TCREUR_Public/040714.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, July 14, 2004, Vol. 5, No. 138

                            Headlines

C Z E C H   R E P U B L I C

JIHOMORAVSKE DREVARSKE: Books Another CZK116.6 Mln Annual Loss


F R A N C E

ALSTOM SA: Shareholders Approve Amended Financing Plan
ALSTOM SA: Rehab Plan Approval Good News for Bondholders
ALSTOM SA: Promises to Repair Bordeaux Tram Network Right Away


G E R M A N Y

BAYER AG: Lowers Job-cuts for 2004-2005 to 3,000


I R E L A N D

AER RIANTA: Breakup May Trigger Insolvency
ELAN CORPORATION: Second-quarter Results Conference Call July 29
ELAN CORPORATION: Accused of Stealing Duke's Rights to Zonegran


I T A L Y

ALITALIA: E.U. Commission to Act on Govt Loan Guarantee July 20
ALITALIA: Spinnaker Consolidates Eurofly Ownership
CIRIO FINANZIARIA: Receivers Recommend Sale of Del Monte Unit
PARMALAT FINANZIARIA: CoolBrands Acquires Distribution Assets
PARMALAT FINANZIARIA: Gets CA$610 Mln from Canadian Fund


K Y R G Y Z S T A N

AYAT: Gives Creditors Two Months to File Claims
KAMKOR: Sets Public Auction July 16
PERIDOT-ANSHTALT: Creditors Meeting Thursday
TIMUR-UG: Falls into Insolvency


N E T H E R L A N D S

AIR HOLLAND: Eyes Return Seven Months After 'Crash'
KONINKLIJKE AHOLD: Balks at Price Demanded by Canica for ICA
VENDEX KBB: VDXK Takes over 97.2% of Outstanding Shares


N O R W A Y

AKER KVAERNER: Wins US$2.3 Million Contract in Chile


P O L A N D

FABRYKA WAGON: Finds Potential Buyers to Save Business
STOCZNIA SZCZECINSKA: Recapitalization Underway


R U S S I A

ALFA BANK: Chair Volunteers to Inject US$800 Mln Fresh Capital
BASH-BREAD: Public Auction of Assets July 16
ISKOZH: Sets Public Auction July 22
KRASNOPOLSKAYA: Sells Buildings for Undisclosed Amount
OAO GAZPROM: Net Profit Increased to RUB159 Billion Last Year

PESCHANAYA POULTRY: Receives RUB12 Million for Assets
PROGRESS: External Insolvency Manager Auctions Assets
SINYACHIKHINSKY FACTORY: Sells Assets for RUB346,000
SYSERTSKY PORCELAIN: Public Auction of Assets Thursday
TROITSKY FAT: Sets Public Auction July 14

UFALEY-FURNITURE: Bashkortostan Appoints Insolvency Manager
URAL-ELECTRO-SILA: Proofs of Claim Deadline August 9
YUKOS OIL: Schiffrin & Barroway Files Class Action in N.Y. Court
YUKOS OIL: PricewaterhouseCoopers Blamed for Tax Evasion Case


S W I T Z E R L A N D

ABB LTD.: Wraps up Sale of Energy Business for US$925 Million


U K R A I N E

AGRO-KOMPLEKS: Under Bankruptcy Supervision
DOLINSK' SUGAR: Declared Insolvent
KRIVBAS-NAFTO: Proofs of Claim Deadline July 24
PETROLEUMZ LTD.: Kyiv Court Appoints Liquidator
UKR-NAFTO-MASH: Bankruptcy Proceedings Start
ZLAGODA: Succumbs to Insolvency
ZORYA: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

ADVANCED AUTOMOTIVE: Special Winding up Resolution Passed
AIM UNDERWRITING: In Administrative Receivership
AUVERNIER LIMITED: Hires Liquidator from Gallaghers
AXIS LASER: Hires Tenon Recovery Administrator
BANAMEX INVESTMENT: Sets General Meeting August 20

CETO ENVIRONMENTAL: Cash on Hand Not Enough to Pay Creditors
COMTAKE LIMITED: Names Receivers from Tait Walker
CRAUFURD ENGINEERING: Appoints Stoy Hayward Administrator
DEEDSCAN LIMITED: Names UHY Hacker Young Administrator
EASYJET PLC: Majority Shareholder Denies Selloff Reports

F J REEVES: In Administrative Receivership
FLAGMASTER LIMITED: Winding up Resolutions Passed
FLEMING URALS: Final General Meeting Set August 16
INTELLIGENT MODULAR: Sets Creditors Meeting July 20
IRTON HALL: Hires DTE Leonard Curtis Administrator

KADESH HOLDINGS: Sets General Meeting August 12
KENWAY WORKS: Special Winding up Resolution Passed
KIDZ CARE: National Westminster Appoints Grant Thornton Receiver
LONDON FORFAITING: Appoints KPMG Liquidator
MARKS & SPENCER: Unveils First Part of Reorganization Plan

MARKS & SPENCER: Pension Fund Trustees to Invest in Bonds
MARKS & SPENCER: Like-for-like Sales Down 2.8% in First Quarter
MARKS & SPENCER: Ratings Downgraded on Aggressive Strategy
MARKS & SPENCER: Appoints Two New Non-executive Directors
MINKRUN LIMITED: Hires Bartfields Limited Liquidator

MT2000 LIMITED: Appoints R M T Administrator
NORFISH SEAFOODS: Special Winding up Resolution Passed
NORTHUMBRIAN WATER: Convinces Ofwat of Funding Capacity
PARKER DESIGN: Appoints Liquidator from K S Tan & Co
PAUL FLETCHER: Owners Banned from Managing Any Business

POLYFRAME LIMITED: Hires Kroll Limited Administrator
PUSH CONSULTANCY: Creditors Meeting Set Friday
QUEENS MOAT: Sale this Week to Determine Future
ROLTECH LIMITED: Sets Creditors Meeting July 23
SPECS FOR LESS: Names Receiver from Barry Mitchell & Company
STEEL MONKEYS: Head Sets Up New Outfit as Firm Nears Liquidation
TURNER & NEWHALL: Watchdog Raises Red Flag on Pension Fund

* Regulator Declares 16 Firms in Default


                            *********


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


JIHOMORAVSKE DREVARSKE: Books Another CZK116.6 Mln Annual Loss
--------------------------------------------------------------
Czech wood processor Jihomoravske Drevarske Zavody (JMDZ) has
added another CZK116.6 million loss in 2003 to losses from
previous years, CTK reports.

JMDZ intends to offset the losses from previous years amounting
to CZK21.4 million with future profits.  Early this year, the
company reduced its share capital from CZK446.1 million to
CZK133.8 million to help cover the losses.  The nominal value of
a JMDZ share thus decreased from CZK1,000 to CZK300.

Board chairman Pavel Zumr said, "The company is at present
solvent, it pays its debts [on] time and has paid off the
principal for all its loans."

JMDZ has been restructuring since 2002 after encountering
financial difficulties as production slowed down.  The
restructuring has helped JMDZ avoid bankruptcy invariably
proposed by several creditors the past two years.  Around 57% of
the company is owned by AFS Bohemia, which bought JMDZ from
Ceskoslovenska Obchodni Banka in 2003.  The company has been
selling off non-core assets to help improve its finances.


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


ALSTOM SA: Shareholders Approve Amended Financing Plan
------------------------------------------------------
As anticipated, the 25% quorum was not obtained for the 16th
resolution in respect of the capital increase by debt-to-equity
swap reserved for the French State.

Consequently, at the Ordinary and Extraordinary Shareholders'
Meeting held Friday in Paris, Alstom presented to its
shareholders an amendment to the structure of the financing plan
announced on 26 May this year.

All resolutions proposed to the vote of the shareholders were
adopted with over 90% of the vote, which allows Alstom to fully
implement the amended financing plan.

Summary of the voting results:

(a) The amended 14th resolution relating to the capital increase
    with preferential subscription rights for up to a maximum
    amount of EUR1.7 billion was approved with 90.5% of the
    vote.

(b) The amended 15th resolution relating to the capital
    increase by debt-to-equity swap for up to a maximum amount
    of EUR700 million, reserved for creditors other than the
    French State, was approved with 90.5% of the vote.

The vote in favor of these resolutions authorizes Alstom to
launch a capital increase with preferential subscription rights
for up to a maximum amount of EUR1.7 billion, payable either in
cash or by conversion of debt due and payable, as well as a
capital increase by debt-to-equity swap for up to a maximum
amount of EUR700 million, reserved for creditors other than the
French State, with the objective of a total maximum amount of
these capital increases at EUR2.2 billion.

We note that the total capital increase being made through the
preferential rights is exercisable either in cash or by
conversion of debt that is due and payable.  The subscription
price for the conversion of debt will of course be the same as
that for the debt-to-equity swap, i.e. 25% to 35% higher than
that of the capital increase in cash.

The French State has committed to exercising its preferential
subscription rights in an amount of EUR185 million in cash.  It
will also subscribe to this capital increase by conversion of
debt up to a maximum of EUR500 million within the limits of its
preferential subscription rights or of any shares which may be
available after the exercise of preferential rights by the other
shareholders, to the extent that its total shareholding does not
exceed 31.5% of the capital of the company.

Patrick Kron, Chairman and Chief Executive of Alstom, said: "I
would like to thank our shareholders for the confidence they
have shown us by approving this financing plan.  This comes
after the agreement from our banks on new covenants and the
approval from the European Commission.

"All authorizations are now in place to allow us to launch the
capital increases taking into account the market conditions."

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

          Communications:
          L. Tingstrom
          Phone: + 44 789 906 6995
          E-mail: tingstrom@mcomgroup.com
          Web site: http://www.alstom.com


ALSTOM SA: Rehab Plan Approval Good News for Bondholders
--------------------------------------------------------
Fitch Ratings said on Monday that holders of Alstom's EUR650
million July 2006 senior unsecured bonds can take real comfort
from the formal approvals of the European Commission and by
shareholders at the AGM for the group's state-sponsored rescue
package.

"These important steps materially reduce both the execution
risks involved in implementing this financial restructuring, and
Fitch's previously stated concerns that these bonds may not be
repaid in full at maturity," said Alex Herbert, Director at the
Fitch Corporates Group.

Fitch believes this package will establish a stronger financial
framework to give management vital breathing space to address
the negative free cash flow and weak profitability in the
operational business.  Furthermore, the agency notes the
generally positive progress in the recently announced level of
new orders for the first quarter (April-June 2004), which
demonstrates improved client confidence in the group's ongoing
viability and should help support the business.

Fitch notes certain issues remain open with regard to the rescue
package for bondholders however, notably (i) the extent to which
bondholders could be potentially subordinated in the event that
banks are able to obtain security over some of Alstom's assets,
although there are no signs that this is currently under
discussion; and (ii) the extent to which bondholders could be
pressurized by other lenders to participate in a EUR700 million
debt-to-equity swap, although management has repeatedly stated
this is on an optional basis.

On 7 July 2004, the European Commission formally approved the
state aid package from the French Government to Alstom, subject
to certain conditions, notably the creation of one or more
industrial partnerships within four years.  Fitch notes that
Alstom management has not yet provided details about how and
when such partnerships will be implemented.  The agency does not
expect this issue to be resolved in the near future.

Secondly, on 9 July 2004, Alstom's shareholders approved the
group's proposals at its AGM.  Although it was necessary to
amend the resolutions, this was technical in nature and had no
impact on the size of the overall capital increase, the French
State's shareholding, or on the position of existing senior
unsecured bondholders.

Other important components of the plan include: i) a EUR1
billion rights issue, which has been underwritten by banks and
is expected to take place in July or September this year
depending on market conditions; and ii) up to EUR8 billion of
bonding facilities, of which EUR6.6 billion has so far been
provided by banks, with syndication of the remainder now
underway.

CONTACT:  FITCH RATINGS
          Alex Herbert, London
          Phone: +44 20 7417 6334

          Sophie Coutaux, Paris
          Phone: +33 1 44 29 91 74

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


ALSTOM SA: Promises to Repair Bordeaux Tram Network Right Away
--------------------------------------------------------------
Beleaguered French engineering group Alstom S.A. assured the
mayor of Bordeaux that it can fix the city's tram system on or
before the September deadline.

Alstom chief executive Patrick Kron told shareholders Friday the
tramway network in Bordeaux is still viable.  He said the
problems had been caused by the fact that the electricity supply
to the network was ground-based, as preferred by city
authorities.  Alstom will replace the 2,000 underground boxes
that provide the trams with electricity.

According to Les Echos, Bordeaux Mayor Alain Juppe complained
about the tramway last week.  He said it has suffered a number
of breakdowns from the time it went into service.  He threatened
to take action against the company by mid-September.


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


BAYER AG: Lowers Job-cuts for 2004-2005 to 3,000
------------------------------------------------
Drug and chemical maker Bayer AG announced Monday a reduction in
the number of job cuts for 2004 and 2005, according to the Wall
Street Journal.

The company had planned to cut 4,000 jobs during the period, but
an agreement reached with labor representatives brought the
number down to 3,000.  The company decided to layoff employees
after it ran into trouble from the withdrawal of its
cholesterol-lowering drug Baycol, also known as Lipobay, in
2001.

The company, in its largest restructuring ever, has spun off its
least-profitable chemicals and polymers operations into an
independent company to focus on its core health-care, crop-
science and material-science businesses.  At the end of the
first quarter, the Leverkusen-based company employed 114,300
people, one-third of which is in Germany.


=============
I R E L A N D
=============


AER RIANTA: Breakup May Trigger Insolvency
------------------------------------------
The nation's Labor Party is asking the government to think twice
about its plan to break up the state-owned airline amidst
analysis the move would render the company insolvent, Ireland
Online reports.

Labour Party TD Roisin Shorthall asked: "Are they [the
Government] going to proceed down a road that's going to do
serious damage to the financial standing of Aer Rianta?  My view
is that they certainly should now and I think at this stage they
need to get their own legal advice."  International banks are
feared likely to demand immediate payment of outstanding debts
once the company is broken up.

Ireland is proposing a State Airports Bill that would see the
company running Ireland's three major airports split into three
separate, competing state-run authorities.  The companies will
operate the airports in Dublin, Cork and Shannon.  The plan is
expected to be in place by April next year.  The government
believes the scheme would improve efficiency and foster
investment in the three airports.


ELAN CORPORATION: Second-quarter Results Conference Call July 29
----------------------------------------------------------------
Elan Corporation, plc will host a conference call on Thursday,
July 29, 2004 at 8:30 a.m. Eastern Standard Time (EST), 1:30
p.m. British Summer Time (BST) with the investment community to
discuss Elan's second-quarter financial results, which will be
released before the U.S. and European financial markets open.

Live audio of the conference call will be simultaneously
broadcast over the Internet and will be available to investors,
members of the news media and the general public.

This event can be accessed by visiting http://www.elan.comand
clicking on the Investor Relations section, then on the event
icon.  Following the live Web cast, an archived version of the
call will be available at the same URL.

About Elan

Elan Corporation, plc is a neuroscience-based biotechnology
company that is focused on discovering, developing,
manufacturing and marketing advanced therapies in neurology,
autoimmune diseases, and severe pain.  Elan (NYSE: ELN) shares
trade on the New York, London and Dublin Stock Exchanges.

CONTACT:  ELAN CORPORATION PLC
          Lincoln House, Lincoln Place
          Dublin, 2, Ireland
          Phone: +353 1 709 4000
          Fax:   +353 1 662 4949
          Web site: http://www.elan.com

          Investors:
          Emer Reynolds
          Phone: 800-252-3526

          Media:
          Anita Kawatra
          Phone: 212-407-5755
              Or 800-252-3526


ELAN CORPORATION: Accused of Stealing Duke's Rights to Zonegran
---------------------------------------------------------------
Duke University is suing Elan Corporation for drug patent fraud
in relation to Zonegran, its epilepsy drug.

Elan hired the university to study the potentials of the drug.
Researches found it may control obesity.  Since there was no
intellectual property agreement to cover the work, the
university in May 2002 filed a patent for the use of the drug to
treat obesity.  It turned out that Elan had already filed its
own application 11 days earlier.

Duke University alleged in the suit filed in the U.S. District
Court in Durham that it owns the intellectual property by virtue
of its study despite Elan funding the research.  The two
applications are still pending.  The university did not state
its claim, but it is asking the court payment for damages,
including punitive damages and a treble or threefold award,
Triangle Business Journal reports.  Duke is joined in the suit
by Orexigen Therapeutics, a Princeton, N.J.-based company that
serves as a licensee for certain university technology.

Duke names Julianne Jennings, an Elan product manager, as
defendant in the lawsuit.  Also cited were Elan's U.S. arm, Elan
Pharmaceuticals, Eisai Inc., and Eisai Co. Ltd., the Japanese
firm that acquired the rights to the drug and the patent.
Under its deal with Eisai, Elan will continue to manufacture
Zonegran, which is also called zonisamide.

Duke's lawyers are Alston & Bird and Knobbe Martens Olson &
Bear.

CONTACT:  ELAN CORPORATION PLC
          Lincoln House, Lincoln Place
          Dublin, 2, Ireland
          Phone: +353 1 709 4000
          Fax:   +353 1 662 4949
          Web site: http://www.elan.com


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


ALITALIA: E.U. Commission to Act on Govt Loan Guarantee July 20
---------------------------------------------------------------
Italian airline Alitalia announced Sunday a 2-point year-on-year
drop in load factor for June, Il Sole 24 Ore says.  The company,
however, said passenger kilometers in June rose by 9.7% and
seats offer climbed by 12.6%, compared to the same period last
year.

Meanwhile, the Italian government has urged the European
Commission to give an opinion on its plan to guarantee a EUR400-
million loan to Alitalia.  European Commissioners say they have
yet to receive the implementation decrees that explain the exact
terms of the guarantee for the one-year loan.  Accordingly, they
cannot act or give any opinion on the matter without these
decrees, which the Italian parliament reportedly passed on June
22.

Italy's minister for E.U. policy Rocco Buttiglione on Sunday
said the papers would be ready by Monday.  A source of Europe
Intelligence Wire in Brussels said the Commission could make a
decision at its July 20 meeting provided it receives the
documents.  Otherwise, the Commission will next meet on August
25, which Mr. Buttiglione had said would be a long wait for the
troubled Alitalia.


ALITALIA: Spinnaker Consolidates Eurofly Ownership
--------------------------------------------------
Italian airline Alitalia will sell its remaining stake in
charter airline Eurofly to investment fund firm Spinnaker, Il
Sole 24 Ore reports.

Alitalia owns 20% of Eurofly and the deal will enable Spinnaker
to wholly acquire the charter airline.  The investment fund
first acquired the other 80% in September last year.

Meanwhile, Eurofly, in a joint venture with European aerospace
group EADS, has applied to operate a new Alitalia maintenance
hangar at the Malpensa airport in Milan.  The hangar would be
used to service Alitalia's planes as well as of other firms.

Eurofly booked EUR90 million in revenues in the first half of
2004, up 50% from the same period in 2003.  The company intends
to list on the Milan stock exchange in 2005.  The company
started to diversify its product portfolio in June and is
applying to operate long-haul flights to the U.S., Africa and
Asia.


CIRIO FINANZIARIA: Receivers Recommend Sale of Del Monte Unit
-------------------------------------------------------------
Cirios's Del Monte Foods International is set to have a new
owner after a proposal to sell the division was accepted Sunday
by Italy's industry minister, Il Sole 24 Ore reports.

The receivers are now waiting for industry minister Antonio
Marzano to evaluate the proposal and come up with an official
decision.  Offers for the Cirios' Del Monte came from the U.S.
Del Monte Corporation and former Del Monte shareholder Vivian
Immerman.  Del Monte Foods International has around EUR270
million of debts.  Its annual turnover is EUR300 million.

Meanwhile, the winning bidder for Cirio's Italian division,
Cirio De Rica, will be announced on August 7.  Cirio de Rica is
said to be worth EUR150 million.  In September, receivers will
also initiate procedures to sell subsidiary Del Monte Pacific,
which has a turnover of around EUR200 million and a EUR50
million cash flow.


PARMALAT FINANZIARIA: CoolBrands Acquires Distribution Assets
-------------------------------------------------------------
CoolBrands International Inc. acquired from Parmalat the Kinnet
Dairy DSD ice cream distribution business located primarily in
the State of Georgia, with additional distribution coverage in
areas of Alabama and South Carolina.

Pursuant to the transaction, CoolBrands' wholly owned
subsidiary, Eskimo Pie Frozen Distribution, Inc., acquired the
entire Kinnet Dairy ice cream distribution business, including
customer lists, route lists, delivery vehicles, trademarks and
inventory, from Parmalat's subsidiary Farmland Dairies LLC for
an undisclosed cash purchase price.  The business and assets
acquired by CoolBrands do not include any business or assets
related to Parmalat's Kinnet Dairy milk business, which Parmalat
continues to operate.

On July 7, 2003, CoolBrands acquired from Nestle substantially
all of its distribution assets in the U.S., making CoolBrands
one of only two "direct- store-door" ice cream distribution
systems with broad penetration of major markets across the U.S.
in the grocery and convenience channels, including in the States
of Washington, Oregon, California, Utah, Florida, Georgia,
Maryland, Pennsylvania, New Jersey, Delaware and the District of
Columbia.

"This acquisition expands our distribution footprint, adds
operational synergies and enhances our strategic value as a
favored vendor to retailers in the grocery and convenience
channels across the Southeast region," stated CoolBrands'
President and Co-Chief Executive Officer, David J. Stein.
"Acquiring smaller regional systems such as Kinnet Dairy is part
of our strategy of expanding and strengthening our 'direct-
store-door' system."

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


PARMALAT FINANZIARIA: Gets CA$610 Mln from Canadian Fund
--------------------------------------------------------
Parmalat Finanziaria S.p.A., in Extraordinary Administration,
secures up to CA$610 million refinancing for its Canadian
subsidiaries, Parmalat Dairy & Bakery Inc. and Parmalat Food
Inc., as guarantor.  Parmalat Dairy and Parmalat Food Inc. are
collectively known as Parmalat Canada.

Ontario Teachers' Pension Plan Board (OTPPB) provided financing
to Parmalat Dairy, which used the amount to repay its existing
indebtedness and obligations to certain senior lenders.  The
proceeds of the financing were also used to repay part of the
indebtedness owing to the holders of the US$285 million and
CA$23 million of senior notes issued by Parmalat Dairy.  The
amount of the refinancing proceeds, which were used to repay
existing obligations, is approximately CA$550 million.  The
balance of the funds will be used for general business and
operating purposes.

OTPPB is providing two term credit facilities for a total of
CA$530 million.  The Term Facilities have a three-year term.
The Term Facilities are secured by all of the assets and
property of Parmalat Canada and some of the assets of the
Canadian holding company, including a pledge of the shares of
Parmalat Dairy.

The financing also includes a revolving credit facility of up to
CA$80 million and underwritten by OTPPB and being provided by a
major Canadian bank.  The Revolving Facility is for a term of
two years, extendible by one year at the discretion of the
lender, and is secured on the receivables and inventory of
Parmalat Canada.

Parmalat Dairy may choose to prepay the credit facilities
subject to an early prepayment premium.  Subject to certain
exceptions, Parmalat Dairy will be obligated to make a
prepayment if there are proceeds from the sale of assets, or
from the issuance of debt or equity, as well as to make a
prepayment of a certain percentage of excess cash flow.
Parmalat Dairy will also be required to make a further payment
to OTPPB if it sells a substantial portion of its business, or
undergoes a direct or indirect change of control or a
significant liquidity event under certain circumstances.

The terms of the prepayment of the Senior Notes include cash
consideration of approximately CA$420 million and the issuance
of new senior subordinated notes to the holders of the Senior
Notes in the amount of approximately CA$71 million.  These new
senior subordinated notes mature June 2010 and June 2012.  Upon
a change of control or sale of all or substantially all of the
assets of Parmalat Dairy or a significant liquidity event,
Parmalat Dairy must offer to purchase the new senior
subordinated notes at their face value.  Interest on the new
senior subordinated notes will be payable at the option of
Parmalat Dairy either (i) in-kind interest at a rate of 7% per
annum, or (ii) in cash at a rate of 5% per annum.  The terms of
the financing announced do not permit any cash payment on these
new senior subordinated notes during the term of the new
facilities provided by OTPPB.

Collecchio (Parma), 12 July 2004

CONTACT:  PARMALAT FINANZIARIA S.P.A.
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26
          Codice fiscale e iscrizione nel Registro delle
          Imprese di Parma 00175250471 - Partita I.V.A.
          01938950340 - R.E.A. Parma n. 188325 -
          U.I.C. n. 730

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


===================
K Y R G Y Z S T A N
===================


AYAT: Gives Creditors Two Months to File Claims
-----------------------------------------------
Limited Liability Company Ayat has succumbed to insolvency.
Creditors have two months to submit their proofs of claim to
Chui region, Ysyk-Atinsk, Ivanovka, Furmanova str. 110.  For
more information, call (0-3132) 42-4-99.


KAMKOR: Sets Public Auction July 16
------------------------------------
The bidding organizer and insolvency manager of CJSC insurance
company Kamkor set the public auction of the firm's properties
on July 16, 2004, 10:00 a.m. (local time).  It will be held at
Kyrgyzstan, Bishkek, Abdrahmanova Str. 105.  Up for sale is a
74.43% stake in six establishments located at Alamudun district,
Kok-Jar, Seitek, Houses 3-6, 9-10, 40-44, 41-42, 45-46, 50.

Preliminary examination and reception of bids are done daily
until July 15, 2004.  The list of documentary requirements for
participants is available at Bishkek, Abdrahmanova str. 105.
For more details, call (0-312) 28-46-93.


PERIDOT-ANSHTALT: Creditors Meeting Thursday
--------------------------------------------
Creditors of LLC Peridot-Anshtalt will meet on July 15, 2004,
10:00 a.m. (local time).  It will be held at Ysyk-Ata district,
Novo-Pokrovka, Gorkiy str.1a, administrative building OJSC
Stroimontaj.

Agenda:

(1) Confirmation of the final insolvency manager's report.
(2) Confirmation of the estimate expenses
(3) Others

The representatives of creditors must have authorization to
vote.  For more information, contact (0-31-32) 4-01-06.


TIMUR-UG: Falls into Insolvency
-------------------------------
Limited Liability Company Timur-ug has succumbed to insolvency.
Creditors have two months to submit their claims to Osh,
Razzakova Ave. 24/6.


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


AIR HOLLAND: Eyes Return Seven Months After 'Crash'
---------------------------------------------------
Airline carrier Air Holland plans to relaunch its charter
flights operations, according to lutchzak.be.  Air Holland wants
to serve anew the routes to Dutch Antilles, Aruba and Paramaribo
after canceling flights to these destinations in January this
year.

Seven months ago the airline company planned to offer low-fare
regular flights to Curacao, Saint Maarten and Aruba, but the
plan got shelved after the carrier went bust.  Holland Exel took
over the business.  Air Holland promises to replace cancelled
tickets with new ones following the relaunch.


KONINKLIJKE AHOLD: Balks at Price Demanded by Canica for ICA
------------------------------------------------------------
Koninklijke Ahold on Monday received a notice from Canica AS,
its joint venture partner in the Scandinavian joint venture ICA
AB, that Canica has exercised its put option with respect to its
20% interest in ICA AB.  Canica has given a price indication of
SEK10.1 billion (approximately EUR1.1 billion).  Ahold does not
agree that this is the correct price level.

According to the Shareholders' Agreement among Ahold, Canica and
the third joint venture partner, ICA Forbundet Invest AB (ICA
Forbundet), Ahold is obliged to buy the shares now offered by
Canica.  The price for the shares will be determined by mutual
agreement between Ahold and Canica.  If Ahold and Canica cannot
reach agreement on such price within 21 days after receipt by
Ahold of the put notice, the valuation procedure pursuant to the
Shareholders' Agreement will be followed.  According to the
valuation procedure, the price for the shares will be equal to
20% of the Revised Equity Value of ICA AB plus a premium.  The
Revised Equity Value of ICA AB is the fair market value of its
shares (as if ICA AB was listed on the Stockholm Stock Exchange,
not including any control premium) at the time of exercise.  The
size of the premium is at this time the subject of a pending
arbitration proceeding among Ahold, Canica and ICA Forbundet.

As soon as the price for the shares offered by Canica has been
established, Ahold will issue a further press release.  Ahold
intends to finance the share transaction with available cash.

CONTACT:  KONINKLIJKE AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


VENDEX KBB: VDXK Takes over 97.2% of Outstanding Shares
-------------------------------------------------------
With reference to the public announcements of 26 April, 19 May,
11 June, 15 June, 22 June, 28 June and 5 July 2004 and the Offer
Memorandum of 21 May 2004, VDXK announces that a total of
85,627,490 Ordinary Shares have now been tendered under the
Offer, representing 95.9% of the outstanding and issued ordinary
share capital of Vendex KBB, and 21,000 Preference Shares have
been tendered under the Offer, representing 100% of the
outstanding and issued preference share capital of Vendex KBB.

The Shares tendered under the Offer represent 97.2% of the total
issued and outstanding share capital of Vendex KBB.  These
percentages do not take into account Shares held by Vendex KBB
and its subsidiaries.

About 6,987,300 Ordinary Shares in Vendex KBB were tendered to
ABN AMRO as Settlement Agent during the post acceptance period
prior to 5:00 p.m., Amsterdam time, (11:00 a.m. New York time)
on Wednesday 7 July 2004, representing 7.8% of all Ordinary
Shares.    Payment for Ordinary Shares so tendered will be an
amount of EUR15.40 in cash for each Ordinary Share (the Offer
Price per Ordinary Share) and occurred Monday, 12 July 2004.

VDXK and Vendex KBB have requested that Euronext Amsterdam de-
list the Ordinary Shares from Euronext Amsterdam.  The Ordinary
Shares will be de-listed on 3 August 2004, and 2 August 2004
will be the last day that the Ordinary Shares can be traded on
Euronext Amsterdam.

Expiry Post-Acceptance Period

Shareholders are reminded that the post-acceptance period
expires at 3:00 p.m., Amsterdam time (9:00 a.m. New York time),
on 19 July 2004 and that any Ordinary Shares not yet tendered
can still be tendered during the remainder of the post-
acceptance period.  Payment of the Offer Price per Ordinary
Share for any remaining Ordinary Shares that have been validly
tendered (or defectively tendered provided that such defect has
been waived by VDXK) and delivered during the remainder of the
post-acceptance period, and have not already been paid for, will
take place no later than Monday 2 August 2004.

Shareholders are also reminded that, as described in the Offer
Memorandum, (i) VDXK expects to initiate, having obtained more
than 95% of the total issued and outstanding share capital of
Vendex KBB, the statutory squeeze out procedure contemplated by
the Dutch Civil Code in order to acquire all Shares and
depositary receipts held by minority Shareholders and (ii) VDXK
may effect a legal merger before or after the squeeze out
procedure is initiated.

Unless defined herein, defined terms used in this announcement
shall have the meanings given to them in the Offer Memorandum.
This press release appears in Dutch as well.    In the event of
any inconsistency, the English version will prevail.

                            *   *   *

This is a joint press release of VDXK Acquisition B.V. and
Koninklijke Vendex KBB N.V. in relation to the recommended cash
offer for the shares in Vendex KBB.  Not for release,
publication or distribution, in whole or in part, in or into
Canada, Australia or Japan.

CONTACT:  ROYAL VENDEX KBB N.V.
          De Klencke 6
          1083 HH Amsterdam,
          The Netherlands
          Phone: +31 205490500
          Fax:   +31 206461954
          Web site: http://www.vendexkbb.com


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


AKER KVAERNER: Wins US$2.3 Million Contract in Chile
----------------------------------------------------
Codelco-Chile, the world's largest producer of copper, awarded a
contract to Aker Kvaerner Chile and SNC-Lavalin Chile for basic
engineering of the Gaby copper oxide project.

The joint contract is valued at approximately US$2.3 million and
is scheduled for completion in early December 2004.  Codelco's
total capital cost for the project is approximately US$530
million.

The Gaby project will include an open pit mine and processing
facilities to produce 150,000 tonnes of pure copper per year in
the form of cathodes.  The basic engineering scope includes
processing facilities for primary, secondary and tertiary
crushing of ore, ore stockpiling, excavation and deposition of
ripios (previously processed material that contains residual
copper), acidification, leaching, solvent extraction and
electrowinning as well as all associated infrastructure.  The
Gaby project is located 120 kilometers south of the city of
Calama in Chile's northern Region II.

Aker Kvaerner is a world leader in design and construction of
plants using the environmentally friendly SX/EW technology,
which recovers copper using a hydrometallurgical process with
minimal environmental emissions.  In addition to the newly-
awarded project, the company has designed and built five of the
last eight facilities in South America, and is currently
executing a contract for BHP Billiton's US$840 million Spence
Project.  The Aker Kvaerner entity that is signatory to the new
contract is Kvaerner Metals, Agencia en Chile de Kvaerner E&C
Worldwide Corporation.

SNC-Lavalin Group Inc. (TSX:SNC) together with the other members
of the SNC-Lavalin group of companies including SNC-Lavalin
Chile (SNC-Lavalin) comprise one of the leading groups of
engineering and construction companies in the world, a global
leader in the ownership and management of infrastructure and a
key player in facilities and operations management.  SNC-Lavalin
companies have offices across Canada and in 30 other countries
around the world, and are currently working in some 100
countries.  The SNC-Lavalin group of companies has substantial
experience in copper, SX/EW, and projects in Chile.

CONTACT:  AKER KVAERNER
          Lola Kolbach
          Manager of Marketing & PR
          Aker Kvaerner Chile
          Phone: + 56 2 336 3520


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


FABRYKA WAGON: Finds Potential Buyers to Save Business
------------------------------------------------------
Railcar producer, Fabryka Wagon, has received offers of interest
to buy the company, according to Warsaw Business Journal.

Receiver Elzbieta Kosewska-Kedzior said three potential
companies are willing to buy Fabryka Wagon, but he did not
reveal their identity.

In a related report, ZNTK Nowy Sacz claimed it offered to buy
just a portion of Fabryka Wagon.  The other two companies
reportedly want to buy the whole enterprise. Fabryka Wagon's
property was priced at PLN1.5 million.

The Ostrow Wielkopolski-based railcar producer, which employs
1,970, is the largest employer in Southern Wielkopolska region.
Its debt has reached PLN1.2 million.


STOCZNIA SZCZECINSKA: Recapitalization Underway
-----------------------------------------------
The Polish government is slowly implementing a plan to
recapitalize troubled state-owned ship maker Stocznia
Szczecinska Nowa.

Agnieszka Dluska from the Treasury Ministry's press office told
Interfax it already transferred a 25.9% stake in drug producer
Jelfa to the shipyard.  The funding is being given through the
Industry Development Agency, Stocznia Szczecinska's direct
owner, which is controlled by the State Treasury.  The increase,
however, still needs to be registered with the court, according
to Mr. Dluska.  Further, it still depends on how the bankruptcy
proceedings of its former holding company turn out.

Stocznia Szczecinska was formed in 2002 from the assets of
Stocznia Szczecinska Porta Holding.  The holding is undergoing
bankruptcy proceedings but is now seeking for a settlement deal
instead of bankruptcy.  Once the motion is approved, Porta
Holding stands to get back at least part of the shipyard.

Ironically, the state is increasing Stocznia Szczecinska's
capital with a view towards purchasing some key Porta Holding
assets.  The Treasury already backed loans worth PLN1.2 billion
for the company, and has ploughed in PLN823 million to the
shipyard.

Currently Stocznia Szczecinska is 94%-owned by the state-run
Industrial Development Agency and 6%-owned by the Treasury
Ministry.


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


ALFA BANK: Chair Volunteers to Inject US$800 Mln Fresh Capital
--------------------------------------------------------------
Russian tycoon and Alfa Bank Chairman Mikhail Fridman offered to
draw US$800 million from his own pocket to beef up the bank's
finances, Europe Intelligence Wire says.

At 41, Mr. Fridman is one of Russia's youngest oligarchs.  He
will source the money from the GBP2 billion he and fellow oil
billionaires Viktor Vekselberg and Len Blavatnik got from the
merger that formed the TNK-BP last year.  Mr. Fridman's Alfa
Bank is a major shareholder of TNK and his acquiescence to the
merger was key.

The US$800 million capital injection to Alfa bank would help
offset upcoming withdrawals believed to reach US$700 million.
Depositors have been lining up since last week to withdraw their
money from the bank on heightened fears the local financial
system will collapse.


BASH-BREAD: Public Auction of Assets July 16
--------------------------------------------
The state unitary enterprise Bash-Bread-Products will auction
its properties on July 16, 2004, 11:00 a.m.  It will be held at
452410, Russia, Bashkortostan republic, Iglino, Voroshilova Str.
7.  For more details, call (34795) 2-11-47.

CONTACT:  BASH-BREAD-PRODUCTS
          Russia, Bashkortostan Republic,
          Iglino, Voroshilova Str. 7
          Phone: (34795) 2-11-47


ISKOZH: Sets Public Auction July 22
-----------------------------------
The CJSC tosnenskaya factory ISKOZH set the public auction of
its properties on July 22, 2004, 11:00 a.m.  It will be held at
Russia, Saint-Petersburg, Angliysky Pr. 3, Office 205.  Up for
sale is a property complex with a starting price of
RUB2,300,000.

Preliminary examination and reception of bids are done daily
from 11:00 a.m. to 6:00 p.m.  The list of documentary
requirements is available at 190121, Russia, Leningrad region,
Angliysky Pr. 3, Office 205.

CONTACT:  ISKOZH
          187000, Russia,
          Leningrad Region, Tosno,
          Oktyabrskaya Str. 125


KRASNOPOLSKAYA: Sells Buildings for Undisclosed Amount
------------------------------------------------------
The bidding organizer and insolvency manager of state enterprise
Krasnopolskaya sold the firm's properties at a public auction
yesterday.  The auction took place at Russia, Chelyabinsk,
Lenina Pr. 59.

CONTACT:  KRASNOPOLSKAYA
          Russia, Chelyabinsk Region,
          Sosnovsky Region, Mokhovichki,
          Krasnopolskaya Ploshadka


OAO GAZPROM: Net Profit Increased to RUB159 Billion Last Year
-------------------------------------------------------------
On 12 July 2004 OAO Gazprom issued its audited consolidated
financial statements prepared in accordance with the
International Financial Reporting Standards (I.F.R.S.) for the
year ended 31 December 2003.

The table below presents the condensed statement of operations
for 2003 compared to 2002.  As the characteristics of the
economic environment of the Russian Federation indicate that
hyperinflation has ceased, effective from 1 January 2003, we no
longer apply the provisions of IAS 29 'Financial Reporting in
Hyperinflationary Economies'.  Accordingly, no adjustment for
the effects of changes in general purchasing power have been
made for periods starting from 1 January 2003 and all Russian
Rubles amounts related to financial information for periods
prior to 2003 are expressed in constant Russian Rubles as of 31
December 2002 purchasing power, unless otherwise stated. All
amounts are expressed in millions of Russian Rubles unless
otherwise stated.


                                 For the year ended 31 December
                                            2003          2002

Sales of goods, products, works, services
(net of excise tax, value added tax (VAT)
and other similar payments)                819,753       644,687

Operating expenses                       (593,415)     (496,713)

Operating profit                          226,338       147,974

Net monetary effect and financial items     2,141        17,224

Net profit of associated undertakings       3,478         4,285

Gains (losses) on
available-for-sale investments              5,017        (3,729)

Profit before tax and minority interest   236,974       165,754

Current profit tax                        (42,368)      (54,187)

Deferred profit tax                       (32.449)      (81,945)

Profit tax                                (74,817)     (136,132)

Profit before minority interest            162,157        29,622

Minority interest                          (3,062)         (667)

Net profit                                 159,095        28,955

For the year ended 31 December 2003 sales revenues were
RUB175,066 million, or 27% higher than in 2002, primarily due to
the increase in revenues from natural gas sales in the Russian
Federation and Europe, More detailed information on structure of
sales in 2003 and 2002 is presented in the table:


                                 For the year ended 31 December
                                  31 December in million Rubles
                                   (unless otherwise stated)
                                            2003          2002

Sales of gas
Europe
Net sales (net of excise tax, VAT and
customs duties)                           422,316       335,115
Volume in bcm                               144.7         128.6
Average price, constant RUBper mcm as of
31 December 2002 purchasing power, except
for 2003 amount which is in nominal RUB
(including excise tax, net of VAT and
customs duties)                             3,783         3,368

FSU
Net sales (net of excise tax, VAT and
customs duties)                            44,049        51,069
Volume in bcm                                42.6          42.6
Average price, constant RUBper mcm as of
31 December 2002 purchasing power, except
for 2003 amount which is in nominal RUB
(including excise tax, net of VAT and
customs duties)                             1,258         1,444

Russia
Net sales (net of excise tax and VAT)     186,650       142,854
Volume in bcm                               308.2         298.0
Average price, constant RUBper mcm as of
31 December 2002 purchasing power, except
for 2003 amount which is in nominal RUB
(including excise tax, net of VAT)            669           536

Total sales of gas
Net sales (net of excise tax, VAT and
customs duties)                            653,015       529,038
Volume in bcm                                495.5        469.2
Sales of gas condensate and other oil
and gas refined products (net of excise
tax and VAT)                                92,180        56,647
Gas transportation sales (net or VAT)       28,226        18,028
Other sales (net of VAT)                    46,332        40,974

Total sales (net of excise tax, VAT
and other similar payments)                819,753       644,687

In 2003 net revenues from natural gas sales (including excise,
VAT and customs payments) increased by RUB123,977 million or by
23% compared to 2002.  The increase resulted primarily from
higher gas prices and growth of sales volumes both to domestic
and to European customers.

In 2003 the average price for gas exported to Europe, expressed
in constant RUB (including excise and excluding VAT) increased
by 12% compared to 2002.  That was a result of the increase of
the world oil prices in US$ in 2003.  Increase of the domestic
sales prices in constant RUB (including excise tax and excluding
VAT) by 25% compared to 2002 primarily resulted from higher
tariffs for gas established by the Federal Energy Commission.

Sales of gas condensate and other oil and gas refined products
increased primarily due to the growth in operations of OAO AK
Sibur, as a result of the Group's efforts to normalize and
expand operations of the company, and increase in oil product
prices in 2003 compared to 2002.

The operating expenses increased in 2003 as compared to 2002 by
19%, amounting to RUB593.415 million.  The increase resulted
primarily from growth of payroll costs (RUB34.405 million), gas
purchase costs (RUB19,693 million), gas transit costs (RUB6,079
million), repair costs (RUB18,737 million), electricity
(RUB10,851 million) and processing costs (RUB3,017 million), as
well as the growth in depreciation charges (RUB6,194 million).
The increase in these expense items more than offset decrease in
taxes other than on income (RUB8,887 million) and decrease of
the cost of materials (RUB2,915 million).  Increase of the gas
purchase costs primarily resulted from the increase in volumes
of Central Asian gas purchased by foreign subsidiaries of
Gazprom Group.  Transit costs increased primarily due to higher
volumes of gas sold to European customers in 2003, new
agreements on gas transit from Central Asia and increase of
transportation tariffs (especially transportation through
Poland).  Refining costs increased due to the increase in
operations of OAO AK Sibur.  The increase in staff costs was
primarily due to a rise in average salaries as well as
consolidation of a number of production companies controlled by
OAO AK Sibur (after the Group established control over these
entities),

In 2003 profit tax decreased compared to 2002 by RUB61.315
million, totaling RUB74.817 million.  The decrease primarily
resulted from the fact, that as from 1 January 2003 we no longer
apply the provisions of IAS 29, which in prior periods increased
the book value of our fixed assets compared to their tax basis
and resulted in a deferred tax expense.

Net profit of the Group for 2003 totaled RUB159.095 million,
RUB130.140 million higher than in 2002.

More detailed information on the 2003 IFRS consolidated
financial statements of OAO Gazprom can be found on OAO
Gazprom's Web site (http://www.qazprom.ru).

                            *   *   *

Fitch Ratings previously affirmed OAO Gazprom's Senior Unsecured
foreign currency and local currency ratings at 'BB'.  The
Outlook is Stable.  At the same time the agency affirmed Gaz
Capital S.A.'s US$5 billion loan participation note program,
which relies on a Senior Unsecured liability of Gazprom for
repayment.

CONTACT:  OAO GAZPROM
          16 Nametkina
          117997 Moscow,
          V-420 Russia
          Phone: +7 95 719 3001
          Fax:   +7 95 719 8333
          Web site: http://www.gazprom.ru

          Press:
          Phone: (095) 719-34-43,
                    Or 719-49-37,
                    Or 719-47-36,
                    Or 719-28-01
          Fax:   (095) 718-63-85
          E-mail:  pr@gazprom.ru


PESCHANAYA POULTRY: Receives RUB12 Million for Assets
-----------------------------------------------------
The properties of OJSC Peschanaya Poultry Farm were sold
yesterday at 2:00 p.m.  The auction took place at Russia,
Chelyabinsk, Lenina Pr. 89, Office 315A.  The properties were
priced at RUB12,000,000.

CONTACT:  PESCHANAYA POULTRY FARM
          Russia, Chelyabinsk Region,
          Troitsky Region, Peschanoye,
          Sovetskaya Str. 13


PROGRESS: External Insolvency Manager Auctions Assets
-----------------------------------------------------
The external insolvency manager sold the properties of LLC
electroceramic factory Progress on July 9, 2004.  The auction
took place at Russia, Komi republic, Ukhta, Vodny, Sovetskaya
Str. 1A.

CONTACT:  PROGRESS
          Russia, Komi Republic,
          Ukhta, Vodny,
          Sovetskaya Str. 1A

          Mr. O. Zuev
          External Insolvency Manager
          Russia, Komi Republic,
          Ukhta, Vodny,
          Sovetskaya Str. 1A


SINYACHIKHINSKY FACTORY: Sells Assets for RUB346,000
----------------------------------------------------
Bidding organizer LLC Dip-911 sold the properties of OJSC
Sinyachikhinsky Factory of Silicate Brick at a public auction
yesterday.  It was held at Russia, Ekaterinburg, Studentcheskaya
Str. 16, Office 108.  The company sold buildings, equipment,
electric and water pipe at a starting price of RUB346,000.

Bidders were asked to deposit RUB25,000 to the settlement
account 40702810716120101510, TIN 6670012757, KPP 66700101,
correspondent account 30101810500000000674 in Uralsky Bank SB of
RF of Ekaterinburg, BIC 046577674.

CONTACT:  SINYACHIKHINSKY FACTORY OF SILICATE BRICK:
          Russia, Sverdlovsk Region,
          Alapaevsky Region,
          Bubchikovo, Lenina Str. 1
     Phone: (343) 376 39 15


SYSERTSKY PORCELAIN: Public Auction of Assets Thursday
------------------------------------------------------
The bidding organizer and insolvency manager of OJSC Sysertsky
Porcelain set the public auction of the firm's properties on
July 15, 2004, 12:00 noon (local time).  It will be held at
Russia, Ekaterinburg, Gorkogo Str. 31-13.  Up for sale is a
hostel located at Russia, Sverdlovsk region, Sysert, 4th
Pyatiletki Str. 39.  Starting price: RUB4,214,000.

Preliminary examination and reception of bids are done daily
from 10:00 a.m. to 2:00 p.m.  The list of documentary
requirements for participants is available at Russia,
Ekaterinburg, Gorkogo Str. 31-13.

To participate, bidders must deposit RUB100,000 to the
settlement account 40702810201800000076 in FAKB OJSC SKB-Bank of
Ekaterinburg, correspondent account 30101810800000000756, BIC
046577756.

CONTACT:  SYSERTSKY PORCLAIN
          Russia, Ekaterinburg,
          Gorkogo Str. 31-13
          Phone: (343) 371-54-05


TROITSKY FAT: Sets Public Auction July 14
-----------------------------------------
The bidding organizer and insolvency manager of OJSC Troitsky
Fat Combine set the public auction of the firm's properties on
July 14, 2004, 12:00 noon (local time).  It will be held at
457100, Russia, Troitsk, Appelbauma, Str 20.  Up for sale are 77
units of buildings and equipment, 4 units of raw buildings, 6
units of equipment and 387 units of machine equipment.  Starting
price: RUB35,220,655.

Preliminary examination and reception of bids are done daily
from 10:00 a.m. to 7:00 p.m.  The list of documentary
requirements is available at 454048, Russia, Chelyabinsk,
Fedorova Str. 1a (2nd floor).

To participate, bidders must deposit an amount equivalent to 15%
of the starting price to the settlement account
40702810772310103132, TIN 7418002119 in Leninsky branch of SB of
RF 6979 Chelyabinskoye OSB 8597 of Chelyabinsk, correspondent
account 30101810700000000602, BIC 047501602.

CONTACT:  TROITSKY FAT COMBINE
          454048, Russia, Chelyabinsk,
          Fedorova Str. 1a
          Phone: (3512) 60-40-66

          Mr. S. Anisimov
          Bidding Organizer/Insolvency Manager


UFALEY-FURNITURE: Bashkortostan Appoints Insolvency Manager
-----------------------------------------------------------
The insolvency manager sold the properties of CSJC Ufaley-
Furniture at a public auction on July 7, 2004.  The auction took
place at Russia, Chelyabinsk Region, V. Ufaley, K. Marksa Str.
139-a.  The assets sold were building with furniture shop and
boiler.

CONTACT:  UFALEY-FURNITURE
          Russia, Chelyabinsk Region,
          V. Ufaley, K. Marksa Str. 139a


URAL-ELECTRO-SILA: Proofs of Claim Deadline August 9
----------------------------------------------------
The Arbitration Court of Sverdlovsk region declared CJSC Ural-
Electro-Sila (TIN 6603011130) insolvent and introduced
bankruptcy proceedings.  The case is docketed as A60-31270/2003-
S2.  Ms. N. Kudashkina has been appointed insolvency manager.
Creditors have until August 9, 2004 to submit their proofs of
claim to 109451, Russia, Ekaterinburg, Gorkogo Str. 31.

CONTACT:  URAL-ELECTRO-SILA
          624260, Russia,
          Sverdlovsk region, Asbest,
          Promyshlennaya Str. Factory #5

          Ms. N. Kudashkina
          Insolvency Manager
          109451, Russia,
          Ekaterinburg, Gorkogo Str. 31


YUKOS OIL: Schiffrin & Barroway Files Class Action in N.Y. Court
----------------------------------------------------------------
Schiffrin & Barroway, LLP filed a class action in the United
States District Court for the Southern District of New York on
behalf of all purchasers of the of Yukos Oil Company (Pink
Sheets: YUKOF - News), (Pink Sheets: YUKOY - News), (Russia:
YUKO) from February 13, 2003 through October 25, 2003, inclusive
(the Class Period).

The complaint charges that the Company, Mikhail Khodorkovsky,
Platon Lebedeev, and Bruce Misamore, violated Sections 10(b) and
20(a) of the Securities Exchange Act of 1934, and Rule 10b-5
promulgated thereunder, by issuing a series of material
misrepresentations to the market between February 13, 2003 and
October 25, 2003.  More specifically, the Complaint alleges that
the Company failed to disclose and misrepresented these material
adverse facts which were known to defendants or recklessly
disregarded by them: (1) that the Company, in order to hide a
building and significant tax burden, reported financial
statements that were materially and artificially inflated
throughout the Class Period by failing to report approximately
US$3.4 billion in taxes; (2) that the Company's building and
significant tax burden totaled approximately US$3.4 billion,
this was accomplished through such deceptive practices, as
selling oil at discount rates to the Company's own shell
companies abroad or in tax-exempt zones, which then resold the
oil at market rates thereby effectively lowering the tax
payments by transferring profits to low-tax or no-tax zone; (3)
that the Company and its Individual Defendants knew and/or
recklessly disregarded the fact that the approximately US$3.4
billion tax burden would materially deflate the Company's
overtly "positive" financial results and therefore all
statements about future prospects were lacking in any reasonable
basis when made: and (4) that as a result of the above, the
Company's reported financial results were in violation of U.S.
GAAP.

On October 26, 2003, armed Russian security agents stormed
aboard oil tycoon Mikhail Khodorkovsky's private plane during a
pre-dawn Siberian refueling stop and arrested him on allegations
of massive tax evasion and fraud.  This news shocked the market.
Shares of Yukos fell US$2.42 per share or 16.78% to close, on
October 27, 2003, the next trading day, at US$12.00 per share.
On November 29, 2003, two of Russia's biggest oil companies,
Yukos and Sibneft, abruptly suspended their landmark merger,
unraveling the creation of one of the world's largest private
oil producers.  On this news shares of Yukos plummeted further.
Shares fell an additional 64 cents per share or 5.33% to close
at US$11.36 per share.  On December 3, 2003, the Russian
government declared that the embattled Yukos oil company and its
affiliates owed US$5 billion in unpaid taxes, a new escalation
of the politically charged campaign against the firm five days
before parliamentary elections.  Following the announcement
shares of Yukos continued to plummet.  By December 10, 2003,
shares of Yukos were worth US$9.51 per share.

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

If you are a member of the class described above, you may, not
later than September 10, 2004 move the Court to serve as lead
plaintiff of the class, if you so choose.  A lead plaintiff is a
representative party that acts on behalf of other class members
in directing the litigation.  In order to be appointed lead
plaintiff, the Court must determine that the class member's
claim is typical of the claims of other class members, and that
the class member will adequately represent the class.  Under
certain circumstances, one or more class members may together
serve as "lead plaintiff."  Your ability to share in any
recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff.  You may retain Schiffrin &
Barroway, or other counsel of your choice, to serve as your
counsel in this action.

CONTACT:  SCHIFFRIN & BARROWAY, LLP
          Marc A. Topaz, Esq.
          Stuart L. Berman, Esq.
          Three Bala Plaza East,
          Suite 400, Bala Cynwyd, PA  19004
          Phone: 1-888-299-7706
          (toll free) or 1-610-667-7706
          E-mail: info@sbclasslaw.com


YUKOS OIL: PricewaterhouseCoopers Blamed for Tax Evasion Case
-------------------------------------------------------------
Minority shareholders in Yukos led by investment fund Roxwell
Holdings is suing auditor PricewaterhouseCoopers for getting the
firm involved in tax evasion, Interfax-Russia reports.

U.S. law firms Larach Coughlin Stoia & Robbins LLP, Scott &
Scott LLC and the Russian law firm Marks & Sokolov are filing
the class action in New York in behalf of Roxwell.  The group
alleges that the auditor wrongly certified accounts leaving the
company vulnerable to a tax evasion case.

Roxwell is also suing Yukos, Group Menatep Ltd., Yukos Universal
Ltd., Mikhail Khodorkovsky, Platon Lebedev, Bruce Misamore,
Vasily Shakhnovsky, the company Scott A. Zeigler and the British
law firm Curtis & Co.  The defendants are accused of falsifying
Yukos' financial position and deceiving the public between
February and October last year.

Roxwell Holdings Ltd. is registered in the Brahma Islands.

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


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


ABB LTD.: Wraps up Sale of Energy Business for US$925 Million
-------------------------------------------------------------
ABB Ltd., the leading power and automation technology group,
closed the sale of the upstream part of its Oil, Gas and
Petrochemicals division to a consortium of private equity
investors made up of Candover Partners Ltd, 3i and JPMorgan
Partners.

ABB said that the initial sale price was US$925 million, and the
sale agreement also includes a potential deferred consideration
of up to US$50 million, based on 2004 EBITDA.

"Closing this sale is a decisive step in our efforts to increase
focus on our core business activities and finalize our
divestment program," said Peter Voser, ABB's chief financial
officer.

A preliminary sales agreement announced in October 2003 was
subject to regulatory approvals and completion of a compliance
review.  These conditions have now been fulfilled, ABB said.

The divestment involves ABB's U.S.-based Vetco Gray unit, and
its ABB Offshore Systems business headquartered in Norway.
These upstream businesses are active in more than 30 countries,
employ some 8,700 people and had total revenues of US$1.7
billion in 2003.  Not included in the sale is ABB Lummus Global,
which is mainly a downstream business.

Cash proceeds from the sale were US$800 million, which is the
sale price adjusted for unfunded pension liabilities (US$85
million) and changes in net working capital.  The amount will be
recorded under investing activities in Q3.  In preparation for
the closing of the transaction during Q2, ABB Group's cash from
operating activities has been negatively affected by the
cancellation of a securitization program of approximately US$100
million.  Cash from investment activities has been negatively
affected by the buyback of a lease program worth approximately
$45 million.

ABB (http://www.abb.com)is a leader in power and automation
technologies that enable utility and industry customers to
improve performance while lowering environmental impact.  The
ABB Group of companies operates in around 100 countries and
employs about 113,000 people.

CONTACT:  ABB LTD.
          Media Relations
          Wolfram Eberhardt
          Phone: +41 43 317 6568
          Fax:   +41 43 317 7958

          Investor Relations
          Switzerland
          Phone: +41 43 317 3804

          Sweden
          Phone: +46 21 325 719U

          U.S.A
          Phone: +1 203 750 7743


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


AGRO-KOMPLEKS: Under Bankruptcy Supervision
-------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on JSCCT Agro-Kompleks (code EDRPOU
13420887).  The case is docketed as B 24/54/04.  Arbitral
manager Mr. Tkacehnko Oleksandr (License Number AA 669642) has
been appointed temporary insolvency manager.

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

(a)  AGRO-KOMPLEKS
     Juridical address:
     52005, Ukraine, Dnipropetrovsk region,
     Yuvilejne, Radgospna Str. 74

     Actual address:
     49000, Ukraine, Dnipropetrovsk region,
     Komsomolska Str. 16/18, office 4

(b)  Mr. Tkacehnko Oleksandr
     Temporary Insolvency Manager
     49000, Ukraine, Dnipropetrovsk region,
     Oblasna Str. 43

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


DOLINSK' SUGAR: Declared Insolvent
----------------------------------
The Economic Court of Kirovograd region declared OJSC Dolinsk'
Sugar Plant (code EDRPOU 00372003) insolvent and introduced
bankruptcy proceedings on May 11, 2004.  The case is docketed as
10/244.  Arbitral manager Mr. Zabolotnij G. (License Number AA
047950 approved on October 19, 2002) has been appointed
liquidator/insolvency manager.

CONTACT:  DOLINSK' SUGAR PLANT
          Ukraine, Kirovograd region,
          Dolinsk district, Molodizhne

          Mr. Zabolotnij G.
          Liquidator/Insolvency Manager
          Ukraine, Kirovograd region,
          Lenin Str. 23
          Phone: (0522) 22-04-43, 22-19-62

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

Dolinsk' Sugar Plant holds account number 26001301350233 at JSC
Prominvestbank, Dolinsk branch, MFO 323066.


KRIVBAS-NAFTO: Proofs of Claim Deadline July 24
-----------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Commercial House Krivbas-Nafto-
Trans (code EDRPOU 31224418) on May 17, 2004.  The case is
docketed as B 26/44/04.  Arbitral manager Mr. Shramko Alexandr
(License Number AA 250467) has been appointed temporary
insolvency manager.

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

(a)  COMMERCIAL HOUSE KRIVBAS-NAFTO-TRANS
     50007, Ukraine, Dnipropetrovsk region,
     Krivij Rig, Yakira Str. 5

(b)  Mr. Shramko Alexandr
     Temporary Insolvency Manager
     Ukraine, Dnipropetrovsk region, Krivij Rig,
     Vatunin Str. 66

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

Commercial House Krivbas-Nafto-Trans holds account number
26002120459781 at JSCB Ukrsocbank, Krivij Rig branch, MFO
305619.


PETROLEUMZ LTD.: Kyiv Court Appoints Liquidator
-----------------------------------------------
The Economic Court of Kyiv region declared LLC Petroleumz Ltd.
(code EDRPOU 31112835) insolvent and introduced bankruptcy
proceedings on December 26, 2003.  Arbitral manager Mr. Krikun
V. (License Number AA 669678 approved on August 26, 2003) has
been appointed liquidator/insolvency manager.

Petroleumz Ltd. holds account number 26003010296/980 at OJSC
Farmer Land Joint-Stock bank, MFO 322432.

CONTACT:  PETROLEUMZ LTD.
          01011, Ukraine, Kyiv region,
          Leskov Str. 9

          Mr. Krikun V.
          Liquidator/Insolvency Manager
          Phone: 234-47-55

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


UKR-NAFTO-MASH: Bankruptcy Proceedings Start
--------------------------------------------
The Economic Court of Kyiv region declared LLC Ukr-Nafto-Mash
(code EDRPOU 30313852) insolvent and introduced bankruptcy
proceedings on June 17, 2004.  The case is docketed as 43/82.
Arbitral manager Mrs. Dorohova T. (License Number AA 668332
approved on October 22, 2003) has been appointed
liquidator/insolvency manager.

Ukr-Nafto-Mash holds account number 26008822 at JSPPB Aval,
Third Kyiv branch, MFO 322960.

CONTACT:  UKR-NAFTO-MASH
          04114, Ukraine, Kyiv region,
          Polupanov Str. 21

          Mrs. Dorohova T.
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Ahmatova Str. 11/180
          Phone: (044) 570-31-60, (044) 238-20-62
          Fax: (044) 238-20-62

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


ZLAGODA: Succumbs to Insolvency
-------------------------------
The Economic Court of Dnipropetrovsk region declared
Agricultural LLC Zlagoda (code EDRPOU 30190642) insolvent and
introduced bankruptcy proceedings on June 8, 2004.  The case is
docketed as B 29/19/04.  Mr. Shmal Volodimir has been appointed
liquidator/insolvency manager.

CONTACT:  AGRICULTURAL ZLAGODA
          53200, Ukraine, Dnipropetrovsk region,
          Nikopol district, Visoke

          Mr. Shmal Volodimir
          Liquidator/Insolvency Manager
          53210, Ukraine, Dnipropetrovsk region,
          Nikopol, Geroi Chornobilya Str. 61/18
          Phone: 2-33-26

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


ZORYA: Under Bankruptcy Supervision
-----------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on Agricultural LLC Zorya (code EDRPOU
03792295).  The case is docketed as 01/1211.  Mr. Gorbach Sergij
(License Number AA 250130) has been appointed temporary
insolvency manager.

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

(a)  AGRICULTURAL ZORYA
     19400, Ukraine, Cherkassy region,
     Korsun-Shevchenkivske,
     Simonenko Str. 42

(b)  Mr. Gorbach Sergij
     Temporary Insolvency Manager
     08720, Ukraine, Kyiv region,
     Ukrajinka, a/b 45
     Phone: 8 (067) 220-42-93

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

Agricultural LLC Zorya holds account numbers 26045370 and
26045369 at JSPPB Aval, Cherkassy regional branch.


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


ADVANCED AUTOMOTIVE: Special Winding up Resolution Passed
---------------------------------------------------------
At an Extraordinary General Meeting of the Advanced Automotive
Design Limited Company on July 5, 2004 held at John Gordon
Walton & Co, Yorkshire House, Greek Street, Leeds LS1 5ST, the
subjoined Special Resolution to wind up the company was passed.
Richard John Brown of John Gordon Walton & Co, Yorkshire House,
Greek Street, Leeds LS1 5ST has been appointed Liquidator for
the purpose of such winding-up.

CONTACT:  JOHN GORDON WALTON & CO
          Yorkshire House
          Greek Street,
          Leeds LS1 5ST
          Liquidator:
          Richard John Brown


AIM UNDERWRITING: In Administrative Receivership
------------------------------------------------
The Aim Underwriting Agencies (Ireland) Limited Company has
appointed Anthony James McMahon and Thomas Alexander Riddell as
joint administrative receivers.  The appointment was made July
2, 2004.  Underwriting agents runs the company.

CONTACT:  Anthony James McMahon
          Thomas Alexander Riddell
          (IP Nos 6662, 8969)
          8 Salisbury Square,
          London EC4Y 8BB


AUVERNIER LIMITED: Hires Liquidator from Gallaghers
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Auvernier Limited Company on June 30, 2004 held at Neathouse
Place, London SW1V 1BH, the Special and Ordinary Resolutions to
wind up the company were passed.  Robert Stephen Palmer of
Gallaghers, PO Box 698, 2nd Floor, Titchfield House, 69-85
Tabernacle Street, London EC2A 4RR has been appointed as
Liquidator of the Company for the purpose of the voluntary
winding-up.

CONTACT:  GALLAGHERS
          PO Box 698,
          2nd Floor, Titchfield House,
          69-85 Tabernacle Street,
          London EC2A 4RR
          Liquidator:
          Robert Stephen Palmer


AXIS LASER: Hires Tenon Recovery Administrator
----------------------------------------------
The Axis Laser Limited has appointed Dilip K Dattani and Patrick
B Ellward of Tenon Recovery as joint administrative receivers.
The appointment was made July 2, 2004.  The company is engaged
in laser cutting.

CONTACT:  TENON RECOVERY
          1 Bede Island Road,
          Bede Island Business Park,
          Leicester LE2 7EA
          Receivers:
          Dilip K Dattani
          Patrick B Ellward
          (IP Nos 007915, 008702)


BANAMEX INVESTMENT: Sets General Meeting August 20
--------------------------------------------------
Members of Banamex Investment Bank Plc will have a General
Meeting on August 20, 2004 at 10:15 a.m.  It will be held at
KPMG Corporate Recovery, 8 Salisbury Square, London EC4Y 8BB.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.  Proxies must be lodged with KPMG Corporate Recovery, 8
Salisbury Square, London EC4Y 8BB not later than 12:00 noon,
August 19, 2004.

CONTACT:  KPMG
          Corporate Recovery
          8 Salisbury Square
          London EC4Y 8BB
          Liquidator:
          P J Beirne
          A J McMahon


CETO ENVIRONMENTAL: Cash on Hand Not Enough to Pay Creditors
------------------------------------------------------------
Failed pollution-management business Ceto Environmental has not
enough money to fully pay debts worth around GBP2 million,
Europe Intelligence Wire says.

"We are looking, at best, at a few pence in the pound.  There is
the prospect of a final dividend," joint receiver Iain Bennet of
PricewaterhouseCoopers told the newswire Saturday.

The company went into receivership in January and Mr. Bennett in
March said that it had run out of money.  Ceto was sold out of
receivership earlier this year for an undisclosed sum to Welsh
company DV Howells, a spill-response, training and consultancy
company based in Milford Haven.

Ceto, which promised to create more than 200 jobs, had more than
20 employees when it went into receivership.  Most of its staff
were made redundant early in the receivership.  Mr. Bennett in
March said 6 people have worked out of the now-closed Aberdeen
head office.

Backed by trade and private investors, Ceto was established
years ago by a team of environmental protection experts.  The
firm had aimed to provide a range of counter-pollution services,
from preventative measures including consultancy and training,
to the management of incidents on land and at sea.


COMTAKE LIMITED: Names Receivers from Tait Walker
-------------------------------------------------
Gordon S Goldie and Allan David Kelly of Tait Walker have been
appointed joint administrative receivers for Comtake Limited
Company.  The appointment was made June 25, 2004.  The company
is engaged in site welding.

CONTACT:  TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Receivers:
          Gordon S Goldie
          Allan David Kelly
          (IP Nos 5799, 9156)


CRAUFURD ENGINEERING: Appoints Stoy Hayward Administrator
---------------------------------------------------------
The Craufurd Engineering Ltd Company has appointed Shay Bannon
and Antony David Nygate of BDO Stoy Hayward as joint
administrative receivers.  The appointment was made June 29,
2004.  The company manufactures metal structure.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Receivers:
          Shay Bannon
          Antony David Nygate
          (IP Nos 8777/01, 9237)


DEEDSCAN LIMITED: Names UHY Hacker Young Administrator
------------------------------------------------------
The Deedscan Limited Company has appointed Andrew Andronikou and
Ladislav Hornan as joint administrative receivers.  The
appointment was made July 2, 2004.

The company builds and decorates small works of art.  Its
registered office address is located at St Alphage House, 2 Fore
Street, London EC2T 5DH.

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


EASYJET PLC: Majority Shareholder Denies Selloff Reports
--------------------------------------------------------
Stelios Haji-Ioannou, majority shareholder of Easyjet plc, wrote
this letter to the company:

9th of July, 2004 5:40 p.m.

"Recent reports in the press have claimed that I am considering
(even 'seriously ' considering, according to one Italian paper)
taking easyJet private, and I wish to clarify the position on
this issue.

"While taking easyJet private is 'a possible option, but no
decision has been made yet', as my office confirmed to a
journalist a few days ago, frankly the media have read too much
into this.

"easyGroup and members of my family hold about 41% of the shares
in easyJet.  The easyJet share price has fallen substantially in
recent months, for various reasons, as have other airline
stocks.  Like any large shareholder in any company we are very
keen to protect our investments, and we keep our investment in
easyJet under review.  All sensible options are considered from
time to time.

"Taking easyJet private at this stage would, in my view, be
something of an extreme measure.  There are many other steps,
which could be considered before going private.  For example I
still have the contractual right to be Chairman of the Board of
easyJet, a position I voluntarily stepped down from a couple of
years ago and something I would only reclaim in extreme
circumstances.

"Therefore, contrary to some press reports, it is not a job that
I am after it is about protecting shareholder value.  My current
view is clear having discussed it with both the Chairman and the
Chief Executive of easyJet.  I wish to work with and support the
Board and senior management in order to protect and improve
shareholder value and I believe the Board will be taking
measures to achieve those ends.  There is no current plan on the
part of easyGroup and my family to take the Company private.

While we will continue to support the Board at this time, if
there were a further deterioration in the share price,
deviations from what we understand to be the Board's plans to
improve shareholder value or other material changes in
circumstances, we would obviously be free to take a different
line."

                            *   *   *

Easyjet said: "We welcome the statement of clarification and of
support."

CONTACT:  EASYJET PLC
          Toby Nicol
          Corporate Communications Manager
          Phone: 01582 525339


F J REEVES: In Administrative Receivership
------------------------------------------
HSBC Bank Plc called in Philip Andrew Revill and John Russell as
receivers for F J Reeves (Northern) Limited Company (Reg No
03070778).  The application was filed June 30, 2004.

CONTACT:  Philip Andrew Revill
          John Russell
          93 Queen Street
          Sheffield S1 1WF


FLAGMASTER LIMITED: Winding up Resolutions Passed
-------------------------------------------------
At an Extraordinary General Meeting of the Flagmaster U.K.
Limited Company on June 25, 2004 held at the offices of Begbies
Traynor, 1 Winckley Court, Chapel Street, Preston PR1 8BU, on 25
June 2004, the Special and Ordinary Resolutions to wind up the
company were passed.  Gordon Craig of Begbies Traynor has been
appointed Liquidator for the purpose of such winding-up.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street,
          Preston PR1 8BU
          Liquidator:
          Gordon Craig


FLEMING URALS: Final General Meeting Set August 16
--------------------------------------------------
The Final General Meeting of the Members of Fleming Urals
Investments Limited Company will be on August 16, 2004 at 11:0
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 August 13, 2004.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place,
          London SE1 2AF
          Joint Liquidator:
          P J Brazzill


INTELLIGENT MODULAR: Sets Creditors Meeting July 20
---------------------------------------------------
Creditors of Intelligent Modular Solutions Limited Company will
have a Meeting on July 20, 2004 at 2:30 p.m.  It will be held at
Holiday Inn Runcorn, Wood Lane, Beechwood, Runcorn WA7 3HA.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Chantrey Vellacott DFK, Russell Square House, 10-
12 Russell Square, London WC1B 5LF not later than 12:00 noon,
July 19, 2004.

CONTACT:  CHANTREY VELLACOTT DFK
          Russell Square House,
          10-12 Russell Square,
          London WC1B 5LF
          Joint Administrator:
          Kenneth William Touhey


IRTON HALL: Hires DTE Leonard Curtis Administrator
--------------------------------------------------
J M Titley and A Poxon have been appointed joint administrative
receivers for Irton Hall Cumbria Limited Company.  The
appointment was made July 6, 2004.

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


KADESH HOLDINGS: Sets General Meeting August 12
-----------------------------------------------
Members of Kadesh Holdings Limited Company will have a General
Meeting on August 12, 2004 at 2:00 p.m.  It will be held at 66
Shoe Lane, London EC4A 3WA.

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.


KENWAY WORKS: Special Winding up Resolution Passed
--------------------------------------------------
At an Extraordinary General Meeting of the Members of the Kenway
Works Limited Company on June 26, 2004 held at 1 Nelson Street,
Southend on Sea, Essex SS1 1EG, the Special Resolution to wind
up the company was passed.


KIDZ CARE: National Westminster Appoints Grant Thornton Receiver
----------------------------------------------------------------
National Westminster Bank plc called in Daniel R W Smith and
Robert H Pick of Grant Thornton receivers for Kidz Care Project
Limited Company (Reg No 04206779).  The application was filed
July 1, 2004.

CONTACT:  GRANT THORNTON
          22 Melton Street,
          Euston Square,
          London NW1 2EP
          Receivers:
          D R W Smith
          R H Pick


LONDON FORFAITING: Appoints KPMG Liquidator
-------------------------------------------
At an Extraordinary General Meeting of the London Forfaiting
Company U.K. Limited Company on June 25, 2004 held at Station
House, Station Court, Rawtenstall, Rossendale, Lancashire BB4
6AJ, the Special and Ordinary Resolutions to wind up the company
were passed.  Jeremy Simon Spratt and Stephen Treharne of KPMG
LLP, 8 Salisbury Square, London EC4Y 8BB have been appointed
Joint Liquidators for the purpose of such winding-up.

CONTACT:  KPMG LLP
          8 Salisbury Square
          London EC4Y 8BB
          Liquidators:
          Jeremy Simon Spratt
          Stephen Treharne


MARKS & SPENCER: Unveils First Part of Reorganization Plan
----------------------------------------------------------
Stuart Rose was appointed Chief Executive of Marks & Spencer on
31 May 2004.  Since then, the management team has undertaken an
extensive review of operations to identify those areas of the
business where performance can be improved.  This analysis is
continuing, but the early results of that work, together with
plans for the shape of the Group and its capital structure, are
covered below.

In two other releases made, Marks & Spencer announces first-
quarter trading results and the appointment of two new Non-
Executive Directors.

Highlights:

(a) Clear plans to improve the retail performance of the Group

    (i) Focus on core customers

   (ii) Ensure product provides quality, style and value

  (iii) Improve availability and range depth

   (iv) Launch a new brand campaign

    (v) Strengthen the management team

   (vi) Increase accountability

  (vii) Remove distractions

(b) Gross margin benefits and cost savings totaling GBP250
    million for 2005/06, rising to GBP320 million in 2006/07
    (see note 1 below)

(c) Acquisition of the per una business and brand

    (i) Profits from the acquired business (last year GBP17
        million, unaudited) will now fully accrue to Marks &
        Spencer

   (ii) Consideration of GBP125 million

(d) The sale of Money and partnering with HSBC in a business
    joint venture to manage and grow jointly this business and
    share in future profits

(e) Return of GBP2.3 billion to shareholders by way of a tender
    offer, equivalent to GBP1 per share

(f) Property portfolio valued by DTZ at GBP3.6 billion, GBP1.4
    billion above book value

Commenting on the plans, Stuart Rose, Chief Executive said:
"Marks & Spencer is a great business with a strong brand.
[This] announcement sees us re-focusing on our core retail
activities with an emphasis on delivering great product for our
25 million customers.  The business has substantial further
trading potential, which will be unlocked through a return to
the core values of quality, value, service, innovation and
trust.  Our aim is to give Marks & Spencer back to our
customers."

"We have announced plans for substantial margin benefits, cost
savings, the sale of Money together with the creation of a long-
term strategic relationship with HSBC in relation to this
business, the acquisition of per una and the return of GBP2.3
billion to our shareholders.  The Board is confident that these
measures, together with unlocking the retail potential of Marks
& Spencer, will deliver value significantly in excess of 400p
per share to our shareholders."

Note 1: Indicative benefits are stated relative to a base year
of 2003/04.  The benefits cannot be guaranteed and the actual
outturn might be higher or lower than indicated.  The benefits
do not reflect any change in overall sales performance or any
possible re-investment of some benefits in selling prices.  This
is not a profit forecast and nothing in this announcement should
be taken as such.

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

CONTACT:  MARKS & SPENCER GROUP PLC
          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

          Investors/analysts:
          Tony Quinlan
          Phone: +44 207 268 4195

          Damian Evans
          Phone: +44 207 268 1563

          Corporate Press Office
          Phone: +44 207 268 1919

          CITIGROUP
          Robert Swannell
          Ian Hart
          David James
          Phone: +44 207 986 4000

          MORGAN STANLEY
          Simon Robey
          Brian Magnus
          Mark Brooker
          Phone: +44 207 425 5000

          CAZENOVE
          David Mayhew
          Duncan Hunter
          Richard Wintour
          Phone: +44 207 588 2828

          TULCHAN
          Andrew Grant
          Kirstie Hamilton
          Katie Macdonald-Smith
          Phone: +44 207 353 4200


MARKS & SPENCER: Pension Fund Trustees to Invest in Bonds
---------------------------------------------------------
Marks and Spencer Group plc has asked the Trustees of the Marks
& Spencer Pension Scheme about the possible impact on the
pension fund of a deterioration in the creditworthiness of the
employer group.

The Trustees have on Monday responded by providing information
in relation to the possible implications of such a deterioration
on the investment policy of the fund.  The Trustees have stated
that they would be concerned as to any material weakening of the
Company's covenant and have said that, in such circumstances,
they would be bound to consider the adoption of a more
conservative investment strategy, involving a significant shift
into bonds.

The table below is an extract from information provided by the
Trustees showing the potential impact of moving equities into
bonds to lower the investment risk in the pension fund.  The
Trustees have stated that if they were to decide to change the
investment strategy, they would seek to agree with the company
any consequent change in funding arrangements so that the actual
funding patterns would not necessarily be the same as those
shown below.


Asset                40%        60%     70%     80%         100%
allocation         bonds       bonds   bonds   bonds
                     60%        40%     30%     20%        gilts
                 equities   equities  equities  equities
                 (2003                                valuation)

Past service
deficit
(after GBP400m   GBP185m  GBP550m   GBP850m  GBP1,050m GBP1,800m
lump sum)
On going
contribution
rate              15.8%     18%       20%       22%        28%

Annual ongoing
contributions
based on GBP500m
payroll          GBP80m    GBP90m    GBP100m    GBP110m  GBP140m

Deficit spread   12 years  8 years   5 years     5 or 3  3 years
over                                             years

Estimated total
annual Company
contributions   GBP105m   GBP180m    GBP290m  GBP350m or GBP785m
             (see note 1)                       GBP490m


(1)To be consistent with the rest of the table, the figure of
GBP105 million has been calculated assuming that the deficit of
GBP185 million is spread over 12 years.  The actual current
funding plan agreed between the company and the Trustees was for
an initial payment of GBP400 million, together with 9 payments
of GBP33 million a year from 2007 to 2015 to fund the remaining
GBP185 million deficit, in addition to the regular annual
contribution of GBP80 million.

Figures showing impact of moving equities into bonds are
available free of charge at
http://bankrupt.com/misc/MS_Table.htm.

CONTACT:  MARKS & SPENCER GROUP PLC
          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

          Corporate Press Office
          Phone: 020 7268 1919

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


MARKS & SPENCER: Like-for-like Sales Down 2.8% in First Quarter
---------------------------------------------------------------
U.K. Sales (including VAT) for the 14 weeks ended 10 July were:

                              14 weeks to
                               10th July
                            % on Last Year

                      Actual            Like-for-like

Clothing              -0.5
Home                  -12.8
                      ______               ______
General               -1.8                 -3.7
Food                  +3.9                 -1.5
                      ______               ______

Total                 +0.7                 -2.8
                      ______               ______

Approximately 10% more clothing was put into the summer sale
which started, as planned, five days earlier than last year.
When adjusting for the early timing of this event, underlying
clothing performance was -1.2%, showing a slight improvement to
the previous quarter (-2.5%).

Food like-for-like performance was in line with the previous
quarter (Q4 -1.4%), in a period when we were against
particularly strong comparatives (Q1 LY +8.1%).

Plans to improve the operational performance of the business
have been covered in a separate Press Release issued.

CONTACT:  MARKS & SPENCER GROUP PLC
          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

          Corporate Press Office
          Phone: 020 7268 8642

          Investors/ Analysts:
          Tony Quinlan
          Phone: +44 (0) 20 7268 4195

          Damian Evans
          Phone: +44 (0) 20 7268 1563


MARKS & SPENCER: Ratings Downgraded on Aggressive Strategy
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term corporate credit ratings on U.K.-based retailer Marks &
Spencer PLC (M&S) to 'BBB/A-2' from 'A/A-1', following the
group's announcement that it will return up to GBP2.3 billion
(US$4.3 billion) to shareholders in financial 2005.

The ratings remain on CreditWatch with negative implications,
where they were placed on May 28, 2004, reflecting the impact of
both a potential bid from Revival Acquisition Ltd. (a company
owned by retail entrepreneur Philip Green), and the possibility
that the group's financial policy might be more aggressive than
is factored into the current 'BBB/A-2' ratings, as demonstrated
by the group's intention to use future surplus cash flows to
pursue a share buyback program.

"The downgrade primarily reflects M&S' shift to a significantly
more aggressive financial policy following the group's intention
to return about GBP2.3 billion to shareholders," said Standard &
Poor's credit analyst Omar Saeed.

This is, however, partially offset by the group's decision to
divest a 50% stake in its financial services division for GBP762
million.  The decision follows the new management's strategic
review of the business and its financial strategy.

Although Monday's announcement, from a business risk
perspective, is considered broadly neutral in Standard & Poor's
view, the implications for the group's financial profile are
negative.  Pro forma for the return of capital and divestiture,
Standard & Poor's estimates the group's lease-adjusted funds
from operations (FFO; after cash exceptional costs) to net debt
(capitalized for operating leases, and pension deficits after
deferred taxes) and net debt (capitalized for operating leases
and pensions deficits) to EBITDAR (after cash operating
exceptional costs) will range between 20%-22% and 3.4x,
respectively, which reflects a significant deterioration from
55% and 1.4x, respectively, for the financial year ended April
3, 2004.

"Although M&S' pro forma debt measures are likely to be somewhat
weak for the ratings in financial 2005, the group's financial
profile is expected to improve, primarily as a result of
improved operating earnings from 2005-2006," said Mr. Saeed.

The improvements will be underpinned by additional cost savings
from the group's supply chain initiatives, in particular by the
renegotiation of buying terms, savings from lower fixed costs
achieved by a reduction in headcount, and closure of less
profitable stores.  The group may need to reinvest a proportion
of these savings into its price points and services in order to
remain competitive and spur sales growth in its nonfood
division.  In addition, the group envisages reducing its capital
expenditures by approximately 10% (GBP430 million in financial
2004), reflecting rationalization and/or halting a number of
peripheral initiatives such as the expansion of stand-alone
'lifestores' and limiting the expansion of its stand-alone
convenience food retail format 'Simply Food'.

"In the absence of a bid, to maintain its ratings M&S would need
to demonstrate its commitment to a financial profile consistent
with the current ratings, as defined by lease- and pension-
adjusted FFO to net debt and net debt to EBITDAR of about 25%
and 3.0x, respectively, in financial 2006," said Mr. Saeed.

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

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analyst E-mail Addresses
          omar_saeed@standardandpoors.com
          hugues_delapresle@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


MARKS & SPENCER: Appoints Two New Non-executive Directors
---------------------------------------------------------
Marks and Spencer Group plc is pleased to announce that Anthony
Habgood and Steven Holliday will be joining the Board of the
Company as non-executive directors on Thursday 15 July 2004.

Anthony Habgood, 57, is Chairman of Bunzl plc, a leading
distribution and manufacturing company.  Anthony is also a non-
executive director of S V G Capital plc.  He was educated at
Cambridge and Carnegie Mellon Universities.

Steven Holliday, 47, is an Executive Director of National Grid
Transco plc and CEO of its subsidiary, Transco.  Steven was
educated at Nottingham University and IMD.

Brian Baldock and Dame Stella Rimington, non-executive
directors, will be leaving the Board after the AGM.  Marks &
Spencer wishes to record its gratitude to them both for their
valuable contributions over a number of years.

Paul Myners, Chairman of Marks & Spencer said:

"We have made it clear that we wish to continue the evolution of
the Board.  We are delighted to welcome Tony and Steve, who
bring a wealth of business experience, including supply chain
management and business re-engineering.  We will make further
non-executive appointments in due course.  The Board would like
to express its appreciation to Brian and Stella for their advice
and counsel during their time as non-executive directors."

CONTACT:  MARKS & SPENCER GROUP PLC
          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

          Corporate Press Office
          Phone: 020 7268 8642


MINKRUN LIMITED: Hires Bartfields Limited Liquidator
----------------------------------------------------
At an Extraordinary General Meeting of the Minkrun Limited
Company on July 1, 2004 held at 1 St James' Gate, Newcastle Upon
Tyne NE1 4AD, the subjoined Special Resolution to wind up the
company was passed.  Gerald Maurice Krasner, of Bartfields (UK)
Limited, Burley House, 12 Clarendon Road, Leeds LS2 9NF has been
appointed Liquidator for the purpose of such winding-up.

CONTACT:  BARTFIELDS (U.K.) LIMITED
          Burley House
          12 Clarendon Road
          Leeds LS2 9NF
          Liquidator:
          Gerald Maurice Krasner


MT2000 LIMITED: Appoints R M T Administrator
--------------------------------------------
Anthony Alan Josephs and Linda Ann Farish have been appointed
joint administrative receivers for MT2000 (Extrusions) Limited
Company.  The appointment was made June 29, 2004.

MT200 manufactures plastics extrusions.  Its registered office
address is located at 3 Portland Terrace, Newcastle upon Tyne
NE2 1QQ.

CONTACT:  R M T
          3 Portland Terrace,
          Newcastle upon Tyne NE2 1QQ
          Receivers:
          Anthony Alan Josephs
          Linda Ann Farish
          (IP Nos AAJ 004179, LAF 009054)


NORFISH SEAFOODS: Special Winding up Resolution Passed
------------------------------------------------------
At an Extraordinary General Meeting of the Norfish Seafoods
Limited Company on July 1, 2004 held at 1 St James' Gate,
Newcastle Upon Tyne NE1 4AD, the subjoined Special Resolution to
wind up the company was passed.  Gerald Maurice Krasner of
Bartfields (U.K.) Limited, Burley House, 12 Clarendon Road,
Leeds LS2 9NF has been appointed Liquidator for the purpose of
such winding-up.

CONTACT:  BARTFIELDS (U.K.) LIMITED
          Burley House
          12 Clarendon Road
          Leeds LS2 9NF
          Liquidator:
          Gerald Maurice Krasner


NORTHUMBRIAN WATER: Convinces Ofwat of Funding Capacity
-------------------------------------------------------
Ofwat on Monday published its review into the financial position
of Northumbrian Water.  This follows Ofwat's position paper,
issued last August, after the company suffered a down-grading of
its credit quality immediately after its acquisition by
Northumbrian Water Group plc in May last year.

The review concludes that, since that time, the water company
has taken adequate steps to demonstrate both to the capital
markets and to Ofwat that it is able to raise finance to fund
future investment programs.

Northumbrian's credit rating has improved due to a number of
steps taken by the company including its success in obtaining a
10% real increase in its price limit for 2004-05 which has
improved its cash flow.

Ofwat remains concerned over the links between the debt
guaranteed by Northumbrian Water and other debt raised by its
parent company.  This potentially exposes customers to risks
arising outside of the regulated business.

The company believes that the risks are remote but Ofwat will
continue to monitor the position.  If Ofwat believes that the
risks have changed, we will expect the company to remedy the
position as a matter of priority.

In any event, the link will be eliminated in 2006 when the
parent company bond matures.  Northumbrian Water has confirmed
that, in accordance with its license, any new financial
arrangements will not result in any link between debt guaranteed
by the regulated company and any debt raised for purposes other
than the financing of the appointed business.

                            *   *   *

(a) The Director General of Water Services is the economic
    regulator of the water and sewerage companies in England and
    Wales.  He exercises his powers in a way that he judges will
    allow them to carry out their functions properly, and
    finance them.  WaterVoice represents customers' interests.

(b) Ofwat's review paper, Ofwat review of the financial position
    of Northumbrian Water Ltd., will be available from the Ofwat
    Web site on http://www.ofwat.gov.uk or from the Ofwat
    library on 0121 625 1373.

(c) Ofwat published its position paper, The completed
    acquisition of Northumbrian Water Ltd: A position paper by
    Ofwat, on the 19 August 2003.  This is available from the
    Ofwat Web site on http://www.ofwat.gov.ukor from the
    Ofwat library on 0121 625 1373.

(d) Northumbrian Water supplies water and sewerage services to
    more than one million customers in the north east of
    England, and water services to a further 730,000 customers
    in Essex and Suffolk.

(e) Following its acquisition by the Northumbrian Water Group
    (formerly Aquavit plc) last year, Ofwat modified the water
    company's license to ensure that its credit rating did not
    fall below investment grade.

CONTACT:  NORTHUMBRIAN WATER GROUP PLC
          Northumbrian House, Abbey Road
          Pity Me, Durham DH1 5FJ
          United Kingdom
          Phone: 44 845 717 1100
          Fax:   44 191 384 1920
          Web site: http://www.nwg.co.uk

          OFWAT
          Phone: 0121 625 1416/1496/1442
              Or 08700 555 500 water 503/509
          Web site: http://www.ofwat.gov.uk


PARKER DESIGN: Appoints Liquidator from K S Tan & Co
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the Parker
Design Engineering Properties Limited Company on July 5, 2004
held at 10-12 New College Parade, Finchley Road, London NW3 5EP,
the Extraordinary Resolution to wind up the company was passed.
Kian Seng Tan of K S Tan & Co, 10-12 New College Parade,
Finchley Road, London NW3 5EP has been appointed as Liquidator
for the purpose of the winding-up.

CONTACT:  K S TAN & CO
          10-12 New College Parade
          Finchley Road, London NW3 5EP
          Liquidator:
          Kian Seng Tan


PAUL FLETCHER: Owners Banned from Managing Any Business
-------------------------------------------------------
The couple, who own Paul Fletcher Haulage Limited that filed for
voluntary liquidation in May, has been banned from holding
directorships for five years, Europe Intelligence Wire reports.

The Insolvency Service says Paul and Annette Fletcher have
racked up GBP635,000 of debts while managing two business
ventures that both folded up.  The first business, PFH Trailers,
amassed an estimated GBP179,620 debt before filing for voluntary
liquidation on August 21, 2002.  The haulage business that
similarly went into voluntary liquidation on May 3 racked up
debts of GBP455,531.  Both businesses were run from premises at
King George Dock.

The regulator grounded the ban on the Company Directors
Disqualification Act 1986.  Aside from the prohibition against
holding any directorship, the couple cannot also manage any
business.  In coming up with its decision, the Insolvency
Service also noted that the couple failed to account properly to
HM Customs and Excise and the Inland Revenue for VAT, PAYE and
National Insurance contributions.  They also failed to preserve
or maintain proper records to show the financial position of PFH
Trailers.


POLYFRAME LIMITED: Hires Kroll Limited Administrator
----------------------------------------------------
The Polyframe (Holdings) Limited Company has appointed Neil
Andrew Brackenbury and Michael Joseph Moore of Kroll Limited as
joint administrative receivers.  The appointment was made July
6, 2004.  The company is engaged in other forms of services.

CONTACT:  KROLL LIMITED
          5th Floor, Airedale House,
          77 Albion Street,
          Leeds LS1 5AP
          Receivers:
          Neil Andrew Brackenbury
          Michael Joseph Moore
          (IP Nos 8269, 5562)


PUSH CONSULTANCY: Creditors Meeting Set Friday
----------------------------------------------
The Creditors Meeting of Push Consultancy Limited Company will
be on July 16, 2004 at 11:00 a.m.  It will be held at HKM LLP,
Devlin House, 36 St George Street, Mayfair, London W1R 9FA.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to HKM LLP, Devlin House, 36 St George Street,
Mayfair, London W1R 9FA not later than 12:00 noon, July 15,
2004.

CONTACT:  HKM LLP
          Devlin House,
          36 St George Street, Mayfair,
          London W1R 9FA
          Joint Administrator:
          Kirankumar Mistry


QUEENS MOAT: Sale this Week to Determine Future
-----------------------------------------------
A selloff deal to save debt-ridden hotel group Queens Moat
Houses is expected this week, Reuters reports citing sources
close to the process.

Bankers and the board worked overtime last week to agree on a
deal with potential buyers, which consists of U.S. investment
bank Goldman Sachs, Soros Private Equity, Pedersen Group U.K.,
and U.K. buyout firm Bridgepoint.  The last three are only
looking towards acquiring Queen's Moat German, British and Dutch
assets, respectively.

This was after senior lenders, agreed to a debt-for-equity swap.
Creditors, which hold about GBP613 million (US$1.13 billion) of
the company's debt, received 110 pence for every 1 pound of
debt.

The sticking point in the negotiation is the price of the
property.  Under Goldman Sachs' offer, junior debt holders --
who thought they could negotiate a better offer if the hotel's
property are sold separately -- stand to receive only 85p in the
pound, sources say.  Goldman has since raised its offer to 90p
and offered a penny a share to investors.  But according to the
report, once source said the offer was still at 85 pence.

The bankers, Morgan Stanley, and Close Brothers, which is
advising the junior debt holders, is trying to come up with the
best price.

The problem for the three other bidders is Goldman also owns
about 35% of Queens Moat's GBP240 million of junior debt.
Meaning, Goldman has a say on a possible sale.

Queen's Moat may fall into administrative receivership if the
parties could not agree.

Queens Moat was de-listed for two years beginning 1995 due to
problems in its finances.  It continues to operate but is
struggling amidst the slowdown in tourism after the September 11
terrorist attacks in the U.S.


ROLTECH LIMITED: Sets Creditors Meeting July 23
-----------------------------------------------
Creditors of Roltech Limited Company will have a Meeting on July
23, 2004 at 10:30 a.m.  It will be held at The Moat House Hotel,
Bar Hill, Cambridge CB3 8EU.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL
not later than 12:00 noon, July 22, 2004.

                            *   *   *

Roltech is a fast moving, customer-focused business specializing
in consumables for office, point-of-sales and other
applications.

We at Roltech pride ourselves on being at the forefront of
technology.  If you can't find a paper consumable, you will find
it at Roltech and with our ImagePlus assurance you are in safe
hands.

CONTACT:  ROLTECH LIMITED
          Norman Park
          Bar Hill
          Cambridge CB3 8SS
          Phone: +44 (0) 1954 780436
          Fax:   +44 (0) 1954 782757
          E-mail: sales@roltech.co.uk
          Web site: http://www.roltech.co.uk

          KPMG LLP
          2 Cornwall Street,
          Birmingham B3 2DL
          Joint Administrator:
          Mark Jeremy Orton


SPECS FOR LESS: Names Receiver from Barry Mitchell & Company
------------------------------------------------------------
Barry Gibson Mitchell has been appointed joint administrative
receiver for Specs For Less Limited Company.  The appointment
was made June 28, 2004.  Its registered office address is
located at 9 Market Street, Pontypridd, Rhondda Cynon, Taff CF37
2ST.

CONTACT:  BARRY MITCHELL & COMPANY
          Pentre Farm House,
          Mamhilad, Gwent NP4 0JH
          Receiver:
          Barry Gibson Mitchell
          (IP No 418)


STEEL MONKEYS: Head Sets Up New Outfit as Firm Nears Liquidation
----------------------------------------------------------------
Steel Monkeys head Derek McLennan has set up a new firm amid
rumors that the Glasgow-based computer-games developer has
closed shop, Europe Intelligence Wire reports.

Mr. McLennan registered the new firm called RedMitek Games with
the Companies House on June 24.  He is the only director of the
firm.  The registered address of RedMitek is understood to be
McLennan's home address in Prestwick.

"I'm not really up for talking at the moment, maybe next week.
RedMitek is a registered company but nothing has been
established yet," the newswire quoted Mr. McLennan as saying.

McLennan, along with two brothers, established Steel Monkeys in
1998.  According to the report, the company's Bath Street
headquarters remained deserted Friday.  Rumors have swirled the
firm will be put into liquidation soon.

The firm found initial success on the development of the "Bob
the Builder" game for BBC Worldwide.  The company also released
a racing game celebrating the 50th anniversary of the Chevrolet
Corvette.  Steel Monkeys was then considered one of the Scottish
games industry's brightest prospects.  However, it was hit hard
by the collapse of Liverpool software house Rage in 2002.  Steel
Monkeys developed the Rocky boxing game for Rage.  Mr. McLennan
said last year the games developer was heading for a GBP2
million turnover in 2003.  The firm has yet to file its accounts
for said year.


TURNER & NEWHALL: Watchdog Raises Red Flag on Pension Fund
----------------------------------------------------------
The U.K. pensions regulator has raised concerns regarding the
future of Turner & Newhall's Retirement Benefits Scheme, Reuters
reports.

The Occupational Pensions Regulatory Authority (Opra), said:
"There have to be grounds to be concerned; their [pension fund]
situation is not at all clear cut."

The GBP1.2 billion scheme has some 40,000 members who stand
losing in their contributions.  The T&N pension fund is one of
the largest in the U.K.  A meeting is scheduled next week to
discuss the situation, but Opra doubts a solution could be
reached.  Turner & Newhall's owner, Federal-Mogul, which bought
the car parts supplier in 1998, is under Chapter 11 in the U.S.
and in administration in the U.K. since 2001.

Opra said it was "unclear whether the British regulator can
force a foreign firm to honor its U.K. pension commitments".

A spokesman for Federal-Mogul in London assured there are
regular contributions to the fund, and that it is meeting
minimum regulatory requirements.

According to the report, while it is not clear whether the fund
has a deficit, John Ralfe, an independent pensions consultant,
said: "A look at FTSE 100 company schemes shows that the average
level of deficit is around 20%."

The Scheme will not be able to benefit from Pension Protection
Fund being introduced by the government because the measure is
not retroactive.


* Regulator Declares 16 Firms in Default
----------------------------------------
The Financial Services Compensation Scheme (FSCS) is encouraging
consumers who may have lost money as a result of their dealings
with any one of 16 firms recently declared in default by the
Scheme to get in touch.

Declaring a firm in default opens the way for anyone who has
lost money, as a result of dealings with such a firm, to make a
claim for compensation to FSCS.  The limit for investment
compensation is GBP48,000.  Consumers who believe they may have
a claim, should contact the Scheme on 020 7892 7300.  The
service is free to consumers.

"The Scheme plays an important role in providing a fund of last
resort for consumers who have lost money and have nowhere else
to turn," says Ron Devlin, Interim Chief Executive of the FSCS.
The declaration of default is the final part of a process
whereby a regulated firm (for example, an independent financial
adviser) is deemed by FSCS to be unable to pay claims for
compensation against it.  This is usually because it has
insufficient assets, for example, because it has ceased trading
or is insolvent.

FSCS is the U.K.'s statutory single compensation scheme covering
investments, deposits and insurance.  It provides a safety net
for consumers who have claims against regulated firms that are
unable to pay them.

A list of the 16 investment firms is attached, and a list
containing the full address of each of the firms is available at
http://fscs.org.uk. Consumers can also use the default database
on the Web site to check to see if a firm they have dealt with
previously has already been declared in default.

FSCS became the single compensation scheme in the financial
services sector on December 1, 2001, when the Financial Services
and Markets Act came into force.  All previous compensation
schemes, including the Investors Compensation Scheme, ceased to
operate at this time.

                  Default Declarations by FSCS
                        July 6, 2004

East
(a)  Julie Ann Lancaster trading as Breckland Insurance Brokers,
     Brandon, Suffolk IP27 0AA

Midlands
(a)  Heartland Independent Advisers Limited, Birmingham B1 1LX

North
(a) Alan Hall trading as ATA Financial Services, North Shields
    NE29 8BG

(b) Bowland Financial Management Limited (in liquidation),
    Nelson BB9 6DX

(c) Donne Insurance & Financial Services Limited, Leeds LS7 2JF

(d) Richard Matkin, formerly trading as Albion Investment
    Management, Sunderland SR2 8RW

(e) Tony O'Neill Insurance Brokers, Macclesfield SK10 2DT

South East (including London)
(a) Anglo-Zurich Finance Company Limited trading as Canworth
    Financial Services, London SW1E 5JL

(b) Buckingham Personal Financial Planning Limited, Kent BR7
    5QA

(c) Darley Insurance Consultants Limited, Kent BR1 4BY

(d) Ivor Cradock, formerly trading as Cradock Financial
    Services, London W13 0LH

(e) North London Insurance (Life & Pensions) Consultants
    Limited, London N11 2HN

(f) Pharos Financial Services Limited, Dover CT17 0ST

South West
(a) Bureau of Corporate & Executive Planning Ltd, Weston-Super-
    Mare BS23 1JY

(b) Clive Lewis, formerly trading as Clive Lewis & Partners,
    Frome BA11 1DH

(c) Reginald Smith & Perry Kinnair trading as P & R Insurance
    Services, Swindon SN1 4AS

CONTACT:  FINANCIAL SERVICES COMPENSATION SCHEME
          7th Floor, Lloyds Chambers,
          1 Portsoken Street,
          London E1 8BN, United Kingdom
          Phone: +44 (0)20 7892 7300
          Fax: + 44 (0)20 7892 7301
          Web site: http://www.fscs.org.uk

          Press Enquiries
          Contact:
          Suzette Browne
          Phone: 020 7892 7372
          E-mail: Suzette.Browne@fscs.org.uk
          Heather Tilston
          Phone: 020 7892 7370
          E-mail: H.Tilston@fscs.org.uk


                            *********


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

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

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

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