of aircraft finance leases.

CONTACT:  BRUNSWICK GROUP LLP
          Phone: 020 7404 5959
          Contact:
          Fiona Antcliffe
          William Cullum


NORTHERN SCAFFOLD: Owners Opt for Liquidation
---------------------------------------------
At the extraordinary general meeting of the members of Northern
Scaffold Hire & Sales Ltd. on Nov. 25, 2004 held at 11 Clifton
Moor Business Village, James Nicolson Link, York YO30 4XG, the
special resolution to wind up the company was passed.  David
Horner of David Horner & Co., 11 Clifton Moor Business Village,
James Nicolson Link, Clifton Moor, York YO30 4XG has been
appointed liquidator for the purpose of winding-up the company.

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


ORKLA SECURITIES: Members Meeting Set January
---------------------------------------------
The final meeting of the members of the Orkla Securities Limited
will be on Jan. 14, 2005 commencing at 10:15 a.m.  It will be
held at the offices of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, Jan. 13, 2005.

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


PTOREX ENGINEERING: Sets Final General Meeting January
------------------------------------------------------
The final general meeting of the members of Ptorex Engineering
Limited will be on Jan. 14, 2005 commencing at 11:00 a.m.  It
will be held at 62 Wilson Street, London EC2A 2BU.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Benedict Mackenzie LLP, 62 Wilson Street, London EC2A 2BU
not later than 12:00 noon, Jan. 13, 2005

CONTACT:  BENEDICT MACKENZIE LLP
          62 Wilson Street,
          London EC2A 2BU
          Phone: 020 7247 1174
          Fax:   020 7247 3494
          Web site: http://www.benemack.com


SHEFFIELD GP: Liquidator's Final Report Out January
---------------------------------------------------
The final meeting of the members of Sheffield Gp Co-Operative
Limited will be on Jan. 18, 2005 commencing at 11:00 a.m.  It
will be held at 93 Queen Street, Sheffield S1 1WF.

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

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street, Sheffield S1 1WF
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


SPAZONE LIMITED: Liquidator Calls Final Creditors' Meeting
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Spazone Limited
                         (In Liquidation)

Notice is hereby given in pursuance of Section 106 of the
Insolvency Act 1986 that a Final Meeting of the Members of
Spazone Limited will be held at the offices of Baker Tilly,
First Floor, International House, Queens Road, Brighton, East
Sussex, BN1 3XE on January 7, 2005 at 10:30 a.m. to be followed
at 11:00 a.m. by a Final Meeting of the Creditors for the
purpose of having an account laid before them showing the manner
in which the winding-up has been conducted and the property of
the company disposed of, and hearing any explanation that may be
given by the Liquidator.

Any Member entitled to attend and vote is entitled to appoint a
proxy to attend and vote instead of him.  A proxy need not be a
Member of the Company.

Susan Maund, Joint Liquidator
November 30, 2004

CONTACT:  BAKER TILLY
          International House
          Queens Road
          Brighton BN1 3XE
          Phone: 01273 223400
          Fax: 01273 223401
          E-mail: jonathan.ericson@bakertilly.co.uk
          Web site: http://www.bakertilly.co.uk


STANDARD INVESTMENTS: Liquidator to Give Final Update January
-------------------------------------------------------------
The final general meeting of the members of Standard Investments
Limited will be on Jan. 14, 2005 commencing at 11:30 a.m.  It
will be held at 62 Wilson Street, London EC2A 2BU.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Benedict Mackenzie LLP, 62 Wilson Street, London EC2A 2BU
not later than 12:00 noon, Jan. 13, 2005.

CONTACT:  BENEDICT MACKENZIE LLP
          62 Wilson Street,
          London EC2A 2BU
          Phone: 020 7247 1174
          Fax:   020 7247 3494
          Web site: http://www.benemack.com


ST. CHRISTOPHER: Hires Kroll Limited as Administrator
-----------------------------------------------------
C. P. Holder and S. C. E. Mackellar (IP Nos 9093,6883) have been
appointed administrators for St. Christopher Foods Limited.  The
appointment was made Dec. 3, 2004.

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


TANNAHILL PROPERTY: Liquidator Enters Firm
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Tannahill Property Services Ltd.

Notice is hereby given that I, David Forbes Rutherford of Cowan
& Partners CA, 60 Constitution Street, Leith, Edinburgh, EH6
6RR, was appointed liquidator of Tannahill Property Services
Ltd. on November 22, 2004.

David Forbes Rutherford, Liquidator
November 22, 2004

CONTACT:  COWAN & PARTNERS
          60 Constitution Street
          Edinburgh EH6 6RR
          Phone: 0131 554 0724
          Fax: 0131 553 2267
          E-mail: mail@cowanandpartners.co.uk


TRUE BLUE: Appoints Liquidator from Francis Clark
-------------------------------------------------
At the extraordinary general meeting of the members of True Blue
(Holdings) Limited on Dec. 2, 2004 held at BKL House, 106 Harrow
Road, London, the special resolution to wind up the company was
passed.  Stephen James Hobson of Francis Clark, Southernhay
House, 36 Southernhay East, Exeter EX1 1NX has been appointed
liquidator of the company.

CONTACT:  FRANCIS CLARK
          Southernhay House,
          36 Southernhay East, Exeter EX1 1NX


ZEPHYR PLASTIC: Names Begbies Traynor Administrator
---------------------------------------------------
Rob Sadler and Michael Edward George Saville (IP Nos 9172, 7250)
have been appointed administrators for Zephyr Plastic Products
Limited.  The appointment was made Dec. 1, 2004.  The company
manufactures plastic products.  Its registered office is located
at Clarence Drive, Filey, North Yorkshire YO14 0AA.

CONTACT:  BEGBIES TRAYNOR
          30 Park Cross Street, Leeds LS1 2QH
          Web site: http://www.begbies.com


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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


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