TCREUR_Public/040712.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, July 12, 2004, Vol. 5, No. 136

                            Headlines

C Z E C H   R E P U B L I C

ALIATEL A.S.: Raps Cesky Telecom for 'Misleading' Ad
JOSPO: City of Jihlava Makes Sure Employees Receive Back wages
MILETA: Selling Spinning Mill to Whittle down Debts
PETROF: Reaches Standstill Agreement with Creditor Banks
STAVEBNI HRADECKA: Construction Company Succumbs to Bankruptcy


F R A N C E

ALSTOM SA: E.U. Allows State Aid, But Requires 30% Downsizing
DESURMONT: Court Orders Liquidation; Cites Failure to Find Buyer


G E R M A N Y

HUKLA WERKE: Drawing up Restructuring Plan
KARSTADT-QUELLE: Brings in Former Bertelsmann Chairman
MANNESMANN AG: 2000 Executive Bonuses Legal, Defense Lawyers Say


I T A L Y

APRILIA: Ducati Submits Bid; Piaggio to Follow
CIRIO FINANZIARIA: Former Unit Demands Settlement of Unpaid Debt
FIAT AUTO: Bob Rice Succeeds Flavio Ciappa in China
MV AGUSTA: New Owner Redeems Motorcycle Maker from Bankruptcy
PARMALAT FINANZIARIA: Bondi Recovers EUR5 Mln from Boschi Execs
PARMALAT FINANZIARIA: Prosecutors Uncover New Evidence of Fraud


N E T H E R L A N D S

ROYAL SHELL: S&P Removes Ratings from CreditWatch
ROYAL SHELL: New Evidence Promises to Get Fraud Case Rolling


N O R W A Y

AKER KVAERNER: To Install EUR40 Mln Power Boiler in Indonesia
PETROLEUM GEO-SERVICES: To Discuss Second-quarter Result July 29


P O L A N D

BROWARY WARSZAWSKIE: Former Owners Want Brewery Back


R U S S I A

ALFA BANK: 'D' Individual Rating Affirmed; Outlook Stable
CENTRAL: Komi Court Commences Bankruptcy Proceedings
DIMITROVGRAD-BREAD-PRODUCT: Under Bankruptcy Supervision
ELEKTROGORSKTORF: Court Sets August 25 Hearing
KASPIYSKY MACHINE: Public Auction Set Today

MSU-14 GIDRO-MONTAZH: Insolvent Status Confirmed
NARAT-OIL-INVEST: Deadline for Proofs of Claim August 10
OPTRON: Bankruptcy External Management Procedure Begins
PEREVOZ-SELKHOZ-KHIMIYA: Declared Insolvent
PROM-TRACTOR-CHLZ: Court Sets October 7 Hearing

RUSSIAN BANKS: Government Helps Private Banks Get Cash
SPK LENIN'S: Sets Public Auction July 13
WATER CANAL: Rostov Court Appoints Insolvency Manager
YUKOS OIL: Russia Blocks Access to Subsidiary's Accounts


S W I T Z E R L A N D

ADECCO SA: Ratings Raised on Timely Reporting, Debt Servicing


U K R A I N E

AVANGARD: Bankruptcy Proceedings Begin
FEDIRSKE: Under Bankruptcy Supervision
NEW ART: Proofs of Claim Deadline July 22
RIKOM: Temporary Insolvency Manager Appointed
RUTA: Insolvent Status Confirmed

SANTEHMONTAZH DONBASSANTEHMONTAZH: Sets Public Auction July 22
TINS-UKRAINE: Court Affirms Insolvency
UKRTEHKOMPLEKTATSIYA: Bankruptcy Supervision Begins
UKRYURPOMTORGSERVIS: Kyiv Court Orders Debt Moratorium
VIA-SERVICE: Undergoes Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

ABBEY COURT: Calls in Liquidator
AGRIFLORA LIMITED: Rose Growing Business for Sale
AGUSTA LIMITED: Hires Ernst & Young Liquidator
ALAN DOYLE: Bibby Invoice Appoints Begbies Traynor Receiver
ASCENTIS ABRAXAS: In Voluntary Liquidation

ASTROTURF SURFACES: Sets General Meeting July 30
BALTIMORE TECHNOLOGIES: Confirms Earthport's GBP14 Million Claim
BARRASS MCGUINNESS: Names Liquidator from Chamberlain & Co
B & G M: Members General Meeting Set August 2
BOSTOCK DEVELOPMENTS: Special Winding up Resolution Passed

BOW SCAFFOLDING: In Administrative Receivership
BRITISH ENERGY: Issues June Output Statement
ERICSSON INTRACOM: Appoints Liquidators from PwC
FRAMLINGTON GLOBAL: Winding up to Salvage Remaining Value
FRESHBAKE FOODS: Bidders Flood Receiver with Offers

G B ONE: Extraordinary Winding up Resolution Passed
GLAXOSMITHKLINE PLC: Settles Augmentin Case for US$92 Million
ISLAND6 LIMITED: Sets General Meeting of Members August 17
JOHN FARRER: Winding up Resolutions Passed
JOHNSON LEASING: Members Final Meeting Set August 10

J SAINSBURY: Board Takes back Bonus of Ousted Chairman
MARKS & SPENCER: Reiterates 'No' Over Revival's Offer
MARKS & SPENCER: Revival Woos Other Shareholders
MARKS & SPENCER: Schroder Investment Conditionally Accepts Bid
MARKS & SPENCER: Regulator Reiterates Offer Deadline

MARKS & SPENCER: Stuart Rose Passes Insider Trading Test
MUALLAF INVESTMENTS: Sets Final Meeting August 9
NORTHERN DOCTORS: Calls in Liquidators
NOVHOLD LTD: Names Critchleys Liquidator
OPTFORD LIMITED: Appoints Liquidators from KPMG

OPTIONAL MOTOR: Winding up Resolutions Passed
PARK AND PATERSON: Calls in Administrators from KPMG
PASCALL ENGINEERING: Calls in Liquidator
PROFESSIONAL CONTRACT: Hires Stoy Hayward Administrator
QUALITY MARKETING: Final General Meeting Set July 28

RENOVO LIMITED: Names DTE Leonard Curtis Administrator
R H PHILLIPS: Appoints Stonham.Co Administrator
ROYAL & SUNALLIANCE: A.M. Best Rates Subordinated Notes 'bbb'
ROYAL & SUNALLIANCE: Proposed Notes Get 'BBB', Negative Outlook
RUSSELL BOWLER: Sets General Meeting of Members August 5
WATSON PRESLEY: SME Invoice Appoints Smith & Williamson Receiver


                            *********


===========================
C Z E C H   R E P U B L I C
===========================


ALIATEL A.S.: Raps Cesky Telecom for 'Misleading' Ad
----------------------------------------------------
Alternative telecommunications operator Aliatel sued Cesky
Telecom, accusing the dominant fixed-line carrier of unfair
competition, Czech Happenings reports.

The company accused Cesky of misleading customers with its
advertising campaign.  According to spokesman Pavel Kaidl, Cesky
is comparing its services with those offered by alternative
operators, when it is clear the services are different.  Cesky
regards the lawsuit as unsubstantiated.

Aliatel director Bernhard Fanger last month said Aliatel is now
moving from the stage of investment in infrastructure to a stage
of controlled restructuring and planned stabilization.  This he
said while explaining why the rumored bankruptcy of the company
next year is unfounded.


JOSPO: City of Jihlava Makes Sure Employees Receive Back wages
--------------------------------------------------------------
Employees of insolvent furniture maker Jospo can expect their
deferred wages on or before July 23, CTK reports, citing the
employment office of the City of Jihlava.

The employees are owed about CZK5 million in back wages,
according to Jiri Hrdlick, who heads the city's employment
office.  The company ceased operation in May and employees filed
an involuntary bankruptcy petition against the company in June.


MILETA: Selling Spinning Mill to Whittle down Debts
---------------------------------------------------
Textile firm Mileta is selling its spinning mill in Jaromer to
German rival Borghorster Warps Spinnerei (BWS) this year.

The transaction will cut Mileta's debt by CEK100 million.  The
company incurred debts worth CEK480 million last year.  Mileta
will be paid CEK53 million in cash; another CEK53 million in
payables will be transferred from Mileta to Pradelna Jaromer,
the Czech subsidiary of BWS that will buy the mill.  In June
2003, Mileta leased the mill to Pradelna Jaromer.


PETROF: Reaches Standstill Agreement with Creditor Banks
--------------------------------------------------------
Cash-strapped piano maker Petrof has signed a standstill
agreement with banks, CTK reports.

Citing Euro Online, the newswire identified the banks as
Zivnobanka and CSOB.  Talks to convince Komercni banka to sign a
similar agreement have yet to start, according to majority owner
Zuzana Ceralova-Petrofova.  Together, the three banks have a
CZK300 million outstanding loan to Petrof, Europe's largest
piano maker.

Banks stopped financing Petrof's operation at the end of last
year after the company showed poor sales.  This came about when
it temporarily stopped supplying the U.S. market.  Recently,
however, the company signed a new long-term contract with GIC,
its key customer in the U.S.

Meanwhile, unions have ended their three-month strike after
management guaranteed payment of back wages.  Unpaid wages for
June will be paid on July 16, according to the report.  In
March, the company failed to pay workers on time.


STAVEBNI HRADECKA: Construction Company Succumbs to Bankruptcy
--------------------------------------------------------------
A court in Liberec, North Bohemia declared house builder
Stavebni Hradecka Spolecnost bankrupt, CTK reports.  Jiri
Bednar, who has been appointed receiver, says the court based
its decision on the amount of debt the company had at the end of
June.  He did not disclose the amount.


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


ALSTOM SA: E.U. Allows State Aid, But Requires 30% Downsizing
-------------------------------------------------------------
The E.U. Commission has approved the aid granted by France to
Alstom in support of its industrial restructuring.  However, the
aid is subject to strict conditions, including divestments and
measures to open up the market.

"The important divestment, market-opening and restructuring
measures allow for the reestablishment of sound competition
conditions," Mario Monti, the Commissioner with special
responsibility for competition, stated.

The decision provides compensatory measures in various sectors
of the group's business, including divestments reducing the
group's size by 10% in addition to the 20% reduction undertaken
by Alstom under the current restructuring plan.  The new
divestments involve some EUR1.6 billion and include industrial
boilers, "Transport" operations in Australia and New Zealand and
freight locomotives in Spain, plus EUR800 million in other
business activities (2002/03 base) to be specified at a later
stage.

The decision also provides that Alstom must, within four years,
enter into one or more long-term industrial partnerships in
significant sectors in which it operates.  Alstom will find
partners for major activities in the transport and energy
sectors, with such partners operating jointly with it in the
fields in which the aid will cause the most sensitive
distortions of competition.  In addition, the Commission regards
implementation of the partnership commitment as essential to
dispel any doubts as to the long-term viability of the firm.

The decision provides that the partnerships will, in principle
and unless otherwise expressly authorized by the Commission, be
concluded with firms that are not, de jure or de facto,
individually or jointly, controlled by the French Government,
the aim being to ensure that there are no state aid elements
that would make the partnerships incompatible with the EC
Treaty.  The decision provides that the French authorities must
inform the Commission, every three months, of the measures taken
and results obtained as regards partnerships.

In the energy sector, an initial partnership will be established
for hydropower, with a joint venture being set up under joint
control.  In the transport sector, in addition to the
divestments described above, the decision includes substantial
commitments given by France on the opening-up of the French
market for railway equipment.  The commitments will boost
competition and increase transparency on that market to the
benefit of consumers.  France has undertaken to take specific
measures to facilitate the award of public works contracts for
railway equipment in France.

So as to ensure that the aid is not used to pursue a policy of
expansion, there will be virtually no acquisitions by the
company in the transport sector for four years.  France will
divest itself of any capital stake within twelve months of
Alstom obtaining an investment-grade rating.  It will at all
events do so within four years.


DESURMONT: Court Orders Liquidation; Cites Failure to Find Buyer
----------------------------------------------------------------
The Roubaix-Tourcoing commercial court has ordered the
liquidation of textile producer Desurmont Jules et Fils, La
Tribune says.

Desurmont has been in administration since November after
incurring debts amounting between EUR1.5 million and EUR2
million.  The company has been on the auction block since then,
but has not managed to attract a buyer.


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


HUKLA WERKE: Drawing up Restructuring Plan
------------------------------------------
Insolvent furniture maker Hukla Werke will outline in the coming
days a restructuring plan to keep its operations going, Europe
Intelligence Wire says.

The company, which filed for insolvency Monday, says the plan
will include retaining a large part of its 1,250-strong
workforce.  The report says the company needs to modernize its
production to stay in business.


KARSTADT-QUELLE: Brings in Former Bertelsmann Chairman
------------------------------------------------------
Retail giant Karstadt-Quelle has banked its hope for a
turnaround with the former management board chairman of
Bertelsmann, Thomas Middelhoff.  He was named the new
supervisory board chairman of Karstadt-Quelle at the request of
Madeleine Schickedanz, the firm's major shareholder.

Observers questioned his acceptance of the offer.  It is widely
seen as a descent from the 'new economy back to the lowlands of
the German retail industry,' according to Frankfurter Allgemeine
Zeitung.

As the new driver of the beleaguered Karstadt-Quelle, Mr.
Middlehoff is staking his reputation.  He has to prove he can
turn the company battered by years of flagging consumer
spending.  He will work with new management board director,
Christoph Achenbach to come up with a restructuring plan for the
firm's department stores and subsidiaries by the end of August.
Karstadt-Quelle had previously announced massive layoffs and
store closures.

The company's subsidiaries include the German operations of
Starbucks coffee, the television sports channel DSF and Thomas-
Cook airlines.


MANNESMANN AG: 2000 Executive Bonuses Legal, Defense Lawyers Say
----------------------------------------------------------------
Lawyers of Deutsche Bank chairman Josef Ackermann sought the
acquittal of their client as they closed their case Thursday.

Mr. Ackermann, together with five other former officials of
Mannesmann, is facing trial for rewarding nearly EUR60 million
in bonuses to executives following Vodafone's takeover of
Mannesmann.  Prosecutors are anchoring their case on breach of
trust.

Lawyers Eberhard Kempf and Klaus Volk argued that the bonuses
and pension payments were legal both in form and content.  They
said the accusations were "speculation" and the prosecutor
failed to prove their guilt.

Also on trial are former Mannesmann head Klaus Esser and former
supervisory board members Joachim Funk and Klaus Zwickel.  All
face one to three years in prison if proven guilty.

The engineering group was broken up after the takeover, as
Vodafone only wanted the firm's profitable mobile-phone
business.


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


APRILIA: Ducati Submits Bid; Piaggio to Follow
----------------------------------------------
Two groups are raring for a stake at troubled Italian motorcycle
maker Aprilia.

The groups were identified as Ducati and Piaggio.  Ducati
manufactures motorcycles while Piaggio produces scooters.  Both
groups are based in Italy.  Ducati made a formal offer Wednesday
after a review by its board, but it did not disclose the amount
of its offer.

Meanwhile, Piaggio's board will convene on July 13 to discuss
the group's intention to bid for Aprilia.  The company has
already expressed interest in buying Aprilia but on certain
conditions.

Aprilia has been in trouble since posting a net loss of EUR43.1
million in 2003.  The company avoided bankruptcy in May after it
secured a credit line to pay interest on a EUR100 million bond.


CIRIO FINANZIARIA: Former Unit Demands Settlement of Unpaid Debt
----------------------------------------------------------------
A former unit of Cirio Finanziaria is suing the company to
recover money related to the sale of the Italian food group
several years ago, Reuters reports.

Brazilian Bombril S.A. lodged its case in Rome.  It did not say
how much it is seeking from the motion, but the report noted
that earlier this year Bombril took provisions worth BRL3
billion (US$988 million) as a result of the unpaid debts when
Cirio Holding was sold to Bombril International about six years
ago.

The companies being sued include Bombril Cirio International
S.A., Capitalia S.p.A., Banca di Roma S.p.A., Cragnotti &
Partners Capital Investment N.V., and C&P Overseas Ltd.  Cirio's
former boss, Sergio Cragnotti, is also cited.

Bombril, a leading maker of household cleaning products in the
country, has been under the control of the local court since
July 2003.  Its former Brazilian owner, Ronaldo Sampaio
Ferreira, is contesting for control of the firm with Cirio.  He
won the latest court trial, but a final decision has not been
handed out yet.

Cirio was declared insolvent August last year after defaulting
on more than EUR1 billion of bonds in late 2002.


FIAT AUTO: Bob Rice Succeeds Flavio Ciappa in China
---------------------------------------------------
Bob Rice is appointed China Country Manager of Fiat Auto,
directly reporting to the President of Fiat/Lancia Business
Unit, Gianni Coda.  Mr. Rice takes over the position from Flavio
Ciappa, who will assume other responsibilities within Fiat Auto
in Italy.

Fiat Auto's presence in the People's Republic of China is
centered on Nanjing Fiat, a 50-50 joint venture between Fiat
Auto and Yuejin Motor Group.

Mr. Rice, born in the United States on March 6, 1950, has an MBA
in finance from the University of Washington in Seattle.  Mr.
Rice has spent over 20 years in Asia, where he has accumulated
experience in various fields of the metal and automotive
industries including sales and marketing, strategy development
and project implementation, and alliance/partnership management.

From 1993 to 2003, he held numerous positions with General
Motors in China and in Japan including Vice President and Chief
Representative of GM China in Beijing, Director of business
operations of GM Japan, Director of GM/Fuji Heavy Industries
Alliance Office and General Director of GM/Isuzu Alliance Office
in Tokyo.  From 1983 to 1986, Rice was based in Shanghai as
Manager for China Operations at Crocker Pacific Trade Co.

Mr. Rice has a BA in Japanese language and literature from the
University of Washington and a postgraduate training in Chinese
language studies from Stanford Inter-University in Taipei,
Taiwan.


MV AGUSTA: New Owner Redeems Motorcycle Maker from Bankruptcy
-------------------------------------------------------------
Motorcycle maker MV Agusta will emerge from bankruptcy with a
new owner, Europe Intelligence Wire said last week.

Through a EUR70 million rights issue, Malaysian carmaker Proton
has replaced Claudio Castiglioni as the majority owner of MV
Agusta.  Proton has pledged to leave management of the Italian
company under Mr. Castiglioni, an accomplished designer of top
quality motorcycles.

Emerging from bankruptcy, however, will take more than this
deal.  MV Agusta still has to restructure EUR150 million of
debt, although this may not be difficult to achieve now that
trading in the company has improved and production has
increased.

After halting production in 2002, the owner of the Cagiva and
Husqvarna motorcycle brands bounced back last year with 14,000
units.  Already, the company has rolled out 24,000 units this
year, thanks to high demand for its new Brutale and 104 models,
which have won over motorcycle enthusiasts, including actor Tom
Cruise and King Juan Carlos of Spain.

Proton is the same company that helped relaunched U.K. sports
car maker Lotus.


PARMALAT FINANZIARIA: Bondi Recovers EUR5 Mln from Boschi Execs
---------------------------------------------------------------
Parma judge Renato Mari approved the seizure of EUR5 million
worth of assets belonging to the former managers of Boschi
Luigi, a company formerly controlled by Parmalat Finanziaria.

According to Agenzia Giornalista, Parmalat special commissioner
Enrico Bondi had applied for the order to confiscate EUR3
million of assets from former managing directors Francesco
Maini, Luciano Del Soldato; Paolo Tanzi and Armando Gandolfi.
The other assets came from trade union members Fabio Branchi,
Andrea Silingardi and Piermarina Veroni.  Mr. Soldato is the ex-
financial director of Parmalat and the father of Mr. Silingardi.
He is currently under house arrest.  Paolo is a nephew of
Parmalat founder Calisto Tanzi, who is also under house arrest.

The confiscation order is part of Mr. Bondi's effort to clean up
the affairs of Parmalat and its former subsidiaries.  He had
previously accused the former management of Boschi of flawed
accounting, especially on a suspicious "loan" worth EUR1
million, which allegedly ended up in Calisto's pocket between
November and December last year.

Aside from the Boschi executives, Mr. Bondi has also gone after
the properties of ex-Parmalat managers, including Giovanni
Tanzi, the brother of Calisto.  He and the other managers are
expected to appeal a separate seizure order handed by Judge
Mariano Lo Moro.  Mr. Bondi himself will appeal Judge Moro's
decision to seize the properties of 10 ex-managers, instead of
the 27 he had originally applied for.


PARMALAT FINANZIARIA: Prosecutors Uncover New Evidence of Fraud
---------------------------------------------------------------
Parmalat Finanziaria used an outdated valuation of its assets to
fool investors and drive its biggest one-day gain in 1999.
Shares in the Italian food group surged 17% in December 1999
after the company issued a statement saying its main Brazilian
unit was worth more than two-thirds of Parmalat's total market
value at the time.

News.com.au says it emerged from court testimony and interviews
with people familiar with the matter that the document valuing
its main Brazilian unit at about US$1.35 billion (AU$1.87
billion) was prepared nearly 18 months earlier.  The appraisal,
which was prepared by accountant Deloitte Touche Tohmatsu, was
actually for July 23, 1998, six months before the Brazilian real
dropped 40% against the U.S. dollar.  The allegation is included
in an indictment request to be heard by a magistrate on October
5, the report said.

Parmalat collapsed into bankruptcy in December after it was
discovered that the US$4.9 billion account it said it had at
Bank of America did not exist.


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


ROYAL SHELL: S&P Removes Ratings from CreditWatch
-------------------------------------------------
Standard & Poor's Ratings Services removed its long-term ratings
on the Royal Dutch/Shell Group of Companies (Shell) and the
group's fully owned subsidiaries Shell Oil Co., Shell Petroleum
N.V., and Shell Petroleum Co., Ltd. from CreditWatch, where they
had been placed on Jan. 9, 2004.  At the same time, Standard &
Poor's also affirmed its long- and short-term ratings on Shell
and its group entities, at 'AA+' and 'A-1+', respectively.  The
outlook is negative.

"We view Shell's key current weaknesses -- exploration
performance along with related governance and internal control
issues; increasing upstream investment spending; and shareholder
litigation risks -- as counterbalanced at the 'AA+' level by the
expectation that Shell will maintain its strengths in other
areas," said Standard & Poor's credit analyst Emmanuel Dubois-
Pelerin.  "These include the group's very conservative financial
profile and policies; very strong and (outside the U.S.)
consistently very profitable global downstream operations; and
broad portfolio of upstream assets with competitive, though
increasing, development and production costs."

Standard & Poor's April 19, 2004 downgrade of its ratings on
Shell reflected the group's continued weak reserve-reporting
governance; weak reserve replacement (70%-75% on average in
recent years); reduced year-end 2002 proved reserves (by 23% or
4.47 billion boe) and thus relatively low proved reserve life
(10.2 years at year-end 2003, some 2-2.5 years less than those
of peers); and high finding costs (above US$1.3/boe or 20%-40%
above those of peers, on a 2001-2003 average).

Standard & Poor's expects that Shell's proved-reserve bookings
will significantly exceed production during 2004-2005 (including
the rebooking of some of the volumes re-categorized as non-
proved in early 2004), as several major projects -- already
sanctioned Kashagan in Kazakhstan and Ormen Lange in Norway, and
potentially Gorgon in Australia -- come to fruition.

Shell's overall governance structure in the past has been weaker
than expected for the 'AA+' rating category.  The outcome of the
group's review of its dual-parent structure will be announced in
November 2004.  Standard & Poor's views positively the actions
Shell has already taken in order to address the governance
weaknesses identified by the Davis Polk & Wardwell enquiry, but
remains concerned by, notably, a relative lack of transparency
regarding the dual-ownership review process and the scope of
reforms to be implemented.  Given the extent of the identified
weaknesses, the needed improvements in Shell's internal
controls, oversight process, and management culture will take
time to be fully implemented and will require ongoing
monitoring.

"The ratings on Shell could be lowered, should the group fail to
effectively correct its weaknesses in corporate governance and
internal controls and to raise proved-reserve bookings
significantly above full replacement during the next two years,"
added Mr. Dubois-Pelerin.


ROYAL SHELL: New Evidence Promises to Get Fraud Case Rolling
------------------------------------------------------------
The lead plaintiff in the leading class action against Royal
Dutch Shell is ready to present its case with new evidence of
fraud against the oil company, Tribune Business News reports.

Judge John Bissel of the District Court of New Jersey has given
the prosecuting lawyer -- New York's Bernstein, Liebhard &
Lifshitz -- 30 days starting last week to file its case.

Bernstein is representing the Pennsylvania state pension fund,
which has been appointed lead plaintiff in the case.  It is
claiming more than US$150 million (EUR123 million) in
compensation for losses suffered after Shell adjusted its
reserves in January.

Keith Fleischman, a partner at the firm, told The Business: "We
have found out a whole bunch of new information."  He said the
new evidence is set to drive the future course of the case.

According to the report, the order accuses Shell executives of
"issuing a series of materially false and misleading statements
to the investing public between 1999 and 2004."  The document
cited Shell boss Jeroen van der Veer, exploration head Malcolm
Brinded, and its former chief financial officer Judy Boynton.
It also names former executives Maarten van den Bergh, Harry
Roels, Paul Skinner, Mark Moody-Stuart and Phil Watts.

Surprisingly, former exploration chief Walter van de Wijver was
not mentioned, the report says.  Mr. van de Mijver was pressured
to resign after it was discovered he was instrumental in hiding
the reserves problem from the board.

Judge Bissel was supposed to give the firm his final order on 14
May, but was prevented from doing so by other pending cases in
his court.


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


AKER KVAERNER: To Install EUR40 Mln Power Boiler in Indonesia
-------------------------------------------------------------
Aker Kvaerner's subsidiary Kvaerner Power signed a power boiler
contract worth more than EUR40 million with an Indonesian
customer.

Kvaerner Power is to deliver a large CYMIC(R) boiler using
circulating fluidized bed (CFB) technology for an Indonesian
pulp and paper mill.  The boiler's thermal capacity is 520 mega
watt (MW) and the main fuels are coal and bark.  The boiler will
be ready for the start-up in spring 2006.  The customer has
chosen Kvaerner Power as its technology provider several times.
In the 1990s Kvaerner Power has supplied three large recovery
boilers and an evaporation plant for the same pulp and paper
mill.

"This contract strengthens Kvaerner Power's market share as a
supplier of high-technology and environmentally sound boiler
plants, and this new deal surely confirms our worldwide position
as a major supplier and expert of the large scale fluidized bed
combustion for pulp and paper industry and power producers,"
says Lennart Ohlsson, president of Kvaerner Power.

The Indonesian power boiler will be about the same size as the
Alholmens Kraft's CYMIC(R) boiler (550 MWth) in Finland which is
the world's largest biomass-fired circulating fluidized bed
boiler and has been working smoothly since its start-up in 2001.
The boiler was built next to the pulp mill and it is a prime
example of sustainable energy production and it was awarded the
second prize at the Austrian Energy Globe competition with a so-
called Energy Oscar in 2002.

CONTACT:  AKER KVAERNER
          Media:
          Geir Arne Drangeid
          SVP Group Communications
          Phone: +47 913 10 458

          Terttu Tuominen
          Communications Manager
          Kvaerner Power, Tampere, Finland
          Phone: +358 (0) 20 141 2440
              or +358 (0) 40 501 1415

          Lasse Torkildsen
          VP Group Investor Relations
          Aker Kvaerner ASA
          Phone: +47 67 51 30 39


PETROLEUM GEO-SERVICES: To Discuss Second-quarter Result July 29
----------------------------------------------------------------
Petroleum Geo-Services ASA (OSE: PGS; OTC: PGEOY) is scheduled
to report its 2004 second-quarter financial results on Thursday,
July 29, 2004 at approximately 3:00 p.m. Central European Time
(CET) (9:00 a.m. Eastern Time).

The Company will host a conference call and Web cast at 3:30
p.m. CET (9:30 a.m. ET) that same day to discuss PGS' second
quarter financial results.  Details will be announced
separately.

                            *   *   *

Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic- and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units.  PGS
operates on a worldwide basis with headquarters in Oslo, Norway.
For more information on Petroleum Geo-Services visit
http://www.pgs.com.

CONTACT:  PETROLEUM GEO-SERVICES
          Sam R. Morrow
          Svein T. Knudsen
          Phone: +47 6752 6400

          Suzanne M. McLeod
          Phone: +1 281-589-7935


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


BROWARY WARSZAWSKIE: Former Owners Want Brewery Back
----------------------------------------------------
Pre-World War II owners of Browary Warszawskie (BW) is asking a
court to recognize it as the rightful owner of the company.

In a desperate move to save BW from liquidation, Haberbusch &
Schiele (H&S) filed the lawsuit against the treasury on Tuesday.
BW was seized by the Polish state after the war.  The heirs of
its stockholders reactivated the company at the start of the
1990's.  The treasury, however, leased BW to another company,
which was granted full ownership four years ago.

"What the Treasury did was mean and proves a complete lack of
principle," Europe Intelligence Wire quoted Witold Taraszkiewicz
of H&S.

He claims there were numerous irregularities in the
privatization of BW that should merit an annulment of the
transaction.


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


ALFA BANK: 'D' Individual Rating Affirmed; Outlook Stable
---------------------------------------------------------
Fitch Ratings affirmed the Long-term foreign currency rating of
Russia's Alfa Bank at 'B+', with a Stable Outlook, its Short-
term rating at 'B', its Individual rating at 'D' and its Support
rating at '4'.

Unsubstantiated rumors concerning its financial standing have
resulted in Alfa Bank experiencing an outflow of retail deposits
of c. US$70 million from its Moscow branches this week.  Alfa
remains open for business, even extending branch opening hours,
and is making settlements and payments as contracted.  Fitch
understands that the bank's corporate funding base has remained
relatively stable.

In addition, Alfa's shareholders have injected liquidity into
the bank and have publicly stated that they are prepared, if
needed, to make their "sizeable resources and assets" available
to the bank to enable it to meet its obligations in full.  Fitch
believes that Alfa's liquidity is being maintained at a level
that is consistent with its ratings, but will continue to
monitor the liquidity position in particular very closely.

Fitch comments that Russian banks' ratings, which are heavily
concentrated in the single 'B' range already factor in, to some
extent, the banks' vulnerability to shocks.  This is one of the
principal reasons that their ratings lag that of the Russian
sovereign ('BB+') by a considerable margin.

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

          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

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


CENTRAL: Komi Court Commences Bankruptcy Proceedings
----------------------------------------------------
The Arbitration Court of Komi republic declared subsidiary joint
stock company CENTRAL insolvent and introduced bankruptcy
proceedings.  The case is docketed as A29-874/03-3B.  Mr. A.
Zhunenko has been appointed insolvency manager.  Creditors had
until Saturday, July 10, 2004 to submit their proofs of claim to
169840, Russia, Komi Republic, Inta, Glavpochtamp, Post User Box
65.

CONTACT:  CENTRAL
          Russia, Komi Republic,
          Vorkuta, Promyshlenny

          Mr. A. Zhunenko
          Insolvency Manager
          169840, Russia, Komi Republic,
          Inta, Glavpochtamp,
          Post User Box 65
          Phone/Fax: (8252) 6-16-17


DIMITROVGRAD-BREAD-PRODUCT: Under Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
supervision procedure on OJSC Bread Baking Factory Dimitrovgrad-
Bread-Product.  The case is docketed as A72-5379/04-17/19-B.
Mr. A. Sobitnyk has been appointed temporary insolvency manager.
Creditors had until Saturday, July 10, 2004 to submit their
proofs of claim to 433513, Russia, Ulyanovsk, Dimitrovograd,
Post User Box 968.

CONTACT:  DIMITROVGRAD-BREAD-PRODUCT
          Russia, Ulyanovsk Region,
          Dimitrovograd, Kuybysheva Str. 235

          Mr. A. Sobitnyk
          Temporary Insolvency Manager
          433513, Russia,
          Ulyanovsk, Dimitrovograd,
          Post User Box 968


ELEKTROGORSKTORF: Court Sets August 25 Hearing
----------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
supervision procedure on OJSC Elektrogorsktorf.  The case is
docketed as A41-K2-23140/03.  Mr. V. Bondarev has been appointed
temporary insolvency manager.

Creditors had until Saturday, July 10, 2004 to submit their
proofs of claim to 109012, Russia, Moscow, Iluinaka Str. 5/2,
room 508-a.  A hearing will take place on August 25, 2004, 2:30
p.m., Hall 440.

CONTACT:  ELEKTROGORSKTORF
          142530, Russia,
          Moscow Region, Elektrogorsk,
          Sverdlova Str. 11

          Mr. V. Bondarev
          Temporary Insolvency Manager
          109012, Russia,
          Moscow, Iluinaka Str. 5/2,
          Room 508-a


KASPIYSKY MACHINE: Public Auction Set Today
-------------------------------------------
The insolvency manager of OJSC Kaspiysky Machine-Building
Company set for public auction the firm's properties on July 12,
2004, 11:00 a.m.  It will be held at 368607, Russia, Kalmykiya
republic, Lagan, Kanukova Ia, administrative building, 2nd
floor.  Up for sale is a property complex that carries a
starting price of RUB23,000,000.

To participate, bidders must deposit an amount equivalent to 50%
of the starting price to the settlement account
40702810385600000004 in Kalmytsky branch of Bank Tsentralnoye
OVK, TIN 0803001996, OGRN 1020800566181, KPP 080301001, BIC
048580769, and correspondent account 30101810200000000796.

CONTACT:  KASPIYSKY MACHINE-BUILDING COMPANY
          368607, Russia,
          Kalmykiya Republic,
          Lagan, Kanukova Ia


MSU-14 GIDRO-MONTAZH: Insolvent Status Confirmed
------------------------------------------------
The Arbitration Court of Ulyanovsk region declared CJSC MSU-14
Gidro-Montazh insolvent and introduced bankruptcy proceedings.
The case is docketed as A72-7118/03-K4-B.  Mr. D. Monogarov has
been appointed insolvency manager.  Creditors have until August
11, 2004 to submit their proofs of claim to 433513, Russia,
Ulyanovsk region, Dimitrovgrad, Post User Box 962.

CONTACT:  MSU-14 GIDRO-MONTAZH
          Russia, Ulyanovsk Region,
          Dimitrovgrad,
          Ung Severnogo Flota Str. 2

          Mr. D. Monogarov
          Insolvency Manager
          433513, Russia,
          Ulyanovsk Region, Dimitrovgrad,
          Post User Box 962
          Selkhoztekhnika Str. 55


NARAT-OIL-INVEST: Deadline for Proofs of Claim August 10
--------------------------------------------------------
The Arbitration Court of Saratov region declared CJSC Narat-Oil-
Invest insolvent and introduced bankruptcy proceedings.  The
case is docketed as A57-84B/03-23.  Mr. A. Khromov has been
appointed insolvency manager.   Creditors have until August 10,
2004 to submit their proofs of claim to 412249, Russia, Saratov,
Barnaulskaya Str. 34.

CONTACT:  NARAT-OIL-INVEST
          410012, Russia,
          Saratov Region, Moskovskaya Str. 75

          Mr. A. Khromov
          Insolvency Manager
          412249, Russia,
          Saratov, Barnaulskaya Str. 34


OPTRON: Bankruptcy External Management Procedure Begins
-------------------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
external management procedure on OJSC Optron.  The case is
docketed as A63-202/2003-S5.  Mr. A. Poboshenko has been
appointed external insolvency manager.  Creditors are asked to
submit their proofs of claim to the external insolvency manager
at 355012, Russia, Stavropol region, Goleneva Str. 73, room 518.

CONTACT:  Mr. A. Poboshenko
          External Insolvency Manager
          355012, Russia,
          Stavropol Region, Goleneva Str. 73
          Room 518
          Phone: (8652) 26-08-96


PEREVOZ-SELKHOZ-KHIMIYA: Declared Insolvent
-------------------------------------------
The Arbitration Court of Nizhny Novgorod region declared OJSC
Perevoz-Selkhoz-Khimiya insolvent and introduced bankruptcy
proceedings.  The case is docketed as A43-20441/03-24-204.  Mr.
V. Tyupin has been appointed insolvency manager.   Creditors
have until August 11, 2004 to submit their proofs of claim to
607400, Russia, Nizhny Novgorod region, Perevoz, Selkhoztekhnika
Str. 55.

CONTACT:  PEREVOZ-SELKHOZ-KHIMIYA
          Russia, Nizhny Novgorod Region,
          Perevoz, Selkhoztekhnika Str. 55

          Mr. V. Tyupin
          Insolvency Manager
          607400, Russia,
          Nizhny Novgorod Region, Perevoz,
          Selkhoztekhnika Str. 55


PROM-TRACTOR-CHLZ: Court Sets October 7 Hearing
-----------------------------------------------
The Arbitration Court of Nizhny Novgorod region declared LLC
Prom-Tractor -Chlz insolvent and introduced bankruptcy
proceedings.  The case is docketed as A43-6544/04-18-219.  Mr.
V. Nazimov has been appointed insolvency manager.

Creditors are asked to submit their proofs of claim to 603086,
Russia, Nizhny Novgorod region, Dolzhanskaya Str. 2-a.  A
hearing will take place on October 7, 2004.

CONTACT:  PROM-TRACTOR-CHLZ
          Russia, Nizhny Novgorod Region,
          Dolzhanskaya Str. 2-a

          Mr. V. Nazimov
          Insolvency Manager
          607400, Russia,
          Nizhny Novgorod Region,
          Dolzhanskaya Str. 2-a


RUSSIAN BANKS: Government Helps Private Banks Get Cash
------------------------------------------------------
Russia's Central Bank lowered the obligatory payments on the
banking system's reserves last week in a radical move to quell
public anxiety about a possible crisis in the financial system.

The board of the Central Bank reduced the size of payments that
all banks have to make to the Obligatory Reserves' Fund from 7%
to 3.5%.  The payment is 2% on the average in Europe.  Garegin
Tosunyan, the president of the Association of Russian Banks,
told the press Thursday the decision will give banks up to
RUB130 billion before the week ends.  He called the resolution a
"titanic shift" in the right direction.  The Association of
Russian banks has been persuading the regulator to lower the
compulsory payment for almost two years.

Commenting on the recent nervousness regarding possible
bankruptcies among banks across the country, Mr. Tosunyan said
the "hysteria which we now observe on the market is artificial."

Depositors have been withdrawing money after the closure of
Sodbusinessbank in May, triggering a rumor of a run against the
country's major banks.


SPK LENIN'S: Sets Public Auction July 13
----------------------------------------
CSJC Fin-Prav-Eksp set the public auction of SPK Lenin's
Precepts' properties on July 13, 2004, 11:30 a.m. (local time).
It will be held at Russia, Stavropol, Goleneva Str. 73, Office
518.  Up for sale is an agricultural property.  Starting price:
RUB8,310,994.

Preliminary examination and reception of bids are done daily
from 10:00 a.m. to 5:00 p.m. until July 17, 2004.  The list of
documentary requirements for participants is available at
Russia, Stavropol, Goleneva Str. 73, office 518.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price to the settlement account of CJSC Company
Fin-Prav-Eksp 40702810200000003402 in STAVROPOL-PROM-STROY-BANK
of Stavropol, BIC 040702760, TIN 2635062596, and correspondence
account 30101810500000000760.

CONTACT:  SPK LENIN'S PRECEPTS
          Russia, Stavropol Region,
          Petrovsky Region

          FIN-PRAV-EKSP
          Russia, Stavropol,
          Goleneva Str. 73, Office 518
          Phone: (8652) 28-14-09, 28-08-96


WATER CANAL: Rostov Court Appoints Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Rostov region declared municipal
unitary enterprise Water Canal insolvent and introduced
bankruptcy proceedings.  The case is docketed as A53-12748/03-
02-7.  Mr. G. Antonets has been appointed insolvency manager.
Creditors have until August 10, 2004 to submit their proofs of
claim to 344010, Russia, Rostov-na-Donu, Soborny, 22, office 48.

CONTACT:  WATER CANAL
          347250, Russia,
          Rostov Region, Konstantinovsk,
          Studentchesky, 3

          Mr. G. Antonets
          Insolvency Manager
          344010, Russia,
          Rostov-na-Donu, Soborny, 22,
          Office 48


YUKOS OIL: Russia Blocks Access to Subsidiary's Accounts
--------------------------------------------------------
The government has frozen the accounts of a Yukos subsidiary
after the oil company failed to pay its US$3.4 billion tax bill
on Wednesday, Interfax says.

The freezing of the account of Tomskneft marked the first time
that Russia picked on a Yukos unit after clearing the way for
the seizure of the company's assets.  According to reports, it
was not immediately clear if Tomskneft's operation will be
affected by the seizure.

A Yukos official assured on Wednesday, when the payment for the
2000 tax claim was due, that the company is still operating as
usual.  Yukos produces 1.72 million barrels of oil each day.
Despite predictions that the government is only after the
surrender of its founder's stake in Yukos, the government did
not respond to a last-minute offer by Mikhail Khodorkovsky to
give up his share in the firm in order to save the company.

The company now mulls its next course of action.  It has been
unable to move since its accounts were frozen in relation to
investigations of fraud and tax evasion lodged against it.


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


ADECCO SA: Ratings Raised on Timely Reporting, Debt Servicing
-------------------------------------------------------------
Standard & Poor's Ratings Services removed its long-term
corporate credit rating on Adecco S.A., the Switzerland-based
world leader in temporary staffing, from CreditWatch, where it
had been placed on Jan. 12, 2004.  At the same time, the rating
was raised to 'BBB-' from 'BB+'.  The outlook is stable.

In addition, Standard & Poor's assigned its 'A-3' short-term
corporate credit rating to Adecco.

"The rating actions follow Adecco's timely compliance with the
covenants included in its bonds and bank facility, as well as
with local stock and bond market regulations for the filing of
its audited accounts in Switzerland, the U.S., and France," said
Standard & Poor's credit analyst Melvyn Cooke.  "Adecco has
successfully restored its financial flexibility by fully
complying with its covenants under its EUR580 million credit
facility."

Adecco's unaudited results for first-quarter 2004 indicate that
there is no evidence of significant customer or market share
losses following the delayed publication of its 2003 audited
accounts.  Figures for full-year 2003 (audited) and first-
quarter 2004 (unaudited) show that Adecco managed to reduce net
debt by about EUR500 million in the 15 months ended March 31,
2004.  In 2004, lease-adjusted credit measures are expected to
remain commensurate with an investment-grade rating.

Although the group's credit measures are strong for the rating,
there remain uncertainties that could negatively affect its
financial profile in the short-to-medium term, such as the
outcome and potential impact of ongoing investigations by the
U.S. Securities and Exchange Commission, the U.S. Attorney, the
Swiss Exchange, and the Swiss Federal Banking Commission and of
U.S. shareholder class action lawsuits.  Also, Adecco will need
to fully resolve the material weaknesses identified by the U.S.
auditors before undergoing the audit process for its 2004
accounts.

"Adecco's credit measures, which are currently strong, are
expected to remain commensurate with an investment grade rating
despite the company's exceptional EUR100 million in costs linked
to the audit delay and despite the uncertainties regarding the
outcome of the pending investigations and U.S. shareholder
lawsuits," added Mr. Cooke.


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


AVANGARD: Bankruptcy Proceedings Begin
--------------------------------------
The Economic Court of Donetsk region declared Agricultural LLC
Avangard (code EDRPOU 30713870) insolvent and introduced
bankruptcy proceedings on May 12, 2004.  The case is docketed as
5/156 B.  Mr. Sayenko Oleksandr (License Number AA 250260 of
January 18, 2002) has been appointed liquidator/insolvency
manager.

CONTACT:  AGRICULTURAL AVANGARD
          Ukraine, Donetsk region,
          Starobeshinskij district,
          Petrivske, Centralna str. 7

          Mr. Sayenko Oleksandr
          Liquidator/Insolvency Manager:
          83050, Ukraine, Donetsk region,
          a/b 3483

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


FEDIRSKE: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on Agricultural LLC Fedirske (code EDRPOU
30799057).  The case is docketed as 14/43.  Arbitral manager
Mrs. Suhorukova Natalya (License Number AA 485219 approved on
May 7, 2003) has been appointed temporary insolvency manager.

Creditors have until July 22, 2004 to submit their proofs of
claim to:

(a)  AGRICULTURAL FEDIRSKE
     27535, Ukraine, Kirovograd region,
     Svitlovodsk district, Fedirki

(b)  Mrs. Suhorukova Natalya
     Temporary Insolvency Manager
     Ukraine, Kirovograd region,
     Temiryazev str. 62/2-7

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

Agricultural Fedirske holds account number 260094471 at
JSPPB Aval, Svitlovodsk branch, MFO 323538.


NEW ART: Proofs of Claim Deadline July 22
-----------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on LLC New Art Plus (code EDRPOU 31928970)
on June 2, 2004.  The case is docketed as 14/27.  Arbitral
manager Mr. Hristenko Vadim (License Number AA 249793 approved
October 19, 2001) has been appointed temporary insolvency
manager.

Creditors have until July 22, 2004 to submit their proofs of
claim to:

(a)  NEW ART PLUS
     27605, Ukraine, Kirovograd region,
     Kirovograd district, Sozonivka,
     Akademichn str. 20

(b)  Mr. Hristenko Vadim
     Temporary Insolvency Manager
     Ukraine, Kirovograd region,
     Geroyiv Stalingradu str. 4/9

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

New Art Plus holds account number 26000420104011 at
JSCB Ukrsocbank, Kirovograd regional branch, MFO 323293.


RIKOM: Temporary Insolvency Manager Appointed
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Rikom (code EDRPOU 31287347).
The case is docketed as 23/251-B.  Arbitral manager Mr.
Titarenko M. (License Number AA 719846) has been appointed
temporary insolvency manager.

CONTACT:  RIKOM
          Ukraine, Kyiv region,
          Bogatirska str. 1

          Mr. Titarenko M.
          Temporary Insolvency Manager
          Phone: (044) 227-15-67

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


RUTA: Insolvent Status Confirmed
--------------------------------
The Economic Court of AR Krym region declared LLC Production-
Commercial Firm Ruta (code EDRPOU) insolvent and introduced
bankruptcy proceedings on June 1, 2004.  The case is docketed as
2-20/2638-2004.  Arbitral manager Mr. Zolotavin Oleksandr has
been appointed liquidator/insolvency manager.

Creditors have until July 22, 2004 to submit their proofs of
claim to:

(a)  PRODUCTION-COMMERCIAL FIRM RUTA
     Ukraine, AR Krym region,
     Simferopol, Yevpatorske shose, 6

(b)  Mr. Zolotavin Oleksandr
     Liquidator/Insolvency Manager
     95023, Ukraine, AR Krym region,
     Simferopol, L. Shevtsova str. 33

Production-Commercial Firm Ruta holds account number 26001312431
at JSCB MT Bank, Simferopol branch, MFO 384748.


SANTEHMONTAZH DONBASSANTEHMONTAZH: Sets Public Auction July 22
--------------------------------------------------------------
Donetsk regional authorities have set for public auction the
properties of GORLIVSKE STATE ENTERPRISE SANTEHMONTAZH 547 OJSC
DONBASSANTEHMONTAZH on July 22, 2004, 12:00 a.m. at Ukraine,
Donetsk, Pustishev str. 36.

The properties for sale are:

(a) Buildings and annexes located at Ukraine, Donetsk region,
    Gorlivka, Politehnichna str. 42a.  Starting price:
    UAH253,191 (exclusive of VAT).  Guarantee installment:
    UAH12,659.55.

(b) Buildings, storehouses, garage and annexes located at
    Ukraine, Donetsk region, Gorlivka, Politehnichna str. 54.
    Starting price: UAH 223875,00 (exclusive of VAT).
    Guarantee installment: UAH11,193.75.

(c) Buildings and garage located at Ukraine, Donetsk region,
    Gorlivka, Politehnichna str. 42b.  Starting price: UAH6,671
    (exclusive of VAT).  Guarantee installment: UAH333.55.

(d) 184 units of stocks.  Starting price: UAH73,779 (exclusive
    of VAT).  Guarantee installment: UAH3,688.95

To participate, bidders must deposit an amount equivalent to 5%
of the value of the property being sold and pay a registration
fee of UAH17.00 until July 18, 2004.  The amount must be
deposited to account number 26003198020372 at OJSC
Kreditprombank, Donetsk branch, MFO 335593, EDRPOU 25720681,
while the registration fee must be deposited until July 9, 2004
to account number 26004198020371 at OJSC Kreditprombank, Donetsk
branch, MFO 335593, EDRPOU 25720681.

For more information, call 304-37-21 or 304-77-83 or visit
http://www.bankruptcy.internet.dn.ua.

CONTACT:  GORLIVSKE STATE ENTERPRISE SANTEHMONTAZH 547
     DONBASSANTEHMONTAZH
     Ukraine, Donetsk region,
          Gorlivka, Politehnichna str.

          BRANCH OF AGENCY OF BANKRUPTCY QUESTIONS IN DONETSK
          REGION
          Ukraine, Donetsk region,
          Komsomolskij Avenue, 8
     Phone: 304-37-21, 304-77-83


TINS-UKRAINE: Court Affirms Insolvency
--------------------------------------
The Economic Court of Ivano-Frankivsk region declared Joint
Ukrainian-Czech Enterprise Tins-Ukraine (code EDRPOU 30164264)
insolvent and introduced bankruptcy proceedings on June 7, 2004.
The case is docketed as B 6/121.  Mr. Gutsul Mihajlo has been
appointed liquidator/insolvency manager.

CONTACT:  JOINT UKRAINIAN-CZECH ENTERPRISE TINS-UKRAINE
          Ukraine, Ivano-Frankivsk region,
          Rozhnyativskij district, Broshniv-Osada

          Mr. Gutsul Mihajlo
          Liquidator/Insolvency Manager
          77611, Ukraine, Ivano-Frankivsk region,
          Rozhnyativskij district, Broshniv-Osada


UKRTEHKOMPLEKTATSIYA: Bankruptcy Supervision Begins
---------------------------------------------------
The Economic Court of Kyiv commenced bankruptcy supervision
procedure on LLC Ukrtehkomplektatsiya (code EDRPOU 31467392)
The case is docketed as 23/250-B.  Arbitral manager Mr.
Titarenko M. (License Number AA 719846) has been appointed
temporary insolvency manager.

CONTACT:  UKRTEHKOMPLEKTATSIYA
          Ukraine, Kyiv region,
          Obolonskij Avenue, 23-A

          Mr. Titarenko M.
          Temporary Insolvency Manager
          Phone: (044) 227-15-67

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


UKRYURPOMTORGSERVIS: Kyiv Court Orders Debt Moratorium
------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Ukryurpomtorgservis (code EDRPOU
31110419) and ordered a moratorium on satisfaction of creditors'
claims on June 3, 2004.  The case is docketed as 23/293-B. Mr.
Bondar Andrij (License Number AA 315426 approved on July 15,
2002) has been appointed temporary insolvency manager.

Creditors have until July 22, 2004 to submit their proofs of
claim to:

(a)  UKRYURPOMTORGSERVIS
     03118, Ukraine, Kyiv region,
     Kustanajska str. 10/33

(b)  Mr. Bondar Andrij
     Temporary Insolvency Manager
     03110, Ukraine, Kyiv-110, a/b 14

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

Ukryurpomtorgservis holds account number 26007301256135 at
Prominvestbank, MFO 322175.


VIA-SERVICE: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on Via-Service (code EDRPOU 31361582).
The case is docketed as 23/253-B.  Arbitral manager Mr.
Titarenko M. (License Number AA 719846) has been appointed
temporary insolvency manager.

CONTACT:  VIA-SERVICE
          Ukraine, Kyiv region,
          Obolonskij Avenue, 23-A

          Mr. Titarenko M.
          Temporary Insolvency Manager
          Phone: (044) 227-15-67

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


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


ABBEY COURT: Calls in Liquidator
--------------------------------
Name of Companies:
Abbey Court Leisure (St Peters) Ltd
Abbey Court Leisure (Worcester) Ltd

At an Extraordinary General Meeting of the Members of these
Companies on June 30, 2004 held at 25 Snowberry Avenue, Home
Meadow, Worcester WR4 0JA, the Ordinary and Extraordinary
Resolutions to wind up the companies were passed.  D F Wilson
and J N R Pitts have been appointed Joint Liquidators for the
purpose of such winding-up.


AGRIFLORA LIMITED: Rose Growing Business for Sale
-------------------------------------------------
The Joint Receivers, Charles Escott and Mike Hore of RSM Robson
Rhodes, LLP offer for sale the business and assets of Agriflora
Limited.   Agriflora is the leading Zambian producer of quality
fresh produce and roses for export to leading U.K. Supermarkets
and other European Markets.

The assets for sale are:

(a)  12 fully equipped, owned and leased, production units,
     including three certified organic vegetable units;

(b)  5 owned farms with an area of 3,020 hectares and 446
     cropped hectares;

(c)  7 leasehold farms with an area of 4,930 hectares and 990
     cropped hectares;

(d)  State of the art pack house facility including standard and
     high care production; and

(e)  a 22-hectare greenhouse rose facility including 4 hectares
     set with cocus, producing sweetheart and intermediate
     varieties.

Agriflora has Eurogap certification for all farms.  The company
also has established network of local out growers.  Agriflora
generated a US$23-million turnover in year ended September 2003.

CONTACT:  RSM ROBSON RHODES LLP
          Contact:
          Lisa Mann
          Phone: +44 (0)207 865 2330
          Fax: +44 (0)207 253 4629
          E-mail: lisa.mann@rsmi.co.uk


AGUSTA LIMITED: Hires Ernst & Young Liquidator
----------------------------------------------
At an Extraordinary General Meeting of the Agusta U.K. Limited
Company on June 22, 2004 held at via Giovanni Agusta, 520, 21017
Cascina Costa di Samarate VA, the Special Resolution to wind up
the company was passed.  Alan Lovett and Patrick Joseph Brazzill
of Ernst & Young LLP, 1 More London Place, London SE1 2AF have
been appointed Joint Liquidators for the purpose of such
winding-up.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place,
          London SE1 2AF
          Liquidators:
          Alan Lovett
          Patrick Joseph Brazzill


ALAN DOYLE: Bibby Invoice Appoints Begbies Traynor Receiver
-----------------------------------------------------------
Bibby Invoice Factors Limited called in Andrew Howard Beckingham
and Simon Robert Haskew of Begbies Traynor as receivers for Alan
Doyle Electrical Accessories Limited.  The application was made
June 23, 2004.  The company manufactures electrical components.

CONTACT:  BEGBIES TRAYNOR
          58 Queen Square,
          Bristol BS1 4LF
          Receivers:
          Andrew Howard Beckingham
          Simon Robert Haskew
          (Office Holder Nos 8683, 8988)


ASCENTIS ABRAXAS: In Voluntary Liquidation
------------------------------------------
The Board of Directors of Ascentis Abraxas Fund Limited wish to
announce that pursuant to a written resolution of the sole
holder of Founder Shares dated 18th June 2004, it was resolved
that the operations of the Company be voluntarily wound up in
accordance with section 132(b) of the Cayman Islands Companies
Law (2003 Revision) and that Stuart K. Sybersma and Ian A. N.
Wight of Deloitte, Cayman Islands be appointed as joint
liquidators of the Company.

All of the Shares of the Company were redeemed as of 30 April
2004.

The Directors have requested the Irish Stock Exchange to delist
the Shares of the Company from the Official List.

The Irish Stock Exchange has agreed to remove the Shares of the
Company from the Official List with effect from 9 July 2004.

CONTACT:  TRANAUT FUND ADMINISTRATION (IRELAND) LIMITED
          Steven Johnson
          Phone: + 353 1 806 1618

          ERNST & YOUNG
          Michelle O'Neill
          Phone: +353 1 475 0555

          DELOITTE & TOUCHE
          Gordon Wilson
          Phone +345 814 3461


ASTROTURF SURFACES: Sets General Meeting July 30
------------------------------------------------
Members of Astroturf Surfaces U.K. Limited Company will have a
General Meeting on July 30, 2004 at 11:00 a.m.  It will be held
at Moore Stephens Corporate Recovery, Beaufort House, 94-96
Newhall Street, Birmingham B3 1PB.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged with Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB not later than 12:00 noon, July 29, 2004.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House,
          94-96 Newhall Street,
          Birmingham B3 1PB
          Liquidator:
          N Price


BALTIMORE TECHNOLOGIES: Confirms Earthport's GBP14 Million Claim
----------------------------------------------------------------
David Buchler, Chairman of Baltimore Technologies Plc notes the
announcement by Earthport Plc.

Baltimore was first made aware of Earthport's claim in April
2004, even though there was no public announcement until the day
of the EGM on 5 July 2004.  It was only on this date that the
new Board of Baltimore were made aware of this claim.  The new
Board's legal advisers are carrying out an investigation.  It is
recognized, however, that Thursday's announcement by Earthport
is that of a potential litigant.

                            *    *    *

Earthport can confirm that it has sent a detailed letter before
action to Baltimore.  The letter related to a series of
agreements entered into in March 2001 and claims the return of
GBP4.5 million paid under contracts, as well as damages for
breach of contract and misrepresentation.

Earthport is currently engaged in assessing these damages, but
on Baltimore's own reckoning made at the time of the agreements
that it would derive in excess of GBP9 million over a three year
period from its profit share element, earthport assess these
damages to be in excess of that figure.

Therefore the extent of the claim by earthport against Baltimore
is anticipated to be in excess of GBP13.5 million.

It is earthport's view that the combined damages claimed
together with interest and costs exceeds Baltimore's current
cash reserves which were earmarked by the previous Baltimore
board for distribution to shareholders and expects adequate
provision will be made in this regard.

8 July 2004

CONTACT:  EARTHPORT PLC
          Press Inquiries:
          Rob Cunningham
          CEO
          Phone: +44 (0) 20 7907 1100

          NABARRO WELLS
          David Nabarro
          Nigel Atkinson
          Phone: +44 (0) 20 7710 7400

          FINANCIAL DYNAMICS
          James Melville-Ross
          Juliet Clarke
          Phone: +44 (0) 20 7831 3113

          GAVIN ANDERSON & COMPANY
          Phone: 020 7554 1400


BARRASS MCGUINNESS: Names Liquidator from Chamberlain & Co
----------------------------------------------------------
At an Extraordinary General Meeting of the Barrass & McGuinnes
Limited Company on June 29, 2004 held at the offices of
Chamberlain & Co, Aireside House, Aire Street, Leeds LS1 4HT,
the subjoined Special Resolution to wind up the company was
passed.  Michael Chamberlain of Chamberlain & Co, Aireside
House, 24-26 Aire Street, Leeds LS1 4HT has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  CHAMBERLAIN & CO
          Aireside House
          24-26 Aire Street,
          Leeds LS1 4HT
          Liquidator:
          Michael Chamberlain


B & G M: Members General Meeting Set August 2
---------------------------------------------
The General Meeting of the Members of B & G M Pay Limited
Company will be on August 2, 2004 at 11:00 a.m.  It will be held
at 2nd Floor, Titchfield House, 69-85 Tabernacle Street, London
EC2A 4RR.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the meeting may appoint
proxies.


BOSTOCK DEVELOPMENTS: Special Winding up Resolution Passed
----------------------------------------------------------
At an Extraordinary General Meeting of the Bostock Developments
Limited Company on June 28, 2004 held at Champion House,
Burlington Road, New Malden, Surrey KT3 4NB, the Special
Resolutions to wind up the company were passed.  Stephen
Goderski of Geoffrey Martin & Co, 8-12 Brook Street, London W1K
5BU has been appointed Liquidator of the Company for the purpose
of the voluntary winding-up.

CONTACT:  GEOFFREY MARTIN & CO
          8-12 Brook Street,
          London W1K 5BU
          Liquidator:
          Stephen Goderski


BOW SCAFFOLDING: In Administrative Receivership
-----------------------------------------------
Name of Companies:
Bow Scaffolding Group Limited

Bow Scaffolding (Northern) Limited
(formerly Mitie Access (Northern)
Limited and Mitie Space Limited)

Bow Scaffolding (Southern) Limited
(formerly Mitie Access (Southern) Limited,
Mitie Access Limited,
Bow Group Limited,
Bow Scaffolding Limited and
Bow Scaffolding & Plant Hire Limited)

Bow Scaffolding Access Limited
(formerly Mitie Access Limited
and Mitie (One) Limited)

Reg Nos:
04342412
03714559
01167338
03897753

The Governor and Company of the Bank of Scotland called in
Michael David Gercke and Robert William Birchall of
PricewaterhouseCoopers as receivers for these companies.  The
application was filed June 30, 2004.  The companies' operates
rent construction equipment.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court,
          London EC4A 4HT
          Receivers:
          Michael David Gercke
          Robert William Birchall
          (Office Holder Nos 2360, 6623)


BRITISH ENERGY: Issues June Output Statement
--------------------------------------------
A summary of net output from British Energy's power stations in
June 2004 is given in the table below, together with comparative
data for the previous financial year:


                           2003/04
                    June                Year to Date
               Output   Load          Output    Load
               (TWh)   Factor (%)     (TWh)    Factor
                                                 (%)

U.K. Nuclear   5.56      81           17.04      82
U.K. Other     0.35      25            1.09      26

                              2004/05
                    June                Year to Date
               Output   Load          Output    Load
               (TWh)   Factor (%)     (TWh)    Factor
                                                 (%)

U.K. Nuclear   4.96      72           15.02      72
U.K. Other     0.37      26            1.41      33

Planned Outages

(a) A statutory outage continued on one reactor at Hartlepool
    and another started on one reactor at Torness.

(b) Off load refueling was carried out on one reactor each at
    Dungeness B and Heysham 1.

(c) Low load refueling was carried out on both reactors at
    Hunterston B and on one reactor each at Hinkley Point B,
    Torness and Heysham 2.

Unplanned Outages

(a) One generating unit at Sizewell B returned to service in mid
    June after the successful replacement of the alternator
    rotor that had an earth fault.  This outage had started in
    April.

(b) One unit at Heysham 2 returned to service after the
    clearance of blocked boiler tubes.  This outage had started
    in May.

Overview

(a) The Company's target for nuclear output for 2004/05 of
    64.5/TWh remains unaltered.

C0NTACT:  BRITISH ENERGY
          Media Inquiries:
          Andrew Dowler
          Phone: 020 7831 3113
          Investor Relations:
          Paul Heward
          Phone: 01355 26 2201
          Web site: http://www.british-energy.com


ERICSSON INTRACOM: Appoints Liquidators from PwC
------------------------------------------------
At a General Meeting of the Members of Ericsson Intracom Limited
Company on June 23, 2004, the Special and Ordinary Resolutions
to wind up the company were passed.  Richard Setchim and
Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree Court,
London EC4A 4HT have been appointed Joint Liquidators for the
company for the purpose of such winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Liquidators:
          Richard Setchim
          Jonathan Sisson


FRAMLINGTON GLOBAL: Winding up to Salvage Remaining Value
---------------------------------------------------------
The Board of Framlington Global Financial & Income Fund Limited
announced on 21 May 2004 that it was the intention of the Board
to try to secure agreement from the major holders of both
classes of shares to enable a proposal for liquidation to be put
to all shareholders.

The Company is posting a Circular to Shareholders of the Company
and the Subsidiary seeking their approval for the Company and
Subsidiary to be placed into a voluntary liquidation and setting
out the proposals for the distribution of the Group's assets
(after payment of its liabilities) on such winding-up.

This text comprises edited extracts from the Chairman's letter
to Shareholders in the Circular:

Background to and Reasons for the Proposals

As at 14 May 2004, the total assets of the Group were only
GBP4.9 million (including GBP2.0 million outstanding under the
Bank Loan).  The covenants contained in the Bank Loan required
that, inter alia, the income of the Company must be at least 150
percent of the total interest payment.  Based on income
projections for the six months to 31 May 2004, the Board
expected the Company to be in breach of this covenant as at 31
May 2004.  In view of the size of the Group and the level of
ongoing running expenses, which significantly exceed income, the
Board decided to repay the outstanding Bank Loan of GBP2.0
million in full on 21 May 2004.

The significantly reduced size of the Group's total assets
(being GBP2.71 million as at close of business on 6 July 2004)
means that it is anticipated that expenses will exceed
anticipated income on an annualized basis by approximately
GBP0.2 million.  This level of expenses would further erode the
amount capable of being returned to Shareholders on a winding up
of the Company and the Subsidiary.

As noted in recent statements, the Directors have kept the
strategic options for the Group under review.  In view of the
size of the Group and the level of ongoing running expenses, the
Directors believe that it would be in the best interests of
Shareholders for proposals to be put to Shareholders now for a
voluntary winding up of the Company and the Subsidiary.

Reasons for the Proposals

The Subsidiary is not due to be wound up in the ordinary course
until 16 December 2008.  The arrangements between the Company
and the Subsidiary (as set out in the intra-group loan
arrangements contained in the Loan Note and the Contribution
Agreement) provide for the Company to pay such amount to the
Subsidiary as is required to satisfy in full the entitlement of
the ZDP Shares on any winding up, or, to the extent that the
Company does not have sufficient assets to satisfy such
entitlement in full, the Company shall pay to the Subsidiary all
of its remaining assets after payment of all other creditors of
the Company.  The Ordinary Shareholders do not have any
entitlement to the assets of the Company unless and until the
ZDP Shareholders have been repaid in full.

As a consequence, if the Company and the Subsidiary were to be
wound up now, in the absence of the Proposals, all of the
Company's assets (including any undistributed income) after
payment of its liabilities would be attributable to the holders
of ZDP Shares.

The support of each class of Shareholder is needed for a winding
up of the Subsidiary and the Company before 16 December 2008.
However, as no dividend is currently being paid or is planned to
be paid to Ordinary Shareholders and as it is extremely unlikely
that such shareholders would receive anything on a winding up of
the Subsidiary on the 16 December 2008, the Directors consider
that only a very small part of the Company's assets should be
allocated to the Ordinary Shares as part of the Proposals.

The Proposals

The entitlements under the Proposals have been arrived at after
consultation with major shareholders of each class of Share and
after careful consideration of their views.

The Proposals are that each of the Company and the Subsidiary be
placed in voluntary liquidation and that the Group's assets
(after payment of the liabilities and after deducting the costs
of implementing the Proposals) on such winding up be distributed
as follows:


For each Ordinary Share:     0.125p

For each ZDP Share:          the balance of the assets of the
                             Group proportionately

On the basis of the net asset value as at the close of business
on 6 July 2004 of GBP2.71 million, it is currently estimated
that the net assets available for distribution to ZDP
Shareholders on a liquidation would be approximately GBP2.44
million (equivalent to approximately 64.0p per ZDP Share).  This
assumes the successful realization of all the investments at
carrying values, no claims arising and deducts the payment of
0.125p in respect of each Ordinary Share (at an aggregate cost
of GBP100,000) and the estimated costs of the Proposals (see
'Expenses' below).

ZDP Shareholders should note that the amount finally distributed
to them may be different due to a variety of factors including
movement in the value of the underlying assets, the level at
which assets can be realized, settlement of any currently
unknown or contingent liabilities and ongoing costs associated
with running the Group and the realization process.

If the Proposals are implemented no dividends will be declared
or recommended, and holders of Ordinary Shares will not receive
anything on the winding-up, except as set out above.  In order
that the Ordinary Shareholders should receive the amount of
0.125p per Ordinary Share allocated to them under the Proposals,
it is necessary to amend both the Loan Note and the Contribution
Agreement by means of the Company and the Subsidiary entering
into the Deed of Amendment.  The amendments require the approval
of the ZDP Shareholders at the ZDP Class Meeting and the
Subsidiary at the Subsidiary Extraordinary General Meeting.

Liquidation and Dealings

Assuming that the liquidations of the Company and the Subsidiary
are approved on 29 July 2004 and in the absence of unforeseen
circumstances, the Liquidators envisage that they should be in a
position to make distributions by Friday 10 September 2004 to
(i) Ordinary Shareholders of 0.125p per Ordinary Share and (ii)
ZDP Shareholders in an amount equal to the surplus assets of the
Group after reserving for creditor claims, if any, not
previously agreed and paid, the payment to Ordinary Shareholders
and the costs of the Proposals.

Dealings in the Shares on the London Stock Exchange and the
Channel Islands Stock Exchange will be suspended at the opening
of business on Thursday 29 July 2004 and on the same date the
listing on the Official List of the UK Listing Authority will be
suspended.

The Shareholders' registers will be closed at the close of
business on Thursday 29 July 2004 and, to be valid, all
transfers must be lodged and transactions of CREST settled with
the Registrars before that time.  Transfers received by the
Registrars after close of business on Thursday 29 July 2004 will
be returned to the person lodging them.  Shareholders should
note that dealings in the Shares after close of business on
Monday 26 July 2004 should therefore be for cash settlement
only.

Support for the Proposals

The Board has received irrevocable undertakings to vote in favor
of the Resolutions from Shareholders holding 21.8 percent of the
issued Ordinary Shares and 52.0 percent of the issued ZDP Shares
and statements of intention to vote in favor of the Resolutions
from Shareholders holding 3.5 percent of the issued Ordinary
Shares and 9.6 percent of the issued ZDP Shares.

Expenses

The expenses incurred in relation to the Proposals, including
financial advice, other professional advice and the Liquidators'
fees and expenses, are estimated to amount to GBP175,000.

Extraordinary General Meetings and ZDP Class Meeting

The implementation of the Proposals will require Shareholders to
vote in favor of all the resolutions to be proposed at the ZDP
Class Meeting and the Extraordinary General Meetings of the
Company and the Subsidiary that have been convened on Thursday
29 July 2004 starting at 10:00 a.m.

Recommendation

The Directors, who have been advised by Hoare Govett Limited,
consider that the Proposals are in the best interests of the
Shareholders as a whole.  In providing its advice, Hoare Govett
Limited has placed reliance on the Directors' commercial
assessment of the Proposals.

Expected Timetable 2004

Latest time and date for
receipt of forms of proxy         10:00 a.m. on Tuesday 27 July

Suspension of Shares
from trading on the
London Stock Exchange and         7:30 a.m. on Thursday 29 July

The Channel Islands Stock
Exchange and suspension of
listing on the Official List
ZDP Class Meeting                 10:00 a.m. on Thursday 29 July

Extraordinary General Meeting
of the Subsidiary                 10:05 a.m. on Thursday 29 July

Extraordinary General Meeting
of the Company                    10:10 a.m. on Thursday 29 July

Share registers close             Close of business on Thursday
                                  29 July

Cancellation of the listing
of the Shares on the Official
List                              Wednesday 25 August

Liquidation distributions         By Friday 10 September

CONTACT:  HOARE GOVETT
          Hugh Field
          Phone: 020 7678 8000


FRESHBAKE FOODS: Bidders Flood Receiver with Offers
---------------------------------------------------
Negotiations for the sausage factory of Freshbake in Glasgow are
on after its administrator received several credible offers,
Europe Intelligence Wire said Thursday.

Administrator Iain Bennet says his confidence in finding a new
owner for the plant has grown, but he refused to divulge the
number of interested parties.  A preferred bidder will be
selected after he has sifted through the offers.

Majority of the interested buyers are bidding for the sausage
factory, which employs 200 people.  Other bidders have also
taken interest in the pastries factory in Salford and the frozen
cake factory in Hartlepool.  Mr. Bennet, who claims to have
received a number of bid combinations, pledged that nothing
would be done to jeopardize the sale of the Glasgow site or the
jobs of its workers.

Considered the jewel in the crown of Freshbake Foods and
Freshbake Trading, the Glasgow plant is their only profitable
facility, whose customers include supermarket chain Tesco, among
others.  All major customers have confirmed their willingness to
trade normally with the factory.  Headquartered in Salford, near
Manchester, Freshbake Foods and Freshbake Trading went into
receivership last month.


G B ONE: Extraordinary Winding up Resolution Passed
---------------------------------------------------
At an Extraordinary General Meeting of the G B One Limited
Company on June 8, 2004 held at Aireside House, 24-26 Aire
Street, Leeds LS1 4HT, the Extraordinary Resolution to wind up
the company was passed.


GLAXOSMITHKLINE PLC: Settles Augmentin Case for US$92 Million
-------------------------------------------------------------
GlaxoSmithKline (GSK) agreed to settle U.S. anti-trust cases
involving the antibiotic product Augmentin.  GSK will pay US$92
million (GBP50 million) in settlement of class action lawsuits
brought on behalf of direct purchasers, including pharmaceutical
wholesalers, and indirect purchasers such as consumers and third
party payers.*  The settlements are being submitted for review
to the U.S. District Court for the Eastern District of Virginia,
where the cases have been pending since 2002.  GSK continues to
believe that its actions were appropriate in obtaining and
enforcing its patents for Augmentin.

GSK is also progressing towards settlement of certain other
legal matters for which additional provision is required.

The settlement of all these legal matters will be covered using
existing provisions together with an additional legal charge
that will be taken in the Company's earnings in the second
quarter of 2004.  This legal charge is expected to be
approximately GBP170 million and will be largely offset by gains
realized from the sale of equity investments and other income.
Taken together, these items are therefore expected to have
minimal impact on the second quarter's earnings.

GSK's 2004 earnings guidance remains unchanged with the Company
expecting to deliver EPS (at constant exchange rates) at least
in line with business performance EPS in 2003.

GlaxoSmithKline (NYSE: GSK), one of the world's leading
research-based pharmaceutical and healthcare companies, is
committed to improving the quality of human life by enabling
people to do more, feel better, and live longer.  For company
information and a copy of the company's product development
pipeline, visit GSK at http://www.gsk.com.

* Further details of the case are available in the company's
2003 Annual Report (page 119).


ISLAND6 LIMITED: Sets General Meeting of Members August 17
----------------------------------------------------------
Members of Island6 Limited Company will have a Final General
Meeting on August 17, 2004 at 10:30 a.m.  It will be held at 62
Wilson Street, London EC2A 2BU.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged with Benedict Mackenzie LLP, 62
Wilson Street, London EC2A 2BU not later than 12:00 noon, August
16, 2004.

CONTACT:  BENEDICT MACKENZIE LLP
          62 Wilson Street,
          London EC2A 2BU
          Liquidator:
          I D Williams


JOHN FARRER: Winding up Resolutions Passed
------------------------------------------
At an Extraordinary General Meeting of the John N Farrer (Farms)
Limited Company on July 1, 2004 held at 9 Winters Park,
Carleton, Penrith, Cumbria, the Special Resolution to wind up
the company was passed.  Jeanette Brown of Dodd & Co, Clint
Mill, Cornmarket, Penrith, Cumbria has been appointed Liquidator
for the purpose of such winding-up.

CONTACT:  DODD & CO
          Clint Mill
          Cornmarket, Penrith,
          Cumbria
          Liquidator:
          Jeanette Brown


JOHNSON LEASING: Members Final Meeting Set August 10
----------------------------------------------------
The Final Meeting of the Members of Johnson Leasing Limited
Company will be on August 10, 2004 at 10:00 a.m.  It will be
held at the offices of David Horner & Co, 11 Clifton Moor
Business Village, James Nicolson, Link, Clifton Moor, York YO30
4XG.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged with David Horner & Co, 11
Clifton Moor Business Village, James Nicolson, Link, Clifton
Moor, York YO30 4XG not later than 12:00 noon, August 9, 2004.

CONTACT:  DAVID HORNER & CO
          11 Clifton Moor Business Village,
          James Nicolson, Link, Clifton Moor,
          York YO30 4XG
          Liquidator:
          D A Horner


J SAINSBURY: Board Takes back Bonus of Ousted Chairman
------------------------------------------------------
The Board of J Sainsbury plc reconsidered the Remuneration
Report insofar as it relates to Sir Peter Davis in the light of
institutional shareholder objections to his remuneration
arrangements, the recent trading update and Sir Peter Davis
stepping down as Chairman and as a director of the Company.

Based on the information available at the time, the Remuneration
Committee proposed an award of 864,000 shares for 2003/04 out of
a possible total award of 1 million shares in accordance with
the terms of Sir Peter Davis' contract.  In reaching this
decision, the Remuneration Committee was advised by Towers
Perrin, the professional remuneration consultants, and believed
at the time, that this award was in the best interests of the
Company and its shareholders.  On 30 June 2004, a special Board
meeting was convened at which the new Chief Executive, Justin
King, reported to the Board on his early analysis of the
condition of the Company.  Based on this new information, the
Remuneration Committee can no longer support its original
recommendation on the proposed share award.

The Board has sought legal advice regarding the Remuneration
Report Resolution, which must be put to shareholders at the
forthcoming Annual General Meeting.  The Board considered
putting an amended Resolution to the meeting, which would have
excluded matters relating to Sir Peter Davis, but this was
rejected on advice from the Company's lawyers and due to the
mixed response from the various shareholder representative
bodies.

Although the Board recognizes that some shareholders may vote
against the Resolution at the Annual General Meeting, the
Remuneration Report covers many other matters important to the
Company in addition to the proposed share award to Sir Peter
Davis.  The Board will therefore continue to recommend the
Remuneration Report to shareholders at the Annual General
Meeting, but the Board will not implement these recommendations
in relation to Sir Peter Davis.  These matters have been
referred to the respective legal representatives of both parties
as part of his termination arrangements.  The Company has been
advised not to comment further on these matters.

Philip Hampton has been appointed Chairman with effect from 19
July 2004, an announcement that received widespread support.  He
is committed to meeting with major shareholders as soon as
possible after this date.  It is in the interests of the Company
and all its shareholders that the new team of Philip Hampton as
Chairman and Justin King as Chief Executive look forward not
back, and focus all their energies on restoring the fortunes of
Sainsbury's.

                           *   *   *

The AGM will be held on 12 July, at The Queen Elizabeth II
Conference Centre, commencing at 11:00 a.m.

CONTACT:  J SAINSBURY
          Investor relations
          Phone: +44 (0) 20 7695 7162
          Roger Matthews
          Jan Shawe

          Media
          Lynda Ashton
          Pip Wood
          Phone: +44 (0) 20 7695 6127


MARKS & SPENCER: Reiterates 'No' Over Revival's Offer
-----------------------------------------------------
The Board of Marks & Spencer, which is being advised by
Citigroup, Morgan Stanley and Cazenove, has met to consider the
revised proposal announced Wednesday by Revival Acquisitions
Limited.

The management team will be announcing its plans for the
business on Monday, 12 July.  This will include important new
information in respect of the operations and strategy of Marks &
Spencer.  The Board believes that Revival's proposal for
Marks & Spencer of 400 pence per share continues to undervalue
the Group and its prospects significantly and, furthermore, is
confident that it will demonstrate this to shareholders on 12
July.  Accordingly, the Board would not be prepared to recommend
an offer (if made) at this level.  Following communication of
the Group's strategy today, shareholders will be able to make an
informed assessment of the Board's view.

The Board is also concerned that there are a number of major
areas of uncertainty in relation to Revival's proposal, which
Revival should clarify.

These include:

(a) The ownership structure of Revival, its financing and any
    conditions attached to it;

(b) The characteristics and value of the share alternative;

(c) How Revival will deal with competition issues (which the
    Board believes are significant), including the undertakings
    Philip Green would be prepared to make to obtain competition
    clearance; and

(d) The extent of proposed due diligence and the assumptions
    which Revival has made in relation to its due diligence
    questions, including in relation to the funding of the
    pension scheme.

CONTACT:  MARKS & SPENCER
          Press Enquiries
          Paul Myners
          Stuart Rose
          Phone: 020 7268 1919

          CITIGROUP
          Robert Swannell
          Ian Hart
          David James
          Phone: 020 7986 4000

          MORGAN STANLEY
          Simon Robey
          Brian Magnus
          Mark Brooker
          Phone: 020 425 5000

          CAZENOVE
          David Mayhew
          Duncan Hunter
          Richard Wintour
          Phone: 020 7588 2828

          TULCHAN
          Andrew Grant
          Kirstie Hamilton
          Katie Macdonald-Smith
          Phone: 020 7353 4200


MARKS & SPENCER: Revival Woos Other Shareholders
------------------------------------------------
Revival notes the announcement by Marks & Spencer (M&S).
Revival has taken soundings from a number of M&S shareholders
and will wait to see their assessment of M&S' strategy
announcement today.

Revival is puzzled why the board of M&S has questioned certain
aspects of Revival's proposal only after not recommending it.
Revival is surprised that M&S chose not to seek such
clarification before arriving at its decision.

Revival has received no contact at all from either the board of
M&S or its advisers regarding any aspects of the proposal that
it made Wednesday.

Revival confirms that its repeated requests that information in
relation to the M&S pension schemes be disclosed have not been
met and its request for a meeting with the trustees of the
pension schemes denied despite the fact that this information is
not commercially sensitive and may well be of interest to M&S
shareholders themselves.

CONTACT:  FINSBURY
          Rupert Younger
          Phone: +44 (0) 20 7251 3801


MARKS & SPENCER: Schroder Investment Conditionally Accepts Bid
--------------------------------------------------------------
Further to its announcement on Wednesday regarding a proposed
offer for M&S, Revival announces that Schroder Investment
Management Limited has indicated its non-binding intention* to
accept such an offer, if made, in respect of 27,148,657 M&S
ordinary shares, representing approximately 1.2 percent of the
entire issued ordinary share capital of M&S.  Any such offer
will be conditional upon a recommendation from the board of M&S.

                            *   *   *

* Schroders has reserved the right to transfer ordinary shares
of M&S managed by it or its associates to any replacement fund
manager or custodian nominated by its underlying client where
the client has terminated the professional relationship with it
or its associate or otherwise changed the investment mandate so
that holding the relevant M&S ordinary shares is no longer
consistent with such mandate.  Any such shares shall be excluded
from the letter of intent.  Schroders has also reserved the
right for itself and its associates to deal with the ordinary
shares of M&S managed by it or its associates in its absolute
discretion or on the instruction of its client or otherwise,
whether or not to do so would prejudice such offer, if made.

Goldman Sachs International is acting for Revival and for no one
else in connection with a possible offers for M&S and will not
be responsible to anyone other than Revival for providing the
protections afforded to clients of Goldman Sachs International
or for providing advice in relation to any such possible offer.

Merrill Lynch International is acting for Revival and for no one
else in connection with a possible offer for M&S and will not be
responsible to anyone other than Revival for providing the
protections afforded to clients of Merrill Lynch International
or for providing advice in relation to any such possible offer.

CONTACT:  FINSBURY
          Rupert Younger
          Phone: +44 (0) 20 7251 3801


MARKS & SPENCER: Regulator Reiterates Offer Deadline
----------------------------------------------------
The Panel Executive notes the announcement made by M&S on
Thursday.

For the avoidance of doubt, the Panel Executive wishes to make
clear that M&S will remain in an offer period (as defined in the
Code) until either an announcement is made by Revival under Rule
2.8 of the Code that it will not proceed with an offer for M&S
or an offer by Revival has become or been declared unconditional
as to acceptances or lapses.

As stated in its announcement dated 6 July, the Panel Executive
has ruled that Revival must, by 12 noon on Friday, 6 August,
either announce a firm intention to make an offer for M&S under
Rule 2.5 of the Code or announce that it will not proceed with
an offer for M&S.  In the light of Revival's second announcement
on 7 July, Revival can only announce a firm intention to make an
offer for M&S under Rule 2.5 of the Code with the recommendation
of the board of M&S.


MARKS & SPENCER: Stuart Rose Passes Insider Trading Test
--------------------------------------------------------
The Financial Services Authority has cleared Stuart Rose, Marks
& Spencer's new chief executive, from suspicions of insider
trading.

The regulator investigated Mr. Rose regarding share movements at
the clothing retailer two weeks ago.  It wanted to know whether
anyone took advantage of the knowledge that billionaire
entrepreneur Philip Green intends to bid for the company by
buying shares before Mr. Green's offer was made public.

It was observed that on May 26, a day before Mr. Green said he
is preparing a takeover bid, a large number of shares in Marks &
Spencer was traded.  The value of the stocks then jumped 10 1/4p
to 290 1/2p.

After the FSA cleared him Mr. Rose said: "I've always maintained
that I did nothing wrong in buying those shares."

Michael Spencer, the chief executive of broker Icap, was also
freed from potential inquiries.


MUALLAF INVESTMENTS: Sets Final Meeting August 9
------------------------------------------------
Members of Muallaf Investments Limited Company will have a Final
Meeting on August 9, 2004 at 10:00 a.m.  It will be held at
Allen House, 1 Westmead Road, Sutton, Surrey SM1 4LA.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.


NORTHERN DOCTORS: Calls in Liquidators
--------------------------------------
Name of Companies:
Northern Doctors Limited
North Durham Doctors Limited
Northern Doctors Urgent Care Limited
Northumbria Emergency Care Ltd

At an Extraordinary General Meeting of these Companies on June
30, 2004 held at Ground Floor, Sterling House, Balliol Business
Park, the Special and Ordinary Resolutions to wind up the
company were passed.  Ian Brown and Adrian Berry of 34-40 Grey
Street, Newcastle upon Tyne NE1 6AE have been appointed
Liquidators of the Companies.

CONTACT:  Ian Brown, Liquidator
          Adrian Berry, Liquidator
          34-40 Grey Street,
          Newcastle upon Tyne NE1 6AE


NOVHOLD LTD: Names Critchleys Liquidator
----------------------------------------
At an Extraordinary General Meeting of the Novhold Ltd Company
on June 28, 2004 held at Critchleys, Greyfriars Court, Paradise
Square, Oxford OX1 1BE, the Special and Ordinary Resolutions to
wind up the company were passed.  Anthony John Harris of
Critchleys, Greyfriars Court, Paradise Square, Oxford OX1 1BE
has been appointed Liquidator of the Company for the purpose of
the voluntary winding-up.

CONTACT:  CRITCHLEYS
          Greyfriars Court
          Paradise Square,
          Oxford OX1 1BE
          Liquidator:
          Anthony John Harris


OPTFORD LIMITED: Appoints Liquidators from KPMG
-----------------------------------------------
At an Extraordinary General Meeting of the Optford Limited
Company on June 30, 2004 held at Wesley House, 19 Chapel Street,
Luton, Bedfordshire, the Special and Ordinary Resolutions to
wind up the company were passed.  Jeremy Spratt and Finbarr
O'Connell of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB has
been appointed Joint Liquidators for the purpose of such
winding-up.

CONTACT:  KPMG LLP
          8 Salisbury Square
          London EC4Y 8BB
          Liquidators:
          Jeremy Spratt
          Finbarr O'Connell


OPTIONAL MOTOR: Winding up Resolutions Passed
---------------------------------------------
At an Extraordinary General Meeting of the Optional Motors
Finance Limited Company on June 30, 2004 held at Wesley House,
19 Chapel Street, Luton, Bedfordshire, the Special and Ordinary
Resolutions to wind up the company were passed.  Jeremy Spratt
and Finbarr O'Connell of KPMG LLP, 8 Salisbury Square, London
EC4Y 8BB have been appointed Joint Liquidators for the purpose
of such winding-up.

CONTACT:  KPMG LLP
          8 Salisbury Square
          London EC4Y 8BB
          Liquidators:
          Jeremy Spratt
          Finbar O'Connell


PARK AND PATERSON: Calls in Administrators from KPMG
----------------------------------------------------
Richard Fleming and Paul Flint from KPMG Corporate Recovery in
Manchester have been appointed joint administrators to Park and
Paterson Limited, the leading copper ingot manufacturer.

Established in 1872 and with an annual turnover of GBP12
million, Park and Paterson operates out of sites in Marple, near
Stockport and Derby.  In December 2003, the copper operations of
Bernhard Metals Ltd., the Derby-based metal recycling business,
merged with Park and Paterson.  However, Bernhard Metals remains
a completely separate business and is not affected in any way by
the administration of Park & Paterson.  The administration has
been prompted by general trading difficulties.  A total of 35
members of staff from the Marple site have been made redundant
by the administrators.

Commenting on the administration, Paul Flint, joint
administrator and director at KPMG Corporate Recovery, said, "We
are actively looking to sell the business and assets of Park and
Paterson as a going concern.  The firm's original business plan
was centered upon the relocation of the Marple operation to the
Derby facility, so we hope to find a buyer who will complete the
relocation upon acquisition."

CONTACT:  KPMG
          Katy Broomhead
          Corporate Communications
          Phone: 0161 246 4623
          Mobile: 07775 708917
          E-mail: katy.broomhead@kpmg.co.uk
          KPMG Press Office: 0207 694 8773


PASCALL ENGINEERING: Calls in Liquidator
----------------------------------------
At an Extraordinary General Meeting of The Pascal Engineering
Company Limited on June 22, 2004 held at Silver Levene, 37
Warren Street, London W1T 6AD, the Special, Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Christopher Matthew Polwin of Silver Levene, 37 Warren Street,
London W1T 6AD has been appointed Liquidator of the Company for
the purpose of such winding-up.

CONTACT:  SILVER LEVENE
          37 Warren Street,
          London W1T 6AD
          Liquidator:
          Christopher Matthew Polwin


PROFESSIONAL CONTRACT: Hires Stoy Hayward Administrator
-------------------------------------------------------
David Harry Gilbert and Simon James Michaels have been appointed
joint administrative receivers for Professional Contract
Installations Limited Company.  The application was made July 1,
2004.  The company is engaged in office furniture removals and
storage.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Receivers:
          David Harry Gilbert
          Simon James Michaels
          (IP Nos 2376/01, 8824/01)


QUALITY MARKETING: Final General Meeting Set July 28
----------------------------------------------------
Members of Quality Marketing Services Limited Company will have
a Final General Meeting on July 28, 2004 at 10:30 a.m.  It will
be held at KPMG, 8 Salisbury Square, London EC4Y 8BB.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged with KPMG, 8 Salisbury Square,
London EC4Y 8BB not later than 12:00 noon, July 27, 2004.

CONTACT:  KPMG
          8 Salisbury Square,
          London EC4Y 8BB
          Fax +44 020 7694 3533
          Joint Liquidator:
          S Treharne


RENOVO LIMITED: Names DTE Leonard Curtis Administrator
------------------------------------------------------
The Renovo (Contracting) Limited Company has appointed M Titley
and A Poxon as joint administrative receivers.  The appointment
was made June 30, 2004.  The company is engaged in construction
and civil engineering.

CONTACT:  DTE LEONARD CURTIS
          DTE House,
          Hollins Mount,
          Bury BL9 8AT
          Receivers:
          J M Titley
          A Poxon
          (IP Nos 8617, 8620)


R H PHILLIPS: Appoints Stonham.Co Administrator
-----------------------------------------------
R H Phillips & Sons (Engineers) Ltd has appointed E J Stonham as
joint administrative receiver.  The appointment was made June
29, 2004.

Engineers run the company.  Its registered office address is
located at Equity & Law House, 14-15 Brunswick Place,
Southampton SO15 2AQ.

CONTACT:  STONHAM.CO
          Equity & Law House,
          14-15 Brunswick Place,
          Southampton SO15 2AQ
          Receiver:
          E J Stonham
          (IP No 6486)


ROYAL & SUNALLIANCE: A.M. Best Rates Subordinated Notes 'bbb'
-------------------------------------------------------------
A.M. Best Co. assigned an indicative rating of 'bbb' to the
forthcoming perpetual subordinated notes to be issued by Royal &
Sun Alliance Insurance Group plc (R&SA) (United Kingdom) and
guaranteed by Royal & Sun Alliance Insurance plc.

Under the terms and conditions of the issue, R&SA will have the
option to repay the loan amount after 10 years.  The proposed
issue will be treated as hybrid capital in accordance with A.M.
Best's Debt Rating Methodology, subject to an aggregate equity
credit limit for hybrid equities of 20% of total adjusted
capital.  The outlook on the rating is negative, which is in
line with R&SA's financial strength rating -- currently rated A-
(Excellent) with a negative outlook.

For a list of A.M. Best's debt ratings, please visit
http://www.ambest.com/debtratings/.

A.M. Best Co., established in 1899, is the world's oldest and
most authoritative insurance rating and information source.  For
more information, visit A.M. Best's Web site at
http://www.ambest.com.

CONTACT:  A.M. BEST
          Public Relations:
          Jim Peavy
          Phone: +(1) 908 439 2200, ext. 5644
          E-mail: james.peavy@ambest.com

          Rachelle Striegel
          Phone: +(1) 908 439 2200, ext. 5378
          E-mail: rachelle.striegel@ambest.com

          Analysts:
          Simon Martin
          Phone: +(44) 20 7626 6264
          E-mail: simon.martin@ambest.com

          Jose Sanchez-Crespo
          Phone: +(44) 20 7626 6264
          E-mail: jose.sanchez-crespo@ambest.com


ROYAL & SUNALLIANCE: Proposed Notes Get 'BBB', Negative Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB' long-term
junior subordinated debt rating to the proposed fixed-rate,
undated, subordinated notes to be issued by Royal & Sun Alliance
Insurance Group PLC (R&SA Group).  At the same time, Standard &
Poor's affirmed its 'A-' counterparty credit and insurer
financial strength ratings on Royal & Sun Alliance Insurance PLC
(R&SA), R&SA Group's main operating entity.  The outlook is
negative.

The rating on the notes reflects their hybrid equity
characteristics, including subordination, interest-deferral
features, and perpetual tenor.  The issue benefits from a
subordinated guarantee from the main operating company of the
group, R&SA.

"The ratings on R&SA reflect its strong competitive position,
adequate capitalization, poor but improving operating
performance, and adequate financial flexibility," said Standard
& Poor's credit analyst Ashley Gill.

"The negative outlook continues to reflect the execution risks
in restructuring U.S. operations, and the possibility that U.S.-
related losses may prevent R&SA from meeting Standard & Poor's
expectations," added Mr. Gill.  Standard & Poor's expects
earnings at R&SA to improve substantially in 2004, with ROE at
or above 7% in 2004 and 10% in 2005.

Standard & Poor's also expects R&SA to rebuild capital adequacy
to a strong level in 2004, and the planned sale of its U.K. life
operations should help to achieve this.


RUSSELL BOWLER: Sets General Meeting of Members August 5
--------------------------------------------------------
Members of Russell Bowler Environmental Ltd will have a General
Meeting on August 5, 2004 at 11:00 a.m.  It will be held at 47
London Street, Reading, Berkshire RG1 4PS.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the meeting may appoint
proxies.


WATSON PRESLEY: SME Invoice Appoints Smith & Williamson Receiver
----------------------------------------------------------------
SME Invoice Finance Limited called in Anthony Murphy, Robert
Horton and Roger Tulloch of Smith & Williamson Limited as
receivers for Watson Presley Group Limited (Reg No 04518595,
Trade Classification: 10).  The application was filed June 30,
2005.  The company is previously named Mediagrowth Limited.

CONTACT:   SMITH & WILLIAMSON LIMITED
           No 1 Riding House Street,
           London W1A 3AS
           Receivers:
           Anthony Murphy
           Robert Horton
           (Office Holder Nos 8716, 8922)

           SMITH & WILLIAMSON LIMITED
           1 Bishops Wharf,
           Walnut Tree Close, Guildford,
           Surrey GU1 4RA
           Receiver:
           Roger Tulloch
           (Office Holder No 9174)


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
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Copyright 2004.  All rights reserved.  ISSN 1529-2754.

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