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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, October 22, 2004, Vol. 5, No. 210

                            Headlines

F I N L A N D

FINNAIR OYJ: Traffic Figures Continue to Improve


F R A N C E

EDITIS HOLDING: Proposed EUR150 Mln Senior Notes Rated 'B'


G E R M A N Y

ALLROUND CONSULTING: Administrator Takes over Operations
BOGATEP RAUM-AUSSTATTUNG: Creditors' Meeting Set November
DRESDNER BANK: IRU Sells EUR1.2 Billion German Loan Portfolio
EKB ERD: Court Appoints Kuebler Administrator
FUSSMANN STAHL: Engineering Firm Under Bankruptcy Administration

GLI-MICRAM AG: Creditors Have Until November to File Claims
JOSEF WIRTZ: Gives Creditors Until Next Week to File Claims
JOS. ZIMMERMANN: First Creditors' Meeting Set December
KARSTADTQUELLE AG: Banks Agree to Sustain Liquidity
PROFILINE KUNSTSTOFFPROFILE: Aurich Court Appoints Administrator
RAMLAU & SIEBERT: Applies for Bankruptcy Proceedings
WHU BAU: Aachen Court Appoints Administrator


I T A L Y

ALITALIA SPA: Unveils New 3-year Business Plan
CIRIO FINANZIARIA: Prosecutor Clears 10 Bond Placement Managers


N O R W A Y

DNO ASA: Oil Production Up in Third Quarter


R U S S I A

ALFA MTN: Medium Term Notes Get 'B+' Long-term Rating
BUINSKAYA INTERECONOMIC: Appoints T. Sagdeyev Insolvency Manager
GAS-PROM-STROY-GREENHOUSE: Sets Public Auction Monday
KHORSKIY WOOD: Under Bankruptcy Supervision
MUKOMOL: Court Sets Next Hearing February

NEW MEDICAL: Undergoes Bankruptcy Supervision Procedure
RHYTHM: Temporary Insolvency Manager Takes over Operations
SHADRINSKIY VODKA: Distillery Succumbs to Bankruptcy
TALOGOVSKIY LES-PROM-KHOZ: Court Appoints Insolvency Manager
TAT-NITROGEN: Next Hearing Set December
UDOBNENSKIY: Krasnodar Court Orders Bankruptcy Supervision


S P A I N

IZAR: European Commission Orders Firm to Repay Aid
TERRA MITICA: Breaks up with Paramount Park
TRANSPORTES CONTINUOS: Court Commences Insolvency Proceedings


S W I T Z E R L A N D

CONVERIUM AG: Welcomes Standard & Poor's Rating Upgrade
CONVERIUM HOLDING: Fitch Upgrades Long-term Rating to 'B+'


U K R A I N E

AGRO-2000: Gives Creditors Until Next Week to File Claims
DINAMO-SILEJR: Court Appoints Denis Lihopyok Insolvency Manager
ELECTRON: In Liquidation Proceedings
HLIBOROB: Proofs of Claim Deadline Set
KAMYANETS-PODILSKSILMASH: Bankruptcy Supervision Begins

MIRGOROD AGRARIAN: Declared Insolvent
SOUVENIR: Creditors Have Until Next Week to File Claims
VELIKONOVOSILKIVSKIJ AGROBUD: Insolvency Manager Takes over Helm


U N I T E D   K I N G D O M

3MCM LIMITED: Creditors Call in Liquidator
A. BOOKLESS: Hires Joint Liquidators from Deloitte & Touche
A.C. LEIGH: Calls in Liquidator from PricewaterhouseCoopers
AGNEW LOWTHER: Members' General Meeting Set November
AIR PRODUCTS: Liquidator's Final Report Out Mid-November

AUTOBIOGRAPHY LIMITED: Names Grant Thornton Administrator
BAG IN A BOX: Members Opt to Liquidate Company
BARKLAND MANAGEMENT: Extraordinary Winding up Resolution Passed
BENARTY CONSTRUCTION: Calls First Creditors' Meeting
BOHLIN (CIRENCESTER): Appoints Tenon Recovery Liquidator

BRITISH ENERGY: Takes Drastic Move to Pre-empt Rebel Shareholder
CHUBB VISION: Hires Liquidators from PricewaterhouseCoopers
CLOBBER STYLISTS: Members Decide to Dissolve Firm
COLT TELECOM: Third-quarter Loss Down to GBP31.8 Million
COLT TELECOM: Bares Roadmap to Profitability

COLT TELECOM: Launches Managed Communications Services for SMEs
DR. JIVES: Gives Creditors Until April Next Year to File Claims
EASTERN PHARMACEUTICALS: Unsecured Creditors to Meet Next Week
EAST MIDLANDS: Calls in Liquidator from Tenon Recovery
EGG PLC: Cost of France Exit Drives up 9-month Pre-tax Loss

ELKINJONES CONSTRUCTION: Names Begbies Traynor Administrator
EURO SERVICE: Appoints DTE Leonard Curtis Administrator
G DYTHAM: Sets Creditors Meeting November
GENCO (SG): Hires Joint Administrators from Rothman Pantall
HENLYS PLC: Restructured Firm to Focus on Overseas Unit

HOBBS, HART & CO.: Appoints Joint Liquidators from PwC
J. BLACK & SON: Liquidator to Present Final Report November
JUBB LIMITED: Hires Joint Administrators from PKF
KABLING INTERNATIONAL: Holds Final Meeting of Creditors
L ROSSI & SON: In Administrative Receivership

MAYHEM LEICESTER: Top Honcho Served Eight-year Ban
RATEDALE AVIATION: Hires PricewaterhouseCoopers as Liquidator
REDMOUNT PROPERTIES: Names Grant Thornton Liquidator
SPECTRE SECURITIES: Final Members' Meeting Set November
STRAWHORN OF IRVINE: Graham Martin Named Liquidator

TETCO SECURITY: Calls in Milner Boardman Administrator
THORNTON DRUMMOND: Special Winding up Resolution Passed
TUMBERDOUSE LIMITED: Names F A Simms & Partners Administrator
TURNPOST INVESTMENTS: Final Members Meeting Set Next Month
WH SMITH: Keeps Full-year Profit Forecast


                            *********


=============
F I N L A N D
=============


FINNAIR OYJ: Traffic Figures Continue to Improve
------------------------------------------------
In September 2004, Finnair's scheduled traffic increased by
14.9% compared to September last year.  Passenger load factor
was 65.8%, up 0.2 percentage points.  Number of passengers
carried was 582,100, up 15.5%.

All Finnair Group airlines altogether transported 704,100
passengers, which is 15.6% more than a year ago.  The total
traffic (RPK's), summing up both scheduled and leisure traffic,
increased by 15.2%, while the capacity (ASK = available seat
kilometers) was up by 14.8%, resulting in a passenger load
factor of 69.8%, 0.2 points higher than last year.

Departure punctuality of scheduled flights was 93.7% (based on a
fifteen minute standard), 0.8 points lower than in September
2003.  Including leisure flights departure punctuality was 92.5%
(-1.5 p.p.).  Arrival punctuality of scheduled flights was 94.8%
and that of all operations was 93.8%.  Finnair is one of the
most punctual and regular airlines in Europe.

Finnair's Tallinn-based subsidiary Aero Airlines a.s. carried
10,500 passengers (+15.1%) on Tallinn-Helsinki route.  During
September, Stockholm-based Flynordic (former Nordic Airlink)
carried 66,215 passengers on its Scandinavian routes.

Scheduled traffic

(a) In scheduled traffic (international + domestic) revenue
    passenger kilometers increased by 14.9%.  The change in
    capacity was +14.5%. Passenger load factor was 65.8%, 0.2
    percentage points higher than last year.

(b) In scheduled international traffic, total number of
    passengers was up by 23.0%, partly affected by adding
    Flynordic (former Nordic Airlink) figures.  Capacity in ASKs
    was +16.6%, while RPKs increased by 16.1%.

(c) In European scheduled traffic, ASKs increased by 15.0%, and
    as RPKs increased by 13.8%, the passenger load factor was
    56.7%, down 0.6 points from previous year.

(d) In North Atlantic scheduled traffic, capacity decreased by
    3.3%.  Change in RPKs was +10.8%, and passenger load factor
    for September was 76.8%, 9.8 points higher than previous
    year.

(e) In Asian scheduled traffic, capacity increase was 25.1%
    mainly due to adding frequencies to Shanghai and Osaka since
    beginning of June.  The passenger traffic was up by 19.8%.
    Passenger load factor was 79.7%, 3.5 percentage points down.

(f) Domestic scheduled traffic increased by 5.3% on a capacity
    increase of 1.4%.  Passenger load factor improved by 2.0
    percentage points to 54.3%.

Leisure traffic

ASKs for leisure traffic increased in September by 15.6%, and
RPKs increased by 15.8%, resulting in a passenger load factor of
84.6%, 0.2 points higher than last year.

Cargo

Cargo traffic increased by 18.9% in terms of cargo tons carried.
Growth in scheduled traffic was +8.1%. Increase in Asian traffic
was 23.5%.  Volume in European traffic decreased by 3.5%.  In
North-Atlantic traffic cargo volume increased by 1.1%.  Cargo
traffic carried on chartered cargo flights increased by 200%.
The cargo load factor was 63.2%. The cargo load factor in the
Far Eastern traffic was 80.4% and in the North Atlantic traffic
73.9%.

Full traffic performance data available at
http://www.finnairgroup.com/linked/en/sijoittaja/Monthly_traffic
_data_Sep_2004.pdf

                            *   *   *

In August, Finnair Oyj warned it would post a full-year loss due
to record-high fuel costs for 2004.  The Finnish flag carrier
narrowed its second-quarter loss but says an increase in fuel
prices could keep the current quarter weak.  Overall, results
would improve but will still be a loss.

It previously said it would return to profit this year after a
EUR18.9 million operating loss in 2003.  For April to June, pre-
tax loss was EUR1.9 million, down from EUR6.4 million in the
same period a year ago.

CONTACT:  FINNAIR OYJ
          Mr. Christer Haglund, VP Corporate Communications
          Phone: +358 9 818 4007

          Mr. Petteri Kostermaa, VP Traffic Planning
          Phone: +358 9 818 8504

          Mr. Timo Riihimaki, Assistant Vice President, Cargo
          Phone: +358 9 818 5472


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


EDITIS HOLDING: Proposed EUR150 Mln Senior Notes Rated 'B'
----------------------------------------------------------
Standard & Poor's Rating Services assigned its first 'BB-' long-
term corporate credit rating on Editis Holding S.A., France's
second-largest publisher of books for the education and consumer
book markets.  The outlook is stable.  At the same time, Odyssee
Financing S.A.'s (a sister company of Editis Holding) proposed
EUR150 million senior notes were assigned a 'B' rating.

"The ratings reflect the company's aggressive capital structure,
a degree of business seasonality in that operating cash flows
are skewed toward the second half of the year, and limited
geographical diversification," said Standard & Poor's credit
analyst Melvyn Cooke.  "These factors are partly mitigated,
however, by Editis' leading business positions in the regulated
French education and book publishing markets, with their
relatively high barriers to entry.  In addition, there is some
business diversity provided by the company's 12 well-established
imprints and sizable author roster and back catalogue."

Editis is a leading player in the EUR2.4 billion French book
publishing market, which has been regulated since 1981 through a
law limiting the discount available to retailers to 5% of the
book price recommended by publishers, and resulting in relative
price stability.  This particular feature of the French market,
combined with strong business positions in a mainly publicly
funded textbook segment and the company's sizable backlist in
the consumer-books back catalogue (of 8,500 titles) provides
some degree of stability to Editis' book revenues and earnings.
In addition, its sales and distribution unit -- which also
provides services to third-party publishers -- gives it a
competitive edge over smaller competitors, as a strong interface
with retailers is key to driving book sales in a stable price
environment.  Furthermore, the mature and competitive nature of
the French-language book market, the capacity to attract and
retain key authors, and relatively high editorial costs in the
education business result in high barriers to entry for Editis'
franchise.

"The regulated nature of the French publishing market, coupled
with Editis' strong business positions and covenant restrictions
for acquisitions, should continue to support the rating," added
Mr. Cooke.

"Standard & Poor's excepts Editis to focus primarily on organic
growth and profitability in order to rapidly reduce its high
financial leverage and reach ratios of lease-adjusted total debt
to EBITDA, and EBITDA coverage of financial interests, of about
5.5x and 2.2x, respectively, by the end of 2006."

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

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


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


ALLROUND CONSULTING: Administrator Takes over Operations
--------------------------------------------------------
The district court of Dessau opened bankruptcy proceedings
against Allround Consulting & Marketing GmbH on Sept. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 8, 2004 to
register their claims with court-appointed provisional
administrator Henning Schorisch.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 6, 2004, 1:00 p.m. at the district court of
Dessau 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:  ALLROUND CONSULTING & MARKETING GMBH
          Rohrwiesenstrasse 13, 06862 Rosslau
          (AG Stendal, HRB 6831)
          Contact:
          Matthias Hubner, Manager

          Henning Schorisch, Insolvency Manager
          Leipziger Strasse 70, 06108 Halle
          Phone: 0345/678780
          Fax: 0345/6787810


BOGATEP RAUM-AUSSTATTUNG: Creditors' Meeting Set November
---------------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against BoGaTeP Raum-Ausstattung GmbH on Sept. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Nov. 23, 2004
to register their claims with court-appointed provisional
administrator Stefanie Luthje.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 4, 2004, 9:40 a.m. at Saal 115, Gerichtshaus
(Neubau), Ostertorstr. 25-31, 28195 Bremen (Berichtstermin) at
which time the administrator will present his first report of
the insolvency proceedings.  The court will verify the claims
set out in the administrator's report on Dec. 16, 2004, 10:30
a.m. at the same venue.

CONTACT:  BOGATEP RAUM-AUSSTATTUNG GMBH
          Am Wall 140, 28195 Bremen (AG Bremen, HRB 21309)
          Contact:
          Gabriele Klischies, Manager
          Stader Strasse 2 B, 27367 Sottrum

          Stefanie Luthje, Insolvency Manager
          Ostertorsteinweg 74/75, 28203 Bremen
          Phone: 792570
          Fax: 7925757


DRESDNER BANK: IRU Sells EUR1.2 Billion German Loan Portfolio
-------------------------------------------------------------
The Institutional Restructuring Unit (IRU) of Dresdner Bank
reached an agreement with the U.S. investment company Lone Star
to sell a portfolio of German loan assets of EUR1.2 billion.

"Through a competitive bidding process, we have been able to
achieve a full and fair price," says Jan E. Kvarnstrom, CEO of
the IRU and member of the board of managing directors of
Dresdner Bank.  "This transaction is a further step in reducing
the IRU's portfolio as part of the 'New Dresdner' program."

The final round of the closed bid auction process involved three
interested investors.  The parties have agreed not to disclose
the purchase price for the portfolio sold.  The transaction will
have only minor effects on the Bank's results and will be
included in the Bank's third quarter results (to be reported on
12 November 2004).

Dresdner Bank will work closely together with Lone Star during
the coming months in order to ensure a smooth transfer of the
client relationships.

The portfolio sold consists of some 1,300 loans to over 300
borrowers.  Most of the loans are corporate loans, while some
40% are commercial real-estate loans.  Two thirds of the
portfolio is non-performing and the remainder is sub-performing.

Dresdner Kleinwort Wasserstein acted as financial advisor to the
IRU.  The IRU's German portfolio has been reduced from initially
EUR9.2 billion to currently below EUR4 billion of loan exposure
(including this transaction).  The reductions in the German
portfolio have been achieved mainly by focused asset workout
(i.e. limit reductions, repayments and restructurings) and
single asset sales.

The transaction now executed follows a number of similar
international portfolio auctions carried out by the IRU over the
last eighteen months.  The restructuring work of the IRU is not
limited to loan assets, but also involves the restructuring of
certain Dresdner Bank subsidiaries and other non-strategic
holdings.  The IRU, which took up its work in early 2003, is
well ahead of plan in reducing its portfolio from initially
EUR35.5 billion to currently some EUR11 billion.  The IRU will
continue to divest further non-strategic and non-performing
assets and additional portfolio sales may take place.

CONTACT:  DRESDNER BANK
          Ulrich Porwollik
          Phone: +49-(0) 69/2 63-5 06 05
          Katerina Piro
          Phone: +49-(0) 69/2 63-8 17 74


EKB ERD: Court Appoints Kuebler Administrator
---------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against EKB Erd- und Kanalbau GmbH on Sept. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Nov. 29, 2004 to
register their claims with court-appointed provisional
administrator Christian Heintze of Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 30, 2004, 11:30 a.m. at Saal 24, im
Gerichtsgebaude, Furstenstrasse 21, in Chemnitz 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:  EKB ERD- UND KANALBAU GMBH
          Contact:
          Jens Schmidt, Manager
          Oberfrohnaer Strasse 84, 09117 Chemnitz

          KUEBLER
          Christian Heintze, Insolvency Manager
          Kassbergstrasse 24, 09112 Chemnitz
          Web site: http://www.kuebler-gbr.de


FUSSMANN STAHL: Engineering Firm Under Bankruptcy Administration
----------------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against engineering company Fussmann Stahl- und Metallbau GmbH
on Sept. 30.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Nov. 5, 2004 to register their claims with court-appointed
provisional administrator Wolfgang Lorisch.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 14, 2004, 9:15 a.m. at the district court of
Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29 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:  FUBMANN STAHL- UND METALLBAU GMBH
          Timpen 9, 45711 Datteln
          Contact:
          Dieter Fussmann, Manager
          Engelsburger Str. 33, 44575 Castrop-Rauxel

          Wolfgang Lorisch, Insolvency Manager
          Kurt-Schumacher-Strasse 48, 45699 Herten
          Phone: 02366/10820
          Fax: 02366 108282


GLI-MICRAM AG: Creditors Have Until November to File Claims
-----------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against GLI-MICRAM AG on Oct. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 19, 2004 to register their claims with
court-appointed provisional administrator Frank Imberger.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 16, 2004, 10:30 a.m. at the district court
of Bochum Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29 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:  GLI-MICRAM AG
          Konrad-Zuse-Str. 10, 44801 Bochum
          Contact:
          Dr.-Ing. Matthias Frei, Director

          Frank Imberger, Insolvency Manager
          Huestrasse 34, 44787 Bochum
          Phone: 964 91-0
          Fax: 964 91-33


JOSEF WIRTZ: Gives Creditors Until Next Week to File Claims
-----------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Josef Wirtz Werbemittelverarbeitung GmbH & Co. KG on
Oct. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Oct. 29, 2004 to register their claims with court-appointed
provisional administrator Dipl.- Kfm. Frank Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 8, 2004, 11:00 a.m. at the district court of
Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070
Aachen, I. Etage, Saal 14 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will verify the claims set out in the administrator's
report on Dec. 13, 2004, 11: 00 a.m. at the same venue.

CONTACT:  JOSEF WIRTZ WERBEMITTELVERARBEITUNG GMBH & CO. KG
          Carl-Zeiss-Str. 34, 52477 Alsdorf

          JWW GMBH
          Carl-Zeiss-Str. 34, 52477 Alsdorf
          Contact:
          Uwe Wirtz, Manager
          Fronhofstrasse 8, 52428 Julich

          Dipl.- Kfm. Frank Wiedemann, Insolvency Manager
          Eupener Str. 181, 52066 Aachen
          Phone: 0241/6052800
          Fax: 0241/6052799


JOS. ZIMMERMANN: First Creditors' Meeting Set December
------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Jos. Zimmermann GmbH & Co. KG on Oct. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Nov. 19 to register
their claims with court-appointed provisional administrator Jorg
Zumbaum.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 6, 2004, 10:00 a.m. at the district court of
Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070
Aachen, I. Etage, Saal 14 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will verify the claims set out in the administrator's
report on Jan. 10, 2005, 10:00 a.m. at the same venue.

CONTACT:  JOS. ZIMMERMANN GMBH & CO. KG
          Werner-von-Siemensstr. 7-9, 52477 Alsdorf
          Phone: 02404 9864-0
          Fax: 02404 986419

          Contact:
          Albert Keusch, Manager
          Otto-von-Hubachstr. 10, 52531 Ubach-Palenberg

          Jorg Zumbaum, Insolvency Manager
          Zulpicher Strasse 117, 52349 Duren
          Phone: 02421/52011/12
          Fax: 02421/501875


KARSTADTQUELLE AG: Banks Agree to Sustain Liquidity
---------------------------------------------------
KarstadtQuelle AG has moved an important step forward in its
restructuring program.  Group liquidity up to December 31 has
been guaranteed by the consortium banks.  NordLB will also be
participating.

"This is an important step on the way to securing the three-year
financing needed to support the restructuring of our group,"
said Harald Pinger, Chief Finance Manager at KarstadtQuelle AG,
in Essen on Wednesday.

"Our aim is now to get the syndicated financing for the next
three years settled with the banks as soon as possible.  We are
making headway in our talks with the banks," Pinger continued.
"The agreement reached with ver.di and the employees'
representatives in the past week was the essential precondition
for this."

Last Thursday KarstadtQuelle AG and the trade union ver.di came
to an agreement on the conclusion of a solidarity pact.  The
pact provides for, amongst other things, the saving of EUR760
million of staff costs in the Department store and Mail-order
segments over the next three years.

An extraordinary general meeting has been called for November
22.  At the meeting a capital increase with a total issue volume
of EUR500 million is to be resolved.  The Madeleine Schickedanz
pool and Allianz/Dresdner Bank have said they are prepared in
principle to participate in the capital increase.  Just before
the extraordinary general meeting it is planned to finalize the
bank consortium's syndicated financing.  The bank consortium is
headed by the Bayerische Landesbank and ABN AMRO Bank N.V.  A
total of 16 banks are likely to be involved in the consortium.

CONTACT:  KARSTADTQUELLE AG
          Jorg Howe, Head of Corporate Communications
          Phone: + 49 (0)201/727-25 38
          E-mail: joerg.howe@karstadtquelle.com


PROFILINE KUNSTSTOFFPROFILE: Aurich Court Appoints Administrator
----------------------------------------------------------------
The district court of Aurich opened bankruptcy proceedings
against ProfiLine Kunststoffprofile Vertriebs-GmbH & Co. KG on
Sept. 21.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Nov. 4, 2004 to register their claims with court-appointed
provisional administrator Dr. Heiner Buss.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 2, 2004, 10:00 a.m. at the district court of
Aurich, Schlossplatz 2, 26603 Aurich 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:  PROFILINE KUNSTSTOFFPROFILE VERTRIEBS-GMBH & CO. KG
          Friedenstrasse 4, 26409 Wittmund (HRA 2206, AG Aurich)
          Contact:
          Michael Lakeberg, Manager
          Friedenstrasse 4, 26409 Wittmund

          Dr. Heiner Buss, Insolvency Manager
          Hauptstrasse 169, D-26639 Wiesmoor
          Phone: 04944/1033
          Fax: 04944/912035


RAMLAU & SIEBERT: Applies for Bankruptcy Proceedings
----------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Ramlau & Siebert Licht + Design GmbH on Oct. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Dec. 10, 2004 to
register their claims with court-appointed provisional
administrator Michael Plossner.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 23, 2004, 10:00 a.m. at the district court
of Bonn, 1. Stock, Saal W126 at which time the administrator
will present his first report of the insolvency proceedings.
The court will verify the claims set out in the administrator's
report on Feb. 10, 2005, 9:00 a.m. at the insolvency court of
Bonn Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Raum Saal W126.

CONTACT:  RAMLAU & SIEBERT LICHT + DESIGN GMBH
          Steinbruchweg 2, 53227 Bonn
          Phone: (49) 228.429919-0
          Fax: (49) 228.429919-9
          Web site: http://www.ramlau-siebert.de

          Contact:
          Frank Siebert, Manager
          Rheinaustr. 136, 53225 Bonn
          Michael Ramlau, Manager
          Karl-Broel-Str. 15, 53604 Bad Honnef

          Michael Plossner, Insolvency Manager
          Hausdorffstrasse 11, 53129 Bonn
          Phone: 0228/911 51 11
          Fax: 9115199


WHU BAU: Aachen Court Appoints Administrator
--------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against WHU Bau GmbH on Sept. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 19, 2004 to register their claims with
court-appointed provisional administrator Prof. Dr. Rolf-Dieter
Monning.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 20, 2004, 9:30 a.m. at the district court of
Aachen 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:  WHU BAU GMBH
          Gartenstr. 38, 52249 Eschweiler
          Phone: 02403 830523

          Contact:
          Horst Lewandowski, Manager
          Auenweg 7, 52531 Ubach-Palenberg

          Prof. Dr. Rolf-Dieter Monning, Insolvency Manager
          Frankenstr. 12-16, 52070 Aachen
          Phone: 0241/94618-0
          Fax: 0241/533562


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


ALITALIA SPA: Unveils New 3-year Business Plan
----------------------------------------------
In compliance with instructions from the Stock Exchange
Regulator (CONSOB) according to article 114 of decree no. 58/98,
Alitalia S.p.A. sets out these information:

                          Reorganization

On September 20, 2004, the Alitalia Board of Directors approved
the 2005-2008 Business Plan, drawn up according to guidelines
also approved by the Board at meetings held on May 13,2004 and
May 20, 2004.

At the Board Meeting on October 13, 2004 it was also decided to
reorganize the Company structure as envisaged by the Business
Plan, approved at the meeting held on September 20, by splitting
it into two companies.  The first one, soon to be set up (AZ
Services), will include company branches and subsidiaries
operating in the service sector for air transportation.  The
other company (AZ Fly) will be based on the existing one, and
will focus on flight activities.

(a) AZ Fly will deal with Alitalia's core business: Marketing
    and Network; Flight Operations, Sales and Distribution;
    Product Integration and Delivery; Cargo; Corporate
    activities and governance supervision of activities
    concerning AZ Services separation.

(b) AZ Services will deal with Engineering and Maintenance
    (Line, Light, Heavy, Engines, components and engineering
    services).  This will be done jointly with two controlled
    companies, Alitalia Maintenance Systems (of which
    Lufthansa has a 40% share), and Atitech.  It will also take
    care of Ground Handling, via the Alitalia Airport company
    and Information Technology.  The latter will involve
    developing, issuing, running and maintaining computer
    systems and telecommunication lines, along with support
    structures, sales services, third party products and shared
    services.  The activities will include Administration,
    Planning & Control, Human Resources, Centralized Business
    Services (Facility Management) and the Call Center.

Within the framework of this restructuring operation, AZ Fly
will still be accountable for Alitalia's medium-long term
indebtedness (including the bridge loan authorized by the E.U.
Commission).

The project foresees that the Company branches and functions
will be spin off into the AZ Services company of which Alitalia
will initially own 100%.

Subsequently, a partner with public capital will join this
company, by taking over 49% of the ordinary capital and 100% of
privileged capital.  In this way, the new partner and Alitalia
together will undertake the task of improving services, by
covering the financial needs arising from the AZ Services
Business Plan.

On this subject, Alitalia as a partner -- with whom the new
company will remain interdependent in business terms -- is
exonerated from the obligation of a consolidated balance sheet
(according to combined articles 25 and 26 from the legislative
decree no. 127, April 9, 1991), since, by mutual agreement, the
other partner will receive majority voting rights at ordinary
meetings.

                     Profitability Measures

As regards core business growth relating to the Business Plan
2005-2008, Alitalia has studied a series of radical changes at
all levels so as to make a substantial recovery in
profitability, through reducing basic structural costs and
increasing commercial efficiency.

This plan foresees achieving economic balance by the end of
2006, and reaching an EBITDAR[1], which will be in line with
that of the best operators in the industry.

These measures will make it possible to reduce costs
progressively throughout the period of the Plan (roughly EUR750
million in 2006, and 1,000 million in 2008).  This significant
cost recovery will go hand in hand with increased income from
passengers and cargo, thanks to the much higher capacity offered
and new network and product strategies.

In this way, Alitalia aims to take its place on the market as a
highly efficient airline network, with a fleet that is able to
hold its own with top competitors in its field.  The business
model must aim to reach far lower costs and much greater
efficiency.

The new positioning must also be accompanied by a radical change
in company organization, which should be more streamlined and
efficient.  Along with this reorganization, it will also be
necessary to instill in the Company a performance-oriented
approach.

The plan envisages the first restructuring phase lasting until
2006.  The main aim is to ensure operative and financial
rebalancing.  At this point, there will be no investments in a
new fleet.  It will focus instead on structural actions such as
better purchasing of services, an increased capacity offered
through better use of aircraft and more efficient commercial
initiatives.  This will also involve recovering profitability in
operative areas, and separating flight and ground operations.

All the actions undertaken during this phase will contribute to
a recovery in profitability, in particular:

(a) the steps towards saving on purchasing costs for materials
    and services, already underway, will bring the same economic
    benefits obtained by other European airlines that have
    adopted similar strategies; and

(b) increasing commercial efficiency will involve the areas of
    network, pricing and revenue management, utilization of
    aircraft, and sales.  Without needing to invest in a new
    fleet, improved commercial efficiency and use of planes will
    immediately lead to opening new routes and boosting the
    number of flights.

As regards flight operations, now that the new flight staff
agreements have been signed, work standards will reach those of
the top European airlines.

The operation of splitting Alitalia into two companies will
increase efficiency, in particular:

(a) maintenance will be re-examined by means of a systematic and
    thorough method called lean manufacturing, which involves
    simplifying procedures;

(b) airport ground handling activities will be thoroughly re-
    examined and reorganized so as to produce considerable
    recovery in productivity; and

(c) all other company areas (Corporate center, Alitalia
    Express, etc.) will contribute to increasing efficiency
    standards.

From 2005, with the adoption of appropriate Service Level
Agreements, Alitalia will also be able to reap the benefits of
improved efficiency from AZ Services.

Many of these interventions will involve a drastic recovery in
staff profitability, with an overall annual saving of EUR280
million, when the system is underway.

Once the restructuring phase has finished, regaining economic
ground at the end of 2006, it will be possible to start the
relaunching phase proper (2007-2008), by purchasing a new fleet
of both long-haul and short/medium-haul planes.  The new
aircraft will boost capacity and optimize production factors.

From a business challenge point of view, Alitalia will have to
face a market made up of many different dynamics.  On the
intercontinental market it will be important to exploit
production factors to the full (good connection service, long-
haul crews and fleet), to increase the portfolio of flights
served, as well as focusing on the concept of a carrier for
Italy.  All these things will be necessary in order to regain a
leading position on these markets.

As regards the domestic and international market, by aiming for
a cost base that is radically lower than the present one, not
only will it be possible to regain our competitive edge, but
also our market shares, especially on the domestic front.

                      Credit Line Contract

The contract for the credit line (otherwise known as bridging
loan, guaranteed by the Italian government) was set up between
Alitalia and Dresdner Kleinwort Wasserstein on October 11.
Regarding use of the loan, these points should be noted:

(a) the credit line is intended to cover cash requirements
    during the low season (from October 2004 to approx. March
    2005) while waiting for the announced operation of Company
    recapitalization;

(b) the contract makes it possible to request (with advance
    notice of 2-3 working days) minimum amounts of EUR10 million
    in various installments, up to a maximum of EUR400 million;
    and

(c) as for timing, it is likely that the first installment will
    be called for by the end of October.

                       First-half Results

Regarding the summary of the consolidated economic-financial
results for the first six months of 2004, it should be noted the
attached table shows the main economic figures for the first
semester 2004, as well as a comparison between the figures given
in the Semester Report approved by the Board of Directors on
October 13 and those given in the report drawn up according to
the requirements of article 2446 of the Civil Code, presented by
the Board at the Shareholders' Meeting on September 8.

From these figures, it can be seen that the only difference
concerns the extraordinary item arising from the allocation of
289 million to deal with the redundancies foreseen by the 2005-
2008 Business Plan (EUR167 million, of which EUR88 million refer
to AZ Services) and the differences in value connected to the AZ
Services operation (EUR122 million).

With reference to the latter figures, it should be noted that
they represent the difference between the amount arising from
evaluation of investment in AZ Services and the relative
accounting value, bearing in mind the cost of dealing with the
redundancies pertaining to the company.

On this subject, it is important to note that no value
adjustments will be carried out on assets held by AZ Services.
In agreement with Fintecna, the methodology used to determine
the economic value of activities carried out by AZ Services is
based on updating cash flow figures arising from the company's
operations.

(a) The Production Value during the first semester 2004 amounted
    to EUR1,948 million showing a decrease of about 11%
    compared to the same period last year.  This decrease
    becomes 2% if it is calculated using the new accounting
    procedure: from this year, boarding fees (which are levied
    on behalf of the airport companies and paid over to them,
    passing through the Company's accounts) are no longer
    included as revenues and costs on the balance sheet.  The
    decrease for the semester was also affected indirectly by
    the new consolidated structure (disposal of Eurofly in
    September 2003).

(b) The operating result for the semester showed a loss of
    EUR299 million, worse than the first semester last year
    which reported a loss of EUR266 million.

(c) The net consolidated result for the semester showed a loss
    of EUR620 million which was EUR305 million worse than the
    negative result of EUR315 million last year.  This change
    was mainly due to an increase in extraordinary items caused
    by the allocation of EUR289 million as mentioned above.

(d) The net financial position increased by EUR220 million from
    December 31, 2003, reaching EUR1,660 million on June 30,
    2004 (the group's available cash and short-term financial
    credits worsened from EUR549 million to EUR183 million).

(e) Total investments in the first six months of 2004 amounted
    to EUR122 million.

(f) The Group's average workforce on the payroll during the
    first six months was 20,662 people, down by 225 compared to
    the same period last year.

(g) Regarding traffic and network performance for the passenger
    sector (the area that produces most of the Company's
    revenues), from January to June, the overall capacity on
    offer increased by 6.9% compared to the first semester last
    year.

    In spite of marked variation between the network sectors,
    this rise in capacity led to an increase of 6.2% in the
    number of passengers carried (expressed in ton kilometers).

    At the same time, however, the gradual erosion of unit
    revenues (which has been going on for some time) led to a
    downturn of 5.5% compared to the first semester last year.

(h) Regarding forecasts for future performance, the semester
    report pointed out that, assuming a number of certainties
    concerning Alitalia's future thereby creating an atmosphere
    of trust, the Group should find itself in a position to take
    advantage of the first benefits arising from the generalized
    upswing in international air traffic.

This expectation (though not fully confirmed by the first
figures referring to July, August and September) continues to be
heavily affected by strong competition especially in the
domestic and European sectors, and is reflected in particularly
low yield figures.

Hence it is certainly not sufficient to invert the negative
trend of the Group's income structure, if not combined with
drastic measures regarding restructuring and cost-efficiency to
be carried out as part of the 2005-2008 Business Plan.

Knowing that these measures will only begin to show their
effects towards the end of 2004, and bearing in mind the sharp
rise in fuel costs which is taking place, it is very likely that
the current year will close with a loss, before taxes and
extraordinary items, not very different from that reported in
2003 (around EUR515 million).  On the other hand, the allocation
of funds required by the 2005-2008 Business Plan (the effects of
which are reflected in the semester report, as mentioned above)
will lead to a worsening of the net result.

            Alitalia Group Economic Performance

(EUR millions)         Report drawn up   Six-month    Difference
                       according to      Report
                       Article 2446
                       Civil Code

Revenues from
passenger transport             1,478        1,478            0

Revenues from
cargo transport                   214          214            0

Other revenues                    256          256            0

Production Value                1,948        1,948            0

Consumption of
materials and services         (1,451)      (1,451)           0

Labor costs                      (623)        (623)           0

Gross Operating Margin           (126)        (126)           0

Amortizations                    (175)        (175)           0

Diverse charges for
operations and allocations          3            3            0

Operating Result                 (299)        (299)           0

Financial charges                 (31)         (31)           0

Result before taxes
and extraordinary items          (329)        (329)           0

Extraordinary items                16         (273)        (289)

Taxes                             (18)         (18)           -

Net result                       (331)        (620)        (289)

---------
[1] EBITDAR (Earning Before Interests Depreciation, Amortization
and Rentals): Typical performance indicator used by air
transport operators, equal to the sum of aircraft hire charges
and the Gross Operating Margin (also given as a percentage of
the Production Value)

CONTACT:  ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://corporate.alitalia.com


CIRIO FINANZIARIA: Prosecutor Clears 10 Bond Placement Managers
---------------------------------------------------------------
Walter Mapelli, the prosecutor investigating Cirio's
unauthorized retail sale of bonds, has dropped 10 names from the
probe list, Il Sole 24 Ore says.

Mr. Mapelli dropped the charges against those whom he deemed had
acted merely as co-lead managers and could not have known of the
fraud because they had no direct contact with Cirio.  The bonds
were originally intended for institutional investors, thus were
issued without a prospectus or authorization for sale on the
retail market.  Prosecutors launched the probe after learning
that some of the bonds were resold to retail customers.

The probe list initially contained 25 names from the Italian
banking and brokerage industry.  There are still 11 on the list
that Mr. Mapelli is investigating; most of them investment banks
that acted as lead managers for the placements.  Investigators
suspect these banks knew all along that institutional investors
would resell the bonds to retail buyers.  The banks deny the
allegations.

CONTACT:  CIRIO DEL MONTE ITALIA S.p.A.
          Legal Address:
          Via Augusto Valenziani,
          10 - 00187 Rome
          Phone: 06 421761
          Fax: 06 42176230

          Administrative Address:
          Strada Provinciale per Podenzano,
          10 - 29010 San Polo di Podenzano
          Phone: 0523 536123
          Fax: 0523 379257
          Web site: http://www.cirio.it


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


DNO ASA: Oil Production Up in Third Quarter
-------------------------------------------
DNO A.S.A. achieved an oil production of 13.751 BOPD in the
third quarter.  The average production for the first nine months
of 2004 was 13.507 BOPD.

The oil production for Norway and Yemen was (BOPD):

        September   3rd Qtr.     YTD

Norway     618       1.499      1.791
Yemen      12.697   12.252     11.716

Total      13.315   13.751     13.507

Due to new production wells on both the Tasour- and Sharyoof
fields, the Yemen production has increased to 12.252 BOPD during
the third quarter.  This is up 1.222 BOPD (11%) from the 2nd
quarter.  On Tasour another production well (Tasour no. 14) is
expected to come on stream in the beginning of November.  This
well is located within the same area as Tasour no. 13 on the
western flank of the field.

The production from the Glitne field is still shut down as a
consequence of the lockout situation.

Despite the loss of production from the Glitne field, DNO's
overall production increased by 1.190 BOPD compared to the 2nd
quarter, which is an increase of 9%.

                            *   *   *

In June, TCR-Europe reported that Standard & Poor's Ratings
Services withdrew its corporate credit rating on Norway-based
oil production and exploration company DNO A.S.A.  The rating on
DNO was B/Watch Dev/-- at the time of the withdrawal.  The
rating was withdrawn at DNO's request, since Standard & Poor's
does not have a rating on DNO's outstanding debt.

The rating on DNO was placed on CreditWatch with developing
implications on November 17, 2003, but would likely have
remained in the 'B' category if the CreditWatch placement had
been resolved.

The CreditWatch status reflected uncertainties over the
company's medium-term business strategy, growth prospects, and
financial policy following an extensive asset sale, which was
realized in spring 2004.  Standard & Poor's believes that the
company is likely to focus on riskier exploration activities on
the Norwegian Continental Shelf and production in existing
fields in Yemen.  DNO has successfully refinanced its NOK335
million bond (EUR40 million), which matured on June 1, 2004.

CONTACT:  DNO A.S.A.
          Helge Eide, Managing Director
          Phone: (+47) 55 22 47 00/(+47) 23 23 84 80
          Web site: http://www.dno.no


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


ALFA MTN: Medium Term Notes Get 'B+' Long-term Rating
-----------------------------------------------------
Fitch Ratings assigned Alfa MTN Issuance Limited's US$190
million 8% medium term notes due April 2006 a Long-term 'B+'
rating.

The notes are unconditionally and irrevocably guaranteed jointly
and severally by Alfa-Bank, (rated Long- and Short-term foreign
currency 'B+' and 'B', respectively) and ABH Financial Limited.
The proceeds from the issue will be on-lent to Alfa Bank or ABH
Financial Limited.  The issue is the first under the US$400
million euro medium term note program, to which final ratings
have been assigned at Long-term 'B+' for notes with maturities
in excess of one year and Short-term 'B' for notes with
maturities of less than one year.

The deed of guarantee between Alfa Bank and J.P. Morgan
Corporate Trustee Services Ltd. (the trustee) contains a
covenant that Alfa Bank's obligations under a guarantee in favor
of the note holders will rank at least pari passu with all
present or future unsecured and unsubordinated obligations, save
those preferred by relevant provisions of law and of general
application.  The terms and conditions of the notes also contain
a covenant that notes will rank at least pari passu with all
other future outstanding unsecured and unsubordinated
obligations of Alfa MTN Issuance Limited, save for such
obligations as may be preferred by provisions of law.

The terms and conditions also contain a cross default clause and
other covenants, which limit mergers and disposals by ABH
Financial Limited and Alfa Bank and their subsidiaries,
transactions with affiliates, changes of business and the sale
of assets.  ABH Financial Limited has also covenanted to keep
its total capital adequacy ratio calculated in accordance with
Basel requirements at no less than 8%.

The terms and conditions contain a negative pledge clause, which
allows for a degree of securitization by Alfa MTN Issuance
Limited, ABH Financial Limited and Alfa Bank.  Were such a deal
to be undertaken, Fitch comments that the nature and extent of
any over-collateralization would be assessed by the agency for
any potential impact on unsecured creditors.

Note holders will benefit from a put option in the event of a
change in control of ABH Financial Limited and a negative rating
event in respect of that change of control.

Alfa Bank is the 100%-owned principal subsidiary of ABH
Financial Limited.  Alfa Bank's principal activity is commercial
and retail banking.  It is also active in investment banking,
trade finance, insurance and asset management.  ABH Financial
Limited also owns Alfa Capital Holdings Limited, which provides
a wide range of investment banking services, such as corporate
finance, securities (mainly equity) brokerage, asset management,
private equity, research and proprietary trading.

CONTACT:  FITCH RATINGS
          James Longsdon, London
          Phone: +44 20 7417 4309

          James Watson
          Phone: +44 20 7417 4360

          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

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


BUINSKAYA INTERECONOMIC: Appoints T. Sagdeyev Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on OJSC Buinskaya Intereconomic
Building Organization.  The case is docketed as A65-16093/2004-
SG4-16.  Mr. T. Sagdeyev has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 420039, Russia,
Tatarstan republic, Kazan, Post User Box 95.  A hearing will
take place on December 21, 2004.

CONTACT:  BUINSKAYA INTERECONOMIC BUILDING ORGANIZATION
          422400, Russia,
          Tatarstan republic,
          Buinskiy region, Buinsk,
          Sovetskaya Str. 8

          Mr. T. Sagdeyev
          Temporary Insolvency Manager
          420039, Russia,
          Tatarstan republic, Kazan,
          Post User Box 95


GAS-PROM-STROY-GREENHOUSE: Sets Public Auction Monday
-----------------------------------------------------
The bidding organizer and external insolvency manager of LLC
Gas-Prom-Stroy-Greenhouse (TIN 4011010054, KPP 401101001) will
sell the firm's property on October 25, 2004, 10:00 a.m.  The
public auction will take place at Russia, Kaluga region,
Maloyaroslavets, Entuziastov Str. 8.

The assets for sale are:

Lots 1 to 13: Agricultural properties with total land area of
              7,141 sq. m. located at Zakharovo; 29 immovable
              properties with total land area of 18, 550 sq. m.
              located at Radischevo; 7 plots for agricultural
              purposes occupying a land area of 775.23 hectares.
              Starting price: RUB55,582,000

The list of documentary requirements is available at Russia,
Kaluga region, Maloyaroslavets, Entuziastov Str. 8.  To
participate, bidders must deposit an amount equivalent to 20% of
the starting price to the settlement account
40702810000010000034 at branch ACB Fora-Bank in Kaluga,
correspondent account 30101810000000000770, BIC 042908770, OKPO
04703081, OKONKh 89000.

CONTACT:  GAS-PROM-STROY-GREENHOUSE
          Russia, Kaluga region,
          Maloyaroslavets

          Bidding Organizer/External Insolvency Manager
          Russia, Kaluga region, Maloyaroslavets,
          Entuziastov Str. 8
          Phone: (08431) 22917


KHORSKIY WOOD: Under Bankruptcy Supervision
-------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on OJSC Khorskiy Wood Working
Combine.  The case is docketed as A73-7369/2004-37.  Mr. A.
Koledenkov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 682910, Russia,
Khabarovsk region, Pereyaslavka, Postysheva Str. 11a, Apartment
4.

CONTACT:  KHORSKIY WOOD WORKING COMBINE
          682920, Russia,
          Khabarovsk region, Lazo,
          Khor, Lenina Str. 1

          Mr. A. Koledenkov
          Temporary Insolvency Manager
          682910, Russia,
          Khabarovsk region,
          Pereyaslavka, Postysheva Str. 11a,
          Apartment 4


MUKOMOL: Court Sets Next Hearing February
-----------------------------------------
The Arbitration Court of Vladimir region has commenced
bankruptcy supervision procedure on OJSC Mukomol (TIN
3307001063, OKPO 00932608).  The case is docketed as A11-
5849/2004-K1-48B.  Mr. M. Kolesnikov has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 115280, Russia,
Moscow, Avtozavodskaya Str. 14/23, VTI, Office 802.   The
hearing will take place on February 10, 2005.

CONTACT:  MUKOMOL
          Russia, Vladimir region,
          Murom, Kuybysheva Str. 6

          Mr. M. Kolesnikov
          Temporary Insolvency Manager
          115280, Russia, Moscow,
          Avtozavodskaya Str. 14/23, VTI,
          Office 802
          Phone: (095) 234-76-11


NEW MEDICAL: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on CJSC New Medical
Technologies.  The case is docketed as A76-14163/04-52-30.  Ms.
E. Krestovskikh has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 456300, Russia,
Chelyabinsk region, Miass, Chucheva Str. 1.

CONTACT:  Ms. E. Krestovskikh
          Temporary Insolvency Manager
          456300, Russia,
          Chelyabinsk region, Miass,
          Chucheva Str. 1


RHYTHM: Temporary Insolvency Manager Takes over Operations
----------------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on OJSC Rhythm.  The case is
docketed as A71-121/2004-G2.  Mr. A. Kolpakov has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 426004, Russia, Udmurtiya republic, Izevsk, Post
User Box 900.

CONTACT:  RHYTHM
          Russia, Udmurtiya republic,
          Vavozhskiy region, Volinelga

          Mr. A. Kolpakov
          Temporary Insolvency Manager
          426004, Russia,
          Udmurtiya republic, Izevsk,
          Post User Box 900


SHADRINSKIY VODKA: Distillery Succumbs to Bankruptcy
----------------------------------------------------
The Arbitration Court of Kurgan region has commenced external
management bankruptcy procedure on OJSC Shadrinskiy Vodka
Distillery.  The case is docketed as A34-1402/04-s27.  Mr. V.
Ekimenko has been appointed external insolvency manager.

CONTACT:  SHADRINSKIY VODKA DISTILLERY
          641884, Russia,
          Kurgan region, Shadrinsk,
          Lunacharskogo Str. 52


TALOGOVSKIY LES-PROM-KHOZ: Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on OJSC Talogovskiy Les-Prom-
Khoz.  The case is docketed as A07-20809/04-G-ADM.  Ms. Z.
Kamalova has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 450000, Russia,
Bashkortostan republic, Ufa, Main Post Office, Post User Box
1510.

CONTACT:  TALOGOVSKIY LES-PROM-KHOZ
          Russia,
          Bashkortostan republic, Askino

          Ms. Z. Kamalova
          Temporary Insolvency Manager
          450000, Russia,
          Bashkortostan republic, Ufa,
          Main Post Office,
          Post User Box 1510


TAT-NITROGEN: Next Hearing Set December
---------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on OJSC Tat-Nitrogen (TIN
1627004447).  The case is docketed as A65-17246/2004-SG4-16.
Mr. S. Kondratyev has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 420126, Russia,
Tatarstan republic, Kazan, Post User Box 188.  A hearing will
take place on December 21, 2004.

CONTACT:  TAT-NITROGEN
          423650, Russia,
          Tatarstan republic, Mendeleyevsk,
          Post User Box 83

          Mr. S. Kondratyev
          Temporary Insolvency Manager
          420126, Russia,
          Tatarstan republic, Kazan,
          Post User Box 188

          The Arbitration Court of Tatarstan republic:
          420014, Russia,
          Tatarstan republic,
          Kazan, Kreml


UDOBNENSKIY: Krasnodar Court Orders Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on agricultural industrial
combine breeding factory Udobnenskiy.  The case is docketed as
A-32-17670/2004-38/143-B.  Mr. V. Odarchenko has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 350058, Russia,
Krasnodar, Seleznyeva Str. 216.  A hearing will take place on
February 21, 2005.

CONTACT:  UDOBNENSKIY
          352290, Russia,
          Krasnodar region,
          Otradnenskiy region,
          Udobnaya Station, Bazarnaya Str. 36

          Mr. V. Odarchenko
          Temporary Insolvency Manager
          350058, Russia, Krasnodar,
          Seleznyeva Str. 216


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


IZAR: European Commission Orders Firm to Repay Aid
--------------------------------------------------
The European Commission ordered Wednesday beleaguered
shipbuilder Izar to repay EUR556 million in illegal state aid,
Associated Press says.

The commission noted that from 2000 to 2002, Spain handed Izar
around EUR1.48 billion, of which EUR556 million was illegal.  In
May, the regulators ordered the state-owned enterprise to repay
EUR308 million in illegal government assistance.  Regulators
said they might give Izar ample time to make the repayment.

The commission launched numerous probes against the troubled
shipbuilder in 2000 after receiving complaints from rivals that
state cash injections gave Izar an unfair competitive advantage.

Izar, which employs around 10,800 people, has become the target
of protest actions and strikes after the shipbuilder unveiled
its plan to separate its civil and military shipbuilding units
and privatize some of its shipyards.

Shipbuilding was traditionally one of Spain's strongest
industries.  Its demise started in 1980s after orders shifted to
cheap labor countries like China and South Korea.

CONTACT:  IZAR
          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


TERRA MITICA: Breaks up with Paramount Park
-------------------------------------------
Theme park Terra Mitica, currently in temporary receivership,
reportedly decided to cease its management contract with U.S.
park operator Paramount Parks, Expansion says.

Terra Mitica's executive committee and board of directors have
yet to confirm the decision, which came out a year earlier than
expected.  Terra Mitica's management is expected to ask for a
reduction in penalties, which the theme park would receive for
the early termination of the contract.

Terra Mitica's board is expected to nominate a new manager in
the next board meeting, according to a source.  Aqualandia
Mundial, manager of two other theme parks in Valencia, has
offered to manage Terra Mitica.  Parques Reunidos, an aquatic
theme park manager, also floated as one of the nominees.

CONTACT:  TERRA MITICA PARQUE TEMATICO DE BENIDORM S.A.
          Ctra. Benidorm a Finestrat
          Partida del Moralet s/n
          03502 Benidorm (Alicante)
          Phone: 902 02 02 20
          Fax: 965 00 47 49
          E-mail: callcenter@terramiticapark.com
          Web site: http://www.terramiticapark.com


TRANSPORTES CONTINUOS: Court Commences Insolvency Proceedings
-------------------------------------------------------------
A Barcelona court has launched insolvency proceeding against
Transportes Continuos Interiores S.A. (Tracoinsa), El Pais cites
Union General de Trabajadores (UGT).

The Catalan-based machinery and equipment manufacturer has
amassed around EUR80 million in debts.  Recently, Trancoinsa
lost a contract with carmaker Nissan due to non-compliance.
Tracoinsa also supplies parts to automakers Seat and Ford.

The company has around 508 employees at its plants in Barcelona
and Valencia.

CONTACT:  TRANSPORTES CONTINUOS INTERIORES S.A.
          Pol. Industrial Sur c/Industria 17-19
          08754 El Papiol Barcelona

          Pol. Industrial Juan Carlos I Avda. la Foia, 14
          46440 Almusafes Valencia
          E-mail: tracoinsa@tracoinsa.com
          Web site: http://www.tracoinsa.com


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


CONVERIUM AG: Welcomes Standard & Poor's Rating Upgrade
-------------------------------------------------------
Converium is pleased about Standard & Poor's decision to raise
the long-term counterparty credit and insurer financial strength
ratings on Converium AG to "BBB+".  This decision reflects
Converium's successful closing of a US$420 million share issue
and Standard & Poor's expectation that Converium will maintain
significant support from key clients and intermediaries.
Converium believes that Standard & Poor's latest rating action
will help the Company's efforts to preserve its franchise in its
European, Asian and Latin American target markets and to retain
key commercial relationships.

Based on the announcement by Standard & Poor's, Converium also
anticipates Converium Ruckversicherung (Deutschland) AG and
Converium Insurance (U.K.) Ltd. to be rated in line with
Converium AG once a parental guarantee by Converium AG to these
core subsidiaries has been issued.  Converium expects the
respective procedures to be completed in due course.

About Converium

Converium is an independent international multi-line reinsurer
known for its innovation, professionalism and service.  Today
Converium employs approximately 850 people in 20 offices around
the globe and is organized into three business segments:
Standard Property & Casualty Reinsurance, Specialty Lines and
Life & Health Reinsurance.  Converium Ltd. has a "BBB+" rating
(outlook stable) from Standard & Poor's and a "B++" (outlook
stable) rating from A.M. Best Company.

CONTACT:  CONVERIUM HOLDINGS AG
          Michael Schiendorfer, Media Relations Manager
          Phone: +41 1 639 9657
          Fax: +41 1 639 7657

          Zuzana Drozd, Head of Investor Relations
          Phone: +41 1 639 9120
          Fax: +41 1 639 7120


CONVERIUM HOLDING: Fitch Upgrades Long-term Rating to 'B+'
----------------------------------------------------------
Fitch Ratings upgraded Converium AG's IFS rating to 'BBB-'(BBB
minus) from 'BB+' and Converium Holding AG's Long-Term rating to
'B+' from 'B'.  This rating action follows completion of the
CHF533 million capital increase that had originally been
approved by shareholders at an Extraordinary General Meeting on
28 September 2004.  The Outlook is Stable for both entities.

The rating action, which is in line with guidance previously
provided by the agency in its press release of 30 September
2004, reflects the group's enhanced levels of capitalization and
the improved competitive position of the company following the
receipt of new capital.

However, Fitch believes that the recent closure of Converium's
U.S. operations to new business is likely to have impacted
negatively on the group's franchise and will result in a
significant reduction in premium volume underwritten by the
company in 2005.  In addition, reinsurance business is very
sensitive to the credit quality of reinsurers, particularly
business sourced through the broker distribution channel. Broker
distributed business was the most significant distribution
channel for Converium in 2003 and represented 58% of the
company's gross written premium.

Broker security selection criteria generally require an 'A'
range rating to allow reinsurers access to business on an
unrestricted basis. Following downgrades by all of the major
rating agencies below the 'A' range, Fitch believes that
Converium's relationship with clients and brokers will
negatively impact new sales and adversely affect the group's
ability to compete in its markets.

Partially offsetting this negative rating factor is the fact
that 54% of Converium's non-U.S. premium income in 2004 has been
sourced on a direct basis and not through the broker
distribution channel.  This business is likely to be less
sensitive to credit quality issues than the broker produced
business.

The agency will continue to monitor Converium's relationships
with cedants and brokers to determine the impact of franchise
damage on it business.

These ratings were initiated by Fitch in response to investor
demand and are based primarily on public information.

CONTACT:  FITCH RATINGS
          Chris Waterman, London
          Phone: +44 (0) 20 7417 6328

          Andrew Murray, London
          Phone: +44 (0) 20 7417 4303

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


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


AGRO-2000: Gives Creditors Until Next Week to File Claims
---------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Agro-2000 (code EDRPOU 30651888) on
August 31, 2004.  The case is docketed as 118/14b-04.  Arbitral
manager Mr. S. Nesterenko (License Number AA 419268 approved on
November 11, 2002) has been appointed temporary insolvency
manager.

Creditors have until October 30, 2004 to submit their proofs of
claim to:

(a) AGRO-2000
    Ukraine, Kyiv region,
    Brovari District, Tarasivka, 9
    Sichnya Str. 1

(b) Mr. S. Nesterenko
    Temporary Insolvency Manager
    07400, Ukraine, Kyiv region,
    Brovari, Gagarin Str. 27/193

(c) ECONOMIC COURT OF KYIV REGION
    01033, Ukraine, Kyiv region,
    Zhelyanska Str. 58 b


DINAMO-SILEJR: Court Appoints Denis Lihopyok Insolvency Manager
---------------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Ukrainian-British CJSC Foreign
Investments Plant Dinamo-Silejr (code EDRPOU 21852196) on August
30, 2004.  The case is docketed as B 24/122/04.  Arbitral
manager Mr. Denis Lihopyok (License Number AA 719847 approved)
has been appointed temporary insolvency manager.  The company
holds account number 26004310051901 at JSCB Novij,
Dnipropetrovsk branch, MFO 305062.

CONTACT:  DINAMO-SILEJR
          49057, Ukraine, Dnipropetrovsk region,
          Geroyiv Stalingradu Str. 158

          Mr. Denis Lihopyok
          Temporary Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region,
          a/b 37
          Phone: (0562) 34-20-69

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


ELECTRON: In Liquidation Proceedings
------------------------------------
The Economic Court of Dnipropetrovsk region commenced on
September 2, 2004 bankruptcy proceedings against Electron, a
subsidiary of JSC Consern-Electron (code EDRPOU 13469589), after
finding the limited liability company insolvent.  Arbitral
manager Mr. Oleksandr Kovalenko (License Number AA 783206) has
been appointed liquidator/insolvency manager.

CONTACT:  ELECTRON
          50004, Ukraine, Dnipropetrovsk region,
          Krivij Rig, Komunistichna Str. 25

          Mr. Oleksandr Kovalenko
          Liquidator/Insolvency Manager
          49004, Ukraine, Dnipropetrovsk region,
          a/b 2726
          Phone: 8 (050) 134-81-34

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


HLIBOROB: Proofs of Claim Deadline Set
--------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on Agricultural LLC Hliborob (code EDRPOU
21364462).  The case is docketed as 01/2786.  Mr. Volodimir
Shimanskij (License Number AA 630040) has been appointed
temporary insolvency manager.  The company holds account number
26002569 at JSPPB Aval, Uman branch, MFO 354228.

Creditors have until October 30, 2004 to submit their proofs of
claim to:

(a) HLIBOROB
    19100, Ukraine, Cherkassy region,
    Monastirishe, Lenin Str. 98

(b) Mr. Volodimir Shimanskij
    Temporary Insolvency Manager
    03038, Ukraine, Kyiv region,
    Konduktorska Str. 33/2

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


KAMYANETS-PODILSKSILMASH: Bankruptcy Supervision Begins
-------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on OJSC Kamyanets-Podilsksilmash (code
EDRPOU 00236062) on September 15, 2004.  The case is docketed as
13/220-b.  Arbitral manager Mr. Oleg Sinishin (License Number AA
484194) has been appointed temporary insolvency manager.  The
company holds account number 26006301230001 at Prominvestbank,
Kamyants-Podilskij branch, MFO 315546.

Creditors have until October 30, 2004 to submit their proofs of
claim to:

(a) KAMYANETS-PODILSKSILMASH
    Ukraine, Hmelnitskij region,
    Kamyanets-Podilskij,
    Industrialna Str. 1-a

(b) Mr. Oleg Sinishin
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    Dragomirov Str. 10-a/29

(c) ECONOMIC COURT OF HMELNITSKIJ REGION
    29000, Ukraine, Hmelnitskij region,
    Nezalezhnosti Square, 1


MIRGOROD AGRARIAN: Declared Insolvent
-------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Mirgorod' Agrarian Company (code EDRPOU
32468795) on August 19, 2004 after finding the limited liability
company insolvent.  The case is docketed as 10/101.  Mr. Igor
Borovih (License Number AA 250471) has been appointed
liquidator/insolvency manager.  The company holds account number
26000054500959 at Privatbank, Poltava regional branch, MFO
331401.

CONTACT:  MIRGOROD AGRARIAN COMPANY
          37600, Ukraine, Poltava region,
          Mirgorod District, Lubivshina,

          Mr. Igor Borovih
          Liquidator/Insolvency Manager
          Phone: (0532) 56-67-13

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


SOUVENIR: Creditors Have Until Next Week to File Claims
-------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on OJSC Factory Souvenir (code EDRPOU
02970978).  The case is docketed as 6/216-8/115.  Arbitral
manager Mr. V. Kolyada (License Number AA 719896) has been
appointed temporary insolvency manager.  The company holds
account number 260085086 at JSPPB Aval, MFO 5570; 26009302290
and 26000901290 at Oshadbank, Skole branch 6399, MFO 385264; and
26002470235003 at Bank Ukraina, MFO 325644.

Creditors have until October 30, 2004 to submit their proofs of
claim to:

(a) FACTORY SOUVENIR
    Ukraine, Lviv region,
    Skole, S. Bandera Str. 8

(b) Mr. V. Kolyada
    Temporary Insolvency Manager
    Ukraine, Lviv region,
    Chornovol Avenue, 51/51

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


VELIKONOVOSILKIVSKIJ AGROBUD: Insolvency Manager Takes over Helm
----------------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Velikonovosilkivskij Agrobud (code
EDRPOU 03583678) on September 8, 2004.  The case is docketed as
15/105B.  Mr. B. Polishuk (License Number 140445) has been
appointed temporary insolvency manager.

CONTACT:  VELIKONOVOSILKIVSKIJ AGROBUD
          85500, Ukraine, Donetsk region,
          Velika Novosilka, Verhnya Str. 26

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


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


3MCM LIMITED: Creditors Call in Liquidator
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF 3MCM Limited
                        (In Liquidation)

I, Ian William Wright of Haines Watts, James Miller House, 98
West George Street, Glasgow G2 1PJ, hereby give notice pursuant
to Rule 4.19 of the Insolvency (Scotland) Rules 1986 that I was
appointed Liquidator of 3MCM Limited by resolution of the first
meeting of creditors held on October 7, 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.

All creditors who have not lodged their claims with me have
until April 7, 2005 to do so.

I. W. Wright, Liquidator
October 7, 2004

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


A. BOOKLESS: Hires Joint Liquidators from Deloitte & Touche
-----------------------------------------------------------
At an extraordinary general meeting of the members of the A.
Bookless & Company Limited on October 6, 2004, the extraordinary
and ordinary resolutions to wind up the company were passed.
Ian Brown and Angus Matthew Martin of Deloitte & Touche LLP of
Gainsborough House, Grey Street, Newcastle upon Tyne NE1 6AE
have been appointed joint liquidators of the company.

CONTACT:  DELOITTE & TOUCHE LLP
          Gainsborough House, Grey Street,
          Newcastle upon Tyne NE1 6AE
          Phone: +44 (0) 191 261 4111
          Fax: +44 (0) 191 232 7665
          Web site: http://www.deloitte.com


A.C. LEIGH: Calls in Liquidator from PricewaterhouseCoopers
-----------------------------------------------------------
Name of Companies:
A.C. Leigh (Security) Limited
A.C. Group Security Ltd.
Bastion Security Services Limited
Central Stations Facilities Limited
Check Monitoring Services Limited
Chelma Pensions Limited
Chubb (America) Limited
Chubb Executive Trustee Limited
Chubb Security Contracts Limited
Chubb Security Services Limited

At the extraordinary general meetings of these companies on
October 12, 2004, the special and ordinary resolutions to wind
up these companies were passed.  Jonathan Sisson and Richard
Setchim of PricewaterhouseCoopers LLP, 12 Plumtree Court, London
EC4A 4HT have been appointed joint liquidators of these
companies.

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


AGNEW LOWTHER: Members' General Meeting Set November
----------------------------------------------------
The general meeting of the members of Agnew Lowther & Bates
(Financial Management) Limited will be on November 24, 2004
commencing at 2:45 p.m.  It will be held at the offices of
Parkin S. Booth & Co., 44 Old Hall Street, Liverpool L3 9EB.

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

CONTACT:  PARKIN S. BOOTH & CO.
          44 Old Hall Street,
          Liverpool L3 9EB
          Liquidator:
          Robert M Rutherford
          Phone: 0151 236 4331
          Fax:   0151 255 0108
          E-mail: lp@parkinsbooth.co.uk
          Web site: http://www.parkinsbooth.co.uk


AIR PRODUCTS: Liquidator's Final Report Out Mid-November
--------------------------------------------------------
The final meeting of the members of Air Products Leasing (UK)
Limited will be on November 17, 2004 commencing at 10:40 a.m.
It will be held at 17-19 Foley Street, London W1W 6DW.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Menzies Corporate Restructuring, 17-19 Foley Street, London
W1W 6DW not later than 12:00 noon, November 16, 2004

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


AUTOBIOGRAPHY LIMITED: Names Grant Thornton Administrator
---------------------------------------------------------
Samantha Keen and Nigel Ruddock (IP Nos 9250, 6877) have been
appointed joint administrators for Autobiography Limited.  The
appointment was made October 7, 2004.  The company sells motor
vehicle.

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


BAG IN A BOX: Members Opt to Liquidate Company
----------------------------------------------
At an extraordinary general meeting of the members of the Bag In
A Box Limited on October 7, 2004 held at Elliot House, 151
Deansgate, Manchester M3 3BP, the extraordinary and ordinary
resolutions to wind up the company were passed.  Stephen L. Conn
of Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3
3BP has been appointed liquidator of the company for the purpose
of said winding-up.

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


BARKLAND MANAGEMENT: Extraordinary Winding up Resolution Passed
---------------------------------------------------------------
Name of Companies:
Barkland Management Services Ltd.
Barkland Support Services Ltd.
Barkland Retail & Office Cleaning Ltd.
Food Hygiene Management ltd.
Labis Management Ltd.

At an extraordinary general meeting of these companies on
October 4, 2004 held at 8 Baker Street, London W1U 3LL, the
subjoined extraordinary resolutions to wind up these companies
were passed.  Trevor Binyon and Simon Thomas of Tenon Recovery,
73 Baker Street, London W1 have been appointed joint liquidators
for the purpose of such winding-up.

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


BENARTY CONSTRUCTION: Calls First Creditors' Meeting
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Benarty Construction Co-op Limited
                        (In Liquidation)

I, Alan C. Thomson CA, Thomson Cooper, Castle Court, Carnegie
Campus, Dunfermline, KY11 8PB hereby give notice that I was
appointed Interim Liquidator of Benarty Construction Co-op
Limited on October 1, 2004, by Interlocutor of the Sheriff at
Dunfermline.

Notice is also given pursuant to Section 138(4) of the
Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland)
Rules 1986, as amended by the Insolvency (Scotland) Amendment
Rules 1987, that the First Meeting of Creditors of Benarty
Construction Co-op Limited will be held within the offices of
Thomson Cooper, Castle Court, Carnegie Campus, Dunfermline, KY11
8PB on November 4, 2004 at 10:00 a.m. for the purpose of
choosing a liquidator and determining whether to establish a
Liquidation Committee.

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

A Resolution will be passed when a majority of those voting have
voted in favor of it.  For the purposes of formulating claims,
creditors should note that the date of commencement of the
liquidation is September 6, 2004.

Alan C. Thomson CA, Interim Liquidator
October 7, 2004

CONTACT:  THOMSON COOPER
          Castle Court
          Carnegie Campus
          Dunfermline
          Fife KY11 8PB
          Phone: 01383 722815


BOHLIN (CIRENCESTER): Appoints Tenon Recovery Liquidator
--------------------------------------------------------
Name of Companies:
Bohlin (Cirencester) Limited
Cintex Group Limited
Cintex International Limited
Cintex London Limited
Colbern Systems Limited
Falrey Microscan Limited
Five Square (Stationers) Limited
Servomex Overseas Limited
Servomex UK Holdings Limited

At the extraordinary general meetings of the members of these
companies on October 8, 2004 held at Station Road, Egham, Surrey
TW20 9NP, the special and ordinary resolutions to wind up the
companies were passed.   S. R. Thomas and S. J. Parker of Tenon
Recovery, Sherlock House, 73 Baker Street, London W1U 6RD have
been appointed joint liquidators for the purpose of these
windings-up.

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


BRITISH ENERGY: Takes Drastic Move to Pre-empt Rebel Shareholder
----------------------------------------------------------------
British Energy on Thursday had its shares delisted ahead of an
extraordinary meeting to discuss a life-saving financial
restructuring.

Shareholders of the nuclear power generator are meeting today at
Hampden Park conference center, Glasgow at the request of rebel
investor and U.S. hedge fund Polygon.  The decision to delist
was made to pre-empt the risk of shareholders voting down the
terms of its restructuring.

Polygon has threatened to derail the restructuring to buy time
to look for better terms for shareholders.  Under the plan,
92.5% of British Energy's diluted equity will be used to cancel
GBP1.3 billion of debt, leaving shareholders with almost
nothing.

Management has warned it will be forced to file for insolvency
if shareholders reject the proposal.  U.K.'s biggest electricity
producer has 215,000 private investors.  It pursued a GBP5
billion restructuring plan in October last year after escaping
bankruptcy in 2002, when wholesale electricity prices plunged.

CONTACT:  BRITISH ENERGY
           Andrew Dowler
           Phone: 020 7831 3113
           (Media Enquiries)
           John Searles
           Phone: 01355 26 2202
           (Investor Relations)
           Web site: http://www.british-energy.com


CHUBB VISION: Hires Liquidators from PricewaterhouseCoopers
-----------------------------------------------------------
Name of Companies:
Chubb Vision Limited
Combined Protection Systems Limited
Cumbria Security Patrols Limited
Defender Security Services Limited
Fire Detection Services Ltd.
Franklin Technical Services Limited
Ganyard Security Systems Limited
Garford-Lilley Industries Limited
General Alarm Factors Limited
Genesis Manpower Services Limited

At the extraordinary general meeting of these companies on
October 12, 2004, the special and ordinary resolutions to wind
up these companies were passed.  Jonathan Sisson and Richard
Setchim of PricewaterhouseCoopers LLP, 12 Plumtree Court, London
EC4A 4HT have been appointed joint liquidators of these
companies.

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


CLOBBER STYLISTS: Members Decide to Dissolve Firm
-------------------------------------------------
At an extraordinary general meeting of the Clobber Stylists
Limited on October 8, 2004 held at Tenon House, Ferryboat Lane,
Sunderland SR5 3JN, the subjoined extraordinary resolution to
wind up the company was passed.  Ian William Kings of Tenon
Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN has
been appointed liquidator for the purpose of such winding-up.

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


COLT TELECOM: Third-quarter Loss Down to GBP31.8 Million
--------------------------------------------------------
COLT Telecom Group plc, a leading pan-European provider of
business communications solutions and services, said that during
the third quarter it continued to grow turnover and reduce
losses in line with market expectations.

Highlights of the quarter[1] include:

(a) Turnover of GBP303.7 million, up 7%[2] on a constant
    currency basis;

(b) Gross margin before depreciation of 31.6%;

(c) EBITDA [3] decreased by 23% from GBP43.3 million to GBP33.4
    million;

(d) Loss for the period [4] decreased by 11% from GBP35.7
    million to GBP31.8 million;

(e) Strong financial position with cash and liquid resources of
    GBP791.4 million;

(f) Early redemption of GBP324 million of bonds, transaction
    completed on 19 October;

(g) Pro forma cash and liquid resources of GBP467.4 million post
    redemption of the bonds;

(h) Further strengthening of top management team; and

(i) COLT wins World Communication Award for Customer Care for
    fourth successive year.

Chairman Barry Bateman says: "During the third quarter COLT
continued to grow revenues and margins were broadly in line with
the second quarter.  However price erosion across a number of
products and pressure on costs combined to lead to a
disappointing decline in EBITDA.  Nevertheless, COLT's
underlying financial position remains strong: losses are
reducing and we have taken action to reduce interest payments
through the early redemption of some of our bonds, reflecting
our confidence in the future.

"Our financial performance needs to improve further to enable us
to achieve a satisfactory return on capital and to this end, we
have strengthened our senior management team during the quarter
and are setting a future direction for profitable growth which
builds on the core strengths of our pan-European backbone, 32
metropolitan area networks with fiber access and best-in-
industry customer service."

Chief Executive Officer Jean-Yves Charlier says: "COLT made
further progress in a difficult quarter by growing revenues and
reducing losses.  We further reinforced our reputation for best-
in-industry customer service by winning the prestigious World
Communication Award for Customer Care for the fourth successive
year.

"Despite these achievements, the revenue mix was not what it
needs to be and we continue to be challenged by the market
environment and by pressures on our cost base.  We have taken
action to strengthen our senior management team in sales and
marketing as well as in our key markets of France and the U.K.
Furthermore, after a strategy review, we are implementing an
enhanced set of strategic initiatives -- 'Future in Focus' --
designed to re-establish the company as an innovator and as one
of the top three players in each of the metropolitan markets in
which it operates across Europe.

"To renew with innovation, we are also announcing our SecureIT
service for SME customers, the first in a portfolio of new
services to extend COLT's IP management services to the LAN and
desktop environment."

----------
[1] Comparison with equivalent quarter of the prior year

[2] Excluding Fitec, which was disposed of in December 2003

[3] EBITDA is earnings before interest, tax, depreciation,
    amortization, foreign exchange and exceptional items

[4] Before exceptional items

The full copy of the financial statements is available free of
charge at http://bankrupt.com/misc/results.htm.

CONTACT:  COLT TELECOM GROUP PLC
          John Doherty
          Director Corporate Communications
          Phone: +44 (0) 20 7390 3681
          E-mail: jdoherty@colt.net

          Gill Maclean
          Head of Corporate Communications
          Phone: +44 (0) 20 7863 5314
          E-mail: gill.maclean@colt-telecom.com


COLT TELECOM: Bares Roadmap to Profitability
--------------------------------------------
COLT Telecom Group plc, a leading pan-European provider of
business communications solutions and services, announced its
strategic direction, "Future in Focus", which is expected to:

(a) accelerate revenue growth;

(b) deliver positive cash flow and profits; and

(c) re-establish the company as an innovator and as one of the
    top 3 players in each of the metropolitan markets in which
    it operates across Europe.

This next stage of COLT's development follows a strategic review
conducted by CEO Jean-Yves Charlier who was appointed on 30
August 2004.

Setting out the future strategic direction, Mr. Charlier said:
"We have a clearly defined roadmap that builds on the core
strengths of our pan-European backbone, 32 metropolitan area
networks with fiber access and best-in-industry customer
service.  We will once again position COLT as an innovating
force for the SME and Corporate markets across Europe whilst
maximizing profitable revenues through better utilization of our
existing assets and improved execution."

In a presentation to analysts and investors in London, Jean-Yves
Charlier outlined the company's strategic initiatives to
achieving its goals:

(a) Growth - focus on on-net growth, exploiting the unrivalled
    fiber access, depth, breadth and quality of COLT's 32
    interconnected metropolitan area networks for 3 key market
    segments: SME, Corporate and Wholesale;

(b) Innovation - deliver innovative solutions and services with
    a focus on making IP work for SMEs and on providing world-
    class Ethernet and IP services for Corporate customers
    across Europe;

(c) Quality - continue to provide the best-in-industry customer
    service for which COLT is already renowned and which was
    recently endorsed by the company winning the prestigious
    World Communication Award (WCA) for customer care for the
    fourth consecutive year;

(d) Simplification - remove complexity from the business in
    order to streamline the company's cost base further and
    improve the customer experience;

(e) Cost leadership - achieve the lowest possible unit costs to
    enable the company to deliver its profitability goals whilst
    providing customers with cost-competitive services.

CONTACT:  COLT TELECOM GROUP PLC
          John Doherty
          Director Corporate Communications
          Phone: +44 (0) 20 7390 3681
          E-mail: jdoherty@colt.net

          Gill Maclean
          Head of Corporate Communications
          Phone: +44 (0) 20 7863 5314
          E-mail: gill.maclean@colt-telecom.com


COLT TELECOM: Launches Managed Communications Services for SMEs
---------------------------------------------------------------
COLT Telecom Group plc is introducing COLT SecureIT for small
and medium-sized organizations (SMEs), the first in a portfolio
of services to extend COLT's IP management services to the local
area network (LAN) and desktop environment.  The service is in
line with its future strategic direction 'Future in Focus.'

As communications infrastructure becomes increasingly time-
consuming and costly to manage, SMEs are looking for a simple-
to-deploy, reliable and affordable service to manage their
infrastructure for them.  COLT is able to provide this service
by extending the robustness and quality of its network,
currently enjoyed by the 42,000 SMEs across Europe, to the LAN
and desktop environment.

With COLT SecureIT, SMEs benefit from having their IP
infrastructure and devices managed for them and access to the
latest functionality and security, charged for on a fixed per
user monthly fee.  For the first time, customers will have
access to a service desk providing a single point of contact for
all services offered, regardless of user location.  Features
include messaging, managed security with the latest virus and
anti-spam software, automated daily back-up, mobility services
and proactive monitoring around the clock.

COLT is also delighted to announce that telemarketing company,
Inspire Management Systems Ltd., has become the first customer
of the service.  Since becoming a user in September, Inspire has
been freed to focus fully on its core business, as Mark Page,
managing director Inspire explains: "Not only does COLT's
service alleviate the responsibility and hassle of managing our
infrastructure network, but it also protects us from virus
attacks and unexpected costs.  In fact, one of the biggest
reasons for choosing the solution was the predictable monthly
cost structure.  Because we are in a growth period, being able
to add users with ease was also of great appeal."

Available now in the U.K., COLT SecureIT will form one of the
components of the new bundled communications and IP management
service for SMEs, scheduled for launch in all European markets
in early 2005. The service offers a menu of voice, data,
security and desktop support services as required by the
customer, based on a fixed monthly price to help the customer
manage their costs more predictably.

"COLT SecureIT brings the wide area and local area networks
together to offer a holistic approach to managing customers'
communications," explained Daryl Szebesta, senior director,
Managed Services Unit.  "This simple-to-deploy, 'plug-and-play'
service provides peace-of-mind, freeing the customer to focus on
what they do best, knowing their systems are secure, up-to-date
and one number away from help."

About COLT

COLT Telecom Group plc is a leading pan-European provider of
business communications services and solutions.  The company
owns an integrated 20,000-kilometer network that directly
connects approximately 10,000 buildings in 32 major cities in 13
countries augmented with a further 42 points of presence across
Europe and 11 Internet Solution Centers.  COLT supplies
customers across the full spectrum of industry, service and
government sectors with unrivalled end-to-end network security,
reliability and service.

COLT Telecom Group plc is listed on the London Stock Exchange
(CTM.L) and NASDAQ (COLT).  Information about COLT and its
products and services can be found at http://www.colt.net

CONTACT:  COLT TELECOM
          Joanna Lane
          Pleon U.K. (for COLT Telecom)
          Phone: + 44 (0) 207 298 7053
          E-mail: sbhatia@pleon.com

          Sangita Bhatia
          Pleon U.K. (for COLT Telecom)
          Phone: + 44 (0) 207 298 7091
          E-mail: sbhatia@pleon.com


DR. JIVES: Gives Creditors Until April Next Year to File Claims
---------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Dr. Jives Limited
                        (In Liquidation)

I, Ian William Wright of Haines Watts, James Miller House, 98
West George Street, Glasgow G2 1PJ, hereby give notice pursuant
to Rule 4.19 of the Insolvency (Scotland) Rules 1986 that I was
appointed Liquidator of Dr. Jives Limited by resolution of the
first meeting of creditors held on October 7, 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.

All creditors who have not lodged their claims with me have
until April 7, 2005 to do so.

I. W. Wright, Liquidator
October 7, 2004

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


EASTERN PHARMACEUTICALS: Unsecured Creditors to Meet Next Week
--------------------------------------------------------------
Name of Companies:
Eastern Pharmaceuticals Holdings Plc
Eastern Pharmaceuticals Ltd.

The unsecured creditors of these companies will meet on October
27, 2004 commencing at 10:30 a.m.  It will be held at
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Plumtree Court,
London EC4A 4HT not later than October 26, 2004.

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


EAST MIDLANDS: Calls in Liquidator from Tenon Recovery
------------------------------------------------------
At an extraordinary general meeting of the members of the East
Midlands Medical Imaging Plc on October 11, 2004 held at The
Park Hospital, Sherwood Lodge Drive, Burnstump Country Park,
Arnold, Nottingham NG5 8RX, the special and ordinary resolutions
to wind up the company were passed.  Dilip Dattani and Patrick
Ellward of Tenon Recovery, Charnwood House, Gregory Boulevard,
Nottingham NG7 6NX have been appointed joint liquidators for the
purpose of winding-up.

CONTACT:  TENON RECOVERY
          Charnwood House,
          Gregory Boulevard,
          Nottingham NG7 6NX
          Phone: 0115 955 2000
          Fax: 0115 918 4500
          Web site: http://www.tenongroup.com


EGG PLC: Cost of France Exit Drives up 9-month Pre-tax Loss
-----------------------------------------------------------
Results for the Nine Months to 30 September 2004

"The Group result for the year to date is a loss before tax of
GBP103 million, including the previously announced provision of
GBP113 million raised in July for the costs of exiting the
French market and the operating losses of GBP35 million incurred
in France up to the date of our announcement of Egg's intention
to withdraw from the market.  Our withdrawal from the French
market is progressing and as we announced earlier this month we
have received approaches for the consumer credit, savings and
brokerage businesses which, if concluded, would result in the
redeployment of up to 140 people and provide continuity of
service to Egg's customers in France.  Our expectations with
regard to the total exit costs for France remain unchanged.

"Our U.K. business has delivered a satisfactory set of results
in what has proved to be a challenging year for Egg, with the
potential sale process initiated by Prudential in January
creating uncertainty in addition to the increased competition
and rising interest rates that have impacted the credit card and
personal loan markets.  We made a profit before tax of GBP53
million for the nine months to 30 September 2004 compared to the
GBP57 million profit for the same period last year.  Unsecured
lending balances are growing strongly, with record personal loan
draw-downs of over GBP1.6 billion and our new MasterCard offer
is proving successful and helped generate healthy credit card
balance growth this quarter.

"Looking forward, Egg people are firmly focused on the future
development of our core U.K. business, leveraging our brand and
high quality customer base to expand our franchise.  We have
recently launched a discount tracker mortgage product and we
have an increased focus on general insurance cross sales, given
research in our customer base indicates a high propensity to buy
these products from Egg.

In addition we have taken the opportunity to re-price our credit
card portfolio in October following similar action by the
majority of our competitors.

"As part of our renewed focus on our core U.K. business, we
announce the disposal of our funds supermarket, Egg Invest, to
Fidelity FundsNetwork.  The transaction will result in one-off
costs of GBP3 million and lead to annual savings of a similar
amount moving forward.

"We will continue to take actions to secure the significant
value inherent in our existing unsecured lending business and
given the strong brand consideration that exists among both our
customers and the wider U.K. population we will look to offer a
broader range of products in 2005 and beyond."

Paul Gratton, CEO, Egg plc

Highlights:

Analysis of Group Profit and Loss Account:

                                         Nine Months to
                                      30 Sept.      30 Sept.

                                       2004            2003

                                       GBPm            GBPm
Egg U.K. Operating Profit              53.2            56.7
Egg France Operating Loss [I]         (35.0)          (69.5)
Egg France Closure Provision (ii)    (112.8)             -
Other International                      -             (3.5)
Subsidiaries/Associates/JV's           (2.9)           (3.4)
Transaction Costs                      (3.7)             -
Restructuring Costs                    (2.1)           (5.2)
Group Loss before Tax                (103.3)          (24.9)

---------
[i] The current period amount of GBP35.0 million reflects the
     operating loss before tax for the period from 1 January
     2004 to 13 July 2004, the date on which Egg announced its
     intention to withdraw from the French market.

[ii] This is the total provision raised for the estimated costs
     of exiting the French market.  In the consolidated profit
     and loss account for the nine months ended 30 September
     2004 GBP19.7 million has been released to cover operating
     losses post 13 July 2004, fixed asset impairment and other
     costs incurred to date as part of the exit process.

Group

(a) Group operating income up 17% to GBP364 million (Q3 2003:
    GBP311 million);

(b) Group loss before tax of GBP103 million, including GBP113
    million provision for exit costs in France (Q3 2003: GBP25
    million loss);

(c) Group loss per share was 8.5p (Q3 2003: 3.1p);

(d) Total group assets of GBP12.1 billion (Q3 2003: GBP11.5
    billion);

U.K.

(a) Egg U.K. delivered an operating profit of GBP53 million (Q3
    2003: GBP57 million);

(b) Unsecured lending balances grew by GBP0.9 billion (Q3 2003:
    GBP1.1 billion) leading to period end balances of GBP5.7
    billion (30 September 2003: GBP4.4 billion);

(c) Strong sales growth in personal loans with draw-downs of
    GBP1.6 billion, up 33% on Q3 2003 (GBP1.2 billion);

(d) MasterCard offer proving increasingly popular to our
    customer base with balances now exceeding GBP100 million
    since launch in June 2004;

(e) Credit quality remains strong and benchmarks continue to
    show Egg's card portfolio significantly outperforming
    industry norms.

France

(a) Provision for costs of exiting the French market estimated
    at GBP113 million (EUR170 million) pre tax and accounted for
    in July 2004.

A full copy of the results is available free of charge at:
http://bankrupt.com/misc/Egg_9Mos2004.htm

CONTACT:  EGG PLC
          Press Office (main number)
          Phone:  020 7526 2600

          Emma Byrne
          Phone: 020 7526 2565
          Mobile: 07775 657 241

          Analysts/Investors:
          Kieran Coleman
          Phone: 020 7526 2648
          Mobile: 07711 717 358


ELKINJONES CONSTRUCTION: Names Begbies Traynor Administrator
------------------------------------------------------------
Paul Michael Davis (IP No 7805) and Timothy John Edward Dolder
(IP No 9008) have been appointed joint administrators for
Elkinjones Construction Limited.  The appointment was made
October 13, 2004.  The company is engaged in general
construction and demolition.

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

          BEGBIES TRAYNOR
          Chiltern House,
          24-30 King Street,
          Watford WD18 0BP
          Phone: 01923 812900
          Fax:   01923 812999
          Web site: http://www.begbies.com


EURO SERVICE: Appoints DTE Leonard Curtis Administrator
-------------------------------------------------------
J. M. Titley and A. Poxon (IP Nos 8617, 8620) have been
appointed joint administrators for Euro Service Station Limited.
The appointment was made October 12, 2004.  The company sells
petrol.

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


G DYTHAM: Sets Creditors Meeting November
-----------------------------------------
Name of Companies:
G Dytham & Sons Limited
Milestride Limited

The creditors of these companies will meet on November 1, 2004
commencing at 10:00 a.m. and 11:30 a.m. respectively.  It will
be held at PricewaterhouseCoopers LLP, Donington Court, Pegasus
Business Park, Castle Donington, East Midlands DE74 2UZ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP not later than 12:00 noon,
October 29, 2004.

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


GENCO (SG): Hires Joint Administrators from Rothman Pantall
-----------------------------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman (IP Nos 8975,
4731) have been appointed joint administrators for Genco (SG)
Limited.  The appointment was made October 7, 2004.

CONTACT:  ROTHMAN PANTALL & CO.
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Phone: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


HENLYS PLC: Restructured Firm to Focus on Overseas Unit
-------------------------------------------------------
Bus company Henlys plc will emerge from its restructuring as a
smaller company focused on its U.S. operation.  According to The
Guardian, some parts of the company will be liquidated, and what
remains will make up the new firm that will be named Peach
County Holdings.  The business will concentrate on Blue Bird,
the U.S. unit best-known for making yellow school buses.

Henlys encountered difficulties after its partner in Transbus,
the country's biggest bus manufacturer, collapsed.  It sold two
of its Canadian operations to Ford's subsidiary Volvo to raise
additional capital.  Volvo now owns 42.5% of the company.  A
syndicate of banks, which agreed to forgive US$690 million
(GBP390 million) of debt, holds another 42.5%.  Management and
Henlys' pension scheme holds the rest.

Peach is taking on part of Henlys' debts; around US$303 million
have been converted into equity.  The company has restated
US$215 million of loans and revolving credit facilities.  The
restructuring left Henlys with no operating business or material
assets.  Shareholders, who a year ago held shares trading above
100p a share, were left with nothing.

David James, who will remain temporary chairman, expressed
confidence in the continuing business.  He said it has a "strong
order book" with an existing contract from the U.S. government
for 87 buses for England.  It might eventually be sold to a
trade buyer or even refloated on the stock market, he said.


HOBBS, HART & CO.: Appoints Joint Liquidators from PwC
------------------------------------------------------
Name of Companies:
Hobbs, Hart & Co., limited
Incident Control Ltd.
Interfire Limited
Jackson Engineering Limited
Jigsaw Security Limited
Key Securities Limited
Lakes Security Limited
Major Oak Securities Limited
Merlin Fire And Security Engineering Limited
Plymouth Fire And Safety Services Limited

At the extraordinary general meetings of these companies on
October 12, 2004, the special and ordinary resolutions to wind
up the company were passed.  Jonathan Sisson and Richard Setchim
of PricewaterhouseCoopers LLP, 12 Plumtree Court, London EC4A
4HT have been appointed joint liquidators of these companies.

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


J. BLACK & SON: Liquidator to Present Final Report November
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF J. Black & Son (Kirkcaldy) Limited
                        (In Liquidation)

Notice Is hereby given pursuant to Section 146 of the Insolvency
Act 1986 that the Final Meeting of Creditors of J. Black & Son
(Kirkcaldy) Limited will be held within the offices of Thomson
Cooper, Castle Court, Carnegie Campus, Dunfermline, Fife, KY11
8PB on November 16, 2004 at 10:30 a.m. for the purpose of
receiving the Liquidator's Final Report showing how the winding
up has been conducted and of hearing any explanations that may
be given.  The liquidator will be seeking his release at the
meeting.

Creditors are entitled to attend in person or, alternatively, by
proxy.  A creditor may vote only if his claim has been submitted
to the Liquidator and that claim has been accepted in whole or
in part.  A Resolution will be passed only if a majority and
value of those voting in person or by proxy vote in favor.
Proxies must be lodged with the Liquidator at or before the
meeting.

Alan C. Thomson CA, Liquidator
October 8, 2004

CONTACT:  THOMSON COOPER
          Castle Court
          Carnegie Campus
          Dunfermline
          Fife KY11 8PB
          Phone: 01383 722815


JUBB LIMITED: Hires Joint Administrators from PKF
-------------------------------------------------
Edward T. Kerr and Brian J. Hamblin (IP Nos 9020, 2085) have
been appointed joint administrators for Jubb Limited.  The
appointment was made October 6, 2004.  The company manufactures
plastic packaging goods.

CONTACT:  PKF
          Pannell House,
          159 Charles Street,
          Leicester LE1 1LD
          Phone: 0117 906 4000
          Fax:   0117 974 1238
          E-mail: info.bristol@uk.pkf.com
          Web site: http://www.pkf.co.uk


KABLING INTERNATIONAL: Holds Final Meeting of Creditors
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Kabling International Limited
                        (In Liquidation)

Notice is hereby given pursuant to Rule 4.31 of the Insolvency
(Scotland) Rules 1986, that the Final Meeting of Creditors of
Kabling International Limited will be held within the offices of
Kroll Limited, Afton House, 26 West Nile Street, Glasgow G1 2PF
on November 15, 2004 for the purposes of receiving the
Liquidator's account of the winding-up together with any
explanations that may be given.  The Liquidator will be seeking
his release at the meeting.

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

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

F. J. Gray, Liquidator
October 7, 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


L ROSSI & SON: In Administrative Receivership
---------------------------------------------
HSBC Bank PLC called in Richard Hawes and Nigel Morrison (Office
Holder Nos 8954, 8938) joint administrative receivers for L
Rossi & Son Limited (Reg No 01163235, Trade Classification: 04).
The application was filed October 12, 2004.  The company
manufactures ice cream.

CONTACT:  GRANT THORNTON UK LLP
          11-13 Penhill Road,
          Cardiff CF11 9UP
          Phone: 029 2023 5591
          Fax:   029 2038 3803
          Web site: http://www.grant-thornton.co.uk


MAYHEM LEICESTER: Top Honcho Served Eight-year Ban
--------------------------------------------------
A director of a cafe bar business that failed with debts of more
than GBP248,400 has been disqualified in the Birmingham High
Court from acting as a company director for eight years.

Adam Reuben Thomas Swain of Hinckley, Leicester, was a director
of Mayhem (Leicester) Limited, that carried out business from
premises at 24 Granby Street, Leicester.

Mayhem was placed into voluntary liquidation on October 31, 2001
with estimated debts of GBP248,445 owed to its creditors.

The Disqualification Order, made on October 18, 2004, prevents
Mr. Swain from being a director of a company or, in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
the above period.

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

Matters of unfit conduct, not disputed by Mr. Swain, were that:

(a) He caused Mayhem to continue trading whilst the company was
    insolvent from October 2000 to the date of liquidation to
    the ultimate detriment of its creditors;

(b) He caused Mayhem to retain monies due to the Crown;

(c) He failed to ensure that Mayhem maintained or preserved
    proper accounting records during the last eight months that
    the company traded, or alternatively failed to deliver them
    to the liquidator;

(d) He failed to co-operate with the liquidator in returning his
    questionnaire; and

(e) He caused the company to fail to comply with its statutory
    duties by failing to submit any returns to HM Customs and
    Excise and failing to submit accounts to Companies House.

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

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

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


RATEDALE AVIATION: Hires PricewaterhouseCoopers as Liquidator
-------------------------------------------------------------
Name of Companies:
Ratedale Aviation Services Limited
RJT 143 Limited
Sectron Systems Limited
Specialist Electrical Systems Limited
Westminster Fire Limited
Westminster Security Limited
White Realisation (No 1) Ltd.
Williams Group Limited

At the extraordinary general meetings of these companies on
October 12, 2004, the special and ordinary resolutions to wind
up the company were passed.  Jonathan Sisson and Richard Setchim
of PricewaterhouseCoopers LLP, 12 Plumtree Court, London EC4A
4HT have been appointed joint liquidators of these companies.

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


REDMOUNT PROPERTIES: Names Grant Thornton Liquidator
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Redmount Properties Limited
                        (In Liquidation)

Pursuant to Rule 4.19(4) of The Insolvency (Scotland) Rules
1986, we, Robert Caven and Matthew P. Henderson of 95 Bothwell
Street, Glasgow, G2 7JZ give notice that, on October 5, 2004, we
were appointed as liquidators of Redmount Properties Limited by
a resolution of a meeting of the creditors.

A liquidation committee was not established.  It is not my
intention to summon a further meeting of creditors to establish
a liquidation committee unless requested to do so by one-tenth
in value of the company's creditors.

Robert Caven, Joint Liquidator

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


SPECTRE SECURITIES: Final Members' Meeting Set November
-------------------------------------------------------
The final meeting of the members of Spectre Securities Limited
will be on November 30, 2004 commencing at 11:00 a.m.  It will
be held at Critchleys, Greyfriars Court, Paradise Square, Oxford
OX1 1BE.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Critchleys, Greyfriars Court, Paradise Square, Oxford OX1
1BE not later than 12:00 noon, November 26, 2004.

CONTACT:  CRITCHLEYS
          Greyfriars Court,
          Paradise Square,
          Oxford OX1 1BE
          Phone: +44 (0) 1865 261100
          Fax:   +44 (0) 1865 261201
          E-mail: Oxford@critchleys.co.uk
          Web site: http://www.critchleys.co.uk


STRAWHORN OF IRVINE: Graham Martin Named Liquidator
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Strawhorn of Irvine 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 Strawhorn of Irvine Limited on
October 6, 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 lodged their claims with me have
until January 6, 2005 to do so.

Graham H. Martin, Interim Liquidator

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


TETCO SECURITY: Calls in Milner Boardman Administrator
------------------------------------------------------
Gary Corbett and Darren Brookes (IP Nos 9018, 9297) have been
appointed joint administrators for Tetco Security Systems
Limited.  The appointment was made October 12, 2004.  The
company is engaged in investigation and security.

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


THORNTON DRUMMOND: Special Winding up Resolution Passed
-------------------------------------------------------
At an extraordinary general meeting of the Thornton Drummond And
Brett Limited on October 27, 2004 held at 52-58 Tabernacle
Street, London EC2A 4NJ, the subjoined special resolution to
wind up the company was passed.  Peter Gotham of Begbies
Traynor, the Old Exchange, 234 Southchurch Road, Southend-on-
Sea, Essex SS1 2EG has been appointed liquidator for the purpose
of such winding-up.

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


TUMBERDOUSE LIMITED: Names F A Simms & Partners Administrator
-------------------------------------------------------------
Richard Frank Simms (IP No 9252) has been appointed
administrator for Tumberdouse Limited.  The appointment was made
October 1, 2004.  The registered office is located at Unit D,
Kingsbridge Centre, Sturrock Way, Bretton, Peterborough PE3 8YE.

CONTACT:  F A SIMMS & PARTNERS PLC
          Insol House,
          39 Station Road,
          Lutterworth,
          Leicestershire LE17 4AP
          Phone: 01455 557111
          Fax: 01455 552572
          E-mail: info@fasimms.com
          Web site: http://www.fasimms.com


TURNPOST INVESTMENTS: Final Members Meeting Set Next Month
----------------------------------------------------------
The final general meeting of the members of Turnpost Investments
Limited will be on November 18, 2004 commencing at 2:30 p.m.  It
will be held at the offices of BDO Stoy Hayward LLP, 8 Baker
Street, London W1U 3LL.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL not
later than 12:00 noon, November 17, 2004.

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


WH SMITH: Keeps Full-year Profit Forecast
-----------------------------------------
Key Points of Preliminary Results:

(a) Profit before tax, exceptional items and goodwill
    amortization in line with market expectations at GBP67
    million (2003: GBP102 million),

(b) Exceptional charge before tax of GBP200 million and goodwill
    amortization of GBP2 million,

(c) Loss before tax of GBP135 million (2003: profit of GBP52
    million)

(d) Total sales of continuing operations up 2% at GBP2.5
    billion:

     (i) U.K. Retail lfl sales down 1%,

    (ii) News Distribution lfl sales up 4%

(e) Earnings per share before exceptional items and goodwill
    amortization down to 18.0p (2003: 29.1p),

(f) Loss per share of 60.7p (2003: earnings per share of 9.4p)

(g) Final dividend of 8p (2003: 13p) making 12p for the full
    year (2003: 19p)

(h) Group now simplified and focused on its U.K. Retail and News
    Distribution businesses

(i) GBP207 million cash will be returned to shareholders on 29
    October 2004.

Commenting on the results, Kate Swann, Group Chief Executive
said: "This has been a poor year for the Group.  The High Street
Retail business delivered an unacceptable performance following
weak Christmas trading, which highlighted the operational
shortcomings and underlying strategic challenges to the
business.  We have strengthened management, reduced the cost
base and taken action to reinstate sound retailing disciplines.
While we still face considerable challenges, we have begun to
position the High Street Retail business to meet these more
effectively.

"This has also been a year of substantial change.  We have sold
our U.S.A. Travel Retail, Aspac Retail and Publishing
businesses.  The Group is now considerably simplified and
focused on its core retail and news distribution businesses in
the U.K.

"Travel Retail has had a strong year of profit growth benefiting
from sound retail disciplines and a stable international travel
environment.

"News Distribution has delivered another year of steady profit
growth through continued focus on improving customer service and
making further cost efficiencies.

"Current trading is in line with expectations.  Although we are
making progress in improving the business, much remains to be
done and we expect to face tough competition in our core markets
this Christmas."

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

CONTACT:  WH SMITH PLC
          Investor Relations
          Mark Boyle
          Phone: 020 7514 9630

          Media Relations
          Louise Evans
          Phone: 020 7514 9624

          BRUNSWICK
          Louise Charlton
          Tom Buchanan
          Phone: 020 7404 5959


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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