TCREUR_Public/041222.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, December 22, 2004, Vol. 5, No. 253

                            Headlines

G E R M A N Y

AIF ARGE: Management Firm Under Bankruptcy Administration
ALARMTECHNIK BECKER: Applies for Bankruptcy Proceedings
CAI COMPUTERDESIGN: Creditors Claims Due End of Month
GEBRUDER SCHNEIDER: Bonn Court Appoints Administrator
H & F GMBH: Administrator's Report Out January

H. STEPHAN GMBH: Provisional Administrator Takes over Operations
KEMPKE HOF: Creditors Meeting Set January
KLUTZOW & CO: Creditors Have Until End of Month to File Claims
ROCON ROSTOCK: Rostock Court Confirms Bankruptcy
TRANSPORT LOGISTIK: Succumbs to Bankruptcy
VITALA GMBH: Bielefeld Court Calls in Administrator


I T A L Y

PARMALAT FINANZIARIA: Parma Court Declares Emmegi Insolvent
PARMALAT FINANZIARIA: Maltese Subsidiaries Declared Insolvent
PARMALAT FINANZIARIA: Ordered to Pay Debt to Foreign Banks
VOLARE GROUP: Obtains Conditional Flight License


N E T H E R L A N D S

ROYAL SHELL: Sells Portuguese Biz to Repsol for Undisclosed Sum


R U S S I A

ASSOCIATION OF BUILDERS: Sets Deadline for Proofs of Claim
BICOM: Undergoes Bankruptcy Supervision Procedure
BUILDING MATERIALS: Hires S. Ogorodnikov as Insolvency Manager
HOUSING AND COMMUNAL: Declared Insolvent
KHOZ-TORG: Bankruptcy Hearing Resumes Next Week

KRYLOVSKOYE: Gives Creditors Until Sunday to File Claims
ROZHDESTVENSKOYE: Appoints E. Slepushkina Insolvency Manager
SPECIALIZED COOPERATION: Proofs of Claim Deadline Nears
YUKOS OIL: To Seek Damages Against Auction Participants
YUKOS OIL: Says It'll Pursue All Options Available After Auction

YUKOS OIL: Wants to Maintain Existing Bank Accounts
YUKOS OIL: Seeks Waiver of Investment & Deposit Guidelines
YURGINSKIY FACTORY: Applies for Bankruptcy Proceedings
ZNAMENSKOYE: Insolvency Manager to Temporarily Oversee Business


S P A I N

AVANZIT SA: Chairman Quits in Wake of Financial Scandal
IZAR: New Competition Commissioner Undecided on New Deal


S W E D E N

LANDSHYPOTEK AB: 'B/C' Individual Rating Affirmed
SCANDINAVIAN AIRLINES: No Jobs Lost in Restructuring


S W I T Z E R L A N D

SAIRGROUP: Liquidator Recovers CHF25 Million


T U R K E Y

MNG BANK: Individual Rating Affirmed at 'D/E'


U K R A I N E

AGROPROMBUD: Proofs of Claim Deadline Expires Tomorrow
BRYANKIVSKIJ VEHICLES: Liquidator Takes over Operations
DNIPROVETS: Dnipropetrovsk Court Opens Bankruptcy Proceedings
LNOKOR: Gives Creditors Until Thursday to File Claims
NADIYA: Claims Filing Period Ends Tomorrow

NEKTAR: Declared Insolvent
NEKTAR-TRADE: Appoints L. Chudajkina Insolvency Manager
NIZHIN' MACHINE: Undergoes Sanction Procedure
REGIONAL AGROINDUSTRIAL: Bankruptcy Supervision Begins
SPEKTR LTD.: Succumbs to Insolvency


U N I T E D   K I N G D O M

3I EUROPEAN: Members Vote to Liquidate Firm
ASHTEAD GROUP: 2nd-quarter, 1st-half Results Up Year-on-year
BALL PACKAGING: Hires Joint Liquidators from KPMG
BASSETT FOODS: Members Decide to Dissolve Business
BELGRAVIA LEASING: Members Decide to Wind up Firm

BENCHMARK KITCHEN: Opts for Liquidation
BIG FOOD: Accepts Baugur's 95-pence-a-share Offer
BOWERS & MARRIS: Appoints Baker Tilly Liquidator
BROADLEY LIMITED: Members Pass Winding up Resolution
BRYANSTON LIMITED: Joint Liquidators Take over Business

BSR TECHNICAL: Hires Irwin & Company as Liquidator
CABLE & WIRELESS: Appoints Liquidator from Grant Thornton
CADBURY SCHWEPPES: Members Appoint Joint Liquidators
CARO COATINGS: Extraordinary Winding up Resolution Passed
C G R LEISURE: Liquidator Takes over Helm

CLYDE KILTS: Liquidator Sets Deadline for Filing of Claims
D & B BUSINESS: Members Approve Proposed Winding up Resolutions
DUDLEY DEVELOPMENTS: Holds First Meeting of Creditors
DUNDEE PUBLIC: Winding-up Report Due January
EQUITABLE LIFE: Policyholders Look to E.U. for Redress

E SQUARED: Hires BDO Stoy Hayward as Administrator
FEDERAL-MOGUL: Confirmation Hearing Moved to January
FILTRONIC PLC: Names Charles Hindson New Finance Director
FILTRONIC PLC: Forecasts Lower Revenue, Operating Profit in 2004
GLOBAL CROSSING: Prices US$404 Million Secured Debt Financing

INTERNATIONAL POWER: Closes Buyout of Edison Mission Portfolio
INTERNATIONAL POWER: Rating Cut as Finances Deteriorate Further
KELLOGG BROWN: Parent Cutting Jobs Ahead of Possible Sale
LOW'S BAKERY: Joint Liquidators from KPMG Move in
M. MERCADO: In Receivership

MSG ENGINEERING: Hires Joint Liquidators from Harrisons
MYTRAVEL GROUP: Bondholders Back Consensual Restructuring
NETWORK RAIL: Infrastructure Delays Down 22%
NTL INCORPORATED: Names Ex-BT Exec Managing Director of Biz Unit
OPTICAL FLOW: Liquidator to Give Final Update January 7

PNEUMATIC CONVEYORS: Calls in Liquidator from Sargent & Co.
POWERPLAN: Faces Claims Numbering 90,000
RIGHEAD FOODS: Hires Liquidator from Baker Tilly
THAMES VALLEY: Subjoined Special Winding up Resolution Passed
TREBOR SHARPS: Ordinary Winding up Resolution Passed

WARDSON MACHINE: In Administrative Receivership
WARWICK GARAGES: Hires Administrators from Grant Thornton
WHITES UK: Creditors Meeting Set Today


                            *********


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


AIF ARGE: Management Firm Under Bankruptcy Administration
---------------------------------------------------------
The district court of Celle opened bankruptcy proceedings
against management company AIF ARGE INUDUSTRIEFUSSBODEN mbH on
Nov. 22, 2004.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until Jan. 10, 2005 to register their claims with court-
appointed provisional administrator Thomas Erdmann.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 27, 2005, 11:45 a.m. at the district court
of Celle, Nebenstelle, Muhlenstrasse 4, 29221 Celle, 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:  AIF ARGE INUDUSTRIEFUSSBODEN MBH
          Holunderweg 20, 29640 Schneverdingen
          Robert Brockmann, Manager

          Thomas Erdmann, Insolvency Manager
          Blumenstr. 8-10, 29614 Soltau
          Phone: 05191/96730
          Fax: 05191/967320


ALARMTECHNIK BECKER: Applies for Bankruptcy Proceedings
-------------------------------------------------------
The district court of Celle opened bankruptcy proceedings
against Alarmtechnik Becker GmbH on Nov. 22, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 10, 2005
to register their claims with court-appointed provisional
administrator Thomas Erdmann.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 27, 2005, 11:55 a.m. at the district court
of Celle, Nebenstelle, Muhlenstrasse 4, 29221 Celle, 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:  ALARMTECHNIK BECKER GMBH
          Walsroder Strasse 29, 29614 Solta
          Contact:
          Thomas Becker, Manager

          Thomas Erdmann, Insolvency Manager
          Blumenstr. 8-10, 29614 Soltau
          Phone: 05191/96730
          Fax: 05191/967320


CAI COMPUTERDESIGN: Creditors Claims Due End of Month
-----------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against CAI Computerdesign fur Architekten + Ingenieure GmbH on
Nov. 29, 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 Dr. Norbert Wischermann.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 21, 2005, 9:20 a.m. at the district court of
Wuppertal, Hauptstelle, Eiland 4, 42103 Wuppertal, 3. Etage,
Saal 388 - Altbau Amtsgericht, 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:  CAI COMPUTERDESIGN FUR ARCHITEKTEN + INGENIEURE GMBH
          Hangstrasse 6, 42579 Heiligenhaus
          Ernst-Holger Gehne

          Dr. Norbert Wischermann, Insolvency Manager
          Friedrichstrasse - Rathausgalerie - 40, 42105
          Wuppertal
          Phone: 0202/493 88-0
          Fax: 0202/45 19 39


GEBRUDER SCHNEIDER: Bonn Court Appoints Administrator
-----------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Gebruder Schneider Bedachungen GmbH on Nov. 23, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 18, 2005
to register their claims with court-appointed provisional
administrator Jens Fahnster.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 18, 2005, 9:00 a.m. at the district court of
Bonn, Wilhelmstrasse 21, 53111 Bonn, 2. Stock, Saal S 2.22, 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:  GEBRUDER SCHNEIDER BEDACHUNGEN GMBH
          Stocksiefen 7, 53842 Troisdorf
          Contact:
          Dirk Schneider, Manager

          Jens Fahnster, Insolvency Manager
          Kolnstrasse 135, 53757 Sankt Augustin
          Phone: 02241 / 90600
          Fax: 02241906062


H & F GMBH: Administrator's Report Out January
----------------------------------------------
The district court of Landau in der Pfalz opened bankruptcy
proceedings against H & F Heubel und Flickinger GmbH on Nov. 24,
2004.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Jan. 20,
2005 to register their claims with court-appointed provisional
administrator Martin Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 24, 2005, 10:10 a.m. at the district court
of Landau in der Pfalz, Zimmer 223, Amtsgericht, Marienring 13,
76829 Landau in der Pfalz, 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:  H & F HEUBEL UND FLICKINGER GMBH
          Obere Strasse 182, 67368 Westheim
          Contact:
          Mike Flickinger, Manager
          Christian Heubel, Manager

          Martin Wiedemann, Insolvency Manager
          O 3, 11+12, 68161 Mannheim
          Phone: 0621/16680


H. STEPHAN GMBH: Provisional Administrator Takes over Operations
----------------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against H. Stephan GmbH on Nov. 26, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 28, 2005 to register their
claims with court-appointed provisional administrator Manfred
Vellmer.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 18, 2005, 8:45 a.m. at the district court of
Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster, EG, Saal 13 B, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  H. STEPHAN GMBH
          Feldstiege 16, 48161 Munster-Nienberge
          Contact:
          Hans-Ingo Stephan, Manager

          Manfred Vellmer, Insolvency Manager
          Rothenburg 20/21, 48143 Munster
          Phone: 0251/511801
          Fax: +492519277785


KEMPKE HOF: Creditors Meeting Set January
-----------------------------------------
The district court of Rostock opened bankruptcy proceedings
against Kempke Hof Pferdeausbildungs- und -handels GmbH on Nov.
12, 2004.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Dec. 30, 2004 to register their claims with court-appointed
provisional administrator Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 26, 2005, 9:00 a.m. at the district court of
Rostock, Zochstrasse, 18057 Rostock, Saal 330, 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:  KEMPKE HOF PFERDEAUSBILDUNGS- UND -HANDELS GMBH
          Contact:
          Josef Gratz, Manager

          Gerhard Brinkmann, Insolvency Manager
          Freiligrathstrasse 1, 18055 Rostock


KLUTZOW & CO: Creditors Have Until End of Month to File Claims
--------------------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against Klutzow & Co. GmbH on Nov. 17, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Dec. 30, 2004 to register their
claims with court-appointed provisional administrator Herbert
Hulsbergen.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 2005, 10:30 a.m. at the district court
of Rostock, Zochstrasse, 18057 Rostock, Saal 330, 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:  KLUTZOW & CO. GMBH
          Contact:
          Dietmar Jahn, Manager
          Heike Kubitz, Manager

          Herbert Hulsbergen, Insolvency Manager
          Graf-Schack-Strasse 14, 18055 Rostock


ROCON ROSTOCK: Rostock Court Confirms Bankruptcy
------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against RoCon Rostock Consulting Immobilienmanagement GmbH on
Nov. 12, 2004.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until Dec. 29, 2004 to register their claims with court-
appointed provisional administrator Ulirch Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 2005, 10:00 a.m. at the district court
of Rostock, Zochstrasse, 18057 Rostock, Saal 330, 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:  ROCON ROSTOCK CONSULTING IMMOBILIENMANAGEMENT GMBH
          Contact:
          Alfredo Demiani, Manager

          Ulrich Rosenkranz, Insolvency Manager
          Markt 11, 18311 Ribnitz-Damgarten


TRANSPORT LOGISTIK: Succumbs to Bankruptcy
------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Transport Logistik Ernst GmbH on Nov. 23, 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 Dr. Lucas F. Flother.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 11, 2005, 11:30 a.m. at the district court
of Leipzig, Saal 056, 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:  TRANSPORT LOGISTIK ERNST GMBH
          Contact:
          Gintaras Cerneckis, Manager

          Dr. Lucas F. Flother, Insolvency Manager
          Nikolaistr. 3-5, 04109 Leipzig


VITALA GMBH: Bielefeld Court Calls in Administrator
---------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Vitala GmbH & Co. KG on Nov. 29, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Jan. 26, 2005 to
register their claims with court-appointed provisional
administrator Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 2005, 9:30 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  VITALA GMBH & CO. KG
          Exerzierplatz 8-10, 32423 Minden

          Hans-Peter Burghardt, Insolvency Manager
          Bunsenstr. 3, 32052 Herford


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


PARMALAT FINANZIARIA: Parma Court Declares Emmegi Insolvent
-----------------------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
announced that its subsidiary Emmegi Agro - Industriale S.r.l.
has requested insolvency status with the Civil Court in Parma on
Nov. 11.  The Court accepted the request on Dec. 17.

Emmegi Agro - Industriale S.r.l. was admitted by decree of the
Minister of Production Activities on Dec. 2 to the Extraordinary
Administration procedure and Enrico Bondi was appointed
Extraordinary Commissioner of this company.

Collecchio, December 20, 2004
Parmalat Finanziaria S.p.A.
in Extraordinary Administration

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

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


PARMALAT FINANZIARIA: Maltese Subsidiaries Declared Insolvent
-------------------------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration said
that its companies headquartered in Malta, Parmalat Malta
Holding Limited and Parmalat Trading Limited, indirectly
controlled through Parmalat S.p.A. in Extraordinary
Administration Straordinaria, requested insolvency status with
the Civil Court in Parma on Nov. 19.

The Court accepted the request on Dec. 17, declaring the
companies insolvent.  Parmalat Malta Holding Limited and
Parmalat Trading Limited were admitted by decree of the Minister
of Production Activities on Dec. 2 to the Extraordinary
Administration and Dr. Enrico Bondi was appointed Extraordinary
Commissioner of these companies.

Collecchio, December 20, 2004
Parmalat Finanziaria S.p.A.
in Extraordinary Administration

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

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


PARMALAT FINANZIARIA: Ordered to Pay Debt to Foreign Banks
----------------------------------------------------------
Judge Giuseppe Coscioni declared that Parmalat Finanziaria
S.p.A. must pay EUR15.5 billion in claims to international
banks, as well as retail investors.

This significant court ruling assures foreign creditors that
they will be paid, and allows the company to submit its
restructure plan for creditor approval.  It will also indicate
which creditors will participate in the company's restructuring.

Foreign banks UBS AG, Citigroup Inc., Credit Suisse First Boston
Corp., and Bank of America Corp. will become shareholders of
Parmalat in 2005, even if they are pending lawsuits of insider
trading.

According to Judge Coscioni, he has decided to recognize the
foreign banks' claims, because there has been no decision on the
actions thus far.  He also recognized the claims of Italian
banks linked to Parmalat, such as Capitalia S.p.A. and Banca
Intesa S.p.A.

Government-appointed administrator to Parmalat Mr. Enrico Bondi
has sought to exclude its foreign and other creditors from
receiving claims, saying that the banks should've known about
the company's true financial state by simply checking out the
company's accounts on a financial information database. The
banks have maintained their innocence.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Sede legale: 43044 Collecchio (Pr)
          - Via Oreste Grassi, 26
          Codice fiscale e iscrizione nel Registro delle Imprese
          di Parma 00175250471 - Partita I.V.A. 01938950340 -
          R.E.A. Parma n. 188325 - U.I.C. n. 730
          Web site: http://www.parmalat.com

          Sede amministrativa: 20122 Milano
          Piazza Erculea, 9
          Phone: (39) 02.8068801
          Fax: (39) 02.8693863
          E-mail: x_affari_societari_it@parmalat.net


VOLARE GROUP: Obtains Conditional Flight License
------------------------------------------------
Troubled carrier Volare Group would have to recover first its
aircraft before it could return to the air, Agencia
Giornalistica Italia says.

Ente Nazionale per l'Aviazione Civile (ENAC) recently completed
a committal proceedings designed to grant Volare's Air Europe a
temporary flight license.  The civilian aviation authority,
however, found out Air Europe currently does not have the
aircraft it wants to use for long-range and charter flights.
Airport operator SEA Aeroporti di Milano has seized the
carrier's Boeing 767 following non-payments of outstanding
debts.  ENAC assured it would grant Volare the license once it
regains possession of the aircraft.

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


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


ROYAL SHELL: Sells Portuguese Biz to Repsol for Undisclosed Sum
---------------------------------------------------------------
Royal Dutch/Shell Group of Companies and Repsol YPF has signed a
Sale and Purchase Agreement relating to the divestment of Shell
Gas (LPG) business in Portugal.  Shell will continue to operate
in Portugal through its Lubricants business and the Madeira
distribution terminal (Madeira Praia Formosa S.A.).

The divestment of the Shell Gas (LPG) Portugal, subsidiaries and
shareholdings, includes the assets of two LPG filling plants,
more than two million cylinders, supply, distribution and
customer contracts covering mainland Portugal and the islands of
Madeira and Azores.  The sale is subject to regulatory approval
and completion is expected in the 1st Quarter 2005.

Rob Routs, Shell Executive Director Downstream said: "The sale
of the LPG business in Portugal is in addition to our earlier
Retail and Commercial marketing divestment in that country and
we believe that the interests of the business, staff and
shareholder are best served by divesting the business to
Repsol."

"Shell remains committed to reviewing the sale of its entire LPG
global business as a single package.  Meanwhile work that was
already underway to structure LPG into a standalone global
operation will continue," said Mr. Routs.

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague,
          The Netherlands
          Phone: +31 70 377 9111
          Fax:   +31 70 377 3115
          Web site: http://www.shell.com


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


ASSOCIATION OF BUILDERS: Sets Deadline for Proofs of Claim
----------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy proceedings against Association of Builders after
finding the close joint stock company insolvent.  The case is
docketed as A45-4603/04-SB/53.  Mr. O. Klemeshov has been
appointed insolvency manager.  Creditors have until Jan. 26,
2005 to submit their proofs of claim to 630099, Russia,
Novosibirsk, Potaninskaya Str. 3a.

CONTACT:  CJSC ASSOCIATION OF BUILDERS
          633159, Russia, Novosibirsk region,
          Moshkovskiy region, Balta, Kommunalnaya Str. 1

          Mr. O. Klemeshov
          Insolvency Manager
          630099, Russia, Novosibirsk,
          Potaninskaya Str. 3a


BICOM: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint company Bicom.
The case is docketed as A-32-29564/2004-2/209-B.  Ms. V.
Kokurina has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 350075, Russia,
Krasnodar, Stasova Str. 180.  A hearing will take place on May
16, 2005.

CONTACT:  BICOM
          Russia, Krasnodar region, Sochi

          Ms. V. Kokurina
          Temporary Insolvency Manager
          350075, Russia, Krasnodar,
          Stasova Str. 180


BUILDING MATERIALS: Hires S. Ogorodnikov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
proceedings against Building Materials after finding the close
joint stock company insolvent.  The case is docketed as Ms AO3-
6928/03-B.  Mr. S. Ogorodnikov has been appointed insolvency
manager.  Creditors have until Jan. 26, 2005 to submit their
proofs of claim to 656065, Russia, Altay region, Barnaul, Post
User Box 2724.

CONTACT:  BUILDING MATERIALS
          656022, Russia, Altay region,
          Barnaul, Yuzhnyj Pr. 51

          Mr. S. Ogorodnikov
          Insolvency Manager
          656065, Russia, Altay region,
          Barnaul, Post User Box 2724


HOUSING AND COMMUNAL: Declared Insolvent
----------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
proceedings against Housing and Communal Services after finding
the state-owned enterprise insolvent.  The case is docketed as
A64-1206/04-2.  Mr. V. Paskeev has been appointed insolvency
manager.  Creditors have until Jan. 26, 2005 to submit their
proofs of claim to 392000, Russia, Tambov, Kommunalnaya Str. 51,
Room 4.

CONTACT:  HOUSING AND COMMUNAL SERVICES
          392543, Russia, Tambov region,
          Komsomolets, Tsentralnaya Str. 62

          Mr. V. Paskeev
          Insolvency Manager
          392000, Russia, Tambov,
          Kommunalnaya Str. 51, Room 4
          Phone/Fax: 8(0752) 71-33-90


KHOZ-TORG: Bankruptcy Hearing Resumes Next Week
-----------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy proceedings against Khoz-Torg (TIN 4205000016) after
finding the open joint stock company insolvent.  The case is
docketed as A27-8380/1999-4.  Mr. M. Chereshko has been
appointed insolvency manager.  A hearing will take place at
650099, Russia, Kemerovo, Krasnaya Str. 8 on Dec. 27, 2004,
10:30 a.m.

CONTACT:  KHOZ-TORG
          Russia, Kemerovo, Spasatelnaya Str. 59


KRYLOVSKOYE: Gives Creditors Until Sunday to File Claims
--------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Krylovskoye.  The case is docketed as A32-19919/2004-37/146-B.
Mr. V. Bondar has been appointed temporary insolvency manager.

Creditors have until Dec. 26, 2004 to submit their proofs of
claim to 353117, Russia, Krasnodar region, Vyselkovskiy region,
Novomalorossiyskaya St. Ukrainskaya Str. 3A.  A hearing will
take place on Feb. 14, 2005, 9:30 a.m.

CONTACT:  KRYLOVSKOYE
          Russia, Krasnodar region, Leningradskiy region,
          Krylovskaya St. Yubileynaya Str. 14

          Mr. V. Bondar
          Temporary Insolvency Manager
          353117, Russia, Krasnodar region, Vyselkovskiy region,
          Novomalorossiyskaya St. Ukrainskaya Str. 3A


ROZHDESTVENSKOYE: Appoints E. Slepushkina Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
proceedings against Rozhdestvenskoye after finding the open
joint stock company insolvent.  The case is docketed as A35-
3059/02 g.  Ms. E. Slepushkina has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 305029,
Russia, Kursk, K. Marksa, 51, Room 315.

CONTACT:  ROZHDESTVENSKOYE
          307800, Russia, Kursk region,
          Sudzhanskiy Region, Guevo

          Ms. E. Slepushkina
          Insolvency Manager
          305029, Russia, Kursk,
          K. Marksa, 51, Room 315


SPECIALIZED COOPERATION: Proofs of Claim Deadline Nears
-------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy proceedings against Specialized Cooperation on
Debugging of Electro-Technical Equipment after finding the open
joint stock company insolvent.  The case is docketed as A27-
6753/2004-4/#A27-16156/2003-4.  Mr. V. Togulev has been
appointed insolvency manager.  Creditors have until Jan. 26,
2005 to submit their proofs of claim to 650070, Russia,
Kemerovo, Tereshkovoy Str. 53.

CONTACT:  SPECIALIZED COOPERATION ON DEBUGGING OF
          ELECTRO-TECHNICAL EQUIPMENT
          650070, Russia, Kemerovo, Tereshkovoy Str. 53

          Mr. V. Togulev
          Insolvency Manager
          650070, Russia, Kemerovo, Tereshkovoy Str. 53


YUKOS OIL: To Seek Damages Against Auction Participants
-------------------------------------------------------
Yukos Oil Company issued a notice to all persons and entities:

  (1) who participated in the auction on Sunday, Dec. 19, 2004,
      of the Stock of Yuganskneftegas to Baikal Finance Group,
      or

  (2) who may participate:

      (a) in the consummation of the sale or purchase of that
          Stock, or

      (b) the financing of that transaction, or in other actions
          that interfere with property of Yukos' Chapter 11
          bankruptcy estate,

that the Stock is property of Yukos' Chapter 11 estate and the
Auction was a violation of the automatic stay, which became
immediately effective when Yukos filed bankruptcy.

As reported, the Russian Federal Property Fund auctioned Yukos'
76.8% equity stake in Yuganskneftegas at 4:00 p.m. Sunday
afternoon in Moscow.  The bidding started at $8.6 billion and
ended with OOO Baikalfinansgroup presenting the winning $9.35
billion bid (RUR260.75 billion).

Nobody knows who OOO Baikalfinansgroup is or who financed its
bid.  Baikal is the name of a lake in Siberia; Baikalfins' home
office is located in Tver in western Russia.  Some people
speculate, because of the large amount of money involved, that
OAO Surgutneftegaz is Baikalfins' financier.  Lukoil said Sunday
that it didn't participate in the auction.  Gazprom participated
in the auction despite the temporary restraining order entered
by the U.S. Bankruptcy Court in Houston prohibiting it from
doing so.  Hugh Ray, Esq., at Andrews Kurth LLP, representing
Gazprom's lending consortium, says the banks subject to the TRO
halted all financing talks with Gazprom last week.

If the sale of the Stock is completed, it will damage Yukos in
excess of $20 billion and the Company will pursue damages
against all third parties who participate in the sale, the
financing of the sale, and any transaction relating to the value
of the Stock.

A copy of the notice that Yukos filed with the Bankruptcy Court
is available at http://www.yukosbankruptcy.com/

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.  The Company filed for chapter 11 protection
on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John
A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black,
Esq., Fulbright & Jaworski, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $12,276,000,000 in total assets
and $30,790,000,000 in total debts.


YUKOS OIL: Says It'll Pursue All Options Available After Auction
----------------------------------------------------------------
"Yukos [Oil's] management will pursue every legal and commercial
remedy available to it to recover the corporate value that will
be unjustifiably destroyed if the auction of its largest
production unit, Yuganskneftegas, that was held in Moscow
[Sun]day, becomes a completed transaction.  The so-called
winners of this process along with any entity that supports them
has subjected their businesses to considerable legal risks."

As previously reported, the Russian Federal Property Fund
auctioned Yukos' 76.8% equity stake in Yuganskneftegas at 4:00
p.m. Sunday afternoon in Moscow.  The bidding started at $8.6
billion and ended with OOO Baikalfinansgroup presenting the
winning RUB260.75 billion (US$9.35 billion) bid.

                          Baikal Who?

Nobody knows who OOO Baikalfinansgroup is or who's financed its
bid.  Baikal is the name of a lake in Siberia; Baikalfins' home
office is located in Tver in western Russia.  CBS MarketWatch
reports that Russian news agency Itar-Tass said the address
given on the organization's filing houses only a mobile phone
store and a grocery in a town called Tver.

Some people speculate believe that Baikal may just be an arm of
Gazprom.  Gazprom denies any link with Baikal.  Others
speculate, because of the large amount of money involved, that
OAO Surgutneftegaz is Baikalfins' financier.  Lukoil said Sunday
that it didn't participate in the auction.  Gazprom participated
in the auction despite the temporary restraining order entered
by the U.S. Bankruptcy Court in Houston prohibiting it from
doing so.  Hugh Ray, Esq., at Andrews Kurth LLP, representing
Gazprom's lending consortium, says the banks subject to the TRO
halted all financing talks with Gazprom last week.

The Russian Federal Anti-Monopoly Service cleared Baikal to
participate in the auction on Friday, Dec. 17.  Baikal was not
subject to the Bankruptcy Court's TRO.

The Russian Federation proceeded with the auction regardless of
the 10-day temporary restraining order issued by the U.S.
Bankruptcy Court for the Southern District of Texas, enjoining
Gazpromneft and two other earlier bidders, First Venture Co. and
ZAO Interkom, and their lenders from participating in the
auction.

                         Auction Drama

Arkady Ostrovsky reporting for the Financial Times from Moscow
relates that the auction was high in drama.  Media personnel
were crowding outside the iron gate waiting to be admitted.

"The lucky ones whose names were on a list were waved through.
The less fortunate -- including two U.S. lawyers for Menatep,
Yukos' largest shareholder -- were kept out in the cold in the
drizzly rain," Mr. Ostrovsky says.

The media, Mr. Ostrovsky continues, were ferried to the 16th
floor of the Federal Property Fund building to witness the
proceedings from a giant screen.  The auction, however, was held
on the fourth floor.  Security personnel were stationed at every
floor.

The auction was a two-bidder event between Baikal and
Gazpromneft.  Press reports relate the bidders were given
lollipop-style bidding paddles marked 1 and 2.

Baikal, Mr. Ostrovsky relates, went first, placing a bid of
RUB260.75 billion ($9.3 billion) "so quietly that the auctioneer
misheard it and repeated in a loud voice that a starting bid of
RUB246.75 billion ($8.6 billion) had been made."  Nobody
objected.

"The auctioneer turned to [Gazpromneft], requesting that it
place its bid.  But Gazpromneft's representative asked to make a
call and left the room in clear violation of the rules," Mr.
Ostrovsky recounts.

"After a couple of minutes he silently re-entered the room and
sat down.  This prompted Baikal to repeat its bid of RUB260.75
billion, but Gazpromneft remained silent.

"The auctioneer called the price three times, then brought the
hammer down."

                       Can Baikal Perform?

There's speculation that Baikal doesn't have adequate financial
backing to close and will default on the transaction.  Baikal
has until Jan. 11 to complete the purchase.


YUKOS OIL: Wants to Maintain Existing Bank Accounts
---------------------------------------------------
The Office of the United States Trustee generally requires
debtors-in-possession to close all prepetition bank accounts and
open new "debtor-in-possession" bank accounts.  In addition, the
U.S. Trustee often requires debtors-in-possession to maintain
separate accounts for cash collateral and for taxes.  However,
in complex Chapter 11 cases, courts often waive these
requirements, recognizing that they are often impractical in
those cases.

Yukos Oil Company believes that a similar waiver is appropriate
in its Chapter 11 case because the Russian Government currently
exerts complete control over its accounts and it is not possible
for Yukos to close the accounts.  Zack A. Clement, Esq., at
Fulbright & Jaworski, LLP, in Houston, Texas, explains that the
Russian Government is sweeping the accounts daily to pay
$27,500,000,000 in taxes which the Government asserts are owed
by the Debtor.  Any attempt by Yukos to alter its Russian bank
accounts would run afoul of Russian law.  Any Yukos employee in
Russia who attempted such a change would likely be jailed.

Yukos' subsidiaries' crude oil is sold internationally through
Petroval, a Yukos subsidiary which acts only as a broker in the
transactions.  Under Russian law, the proceeds from sale of
crude oil produced in Russia must be repatriated.  To comply
with the law, proceeds for the sales of crude oil are deposited
daily into Russian bank accounts belonging to Yukos.  There are
between 20 and 30 Yukos Accounts held in between five to seven
different Russian banks.  In the past, the funds in the Yukos
Accounts were subsequently downstreamed to the Yukos
subsidiaries which produced the crude oil.

The Russian Government has taken the position that it is a
criminal offense for Yukos to use its funds for any purpose
other than the payment of taxes.  Therefore, although Yukos has
no meaningful access to or control of the Yukos Account or the
funds deposited therein, Mr. Clement relates that Yukos must
maintain the existing accounts to comply with Russian law.

"As a practical matter, [Yukos] has no effective control over
the funds in its bank accounts located in Russia," Mr. Clement
says.

By this motion, Yukos asks the United States Bankruptcy Court
for the Southern District of Texas for authority to:

   (a) designate, maintain and continue to use any or all of the
       existing Bank Accounts in the names and with the account
       numbers existing immediately prior to its Chapter 11
       case;

       provided, however, that it reserves the right to close
       some or all of its prepetition Bank Accounts and open new
       debtor-in-possession accounts;

   (b) deposit funds in and withdraw funds from any accounts by
       all usual means including, but not limited to, checks,
       wire transfers, automated clearing house transfers,
       electronic funds transfers, and other debits;

   (c) treat its prepetition Bank Accounts and any accounts
       opened after the Petition Date for all purposes as
       debtor-in-possession accounts.

Yukos also seeks permission to continue utilizing its existing
cash management system including, without limitation, waiving
any requirement that it establish separate accounts for cash
collateral or tax payments.  Yukos intends to pay costs or
expenses associated with the maintenance of the cash management
system.

Yukos also asks Judge Clark to direct all banks with which it
maintains its Bank Accounts to continue to maintain, service,
and administer the accounts.  Yukos has made no voluntary
transfers out of the Bank Accounts in months and no checks have
been issued or dated prior to the Petition Date, Mr. Clement
reports.

As of the Petition Date, Yukos has no bank accounts in its own
name located in the United States.

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.  The Company filed for chapter 11 protection
on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John
A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black,
Esq., Fulbright & Jaworski, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $12,276,000,000 in total assets
and $30,790,000,000 in total debts.  (Yukos Bankruptcy News,
Issue No. 2; Bankruptcy Creditors' Service, Inc., 215/945-7000)


YUKOS OIL: Seeks Waiver of Investment & Deposit Guidelines
----------------------------------------------------------
Yukos Oil Company asks the United States Bankruptcy Court for
the Southern District of Texas waive the investment and deposit
requirements under Section 345 of the Bankruptcy Code in light
of the unusual circumstances it finds itself regarding its bank
accounts.

Section 345(a) authorizes deposits or investments of money of a
bankruptcy estate, like cash, in a manner that will "yield the
maximum reasonable net return on such money, taking into account
the safety of such deposit or investment."  For deposits or
investments that are not "insured or guaranteed by the United
States or by a department, agency or instrumentality of the
United States or backed by the full faith and credit of the
United States," Section 345(b) provides that the estate must
require from the entity with which the money is deposited or
invested a bond in favor of the United States secured by the
undertaking of an adequate corporate surety.

Zack A. Clement, Esq., at Fulbright & Jaworski, LLP, in Houston,
Texas, explains that Yukos' bank accounts are located outside of
the United States, and the Debtor does not have meaningful
control over them.  Mr. Clement asserts that waiving the U.S.
Trustee's investment and deposit requirements on an interim
basis so that Yukos can fully inform the U.S. Trustee's Office
of the nature of its bank accounts and cash management system is
appropriate in Yukos' Chapter 11 case.

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.  The Company filed for chapter 11 protection
on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John
A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black,
Esq., Fulbright & Jaworski, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $12,276,000,000 in total assets
and $30,790,000,000 in total debts.  (Yukos Bankruptcy News,
Issue No. 2; Bankruptcy Creditors' Service, Inc., 215/945-7000)


YURGINSKIY FACTORY: Applies for Bankruptcy Proceedings
------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy proceedings against Yurginskiy Factory of Reinforced
Concrete Constructions after finding the limited liability
company insolvent.  The case is docketed as A27-6176/2004-4.
Mr. A. Tkachenko has been appointed insolvency manager.
Creditors have until Jan. 26, 2005 to submit their proofs of
claim to 652050, Russia, Kemerovo, Yurga, Shosseynaya Str. 56.

CONTACT:  YURGINSKIY FACTORY OF REINFORCED
          CONCRETE CONSTRUCTIONS
          Russia, Kemerovo region, Yurgi

          Mr. A. Tkachenko
          Insolvency Manager
          652050, Russia, Kemerovo,
          Yurga, Shosseynaya Str. 56


ZNAMENSKOYE: Insolvency Manager to Temporarily Oversee Business
---------------------------------------------------------------
The Arbitration Court of Khakasiya republic has commenced
bankruptcy proceedings against Znamenskoye after finding the
close joint stock company insolvent.  The case is docketed as
A74-3858/03-K1.  Mr. M. Panin has been appointed insolvency
manager.  Creditors have until Jan. 26, 2005 to submit their
proofs of claim to 655017, Russia, Khakasiya republic, Abakan,
Post User Box 199.

CONTACT:  ZNAMENSKOYE
          655350, Russia, Khakasiya republic,
          Znamenka, Dzerzhinskogo Str. 78

          Mr. M. Panin
          Insolvency Manager
          655017, Russia, Khakasiya republic,
          Abakan, Post User Box 199


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


AVANZIT SA: Chairman Quits in Wake of Financial Scandal
-------------------------------------------------------
The chairman of Avanzit, Juan Bautista Perez Aparicio, on
Thursday resigned amidst allegations of financial cover-ups at
the technology group, El Pais reports.

The departure came a day after the then board of directors
secretary Luis M. Juega Garcia reported to the National
Securities Commission (CNMV) a previously undisclosed
transaction.

The filing said EUR1.58 million was transferred from the bank
accounts of group subsidiary Avanzit Technologia in 2002 to an
investment company controlled by Mr. Aparicio, who at the time
was also chairman of the unit.

"These payments may not have been adequately reflected in the
accounts," the filing said.

According to the report, it is unclear whether the disclosure
had the blessings of the board, and why Mr. Garcia chose to
reveal the information.  The board sacked him on the same day.
It appointed a new director, but did not appoint a replacement
for Mr. Aparicio.  It promised to call an extraordinary meeting
to inform shareholders on the issue soon.

Shares in the company were suspended on Thursday as the CNMV
called a temporary halt to Avanzit's share offering.

Avanzit has just emerged from receivership through a debt-for-
equity restructuring.  About 50% of it is now owned by
creditors, including a number of regional savings banks, which
hold a combined 12.85% stake, Banco Santander Central Hispano
with 4.6% and Banco Sabadell with 4%.

Avanzit used to have debs of EUR440 million.  It is launching a
rights issue to raise EUR31.55 million in new capital.  It is
also offering to swap new shares worth EUR60.94 million for debt
still owed to creditors.

Construction group Acciona is Avanzit's main shareholder with a
22% stake.


IZAR: New Competition Commissioner Undecided on New Deal
--------------------------------------------------------
Newly appointed European competition commissioner Nellie Kroes
expressed some doubts on the agreement between Sociedad Estatal
De Participaciones Industriales (SEPI) and trade unions, El Pais
says.

After a preliminary analysis of the agreement, Mr. Kroes said
Sunday the parties failed to observe agreements between the
government and the European Commission.  The government,
however, expressed confidence the new agreement complies with
European regulations.  Trade unions CCOO and UGT are certain the
regulator would sanction the agreement.

Meanwhile, the regulator has extended the deadline for the
repayment of EUR376 million in illegal state aid until 2005.
The European Commission previously gave Izar until the end of
the year to repay the amount.

CONTACT:  IZAR CONSTRUCCIONES NAVALES a.s.
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


===========
S W E D E N
===========


LANDSHYPOTEK AB: 'B/C' Individual Rating Affirmed
-------------------------------------------------
Fitch Ratings affirmed Landshypotek AB's ratings at Long-term
'A', Short-term 'F1', Individual 'B/C' and Support '3'.  The
Outlook on the Long-term rating remains Stable.

The ratings of LH reflect its strong niche franchise, good core
asset quality and sound level of capital, whilst also reflecting
its small size and below average profitability.

LH is a specialized borrower-owned credit institution and the
largest supplier of mortgage loans to the agricultural and
forestry sector in Sweden, with a market share in excess of 50%.
Revenue generation is dominated by net interest income.  LH's
ROE, although lower than its Swedish peers', remains acceptable
given that LH also has a higher capital/assets ratio and as LH
does not aim to maximize profits but instead provide favorable
lending rates to its members.

Total non-performing loans were low relative to total loans and
were well collateralized.  However, a very large increase in
doubtful lending in 2003 was due to problems with LH's largest
exposure, which is to a group of energy companies.  After
setting aside a SEK90 million provision in 2003, LH took another
SEK75m provision on the SEK664 million (gross) exposure in H104.

However, in July 2004 LH acquired all of the company's shares
and solicited legal advice and sector expertise in order to
consolidate the business and renegotiate current customer
contracts.  The net exposure was equivalent to c.18% of equity
and further provisions are possible.  The bank appears well
capitalized, especially given that loans secured on agricultural
property are 100% risk weighted in Sweden.

CONTACT:  FITCH RATINGS
          Holger Horn, Frankfurt
          Phone: +49 69 768076 190

          Mark Young, London
          Phone: +44 20 7417 4268

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


SCANDINAVIAN AIRLINES: No Jobs Lost in Restructuring
----------------------------------------------------
The management of SAS Braathens agreed with the pilots' unions
of Scandinavian Airlines and Braathens regarding a recommended
proposal for a new pilots' agreement.  As a result, the scene is
set for all of the approximately 800 pilots at Scandinavian
Airlines in Norway and at Braathens to be transferred to their
new employer, SAS Braathens, by the end of December this year.

At the same time, the recommended proposal prepares the way for
the operational transfer of about 1,500 cabin crew.

"With this agreement in place, we can now complete the
integration of Scandinavian Airlines in Norway and Braathens
into SAS Braathens.  It is a victory for all the parties.  We
now have a modified proposal for the agreement that has been
agreed in full between the parties.  The formulation will
generate considerable efficiency gains," says Petter
Jansen, President of SAS Braathens, in a comment.  He emphasizes
that the proposed agreement shall now go through a formal
process with the two pilots' trade unions and that SAS Braathens
has full respect for this process.

The recommended proposal for a new pilots' agreement includes
the harmonization of salary and work terms and conditions
between the two pilots' groups.

"In brief, nobody will lose their job and no demotions from
captain to first officer will be made as a result of the new
agreement," says Petter Jansen, adding that SAS Braathens will
operate the Vestland routes, which have been operated by SAS
Commuter to date.

The head of the Braathens' pilots' union, Jan Levy Skogvang,
says the negotiations have been intense and difficult, but that
both unions have made a positive contribution to finding a
solution.  "This is an agreement that I believe Braathens'
pilots can live with," he says.  The recommended proposal will
now be the subject of a ballot among members.

Jack Netskar, head of the Norwegian SAS Pilots' Association,
says that the agreement proposal contains such major changes and
is such an important document that his members could make their
views known in a ballot.

"It is positive that we have made so much progress that we can
now have calm and stability and begin to focus on the future,"
says Mr. Netskar.

CONTACT:  SAS BRAATHENS
          Siv Meisingseth, Communications Manager
          Phone: 95 71 61 45


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


SAIRGROUP: Liquidator Recovers CHF25 Million
--------------------------------------------
The liquidator of SAirGroup has sent his Circular No. 3 to
creditors of the company.  The circular is now available on the
liquidator's Web site (http://www.liquidator-swissair.ch).
Circulars will also be sent out over the next few days to the
creditors of SAirLines, Swissair Swiss Air Transport Company
Ltd. and Flightlease AG.

The Circular reports on the liquidator's activities since the
end of June 2004.  It shows that, over the past few months, it
has been possible to collect outstanding accounts receivable in
the approximate amount of CHF25 million.  The complicated real
estate sale negotiations have been concluded in respect of the
catering building in Geneva, the condominium units in Buenos
Aires and three properties in Dar-es-Salaam.  Meanwhile, the
sale process for the remaining real estate continues.

Responsibility Claims: Briefs Prepared

These transactions, which might be of relevance to the
responsibility claims against the governing and executive bodies
of SAirGroup, have been investigated in detail:

(a) Participations in the German charter company LTU,

(b) Participation in the French airline Air Littoral,

(c) Participation in the French airlines AOM and Air Liberte,

(d) Recapitalization of the Belgian airline Sabena in 2001,

(e) Restructurings between late 2000 and mid-2001,

(f) SAirGroup financial statements at Dec. 31, 2000 (no
    notification of over-indebtedness),

(g) Payments to foreign airline participations and third parties
    since spring 2001,

(h) Responsibility of the Statutory Auditor and the Group
    Auditor in the matters listed.

The claims in question may amount to up to CHF5 billion.
Whether or not litigation can be initiated for the full amount
of these claims is still open.  Draft briefs have already been
prepared in respect of the first five transactions.  It is
planned to send these briefs to the responsible bodies for
comment.  Enquiries have not yet been completed regarding the
last three matters.

The liquidator and the chairman of the Creditors' Committee,
have requested talks with Dr. Markus Notter, member of the
governing council of Canton Zurich, with regard to the delays to
the criminal investigation.

Pauliana Claims: Brief Prepared Against Deutsche Bank

Information was provided in June 2004 about the filing of a
Pauliana action against various KPMG companies.  Enquiries to
date have revealed that, in addition to the payments to the KPMG
companies since early 2001, various other payments, which could
satisfy the criteria for lodging a Pauliana claim under the
Swiss Debt Collection and Bankruptcy Act, have been made to
third parties.  Specifically, the liquidation bodies believe
that payments made to Deutsche Bank between March and September
2001, of around CHF87 million plus EUR20 million in the context
of an equity swap, are contestable.  The draft brief has already
been sent to Deutsche Bank AG for comment.  Investigations are
still underway with regard to further contestable transactions.

Estimated Dividend of 2.5% - 15.7%

Work has also progressed on the schedule of claims, which will
be submitted to the approximately 15,600 creditors for
inspection during the second half of 2005.  There are plans
prior to this to make a further, voluntary call for creditors'
claims for the CHF bonds and the guarantee claims relating to
the USD and euro-denominated bonds.  The estimated dividend for
third-class claims is still put at 2.5% to 15.7%.

The Liquidator's report to the debt-restructuring judge on
activities for the year 2004 will be drawn up in the first
quarter of 2005.

CONTACT:  SWISSAIR INTERNATIONAL
          Filippo Th. Beck, Wenger Plattner
          Phone: 043 222 38 00
          Fax: 043 222 38 01
          Web site: http://www.liquidator-swissair.ch


===========
T U R K E Y
===========


MNG BANK: Individual Rating Affirmed at 'D/E'
---------------------------------------------
Fitch Ratings affirmed Turkey's MNG Bank's ratings at Long-term
foreign and local currency 'B-', Short-term foreign and local
currency 'B', National Long-term 'BBB(tur)', Individual 'D/E'
and Support '5'.  The Outlook is Stable.

The Long-term, Short-term and Individual ratings reflect MNG
Bank's relatively small size in the Turkish banking system, the
volatile funding, concentrated loan portfolio and rapid growth
plans.  These are balanced by the bank's improved asset
liquidity, sufficient capitalization and refocused strategy.

After trying retail banking in the 1990s, the bank decided to
focus on small to medium companies with significant foreign
trade volume and increased its factoring and leasing activity
through its subsidiaries.  It managed to increase its export-
import related business, handling US$407 million by end-November
2004, compared with US$123 million at end-2003.

The letter of credit volume also increased to US$125 million
(510 transactions) as of the same date, versus US$30 million
(182 transactions) in 2003.  Though these made a positive impact
on the total interest income, its net interest margin (NIM) is
declining due to falling interest rates in Turkey as well as
high competition.

The bank also needs to pay higher interest rates to its
depositors because of its small size and potentially volatile
deposit base, where one third of the depositors are interest
sensitive.  However, its NIM is still higher than its peers and
the sector average due to the bank's high free capital.  The
bank has ambitious growth plans, which may prove difficult in
the current competitive environment.  Although the asset quality
has improved with falling non-performing loans, rapid growth may
bring new non-performing loans.  MNG bank's capitalization is
sufficient with a capital adequacy ratio of 21% as of end-Q304
and the liquidity is strong with liquid assets excluding
securities portfolio covering 41% of total deposits.  These
ratios are maintained high by the bank because of its size and
the volatile funding base.

Since 1997 MNG Bank has been owned by Mr. Mehmet Nazif Gunal,
owner of the MNG Group, which is mainly engaged in construction,
tourism and aircargo/logistics.  The bank provides corporate
banking services to a select group of clients, including
companies with high cash flows with the potential for
significant volumes of trade finance.  It also targets
suppliers, dealers and agents of MNG Group subsidiaries.  The
bank owns subsidiaries operating in leasing, factoring and
brokerage.

A detailed report on MNG Bank is available on the agency's
subscriber Web site, http://www.fitchresearch.com.

CONTACT:  FITCH RATINGS
          Banu Saracci, London
          Phone: +44 20 7417 4222

          Ed Thompson, New York
          Phone: +1 212 908 0364

          Gulcin Orgun, Istanbul
          Phone: +90 212 279 10 65

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


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


AGROPROMBUD: Proofs of Claim Deadline Expires Tomorrow
------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on Agroprombud (code EDRPOU 32342859) on
September 27, 2004.  The case is docketed as 6/326-8/162.
Arbitral manager Mr. Volodimir Solskij (License Number AA
719827) has been appointed temporary insolvency manager.  The
company holds account number 26003605172151 at Ukrsocbank, Lviv
regional branch, MFO 325019.

Creditors have until tomorrow to submit their proofs of claim
to:

(a) AGROPROMBUD
    81100, Ukraine, Lviv region,
    Pustomiti, Glinska Str.

(b) Mr. Volodimir Solskij
    Temporary Insolvency Manager
    79007, Ukraine, Lviv region,
    Svobodi Avenue, 19/21-7

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


BRYANKIVSKIJ VEHICLES: Liquidator Takes over Operations
-------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Bryankivskij Plant of Vehicles (code EDRPOU
01350268) on October 27, 2004 after finding the open joint stock
company insolvent.  The case is docketed as 11/13 b.  Mr.
Belikov Andrij (License Number AA 484195) has been appointed
liquidator/insolvency manager.

CONTACT:  BRYANKIVSKIJ PLANT OF VEHICLES
          94100, Ukraine, Lugansk region,
          Bryanka, Kazahstanska Str. 5

          Mr. Belikov Andrij
          Liquidator/Insolvency Manager
          91031, Ukraine, Lugansk region,
          Oboronna Str. 6
          Phone: (0642) 58-83-51

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


DNIPROVETS: Dnipropetrovsk Court Opens Bankruptcy Proceedings
-------------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Dniprovets on October 12, 2004 after finding
the limited liability company insolvent.  The case is docketed
as B 29/192/03.  Mr. O. Solntsev (License Number AA 719850) has
been appointed liquidator/insolvency manager.

CONTACT:  Mr. O. Solntsev
          Liquidator/Insolvency Manager
          49055, Ukraine, Dnipropetrovsk region,
          Novokrimska Str. 3/118
          Phone: 8 (0562) 92-87-78

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


LNOKOR: Gives Creditors Until Thursday to File Claims
-----------------------------------------------------
The Economic Court of Chernigiv region has commenced bankruptcy
supervision procedure on limited liability agricultural company
Lnokor (code EDRPOU 30713619).  The case is docketed as 5/176 B.
Mr. Pavlo Lyashenko (License Number AA 630118) has been
appointed temporary insolvency manager.  The company holds
account number 26005004316 at Polikombank, Chernigiv branch, MFO
353100.

Creditors have until December 23, 2004 to submit their proofs of
claim to:

(a) LNOKOR
    16234, Ukraine, Chernigiv region,
    Koropskij district, Vilne

(b) Mr. Pavlo Lyashenko
    Temporary Insolvency Manager
    Ukraine, Chernigiv region,
    Boyova Str. 5/12

(c) ECONOMIC COURT OF CHERNIGIV REGION
    14000, Ukraine, Chernigiv region,
    Miru Avenue, 20


NADIYA: Claims Filing Period Ends Tomorrow
------------------------------------------
The Economic Court of Vinnitsya region has commenced bankruptcy
supervision procedure on limited liability agricultural company
Nadiya (code EDRPOU 03729983).  The case is docketed as 5/471-
04.  Mr. V. Kravtsov (License Number AA 779160) has been
appointed temporary insolvency manager.  The company holds
account number 260087300 at JSPPB Aval, Vinnitsya branch, MFO
302247.

Creditors have until December 23, 2004 to submit their proofs of
claim to:

(a) NADIYA
    22245 Ukraine, Vinnitsya region,
    Pogrebishenskij district, Chapayevka

(b) Mr. V. Kravtsov
    Temporary Insolvency Manager
    Ukraine, Zhitomir region,
    Polyova Plosha Str. 10/7

(c) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


NEKTAR: Declared Insolvent
--------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against Nektar (code EDRPOU 00377805) on November
11, 2004 after finding the close joint stock company insolvent.
The case is docketed as 8/61-B.  Mr. Oleksandr Kushniruk
(License Number AA 783223) has been appointed
liquidator/insolvency manager.  The company holds account number
26006236345001 at CB Privatbank, Kovel branch, MFO 303332.

Creditors have until December 23, 2004 to submit their proofs of
claim to:

(a) NEKTAR
    45000, Ukraine, Volinska region,
    Kovel, Nezalezhnosti Str. 44

(b) Mr. Oleksandr Kushniruk
    Liquidator/Insolvency Manager
    Ukraine, Volinska region,
    Lutsk, Potebni Str. 52-A/56

(c) ECONOMIC COURT OF VOLINSKA REGION
    43010, Ukraine, Volinska region,
    Lutsk, Voli Avenue, 54-a


NEKTAR-TRADE: Appoints L. Chudajkina Insolvency Manager
-------------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
supervision procedure on Nektar-Trade (code EDRPOU 31639086).
The case is docketed as 14/53.  Mrs. L. Chudajkina (License
Number AA 487778) has been appointed temporary insolvency
manager.

Creditors have until December 24, 2004 to submit their proofs of
claim to:

(a) NEKTAR-TRADE
    56100, Ukraine, Mikolaiv region,
    Bashtanka, Yuvilejna Str. 76/3

(b) Mrs. L. Chudajkina
    Temporary Insolvency Manager
    54058, Ukraine, Mikolaiv region,
    Lazurna Str. 2-b/25 a/b 1041
    Phone: (0512) 41-60-48
           (0512) 35-03-02
    Fax: (0512) 35-03-02

(c) ECONOMIC COURT OF MIKOLAIV REGION
    54009, Ukraine, Mikolaiv region,
    Admiralska Str. 22


NIZHIN' MACHINE: Undergoes Sanction Procedure
---------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on OJSC Nizhin' Agricultural Machine-
Building Plant (code EDRPOU 14311643) and initiated sanction
procedure on November 19, 2004.  The case is docketed as 9/166-
b.  Mr. Sergij Gorbach (License Number 630134) has been
appointed temporary insolvency manager.  The company holds
account number 260076350 at JSPPB Aval, Chernigiv regional
branch, MFO 353348.

Creditors have until December 24, 2004 to submit their proofs of
claim to:

(a) NIZHIN' AGRICULTURAL MACHINE-BUILDING PLANT
    16610, Ukraine, Chernigiv region,
    Nizhin, Shevchenko Str. 109

(b) Mr. Sergij Gorbach
    Temporary Insolvency Manager
    14000, Ukraine, Chernigiv region,
    Miru Avenue, 139, Office 30

(c) ECONOMIC COURT OF CHERNIGIV REGION
    14000, Ukraine, Chernigiv region,
    Miru Avenue, 20


REGIONAL AGROINDUSTRIAL: Bankruptcy Supervision Begins
------------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on CJSC Regional Agroindustrial Centre
(code EDRPOU 23690591) on August 16, 2004.  The case is docketed
as 10/140.  Arbitral manager Mr. Sergij Salatov (License Number
AA 048823) has been appointed temporary insolvency manager.  The
company holds account number 26006301330661 at Prominvestbank,
Kirovograd branch, MFO 323301.

Creditors have until December 23, 2004 to submit their proofs of
claim to:

(a) REGIONAL AGROINDUSTRIAL CENTRE
    25006, Ukraine, Kirovograd region,
    Leninskij district, Timiryazev Str. 76/2

(b) Mr. Sergij Salatov
    Temporary Insolvency Manager
    25006, Ukraine, Kirovograd region,
    Karl Marks Str. 4, Body 1
    Phone: (0522) 32-05-01

(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
    25022, Ukraine, Kirovograd region,
    Lunacharski Str. 29


SPEKTR LTD.: Succumbs to Insolvency
-----------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Spektr Ltd. (code EDRPOU 14218501) after
finding the company insolvent.  The case is docketed as 9/152 b.
Creditors have until December 24, 2004 to submit their proofs of
claim to the Economic Court of Chernigiv Region 14000, Ukraine,
Chernigiv region, Miru Avenue, 20.


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


3I EUROPEAN: Members Vote to Liquidate Firm
-------------------------------------------
3i European Technology Trust plc (in members voluntary
liquidation) announces that at the Company's Extraordinary
General Meeting held on 20 December 2004, the resolutions
proposed to voluntarily wind-up the Company and appoint
liquidators for this purpose were duly approved.

In accordance with the terms set out in the circular to
Shareholders of the Company dated 26 November 2004 the Company's
asset portfolio will be realized and the cash proceeds used to
settle all of the Company's liabilities with the surplus being
distributed pro-rata to the shareholders on the share register
at 5:30 p.m. on 17 December 2004.

Two copies of the full text of the Special and Extraordinary
resolutions, passed at the Extraordinary General Meeting, were
submitted to the U.K. Listing Authority on 26 November 2004, for
publication through the document viewing facility, as part of
the Circular.

The Manager has advised the Liquidators that it considers that
most of the portfolio should be capable of realization in a
manner that will permit an initial distribution, representing
the bulk of the sums that will be received by Shareholders as a
result of the Liquidation, to be paid before the end of January
2005.

Shareholders are reminded that the value of shares and
securities held in the portfolio may rise or fall before they
are realized, and neither the Liquidators nor the Company give
any warranty as to the eventual value of the portfolio.  The
Liquidators act as agents of the Company and without personal
liability.

Shareholders are also reminded that dealings in the Ordinary
Shares of the Company have been suspended and accordingly
shareholders will not be able to transfer their Ordinary Shares.
All defined terms in this announcement have the same meanings as
set out in the Circular.

P J Brazzill and M E Mills
Joint liquidators

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London
          SE1 2AF
          Phone: 020 7951 9128
          Fax: 020 7951 9232
          Contact:
          Richard Barker


ASHTEAD GROUP: 2nd-quarter, 1st-half Results Up Year-on-year
------------------------------------------------------------
Ashtead Group Plc, the equipment rental group serving the U.S.
and U.K. construction, industrial and homeowner markets,
announces its results for the half-year and second quarter ended
October 31, 2004.

Highlights

(a) Group H1 pre-tax profit before goodwill and, in 2003,
    exceptional items up 81% to GBP20.1 million;

(b) Group H1 pre-tax profit of GBP15.7 million (2003 - loss of
    GBP8.5 million);

(c) Sunbelt's H1 profit[1] up 50% to US$61.9 million;

(d) A-Plant's H1 profit[1] up 52% to GBP8.5 million;

(e) Group Q2 pre-tax profit before goodwill and, in 2003,
    exceptional items up 52% to GBP14.4 million;

(f) Group Q2 pre-tax profit of GBP12.2 million (2003 - loss of
    GBP0.5 million); and

(g) New five year US$675 million asset based senior syndicated
    loan facility successfully completed.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Sunbelt's and A-Plant's profit comprises their operating
profit before goodwill amortization and, in 2003, exceptional
items.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Ashtead's chief executive, George Burnett, commented: "The Group
again performed strongly in the second quarter reflecting
improving markets, increased market share and the shift from
ownership to rental in the U.S.  A-Plant also showed strong
growth building on the improvements seen since completing in
January its refocusing program.  Our new five-year senior debt
facility, which was successfully completed just after the end of
the period, provides U.S. with greater flexibility to invest and
a lower interest cost.

Current trading conditions in both our main markets remain
strong.  Whilst the continuing weakness of the U.S. dollar and
any further interest rate rises may adversely impact second half
performance, the Board remains encouraged by the underlying
performance of both our main businesses and by the Group's long
term growth potential."

Overview

In the first half Group profit before tax, goodwill amortization
and exceptional items (which arose only in 2003) rose 81% to
GBP20.1 million (2003 - GBP11.1 million) and by 114% at constant
exchange rates.  After goodwill amortization and exceptional
items, pre-tax profits were GBP15.7 million compared with last
year's loss of GBP8.5 million.  Earnings per share based on the
pre-tax profit before goodwill amortization and exceptional
items and after an imputed 30% tax rate increased to 4.4p (2003:
2.4p).  After goodwill amortization and exceptional items, and
the accounting tax charge, earnings per share were 2.0p in 2004
compared to the loss of 3.4p in 2003.

The Group again performed strongly in the second quarter.  Group
profit before tax, goodwill amortization and, in 2003,
exceptional items rose 52% to GBP14.4 million (2003: GBP9.5
million) and by 71% at constant exchange rates.  After goodwill
amortization and exceptional items, the pre-tax profit was
GBP12.2 million compared with the loss of GBP0.5 million in
2003.

Review of First Half Trading

                   Turnover(1)      EBITDA(1)        Divisional
                                                     operating
                                                     profit(2)


                  2004    2003    2004    2003    2004    2003

Sunbelt Rentals
in US$ million    342.0   295.9   114.7    94.1    61.9    41.3

Sunbelt Rentals
in GBP million    188.1   180.3    63.1    57.5    34.0    25.2

A-Plant            80.6    83.5    26.5    26.5     8.5     5.6

Ashtead
Technology          6.0     6.8     2.9     3.6     1.4     2.1

Group central
Costs               -       -      (3.1)   (2.7)   (3.1)   (2.7)
                  -----   -----   -----   -----   -----   -----
                  274.7   270.6    89.4    84.9    40.8    30.2

Interest            -       -       -       -     (20.7)  (19.1)

Profit before
tax (2)             -       -       -       -      20.1    11.1

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(1) In 2003, before exceptional items
(2) Before goodwill amortization and in 2003, exceptional items.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The impact of the 11% year on year decline in the U.S. dollar
limited the increase in first half sterling Group turnover to
1.5%.  At actual rates of exchange first half EBITDA grew 5.3%
to GBP89.4 million and operating profit before goodwill
amortization and exceptional items increased 35.1% to GBP40.8
million.  The underlying growth was stronger.  Measured at
constant exchange rates, to eliminate the translation effect of
the weak U.S. dollar, turnover grew 8.8%, EBITDA grew 13.1% and
operating profit before goodwill amortization and exceptional
items grew 47.9%.  The Group's profit margins also improved.
The first-half EBITDA margin rose from 31.4% to 32.5% and the
operating profit margin (before goodwill amortization and
exceptional items) from 11.2% to 14.9%.

Sunbelt Rentals

Sunbelt continued to perform strongly in the first half with
both rental rates and utilization continuing to rise,
particularly in the second quarter.  As a result first-half
turnover grew 15.6% to US$342.0 million reflecting growth of
approximately 7% in rental rates and an increase in utilization
rates from 67% to 72% whilst its fleet size remained broadly
constant.  Turnover growth was broadly based with all regions
and all major product areas trading ahead of last year.

Turnover also benefited from additional work in the second
quarter from the aftermath of the Florida hurricanes.
Construction volumes in Florida are expected to continue to be
strong for at least the next year.  New profit centers were
opened in Houston, Chicago and Vancouver (Washington State) in
the first half and further new profit centers are planned for
Miami and Phoenix.

Sunbelt's turnover improvement reflected market share gains and
growth in non-residential construction activity as well as a
continued shift from ownership to rental.  Sunbelt's first half
divisional operating profit grew 49.9% to US$61.9 million (2003:
US$41.3 million) representing a margin of 18.1% (2003: 14.0%).

A-Plant

A-Plant continued to build on the improvements in performance
seen in Q4 last year and Q1 this year.  Although total turnover
for the six months declined to GBP80.6 million from GBP83.5
million in 2003 as a result of last year's non-core disposal
program, on a same store basis turnover increased 3.6%.  This
reflected a fleet size, which was approximately 5% smaller than
in the equivalent period last year, an increase in utilization
from 60% to 66% and broadly constant rental rates.  All three of
A-Plant's divisions improved with the Tool Hire division
achieving the highest growth rate.  New Tool Hire shops were
opened in Harlow and Croydon and trading has just commenced at
our new accommodation business in Cumbria.

A-Plant's first half divisional operating profit grew 51.8% to
GBP8.5 million (2003: GBP5.6 million) representing a margin of
10.5% (2003: 6.7%).

Ashtead Technology

Technology's turnover declined 11.8% to GBP6.0 million at actual
exchange rates as growth in its onshore environmental rental
businesses was offset by slow offshore market conditions.  Our
first U.K. environmental rental store was opened in Hitchin at
the beginning of the period and the U.S. expansion continued
with an opening in Atlanta in October.  First half divisional
operating profit was GBP1.4 million (2003: GBP2.1 million).
Towards the end of the period, activity levels in the North Sea
market improved.  Commentators are now increasingly confident
that the oil majors will be funding greater offshore exploration
and construction activity in 2005 from which Ashtead Technology
should benefit in due course.

Capital Expenditure and Net Debt

Capital expenditure in the six months was GBP63.3 million of
which GBP60.5 million was on the fleet.  These expenditure
levels were significantly higher than last year reflecting the
improving U.S. economic conditions.  GBP18.2 million of the
fleet expenditure was for growth with the remainder being spent
to replace existing equipment.  Disposal proceeds of GBP15.5
million (2003: GBP19.4 million) were realized in the period
generating a profit on disposal of GBP2.5 million (2003: GBP1.8
million).

The tax effect on cash flow was again minimal and is expected to
remain so.

Net debt at 31 October was GBP509.4 million, a reduction of
GBP17.3 million since year-end and GBP66.1 million in the twelve
months since October 31, 2003.  At constant exchange rates these
reductions were GBP10.2 million and GBP38.4 million
respectively.

New Asset-Based Bank Facility

As previously announced, the Group completed syndication of a
new US$675 million five-year asset based first priority senior
debt facility on November 12, 2004.  At closing US$490 million
(GBP265 million) was drawn under the facility and was used,
together with cash on hand, to repay the amount outstanding
under the previous first priority senior debt facility and the
debtors securitization.  Demand for participation in the
facility was very strong enabling improvement in interest margin
to be achieved during syndication.

As well as reducing costs, the new facility offers greater
flexibility on capital expenditure levels.  Indeed, in light of
the positive trading trends in Sunbelt and the Group's strong
cash performance, capital expenditure for the current financial
year is now expected to be in the region of GBP120 million -
GBP130 million as opposed to the previous guidance of GBP100
million -GBP105 million and last year's figure of GBP72.3
million.

Current Trading and Outlook

Current trading conditions in both our main markets remain
strong.  Whilst the continuing weakness of the U.S. dollar and
any further interest rate rises may adversely impact second half
performance, the Board remains encouraged by the underlying
performance of both our main businesses and by the Group's long-
term growth potential.

CONTACT:  ASHTEAD GROUP PLC
          41-51 Kingston Road
          Leatherhead
          Surrey KT22 7AP
          Phone: + 44 1372 362300
          Fax: + 44 1372 376610
          Web site: http://www.ashtead-group.com

          Cob Stenham
          Non-executive chairman
          Phone: 020 7299 5562

          George Burnett
          Chief executive
          Phone: 01372 362300

          Ian Robson
          Finance director
          Phone: 01372 362300

          Brian Hudspith
          The Maitland Consultancy
          Phone: 020 7379 5151


BALL PACKAGING: Hires Joint Liquidators from KPMG
-------------------------------------------------
At the general meeting of Ball Packaging Europe Holding Limited,
the special, ordinary and extraordinary resolutions to wind up
the company were passed.  John Paul Bateman and Brian Green of
KPMG LLP, 8 Princes Parade, Liverpool L3 1QH have been appointed
joint liquidators of the company.

CONTACT:  KPMG LLP
          8 Princes Parade,
          Liverpool L3 1QH
          Phone: (0151) 473 5100
          Fax:   (0151) 473 5200
          Web site: http://www.kpmg.co.uk


BASSETT FOODS: Members Decide to Dissolve Business
--------------------------------------------------
At the extraordinary general meeting of the members of Bassett
Foods International Limited on Nov. 30, 2004 held at 25 Berkeley
Square, London W1J 6HB, the ordinary resolution to wind up the
company was passed.  Keith Aleric Stevens and Stephen Paul Grant
have been appointed joint liquidators of the company.


BELGRAVIA LEASING: Members Decide to Wind up Firm
-------------------------------------------------
At the extraordinary general meeting of the members of Belgravia
Leasing Limited on Dec. 9, 2004 held at Meridian House, 62
Station Road, North Chingford, London E4 7BA, the extraordinary
and ordinary resolutions to wind up the company were passed.  A.
J. Clark of Carter Clark, Meridian House 62 Station Road, North
Chingford, London E4 7BA has been appointed liquidator of the
company.

CONTACT:  CARTER CLARK
          Meridian House 62 Station Road,
          North Chingford, London E4 7BA


BENCHMARK KITCHEN: Opts for Liquidation
---------------------------------------
At the extraordinary general meeting of Benchmark Kitchen
Furniture Limited on Dec. 13, 2004 held at Express By Holiday
Inn, Guardian Road, Exeter EX1 3PE, the extraordinary resolution
to wind up the company was passed.  Mark Prideaux of Unique
Business Finance Ltd., 6 Lockside Office Park, Lockside Road,
Preston PR2 2YS has been appointed liquidator of the company.

CONTACT:  UNIQUE BUSINESS FINANCE LTD.
          6 Lockside Office Park,
          Lockside Road, Preston PR2 2YS


BIG FOOD: Accepts Baugur's 95-pence-a-share Offer
-------------------------------------------------
Big Food Group plc is providing update on proposals for the
acquisition of the firm by Baugur and its investment partners.
On 30 November 2004, Big Food announced that it had received a
proposal from Baugur in relation to a possible offer for Big
Food at 95 pence per share in cash.

Substantial progress has been made, and the terms of a
recommended offer for Big Food, by way of a scheme of
arrangement, at 95 pence per share in cash have been agreed
between Baugur and Big Food, subject to the outcome of
discussions in relation to financing which remain to be
finalized before any offer can be formally announced.

Papers have been lodged with the court in order to preserve the
intended scheme of arrangement timetable.  A further
announcement will be made as soon as possible.

                            *   *   *

Baugur is offering GBP326 million cash.  Earlier, Standard &
Poor's Ratings Services placed its 'BB' long-term corporate
credit ratings on Big Food and related entities on CreditWatch
with negative implications, due to concerns about the potential
increase in debt levels that might arise from the proposed
takeover by Baugur.  At Sept. 17, 2004, estimated lease - and
pension-adjusted net debt was GBP875 million ($1.65 billion).

CONTACT:  THE BIG FOOD GROUP
          Bill Grimsey
          Chief Executive
          Phone: 020 7796 4133

          Bill Hoskins
          Finance Director (on 20 December only)

          GCG HUDSON SANDLER
          Andrew Hayes
          Noemie de Andia
          Phone: 020 7796 4133

          CITIGROUP GLOBAL MARKETS LIMITED
          Ian Hart
          Ted Kuh Ed Matthews (Corporate Broking)
          Phone: 020 7986 4000

          UBS LIMITED
          Adrian Haxby
          Michael Lacey
          Phone: 020 7567 8000


BOWERS & MARRIS: Appoints Baker Tilly Liquidator
------------------------------------------------
At the extraordinary general meeting of the members of Bowers &
Marris Limited on Dec. 13, 2004 held at Baker Tilly, 27 Osborne
Street, Grimsby, North East Lincolnshire DN31 1NU, the special
resolutions to wind up the company were passed.  Alec David
Pillmoor of Baker Tilly, 27 Osborne Street, Grimsby, North East
Lincolnshire DN31 1NU has been appointed liquidator of the
company.

CONTACT:  BAKER TILLY
          27 Osborne Street, Grimsby,
          North East Lincolnshire DN31 1NU
          Phone: 01472 351171
          Fax: 01472 240458
          Web site: http://www.bakertilly.co.uk


BROADLEY LIMITED: Members Pass Winding up Resolution
----------------------------------------------------
At the extraordinary general meeting of the members of Broadley
Limited on Nov. 30, 2004 held at 25 Berkley Square, London W1J
6HB, the ordinary resolution to wind up the company was passed.
Keith Aleric Stevens and Stephen Paul Grant have been appointed
joint liquidators of the company.


BRYANSTON LIMITED: Joint Liquidators Take over Business
-------------------------------------------------------
At the extraordinary general meeting of the members of Bryanston
Limited on Nov. 30, 2004 held at 25 Berkley Square, London W1J
6HB, the ordinary resolution to wind up the company was passed.
Keith Aleric Stevens and Stephen Paul Grant have been appointed
joint liquidators of the company.


BSR TECHNICAL: Hires Irwin & Company as Liquidator
--------------------------------------------------
At the extraordinary general meeting of the members of BSR
Technical Moulding Services Limited on Dec. 6, 2004 held at
Irwin & Company, Station House, Midland Drive, Sutton Coldfield,
West Midlands B72 1T7, the extraordinary and ordinary
resolutions to wind up the company were passed.  Gerald Irwin
has been appointed liquidator of the company.

CONTACT:  IRWIN & COMPANY
          Station House, Midland Drive,
          Sutton Coldfield, West Midlands B72 1T7


CABLE & WIRELESS: Appoints Liquidator from Grant Thornton
---------------------------------------------------------
Name of companies:
Cable & Wireless Communications (Enterprises) Limited
Cable & Wireless (Far East) Holding Limited
Cable & Wireless Communications Teleserve Limited
Cable & Wireless Global Businesses Limited
Cable & Wireless Global Networks Services Limited
Grant & Taylor Limited
Telecommunications Administration And Billing Services Limited
The Eros Leasing Company Limited
The Web Internet Services Limited
The West Coast Of America Telegraph Company Limited

At the meetings of these companies, the special resolutions to
wind up their operations were passed.  Andrew Conquest of Grant
Thornton UK LLP, Grant Thornton House, Melton Street, Euston
Square, London NW1 2EP has been appointed liquidator of said
companies.

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


CADBURY SCHWEPPES: Members Appoint Joint Liquidators
----------------------------------------------------
At the extraordinary general meeting of the members of Cadbury
Schweppes Research Limited on Nov. 30, 2004 held at 25 Berkley
Square, London W1J 6HB, the ordinary resolution to wind up the
company was passed.  Keith Aleric Stevens and Stephen Paul Grant
have been appointed joint liquidators of the company.


CARO COATINGS: Extraordinary Winding up Resolution Passed
---------------------------------------------------------
At the extraordinary general meeting of the members of Caro
Coatings Limited on Dec. 7, 2004 held at The Regus Offices, The
Landsdowne Building, 2 Lansdowne Road, Croydon, Surrey, the
extraordinary resolution to wind up the company was passed.
Neville Richard Eckley of Neville Eckley, 33A Chipstead Valley
Road, Coulsdon, Surrey CR5 2RB has been nominated liquidator of
the company.

CONTACT:  NEVILLE ECKLEY
          33A Chipstead Valley Road,
          Coulsdon, Surrey CR5 2RB


C G R LEISURE: Liquidator Takes over Helm
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF C G R Leisure Limited
                         (In Liquidation)

I, Graham Cameron Tough, CA, Martin Aitken & Co., Caledonia
House, 89 Seaward Street, Glasgow hereby give notice that on
November 29, 2004, I was appointed Liquidator of C G R Leisure
Limited by a Resolution of the First Meeting of Creditors held
in terms of Section 138(3) of the Insolvency Act 1986.  No
liquidation Committee was established.

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

Graham Cameron Tough CA., Liquidator

CONTACT:  MARTIN AITKEN & CO.
          Caledonia House
          89 Seaward Street
          Glasgow G41 1HJ
          Phone: 0141 332 0488
          Fax: 0141 272 0011
          E-mail: ca@maco.co.uk
          Web site: http://www.maco.co.uk


CLYDE KILTS: Liquidator Sets Deadline for Filing of Claims
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Clyde Kilts Limited
                         (In Liquidation)

I, Graham H. Martin, PricewaterhouseCoopers LLP, Kintyre House,
209 West George Street, Glasgow, G2 2LW, hereby give notice that
I was appointed Liquidator of Clyde Kilts Limited on December 7,
2004 by resolution of the first meeting of creditors convened in
terms of Section 138 of the Insolvency Act 1986.  The meeting
declined to establish a Liquidation Committee.

It is not my intention to summon a further meeting of the
creditors to establish a Liquidation Committee unless requested
to do so by one-tenth in value of the company's creditors.  All
creditors who have not already done so are required on or before
March 7, 2004 to lodge their claims with me.

Graham H. Martin, Liquidator
December 7, 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


D & B BUSINESS: Members Approve Proposed Winding up Resolutions
---------------------------------------------------------------
At the extraordinary general meeting of the members of D & B
Business Solutions Ltd. on Dec. 10, 2004 held at Wesley House,
Huddersfield Road, Birstall, Batley, West Yorkshire WF17 9EJ,
the special, ordinary and extraordinary resolutions to wind up
the company were passed.  Peter O'Hara of O'Hara & Co has been
appointed liquidator of the company.


DUDLEY DEVELOPMENTS: Holds First Meeting of Creditors
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Dudley Developments Limited
                        (In Liquidation)

I, Ian William Wright, hereby give notice that I was appointed
Interim Liquidator of Dudley Developments Limited on November
15, 2004, by Interlocutor of the Sheriff of Grampian Highland &
Islands at Peterhead.

Notice is also given that the First Meeting of Creditors of
Dudley Developments Limited will be held at the offices of
Haines Watts, 403 Holburn Street, Aberdeen AB10 7GS on December
24, 2004 at 10:00 a.m. for the purposes of choosing a liquidator
and of determining whether to establish a Liquidation Committee.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims and proxies have been submitted and accepted at the
meeting or lodged beforehand at the address.  A resolution will
be passed when a majority of those voting have voted in favor of
it.  For the purpose of formulating claims, creditors should
note that the date of commencement of the liquidation is July
27, 2004.

Ian W. Wright, Interim Liquidator

CONTACT:  HAINES WATTS (ABERDEEN INSOLVENCY)
          403 Holburn Street
          Aberdeen AB10 7GS
          Phone: 01224 252850
          Fax: 01224 595659
          Web site: http://www.hwca.com


DUNDEE PUBLIC: Winding-up Report Due January
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Dundee Public Art Programme
               (In Creditors' Voluntary Liquidation)

Notice is hereby given that, in terms of Section 106 of the
Insolvency Act 1986, meetings of the company and of the
creditors will be held on Thursday January 13, 2005 at 10:00
a.m. and 10:30 a.m. respectively within the offices of the
Liquidator, Royal Exchange, Panmure Street, Dundee, for the
purpose of receiving a report of the Liquidator's acts and
dealings and of the conduct of the winding up, and to determine
whether the Liquidator should have his release in terms of
Section 173 of the said Act.

Shareholders are entitled to vote at said meeting according to
the rights attaching to their shares.  Creditors are entitled to
vote only if they have submitted their claims to the Liquidator
and their claims have been accepted in whole or in part.  A
resolution at the meeting is passed if a majority of those
voting, vote in favor of it.  A member or creditor who is
entitled to attend and vote at the above meetings is entitled to
appoint a proxy to attend and vote on his/her behalf.  Proxies
may be lodged with the Liquidator at or before the meeting.

Ian R. Johnston FCCA, Liquidator

December 2, 2004

CONTACT:  HENDERSON LOGGIE
          Royal Exchange
          Panmure Street
          Dundee DD1 1DZ
          Phone: 01382 200055 / 201234
          Fax: 01382 200764 / 221240
          E-mail: mailbox@hendersonloggie.co.uk
          Web site: http://www.hendersonloggie.co.uk


EQUITABLE LIFE: Policyholders Look to E.U. for Redress
------------------------------------------------------
Equitable Members Action Group (EMAG) has asked the European
Commission to initiate legal actions against the U.K. government
for failing to protect European citizens enmeshed in the
Equitable Life scandal.

In Brussels, EMAG's general secretary, Paul Braithwaite,
together with the Liberal Democrat shadow Treasury team MEP,
Chris Huhne, handed in a groundbreaking petition to the European
Parliament.  It requests the Commission to institute legal
proceedings against the U.K. government for failing to protect
citizens throughout Europe in the Equitable Life scandal.

Paul Braithwaite said: "Despite Gordon Brown's fine words about
honoring promises and his patronizing, superior stance towards
Europe, the Equitable saga shows that when stress-tested U.K.
regulators failed to protect policyholders.  European directives
require redress when regulation fails.  No remedy after four
years proves there's no political will to honor the obligations
imposed by directives."

Embarrassingly, as Britain prepares to take on the E.U.
presidency, EMAG is petitioning the Parliament to pursue the
U.K. government for infringing Community law by failing to
implement E.C. directives and is seeking prompt action to
achieve redress and restore confidence in the single market.

Chris Huhne MEP said: "The Equitable Life scandal is not going
to go away.  The Treasury had a duty of care to regulate
financial services institutions properly and in accordance with
its E.U. single market commitments.  It now has a clear case to
answer."

Over three years have passed since the savage GBP4,000 million
cuts in policy values affected more than one million investors
at Equitable.  EMAG believes the cuts were necessitated by more
than a decade of lax regulation under both Tories and Labor.  In
consequence, 50,000 annuitants across Europe are today living
with incomes reduced by a third and the unenviable prospect of
being locked into declining annuities for the foreseeable
future.

Colin Slater, chairman of EMAG said: "The Treasury commissioned
reports and review after review, but it was all just cynical,
evasive action.  Even the new study by the Parliamentary
Ombudsman, which the Treasury vociferously resisted, cannot look
into vital areas and won't address the losses suffered by an
estimated 100,000 investors who are foreign residents, the
majority of whom live in other European member states."

EMAG maintains that for years the British government has
encouraged financial institutions the play the European single
market in life insurance on both sides.  They took advantage of
the single market for U.K. insurers to sell all around Europe
(known as 'passporting'), on the basis of the legal rights of
policyholders under U.K. law, but they violated E.C. directives
with their 'light touch' regulation.  There has been systemic
regulatory failure, which has left Equitable's policyholders in
the dark and in the lurch.

Tom Lake, EMAG's deputy chair and author of the petition said:
"At the European level, we question whether the much-amended
U.K. insurance law, with its disastrous reliance on the
discredited guidance of the Institute of Actuaries, came
anywhere near to the requirement of the EC directives.  That's
why EMAG is appealing to the higher authority of the Parliament
to restore confidence in this vital area, if Europe is not to
slide backwards from the single market."

CONTACT:  EMAG
          Web site: http://www.emag.org.uk


E SQUARED: Hires BDO Stoy Hayward as Administrator
--------------------------------------------------
Antony David Nygate and Shay Bannon (IP Nos 9237, 8777/01) have
been appointed joint administrators for E Squared Limited.  The
appointment was made Dec. 10, 2004.  The company is engaged in
building/contracting.

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


FEDERAL-MOGUL: Confirmation Hearing Moved to January
----------------------------------------------------
In a regulatory filing with the Securities and Exchange
Commission, David M. Sherbin, Senior President of Federal-Mogul
Corporation, discloses that the confirmation hearing, which had
been scheduled to commence on December 9, 2004, has been
postponed.  The Company is preparing to move forward with
estimation of asbestos personal injury claims against the U.K.
Debtors.  After the Company and the co-proponents of its Plan of
Reorganization have the results from the estimation proceedings,
amendments to the Plan of Reorganization will be filed that will
reflect, among other things, the results of that estimation.
Thereafter, the Company and its co-proponents expect to move
forward toward confirmation of their amended Plan of
Reorganization.

The Independent Trustee for the Champion Pension Scheme received
approval by a United Kingdom Court to vote in favor of the Plan
of Reorganization and to take the Alternate Payout option in
relation to the Champion scheme once the Plan of Reorganization
is confirmed.  The Champion Scheme covers approximately 300
Federal-Mogul Corporation employees in the United Kingdom.

Representing the Legal Representative for Future Asbestos
Claimants, Edwin J. Harron, Esq., at Young Conaway Stargatt &
Taylor, LLP, in Wilmington, Delaware, filed a notice with the
U.S. Bankruptcy Court, stating that the Confirmation Hearing has
been adjourned to January 13-14, 2005.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The Company filed for chapter 11 protection
on October 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan, Esq., James F. Conlan, Esq., and Kevin T. Lantry, Esq.,
at Sidley Austin Brown & Wood, and Laura Davis Jones, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, represent the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from their creditors, they listed US$10.15
billion in assets and US$8.86 billion in liabilities. (Federal-
Mogul Bankruptcy News, Issue No. 69; Bankruptcy Creditors'
Service, Inc., 215/945-7000)

CONTACT:  FEDERAL-MOGUL CORPORATION (OTC: FDMLQ)
          26555 Northwestern Hwy.
          Southfield, MI 48034 (Map)
          Phone: 248-354-7700
          Fax: 248-354-8950
          Web site: http://www.Federal-Mogul.com


FILTRONIC PLC: Names Charles Hindson New Finance Director
---------------------------------------------------------
Filtronic plc, a leading provider of customized microwave
electronic subsystems for the wireless telecommunications and
defense industries, named Charles Hindson Group Finance Director
with immediate effect.

Mr. Hindson, 45, was previously Finance Director of Eutelsat
S.A., one of the world's leading satellite operators, from 2000,
during which he became a member of the Management Board,
following Eutelsat's change from an international organization
to a company incorporated under French law in 2001, and latterly
Adviser to the President.  He is a fellow of the Association of
Chartered Certified Accountants and a member of the Association
of Corporate Treasurers.

Prior to joining Eutelsat, Mr. Hindson was at BT plc for six
years initially as Head of Finance, BT Group Property, and
subsequently Controller, Global Finance.  He has also worked at
British Gas plc, as Financial planning manager, at Price
Waterhouse, as a senior manager in Corporate Finance, and began
his career at 3i plc as an investment controller in 1981.

Commenting, Professor David Rhodes, Chairman said: "I look
forward to Charles's arrival to the Board, strengthening the
management team.  He will meet shareholders and analysts with
our Group CEO, John Roulston and myself at the end of January
2005 when Filtronic presents Interim Results."

Mr. Hindson, a graduate of Balliol College, Oxford in
Engineering Sciences and Economics, is married with three
children.  His hobbies include sailing and opera.

There are no details to be disclosed of directorships held by
Mr. Hindson in any other publicly quoted company at any time in
the previous five years.  Furthermore there are no disclosures
to be made according to paragraph 6.F.2 (b) to (g) of the U.K.
Listing Rules.

CONTACT:  FILTRONIC PLC
          (London: FTC)
          The Waterfront
          Salts Mill Rd., Saltaire
          Shipley West Yorkshire BD18 3TT, United Kingdom
          Phone: +44-1274-530-622
          Fax: +44-1274-531-561
          Web site: http://www.filtronic.com


FILTRONIC PLC: Forecasts Lower Revenue, Operating Profit in 2004
----------------------------------------------------------------
Filtronic plc provided these guidance on its future outlook:

                               Year ended
                             31 December 2004[*]      2003

Number of antennas sold c.     102 million       117.5 million

Revenue c.                     EUR75 million     EUR87.4 million

Operating profit c.            EUR10 million     EUR26.2 million

EBITDA c.                      EUR15 million     EUR34.8 million

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Management forecast
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The above numbers are unaudited and have been compiled by the
management of the Handset Products business in accordance with
Finnish GAAP.

Operating margin in 2004 is expected to fall as the proportion
of customers ordering integrated antenna modules has increased.

Outlook

The management of the Handset Products division is providing
these guidance on the 2005 calendar year performance of the
division:

(a) Management aim to grow revenue from 2004 to 2005 by c 20%
    based on currently identified projects with specific
    customers,

(b) Average selling price is expected to continue to fall
    although management expect that this is likely to be offset
    by improvements in efficiency

Long term revenue growth is expected to be driven from the
continuing expansion of the cellular antennas business together
with sales of non-cellular antennas and mechanical components.

CONTACT:  FILTRONIC PLC
          (London: FTC)
          The Waterfront; Salts Mill Rd., Saltaire
          Shipley West Yorkshire BD18 3TT, United Kingdom
          Phone: +44-1274-530-622
          Fax: +44-1274-531-561
          Web site: http://www.filtronic.com


GLOBAL CROSSING: Prices US$404 Million Secured Debt Financing
-------------------------------------------------------------
Global Crossing Limited (NASDAQ: GLBC) announced on Dec. 20,
2004 that its indirectly wholly owned subsidiary, Global
Crossing (U.K.) Finance Plc, has priced an offering of
approximately US$404 million (currency equivalent) aggregate
face amount of senior secured notes due in 2014.

The offering will be comprised of US$200 million of 10.75% U.S.
dollar-denominated notes and GBP105 million of 11.75% British
pounds sterling-denominated notes.  The dollar-denominated notes
are being sold at 98.514% of the face amount, and the sterling-
denominated notes are being sold at 98.575% of the face amount,
resulting in aggregate gross proceeds of approximately US$398
million (currency equivalent).

The notes will be guaranteed by GCUK Finance's immediate parent
company, Global Crossing (U.K.) Telecommunications Limited, and
will be secured by certain of GCUK's assets.  The offering is
scheduled to close on Thursday, Dec. 23, 2004, subject to
customary closing conditions.

The offering is part of the previously announced
recapitalization plan being implemented by Global Crossing
Limited.  Pursuant to the recapitalization plan, the proceeds of
the offering will be used to repay US$75 million of existing
indebtedness of a U.S. subsidiary of GCL and to fund the long-
term liquidity requirements of GCL and its subsidiaries
worldwide.

The senior notes to be issued by GCUK Finance have not been
registered under the U.S. Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act.

About Global Crossing

Global Crossing (NASDAQ: GLBC) provides telecommunications
solutions over the world's first integrated global IP-based
network.  Its core network connects more than 300 cities and 30
countries worldwide, and delivers services to more than 500
major cities, 50 countries and 6 continents around the globe.
The company's global sales and support model matches the network
footprint and, like the network, delivers a consistent customer
experience worldwide.

Global Crossing IP services are global in scale, linking the
world's enterprises, governments and carriers with customers,
employees and partners worldwide in a secure environment that is
ideally suited for IP-based business applications, allowing e-
commerce to thrive.  The company offers a full range of managed
data and voice products including Global Crossing IP VPN
Service, Global Crossing Managed Services and Global Crossing
VoIP services, to more than 40 percent of the Fortune 500, as
well as 700 carriers, mobile operators and ISPs.

Please visit http://www.globalcrossing.comfor more information
about Global Crossing.

CONTACT:  GLOBAL CROSSING
          Web site: http://www.globalcrossing.com
          Press
          Becky Yeamans
          Phone: + 1 973-937-0155
          E-mail: PR@globalcrossing.com

          Latin America
          Kendra Langlie
          Phone: + 1 305-808-5912
          E-mail: LatAmPR@globalcrossing.com

          Europe
          Mish Desmidt
          Phone: + 44 (0) 7771-668438
          E-mail: Europe@globalcrossing.com

          Analysts/Investors
          Laurinda Pang
          Phone: +1 800-836-0342
          E-mail: glbc@globalcrossing.com


INTERNATIONAL POWER: Closes Buyout of Edison Mission Portfolio
--------------------------------------------------------------
International Power on Friday completed the acquisition of the
international generation portfolio of Edison Mission Energy (the
EME Portfolio), in a 70:30 partnership with Mitsui & Co., Ltd.
of Japan, for a consideration of US$2.0 billion (GBP1.04
billion).  This follows the Extraordinary General Meeting on 25
November 2004, when shareholders voted overwhelmingly in favor
of the transaction.

The completed acquisition includes all of the EME Portfolio, as
detailed in the Shareholders' Circular dated 5 November 2004,
except for CBK, a 396 MW (net) hydro scheme in the Philippines,
Tri Energy, a 175 MW (net) gas fired plant in Thailand and Doga,
a 144MW (net) gas fired plant in Turkey.  As a result of this,
and other completion adjustments principally related to working
capital, the net cash consideration was reduced by US$217
million (GBP113 million) from the expected net cash
consideration of US$2.2 billion (GBP1.15 billion) for the entire
EME Portfolio.  CBK, Tri Energy and Doga will be held under
contract between International Power, Mitsui and EME with a view
to completing the acquisition of these assets at a later date,
subject to the satisfaction of certain conditions precedent.

On 30 July 2004, International Power announced that the
acquisition would be partially funded by a senior secured bridge
loan.  This loan will now not be drawn, as it has been replaced
with a structured eight-year term loan of US$797 million (GBP415
million), provided by a group of relationship banks on more
competitive terms.

Philip Cox, Chief Executive Officer of International Power,
said: "We are delighted to have successfully completed the
acquisition of EME's international generation portfolio, and now
look forward to implementing our well advanced integration
plans.  We remain wholly focused on delivering full value to
International Power's shareholders from this significantly
earnings enhancing acquisition."

A conversion rate of GBP1:US$1.92 has been applied in this
announcement.

About International Power

International Power plc is a leading independent electricity
generating company with 15,219 MW (net) in operation and 1,649
MW (net) under construction.

International Power has power plants in operation or under
construction in Australia, the United States of America, the
United Kingdom, the Czech Republic, Italy, Portugal, Spain,
Turkey, Oman, Saudi Arabia, the UAE, Indonesia, Malaysia,
Pakistan, Puerto Rico and Thailand.  International Power was
listed on the London Stock Exchange and the New York Stock
Exchange (as ADR's), on 2 October 2000.  The ticker symbol on
both stock exchanges is 'IPR'.

CONTACT:  INTERNATIONAL POWER
          Media Contact:
          Sara Richardson
          Phone: +44 (0)20 7320 8619

          MORGAN STANLEY
          Phone: +44(0) 20 7425 5555
          William Vereker
          Alisdair Gayne
          Alastair Cochran
          Philip Apostolides

          FINSBURY GROUP
          Anthony Silverman
          Phone: +44 (0)20 7251 3801

          Sara Richardson
          Phone: +44 (0)20 7320 8619

          Investor
          Anna Hirst
          Phone: +44 (0)20 7320 8788

          CAZENOVE:
          Phone: +44(0) 20 7588 2828
          Nick Wiles
          Piers Coombs
          Robert Constant


INTERNATIONAL POWER: Rating Cut as Finances Deteriorate Further
---------------------------------------------------------------
Standard & Poor's Rating Services lowered its issuer credit
rating on International Power PLC (IPower), a U.K.-based global
power developer, to 'BB-' from 'BB'.  At the same time, the
rating was removed from CreditWatch, where it was placed on July
30, 2004.  The outlook is negative.

"The downgrade follows a worsening of IPower's financial profile
owing to various actions by the company, especially the
acquisition of the Edison Mission Energy (EME) international
asset portfolio by a limited liability partnership with Mitsui,
of which IPower holds 70%," said Standard & Poor's credit
analyst Magdalena Richardson.  "Many of the new assets are
contracted, but the overall expected dividends from the
partnership to IPower are considered highly speculative."

Consolidated debt at IPower will increase significantly and
available liquidity has decreased despite the successful rights
issue.  At the same time, IPower has announced its intention to
commence dividend payments.

The rating is constrained by IPower's reliance on largely
speculative payments from investments to pay dividends and its
increasingly aggressive consolidated financial profile and
policy.  Standard & Poor's is also concerned about the potential
impact of acquisitions going forward.  The rating is also
constrained by: worsening liquidity; merchant risk in the
U.S. and Australia; emerging market country risk; and
refinancing risk at project level.

The company, however, has a diverse and geographically well-
spread asset base without reliance on dividends from a single
asset.  The rating also benefits from: the receipt of cash flow
predominantly from investment-grade countries; forecast
relatively low amounts of parent-level recourse debt; and good
operational performance at plant level.

Group turnover in the first nine months of 2004 was GBP553
million (US$1.1 billion) and profits before taxation (excluding
extraordinary items) were GBP116 million.  The company is active
in 12 countries and excluding the EME portfolio owns interests
in 18,488 megawatts (MW) gross and 11,953 MW net generating
capacity, with 1,649 MW (net) under construction.  The company
owns or invests in plants mainly in the U.S., Western Europe,
Australia, Asia, and the Middle East.

"We have concerns regarding IPower's potentially more aggressive
acquisition and financial strategy and its impact on the
company's financial profile, which we will review over the
coming 12-18 months," added Ms. Richardson.  "We also expect the
impact of the EME acquisition to be negative pending a full
assessment of the company's cash flow projections.  Based on its
current activities, IPower would require consolidated funds from
operations interest cover of 2.5x."

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

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Group E-mail Address
          InfrastructureEurope@standardandpoors.com

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

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


KELLOGG BROWN: Parent Cutting Jobs Ahead of Possible Sale
---------------------------------------------------------
U.S. energy services and logistics group Halliburton is cutting
jobs and employee benefits at its Kellogg Brown & Root unit in
the U.K., as part of a wider plan to cut operating costs.

According to the Financial Times, the engineering and
construction arm is offering staff new employment contracts that
oblige employees to work longer hours for no extra pay.  Under
it, the final salary pension scheme for future service will be
closed, and other benefits will be scaled back.

Workers face termination without redundancy payments if they
reject the new contracts.  The staff was informed as KBR said it
lost "several major bids" in the Europe/Africa region worth more
than US$1 billion in the past two years.

The streamlining is reportedly in preparation for the possible
sale of the subsidiary as its parent struggles to contain its
troubles.  Halliburton is facing significant asbestos-related
claims, which it inherited from the acquisition of Dresser
Industries in 1998.  It is also weighed down by unprofitable
contracts and problems about its work for the U.S. government
and Iraq and Kuwait.

Halliburton is believed to want to lay off a further 147 workers
at its U.K. headquarters in Surrey, and in operations in Asia
and in particular U.S.  It declined to put a total figure on the
cutbacks.

Halliburton plans to cut US$80-100 million from KBR's operating
expenses alone.

According to the report, the firm could face potential problems
over the plan.  "It is almost certainly unlawful for them to act
in this manner," said Michael Burd, employment partner at Lewis
Silkin, a London law firm.

"They are dismissing people and dismissing them in an unfair
way.  I would expect [KBR] to lose at an employment tribunal,"
he said.

Halliburton employs 3,000 people in the U.K.


LOW'S BAKERY: Joint Liquidators from KPMG Move in
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Low's Bakery Limited
                         (In Liquidation)

We, Neil A. Armour, CA and Blair C. Nimmo, CA, KPMG, 37 Albyn
Place, Aberdeen, AB10 1JB, give notice pursuant to Rule 4.19 of
the Insolvency (Scotland) Rules 1986 that on December 7, 2004 we
were appointed Joint Liquidators of Low's Bakery Limited by
resolution of the first meeting of creditors.  A Liquidation
Committee was not established.

Accordingly I give notice that I do not intend to summon a
further meeting for the purposes of establishing a Liquidation
Committee unless one-tenth, in value of the creditors require me
to do so in terms of section 142(3) of the Insolvency Act 1986.

Blair C. Nimmo, Joint Liquidator

CONTACT:  KPMG LLP
          37 Albyn Place
          Aberdeen AB10 1JB
          Phone: (01224) 591000
          Fax: (01224) 590909
          Web site: http://www.kpmg.co.uk


M. MERCADO: In Receivership
---------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF M. Mercado (Glasgow) limited
                       (In Receivership)

We, Fraser J. Gray, and David J. Whitehouse, Chartered
Accountants of Kroll Limited, Afton House, 26 West Nile Street,
Glasgow G1 2PF, hereby give notice that we were appointed Joint
Receivers on December 6, 2004 of the whole property and assets
of M. Mercado (Glasgow) Limited in terms of Section 51 of the
Insolvency Act 1986

In terms of Section 59 of the said Act, preferential creditors
are required to lodge their formal claims with us within six
months of the date of this Notice.

Fraser J. Gray, Joint Receiver
December 6, 2004

CONTACT:  KROLL GLASGOW
          Afton House
          26 West Nile Street
          Glasgow G1 2PF
          Phone: 44 (0) 141 248 1250
          Fax: 44 (0) 141 248 1262
          Web site: http://www.krollworldwide.com


MSG ENGINEERING: Hires Joint Liquidators from Harrisons
-------------------------------------------------------
At the extraordinary general meeting of members of MSG
Engineering Limited (formerly C N Hadley Limited) held at 7
Victoria Road, Darlington, County Durham DL1 5SN, the special
resolution to wind up the company was passed.  Kenneth Webster
Marland and John Neil Harrison of Harrisons, 23 Yarm Road,
Stockon-on-Tees, Cleveland TS18 3NJ have been appointed joint
liquidators of the company.

CONTACT:  HARRISONS
          23 Yarm Road,
          Stockton-on-Tees TS18 3NJ
          Phone: 01642 672624
          Fax:   01642 611567
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


MYTRAVEL GROUP: Bondholders Back Consensual Restructuring
---------------------------------------------------------
The Ad Hoc Committee of bondholders in MyTravel Group plc and
MyTravel announce Monday that they have reached agreement in
principle that the Committee will support MyTravel's balance
sheet restructuring.  MyTravel is now seeking voting agreements
in respect of the restructuring from the wider bondholder group.
MyTravel is also seeking confirmation from the banks and other
financial institutions participating in the restructuring of
their agreement to this revised proposal.

The Committee's decision to support the restructuring follows
agreement with MyTravel that the terms of the consensual
restructuring proposal will be revised as:

(a) Bondholders will receive 8% of the issued share
    capital of the Company following the restructuring,

(b) Bondholders will be entitled to interest on their Bonds
    accruing up to and including 25 August 2004 which shall be
    paid on the Restructuring Completion Date but will have no
    right to interest accrued after that date

The Committee has agreed to halt its legal challenge to the
scheme of arrangement proposed by MyTravel, and MyTravel has
agreed to pay the Committee's legal costs.  MyTravel will
continue to seek the Court's sanction of the scheme but will not
make the scheme effective if the revised consensual proposal is
approved by bondholders at the meeting of bondholders to be held
on 29 December 2004.

MyTravel notes that the Trustee for the bonds has issued a
notice to the bondholders stating that an event of default has
occurred under Condition 14(d) of the bonds (as a result of the
transfer of assets proposed in connection with the scheme of
arrangement, without the consent of the Trustee).  MyTravel does
not accept that there has been an event of default.  The
Trustee's action was taken without reference to the Committee,
whose members have confirmed that it is not relevant to their
decision to agree to the revised consensual restructuring
proposal.  The Committee will request the Trustee to take no
action in respect of this alleged default and the voting
agreements to be entered into by them will contain an
undertaking to waive the alleged event of default.

A spokesman for the bondholders said: "The Committee decided to
support the consensual restructuring following MyTravel's
decision that it would no longer seek a ruling on whether the
bondholders have an economic interest in MyTravel.  The
bondholders have always been open to a consensual deal, and are
pleased that their issues with the company have now been
resolved."

A spokesman for MyTravel said: "We are pleased that we have been
able to reach this agreement with the last remaining creditor
group of the company.  The restructuring is nearing completion
and will provide a sound foundation for the future of the
Group."

CONTACT:  CITIGATE DEWE ROGERSON
          For the bondholders
          Phone: 020 7638 9571
          Toby Mountford
          Chris Barrie
          Mobile: 07968 727 289

          BRUNSWICK
          MyTravel
          Fiona Antcliffe
          William Cullum
          Phone: 020 7404 5959


NETWORK RAIL: Infrastructure Delays Down 22%
--------------------------------------------
Quarter two of 2004 saw Network Rail deliver an almost 22%
reduction in delays compared to the second quarter in 2003 as
the company's performance improvements gained speed.  Over the
same period, overall train performance moved up to 83.3% from
80.8%.

Summer 2004 saw train punctuality at its highest levels over
this period for four years as Network Rail delays fell by 21.8%
compared to last year.  The 767,659 reduction in delay minutes
continues a trend that has now seen 15 months of consecutive
performance improvement.

A Network Rail spokesman said: "Performance improvement is
accelerating as the fundamental changes we have made to the
business start to pay dividends.  Performance is going up and
costs are coming down.

"These welcome figures must continue as we strive to deliver an
ever improving service to customers and passengers alike."

Delay minutes caused by Network Rail have reduced from 3,522,610
during Q2 in 2003 to 2,754,951 this year.

Network Rail is the 'not for dividend' owner and operator of
Britain's railway infrastructure, which includes the tracks,
signals, tunnels, bridges, viaducts, level crossings and
stations.

CONTACT:  NETWORK RAIL
          Media contact:  020 7557 8292
          Inquiries: 08457 48 49 50
          Web site: http://www.nationalrail.co.uk


NTL INCORPORATED: Names Ex-BT Exec Managing Director of Biz Unit
----------------------------------------------------------------
Ntl Incorporated (NASDAQ: NTLI), has appointed Tony Harris as
Managing Director of its Business Division with effect from 10
January 2005.  The division provides communications services to
over 70,000 businesses and public sector organizations across
the U.K.  Mr. Harris will report to Simon Duffy, Chief Executive
Officer.

Mr. Harris has over 25 years' experience in the business-to-
business sector, the majority of which has been spent at BT Plc.
Most recently he was President of BT's Business Services
Division, responsible for BT's Broadband, Internet and Value
Added Services to U.K. Businesses.  In total Mr. Harris spent 14
years with BT, working in a number of roles including Director
of both its Consumer Division and its London Region.  He also
held the role of U.K. Strategy and Business Planning Director
with responsibility for the strategy and five-year business
plans for BT's U.K. businesses.

Prior to joining BT in 1989, Mr. Harris was with DHL and helped
build and develop the company's European business.  He joined
DHL in 1978 as Commercial Director for Europe, after which he
held the position of Managing Director, Europe for six years.
Mr. Harris' early career was spent with Hill & Knowlton in
London, Paris and Milan and with McKinsey & Co in London.

Simon Duffy, Chief Executive Officer of ntl, said: "I'm
delighted to welcome Tony to ntl.  He has extensive experience
of the business telecoms sector and his appointment will help us
drive the business forward."

More on ntl

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

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

Ntl's fiber-optic broadband network can service 7.8 million
homes in the U.K.

                            *   *   *

Ntl Inc. had a GBP249.8 million net loss in the second quarter.
It includes the GBP162.3 million loss on extinguishments of debt
of which GBP155.8 million represents the non-cash write-off of
previously capitalized and unamortized financing costs and
discounts relating to repaid debt.

CONTACT:  NTL INCORPORATED
          Investor relations:
          U.S.: Patti Leahy
          Phone: +1-610-667-5554
          U.K.: Virginia Ramsden
          Phone: +44-0-20-7967-3338
          or
          Media:
          Alison Kirkwood
          Phone: 01256-752-662, or 07788-186154
          Nicola Mitchell
          Phone: 01256-752-669, or 07884-057-576
          or

          BUCHANAN COMMUNICATIONS
          Richard Oldworth/Jeremy Garcia/Mark Edwards
          Phone: 0207-466-5000


OPTICAL FLOW: Liquidator to Give Final Update January 7
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Optical Flow Systems Limited
                        (In Liquidation)

Notice is hereby given that, pursuant to Section 146 of the
Insolvency Act 1986, that the final meeting of creditors of the
above named company will be held on January 7, 2005 at 10:30
a.m. within the offices of Scott & Paterson, Bruntsfield House,
6 Bruntsfield Terrace, Edinburgh EH10 4EX for the purpose of
receiving the liquidator's report on the conduct of the winding
up.

T. Ritchie Campbell, Liquidator
December 7, 2004

CONTACT:  HAINES WATTS (ABERDEEN INSOLVENCY)
          403 Holburn Street
          Aberdeen AB10 7GS
          Phone: 01224 252850
          Fax: 01224 595659
          Web site: http://www.hwca.com


PNEUMATIC CONVEYORS: Calls in Liquidator from Sargent & Co.
-----------------------------------------------------------
At the extraordinary general meeting of Pneumatic Conveyors
(Huddersfield) Limited on Dec. 13, 2004 held at the offices of
Sargent & Co Limited, 36 Clare Road, Halifax HX1 2HX, the
special, extraordinary and ordinary resolutions were passed.
Peter Sargent of Sargent & Company Limited, 36 Clare Road,
Halifax HX1 2HX has been appointed liquidator of the company.

CONTACT:  SARGENT & COMPANY LIMITED
          36 Clare Road, Halifax HX1 2HX


POWERPLAN: Faces Claims Numbering 90,000
----------------------------------------
Around 90,000 angry customers have already filed claims against
PowerPlan since its failure, and this number is expected to rise
even further.

PowerPlan had offered a cashback scheme after five years to
customers taking out extended warranties on electrical products.
When the company went bankrupt in 2003, customers who went to
claim their refunds were either refused or told that they had
not registered.

According to company administrator Doug McDonald, around 100,000
people are qualified for cashback, but they do not need to call
on the phone to register, as they have recently been doing.  Mr.
McDonald further said there is no need for customers to worry.
As administrator, he has conducted an extensive investigation to
maximize returns to creditors.

Customers who have claims with the company can either register
at http://www.pplaninadmin.co.ukor send documents with a cover
letter to: the McDonald Partnership, 81 St. Martin's Lane,
London WC2N 4AA.

A deadline to register is Jan. 11, 2005 or exactly 30 days after
the creditors' meetings, where details of the payout deal were
disclosed.


RIGHEAD FOODS: Hires Liquidator from Baker Tilly
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Righead Foods Limited
                         (In Liquidation)

I, M. E. Leslie, Insolvency Practitioner of Baker Tilly, 274
Sauchiehall Street, Glasgow, hereby give notice pursuant to Rule
4.19 of the Insolvency (Scotland) Rules 1986 that I was
appointed Liquidator of Righead Foods Limited by resolution of
the First Meeting of Creditors held on November 25, 2004.  A
liquidation committee was not established.

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

M. E. Leslie, Liquidator

CONTACT:  BAKER TILLY
          Breckenridge House
          274 Sauchiehall Street
          Glasgow G2 3EH
          Phone: 0141 307 5000
          Fax: 0141 307 5005
          E-mail: david.gwilliam@bakertilly.co.uk
          Web site: http://www.bakertilly.co.uk


THAMES VALLEY: Subjoined Special Winding up Resolution Passed
-------------------------------------------------------------
At the extraordinary general meeting of Thames Valley Vegetable
Marketing Limited on Nov. 26, 2004 held at Albury Mill, Mill
Lane, Chilworth, Guildford, Surrey GU4 8RT, the subjoined
special resolution to wind up the company was passed.  Richard
Eaglesfield Floyd of 29 Roseacre Gardens, Chilworth, Surrey GU4
8RQ has been appointed liquidator of the company.

CONTACT:  29 Roseacre Gardens,
          Chilworth, Surrey GU4 8RQ


TREBOR SHARPS: Ordinary Winding up Resolution Passed
----------------------------------------------------
At the extraordinary general meeting of the members of Trebor
Sharps Limited on Nov. 30, 2004 held at 25 Berkeley Square,
London W1J 6HB, the ordinary resolution to wind up the company
was passed.  Keith Aleric Stevens and Stephen Paul Grant have
been appointed joint liquidators of the company.


WARDSON MACHINE: In Administrative Receivership
-----------------------------------------------
Euro Sales Financing Plc called in Paul A. Whitwam and Gary E.
Blackburn (Office Holder Nos 8346, 6234) joint administrative
receivers for Wardson Machine Knives Limited (Reg No 04688233,
Trade Classification: 2862).  The application was filed Dec. 8,
2004.  The company manufactures industrial machine knives.

CONTACT:  BWC BUSINESS SOLUTIONS
          8 Park Place, Leeds LS1 2RU


WARWICK GARAGES: Hires Administrators from Grant Thornton
---------------------------------------------------------
Joseph P. McLean and Keith Hinds (IP Nos 8903, 6745) have been
appointed administrators for Warwick Garages (Sunderland)
Limited.  The appointment was made Dec. 8, 2004.

CONTACT:  GRANT THORNTON
          Earl Grey House,
          75-85 Grey Street,
          Newcastle upon Tyne NE1 6EF
          Phone: 0191 261 2631
          Fax: 0191 261 4994
          Web site: http://www.grant-thornton.co.uk


WHITES UK: Creditors Meeting Set Today
--------------------------------------
The creditors of Whites UK Limited will meet on Dec. 22, 2004
commencing at 10:00 a.m.  It will be held at The Freemasons
Hall, 36 Bridge Street, Manchester M3 3BT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to the offices of Tomlinsons, St John's Court, 72
Gartside Street, Manchester M3 3EL.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


                            *********


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, Julybien Atadero and Erica Fernando, Editors.

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

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

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

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


                 * * * End of Transmission * * *