TCREUR_Public/040713.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, July 13, 2004, Vol. 5, No. 137

                            Headlines

C Z E C H   R E P U B L I C

PRIVATE INVESTORS: Bankruptcy Proceedings Extended to December


F R A N C E

ALSTOM SA: E.U. Requires Disposal of Aussie Operations
ALSTOM SA: French Execs Square off with British Workers at AGM
MARNE & CHAMPAGNE: Keeping Contracts with New Cash


G E R M A N Y

AGIV REAL: Settles Put Option Conflict with ING BHF-Bank


I T A L Y

FIAT SPA: Banks Decide Against Early Debt-for-Equity Swap
KAITECH: Banks Restructure Debt in Expectation of Merger
PARMALAT FINANZIARIA: N.Y. Court Sides with Bondi, Affirms TRO


N E T H E R L A N D S

KAPPA BEHEER: Latest Results Justify 'B' Senior Notes Rating
LAURUS N.V.: Reaches Social Plan Deal with Trade Unions


N O R W A Y

AKER KVAERNER: Credits M.O.R.E. Strategy for Order Increase
NCL CORPORATION: Proposed US$200 Mln Senior Notes Get 'B+'


P O L A N D

ELEKTRIM SA: Creditor Banks Defer Decision on EUR75 Mln Loan


R U S S I A

AGRO-TORG-MASH: Undergoes Bankruptcy Supervision Procedure
GUTA BANK: Shareholders Approve Vneshtorgbank Takeover
KRASNAYA ZVEZDA: Proofs of Claim Deadline Expires August 9
METROMEDIA INTERNATIONAL: Sells Remaining Radio Business
PK KUTMYSHSKY: Insolvent Status Confirmed

PO BARYSHSKY: Ulyanovsk Court Appoints Insolvency Manager
POSH: In Voluntary Liquidation
PROSNITSKOYE BREAD: Public Auction of Assets July 27
SHARAGANSKAYA AGRO-PROM-KHIMIYA: Declared Insolvent
SHARANGSKY FOOD: Deadline for Proofs of Claim August 10

SOIL-CULTIVATING: Sets Public Auction July 14
STAVROPOL-STROY-NERUD: Court Sets September 23 Hearing
SVERDLOVSK-DOR-SROY: Court Commences Bankruptcy Supervision
URAL-TRANS-STROY: Bankruptcy Proceedings Begin
WEB-INVEST BANK: Reorganizes to be Eligible to Trade on MICEX

YUKOS OIL: Schatz & Nobel Files Class Action in S.D. New York
YUKOS OIL: Government to Confiscate More Assets
YUKOS OIL: Proposal to Pay Tax Bill in Installments Ignored
YUKOS OIL: Hires Britain's Lord Owen as Adviser
YUKOS OIL: Foreign Banks May Still Recover Cash


S P A I N

RADIO Y TELEVISION: Bankrupt Business Up for Sale


S W I T Z E R L A N D

VON ROLL: Reports Positive Developments in First Half


U K R A I N E

ALVIS: Donetsk Court Commences Bankruptcy Proceedings
ANRO LTD: Proofs of Claim Deadline July 23
CHERKASSYOBLENERGO: Under Bankruptcy Supervision
FARMATSIYA: Court Appoints Liquidator
MIKITIVSKA FURNITURE: Bankruptcy Proceedings Begin


U N I T E D   K I N G D O M

A. P. FABRICATIONS: Winding up Resolutions Passed
ATLANTIC ELECTRIC: Sets Creditors Meeting July 22
BRANCHPANEL LIMITED: Sets Members Final Meeting August 4
CABLE & WIRELESS: Hires Liquidators from Grant Thornton
CANARY WHARF: Songbird Offer Receives 66.27% Acceptances

CANNON COURIERS: Winding up Resolutions Passed
CCM MOTORCYCLES: BDO Stoy Hayward Starts Liquidation
CITIDATA STORAGE: Calls in Liquidators
CREATIVE PLANET: Members General Meeting Set August 9
DREAMPLAN LIMITED: Business for Sale

FEEL GOOD: Sets Final Meeting August 17
HEARTH & HOME: Appoints Robert Day and Co. Administrator
J BRADLEY: Appoints Tenon Recovery Administrator
J. L. MOORE: Names Grant Thornton Administrator
JONES FOODS: Barclay Bank Appoints Kroll Limited Receiver

LANCASTER PRIVATE: Close Invoice Appoints Receivers
LEEDS UNITED: Gives up Rights to Elland Road
LWN LIMITED: Special Winding up Resolution Passed
MACQUARIE INFRASTRUCTURE: Names Grant Thornton Liquidator
MARKS & SPENCER: Green Lambasts Trustees for Declining Overtures

MARKS & SPENCER: Minority Shareholders Open to Revival Offer
NEWMILL CARPETS: Sets Members Final Meeting August 13
ORCHID HOUSE: In Administrative Receivership
PHONESITES HOLDINGS: Names Berg Kaprow Lewis LLP Liquidator
PLATEFRAME LIMITED: Hires Liquidators from Menzies Corporate

PPL THERAPEUTICS: To Return Cash to Shareholders
QUAYSIDE ENGINEERING: Names Receivers from CBA
SCOTPIGS: Liquidators Sell 24,000 Pigs to Cheale Meats
SRIM PERFORMANCE: Appoints Robson Rhodes Liquidator
STONEYGATE 113: Shareholders Pass Winding up Resolutions

SUNGUARD HOMES: Special Winding up Resolution Passed
TWO RIVERS: Names Milsted Langdon Liquidator
WALKER AUTOMOTIVE: Names UHY Hacker Young Administrator
WHITECHURCH SECURITIES: Liquidates Sales Arm; Rival Raps Move

* Large Companies with Insolvent Balance Sheets


                            *********


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


PRIVATE INVESTORS: Bankruptcy Proceedings Extended to December
--------------------------------------------------------------
A court in Prague extended the bankruptcy proceedings of
Securities dealer Private Investors, CTK cites the Justice
Ministry Web site.

Private Investors, which went bust three years ago, got a six-
month extension of its bankruptcy proceedings.  The Justice
Ministry also said dozens of former clients are still in dispute
with the broker.


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


ALSTOM SA: E.U. Requires Disposal of Aussie Operations
------------------------------------------------------
Victorian Transport Minister Peter Batchelor said Friday the
sale of Alstom's Australian operations is not a concern,
Australian Associated Press reports.

Alstom shareholders approved the sale of the Aussie operations
and those in New Zealand as condition to the government bailout
allowed by the E.U. Commission last week.

A spokesman for Mr. Batchelor said, "At the moment we see
nothing that gives us concern about the future of the company
because it is successful."  He said Alstom Australia presents a
very attractive proposition to anyone who wants to buy it.  The
company's interests in Australia include infrastructure, road
and rail transport operations in Sydney and Melbourne.  The
company employs 1,390 people in Australia and 430 people in New
Zealand.  The future of these employees now depends on the
buyer.

The company's local communications manager Kimberley Bettens
said, "Alstom in Australia and New Zealand are a very successful
and profitable business in their current configuration and we
see no reason why that should change."  She added the purchaser
will make the ultimate decision.

CONTACT:  ALSTOM S.A.
          Press Relations:
          S. Gagneraud
          G. Tourvieille
          Phone: +33 1 47 55 25 87
          E-mail: internet.press@chq.alstom.com

          Investor Relations:
          E. Chatelain
          Phone: +33 1 47 55 25 33
          E-mail: investor.relations@chq.alstom.com


ALSTOM SA: French Execs Square off with British Workers at AGM
--------------------------------------------------------------
British workers of troubled engineering firm Alstom S.A.
personally sought answers from directors at the annual general
meeting Friday, Europe Intelligence Wire said.

Led by Tom Keogh, a West Bromwich-based Amicus union official,
the delegation of Alstom employees put their French masters on
the spot over their plans for existing Alstom operations in the
U.K. and of the vast Washwood Heath site.

The engineering giant announced last year it was closing the
historic MetroCammell works in Washwood Heath.  Train production
at the site will cease next month, the report says.

CONTACT:  ALSTOM S.A.
          Press Relations:
          S. Gagneraud
          G. Tourvieille
          Phone: +33 1 47 55 25 87
          E-mail: internet.press@chq.alstom.com

          Investor Relations:
          E. Chatelain
          Phone: +33 1 47 55 25 33
          E-mail: investor.relations@chq.alstom.com


MARNE & CHAMPAGNE: Keeping Contracts with New Cash
--------------------------------------------------
A French mutual savings bank bought 44% of Groupe Marne &
Champagne, the world's second-largest champagne house, saving it
from bankruptcy.

Caisse Nationale des Caisses d'Epargne acquired the stake for
EUR38 million and promised to provide EUR410 million (US$508
million) in new financing, The Financial Times says.

In June, Marne & Champagne breached 1,085 contracts with 3,000
suppliers when it failed to pay the third of four installments
towards the cost of grapes supplied in September.  Prior to
this, it failed to repay a four-year asset-backed bond.  The
EUR396 million debt, which was securitized through Nomura, was
borrowed against 60 million bottles of champagne in various
stages of production.  Noteholders called on the 60 million
bottles when the company failed to roll over the securitization
facility.

The cash crunch led many suppliers to threaten to flee to rival
LVMH, the French luxury goods group.  On June 4, a court in
Epernay appointed a mediator between the company and
noteholders, enabling it to avoid bankruptcy.

LVMH, through its ownership of brands such as Moet & Chandon,
Veuve Clicquot, Krug, Dom Perignon, Mercier and Ruinart, is by
far the largest champagne producer in the world.  Marne &
Champagne owns no vineyards but is one of the biggest purchasers
of grape production in Champagne.  It produces 20 million
bottles a year, buying about 11% of the grapes sold on the
market.  It is the owner of the best-selling Lanson brand.
Other labels include Alfred Rothschild & Cie and Besserat de
Bellefon.

CONTACT:  Groupe Marne et Champagne
          22, Rue maurice Cerveaux, 51200 EPERNAY
          12, Boulevard Lundy 51100 REIMS
          19, Avenue de Champagne, 51200 EPERNAY
          Phone: 33+ (0) 3 26 78 50 50
          Fax: 33+ (0) 3 26 78 50 99
          E-mail: info@marne-champagne-group.com
          Web site: http://www.marne-champagne-group.com/


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


AGIV REAL: Settles Put Option Conflict with ING BHF-Bank
--------------------------------------------------------
AGIV Real Estate AG has settled its dispute with major
shareholder ING BHF-Bank AG, enabling it to gain access to a
frozen time deposit.

The company's EUR17.4 million (US$21.2 million) fixed deposit
was seized last month in relation to its conflict with ING over
a put option.  ING sued AGIV to compel the latter to honor a
promise to buyback its shares at EUR4.17 apiece.  AGIV refused
to pay saying its merger with HBAG Real Estate had annulled the
obligation.  Besides, the erosion of its share value and the
freezing of the account made it impossible to honor the option,
it said.

The company did not elaborate on the details of the agreement
other than to say that it had reached a "composition settlement"
with the bank.

CONTACT:  GERMAN COMMUNICATIONS DBK AG
          Joerg Bretschneider
          Holzdamm 28-32, 20099 Hamburg
          Phone: 040/468833-0
          Fax: 040/478180
          Mobile: +49 171 44 44 434
          E-mail: presse@german-communications.com


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


FIAT SPA: Banks Decide Against Early Debt-for-Equity Swap
---------------------------------------------------------
Fiat S.p.A.'s creditor banks have decided not to convert their
loans into equity this early.  Eight banks, led by Capitalia,
Banca Intesa, Sanpaolo IMI and UniCredito, provided Fiat EUR3
billion in 2002.  Under the terms of the deal, the banks could
convert the loan to equity from July 2004 until September 2005
if Fiat misses key debt-cutting targets or fails to repay the
loan.

The conversion rate would be the midpoint between EUR14.4409 and
the average Fiat stock price over the previous three months.
The banks stand to lose significantly if the debt is converted
as the company's share price has sunk from EUR12, when the deal
was sealed, to EUR6.5 at present.

The banks convened a short meeting and it was decided they would
not convert the loan early, a source told Reuters.  The decision
will be formalized at the board meetings later this month.  A
conversion will make the group of banks the largest single
shareholder in Fiat, instead of the founding Agnelli family.

CONTACT:  FIAT S.P.A.
          250 Via Nizza
          10126 Turin, Italy
          Phone: +39 011 686 1111
          Fax:   +39 011 686 3798
          Web site: http://www.fiatgroup.com


KAITECH: Banks Restructure Debt in Expectation of Merger
--------------------------------------------------------
Italian magnetic cards group Kaitech has lined up plans to
recover from its financial troubles, Il Sole 24 Ore says.

Formerly known as Cardnet, Kaitech is posing for a merger with
B2B Solutions, a digital business group.  The company is also
planning to launch a EUR10 million rights issue, half of which
will be offered on the market at EUR0.52 apiece.  Following the
merger, Kaitech expects to post a EUR32 million turnover
compared with its pro forma figure of EUR29 million.  This, as
it expects the merger to open up opportunities for cross-selling
between its card management business and B2B's data storage
operations.

In another development, a pool of seven banks agreed to extend
the maturity of Kaitech's EUR9 million debt to 2012.  Around
EUR7 million of this debt are short-term commitments.


PARMALAT FINANZIARIA: N.Y. Court Sides with Bondi, Affirms TRO
--------------------------------------------------------------
Marcia L. Goldstein, Esq., of Weil, Gotshal & Manges, LLP in New
York, appeared before Judge Drain in the United States
Bankruptcy Court for the Southern District of New York to obtain
a Temporary Restraining Order and Preliminary Injunction,
enjoining and restraining U.S. creditors from seizing the U.S.
assets of Parmalat Finanziaria S.p.A. and 22 foreign
subsidiaries and affiliates.

ABN AMRO and an ad hoc committee protest this motion.

                            Objections

(1) ABN AMRO

Parmalat should not be allowed to use Section 304 of the
Bankruptcy Code to achieve greater protection in the United
States than Parmalat would receive in Italy, Jarrett M. Behar,
Esq., of Wolf, Block, Schorr And Solis-Cohen, LLP in New York,
tells Judge Drain on behalf ABN AMRO Bank N.V.  Parmalat must
demonstrate that the Italian court shares the U.S. court's
policy of equal distribution of assets and that Italian law
mandates the issuance or at least authorizes the request for the
stay.

Parmalat must also submit evidence to the Court in support of
its claim that Wishaw Trading S.A., a co-defendant in a pending
lawsuit ABN AMRO commenced against Parmalat S.p.A., is merely a
creature of Parmalat.  Without documentation, Parmalat stated
that it owns 16.67% of Wishaw.  Parmalat has not met its burden
to demonstrate that Wishaw is "involved in" the Parmalat
insolvency proceeding in Italy.

Parmalat's claim that the State Court Action should be enjoined,
otherwise Dr. Bondi would have a substantial burden of
responding to discovery requests and would default on the action
on behalf of Wishaw, is specious.

Cesare Vecchio, a partner at Freshfields Bruckhaus Deringer in
Milan; and Giuseppe Curto, an associate at Freshfields, explain
that any action against Wishaw and any default of Wishaw would
not have any direct effect vis-a-vis Parmalat because, under
Italian law, "any action taken on the assets of subsidiary
and/or affiliates of the insolvent company which have not been
declared insolvent does not infringe the par condicio creditorum
principle."

Messrs. Vecchio and Curto assist the ABN AMRO Group in Italy on
certain cases related to Parmalat's insolvency.

According to Messrs. Vecchio and Curto, the Italian Supreme
Court ruled in the case of 19 December 1990 no. 12031 that:

    (i) An insolvency declaration adjudicated by an Italian
        Court neither freezes nor has any influence over the
        assets owned by an insolvent company outside of the
        Italian territory, unless the receiver succeeds in
        obtaining in the relevant jurisdiction the recognition
        of the insolvency declaration in the jurisdiction where
        the assets are located or an order freezing the assets;
        therefore

   (ii) Any creditor may commence individual actions before
        non-Italian Courts on assets of the insolvent company
        located outside Italy.

The Italian Supreme Court also stated that these conclusions do
not contrast with the general principle of the so-called par
condicio creditorum -- pursuant to which creditors of the same
ranking must equally participate in the distribution of funds
raised in the procedure -- as the principle applies only in
relation to the liquidation of the assets over which the
freezing effect of the insolvency declaration operates.

Messrs. Vecchio and Curto studied both the Italian Royal Decree
no. 267 of 16 March 1942, which provides general rules
regulating insolvency procedures in Italy; and the legislation
regulating Amministrazione Straordinaria, which has been set by
Law Decree no. 26 of 30 January 1979; Legislative Decree no. 270
of 8 July 1999 and Law Decree no. 347 of 23 December 2003.
Messrs. Vecchio and Curto observe that none of the decrees
provide any rule enjoining actions and proceedings against non-
Debtor subsidiary and affiliates.

In March 2003, ABN AMRO provided US$10,000,000 in financing to
facilitate a shipment of agricultural commodities from Archer
Daniels Midland Company to Wishaw or its designee.  Wishaw is a
company organized and existing under the laws of the Republic of
Uruguay with its principal offices at Av. Millan, 531, 12.900
Montevideo, Uruguay.

To implement and evidence the requested financing, Wishaw
executed a Promissory Note dated March 27, 2003 for
US$9,999,999.91 payable to Archer Daniels.  By letter dated
March 27, 2003, Wishaw delivered the Note directly to ABN AMRO
and confirmed that, at maturity, Wishaw would make full payment
under the Note to ABN AMRO without deductions, set-off,
counterclaims or withholding.

In consideration of payment by ABN AMRO, Archer Daniels endorsed
the Note to ABN AMRO and assigned to ABN AMRO all of its rights,
title and interest in the Note.  The Note provides that:

(a) The US$9,999,999.91 is payable to ABN AMRO at maturity on
    March 19, 2004;

(b) Wishaw waives all requirements as to presentment, demand,
    protest or notice of any nature;

(c) Interest from maturity will be due at the rate of 12% per
    annum; and

(d) Wishaw will reimburse ABN AMRO for all reasonable costs and
    expenses of collection, including ABN AMRO's attorney's
    fees.

Pursuant to a Guarantee (Per Aval) dated March 27, 2003,
Parmalat S.p.A. unconditionally and irrevocably guaranteed to
any holder of the Note, as primary obligor, all payment
obligations.

Wishaw failed to pay the amounts due under the Note at maturity.
As a result, on March 22, 2004, ABN AMRO commenced an action
against Parmalat S.p.A. before the Supreme Court of the State of
New York, County of New York, to recover the principal and
interest due under the Note.  ABN AMRO named Wishaw as a co-
defendant in the Complaint.

(2) Ad Hoc Committee

An ad hoc committee of Parmalat private and public noteholders
warns Judge Drain that Parmalat is seeking the Bankruptcy
Court's assistance in achieving a unilateral restructuring
behind closed doors.

              Made-to-Order Dictatorial Proceedings

Evan D. Flaschen, Esq., of Bingham McCutchen, LLP in Hartford,
Connecticut, explains that throughout the six months that
Parmalat has sought insolvency protection in Italy, Dr. Enrico
Bondi denied the Ad Hoc Committee access to basic information,
any opportunity to make an independent assessment of even basic
business decisions, and any opportunity to provide any
meaningful input at all into the plan process.  After stringing
along the Ad Hoc Committee for months and after being provided
with more than 100 institutional investor signature pages
confirming that Bingham McCutchen, LLP represented the Ad Hoc
Committee, Dr. Bondi had the effrontery to characterize the Ad
Hoc Committee as "a small group of creditors trying to insert
themselves into the process and win fees from the company."

Parmalat's international bond debt exceeds US$10,000,000,000 --
a clear majority of Parmalat's total indebtedness, Mr. Flaschen
says.

"[O]ne need not indict the Italian insolvency system in general
to reach the obvious conclusion that the made-to-order
dictatorial Parmalat insolvency proceedings lack the requisite
legitimacy and procedural fairness that would permit [the
Bankruptcy] Court to enter a preliminary injunction under
Section 304(b) of the Bankruptcy Code," Mr. Flaschen states.

Mr. Flaschen tells the Court that Parmalat's restructuring plan,
which was presented to the Italian Minister of Productive
Activities in June 2004, is already a "done deal" even though
bondholders still haven't seen it, let alone been permitted to
provide any input, and regardless of whether they can find any
possible ground for appealing its approval.

Parmalat's claims process has also been a comedy of errors.  On
not less than three different occasions, the Parma Court or
Parmalat itself announced new procedures for the filing of
claims, each with new deadlines and format requirements.
Whether each change improved the process is not really the
point, since hundreds of thousands of dollars have been spent so
far in the attempt to comply with each set of procedures before
they were changed.

"In a case that grew out of perhaps the largest financial fraud
in European history, one would have expected at least an open
plan process to reassure the financial markets that Parmalat's
old ways of doing business had ended.  But such was and is not
the case," Mr. Flaschen laments.

"Without any meaningful information from Parmalat at all,
creditors have been left to guess at the accuracy or political
expediency of one bizarre press 'trial balloon' after another.

             Request Fails to Satisfy Legal Elements
                   of a Preliminary Injunction

The Ad Hoc Committee asks the Court to deny Dr. Bondi's request
for injunction.  Mr. Flaschen contends that Dr. Bondi fails to
allege both irreparable harm and facts necessary to show that he
is likely to prevail on the merits.  Dr. Bondi simply alleges
that an injunction is necessary to stay collection efforts in
connection with the ABN AMRO Complaint and supposedly similar
suits.  Dr. Bondi fails to explain, however, why he did not seek
the Bankruptcy Court's protection more than six months ago when
Parmalat commenced its insolvency proceedings and why, now that
six months have passed, only one lawsuit against the relevant
Parmalat entities exists.  Mr. Flaschen points out that the
existence of one lawsuit does not justify a sweeping injunction
especially when Parmalat's insolvency proceeding does not
provide a viable alternative that protects creditors' rights.

            U.S. Creditors Aren't Protected in Italy

Dr. Bondi's request should also be denied because the Italian
proceedings provided no procedural protections to U.S.
creditors.  The Insolvency proceeding denied creditors notice,
due process, and an opportunity to be heard, all in stark
contrast with U.S. law.

"The Ad Hoc Committee does not expect Italian law to be
identical to U.S. law by any means, but we are not really faced
with 'general Italian law' at all.  We are presented with a
special enactment -- the 'Christmas Eve Decree' as twice amended
-- to deal especially with Parmalat and to override even long-
standing Italian precedent that, for example, administrators of
an insolvent entity must be independent -- as they still must be
for all except 'extraordinary' debtors, of which Parmalat is the
only example to date," Mr. Flaschen says.  "And we are presented
with an Extraordinary Commissioner whose absolute power makes it
a matter of noblesse oblige as to whether he will deign to
provide any information at all to an Ad Hoc Committee that is
representative of the clear majority in amount of Parmalat's
creditors."

Mr. Flaschen reports that Parmalat rejected the "seemingly
innocuous request" of the Ad Hoc Committee to be included as a
Notice party with respect to the notices issued concerning the
Preliminary Injunction Hearing.

Mr. Flaschen reminds Judge Drain that in Bank of New York v.
Treco (In re Treco), 240 F.3d 148 (2d Cir. 2001), the United
States Court of Appeals for the Second Circuit denied the
Bahamian Liquidators' request for a turnover order on the
grounds that the payment of administrative expenses under
Bahamian law would have invalidated the priority of a U.S.
secured creditor's claim, and therefore would have amounted to a
distribution of proceeds that was not "substantially in
accordance with the order prescribed in [the Bankruptcy Code]"
as set forth in Section 304(c)(4).  The court also found that
the priority rules in the Bahamian proceedings denied the U.S.
creditor the "strong protection" afforded to secured claims and
property rights "protected by our Constitution's prohibition
against takings without just compensation."

The U.S. Bankruptcy Court for the Southern District of New York
also refused to grant Section 304 protection where the
foundations of a foreign proceeding lack certain fundamental
procedural and substantive protections.  In re Hourani, 180 B.R.
58 (Bankr. S.D.N.Y. 1995), the Liquidation Committee of Petra
Bank of Amman in Jordan commenced Section 304 proceedings and
sought for the turnover of all Petra Bank funds in the United
States so that they could be administered under Jordanian law.
A.I. Trade Finance, Inc., an international financing firm
holding three promissory notes guaranteed by Petra Bank,
objected to the Liquidation Committee's petition and sought to
have the petition dismissed.

In considering AITF's objection, Judge Lifland recognized that
"[w]hile this nation's preparedness to grant deference to the
laws and proceedings of other nations is considerable, it is not
unlimited [and] [d]eference should only be given to those
insolvency proceedings that provide a reasonable degree of
certainty that the consideration of all parties' rights will be
fair and impartial."  Judge Lifland then commenced a
comprehensive review of the substantive and procedural aspects
of Jordanian bankruptcy law to determine whether comity should
be extended under Section 304.

Thereafter, the Hourani Court found no shortage of procedural
lapses in the Jordanian proceedings that weighed against
granting Section 304 protection.  Specifically, Judge Lifland
found that:

(a) The Liquidation Committee had the power to dispose of
    assets and claims in any manner that it "deem[ed]
    appropriate;"

(b) Creditors had no guaranteed right to appeal actions taken
    by the Liquidation Committee regarding the disposition of
    assets or from claims adjudications, besides their own
    claims; and

(c) Creditors had no access to information regarding actions
    taken by the Liquidation Committee.

Judge Lifland also noted with concern that the special
legislation for Petra Bank did not encompass the insolvency
provisions of the Jordanian Commercial Law or Civil Law.  Judge
Lifland declined to enter Section 304 protection on the basis of
these procedural defects.  Judge Lifland held that the
"[f]undamental requisites of due process of law include access
to information and an opportunity to be heard in a meaningful
manner . . . For effective participation, a certain degree of
transparency within the system is needful."

The court in Interpool Ltd. v. Certain Freights of the M/V
Venture Star, 102 B.R. 373 (D.N.J. 1988), also reached a similar
conclusion.  There, KKL Kangaroo Lines, an Australian liner
company with substantial assets in the United States, was forced
into involuntary liquidation proceedings in Australia by one of
its major creditors.  KKL's court-appointed liquidator filed a
petition for Section 304 protection seeking turnover of KKL's
U.S. property.  To prevent KKL's U.S. assets from being
dispatched to Australia, several creditors filed an involuntary
Chapter 7 petition in the bankruptcy court.  The Section 304
petition was then withdrawn from the bankruptcy court and
consolidated with related matters before the district court.
The issue before the district court was whether, pursuant to
Section 304, the liquidator should be permitted to administer
the debtor's U.S. assets under the auspices of Australian
bankruptcy law.

In deciding whether to grant comity to the Australian
proceedings, the district court determined whether (1) U.S.
creditors have the ability to pursue their rights in Australian
courts, and (2) the protections contained in the Australian
Bankruptcy Rules provided U.S. creditors with sufficient
protection.

The district court noted that Australian winding-up proceedings
are ex parte.  Accordingly, those proceedings do not provide the
same protections to creditors as dictated under the U.S.
Bankruptcy Rules.  The Interpool court also held that while
there is no requirement that Australian law and United States
law be identical, a U.S. court "must be convinced that the
foreign Court has or will abide by fundamental standards of
procedural fairness" before granting Section 304 protection.
Under Australian law, bankruptcy proceedings result in the
"private determination of the bankrupt" and liquidators are not
required to give notice of the liquidation proceedings to
creditors.  Moreover, although creditors may call a meeting
pursuant to Australian bankruptcy law, that right may often
prove illusory because a creditor would only be able to call a
meeting if he were aware of the pending liquidation proceedings.
In light of the omission of notable procedural protections under
Australian law, the district court refused to grant recognition
to the Australian proceeding and instead granted the U.S.
creditors' request for a Chapter 7 petition.

        No Proof that Dr. Bondi is Authorized to Commence
                      the Sec. 304 Petitions

The request should also be denied because Dr. Bondi failed to
provide evidence that he is specifically authorized under
Italian law to commence the ancillary proceedings.  Dr. Bondi
did not provide evidence of his own appointment or an
explanation of how a company's Chairman and CEO brought in at
the behest of Italian banks can suddenly become an independent
administrator.

                    Committee Sets Conditions

If the Court is inclined to enter the preliminary injunction,
the Ad Hoc Committee suggests that any order be conditioned on:

(1) The recognition of the Ad Hoc Committee funded
    retroactively by Parmalat;

(2) The creation of a U.S. claims process;

(3) Mandatory disclosures from Parmalat regarding the
    company's business operations, financial information and
    restructuring plan; and

(4) Further review following publication of Parmalat's plan.

If Parmalat says that these conditions are not permitted under
Italian law and if Parmalat indicates it won't change the law --
even though it has already done so three times -- Parmalat
should be left to enforcing the Italian stay and the Italian
plan pursuant to Italian law, without the assistance of the U.S.
legal system.

A list of the members of the Ad Hoc Committee is available at
http://bankrupt.com/misc/ad_hoc_committee_members.pdfat no
cost.

                       Dr. Bondi Responds

The Ad Hoc Committee's objection must be overruled.  On Dr.
Enrico Bondi's behalf, Marcia L. Goldstein, Esq., of Weil,
Gotshal & Manges, LLP, explains that if the Section 304
injunction is not granted, Parmalat's estates may be prematurely
"pieced out" and the orderly determination of claims and
administration of assets in a centralized, foreign proceeding
will be severely disrupted.  Parmalat's reorganization requires
the coordination of multiple jurisdictions and the protections
afforded by the laws thereunder.

Absent Parmalat's filing for protection and the Italian
legislature's prompt revision of Italian bankruptcy law, which
facilitates reorganization by providing for the ability to
convert debt to equity, Ms. Goldstein points out that Parmalat
most certainly would have been forced to liquidate, leading to
limited creditor recoveries and great injury to all parties-in-
interest.  The Section 304 petition and request for injunction,
Ms. Goldstein clarifies, will only serve to maintain the status
quo and prevent an unnecessary race to the courthouse.

The Ad Hoc Committee's assertion that Italian law is not
fundamentally fair to creditors is untrue.  The Committee's
objection is based on mere hyperbole and innuendo rather than
fact or legal precedent, Ms. Goldstein tells Judge Drain.

Ms. Goldstein asserts that Italian insolvency law is
"substantially in accordance" with U.S. bankruptcy law and,
thus, worthy of Section 304 relief:

(a) The Italian Proceedings provide procedural protections to
    U.S. creditors.  All creditors are afforded the opportunity
    to have their names placed on the list of creditors utilized
    for voting purposes.  Even if a creditor does not place
    their name and claim on the list of creditors, the creditor
    is not barred from asserting its claim as there is no bar
    date under applicable Italian law.  In addition, in the
    event the debtor disagrees with the classification and
    amount of a creditor's claim, any creditor -- Italian or
    otherwise -- is entitled to court adjudication of the
    dispute; and

(b) Parmalat is providing adequately information to creditors.
    Under applicable Italian law, a debtor may not disclose any
    information to one creditor without providing that
    information to all creditors.  Notwithstanding this
    limitation, Parmalat endeavored to provide information to
    creditors in a consistent manner via publication in various
    newspapers and, more importantly, through the use of their
    Web site, which is available to all parties.

Ms. Goldstein also argues that, whether the Committee approves
of Dr. Bondi's appointment by the Italian court is not relevant
to his status as the foreign representative.  Dr. Bondi is the
duly appointed administrator and the authorized legal
representative of Parmalat's estates.

The Committee suggests that the Italian Proceeding is unworthy
of comity because Italian insolvency law does not provide a role
for or for compensation of professionals of an ad hoc
noteholders' committee.  Ms. Goldstein reminds Judge Drain that
nothing in Section 304 or elsewhere in the Bankruptcy Code
requires the payment of fees incurred by ad hoc committees.  The
fact that Italian law also does not provide for appointment of
an official creditors' committee or for compensation of counsel
for an ad hoc committee is not relevant to Parmalat's
qualification for Section 304 protection.

With respect to ABN AMRO's objection, Ms. Goldstein tells the
Court that Parmalat has had difficulty ascertaining information
regarding Wishaw, including the value of its assets if any, and
its role in the corporate structure.  Parmalat requires
additional time to conduct its investigation of Wishaw to
determine if Wishaw should:

    (i) Be placed into an insolvency proceeding in Uruguay, with
        a potential Section 304 filing in the United States;

   (ii) Oppose the ABN AMRO Complaint; or

  (iii) Consent to entry of a judgment.

Dr. Bondi asks Judge Drain to approve the preliminary injunction
applicable to Wishaw for a 30-day period.

                            *   *   *

Judge Drain enjoins and restrains all persons subject to the
jurisdiction of the U.S. court from commencing or continuing any
action to collect a pre-petition debt without obtaining
permission from the Bankruptcy Court.

Absent an injunction, Judge Drain holds that Parmalat, its
estates and creditors will suffer immediate and irreparable
injury.  Dr. Bondi may become unnecessarily distracted from his
centralized reorganization efforts by having to learn about or
respond to pending and potential litigations in connection with
claims against Parmalat in the United States.  Parmalat could
also become subject to the risk of default judgments.  Dr.
Bondi's ability to implement the Italian Plan may also be
jeopardized by the efforts of certain Italian Plan creditors to
thwart his restructuring efforts.

The Court recognizes Dr. Bondi as the exclusive "foreign
representative" of Parmalat within the meaning of Section
101(24) of the Bankruptcy Code.

The Civil and Criminal Court of Parma will have exclusive
jurisdiction to hear and determine any action, claim or
proceeding, other than the SEC Action, and to settle all
disputes which may arise out of the construction or
interpretations of the Italian Plan, or out of any action taken
or omitted to be taken by any entity in connection with the
administration of the Italian Plan.

Judge Drain will convene a hearing on August 26, 2004 at 10:00
a.m. to consider whether to continue the terms of the
Preliminary Injunction beyond that date.  Any party-in-interest,
nonetheless, may seek to terminate or limit the terms of the
Preliminary Injunction.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  It employs over 36,000 workers in 139
plants located in 31 countries on six continents.  The Company
filed for Chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139).  Gary Holtzer, Esq. and Marcia L.
Goldstein, Esq., of Weil Gotshal & Manges LLP, represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debts.  (Parmalat Bankruptcy News, Issue No. 24; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Piazza Erculea 9
          20122 Milan, Italy
          Phone: +39-02-806-8801
          Fax: +39-02-869-3863
          Web site: http://www.parmalat.net


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


KAPPA BEHEER: Latest Results Justify 'B' Senior Notes Rating
------------------------------------------------------------
Fitch Ratings affirmed the rating for Kappa Beheer B.V.'s senior
notes at 'B'.  At the same time the agency affirmed parent
company Kappa Packaging B.V.'s Senior Unsecured rating at 'B+'
and its Senior Secured rating at 'BB'.  The Short-term rating is
affirmed at 'B'.  The rating Outlook remains Stable.

"Despite a difficult operating environment both profitability
and cash flow generation have remained in line with our
expectations as management have preserved margins by focusing on
higher value-added products and maintaining a tight control on
costs," says Daragh Murphy, Associate Director in Fitch's
Leveraged Finance Group.

The ratings reflect Kappa's leading market position and low cost
position in the sector, balanced by the current high leverage
and the need to maintain high levels of cash flow generation in
order to meet the increasing mandatory debt amortization
payments.  The substantial liquidity in the form of EUR227
million of cash on the balance sheet and EUR248 million
available under the revolving credit facility provide Kappa with
significant financial flexibility.

Results for 1Q04 showed total sales down by 2.6% to EUR702
million compared with 1Q03, while EBITDA declined by 7% to
EUR108 million.  Although the EBITDA margin of 15.4% was lower
than the 16.3% EBITDA margin in 1Q03, this still compares
favorably with its peers' such as Smurfit (11.8% in 1Q04).
However, Kappa was unable to reduce financial leverage, as the
decline in EBITDA partially offset the reduction in debt that
occurred in FY03.  Net leverage, as measured by net debt to
EBITDA, remained virtually unchanged at 4.1x compared with 4.0x
in FY03 and 4.1x in FY02.

Fitch notes that Kappa's cash interest payments will be affected
in the second half of 2004 by the subordinated discount notes,
which become cash payable at 12.5% semi-annually from 15 July
2004.

Kappa Beheer's senior notes affirmed:

EUR370 million 10.625% senior subordinated notes due 2009: 'B'
the USD100 million 10.625% senior subordinated notes due 2009:
'B' the EUR145 million 12.5% senior subordinated discount notes
due 2009: 'B' and EUR95 million 10.625% senior subordinated
notes due 2009 'B'.

The company generated net revenue of EUR2.832 million and EBITDA
before exceptional items of EUR441 million in FY03.

CONTACT:  FITCH RATINGS
          Daragh Murphy, London
          Phone: +44 (0) 20 7417 6344

          Marianela Gutierrez-Portillo
          Phone: +44 (0) 20 7417 3536

          Rachel Hardee
          Phone: +44 (0) 20 7417 6322

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


LAURUS N.V.: Reaches Social Plan Deal with Trade Unions
-------------------------------------------------------
Laurus announced redundancies at Edah, Konmar and Super De Boer
recently.  Following reorganization of the head offices, it is
inevitable that the stores themselves will be reorganized.  This
will involve the loss of 1,290 jobs.

In recent weeks, there have been extensive discussions on this
reorganization with the trade unions.  We are now able to
announce that the discussions have resulted in an agreement in
principle based on the Laurus Total Social Plan agreed earlier.

As well as the agreement of the members of the trade unions,
further progress on the reorganization is dependent on the
recommendations of the central works council.  We expect to
receive their recommendations in the near future.

Laurus and the Road to Recovery

With distinctive retail formats, each with its individual
identity and commercial policy and each independently addressing
its specific market segment, Laurus aims in the coming years to
strengthen significantly its position as the second-largest
player in the Dutch food retailing sector.  The company is
resolutely pursuing its step-by-step recovery plan, which covers
the period up to the end of 2007, while closely monitoring its
operating costs and back-office processes on a continuous basis.

CONTACT:  LAURUS N.V.
          Parallelweg 64
          5201 AD 's-Hertogenbosch,
          The Netherlands
          Phone: +31-73-622-3622
          Fax: +31-73-622-3636
          Web site: http://www.laurus.nl


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


AKER KVAERNER: Credits M.O.R.E. Strategy for Order Increase
-----------------------------------------------------------
Kvaerner Pulping received an increased number of enquiries and
orders from around the world since launching its new service
concept Improvement Services -- M.O.R.E.(TM) -- at the end of
2003.  Three recent orders, worth US$7 million, illustrate this
ongoing surge.

Bowater Thunder Bay, Ontario, Canada, has awarded Kvaerner
Pulping a contract for a DUALSTEAM(TM) bin, the first one to be
installed in North America.  The delivery is part of a larger
environmental project to reduce odorous gas emissions from the
mill.  Startup will take place mid-autumn 2004.

"The DUALSTEAM(TM) bin is extremely useful for overloaded
digesters.  Thanks to the improved steaming, this type of bin
has a major effect on the digester operation, significantly
reducing the amount of rejects such as knots," says Staffan
Bjorklund, Vice President Global Service, Kvaerner Pulping.

Domtar Ashdown, Arkansas, U.S.A., has awarded Kvaerner Pulping a
contract to modify its continuous digester.  The digester will
be cut and extended by roughly 18 meters, and its top will be
changed to an inverted Kvaerner Pulping top separator.  The
erection of the digester will take a maximum of 10 days and the
start-up is scheduled for May 2005.

Portucel Setubal Pulp Mill, Portugal, has awarded Kvaerner
Pulping a contract to rebuild the feeding line for the
continuous digester No. 2 in order to increase capacity by more
stability in the feed system operation.  Start-up will take
place in three stages, from May 2004 to May 2005.

"These are just some examples that demonstrate how successful
we, through M.O.R.E, are in offering innovative solutions to
clients that focus on improving existing equipment and
eliminating bottlenecks in order to make operations more
productive.  Judging by the number of enquires, these customers
are far from alone in their desire and need to modernize and
improve existing equipment; a fact that makes us take a bright
view of the future," says Staffan Bjorklund.

                            *   *   *

AKER KVAERNER A.S.A., through its subsidiaries and affiliates is
a leading global provider of engineering and construction
services, technology products and integrated solutions.  The
business within Aker Kvaerner span a number of industries,
including Oil & Gas production, Refining & Chemicals, Mining &
Metals, Pharmaceuticals & Biotechnology, Power Generation and
Pulp & Paper.  Aker Kvaerner has aggregated annual revenues of
approximately US$4.5 billion and employs around 21,000 employees
in more than 30 countries.  The Aker Kvaerner group consists of
a number of separate legal entities.  Aker Kvaerner is used as
the common brand/trademark for most of these entities.  The
parent company in the group is Aker Kvaerner A.S.A.

Kvaerner Pulping is a leading supplier of machines, process
systems and service for the chemical pulp industry worldwide.
The products are used for continuous cooking, washing, oxygen
delignification, bleaching and recausticizing plants.  Kvaerner
Pulping shall improve customers' products, productivity and
profitability through innovative technical solutions and strong
commitments.  Kvaerner Pulping, headquartered in Karlstad,
Sweden, has annual revenues of approximately EUR155 million and
employs more than 600 employees in 13 countries.

Improvement Services -- M.O.R.E.(TM) -- the Kvaerner Pulping
service concept, consists of four parts: Mill Study and
Analysis, Overhaul and Spare Parts, Rebuild, and Education.  It
helps to eliminate bottlenecks and implement new technology,
which in turn improves the mill's processes, making operations
more competitive, productive and profitable.  The maximum
benefit from M.O.R.E. is derived from entering into a service
agreement, a long-term plan that provides for continuous
modernization of technology, processes and skills.

CONTACT:  AKER KVAERNER A.S.A.
          Media:
          Staffan Bjorklund, Vice President Global Service
          Kvaerner Pulping, Sweden
          Phone: +46 54 14 23 05 or +46 705 67 23 33

          Anders Thoren, Communications Manager
          Kvaerner Pulping, Karlstad, Sweden
          Phone: +46 54 19 47 66
              or +46 703 55 64 22


NCL CORPORATION: Proposed US$200 Mln Senior Notes Get 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services on Friday assigned its 'B+'
rating to the proposed US$200 million senior unsecured notes due
2014 to be issued by NCL Corporation Ltd.  NCL operates a fleet
of 11 cruise ships with over 18,600 lower berths.

Its itineraries are marketed under its "Norwegian Cruise Line"
and "NCL America" brands, and to a lesser extent, the "Orient
Lines" brand, S&P said in a statement.

NCL and its parent, Malaysia-based Star Cruises Ltd., together
form the third-largest cruise operator worldwide, with a total
of 17 ships and over 22,800 lower berths.  The proceeds of the
issue will be used primarily to repay NCL's debt and for general
corporate purposes, including the potential construction of new
cruise ships.

S&P's considers the proposed notes to be effectively
subordinated to the significant amount of senior secured debt of
the Star Cruises group.  If the group becomes insolvent, NCL's
rated notes will rank junior to the group's secured creditors,
it said.

It said the rating on NCL is closely tied to the
creditworthiness of Star Cruises, given the importance of NCL as
the North American arm of the group, and strong influence of
Star Cruises on NCL's business operations and financial
policies.

The rating is also based on the expectation that Star Cruises
will continue to provide support to NCL, it said.  As such,
NCL's rating reflects the strengths and weaknesses of the Star
Cruises group, said Standard & Poor's credit analyst Ee-Lin Tan,
associate director in the Corporate and Infrastructure Ratings
Group.

Star Cruises' rating is constrained by its weaker market
position, lower profitability, and small size relative to its
main competitors, Carnival Corp and Royal Caribbean Cruises Ltd.
Although Star Cruises is dominant in Asia, the key challenge
lies in strengthening NCL's position in North America, without
letting its older fleet with fewer facilities damage its brand
equity in the near to medium term, S&P's said.

Unlike its peers with fleets consisting of large and modern
ships, midsize older vessels form one-half of Star Cruises'
North American fleet, it added.  Equipped with fewer facilities
and premium balcony cabins, these ships generate significantly
lower earnings before interests, tax, depreciation and
amortization than newer ships, it said.  Star Cruises' ship
renewal program -- to add one to two new ships per year in North
America and re-deploy its midsize vessels to the Asia-Pacific
region -- will be crucial to its growth and profitability in the
medium term, it added.

The group is exposed to volatile profitability and its capital
structure is very aggressive, it said.  In the past four years,
its operating margins were at 17% to 25%, while operating cash
flows were generally insufficient to cover capital expenditure,
leading to a high reliance on debt, it said.

With large fleet investments planned in the near to medium term,
the group's leverage should remain high, and profitability and
cash flow coverage ratios should stay weak in the medium term,
it added.  It said partly offsetting these weaknesses is the
group's strategic importance to its parent, Malaysia-based
Genting Bhd, and ultimate shareholder Tan Sri Lim Goh Tong and
his family, which together control more than 50% of Star
Cruises.

S&P's believes that the Star Cruises group is strategic to
Genting's core leisure and hospitality business.  Furthermore,
Genting and the Lim family have regularly provided substantial
funding to the Star Cruises group in the past, it said.

The Star Cruises' group liquidity was weak at December 31, 2003,
with Consolidated cash of US$377 million, compared with short-
term debt of US$587 million.  Nevertheless, refinancing risks
are lower after Star Cruises refinanced a US$403 million loan
(due mainly at end-2004) with a new US$400 million seven-year
credit facility, it said.  Liquidity should strengthen with the
establishment of a separate US$500 million revolving facility
and US$300 million term loan facility to refinance certain
existing debt, to finance the purchase of Norwegian Spirit, as
well as for general corporate and working capital purposes, it
said.

"The rating outlook reflects expectations of moderate industry
growth and continued support from Genting and the Lim family,"
said Tan.

CONTACT:  NCL HOLDING ASA
          Grensen 3,
          PO Box 1885 Vika
          0124 Oslo, Norway
          Phone: +47-22-944-120
          Fax: +47-22-830-014
          Web site: http://www.ncl.com


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


ELEKTRIM SA: Creditor Banks Defer Decision on EUR75 Mln Loan
------------------------------------------------------------
Elektrim S.A. may not be able to finish building the Patnow II
power block as scheduled due to delays in the approval of the
loan needed for the project.

The European Bank for Reconstruction and Development has delayed
by two months its decision on the EUR75 million-loan applied for
by the telecom/power group.  From the original July 6 date, the
bank postponed its decision to September 6 to fine-tune details
of the agreement.  The approval of the EUR75 million loan is key
to another EUR300 million loan from the six-bank consortium.

Construction of the remaining 60% of the power plant was
suspended in May 2003 due to lack of funding, and disagreement
with the Treasury over deadlines.   In October 2003, the
Treasury signed a deal to extend the deadline to July 1, 2006.

Ewa Bojar, spokesperson for the Warsaw-based company, said in
April that Elektrim must start construction early July to meet
the State Treasury's deadline to finish the project.

Elektrim agreed to upgrade the facility when it bought PAK,
which includes the Patnow power plant and two others, in 1999.
It then promised to invest a total of US$1 billion in the three
PAK power plants.  The Patnow investment is estimated at EUR300
million.


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


AGRO-TORG-MASH: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
supervision procedure on CJSC Agro-Torg-Mash.  The case is
docketed as A40-57002/03-74-42B.  Mr. V. Bondarev has been
appointed temporary insolvency manager.  Creditors had until
July 9, 2004 to submit their proofs of claim to 109012, Russia,
Moscow, Iljinka Str. 5/2, Room 508-a.

CONTACT:  AGRO-TORG-MASH
          123231, Russia,
          Moscow, Sadovo-Kudrinskaya Str. 11

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


GUTA BANK: Shareholders Approve Vneshtorgbank Takeover
------------------------------------------------------
Shareholders of embattled Guta Bank have agreed to sell 86% of
the bank to Vneshtorgbank, Interfax cites the joint statement of
both banks.

The central bank had been negotiating the sale, the completion
of which guarantees a US$700 million loan extension to
Vneshtorgbank to help restore the solvency of Guta Bank.

"The purchase by Vneshtorgbank of Guta Bank will enable Guta
Bank to restart operations in full within a week," the joint
statement said.  The transaction will enable Guta Bank "to
conduct all types of banking transaction" and strengthen its
position with private individuals and legal entities.

"The move will also help stabilize the situation on the Russian
banking market in general," the statement reads.


KRASNAYA ZVEZDA: Proofs of Claim Deadline Expires August 9
----------------------------------------------------------
The Arbitration Court of Kurgan region commenced bankruptcy
supervision procedure on agricultural production company
Krasnaya Zvezda.  The case is docketed as A34-337/02-S9.  Mr. N.
Kiselev has been appointed temporary insolvency manager.

Creditors have until August 9, 2004 to submit their proofs of
claim to:

(a) Krasnaya Zvezda
    641808, Russia, Kurgan region,
    Shadrinsky region, Krasnaya Zvezda

(b) Insolvency Manager
    620014, Russia, Ekaterinburg,
    Malysheva Str. 36, Office 701.


METROMEDIA INTERNATIONAL: Sells Remaining Radio Business
--------------------------------------------------------
Metromedia International Group, Inc., the owner of interests in
various communications and media businesses in Russia and the
Republic of Georgia, sold its wholly owned radio business unit,
Metromedia International Inc. (MMI) to Communicorp Group Limited
for an aggregate cash purchase price of US$14.25 million.

MMI holds the company's interests in seventeen of its remaining
eighteen radio businesses, which operate in Bulgaria, the Czech
Republic, Estonia, Finland and Hungary.  Communicorp will
acquire the outstanding stock of MII for payments of US$500
thousand (which was received Friday), US$13.0375 million at
closing and US$712.5 thousand six (6) months after closing.  The
agreement with Communicorp anticipates a closing within 60 days
subject to the satisfaction of certain closing conditions,
including confirmatory due diligence by Communicorp.  Such due
diligence is related to the representations and warranties
provided by the company, including but not limited to, the
financial statements of MII as presented by the company, not
having unrecorded liabilities in excess of US$3.0 million.

The agreement also provides for an adjustment to the cash
purchase price, if the consolidated net assets of MII at closing
differ by more than two percent (2%) from the projected amount
the company has provided to Communicorp.  In a limited number of
circumstances, including in the event that Communicorp
identifies unrecorded liabilities in excess of US$3.0 million
prior to closing, Communicorp will have the option to terminate
the agreement and receive repayment of the US$500 thousand paid
by it to the company.  The company anticipates that the sale of
MII will result in the recognition of a modest U.S. GAAP book
gain.  However, the company will likely recognize a U.S. tax
basis loss on the sale since the company's tax basis is
significantly higher than the projected net cash proceeds.

Concerning the terms of the sale agreement, Ernie Pyle,
Executive Vice President and Chief Financial Officer of the
Company, commented, "Although this sale is subject to
confirmatory due diligence by Communicorp, we do not presently
expect any surprises which would result in termination of the
agreement.  We also do not anticipate any significant adjustment
to the purchase price as a result of the true-up for net assets
at closing."

Mark Hauf, Chairman and Chief Executive Officer of the company,
also commented: "This sale of MII concludes the program of non-
core asset sales we began early in 2003.  I'm very pleased with
the price our team negotiated for our remaining radio businesses
and trust that Communicorp will be pleased with these additions
to its radio portfolio.  We have now essentially finished the
fundamental restructuring of the company's business operations.
With the successful monetization of all former non-core business
interests, the management team can now turn attention to the
complex task of restructuring the company's balance sheet."

Paddy Halpenny, President and Chief Executive Officer of
Communicorp, commented, "The MII radio businesses in Bulgaria,
the Czech Republic, Estonia, Finland and Hungary present the
Communicorp Group with exciting commercial opportunities in five
established markets in Central and Eastern Europe.  With the
global economic upturn and considerably improved conditions
within the advertising markets in each of these jurisdictions,
these businesses are well positioned to prosper under the
continuing stewardship of the group management team led by
Christo Grozev - General Director, Catherine Tezcan - Finance
Director and the individual country managing directors.  With
this strong management team under the strategic guidance and
direction of the Communicorp Group, and, in particular, its
Chairman and media and telecoms entrepreneur, Denis O'Brien, I
am looking forward to growing these businesses significantly in
the future."

About Metromedia International Group

Through its wholly owned subsidiaries, the company (currently
traded as: OTCPK:MTRM - Common Stock and OTCPK:MTRMP - Preferred
Stock), owns communications and media businesses in Russia and
the Republic of Georgia.  These include mobile and fixed line
telephony businesses and wireless and wired cable television
networks.  The company has focused its principal attentions on
continued development of its core telephony businesses in Russia
and the Republic of Georgia, and has substantially completed a
program of gradual divestiture of its non-core media businesses.
The company's core telephony businesses include PeterStar, the
leading competitive local exchange carrier in St. Petersburg,
Russia, and Magticom, the leading mobile telephony operator in
the Republic of Georgia.  The company's remaining non-core media
businesses consist of one radio business operating in Hungary,
Radio Szeged and one cable television network in Lithuania,
Vilsat.

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          8000 Tower Point Dr.
          Charlotte, NC 28227
          Phone: 704-321-7380
          Fax: 704-845-1835
          Web site: http://www.metromedia-group.com

          Ernie Pyle
          Phone: 704-321-7383
          E-mail: investorrelations@mmgroup.com


PK KUTMYSHSKY: Insolvent Status Confirmed
-----------------------------------------
The Arbitration Court of Nizhniy Novgorod region declared PK
Kutmyshsky Sushilny Factory insolvent and introduced bankruptcy
proceedings.  The case is docketed as A43-1688/04-18-85.  Mr. S.
Chuprov has been appointed insolvency manager.   Creditors have
until August 10, 2004 to submit their proofs of claim to 603000,
Russia, Nizhniy Novgorod region, Gorkovo Str. 115, Office 618.

CONTACT:  PK KUTMYSHSKY SUSHILNY FACTORY
          Russia, Nizhniy Novgorod Region,
          Pilninsky region, Kurmysh,
          Lenina Str. (Reg. No 1025201102410)

          Mr. S. Chuprov
          Insolvency Manager
          603000, Russia,
          Nizhniy Novgorod Region,
          Gorkovo Str. 115, Office 618


PO BARYSHSKY: Ulyanovsk Court Appoints Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Ulyanovsk region declared Po Baryshsky
Food Combine (TIN 7301000166) insolvent and introduced
bankruptcy proceedings.  The case is docketed as A72-9145/03-R6-
B.  Mr. A. Sakhovsky has been appointed insolvency manager.
Creditors have until August 10, 2004 to submit their proofs of
claim to 432011, Russia, Ulyanovsk, Post User Box 9944.

CONTACT:  PO BARYSHSKY FOOD COMBINE
          433720, Russia,
          Ulyanovsk Region, Barysh,
          Lesnoy Per. 3

          Mr. A. Sakhovsky
          Insolvency Manager
          432011, Russia,
          Ulyanovsk, Post User Box 9944


POSH: In Voluntary Liquidation
------------------------------
OJSC Baryshskaya Factory Posh (TIN 7204003140) has filed for
voluntary liquidation.  Mr. E. Kuznetsov has been appointed
liquidator.  Creditors have until August 10, 2004 to submit
their proofs of claim to 445359, Russia, Samara region,
Zhigulyevsk, Post User Box 5.

CONTACT:  POSH
          Russia, Ulyanovsk Region,
          Barysh region, Im. Lenina,
          Sovetskaya Str. 1

          Mr. E. Kuznetsov
          Liquidator
          445359, Russia,
          Samara Region, Zhigulyevsk
          Post User Box 5


PROSNITSKOYE BREAD: Public Auction of Assets July 27
----------------------------------------------------
The bidding organizer and insolvency manager of Prosnitskoye
Bread Receiving Enterprise set for public auction the firm's
properties on July 27, 2004, 10:00 a.m.  It will be held at
610046, Russia, Kirov, Zakhvataeva Str. 23, Office 24.  Up for
sale are buildings and equipment.  Starting price: RUB700,000
inclusive of VAT.  The list of documentary requirements for
participants is available at 610046, Russia, Kirov, Zakhvataeva
Str. 23, Office 24.  For more details, call (8332) 62-83-45.

CONTACT:  PROSNITSKOYE BREAD RECEIVING ENTERPRISE
          Russia, Kirovo-Chepetsky Region,
          Prosnitsa, Kolkhoznaya Str. 33


SHARAGANSKAYA AGRO-PROM-KHIMIYA: Declared Insolvent
---------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region declared OJSC
Sharaganskaya Agro-Prom-Khimiya insolvent and introduced
bankruptcy proceedings.  The case is docketed as A43-13815/03-
33-119.  Mr. V. Sofronov has been appointed insolvency manager.
Creditors have until August 10, 2004 to submit their proofs of
claim to 603000, Russia, Nizhniy Novgorod region, Post User Box
516.

CONTACT:  SHARAGANSKAYA AGRO-PROM-KHIMIYA
          Russia, Nizhniy Novgorod Region,
          Sharanga, Naberezhnaya Str. 2

          Mr. V. Sofronov
          Insolvency Manager
          603000, Russia,
          Nizhniy Novgorod Region,
          Post User Box 516


SHARANGSKY FOOD: Deadline for Proofs of Claim August 10
-------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region declared LLC
Sharangsky Food Combine insolvent and introduced bankruptcy
proceedings.  The case is docketed as A43-12879/03-33-115.
Mr. A. Skorodumov has been appointed insolvency manager.
Creditors have until August 10, 2004 to submit their proofs of
claim to 606910, Russia, Nizhniy Novgorod region, Shakhunya,
Komsomlskaya Str. 46a, Apartment 3.

CONTACT:  SHARANGSKY FOOD COMBINE
          Russia, Nizhniy Novgorod Region,
          Sharanga, Pervomayskaya Str. 50

          Mr. A. Skorodumov
          Insolvency Manager
          606910, Russia,
          Nizhniy Novgorod Region, Shakhunya,
          Komsomlskaya Str. 46a, Apartment 3


SOIL-CULTIVATING: Sets Public Auction July 14
---------------------------------------------
The bidding organizer of OJSC Kirovsky Factory of Soil-
Cultivating Machines set for public auction the company's assets
on July 14, 2004, 10:00 a.m. (local time).  It will be held at
Russia, Kirov region, Uritskogo Str. 12, Room 8.

The assets for sale are:

(a) Lot 1: Shop buildings.  Starting price: RUB25,000,000.

(b) Lot 2: 16 percent of share capital of LLC Salyut.  Starting
           price: RUB1,100,000.

Preliminary examination and reception of bids are done daily
from 9:00 a.m. to 3:00 p.m.  To participate, bidders must
deposit RUB1,100,000 to the settlement account
40702810506030000142, TIN 4345005448, KPP 434501001 in branch of
Commercial Bank PETROKOMMERTS of Kirov, correspondent account
30101810100000000805, BIC 043304805.

CONTACT:  EXPERT
          Bidding Organizer
          Russia, Kirov Region,
          Uritskogo Str. 12, Room 8
          Phone: (8332) 37-05-11
              Or 67-54-25
          Fax:   37-05-11


STAVROPOL-STROY-NERUD: Court Sets September 23 Hearing
------------------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
supervision procedure on OJSC Stavropol-Stroy-Nerud.  The case
is docketed as A63-152/2002-S5.  Mr. I. Goncharov has been
appointed temporary insolvency manager.  The deadline for the
proofs of claim expired on July 9, 2004.  A hearing will take
place on September 23, 2004, 10.00 a.m.

CONTACT:  STAVROPOL-STROY-NERUD
          357324, Russia, Stavropol Region,
          Kirov region, Zolskaya, MPGK

          Mr. I. Goncharov
          Temporary Insolvency Manager
          357324, Russia, Stavropol region,
          Kirov Region, Zolskaya, MPGK


SVERDLOVSK-DOR-SROY: Court Commences Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
supervision procedure on OJSC Sverdlovsk-Dor-Sroy.  The case is
docketed as A60-12747/2004-S3.  Mr. D. Kostromin has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 620027, Russia, Ekaterinburg,
Post User Box 206.  A hearing will take place on August 10,
2004, 3:00 p.m.

CONTACT:  SVERDLOVSK-DOR-SROY
          620086, Russia,
          Ekaterinburg, Belorechenskaya Str. 10

          Mr. D. Kostromin
          Temporary Insolvency Manager
          410031, Russia,
          Saratov, Kuznechnaya Str. 11/21,
          Apartment 112


URAL-TRANS-STROY: Bankruptcy Proceedings Begin
----------------------------------------------
The Arbitration Court of Sverdlovsk region declared CJSC SU#13
Ural-Trans-Stroy insolvent and introduced bankruptcy
proceedings.  The case is docketed as A60-31356/2003-S2.  Mr. V.
Vokhmentsev has been appointed insolvency manager.  Creditors
are asked to submit their proofs of claim to 620076, Russia,
Ekaterinburg, Post User Box 57.

CONTACT:  SU#13 URAL-TRANS-STROY
          620030, Russia,
          Sverdlovsk Region, Kamyshlov,
          Karyernaya Str. 23

          Mr. V. Vokhmentsev
          Insolvency Manager
          620076, Russia,
          Ekaterinburg, Post User Box 57


WEB-INVEST BANK: Reorganizes to be Eligible to Trade on MICEX
-------------------------------------------------------------
Web-Invest Bank has been transformed from a close joint stock
company to an open stock company in line with a plan to enter
the open market, AK&M Information Agency reports.

To recall, the bank previously said it intends to arrange
circulation of its stocks on MICEX.  The launch will complete
its business merger with LINKS Finance investment bank.  It will
also help the company raise stock capital to RUB2.1 billion from
RUB150 million.

In June, Standard & Poor's Ratings Services assigned its 'CCC'
long-term and 'C' short term counterparty ratings to Web-invest
Bank.  "The ratings on Web-invest reflect its limited size and
track record, highly concentrated assets, and dependence on
trading volumes of Russian equities," said Standard & Poor's
credit analyst Ekaterina Trofimova.  The outlook is stable.


YUKOS OIL: Schatz & Nobel Files Class Action in S.D. New York
-------------------------------------------------------------
The law firm of Schatz & Nobel, P.C., which has significant
experience representing investors in prosecuting claims of
securities fraud, announces that a lawsuit seeking class action
status has been filed in the United States District Court for
the Southern District of New York on behalf of all persons who
purchased the publicly traded securities of Yukos Oil Company
(OTC: YUKOF; YUKOY) (Russia: YUKO) between February 13, 2003 and
October 25, 2003 inclusive, (the Class Period).  Also included
are all those who acquired Yukos' shares through its
acquisitions of Sibneft, Geoilbent, and Vostochnaya.

The Complaint alleges that Yukos, a vertically-integrated oil
company, issued materially false statements.  Specifically,
defendants created a complex network of shell companies to evade
taxes on the production, refining and sale of oil and oil
products.  These shell companies were registered in territories
with preferential tax treatment in order to receive special tax
exemptions and minimize tax liability.  Since these shell
companies were not separate legal entities, Yukos was required
to recognize the full amount of the receipts associated with
these transactions for its own tax purposes and was not entitled
to the preferential tax treatment these shell companies were
granted.  Accordingly, Yukos' tax liability was materially
understated and its earnings were materially overstated.

In October 2003, it was revealed that Russian authorities had
arrested Yukos' CEO, on fraud, embezzlement and tax evasion
charges.  Authorities also announced that they would pursue
criminal prosecutions against other senior Yukos officials.
Ultimately, Yukos will be required to pay approximately US$3.3
billion for 2000 alone due to its understatement of tax
liability.  The Tax Ministry intends to audit Yukos for 2001-
2003 based upon the same charges.  Yukos could ultimately be
expected to pay upwards of US$10 billion to the Tax Ministry for
this illegal tax evasion scheme.

For more information about the case, its claims, and your
rights, please contact Schatz & Nobel toll-free: (800) 797-5499,
or by e-mail: sn06106@aol.com.  To view a copy of the lawsuit
initiating the class action, or for more information about class
action cases and Schatz & Nobel, please visit
http://www.snlaw.net.

CONTACT:  OAO NK YUKOS
          31A, Dubininskaya St.
          115054 Moscow, Russia
          Phone: +7 95 232 3161
          Fax:   +7 95 232 3160
          Web site: http://www.yukos.com

          Nancy A.  Kulesa
          Phone: (800) 797-5499
          E-mail: sn06106@aol.com
          Web site: http://www.snlaw.net


YUKOS OIL: Government to Confiscate More Assets
-----------------------------------------------
The Russian government carefully sift through the list of Yukos
assets last week after the oil giant missed a Wednesday deadline
to pay its US$3.4 billion tax bill.

On Friday, court bailiffs removed computer servers from the
offices of Yukos' registrar, M-Reestr, to get information into
its oil production subsidiaries Yuganskneftegas, Tomskneft, and
Samaraneftegas.

Andrei Belyakov, head of the Justice Ministry's bailiff service,
said: "The servers are being confiscated in order to establish
assets and other financial resources for paying Yukos debts."
Mr. Belyakov, at the same time, assured there is no plan to
interrupt production of the subsidiaries.

The government insists Yukos has the capacity to pay the amount
demanded by tax authorities.  It did not extend the payment
deadline on Friday.  Russia's finance minister, Aleksei Kudrin,
told NTV news channel: "There is no question of an extension...
The shareholders and management have assets which they can
sell."

The New York Times said, court officials could take cash from
the bank accounts of Yukos' parent company, NK OAO Yukos, but
have not done so.  Russian authorities know they must avoid
further straining the economic atmosphere in the country with
its financial system close to crisis.

Yuganskneftegas is Yukos' largest company.  It operates in
western Siberia together with Tomskneft.  Samaraneftegas is the
smallest of the three and is based in Samara southeast of
Moscow.

CONTACT:  OAO NK YUKOS
          31A, Dubininskaya St.
          115054 Moscow, Russia
          Phone: +7 95 232 3161
          Fax:   +7 95 232 3160
          Web site: http://www.yukos.com


YUKOS OIL: Proposal to Pay Tax Bill in Installments Ignored
-----------------------------------------------------------
Yukos had proposed to settle its back tax bill in three
installments last week, but the government ignored it, Interfax
news agency says.

The government on Friday refused to extend the deadline for the
company to pay a US$3.4 billion tax bill for 2003.  The due date
expired on the midnight of Wednesday.

On Thursday, a top-level executive said, Yukos Chief Executive
Steven Theede proposed to the government to pay US$8 billion in
back taxes for three years.  According to the report, the offer
provides for voluntary tax payments in three US$2.5-billion
installments over three years.  Yukos also offered its 35% stake
in Sibneft as a security.  Prior to this offer, Yukos founder
Mikhail Khodorkovsky had also offered to give up his controlling
stake in the company, but the government similarly ignored the
proposal.

Aside from the US$3.4 billion tax payment being demanded for
2000, Yukos is facing a similar bill for 2001.  Russia's top
prosecutor suggested more bills were likely coming for 2002 and
2003.

CONTACT:  OAO NK YUKOS
          31A, Dubininskaya St.
          115054 Moscow, Russia
          Phone: +7 95 232 3161
          Fax:   +7 95 232 3160
          Web site: http://www.yukos.com


YUKOS OIL: Hires Britain's Lord Owen as Adviser
-----------------------------------------------
Oil company Yukos hired Lord Owen, the former British foreign
secretary, to advise it on its dispute with the Russian
government, Britain's Guardian newspaper reports.

Lord Owen formerly chaired Yukos' international arm.  He was
appointed to the post in March 2002 to help the company
negotiate with European governments and potential partners
regarding an expansion into Russia.  He was supervisory board of
Lithuanian refinery, Mazheikiunafta, which Yukos bought.  He
also acted as special adviser to Yukos' then chief executive,
Mikhail Khodorkovsky, who is now in jail for fraud and tax
evasion.  Lord Owen was also a Balkans peace negotiator

Asked whether he had raised the issue directly with Russian
president Vladimir Putin, he answered: "I just don't want to
say. It's better to rely on private discussions."


YUKOS OIL: Foreign Banks May Still Recover Cash
-----------------------------------------------
The chance is high for foreign banks to recoup their US$1
billion loan to Yukos -- that is, if the troubled oil company
keeps its oil production and supply operations running.

"Banks will get their money back if the oil flows, the offtakers
(oil buyers) pay and there is no default on the offtake (oil
supply) contract," a banker told Reuters syndicated loan unit
Loan Pricing Corporation.

The banks, whose US$1 billion is at stake, include Citigroup and
HSBC Holdings plc.  They declared Yukos in default when the
government ordered the firm to pay US$3.4 billion in back-taxes.
They, however, did not demand payment to help it continue
operating.

As for a bridge loan, bankers said its only possible if the
company secures a "political resolution" to the crisis.  Many
see the demand of the government for US$7 billion in taxes from
Yukos over the years as politically motivated.


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


RADIO Y TELEVISION: Bankrupt Business Up for Sale
-------------------------------------------------
The Spanish Finance Ministry is selling state-owned Radio y
Television Espanola (RTVE) in an effort to keep taxpayers' money
from going down the drain.  The company is losing EUR600 million
(US$744 million) a year.  It is overstaffed, and is continuously
losing audience share to private rivals Antena 3 and Telecinco.

Miguel Angel Fernandez Ordonez, Spain's deputy finance minister,
thinks the only way to stem the losses is to privatize one of
its TV networks.  He said there was nothing in the broadcaster's
entertainment programming that private networks do not offer.
RTVE's news broadcasts, meanwhile, is widely viewed as
politically influenced, driving many to independent broadcasters
or the Internet.

Meanwhile, the European Union Commission, intends to investigate
the company after it received complaints from Antena 3 and
Telecinco.  The private networks allege that RTVE violates
competition rules by competing for advertising revenues while
being supported by public funds.  The company earned EUR900
million from advertising last year, or about a fifth of all
advertising spending on television.   Although RTVE is
technically bankrupt, it continues to issue debt with Spanish
government guarantees.

The left-leaning government is, however, opposed to the
privatization plan.  Carmen Caffarel, RTVE's new director-
general, wants to rescue the firm by balancing RTVE's budget,
modernizing its programming and improving its news service.


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


VON ROLL: Reports Positive Developments in First Half
-----------------------------------------------------
Von Roll can look back on a positive first half of 2004.  During
this period, it received orders of approximately CHF230 million,
equivalent to a growth of around 15% in the Von Roll Isola
business, compared with the corresponding period the previous
year (due to the restructuring of the Von Roll group, the
figures cannot be compared at group level with those achieved
last year).  Half-yearly turnover rose by 7% to around CHF216
million.  Despite sharply rising copper prices and unfavorable
exchange rates, Von Roll expects to attain positive operating
and company results for the entire business year.

Further information will be published on 23 August 2004 in the
group's semi-annual-report.

CONTACT:  VON ROLL HOLDING LTD.
          Edenstrasse 20
          CH-8045 Zurich, Switzerland
          Phone: +41-1-204-31-11
          Fax: +41-1-204-31-12
          E-mail: press@vonroll-isola
          Web site: http://www.vonroll.ch

          Corporate Finance
          Werner Matzner
          Phone: +41 1 204 30 80
          Fax: +41 1 204 30 64

          Corporate Communications
          Celine Aubry
          Phone: +41 1 204 30 01
          Fax:   +41 1 204 30 12


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


ALVIS: Donetsk Court Commences Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Donetsk region declared LLC Firm Alvis
(code EDRPOU 31547006) insolvent and introduced bankruptcy
proceedings on March 3, 2004.  The case is docketed as 5/148 B.
Arbitral manager Mr. Opihajlenko Yevgen (License Number AA
520113 approved on June 17, 2003) has been appointed
liquidator/insolvency manager.  Alvis holds account number
2600430803 at CJSC CB Donkreditinvest, MFO 335162

CONTACT:  ALVIS
          85700, Ukraine, Donetsk region,
          Volnovaha, Putejskij lane, 40/5

          Mr. Opihajlenko Yevgen
          Liquidator/Insolvency Manager
          83086, Ukraine, Donetsk region,
          Lagutenko Avenue, 14/703

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


ANRO LTD: Proofs of Claim Deadline July 23
------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Anro Ltd. (code EDRPOU 23791808).
The case is docketed as 25/89.  Mr. Ishenko Dmitrij (License
Number AA  047766) has been appointed temporary insolvency
manager.

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

(a) ANRO LTD.
    72383, Ukraine, Zaporizhya region,
    Melitopol district,
    Fruktove, Molodizhna, Str. 13/39

(b) Mr. Ishenko Dmitrij
    Temporary Insolvency Manager
    Ukraine, Zaporizhya region,
    Melitopol, Bronzosa Str. 43/16

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

Anro Ltd holds account number 26009325014650 at
JSCB Ukrsocbank, Melitopol branch, MFO 313463.


CHERKASSYOBLENERGO: Under Bankruptcy Supervision
------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on OJSC Cherkassyoblenergo (code EDRPOU
22800735) and ordered a moratorium on satisfaction of creditors'
claims.  The case is docketed as 01/1494.  Mr. Bondarenko Eduard
(License Number AA  630004 approved on November 4, 2003) has
been appointed temporary insolvency manager.

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

(a) CHERKASSYOBLENERGO
    18018, Ukraine, Cherkassy region,
    Gogol Str. 285

(b) Mr. Bondarenko Eduard
    Temporary Insolvency Manager
    Ukraine, Donetsk region,
    Trinyov Str. 5b/48
    Phone: 8 (050) 908-48-07

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

Cherkassyoblenergo holds account number 260063101 at Energobank,
Cherkassy branch, MFO 354488.


FARMATSIYA: Court Appoints Liquidator
-------------------------------------
The Economic Court of Dnipropetrovsk region declared CJSC
FARMATSIYA (code EDRPOU 31016877) insolvent and introduced
bankruptcy proceedings on June 7, 2004.  The case is docketed as
B 40/59/04.  Arbitral manager Mr. Glyachenko Volodimir has been
appointed liquidator/insolvency manager.

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

(a) FARMATSIYA
    Ukraine, Dnipropetrovsk region,
    K. Marks Avenue, 54/2

(b) Mr. Glyachenko Volodimir
    Liquidator/Insolvency Manager
    49000, Ukraine, Dnipropetrovsk region,
    Kirov Avenue, 96/13
    Phone: 8 (050) 520-87-53

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


MIKITIVSKA FURNITURE: Bankruptcy Proceedings Begin
--------------------------------------------------
The Economic Court of Donetsk region declared JSCCT Mikitivska
Furniture Factory (code EDRPOU 23184155) insolvent and
introduced bankruptcy proceedings on March 31, 2004.  The case
is docketed as 5/131 B.  Arbitral manager Mr. Opihajlenko Yevgen
(License Number AA  520113 approved on June 17, 2003) has been
appointed liquidator/insolvency manager.  Mikitivska Furniture
Factory holds account number 26001192686051 at CB Privatbank,
Donetsk branch, MFO 335515.

CONTACT:  MIKITIVSKA FURNITURE FACTORY
          84632, Ukraine, Donetsk region,
          Gorlivka, Golmovska Str. 1

          Mr. Opihajlenko Yevgen
          Liquidator/Insolvency Manager
          83086, Ukraine, Donetsk region,
          Lagutenko Avenue, 14/703

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


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


A. P. FABRICATIONS: Winding up Resolutions Passed
-------------------------------------------------
At an Extraordinary Meeting of the Members of the A.P.
Fabrications Limited Company on July 2, 2004 the Special and
Ordinary Resolutions to wind up the company were passed.  Simon
Gwinnutt of Smith Cooper has been appointed Liquidator for the
purpose of winding-up the Company.


ATLANTIC ELECTRIC: Sets Creditors Meeting July 22
-------------------------------------------------
Creditors of Atlantic Electric and Gas Limited Company will have
a Meeting on July 22, 2004 at 11:00 a.m.  It will be held at the
St Bride Institute, Bride Lane, Fleet Street, London EC4Y 8EQ.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claim to KPMG LLP, PO Box 695, 8 Salisbury Square, London
EC4Y 8BB not later than 12:00 noon, July 21, 2004.

                            *   *   *

Atlantic Electric operates six divisions that cover the full
spectrum of the electrical industry.

Counter Sales

Supporting the needs of the electrical contractor and homeowner,
Atlantic Electric's counter staff prides itself on getting its
customers in and out quickly with whatever is needed to complete
an electrical job. Atlantic Electric also provides "will call"
service.

Supply Department

Atlantic Electric's supply department caters to businesses with
recurring electrical equipment needs including schools,
hospitals, institutions, property management companies and
hotels, to name a few. Atlantic Electric accepts phone or faxed
orders and provides next day free delivery.

Commercial Lighting

Atlantic Electric's commercial lighting department specializes
in providing contractors with the complete lighting packages
required for any small to mid-sized project including offices,
malls, hotels, restaurants, parking lots and more.

Residential Lighting

Atlantic Electric's residential lighting specialists provide
lighting packages for projects ranging from apartments and
condominiums to tract and custom homes. Our designers are
available for on-site layout design and consultation. Atlantic
Electric also maintains a large Showroom and Lighting lab.

Government Sales

Atlantic Electric's government sales department specializes in
sales to the D.O.D. and other federal agencies. To better serve
this market, Atlantic Electric works with electronic commerce,
IMPAC Visa and electronic fund transfer requirements.

Switch Gear

Our switch gear department specializes in providing customized
load centers and panel boards for small, medium and large
commercial applications. From take-off to order placement and
delivery, we ensure that you receive what you need when you need
it.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Joint Administrative Receiver:
          M R Pink


BRANCHPANEL LIMITED: Sets Members Final Meeting August 4
--------------------------------------------------------
Members of Branchpanel Limited Company will have a Final Meeting
on August 4, 2004 at 2:00 p.m.  It will be held at St James
Road, Northampton NN5 5LF.

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.


CABLE & WIRELESS: Hires Liquidators from Grant Thornton
-------------------------------------------------------
Name of Companies:
Cable & Wireless Communications Link 7500 Limited
Cable & Wireless Communications Wings Limited
Cable & Wireless Quest Limited

The Special Resolution to wind up these companies was passed.
Andrew Conquest of Grant Thornton, Grant Thornton House, Melton
Street, Euston Square, London NW1 2EP, and Samantha Keen, of
Grant Thornton, 31 Carlton Crescent, Southampton SO15 2EW have
been appointed Joint Liquidators of the Companies for the
purpose of the voluntary windings-up.

                            *   *   *

Cable & Wireless is one of the world's leading international
communications companies.  It provides voice, data and IP
(Internet Protocol) services to business and residential
customers, as well as services to other telecoms carriers,
mobile operators and providers of content, applications and
Internet services.

Cable & Wireless' principal operations are in the United
Kingdom, Continental Europe, Asia, the Caribbean, Panama, and
the Middle East.

For more information about Cable & Wireless, visit
http://www.cw.com.

CONTACT:  GRANT THORNTON
          Melton Street,
          Euston Square,
          London NW1 2EP
          Liquidator:
          Andrew Conquest

          GRANT THORNTON
          31 Carlton Crescent
          Southampton SO15 2EW
          Liquidator:
          Samantha Keen


CANARY WHARF: Songbird Offer Receives 66.27% Acceptances
--------------------------------------------------------
On 16 April 2004, Songbird announced the terms of a recommended
cash offer for the entire issued share capital of Canary Wharf.
The Offer Document, together with the AIM Document, was
subsequently posted to Canary Wharf Shareholders on 23 April
2004.  On 21 May 2004, Songbird declared that the Offer had
become unconditional in all respects and extended the Offer to 4
June 2004.  The Offer has subsequently been extended on a number
of occasions, most recently until 8 July 2004.

As at 1:00 p.m. (London time) on 8 July 2004, Songbird had
received valid acceptances, and Songbird Estates plc had
acquired, a total of 387,706,706 Canary Wharf Shares,
representing approximately 66.27% of the existing issued share
capital of Canary Wharf.

Included in this total are the 85,004,663 Canary Wharf Shares
held by the Glick Entities, representing approximately 14.5% of
the issued share capital of Canary Wharf, which have been
acquired by Songbird Estates.

Included within the acceptances are those acceptances received
pursuant to the irrevocable undertaking to accept the Offer
given by companies held by a trust for the benefit of HRH Prince
Alwaleed Bin Talal Abdulaziz Al Saud and his family in respect
of 13,288,000 Canary Wharf Shares, representing approximately
2.3 percent of the issued share capital of Canary Wharf.  Also
included in the acceptances are those received from the former
members of the Independent Committee, George Iacobescu and Peter
Anderson, who stated in the Offer Document their intention to
accept the Offer in respect of their beneficial holdings of
3,955,001 Canary Wharf Shares, representing approximately 0.7%
of the issued share capital of Canary Wharf.

As at the close of business on 7 July 2004, the Morgan Stanley
Group was the beneficial owner of 944 Canary Wharf Shares and
held 18,491 Canary Wharf Shares on behalf of clients.  Valid
acceptances have not been received by Songbird in respect of
these Canary Wharf Shares.  As at the close of business on 7
July 2004, Goldman Sachs International was the beneficial owner
of 239 Canary Wharf Shares.  Valid acceptances have not been
received by Songbird in respect of these Canary Wharf Shares.

Save as disclosed above, neither Songbird nor any person acting,
or deemed to be acting, in concert with Songbird held any Canary
Wharf Shares or rights over Canary Wharf Shares prior to the
Offer Period and neither Songbird nor any person acting, or
deemed to be acting, in concert with Songbird has acquired or
agreed to acquire any Canary Wharf Shares or rights over Canary
Wharf Shares during the Offer Period.

               EXTENSION OF OFFER TO 15 JULY 2004

Songbird announces that the Offer will remain open for
acceptances until 1:00 p.m. (London time)/8:00 a.m. (New York
time) on 15 July 2004.  The Offer will then close unless further
extended.  As a result of the extension of the Offer, Canary
Wharf Shareholders who accept the Offer will continue to be
entitled to receive the basic consideration of 238 pence in cash
and 0.57 of a Class B Share for each Canary Wharf Share.

Canary Wharf Shareholders will also continue to be able to elect
to vary the proportions of Class B Shares and cash consideration
they receive in respect of their Canary Wharf Shares.  The
extent to which these elections can be satisfied will depend on
there being sufficient countervailing elections for cash and
Class B Shares.

As permitted by the terms and conditions of the Offer, Songbird
will elect to treat elections received (or validated or
completed) during the period from 1:00 p.m. (London time/8:00
a.m. (New York time) on 8 July 2004 until 1:00 p.m. (London
time)/8:00 a.m. (New York time) on 15 July 2004 as forming a
separate pool of elections for the purposes of determining the
cash and Class B Shares available to meet such elections.  The
number of Class B Shares that will therefore be made available
to meet elections made after 1:00 p.m. (London time)/8:00 a.m.
(New York time) on 8 July 2004 until 1:00 p.m. (London
time)/8:00 a.m. (New York time) on 15 July 2004 for the purposes
of paragraph 6 of Part B of Appendix 1 to the Offer Document
will be determined based upon the number of valid acceptances
received (or validated or completed) during that period.

Settlement of the consideration due to Canary Wharf Shareholders
who accept the Offer after 1:00 p.m. (London time)/8:00 a.m.
(New York time) on 8 July 2004 will be made within 14 days of a
valid acceptance.

Canary Wharf Shareholders who wish to accept the Offer, and who
have not done so, should complete their Form(s) of Acceptance in
accordance with the instructions printed thereon, whether or not
their Canary Wharf Shares are held in certificated or
uncertificated form, and return them by post or (during normal
business hours) by hand to Capita IRG Plc, Corporate Actions,
P.O. Box 166, The Registry, 34 Beckenham Road, Beckenham, Kent
BR3 4TH as soon as possible and, in any event, so as to be
received by no later than 1:00 p.m. (London time)/8:00 a.m. (New
York time) on 15 July 2004.

Additional copies of the Offer Document, Forms of Acceptance and
the AIM Document can be obtained by telephoning Capita on 0870
162 3100 (or, if calling from outside the United Kingdom, +44 20
8639 2157).

CONTACT:  CANARY WHARF
          Press Inquiries:
          Morgan Stanley
          Mark Warham
          Brian Magnus
          Phone: +44 20 7425 5000

          ROTHSCHILD
          Alex Midgen
          Ben Davey
          Phone: +44 20 7280 5000

          KPMG
          Corporate Finance
          Michael Higgins
          Richard Brown
          Phone: +44 20 7311 1000

          HOARE GOVETT
          Nigel Mills
          Ranald McGregor-Smith
          Phone: +44 20 7678 8000

          TULCHAN COMMUNICATIONS
          Andrew Grant
          Katie Macdonald-Smith
          Phone: +44 20 7353 4200

          SMITHFIELD FINANCIAL
          John Antcliffe
          Phone: +44 20 7360 4900

          FINSBURY LIMITED
          Faeth Birch
          Phone: +44 20 7251 3801


CANNON COURIERS: Winding up Resolutions Passed
----------------------------------------------
Name of Companies:
Cannon Couriers Limited
Castleton Data Services Limited
Cobra Bikes Limited
Crawfords Computing Limited
Data Express Ltd
Dykem (North) Limited
Hays Colours Ltd
Hays Contract Distribution Ltd
Hays Indata Corporation Ltd
Hays I.T. Services Ltd

At an Extraordinary General Meeting of these Companies on June
21, 2004 held at Hays House, Millmead, Guildford, Surrey GU2
4HJ, the Special and Ordinary Resolutions to wind up the company
were passed.  James Robert Drummond Smith and Nicholas James
Dargan of 66 Shoe Lane, London EC4A 3BQ have been appointed
Joint Liquidators of the Companies.


CCM MOTORCYCLES: BDO Stoy Hayward Starts Liquidation
----------------------------------------------------
CCM Motorcycles has filed for liquidation after incurring multi-
million-pound losses over the years, Europe Intelligence Wire
reports.

The company, which used to turn over between GBP4 million and
GBP5 million a year, blamed intense competition from the Far
East.  In 2003, the company received a hefty cash injection, but
this failed to reverse its fortune.  Directors tried but failed
to raise new funding over the past few months.

Established in 1971, the company is backed by the wife of former
World Superbike champion Carl Fogarty.  It has instructed Dermot
Power and Paul Keeley of Manchester accountants BDO Stoy Hayward
to start liquidation.  The company's closure leaves 50 workers
jobless.


CITIDATA STORAGE: Calls in Liquidators
--------------------------------------
Name of Companies:
Citidata Storage Limited
Citybond Storage Services Limited
Highshares Limited
Leather's Chemical Company Limited
Midland Dykem (Chemicals) Limited
OBS Enterprises Limited
OBSDOC Rotherham Limited
Rockall Scotia Resources Limited
Weyside Sixteen Limited

At an Extraordinary General Meeting of these Companies in June
21, 2004 Hays House, Millmead, Guildford, Surrey GU2 4HJ, the
Special and Ordinary Resolution to wind up the company were
passed.  James Robert Drummond Smith and Nicholas James Dargan,
of 66 Shoe Lane, London EC4A 3BQ have been appointed Joint
Liquidators of the Companies.


CREATIVE PLANET: Members General Meeting Set August 9
-----------------------------------------------------
The General Meeting of the Members of Creative Planet U.K.
Limited Company will be on August 9, 2004 at 10:30 a.m.  It will
be held at 1 More London Place, London SE1 2AF.

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 Ernst & Young LLP, 1 More
London Place, London SE1 2AF not later than 12:00 noon, August
6, 2004.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place,
          London SE1 2AF
          Joint Liquidator:
          E A Bingham


DREAMPLAN LIMITED: Business for Sale
------------------------------------
The joint administrators, John Whitfield and Gerald Smith, offer
for sale the company or the business and assets of Dreamplan
Limited, which also trades as Shearform Components.

Dreamplan manufactures flat pack, self-assembly furniture.  The
company has an established blue chip customer base and operates
a modern production facility from leasehold premises located at
Huntingdon, Cambridgeshire.  The company employs 70 staff and
generates an annual turnover of around GBP11 million.  Full
inventory will be available upon application.

CONTACT:  ROBSON RHODES LLP
          Center City Tower
          7 Hill St.
          Birmingham
          B5 4UU
          Contact:
          Kerry Stewart
          Phone: 0121 697 6000
          Fax: 0121 697 6112
          E-mail: kerry.stewart@rsmi.co.uk


FEEL GOOD: Sets Final Meeting August 17
---------------------------------------
Members of Feel Good Enterprises Limited Company will have a
Final Meeting on August 17, 2004 at 10:00 a.m.  It will be held
at Critchleys, Greyfriars Court, Paradise Square, Oxford OX1
1BE.

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 Critchleys, Greyfriars
Court, Paradise Square, Oxford OX1 1BE not later than 12:00
noon, August 16, 2004.

CONTACT:  CRITCHLEYS
          Greyfriars Court,
          Paradise Square,
          Oxford OX1 1BE
          Liquidator:
          A J Harris


HEARTH & HOME: Appoints Robert Day and Co. Administrator
--------------------------------------------------------
Robert Day has been appointed joint administrative receiver for
Hearth & Home (Milton Keynes) Limited.  The appointment was made
July 5, 2004.

The company retails hearths.  Its registered office address is
located at Witan Court, 305 Upper Fourth Street, Milton Keynes.

CONTACT:  ROBERT DAY AND COMPANY
          Garfield, Church Lane,
          Oving, Aylesbury,
          Buckinghamshire HP22 4HL
          Receiver:
          Robert Day
          (IP No 9142)


J BRADLEY: Appoints Tenon Recovery Administrator
------------------------------------------------
The J Bradley (Bognor Regis) Limited (t/a Bradley's Electrical)
has appointed Tina Yearsley and Carl Stuart Jackson of Tenon
Recovery as joint administrative receivers.  The appointment was
made June 29, 2004.  Its registered office address is located at
Regis Park Offices, Durban Road, Bognor Regis, West Sussex PO22
9QT.

CONTACT:  TENON RECOVERY
          Highfield Court, Tollgate,
          Chandlers Ford, Eastleigh,
          Hampshire SO53 3TZ
          Receivers:
          Tina Yearsley
          Carl Stuart Jackson
          (IP Nos 9298, 8860)


J. L. MOORE: Names Grant Thornton Administrator
-----------------------------------------------
Joseph P McLean and Keith Hinds have been appointed joint
administrative receivers for J.L. Moore & Sons Limited Company.
The appointment was made June 30, 2004.  The company imports and
packs nuts.

CONTACT:  GRANT THORNTON
          Earl Grey House,
          75-85 Grey Street,
          Newcastle upon Tyne NE1 6EF
          Receivers:
          Joseph P McLean
          Keith Hinds
          (Office Holder Nos 8903, 6745)


JONES FOODS: Barclay Bank Appoints Kroll Limited Receiver
---------------------------------------------------------
Barclay Bank Plc called in David John Whitehouse and Simon
Wilson of Kroll Limited as joint administrative receivers for
Jones Foods (Contracts) Limited Company (Reg No 3247408).  The
appointment was made July 1, 2004.  The company is engaged in
wholesaling and distributing meat.

CONTACT:  KROLL LIMITED
          1 Oxford Court,
          Bishopsgate,
          Manchester M2 3WR
          Receivers:
          David John Whitehouse
          Simon Wilson
          (Office Holder Nos 8699, 8963)


LANCASTER PRIVATE: Close Invoice Appoints Receivers
---------------------------------------------------
Close Invoice Finance Limited called in Robert Horton, Roger
Tulloch and Anthony Murphy of Smith & Williamson Limited as
receivers for taxi operator, Lancaster Private Hire Limited (Reg
No 04142781, Trade Classification: 6022).  The application was
filed July 5, 2004.

CONTACT:  SMITH & WILLIAMSON LIMITED
          No 1 Bishops Wharf,
          Walnut Tree Close, Guildford,
          Surrey GU1 4RA
          Receivers:
          Robert Horton
          Roger Tulloch
          Anthony Murphy
          (Office Holder Nos 8922, 9174, 8716)


LEEDS UNITED: Gives up Rights to Elland Road
--------------------------------------------
Debt-ridden Leeds United announced Saturday the sale of its home
field, Elland Road, to ensure the viability of the football
club.

Leeds Chairman Gerald Krasner stressed the club will continue to
play at Elland Road, adding he will insist for a minimum 25-year
lease on the grounds as condition to the sale.  Fans were not
impressed with the move.

"If fans look back to the statements made at the time we saved
the club from liquidation, we had two options -- to re-mortgage
the ground or do a sale and lease back," Europe Intelligence
Wire quoted Mr. Krasner. "Sometimes paying rent is cheaper than
paying a mortgage."

He said the club has been in talks with a number of interested
parties.  The new owner would get an annual rent for a minimum
of 25 years.  Simon Jose of the Leeds United Independent Fans
Association is not impressed: "The board are selling the club's
assets and not generating any income."

Mr. Jose said selling Elland Road to someone with no vested
interest in Leeds United does not help, adding any development
on the site should benefit the club.

Mr. Krasner believes the recent decisions of the board have been
beneficial to the team.  He cited the hefty cut in the wage bill
of the club from over GBP40 million to GBP18 million and the
substantial drop of its debt from over GBP130 million.  He did
not state the latest figure.

The club has sold an array of high-earning players to reduce its
huge wage bill.  Mr. Krasner does not rule out further sales.


LWN LIMITED: Special Winding up Resolution Passed
-------------------------------------------------
At an Extraordinary General Meeting of the LWN Limited Company
on July 1, 2004, the subjoined Special Resolution to wind up the
company was passed.  Simon John Lundy and John Bell of Hawdon
Bell & Co, 4 Northumberland Place, North Shields NE30 1QP have
been appointed Joint Liquidators for the purpose of such
winding-up.

CONTACT:  HAWDON BELL & CO
          4 Northumberland Place
          North Shields NE30 1QP
          Liquidators:
          Simon John Lundy
          John Bell


MACQUARIE INFRASTRUCTURE: Names Grant Thornton Liquidator
---------------------------------------------------------
Name of Companies:
Macquarie Infrastructure (Club) Limited
Macquarie Infrastructure TR Limited
Macquarie Infrastructure TR2 Limited

At the General Meetings of these companies on June 29, 2004, the
Special and Ordinary Resolutions to wind up the companies were
passed.  Jeremy Simon Spratt and Finbarr Thomas O'Connell of
KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have been
appointed Joint Liquidators for the purpose of such windings-up.

                            *   *   *

Macquarie Infrastructure Group is a triple stapled structure.
The entities comprised in the Group are Macquarie Infrastructure
Trust (I), Macquarie Infrastructure Trust (II) and Macquarie
European Infrastructure public limited company (MEI plc).
Profiles of the directors are available for MIT(1), MIT(II) and
MEI at right.

The trusts comprised in MIG are managed by Macquarie
Infrastructure Investment Management Limited (MIIML), a wholly
owned subsidiary of Macquarie Bank Limited.  The sole purpose of
MIIML is to manage the trusts comprised in MIG.  A wholly owned
subsidiary of MIIML, Macquarie Investment Management (U.K.)
Limited (MIIMUK) is the manager of Macquarie European
Infrastructure plc (MEI plc), the European company that forms
the third element of MIG's triple stapled structure.

MIIML and MIIMUK are part of Macquarie Bank's Investment Banking
Group.  This group employs over 1,000 executives and is a
leading player in the privatization of infrastructure worldwide.

At the end of the 2002 financial year, Macquarie was ranked by
Project Finance International as the No. 1 Project Finance
Adviser in the Asia Pacific and Americas and No. 2 globally.

MIG is managed by the Infrastructure and Specialized Funds
division of Macquarie Bank.  This division employs around 100
executives, many of whom are specialists in the development and
ongoing management of infrastructure assets.  Stephen Allen is
the chief executive officer of MIG.


MARKS & SPENCER: Green Lambasts Trustees for Declining Overtures
----------------------------------------------------------------
Philip Green on Friday wrote to David Norgrove, the Chairman of
the Marks & Spencer Pension Trust Limited.  This is the text of
that letter:

'Dear David,

Thank you for your letter of 7 July.

I must say that the decision apparently taken by you and your
fellow Trustees to decline to meet me is astonishing and could
frustrate our ability to acquire M&S.  The reason why M&S is now
the subject of bid activity is arguably that it has failed
dismally to perform over the last several years for its
shareholders and the pension fund.  On any view, the company is
in need of an immediate injection of real commercial and retail
talent, which would be to the benefit of M&S as a whole,
including its employees and the pension fund.

You say that the Trustees 'have considered the matter carefully'
and that it is not your role 'either to help or to hinder'
Revival as the potential acquirer of M&S.  For the reasons
developed below, I believe these assertions to be pious nonsense
and I suspect that you do too.  I can't help but contrast your
response with that of the WH Smith plc pension trustees.  They
came to the conclusion they should meet a potential offeror and
the board of WH Smith facilitated them doing so, despite not
having decided to recommend Permira's potential, preliminary,
leveraged and highly conditional offer.

The second paragraph of your letter reveals a willingness on the
part of the Trustees to abandon what should be the role of the
Trustees in favor of the board of M&S to decide what information
should or should not be provided to me.  This is especially
strange as the Company indicated to me that I should approach
the Trustees for the information I needed.  Your decision
suggests to me that the Trustees are not prepared to perform
their duties in a truly independent way.

I have sought a meeting with you to understand the funding
position of the scheme, the Trustees' views on future funding
requirements and their investment strategy for the GBP3.6
billion of assets under their control.  I know that in April
2004 your schemes had a deficit under FRS17 of around GBP670
million.

A meeting was requested precisely because the information in the
public domain does not adequately explain what I need to know.
Why, for example, when the deficit in January 2004 was
identified at GBP1 billion was the decision taken that an
injection of only GBP400 million was adequate?  Why were future
contributions of 15.8% of pensionable salaries acceptable given
the deficit?  Why did the annual cash contribution (excluding
the GBP400 million cash injection) decrease from GBP141 million
for 2003 to GBP134 million for 2004?

The annual accounts do not provide the information I need on the
funding position of the scheme, how the deficit has moved since
April and on what basis the Trustees believe that the current
contribution rate by the company is adequate to close the
deficit and meet the ongoing funding requirements of the scheme.

If I am to be in a position to proceed with an offer, I need
urgent answers to these questions.  The Trustees should be keen
to ensure that there is maximum transparency on such an
important matter and the Trustees' reluctance to allow me access
to the facts further fuels my concern that the pension deficit
represents a poison pill which could frustrate my efforts to
give shareholders real value for their investment in M&S.

In the circumstances I find it very difficult to reconcile the
rather grand statements you make towards the end of your letter
about the Trustees' duties with your obvious determination not
to share information, perhaps in the hope that I may just go
away.  That attitude is not in the best interests of the M&S
pension fund, its members or M&S shareholders.  I note there
have been many successful takeovers involving leveraged offerors
where there were pension schemes.  The acquisition of Arcadia is
a good example.

I would add that a casual reader of your letter might form the
impression that it was addressed to an ignoramus on the subject
of modern day pension fund management.  Nothing could be further
from the truth.  At Bhs and Arcadia, we have about 40,000
employees, although not all pensionable.  In both companies,
well-known and independent trustees were appointed.  I am
neither a trustee nor a member.  The pension funds are well
managed and you and your fellow Trustees are welcome to speak to
them to confirm this for yourselves.  Arrangements for this
purpose could be made at short notice.

I hope that in the light of this letter you and your fellow
Trustees understand the seriousness and potential implications
of refusing to meet me.  Your urgent response is requested.

Yours sincerely,

Philip Green

CONTACT:  MARKS AND SPENCER GROUP P.L.C.
          Michael House, Baker St.
          London
          W1U 8EP, United Kingdom
          Phone: +44-20-7935-4422
          Fax: +44-20-7487-2679
          Web site: http://www.marksandspencer.com

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


MARKS & SPENCER: Minority Shareholders Open to Revival Offer
------------------------------------------------------------
Revival announces that M&S shareholders who, in aggregate,
currently own or have investment control over 40,094,227
ordinary shares of M&S, representing approximately 1.8% of the
issued ordinary share capital of M&S, and holders of outstanding
derivative contracts in respect of, in aggregate,
180,058,036 ordinary shares of M&S, representing approximately
7.9% of the issued ordinary share capital of M&S (a combined
total of 9.7%) (the relevant holders), have confirmed to Revival
that they believe that the board of M&S should allow Revival
access to its requested due diligence on the basis of the
proposal set out by Revival in its announcement dated July 7,
2004.

Relevant holders holding derivative contracts may have no
contractual rights to call for the delivery of the underlying
M&S ordinary shares or to direct how the votes attaching to such
shares are cast.  Relevant holders remain free to dispose of
their interests and there can be no certainty that this
indicated level of support will be maintained.  If the combined
total of 9.7% referred to above decreases or increases by one
percentage point, an announcement of the new figure will be made
by 12 noon the following business day.

On July 7, 2004, Revival announced that Brandes Investment
Partners, LLC has provided an irrevocable undertaking in respect
of 266,300,000 ordinary shares of M&S, representing
approximately 11.7% of the issued ordinary share capital of M&S,
subject to the conditions set out in that announcement and, on
July 8, 2004, Revival announced that it has received a non-
binding letter of intention from Schroder Investment Management
Limited in respect of 27,148,657 ordinary shares of M&S,
representing approximately 1.2% of the issued ordinary share
capital of M&S, subject to the conditions set out in that
announcement.

CONTACT:  MARKS AND SPENCER GROUP P.L.C.
          Michael House, Baker St.
          London
          W1U 8EP, United Kingdom
          Phone: +44-20-7935-4422
          Fax: +44-20-7487-2679
          Web site: http://www.marksandspencer.com

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


NEWMILL CARPETS: Sets Members Final Meeting August 13
-----------------------------------------------------
There will be a Final Meeting of the Members of Newmill Carpets
Limited on August 13, 2004 at 11:00 a.m.  It will be held at the
offices of Tenon Recovery, Tenon House, Ferryboat Lane,
Sunderland SR5 3JN.

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 Tenon Recovery, Tenon
House, Ferryboat Lane, Sunderland SR5 3JN not later than 12:00
noon, August 12, 2004.

CONTACT:  TENON RECOVERY
          Tenon House,
          Ferryboat Lane,
          Sunderland SR5 3JN
          Liquidator:
          I W Kings


ORCHID HOUSE: In Administrative Receivership
--------------------------------------------
Barclay Bank Plc called in Joseph P McLean and Keith Hinds of
Grant Thornton as receivers for holding company Orchid House
Foods Limited (Reg No 3808724, Trade Classification: 38).  The
application was filed June 30, 2004.

CONTACT:  GRANT THORNTON
          Earl Grey House,
          75-85 Grey Street,
          Newcastle upon Tyne NE1 6EF
          Receivers:
          Joseph P McLean
          Keith Hinds
          (Office Holder Nos 8903, 6745)


PHONESITES HOLDINGS: Names Berg Kaprow Lewis LLP Liquidator
-----------------------------------------------------------
Name of Companies:
Phonesites Holdings Limited
Phonesites Limited

At an Extraordinary General Meeting of these Companies on June
30, 2004 held at Hildred House, 80 Ebury Mews, London SW1W 9NU,
the subjoined Special Resolution to wind up the company was
passed.  S T Bennett of Berg Kaprow Lewis LLP, 35 Ballards Lane,
London N3 1XW has been appointed Liquidator for the purpose of
such winding-up.

CONTACT:  BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Liquidator:
          S T Bennett


PLATEFRAME LIMITED: Hires Liquidators from Menzies Corporate
------------------------------------------------------------
At a General Meeting of the Plateframe Limited Company the
Special, Ordinary and Extraordinary Resolutions to wind up the
company were passed.  Simon James Underwood and Andrew Gordon
Stoneman of Menzies Corporate Restructuring, 17-19 Foley Street,
London W1W 6DW have been appointed Joint Liquidators of the
Company.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street,
          London W1W 6DW
          Liquidators:
          Simon James Underwood
          Andrew Gordon


PPL THERAPEUTICS: To Return Cash to Shareholders
------------------------------------------------
PPL is pleased to announce that on Friday at a meeting convened
by the High Court the Independent Scheme Shareholders (being
shareholders other than Innovation Development Limited and Neil
John Muttock) approved the proposal to return 6.2p per share of
capital to Shareholders (other than Innovation Development) and
to return the company to private ownership by a capital
reduction to be effected by way of a Scheme of Arrangement under
section 425 of the Companies Act 1985.

At an Extraordinary General Meeting of PPL's shareholders, which
followed immediately after the conclusion of the Court Meeting,
PPL's shareholders approved the special resolution necessary to
implement the Scheme.

The proposed return of capital remains conditional, inter alia,
on the Scheme being sanctioned (with or without modification)
and the reduction of capital being confirmed by the Court.
Subject to this, the Scheme is expected to become effective on
30 July 2004.

This announcement does not constitute, or form part of, an offer
or an invitation to purchase any securities.

KPMG Corporate Finance, a division of KPMG LLP, which is
authorized and regulated by the Financial Services Authority for
investment business activities, is acting for the company as
financial adviser in relation to the Proposal and is not acting
for any other person in relation to such Proposal.  KPMG
Corporate Finance will not be responsible to anyone other than
the company for providing the protections afforded to its
clients or for providing advice in relation to the contents of
this announcement or any proposal or arrangement referred to
herein.

McBrides, which is authorized by the Institute of Chartered
Accountants in England & Wales, is acting for Innovation
Development Limited as financial advisor in connection with the
Proposal and is not acting for any other person in relation to
the Proposal.  McBrides will not be responsible to anyone other
than Innovation Development Limited for providing the
protections afforded to clients of McBrides or for providing
advice in relation to the contents of this announcement or any
proposal or arrangement referred to herein.

CONTACT:  PPL THERAPEUTICS PLC
          Roslin
          Edinburgh
          EH25 9PP, United Kingdom
          Phone: +44-131-440-4777
          Fax: +44-131-440-4888
          Web site: http://www.ppl-therapeutics.com

          Chris Greig
          Chairman
          Phone: 0131 440 4777
          Lindsay Dunsmuir
          Chief Financial Officer
          Phone: 0131 440 4777

          KPMG
          Corporate Finance (financial advisers to the Company)
          David McCorquodale
          Partner
          Phone: 020 7311 8493

          INNOVATION DEVELOPMENT LIMITED
          Neil Muttock
          Managing Director
          Phone:  020 7704 9997

          MCBRIDES
          (Financial advisers to Innovation Development Limited)
          Peter McBride
          Partner
          Phone: 020 7467 1700

          DEUTSCHE BANK
          (Corporate broker to the Company)
          Phil Cowdy
          Director
          Phone: 020 7547 6936

          HUDSON SANDLER
          (PR advisers to the Company)
          Alistair Mackinnon-Musson
          Phone: 020 7796 4133
          E-mail: ppl@hspr.co.uk


QUAYSIDE ENGINEERING: Names Receivers from CBA
----------------------------------------------
The Quayside Engineering (Walsall) Limited Company has appointed
Neil Charles Money and Mark Grahame Tailby as joint
administrative receivers.  The appointment was made June 24,
2004.

Mechanical engineers run the company.  Its registered office
address is located at 435 Lichfield Road, Aston, Birmingham B6
7SS.

CONTACT:  CBA
          Lichfield Place,
          435 Lichfield Road, Aston,
          Birmingham B6 7SS
          Receivers:
          Neil Charles Money
          Mark Grahame Tailby
          (IP Nos 8900, 9115)


SCOTPIGS: Liquidators Sell 24,000 Pigs to Cheale Meats
------------------------------------------------------
Thousand of pigs are heading for the slaughterhouse after
liquidators of Scotpigs, Scotland's largest pig-farming
business, sold its 24,000 remaining stock to Cheale Meats.

The move, according to Europe Intelligence Wire, came after the
Court of Session in Edinburgh gave joint provisional liquidators
Blair Nimmo and Neil Armour of KPMG Corporate Recovery the go
signal to sell the pigs.  Earlier, the liquidators filed a
power-to-sell action before the court but a Scotpigs director,
believed to be Arthur Simmers, contested the application.  The
joint liquidators would now focus their efforts on selling the
firm's substantial property assets.

"Regrettably it is the end of the line for Scotpigs, but we are
already in discussion with a number of parties over the sale of
remaining assets," Mr. Nimmo said.  "We hope to conclude a sale
of these as soon as possible."

Cheale Meats will take the livestock next week, a spokeswoman
for KPMG Corporate Recovery said.  The Brentwood, Essex-based
company had been in charge of the pigs before Scotpigs collapse.
The animals would be moved progressively to Essex over the
coming months.

Mr. Simmers and Jim Innes established Scotpigs in 1988.
Problems started when both owners quarreled over management and
even ownership of the business.  Mr. Innes tried to force the
company into liquidation, claiming he was due GBP412,000 from
the business.  Mr. Simmers countered, accusing Mr. Innes of
owing the company more than GBP1 million.  Scotpigs went into
liquidation on March 16.

Mr. Simmers is now banned from being a director of any company
for four years due to his conduct as director at A. Simmers
Farms and A. Simmers.


SRIM PERFORMANCE: Appoints Robson Rhodes Liquidator
---------------------------------------------------
Name of Companies:
SRIM Performance
SRIM Performance 2

At an Extraordinary General Meeting of these Companies on June
25, 2004 held at Bermuda House, PO Box 208, St Julian's Avenue,
St Peter Port, Guernsey GY1 3NF, the Special, Ordinary and
Extraordinary Resolutions to wind up the companies were passed.
Simon Peter Bower and Michael John Hore of RSM Robson Rhodes
LLP, 186 City Road, London EC1N 2NU have been appointed as Joint
Liquidators for the purpose of such winding-ups.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1N 2NU
          Liquidators:
          Simon Peter Bower
          Michael John Hore


STONEYGATE 113: Shareholders Pass Winding up Resolutions
--------------------------------------------------------
At an Extraordinary General Meeting of the Stoneygate 113
Limited Company on June 30, 2004 held at Queen Ann House, 4&6
New Street, Leicester LE1 5NR, the Special, Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Jane Lindsay Gandon of 2 Preston Park Avenue, Brighton BN1 6HJ
has been appointed Liquidator for the purpose of such winding-
up.

CONTACT:  Jane Lindsay Gandon, Liquidator
          2 Preston Park Avenue,
          Brighton BN1 6HJ
          Liquidator:
          Jane Lindsay Gandon


SUNGUARD HOMES: Special Winding up Resolution Passed
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Sunguard Homes (Eastern) Limited Company on June 23, 2004 held
at Sycamore House, 38-40 Sycamore Road, Amersham,
Buckinghamshire HP6 5DZ, the Special Resolution to wind up the
company was passed.


TWO RIVERS: Names Milsted Langdon Liquidator
--------------------------------------------
At an Extraordinary General Meeting of Two Rivers Securities
Limited on June 30, 2004 held at 109 Boutport Street,
Barnstaple, Devon EX31 1TA, the Special Resolutions to wind up
the company were passed.  Timothy Alexander Close of Milsted
Langdon, Winchester House, Deane Gate Avenue, Taunton TA1 2UH
has been appointed Liquidator for the company.

CONTACT:  MILSTED LANGDON
          Winchester House
          Deane Gate Avenue,
          Taunton TA1 2UH
          Liquidator:
          Timothy Alexander Close


WALKER AUTOMOTIVE: Names UHY Hacker Young Administrator
-------------------------------------------------------
The Walker Automotive Limited Company has appointed Andrew
Andronikou and Ladislav Hornan as joint administrative
receivers.  The appointment was made July 5, 2004.  The company
manufactures other fabricated metal products.

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street,
          London EC2Y 5DH
          Receivers:
          Andrew Andronikou
          Ladislav Hornan
          (IP Nos 1253, 2059)


WHITECHURCH SECURITIES: Liquidates Sales Arm; Rival Raps Move
-------------------------------------------------------------
IFA firm Whitechurch Securities is putting its direct sales arm,
Whitechurch Investment Services, into liquidation, Europe
Intelligence Wire reports.

The sale is allegedly intended to evade paying victims of the
precipice bond debacle.  Whitechurch Investment, which has not
been trading for some time, had sold the controversial precipice
bond.  The Bristol-based Whitechurch Securities confirmed it has
no money to meet claims in full.  The company has instructed
victims to get assistance from the Financial Services
Compensation Scheme, the official rescue fund for customers of
defunct financial firms.

Peter Hargreaves at rival IFA Hargreaves Lansdown criticized the
move, which amounts to putting the responsibility for the
failure of a company on the fund.  He lamented the current
system that allows company to dump its liabilities on the
compensation scheme, "which I have to pay for," and allow the
rest of the group to carry on trading as normal.

CONTACT:  FINANCIAL SERVICES COMPENSATION SCHEME
          7th floor Lloyds Chambers
          Portsoken Street
          London E1 8BN
          Phone: 020 7892 7300
          Fax: 020 7892 7301
          E-mail: enquiries@fscs.org.uk
          Web site: http://fscs.org.uk/


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------
AUSTRIA
-------
Libro A.G.                          (111)         174     (182)


BELGIUM
-------
Carestel                                          178      (68)
Real Software                                     176       17


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


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


FRANCE
------
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo de France                                4,738    2,868
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Cofidur S.A.                          (5)         102       19
European Computer System            (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immobiliere Hoteliere                (68)         233       29
Pneumatiques Kleber S.A.             (34)         480      139
SDR Picardie                        (135)         413      N.A.
Soderag                                           404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin            TRCN        (0)         134       10
Usines Chauson                       (23)         249       35


GERMANY
-------
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Sohn A.G. GUSG        (8)         111      N.A.
Kaufring A.G.             KAUG       (19)         151      (51)
Mania Technologi          MNI        (11)         101      (46)
Nordsee A.G.                          (8)         195      (31)
Primacom AG                                     1,264      (50)
Schaltbau A.G.            SLTG       (16)         149       26
Vereinigter
   Baubeschlag-Handel
   Holding A.G.           VBHG       (24)         307      (63)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Coin S.p.A.                                       974      (97)
Credito Fondiario
   e Industriale S.p.A.   CRF       (200)       4,218      N.A.
Finpart S.p.A.                                    793      248
Olsece S.p.A.                                     180      (64)


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


NORWAY
------
Pan Fish ASA                                      807     (259)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Animex S.A.               ANX         (1)         108      (86)
Exbud Skanska S.A.        EXBUF       (9)         315     (330)
Media Capital                                     399      (85)
Mostostal Zabrze                      (6)         227     (366)
Stalexport S.A.                      (57)         229      (51)


RUSSIA
------
Kamchatskenergo                                   273   (7,870)
Zil Auto                                          333  (10,769)


SPAIN
-----
Altos Hornos de Vizcaya S.A.        (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (11)         137      (34)
Tableros de Fibr                                2,107     (125)


SWITZERLAND
-----------
Kaba Holding A.G.         KABZN      (47)         572      278
Swisslog Holding-R                                354      151


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Nuclear Fuels Plc         (2,627)      40,326     (977)
British Sky PLC                                 3,347     (144)
Center Parcs (UK)
    Group Plc                        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group                                     396        4
Dawson Holdings           DWSN       (29)         142      (29)
Dignity PLC                                       485      (88)
Easynet Group                                     323       38
Electrical and Music      EMI
   Industries Group                 (885)       3,472     (293)
Euromoney                                         167        2
Gallaher Group            GLH       (543)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109      (10)
HMV Group PLC             HMV       (211)         762      (66)
Intertek Testing Services ITRK      (134)         508       77
Invensys PLC                                    5,885      882
IPC Media Ltd.                      (685)         254       16
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United                                      144      (29)
Manchester City                      (17)         154      (21)
Misys PLC                 MSY       (161)         949       41
Mytravel Group                                  2,551     (533)
Orange PLC                ORNGF     (594)       2,902        7
Premier Food                                    1,105       34
Rentokil Initial Plc      RTO     (1,130)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *