TCREUR_Public/040719.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, July 19, 2004, Vol. 5, No. 141

                            Headlines

B U L G A R I A

AIR DOBRUDJA: Court Kicks off Second Phase of Bankruptcy


F R A N C E

ALSTOM SA: Partners with Chinese Steam Turbine Manufacturer


G E R M A N Y

GROHE AG: Vodafone's David Haines to Replace Retiring Chairman
PEGUFORM: Downsizing Operations to End Two-year-old Insolvency
PFLEIDERER AG: Books Two More Orders for Rail Track Systems


G R E E C E

FAGE DAIRY: Downgraded to 'BB-' on 'Weakened Profitability'


I R E L A N D

AER RIANTA: Breakup Will Not Trigger Bond Repayment, S&P Says


I T A L Y

PARMALAT FINANZIARIA: BofA Cuts Exposure to US$34 Million


K Y R G Y Z S T A N

AK-TILEK: Sets Public Auction July 23
ELEKTROTERM: To Auction Assets Tomorrow
GALANT: General Meeting of Members Set July 29
KARA-SUU: Sets Creditors Meeting July 29
KYRGYZ-AGRO-PROM-BANK: Public Auction Today
KYRGYZ-SHAMPAN: Sets Public Auction July 23
SEVERNAYA PMK: Public Auction of Assets July 27


L U X E M B O U R G

EVRAZSECURITIES SA: Proposed US$200 Mln Notes Receive 'B' Rating


N E T H E R L A N D S

IMPRESS HOLDINGS: EUR251 Million Bank Loan Upgraded to 'B+'


N O R W A Y

AKER KVAERNER: Opens Operational Center in Ireland


R U S S I A

CREDITTRUST: Liquidation Certain as Central Bank Voids License
DOROGOBUZHSKY BAKERY: Proofs of Claim Deadline August 17
DROSKOVO: Orel Court Appoints Insolvency Manager
GUTA BANK: Takeover by Vneshtorgbank Gets Regulator's Nod
KURSK-AGRO-MASH: Kursk Court Sets October 20 Hearing

PROM-ENERGO-MONTAZH: Bankruptcy Proceedings Start
SEROVSKAYA WOOD: Sets Deadline for Proofs of Claim
SPETS-NEFTE-GAZ-MONTAZH: Declared Insolvent
TEPLO-OGAREVSKY: Deadline for Proofs of Claim August 17
TYUMENSKIYE AIRLINES: Selling Buildings Today
YUKOS OIL: Khodorkovsky Rigged the Apatit Auction, Says Witness


S W I T Z E R L A N D

CLARIANT AG: Sells Non-core Chemical Unit for CHF32 Million
FLIGHTLEASE AG: Third-class Creditors to Get Up to 5.4% Dividend
SWISS AIR: Third-class Creditors to Receive Up to 7.3% Dividend


U K R A I N E

A FACTOR-200: Under Bankruptcy Supervision
BERSHAD' RAJAGROHIM: Proofs of Claim Deadline August 1
EUROIZOL-EAST: Court Names Temporary Insolvency Manager
KODER: Court Orders Debt Moratorium
KREMENETS' BREAD: Court Orders Bankruptcy Supervision

LOZUVATSKA: Bankruptcy Supervision Begins
NOVA: Court Appoints Temporary Insolvency Manager
PYATKIVSKE: Declared Insolvent
SHAHTARSKAGROTEHNIKA: Proofs of Claim Deadline August 1


U N I T E D   K I N G D O M

A2 SECURITY: Creditors Meeting Set July 21
A & B SPECIALIST: Calls in Liquidator
AMC NETWORK: Meeting of Creditors Fixed July 21
ARA DEVELOPMENTS: Names Liquidator from Begbies Traynor
ARCHWAY SHOPFITTING: Creditors to Meet July 21

ARTICULATED VEHICLE: Sets Members Final Meeting August 18
BAKER ALMOND: Arbuthnot & Latham Appoints Receiver
BANK OF WALES: Final Meeting Set August 19
BAXTER RESOURCING: Hires Bridgestone Administrator
BOILER WORKSHOP: Sets July 21 Creditors Meeting

CAPITAL FURNITURE: Fixes Meeting of Creditors July 21
CARIER ROLLMASTER: Winding up Resolutions Passed
CLEVELAND DEPUTISING: Sets Members General Meeting August 23
CMR ARCHITECTURAL: Creditors Set to Meet July 21
DIGITALTHINK LIMITED: Appoints KPMG Liquidator

DOWNTEX PLC: Hires Begbies Traynor Administrator
DURHAM OFFICE: Names Marchands Associates LLP Administrator
EQUITABLE LIFE: Pensioners Pursue Claim for Compensation
FORD FULFORD: In Administrative Receivership
FRASER MANUFACTURING: Receiver Picks Management Buyout Team

GENERAL MOTORS: Names Liquidators from KPMG
HAMPTON ENGINEERING: Calls in Liquidator
JARVIS PLC: Dispels Rumor of Accommodation Services Selloff
JAVELIN PRINTING: Names Receivers from Smith & Williamson
JOHN DAVID: To Continue Overhauling Loss-making Operations

LANKASTER COACHWORKS: Sets Creditors Meeting July 29
LOCK, STOCK: Hires Receivers from Begbies Traynor
MARKS & SPENCER: Philip Green Withdraws Offer
MARKS & SPENCER: Welcomes Philip Green's Retreat
MARKS & SPENCER: Ratings Affirmed; Off CreditWatch

MATREC LIMITED: Sets Members Final Meeting August 16
MAX ULLAH: General Meeting Set August 16
MINEMET-ENTORES: General Meeting of Members Set August 16
NETWORK RAIL: Govt Guarantees Funding Well Past SRA Liquidation
NETWORK RAIL: CP Program to Benefit from S.R.A. Deal, Fitch Says

NETWORK RAIL: MTN Program Affirmed After Rail Review
NORMAN LODGE: Winding up Resolutions Passed
PACEPACKER LIMITED: Appoints T H Associates Administrator
PRIDEWOOD ENTERPRISES: Special Winding up Resolution Passed
SIXPACK LIMITED: Calls in Liquidator

TELEWEST COMMUNICATIONS: Completes Financial Restructuring
TRILOGY FINANCIAL: Hires Liquidators from Robson Rhodes
TRIZECHAHN PLC: Appoints PricewaterhouseCoopers Liquidator
WH SMITH: Pensioners Demand Senior Creditor Treatment


                            *********


===============
B U L G A R I A
===============


AIR DOBRUDJA: Court Kicks off Second Phase of Bankruptcy
--------------------------------------------------------
The district court in Dobrich, Bulgaria declared Air Dobrudja
OOD bankrupt, thus terminating the company's operations and
freezing its property.

Troubled Company Reporter Europe, on June 25, said bankruptcy
proceedings were opened against Air Dobrudja in November due to
debts amounting to almost BGN4 million.  This includes a BGN1.2
million outstanding payment on the privatization contract, which
includes forfeits and interests.   Receiver Yanko Stoyanov
initiated the second part of the bankruptcy proceedings, after
no rehabilitation plan was drawn out for the troubled carrier.


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


ALSTOM SA: Partners with Chinese Steam Turbine Manufacturer
-----------------------------------------------------------
Alstom S.A. signed a Joint Venture Frame Agreement with Beijing
BEIZHONG Steam Turbine Generator Co., Ltd. (BSTG), a subsidiary
of Beijing JingCheng Machinery Electric Holding Co., Ltd (JCH),
outlining a cooperative approach to develop an effective long-
term business relationship, concerning the manufacture of 600 MW
class steam turbines and generators.

This planned Joint Venture focuses on the manufacturing of sub-
critical and supercritical steam turbine generator technology.
Alstom will hold 60% and JCH/BSTG 40% of this Joint Venture.
The full Joint Venture will cover sales, project management,
procurement, manufacturing, commissioning and service, and will
benefit from the transfer of Alstom's relevant steam turbine
technology.

Alstom enjoys a strong market leadership position in steam
turbine technology, having installed efficient and reliable
solutions all over the world.  BSTG is a well-established
Chinese steam turbine and generator manufacturer, operating in
the 300 MW class under an Alstom license.  Both parties have a
clear strategy in becoming major long-term players and suppliers
in the Chinese high-tech steam turbine and generator technology
markets.

Patrick Kron, Alstom's Chief Executive Officer, expressed during
the signing ceremony in Beijing the importance of this
partnership for Alstom, reiterating that: "The signing of this
Framework Agreement marks a key milestone in the establishment
of strategic partnership with Chinese companies.  The
partnership allows us to provide more competent power generation
solutions for the booming power market of China.  This
reinforces our commitment to be a long-term, dedicated partner
of China in the construction of the country's power
infrastructure."

CONTACT:  ALSTOM S.A.
          25, Avenue Kleber
          75795 Paris
          Cedex 16, France
          Web site: http://www.alstom.com

          Press relations:
          G. Tourvieille
          Phone: +33 1 47 55 23 15
          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


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


GROHE AG: Vodafone's David Haines to Replace Retiring Chairman
--------------------------------------------------------------
David Haines will become the new Chairman of the Management
Board and CEO of Grohe effective September 1, 2004.  He will be
proposed for appointment to this position in the supervisory
board shortly.

From 2000 David Haines served in a number of executive positions
at Vodafone Group, the world's leading mobile phone company.
His most recent position was that of Global Marketing Director
in charge of worldwide marketing, brand management, the Vodafone
live service, as well as customer service and sales.

Mr. Haines was instrumental in making Vodafone one of the
world's ten most valuable brands.  Most recently he developed
and implemented Vodafone's successful "How are you campaign",
launched Vodafone live in 16 countries and was responsible for
the Group's Top 500 customers.  The successful Formula 1
cooperation between Ferrari and Vodafone was also developed and
managed by David Haines who is a board member of the F1
commission.

"David Haines is the ideal candidate to be the new CEO of Grohe.
He combines marketing competence with outstanding operational
expertise.  Being one of the most renowned and successful
marketing managers worldwide, Mr. Haines is an expert in
building and developing global brands.  He has demonstrated a
strong understanding of the needs and requirements of different
markets and consumers throughout the world.  At the same time,
David Haines knows how to further improve the competitiveness
and operating position of a company.  He will ensure Grohe's
status as an independent company going forward," said Stephen
Peel, a Partner with Texas Pacific Group (TPG), speaking on
behalf of the investor group.

"Prior to joining Vodafone, David Haines served as Chief
Operating Officer at Coca Cola Germany, where he was in charge
of the operating business with a turnover of approximately EUR4
billion and the organization of nine licensees.  From 1989 to
1999 David Haines held a number of executive positions at Mars
Incorporated, including European Marketing Director Master
Brands Europe, CEO Masterfood Sweden and Vice President Mars
Russia where he demonstrated both his marketing and turnaround
skills.

"Apart from being the leading global brand for high-quality
sanitary products and systems, the largest sanitary equipment
manufacturer in Europe and the largest exporter of bathroom
fittings worldwide, Grohe is also a high-tech enterprise
committed to the highest standards of quality coupled with
innovative and award-winning designs," says Mr. Haines.

"We will build on this competence as we move forward.  I am
really looking forward to this challenge and I am pleased to be
returning to my family's home country."

Mr. Haines will succeed Peter Korfer-Schun who has served on the
Grohe Management Board for 13 years and will join the company's
Supervisory Board following his retirement from the helm of the
company.

TPG and CSFB Private Equity acquired Grohe from BC Partners
Funds by a transaction signed several weeks ago.  Speaking on
behalf of CSFB Private Equity, Managing Director Colin Taylor
said: "We are pleased that our investment in Grohe has now
closed and look forward to working with David and the management
team to take Grohe to the next level.  Grohe's management and
employees can look forward to a great future.  With the combined
resources that CSFB Private Equity and TPG bring to the company,
we plan to continue Grohe's successful strategy of driving the
profitable growth of both the company's business and exceptional
brand assets."

Citigroup, CSFB and Lansdowne Capital advised TPG and CSFB
Private Equity on the transaction.

                            *   *   *

TCR-Europe reported in June that Standard & Poor's Ratings
Services placed its long-term 'BB-' corporate credit rating on
Grohe on CreditWatch with negative implications, following the
announcement that it will be acquired by a consortium led by two
financial investment companies.  At the same time, the 'B'
senior unsecured rating on Grohe's EUR200 million bond was also
placed on CreditWatch with negative implications.

"The CreditWatch placement reflects Standard & Poor's concerns
that GROHE's financial profile might no longer be adequate for
the 'BB-' rating, following the announcement on May 29, 2004,
that a consortium led by Texas Pacific Group and Credit Suisse
First Boston Private Equity will purchase the company from BC
Partners through a secondary buyout," said Standard & Poor's
credit analyst Eve Greb.

CONTACT:  GROHE AG
          Corporate Communication
          Dr. Bernd Buhmann
          Phone: +49 2372 932421

          TPG
          Owen Blicksilver Pr Inc.
          Owen Blicksilver
          Phone: +1 516 742 5950

          CSFB PE
          Franziska Scheele
          Phone: +44 20 7888 6499


PEGUFORM: Downsizing Operations to End Two-year-old Insolvency
--------------------------------------------------------------
Peguform, the German manufacturer of plastic parts for vehicle
interiors, plans to cut 700 jobs in the next six months to
guarantee its survival, Frankfurter Allgemeine Zeitung says.

The group has been insolvent since October 2002 and is set to
trim down its workforce by 500 to 1,100 at its Botzingen
headquarters.   Peguform employs around 5,500 at seven German
production plants and 12,000 worldwide.  The company's
insolvency trustee said Wednesday the remaining employees would
see their salaries cut and their working hours increased.  He
aims to sell the company by the end of 2004.


PFLEIDERER AG: Books Two More Orders for Rail Track Systems
-----------------------------------------------------------
During the last few weeks, Pfleiderer track systems, an
affiliate of SDAX-listed Pfleiderer AG (ISIN DE0006764749)
specializing in innovative rail track systems, won two more
major orders, thereby further extending its international
business.

The latest project success is a contract to supply more than
500,000 concrete sleepers to Turkey.  The order is worth a good
EUR20 million.  The sleepers will be used in the modernization
of the Ankara-Eskischir rail link, the first phase of the
Ankara-Istanbul Railway Rehabilitation Project in which the
Turkish Government is driving forward the expansion of its local
rail network.

Pfleiderer track systems will be supplying type B 70 sleepers
directly from its Romanian plant in Buzau and its Hungarian
plant in Labatlan.  Turkey will receive delivery of the first
production batch of around 20,000 sleepers in July 2004 from the
company's plant in Coswig, in Saxony, Germany.  The order means
that Pfleiderer track systems' two plants in Romania and Hungary
will be working at full capacity for the next 15 months.

Winning this order means that Pfleiderer track systems has
managed to gain a foothold in an additional international
market.  The Turkish market is characterized by long-term
planning involving state support and European funding, offering
lucrative opportunities for further business growth.

In India, Pfleiderer track systems recently entered into a joint
venture agreement with the Indian company Patil Rail
Infrastructure Ltd.  Part of the Indian Patil Group based in
Secunderabad, Patil Rail Infra-structure Ltd has production
plants in Bangladesh, Uzbekistan, Malaysia, Indonesia, and with
an annual production capacity of around 1 million rail sleepers
is India's biggest producer of railway sleepers.  The company
also provides other rail infrastructure related products and
services such as engineering, track bindings or turnouts.

The first project of the new joint venture company trading as
Patil-Pfleiderer track systems P.L. will be to participate in
the construction of the 300-kilometers-long Jammu-Udhampur-
Srinagar rail link.  Numerous tunnels up to 11-kilometers long
will have to be built in the high and mountainous Kashmir-
region.

Together with its Indian partner, Pfleiderer track systems will
provide complete solutions based on its Solid Track technology.
In particular, the RHEDA 2000(R) monolithic track system
developed by Pfleiderer will be used in this project.  In August
2003 a test stretch was set up using only the simplest of
surveying technology -- proving that it was possible to achieve
the same level of precision as comparable European projects.

In China, too, Pfleiderer track systems is expanding its
presence.  In May this year, a second Competence Center for Rail
Technology was opened in China together with the turnout
supplier BWG and Siemens Transportation Systems -- Pfleiderer's
two partners in the German High-Speed Initiative set up in 2003.

This follows on from a first office set up in the southern
Chinese growth region of Guangdong, where the local authority is
driving forward development of a modern intercity rail network.
The new office in the capital of Peking will offer competent
consultancy and advisory services to the Chinese Railways
Ministry.  The aim of the German High-Speed Initiative is to use
German Rail's know-how in the high-speed area for planned long-
distance projects in China.

Pfleiderer Track Systems

Pfleiderer track systems (http://www.pfleiderer-track.com)is a
one-stop supplier providing innovative, state-of-the-art sleeper
systems for rail networks.  The company covers all phases of
production, from engineering to manufacture, supply, logistics
and quality management -- for all types of rail tracks with
substructures based on split, asphalt or concrete foundations.

With over 50 years of know-how and an annual production in
excess of 1.7 million concrete sleepers and over 500,000 meters
of turnouts, together with sales of around EUR130 million,
Pfleiderer track systems is Germany's market leader.  With ten
plants in Germany, Spain, Holland, Hungary, Romania and Taiwan
and its comprehensive state-of-the-art know-how, Pfleiderer
track systems is a powerful and reliable partner.

Pfleiderer AG

Now focused on its Business Centers Engineered Wood and
Infrastructure Technology, SDAX-listed Pfleiderer AG (ISIN
DE0006764749; http://www.pfleiderer.com)is a leading European
system supplier for engineered woods, surface finished panels,
rail sleeper technology and a vast range of poles and towers.
The company employs 5,200 people at 18 sites in six countries
and has sales of EUR1 billion.

                            *   *   *

Fitch rates Pfleiderer's short-term credit 'B'.

CONTACT:  PFLEIDERER AG
          Neumarkt
          Corporate Communication
          Alexandra Klemme
          Ingolstadter Strabe 51
          D-92318 Neumarkt
          Phone: + 49 (0) 91 81 / 28 8044
          Fax: + 49 (0) 91 81 / 28 606
          E-mail: alexandra.klemme@pfleiderer.com

          PFLEIDERER TRACK SYSTEMS
          Marketing
          Hedwig Blomeier
          Ingolstadter Strabe 51
          D-92318 Neumarkt
          Phone: + 49 (0) 9181 / 28 693
          Fax:   + 49 (0) 9181 / 28 514


===========
G R E E C E
===========


FAGE DAIRY: Downgraded to 'BB-' on 'Weakened Profitability'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Greece-based dairy company Fage Dairy
Industry S.A. to 'BB-' from 'BB'.   The outlook is stable.

"The downgrade reflects Fage's weakened profitability, prompted
by steadily increasing fixed management costs over the past
three years and a more aggressive funding policy," said Standard
& Poor's credit analyst Vincent Allilaire.  At the end of March
2004, the company had net debt of EUR95 million.

The stable outlook is underpinned by Standard & Poor's
expectation that the company's net debt will remain broadly
stable at constant currencies.  In particular, any future
increase in management costs, upstream funding, or dividend
distributions is expected to remain in line with earnings and
cash flow performance.

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


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


AER RIANTA: Breakup Will Not Trigger Bond Repayment, S&P Says
-------------------------------------------------------------
Standard & Poor's Ratings Services on Thursday affirmed its 'A'
long-term and 'A-1' short-term corporate credit ratings on
Ireland-based airport company Aer Rianta.  The outlook is
negative.  At the same time, Standard & Poor's affirmed its 'A'
long-term senior unsecured rating on Aer Rianta Finance PLC's
EUR250 million bond, which is guaranteed by Aer Rianta.

The affirmation follows the political approval (subject to
Presidential signature) of a new airport bill that will enable a
restructuring of Aer Rianta, creating two new separate entities,
one of which will own Shannon Airport and the other Cork
Airport.

"The implementation of the restructuring could take more than a
year and the credit quality of the "new" Aer Rianta will only
become apparent as new regulatory tariffs are proposed and its
business plan developed," said Standard & Poor's credit analyst
Jan Willem Plantagie.  The continuing State ownership of Dublin
Airport, a key Irish infrastructure asset used by 15.1 million
passengers in 2003, is positive, and the business position of
the new company is expected to remain very strong.  Potential
future competition from Shannon or Cork is expected to be
limited and these two airports contribute little cash flow at
present.

Standard & Poor's expects the "new" Aer Rianta to retain about
EUR420 million of its current EUR479 million debt, including the
Eurobond and European Investment Bank (EIB) loans.  Standard &
Poor's does not expect the restructuring to result in an
immediate requirement to repay the Eurobond and/or the EIB
loans.  Key issues for future credit quality, which cannot yet
be assessed, are regulation, tariffs, and political
interference.

"Uncertainty surrounds the company's future credit profile.  The
competitive position is expected to remain strong, but the
outcome of the expected regulatory regime will be key for the
ratings," added Mr. Plantagie.  "Furthermore, any decision to
approve an independent terminal at Dublin Airport could be
detrimental to credit quality."


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


PARMALAT FINANZIARIA: BofA Cuts Exposure to US$34 Million
---------------------------------------------------------
Bank of America's exposure to Parmalat now stands at US$34
million down from US$600 million, according to Europe
Intelligence Wire.  The bank set aside US$84 million in its
second-quarter accounts as provision for its outstanding loans
to the troubled dairy group, the newswire said, citing Il Sole
24.

The bank is facing a possible lawsuit by Parmalat administrator
Enrico Bondi, who is reportedly just waiting for the right
moment to file the case.  He has accused the bank of seizing
hundreds of millions of dollars, which Parmalat had deposited as
loan collateral, just moments before the group filed for
insolvency proceedings in December.  It is thought that Mr.
Bondi's most likely move will be to file a lawsuit against BofA
in the United States.


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


AK-TILEK: Sets Public Auction July 23
-------------------------------------
The bidding organizer and insolvency manager of agricultural
seed-farming cooperative, Ak-Tilek set the public auction of the
firm's properties on July 23, 2004, 11:00 a.m. (local time).  It
will be held at Chui District, Chui, Ibraimova str. 27, Building
of the Chui local government.  Up for sale are three lots of
customer service houses, fruit garden and cistern.

Preliminary examination and reception of bids are done from 9:00
a.m. to 4:00 p.m.  The list of documentary requirements for
participants is available at Bishkek, Toktogula Str. 212/3.  To
participate, bidders must deposit an amount equivalent to 10% of
the starting price to the cashier of Ak-Tilek.  For more
details, call (0-517) 73-67-29.


ELEKTROTERM: To Auction Assets Tomorrow
---------------------------------------
The bidding organizer and insolvency manager of OJSC Elektroterm
set the public auction of the firm's properties on July 20,
2004, 12:00 noon (local time).  It will be held at Karabalta,
Kojomberdieva Str. 3.  Up for sale are eight construction lots
with wagon house, equipment, finished goods, unfinished
production and state commercial stocks located at Karabalta,
Kojomberdieva Str. 3.

Preliminary examination and reception of bids are done until
today, July 19, 2004 at Karabalta, Kojomberdieva Str. 3.  The
list of documentary requirements for participants is also
available in the same address.  To participate, bidders must
deposit an amount equivalent to 10% of the starting price.


GALANT: General Meeting of Members Set July 29
----------------------------------------------
The general meeting of the creditors of Galant will be on July
29, 2004, 10:00 a.m.  It will be held at Jalal-Abad, Panfilova
Str. 34.   Those who are interested to join must submit their
proofs of claim to the insolvency manager by July 22, 2004.
Representative must have authorization to vote.

The Arbitration Court of Jalal-Abad region commenced bankruptcy
supervision procedure on Galant on October 16, 2002.  The case
is docketed as #A02-279/99 c4.  Mr. Smat Toktoyev was appointed
temporary insolvency manager on April 2, 2004.

CONTACT:  Mr. Smat Toktoyev
          Temporary Insolvency Manager
          Phone: (0-37-22) 5-18-51, 5-00-45


KARA-SUU: Sets Creditors Meeting July 29
----------------------------------------
Creditors of agricultural farm Kara-Suu will meet on July 29,
2004, 11:00 a.m.  The meeting will take place at Jalal-Abad,
Panfilova str. 34.  Those who are interested to join must submit
their proofs of claim to the insolvency manager not later than
11:00 a.m., July 22, 2004.  Representatives must have
authorization to vote.

The Arbitration Court of Jalal-Abad region commenced bankruptcy
supervision procedure on Kara-Suu on October 8, 2002.  The case
is docketed as #A02-376/99 c2.

CONTACT:  Mr. Smat Toktoyev
          Temporary Insolvency Manager
          Phone: (0-37-22) 5-18-51, 5-00-45


KYRGYZ-AGRO-PROM-BANK: Public Auction Today
-------------------------------------------
The bidding organizer and insolvency manager of joint-stock
commercial Kyrgyz-Agro-Prom-Bank will auction the firm's
properties today, 10:00 a.m. (local time).  It will be held at
Kyrgyzstan, Bishkek, Chui Ave. 114.  Up for sale are six lots of
fabrics.  For more details, call (0-312) 66-05-82, 25-59-66.


KYRGYZ-SHAMPAN: Sets Public Auction July 23
-------------------------------------------
The bidding organizer and insolvency manager of JSC Kyrgyz-
Shampan set the public auction of the firm's properties on July
23, 2004, 10:00 a.m. (local time).  It will be held at
Kyrgyzstan, Bishkek, Mira Str. 48.  Up for sale are three lots
of assorted equipment.

Preliminary examination and reception of bids are done daily
from 10:00 a.m. to 3:00 p.m.  The list of documentary
requirements for participants is available at Bishkek, Mira Str.
48, Administrative Building.  For more details, call (0-312) 54-
15-78, 54-15-22.


SEVERNAYA PMK: Public Auction of Assets July 27
-----------------------------------------------
The bidding organizer and insolvency manager of JSC Severnaya
PMK set the public auction of the firm's properties on July 27,
2004, 9:00 a.m. (local time).  It will be held at Kyrgyzstan,
Bishkek, Fatianova Str.1.  Up for sale are 15 lots of under
construction buildings with cars and office equipment.  The list
of documentary requirements is available at Bishkek, Fatianova
Str.1.  For more details, call (0-312) 42-39-68.


===================
L U X E M B O U R G
===================


EVRAZSECURITIES SA: Proposed US$200 Mln Notes Receive 'B' Rating
----------------------------------------------------------------
Fitch Ratings assigned EvrazSecurities S.A., Luxembourg's
proposed US$200 million senior notes with at least five-year
maturity, an expected 'B' rating.  The notes will be
unconditionally and irrevocably guaranteed by Cyprus-based
Mastercroft Limited and its subsidiaries OJSC Novokuznetsk Iron
and Steel Plant in Russia, and Gibraltar-based Ferrotrade
Limited.

Mastercroft's other subsidiaries, OJSC Nizhny Tagil Iron and
Steel Plant, OJSC Western Siberian Iron and Steel Plant (Zapsib)
will each have a limited guarantee of the issue's principal
amount.  The rating on the notes issue is contingent upon final
documentation confirming information already received.

At the same time, Fitch has affirmed Mastercroft's Senior
Unsecured foreign currency and Short-term ratings at 'B'.  The
Outlooks for both ratings are Stable.  Mastercroft controls
three large integrated steel plants within the Russian
Federation.  In FY03, Mastercroft's total output was 13.8
million tons, which placed the company as the leader in Russia
and 12th largest in the world.

Fitch understands that the proceeds of the new issue will be
used for financing acquisitions of mining assets, and repayment
of all amounts due under the existing loan facility provided for
acquisition of such assets as well as for general corporate
purposes.  The issuer is an orphan special purpose entity of
Mastercroft that also issued the 2006 notes in September 2003.

The rating of the notes takes into account the covenants
outlined in the terms and conditions of the transaction.  In
addition to the incurrence-based limitation on indebtedness
covenant (similar to EvrazSecurities' September 2003 bond
issue), which effectively limits the company's ability to raise
additional debt above the leverage ratio of 3:1, new financial
covenants include:

(a) Maintenance by Mastercroft and each of the guarantors of the
    ratio of 12-month consolidated EBITDA to 12-month
    consolidated interest expense at 3.5:1 or higher; and

(b) Net worth of at least US$875,000,000, which shall become
    applicable upon the publication of Mastercroft's
    consolidated financial statements for year ending 31
    December 2004, and

(c) Each of NTMK and Zapsib shall maintain net worth of at least
    US$497,167,000 and US$309,618,000, respectively.

The rating reflects Mastercroft's leading domestic market
positions in long steel products and a monopoly position in
railway transport steel products; its main customers are in the
railway, construction and pipe-producing industries.

Mastercroft saw a notable improvement in financial performance
in FY03 compared to FY02, due to the steel market gaining
momentum in 2003 and changes in the consolidation of assets to
reflect alterations to the already complex legal structure of
the company.  The latter reiterates concerns over Mastercroft's
ability to establish a comparative financial track record.

The rating also reflects Fitch's concern about related-party
transactions, which are not unusual for holding companies.
Nevertheless, they can potentially undermine Mastercroft's
financial profile due to their frequency and size.

The Stable Outlook reflects Mastercroft's leading market
position in railway and construction steel products in Russia
and ability to benefit from the geographical proximity of its
three steel plants to Asia, thus balancing the sales between
domestic and export markets.

On the other hand, the positives are balanced by the lack of
consistent financial reporting and a dependable track record.
Mastercroft's business profile benefits from recent acquisition
of iron ore and coking coal assets in Russia, which will help
underpin its low cost production competitive advantage.

Nevertheless, the company remains dependent on Russian domestic
demand for construction steel products (thus directly linked to
the dynamics of Russian economic growth) and demand for steel
products in South East Asia.

At FYE03, net leverage was 0.8x (FYE02:1.2x), mainly due to an
increase in cash positions to US$213 million (FYE02: US$16
million).  Following the debut three-year US$150 million bond in
September 2003 (re-tapped in December 2003 for an additional
US$25 million), Mastercroft reduced its secured debt to 47% of
total at FYE03 from 52% at FYE02.

At 1H04, secured debt had again risen and stood at 48%, mainly
due to substantial trade financing that is typical for the steel
sector.  At the same time, the maturity of the debt has
increased, with short-term debt accounting for 56% of total at
FYE03, down from 75% at FYE02.

Fitch notes that following the new bond issue, the debt at the
holding level will account for a third of total consolidated
debt compared to 22% at FYE03.  This should help alleviate
concerns on debt subordination, although debt held at subsidiary
levels remains high compared to those of other Russian companies
rated by Fitch.

CONTACT:  FITCH RATINGS
          Sonya Dilova, London
          Phone: +44 20 7417 3485

          Larissa Malycheva
          Phone: +44 20 7417 4207

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


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


IMPRESS HOLDINGS: EUR251 Million Bank Loan Upgraded to 'B+'
-----------------------------------------------------------
Standard & Poor's Ratings Services on Thursday raised its long-
term rating on the EUR251 million senior secured debt of The
Netherlands-based metal packaging company Impress Holdings B.V.
(B/Negative/--) to 'B+' from 'B'.  In addition, the debt has
been assigned a recovery rating of '1'.

"The rating upgrade reflects the improved recovery expectations
for senior lenders due to a significant reduction in the size of
the facilities, from EUR620 million in 2000 to EUR251 million,
including an EUR80 million revolving facility, at June 30, 2004,
following a prepayment of EUR130 million from bond proceeds in
2003 as well as principal repayments," said Standard & Poor's
credit analyst Anne-Charlotte Pedersen.  "The recovery rating of
'1' indicates our expectation of full recovery of principal in
the event of default."

The loan is now rated one notch above the corporate credit
rating on the company.  The corporate credit rating on Impress
reflects the group's aggressive financial profile, below-average
cost position in high-volume and commoditized segments of the
packaging market, and intensely competitive market pricing,
offset to some extent by the group's strong European market
position in aluminum- and steel-based packaging for food
products and decorative and protective finishes.

Senior secured lenders to Impress' facilities benefit from a
security package consisting of charges over tangible assets
where possible, share pledges, and guarantees from material
companies in the Impress group.  This includes security
interests in most of the key assets and undertakings of
Impress' Italian, French, Dutch, U.K., German, and North
American companies.  Although Standard & Poor's considers The
Netherlands, Germany, the U.K., and the U.S. to have reasonably
favorable insolvency regimes for secured creditors, the position
of secured creditors in France and Italy (where a significant
portion of the company's assets are located), is weaker.

When determining expected recoveries for the senior secured
loan, Standard & Poor's has used both a liquidation analysis and
an enterprise valuation method, as we consider both a discrete
disposal of the group assets and a continuation of the business
as a reorganized operating entity to be possible outcomes under
our hypothetical default scenario.   Our scenario included
stresses putting pressure on revenues and margins due to adverse
market conditions. Assuming the company meets the EUR30 million-
amortization due in December 2004, and because of a less
stringent repayment schedule in 2005, we believe a default would
be unlikely before mid-2006 when larger repayments fall due and
working capital starts to build up.  At this point, the maximum
outstanding debt under the senior secured facilities should have
reduced to about EUR180 million, following scheduled repayments
and assuming the revolver is fully drawn.  Based on Standard &
Poor's calculations and after consideration of the legal
framework and potential timeliness issues in France and Italy,
senior lenders should expect full recovery of principal.


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


AKER KVAERNER: Opens Operational Center in Ireland
--------------------------------------------------
AK pharmaceuticals, Aker Kvaerner's European Pharmaceuticals
business, has established a new operational center in Cork,
Ireland, as part of its ongoing commitment to the industry.  The
office, located at Cork Airport, will provide total project
execution expertise, together with engineering and maintenance
services.

"Ireland continues to be a major focus of investment for the
pharmaceutical and biotechnology industries and, as a major
global player, our Cork center provides a principal base for
future expansion in Ireland," said Mark Leggett, president of AK
pharmaceuticals.

                            *   *   *

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

AK pharmaceuticals is a trading name of Aker Kvaerner Projects
Ltd., the legal entity responsible for the execution of the
work.  AK pharmaceuticals is one of the core businesses of Aker
Kvaerner in Europe.  It has considerable expertise in meeting
the needs of leading pharmaceutical and biotechnology companies
across Europe, from first conception to implementation,
validation and operation.

CONTACT:  AKER KVAERNER A.S.A.
          Prof. Koht vei 15
          N-1325 Lysaker, Norway
          Phone: +47 67 51 3000
          Fax:   +47 67 51 3100
          Web site: http://www.akerkvaerner.com

          Alan Cumming
          Solent, U.K.
          Phone: +44 (0) 1489 611111

          Jim Quigley
          Cork, Ireland
          Phone: +353 (0) 21 2311700


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


CREDITTRUST: Liquidation Certain as Central Bank Voids License
--------------------------------------------------------------
The Central Bank of Russia has annulled CreditTrust bank's
license and put the bank into administration, Europe
Intelligence Wire cites a central bank press release.

The Russian Central Bank said it revoked the license on June 24
after finding CreditTrust guilty of serious misrepresentation of
financial reporting data and failure to fulfill federal laws on
banking activity and the central bank's regulatory acts.

The Central Bank has installed a temporary management to run the
bank until a receiver or liquidator is appointed.  Deputy
director of the department for banks in liquidation, Galina
Aleksentseva; and financial recovery expert, Alexander Gusev,
lead the interim management.

The bank will be liquidated under the banking and bankruptcy
laws.  CreditTrust has around RUB280 million in central bank
reserves and owes private depositors RUB219 million, the press
release said.

CreditTrust, which is closely associated with Sodbiznesbank,
suffered the backlash of the revocation of Sodbiznesbank's
license in mid-May.  Some RUB200 million were reportedly pulled
out from its vaults within a few days after the revocation,
which the central bank anchored on money laundering charges.
Troubles further piled up when other Russian banks refused to
grant CreditTrust any loan, leading it default on a scheduled
bond repayment worth RUB500 million.

Shareholders voted for the bank's liquidation at an emergency
meeting on June 3.  The bank then said it had changed ownership
and rumors of liquidation had been exaggerated in the press.
The bank released an official statement on June 7 announcing the
decision by shareholders and said it had already asked the
Russian Central Bank to cancel its license.


DOROGOBUZHSKY BAKERY: Proofs of Claim Deadline August 17
--------------------------------------------------------
The Arbitration Court of Smolensk region declared municipal
unitary enterprise Dorogobuzhsky Bakery insolvent and introduced
bankruptcy proceedings.  The case is docketed as A62-543-H/03.
Mr. V. Alekseev has been appointed insolvency manager.
Creditors have until August 17, 2004 to submit their proofs of
claim to 214000, Russia, Smolensk, Dzerzhinskogo Str. 18/2, Room
7.

CONTACT:  DOROGOBUZHSKY BAKERY
          215720, Russia,
          Smolensk Region, Dorogobuzh,
          Internatsionalnaya Str. 13

          Mr. V. Alekseev
          Insolvency Manager
          214000, Russia,
          Smolensk, Dzerzhinskogo Str. 18/2,
          Room 7
          Phone/Fax: 65-63-50


DROSKOVO: Orel Court Appoints Insolvency Manager
------------------------------------------------
The Arbitration Court of Orel region commenced bankruptcy
supervision procedure on OJSC agricultural company Droskovo.
The case is docketed as A48-2035/04-17B.  Mr. N. Zelyakov has
been appointed temporary insolvency manager.   Creditors are
asked to submit their proofs of claim to 302029, Russia, Orel
region, Moskovskoye Shosse, 56.

CONTACT:  DROSKOVO
          Russia, Orel Region,
          Pokrovsky Region, Droskovo

          Mr. N. Zelyakov
          Temporary Insolvency Manager
          302029, Russia,
          Orel Region, Moskovskoye Shosse, 56


GUTA BANK: Takeover by Vneshtorgbank Gets Regulator's Nod
---------------------------------------------------------
The Federal Antimonopoly Service has approved Vneshtorgbank's
purchase of 86% of shares in Guta Bank, Asia Intelligence Wire
reports, citing a transcript of an NTV broadcast.

The regulator believes the purchase would not lead to a
reduction in competition.  Russian Central Bank chief, Sergey
Ignatyev, meanwhile, said the perceived crisis in the banking
system is subsiding.

"I can say that despite the tension of the last two weeks after
Guta Bank stopped working, not a single major bank has shown
signs of persistent liquidity problems," he said in the NTV
program.  "The list remains as it was before Guta Bank's
problems arose."

Mr. Ignatyev said he is following the situation carefully
through daily reports he receives in Moscow.


KURSK-AGRO-MASH: Kursk Court Sets October 20 Hearing
----------------------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
supervision procedure on OJSC Kursk-Agro-Mash.  The case is
docketed as A35-2986/04 g.  Mr. S. Shishkov has been appointed
temporary insolvency manager.

Creditors had until July 17, 2004 to submit their proofs of
claim to 305001, Russia, Kursk, Druzhininskaya Str. 22.  A
hearing will take place on October 20, 2004.

CONTACT:  KURSK-AGRO-MASH
          620086, Russia,
          Kursk, Belorechenskaya Str. 10

          Mr. S. Shishkov
          Temporary Insolvency Manager
          305001, Russia,
          Kursk, Druzhininskaya Str. 22


PROM-ENERGO-MONTAZH: Bankruptcy Proceedings Start
-------------------------------------------------
The Arbitration Court of Orel region declared CJSC Prom-Energo-
Montazh insolvent and introduced bankruptcy proceedings.  The
case is docketed as A48-986/04-20b.  Mr. L. Lazarenko has been
appointed insolvency manager.   Creditors had until Saturday to
submit their proofs of claim to 302010, Russia, Orel,
Aviatsionnaya Str. 5.

CONTACT:  PROM-ENERGO-MONTAZH
          Russia, Orel Region,
          Spivaka Str. 74a

          Mr. L. Lazarenko
          Insolvency Manager
          302010, Russia,
          Orel, Aviatsionnaya Str. 5


SEROVSKAYA WOOD: Sets Deadline for Proofs of Claim
--------------------------------------------------
The Arbitration Court of Sverdlovsk region declared OJSC
Serovskaya Wood Base insolvent and introduced bankruptcy
proceedings.  The case is docketed as A60-27373/2002-S3.  Mr. D.
Mazurovsky has been appointed insolvency manager.

Creditors have until August 17, 2004 to submit their proofs of
claim to the insolvency manager at 620000, Russia, Ekaterinburg,
Pochtamt, Post User Box 106.

CONTACT:  SEROVSKAYA WOOD BASE
          624994, Russia,
          Sverdlovsk Region, Serov,
          Novaya Kola, Uglezhogov Str. 6

          Mr. D. Mazurovsky
          Insolvency Manager
          620000, Russia,
          Ekaterinburg, Pochtamt,
          Post User Box 106


SPETS-NEFTE-GAZ-MONTAZH: Declared Insolvent
-------------------------------------------
The Arbitration Court of Yamalo-Nenetsky autonomous region
declared LLC Spets-Nefte-Gaz-Montazh (TIN 8904035844) insolvent
and introduced bankruptcy proceedings.  The case is docketed as
A81-1326/2239B-04.  Mr. I. Kravchenko has been appointed
insolvency manager.

Creditors have until August 17, 2004 to submit their proofs of
claim to:

(a) SPETS-NEFTE-GAZ-MONTAZH
    629300, Russia, Yamalo-Nenetsky
    autonomous region, Novy Urengoy,
    Internatsionalnaya Str. 6,
    NU MUPS, Post User Box 780

(b) Insolvency Manager
    652003, Russia, Tyumen,
    Rozy Luksemburg Str. 12B

(c) The Arbitration Court of Yamalo-Nenetsky Autonomous Region
    629008, Russia, Salekhard, Chubynina Str. 37A.


TEPLO-OGAREVSKY: Deadline for Proofs of Claim August 17
-------------------------------------------------------
The Arbitration Court of Tula region declared OJSC Teplo-
Ogarevsky Dairy Factory insolvent and introduced bankruptcy
proceedings.  The case is docketed as A68-81/B/03.  Mr. D.
Kutlin has been appointed insolvency manager.  Creditors have
until August 17, 2004 to submit their proofs of claim to Russia,
Tula, Arsenalnaya Str. 1D.

CONTACT:  TEPLO-OGAREVSKY DAIRY FACTORY
          301900, Russia,
          Tula Region, Teplo-Ogarevsky Region,
          Teploye, Frolova, 151

          Mr. D. Kutlin
          Insolvency Manager
          Russia, Tula,
          Arsenalnaya Str. 1D


TYUMENSKIYE AIRLINES: Selling Buildings Today
---------------------------------------------
The bidding organizer and insolvency manager of OJSC Tyumenskiye
Airlines will auction the firm's properties today, 2:00 p.m.
(local time).  It will be held at 625033, Russia, Tyumen,
airport Roshino, S. Ilyushina S, 19A.

The assets for sale are:

(a) Lot 1: Administrative building located at Russia, Tyumen,
           Roshino, Ilyushina Str. 19A.  Starting price:
           RUB13,000,000 inclusive of VAT.

(b) Lot 2: Administrative building located at Russia, Tyumen,
           Roshino, Ilyushina Str. 19.  Starting price:
           RUB10,000,000 inclusive of VAT.

(c) Lot 3: Property complex with material-technical supply
           located at Russia, Tyumen, Roshino, Samoletnaya Str.
           28.  Starting price: RUB7,800,000 inclusive of VAT.

Preliminary examination and reception of bids are done daily
until 2:00 p.m.  The list of documentary requirements for
participants is available at 625033, Russia, Tyumen, airport
Roshino, S. Ilyushina S, 19A.

To participate, bidders must deposit an amount equivalent to 5%
of the starting price to the settlement account
4070281010000090101, TIN 7204001510, KPP 720401001,
correspondent account 30101810000000000776 in OJSC CB SIBKONTAKT
of Nyagan, BIC 047177776.

CONTACT:  TYUMENSKIYE AIRLINES
          Russia, Tyumen,
          Airport Roshino,
          S. Ilyushina Str. 19A,
          Phone: (6452) 49-64-04
          Fax:   (3452) 49-63-15
          E-mail: tyumenairlines7m@mail.ru


YUKOS OIL: Khodorkovsky Rigged the Apatit Auction, Says Witness
---------------------------------------------------------------
Prosecutors on Thursday accused Mikhail Khodorkovsky of being a
member of an "organized group" that seeks to defraud the
government by underreporting sales and profits.

During the continuation of Mikhail Khodorkovsky's trial for tax
evasion on Thursday, the prosecution presented a witness who
traced the shady beginnings of Mr. Khodorkovsky's empire.
Specifically, Dmitry Shokhin accused the jailed founder of Yukos
and close associate Platon Lebedev of rigging a privatization
auction to acquire 20% shares in Apatit, maker of key fertilizer
component, in the 1990s.  He said the two formed competing shell
structures to simulate competition in the bidding, and of
exercising influence to acquire the stake.  AOZT Volna, their
bidding vehicle, won the investment tender for the company after
two runners-up in the bidding dropped out.

"It was actually no contest," Mr. Shokhin said, adding that the
US$283 million offer made by AOZT Volna was the lowest bid.  The
acquisition helped Mr. Khodorkovsky build his empire, becoming
Russia's richest man.

Both men stand to face 10 years in prison if convicted.  Mr.
Khodorkovsky has yet to present his defense.

The government said the trial against them is part of its anti-
corruption drive.  Authorities are tracking down companies
defrauding the government through price-fixing.  They say these
companies buy fertilizer cheaply in the local market and sell
them at a profit overseas.  Sales and profits are usually
underreported.

Many observers, on the other hand, believe the move is Kremlin's
way of cutting short the political aspirations of Mr.
Khodorkovsky.


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


CLARIANT AG: Sells Non-core Chemical Unit for CHF32 Million
-----------------------------------------------------------
Clariant AG sold its Lancaster Synthesis Ltd. unit to Johnson
Matthey Plc for approximately CHF32 million.  The transaction is
part of Clariant's strategy to sell businesses, which are no
longer core activities.  The company initiated a Transformation
Program last year, including the sale of several non-core
businesses, wide-ranging performance improvements and job
reductions.

Lancaster, which is part of the Life Science & Electronic
Chemicals division, sells a wide range of organic chemicals
mainly to industrial and academic research institutions.  It has
catalogue sales and small-scale bulk manufacturing operations in
Morecambe, U.K., and additional distribution facilities in the
United States, Germany, France and India.  The business had
sales of approximately CHF45 million in 2003 and employs 225
people worldwide.

Lancaster's operations are a good fit with those of Johnson
Matthey's existing Research Chemicals business and its
acquisition provides opportunities to improve market share and
increase operating efficiencies.

Clariant CEO Roland Losser said: "We have come to an agreement
with Johnson Matthey in a mutually beneficial way.  They are an
excellent company and I am sure that Lancaster's employees and
customers will be in good hands."  This transaction is pending
approval by the relevant competition authorities.


FLIGHTLEASE AG: Third-class Creditors to Get Up to 5.4% Dividend
----------------------------------------------------------------
The liquidator of Flightlease AG, Karl Wuthrich of Wenger
Plattner, sent his Circular No. 2 to creditors of the company.
The circular is now available at http://www.liquidator-
swissair.ch.  The creditors of SAirGroup and Swissair Swiss Air
Transport Company Ltd. have been informed of the status of their
individual proceedings over the past few days.

The Circular provides a report on the liquidator's activities to
date.  Agreements on the liquidation of Flightlease Holding
(Guernsey) Ltd. and its subsidiaries, as well as of Flightlease
(Ireland) Ltd. have been reached with the creditors of these
companies without initiating bankruptcy proceedings.  The
negotiations were extremely difficult, because means had to be
found to dissolve complex leasing structures.  Complicated talks
were also held on the realization of various assets.

Work on drawing up the schedule of claims has been in progress
for some time.  It is envisaged that the schedule will be
submitted to the creditors for inspection in 2004.  Appended to
the circular is a statement of assets for the company as at 31
December 2003.  It shows that the dividend for holders of third-
class claims is estimated to be in the range from 0.3% to 5.4%.
Dispatch of the next Circular to creditors is planned for autumn
2004.

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


SWISS AIR: Third-class Creditors to Receive Up to 7.3% Dividend
---------------------------------------------------------------
The liquidator of Swissair Swiss Air Transport Company, Ltd.,
Karl Wuthrich of Wenger Plattner, sent his Circular No. 2, post-
dated Wednesday, to creditors of the company.  The circular is
now available at http://www.liquidator-swissair.ch).

The creditors of SAirGroup were informed last week of the status
of their proceedings.  Flightlease AG creditors will be notified
over the next few days.  The Circular provides a report on the
liquidator's activities to date.  It shows that difficulties are
being encountered with the realization of real estate properties
abroad, owing to the lack of clarity about the ownership status
following the restructuring of the Swissair Group in the spring
of 1997.

In this connection, the interests of Swissair Swiss Air
Transport Company Ltd. are being pursued by the Deputy
Liquidator, Niklaus Muller.  The payment of approximately 5000
privileged claims from former employees that were agreed under
the liquidation settlement has largely been completed.  Total
payments should not exceed CHF116 million.

Work on drawing up the schedule of claims has been in progress
for some time.  It is envisaged that the schedule will be
submitted to the approximately 8,000 creditors for inspection in
2005.  Appended to the circular is a statement of assets for the
company as at 31 December 2003.  It shows that the dividend for
holders of third-class claims is estimated to be in the range
from 0.4% to 7.3%.

Dispatch of the next Circular to creditors is planned for autumn
2004.

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


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


A FACTOR-200: Under Bankruptcy Supervision
------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on LLC Commercial-Financial Group A
Factor-200 Inc. (code EDRPOU 30694756).  The case is docketed as
9/19 B.  Arbitral manager Mr. Sedih Vitalij (License Number AA
047916 approved on October 19, 2001) has been appointed
temporary insolvency manager.  Commercial-Financial Group A
Factor-200 Inc. holds account number 260072386 at JSPPB Aval,
Lugansk regional branch, MFO 304007.

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

(a) COMMERCIAL-FINANCIAL GROUP A FACTOR-200 INC.
    91000, Ukraine, Lugansk region
    Lunyov Str. 106/511

(b) Mr. Sedih Vitalij
    Temporary Insolvency Manager
    Ukraine, Lugansk region,
    Goduvantsev Str. 4/25

(c) ECONOMIC COURT OF LUGANSK REGION
    91000, Ukraine, Lugansk region,
    Geroi VVV square, 3a


BERSHAD' RAJAGROHIM: Proofs of Claim Deadline August 1
------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on OJSC Bershad' District Enterprise on
Execution of Agro-Chemical Works Rajagrohim (code EDRPOU
05487426).  The case is docketed as 5/266-04.  Mr. Leshenko A.
(License Number AA 484190 approved on December 29, 2002) has
been appointed temporary insolvency manager.  The company holds
account number 260093145 at JSPPB Aval, Bershad department of
Vinnitsya regional branch, MFO 302247.

Creditors have until August 1, 2004 to submit their proofs of
claim to:

(a) BERSHAD' DISTRICT ENTERPRISE ON EXECUTION OF AGRO-
    CHEMICAL WORKS RAJAGROHIM
    24400, Ukraine, Vinnitsya region,
    Bershad, Shevchenko Str. 55

(b) Mr. Leshenko A.
    Temporary Insolvency Manager
    Phone: 26-12-60

(c) ECONOMIC COURT OF VINNITSYA REGION
    21100, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


EUROIZOL-EAST: Court Names Temporary Insolvency Manager
-------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Euroizol-East (code EDRPOU
25472020) on June 3, 2004.  The case is docketed as B-31/36-04.
Mr. Parkulap Volodimir (License Number AA 719826 approved on May
25, 2004) has been appointed temporary insolvency manager.
Euroizol-East holds account number 26007201789001 at Privatbank,
Harkiv regional department, branch 12, MFO 351533.

Creditors have until August 1, 2004 to submit their proofs of
claim to:

(a) EUROIZOL-EAST
    Juridical address:
    Ukraine, Harkiv region,
    Ivanov Str. 32

    Mailing address:
    61105, Ukraine, Harkiv region, Samarkandska Str. 60

(b) Mr. Parkulap Volodimir
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    Universitetska Str. 9

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi square, 5, Derzhprom,
    8th entrance


KODER: Court Orders Debt Moratorium
-----------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on CJSC Koder (code EDRPOU 13430506) on
May 19, 2004 and ordered a moratorium on satisfaction of
creditors' claims on March 24, 2004.  The case is docketed as B
29/87/04.  Arbitral manager Mr. Talan Leonid (License Number AA
047939) has been appointed temporary insolvency manager.  Koder
holds account number 26006002370000 at JSCIB Ukrsibbank,
Dnipropetrovsk branch, MFO 306856.

Creditors have until August 1, 2004 to submit their proofs of
claim to:

(a) KODER
    49064, Ukraine, Dnipropetrovsk region,
    Koksohimichna Str. 7a

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


KREMENETS' BREAD: Court Orders Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
supervision procedure on OJSC Kremenets' Bread Plant (code
EDRPOU 05510958).  The case is docketed as 10B-451.  Mr.
Stepanov Volodimir (License Number AA 520149) has been appointed
temporary insolvency manager.

Kremenets' Bread Plant holds account number 260052854 at JSPPB
Aval, MFO 338501.

CONTACT:  KREMENETS' BREAD PLANT
          Ukraine, Ternopil region,
          Kremenets, Vizvoliteliv Str. 62

          Mr. Stepanov Volodimir
          Temporary Insolvency Manager
          Ukraine, Ternopil region,
          I. Franko Str. 7/7

          ECONOMIC COURT OF TERNOPIL REGION
          46000, Ukraine, Ternopil region,
          Ostrozski Str. 14a


LOZUVATSKA: Bankruptcy Supervision Begins
-----------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on OJSC Bird Factory Lozuvatska.  The case
is docketed as B 40/85/03.  Arbitral manager Mr. Vernigora V.
(License Number AA 249818) has been appointed temporary
insolvency manager.

Bird Factory Lozuvatska holds account number 26009301142739 at
Prominvestbank, Krivij Rig Central city branch, MFO 305493.

CONTACT:  BIRD FACTORY LOZUVATSKA
          53025, Ukraine, Dnipropetrovsk region,
          Krivij Rig district,
          Lozuvatka, Chkalov Str. 25

          Mr. Vernigora V.
          Temporary Insolvency Manager
          50000, Ukraine, Dnipropetrovsk region,
          Krivij Rig, Sivolapa Str. 44/72

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


NOVA: Court Appoints Temporary Insolvency Manager
-------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Nova (code EDRPOU 30792470) on May
21, 2004.  The case is docketed as 15/105 B.  Arbitral manager
Mr. Sherbina-Gorfinkel Svitlana (License Number AA 250442) has
been appointed temporary insolvency manager.  Nova holds account
number 26005001550001 at JSC Ukrimbank, Donetsk branch, MFO
334873.

Creditors have until August 1, 2004 to submit their proofs of
claim to:

(a) NOVA
    83086, Ukraine,
    Donetsk region,
    Artema Str. 1a

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


PYATKIVSKE: Declared Insolvent
------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on LLC Pyatkivske (code EDRPOU 03733625)
on May 14, 2004.  It declared the firm insolvent on May 25,
2004.  The case is docketed as 5/333-04.  The Regional Governing
of Bankruptcy Questions in Vinnitsya region has been appointed
temporary insolvency manager.

Pyatkivske holds account number 26006279440001 at CB Privatbank,
Bershadske department of Vinnitsya branch.

CONTACT:  PYATKIVSKE
          24400, Ukraine, Vinnitsya region,
          Bershadskij district,
          Pyatkivka, Lenin Str. 1

          REGIONAL GOVERNING OF BANKRUPTCY QUESTIONS IN
          VINNITSYA REGION
          Temporary Insolvency Manager
          21100, Ukraine, Vinnitsya region,
          K. Marks Str. 50

          ECONOMIC COURT OF VINNITSYA REGION
          21100, Ukraine, Vinnitsya region,
          Hmelnitske Shose, 7


SHAHTARSKAGROTEHNIKA: Proofs of Claim Deadline August 1
-------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on CJSC Shahtarskagrotehnika (code EDRPOU
03743032).  The case is docketed as 42/79.  Arbitral manager Mr.
Pertsev Eduard (License Number AA 047749) has been appointed
temporary insolvency manager.  Shahtarskagrotehnika holds
account number 26008200415001 at Agrobank of Ukraine, Shahtarske
branch, MFO 334200.

Creditors have until August 1, 2004 to submit their proofs of
claim to:

(a) SHAHTARSKAGROTEHNIKA
    86607, Ukraine, Donetsk region,
    Torez, Mebelnij lane, 1

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


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


A2 SECURITY: Creditors Meeting Set July 21
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

      IN THE MATTER OF A2 Security Property Services UK Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the A2 Security
Property Services UK Ltd company will be held at The Holiday Inn
Maidstone Road Chatham ME5 9SF, on July 21, 2004, at 10:30 a.m.
for the purpose of having a full statement of the position of
the Company's affairs, together with a list of the Creditors of
the Company and the estimated amount of their claims, laid
before them, and for the purpose, if thought fit, of nominating
a Liquidator and of appointing a Liquidation Committee.
(Sections 99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at 16 Caring Lane
Maidstone ME14 4NJ not later than 12:00 noon on the business day
before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
16 Caring Lane Maidstone ME14 4NJ before the Meeting, a
statement giving particulars of their security, the date when it
was given, and the value at which it is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Maxwell Davies, 16 Caring Lane Maidstone ME14
4NJ on two business days next before the meeting.

By Order of the Board

P J Lewis, Director
July 8, 2004

CONTACT:  MAXWELL DAVIES
          16 Caring Lane
          Bearsted
          Maidstone
          Kent ME14 4NJ
          Phone: + 44 (0)1622 737791
          Fax:  + 44 (0)1622 737761
          Web site: http://www.maxwelldavies.co.uk


A & B SPECIALIST: Calls in Liquidator
-------------------------------------
At an Extraordinary General Meeting of the Members of the A & B
Specialist Coatings Limited Company on July 8, 2004 held at 67
Butts Green Road, Hornchurch, Essex RM11 2JS, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.  J
S French and P Atkinson of Vantis Redhead French Limited have
been appointed Joint Liquidators for the purpose of such
winding-up.


AMC NETWORK: Meeting of Creditors Fixed July 21
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

              IN THE MATTER OF AMC Network Ltd - The

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the AMC Network Ltd -
The company will be held at The County Oak County Oak Avenue
Brighton BN1 8DJ, on July 21, 2004, at 11:30 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

Nicholas J Peat of Fortune Peat Abacus House Acorn Business Park
Tower Park Poole BH12 4NZ is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.

By Order of the Board

J Mortimer, Director
June 23, 2004

CONTACT:  FORTUNE PEAT
          Abacus House
          Acorn Business Park
          Tower Park
          Poole
          BH12 4NZ
          Contact:
          Nicholas J Peat
          Phone: 01202 380300
          Fax: 01202 380400
          E-mail: nickpeat@fortunepeat.co.uk


ARA DEVELOPMENTS: Names Liquidator from Begbies Traynor
-------------------------------------------------------
At an Extraordinary General Meeting of the Ara Developments
Limited Company on July 6, 2004 held at Begbies Traynor, The Old
Exchange, 234 Southchurch Road, Southend on Sea, Essex SS1 2EG,
the subjoined Special Resolution to wind up the company was
passed.  Lloyd Biscoe of Begbies Traynor has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange
          234 Southchurch Road,
          Southend on Sea, Essex SS1 2EG
          Liquidator:
          Lloyd Biscoe


ARCHWAY SHOPFITTING: Creditors to Meet July 21
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

     IN THE MATTER OF Archway Shopfitting & Construction Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Archway Shopfitting
& Construction Ltd company will be held at The Dolphin Hotel
High Street Southampton SO14 2HN, on July 21, 2004, at 11:30
a.m. for the purpose of having a full statement of the position
of the Company's affairs, together with a list of the Creditors
of the Company and the estimated amount of their claims, laid
before them, and for the purpose, if thought fit, of nominating
a Liquidator and of appointing a Liquidation Committee.
(Sections 99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at 5 Bassett Wood
Drive Southampton SO16 3PT not later that 12.00 noon on the
business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at 5
Bassett Wood Drive Southampton SO16 3PT before the Meeting, a
statement giving particulars of their security, the date when it
was given, and the value at which it is assessed.

David Stringer of Stringer & Co 5 Bassett Wood Drive Southampton
SO16 3PT is a person qualified to act as an Insolvency
Practitioner in relation to the Company who will, during the
period before the day of the Meeting furnish creditors free of
charge with such information concerning the Company's affairs as
they may reasonably require.

By Order of the Board

R J Dawkins, Director
July 13, 2004

CONTACT:  STRINGER & CO
          5 Bassett Wood Drive
          Southampton
          SO16 3PT
          Contact:
          David Stringer
          Phone: 023 8076 7241


ARTICULATED VEHICLE: Sets Members Final Meeting August 18
---------------------------------------------------------
Name of Companies:
Articulated Vehicle Hire Limited
Blaf Hire Limited
Capital Leasing Group Plc
Family Television Limited
Ironguild Finance Company Limited
John St Investments (No 2) Limited
Medical Equipment Rentals Limited
MGC Investments Limited

Members of these companies will have the Final Meetings on
August 18, 2004 at 10:15 a.m. and a 15-minute interval
thereafter.  It will be held at the offices of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP.

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 PricewaterhouseCoopers
LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP not later
than 12:00 noon, August 17, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street,
          Leeds LS1 4JP
          Joint Liquidator:
          T Walsh


BAKER ALMOND: Arbuthnot & Latham Appoints Receiver
--------------------------------------------------
Arbuthnot & Latham called in Mark Robert Fry and Jamie Taylor of
Begbies Traynor as receivers for Baker Almond Limited Company
(Reg No 01685534, Trade Classification: 7031-Real Estate
Agents).  The application was filed July 1, 2004.

The company's previous names were Equidime Limited and Baker
Almond Financial Services Limited.  It is engaged in chartered
surveys and values.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange,
          234 Southchurch Road,
          Southend-on-Sea, Essex SS1 2EG
          Receivers:
          Mark Robert Fry
          Jamie Taylor
          (Office Holder Nos 008588, 002748)


BANK OF WALES: Final Meeting Set August 19
------------------------------------------
There will be a Final Meeting of the Members of Bank of Wales
(Insurance Services) Limited Company on August 19, 2004 at 10:00
a.m.  It will be held at the offices of PricewaterhouseCoopers
LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP.

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 PricewaterhouseCoopers
LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP not later
than 12:00 noon, August 18, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street,
          Leeds LS1 4JP
          Joint Liquidator:
          T Walsh


BAXTER RESOURCING: Hires Bridgestone Administrator
--------------------------------------------------
Robert L Cooksey and Jonathan G Lord of Bridgestones have been
appointed joint administrative receivers for Baxter Resourcing
Limited Company.  The appointment was made July 2, 2004.  Its
registered office address is located at The Meeting House,
Lewins Mead, Bristol BS1 2NN.

CONTACT:  BRIDGESTONE
          125-127 Union Street,
          Oldham OL1 1TE
          Receivers:
          Robert L Cooksey
          Jonathan G Lord


BOILER WORKSHOP: Sets July 21 Creditors Meeting
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

              IN THE MATTER OF Boiler Workshop Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Boiler Workshop Ltd
company will be held at Albany House 18 Theydon Road London E5
9NZ, on July 21, 2004, at 10:30 a.m. for the purpose of having a
full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee. (Sections 99-101 of the said
Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Panos Eliades Franklin & Co, Albany House 18
Theydon Road London E5 9NZ on two business days next before the
meeting.

By Order of the Board.

L. Samways, Director
June 28, 2004


CAPITAL FURNITURE: Fixes Meeting of Creditors July 21
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

             IN THE MATTER OF Capital Furniture Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Capital Furniture
Ltd company will be held at Wesley House Huddersfield Road
Birstall Bately WF17 9EJ, on July 21, 2004, at 11:15 a.m. for
the purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at O'Hara & Co, Wesley House Huddersfield Road
Birstall Bately WF17 9EJ on two business days next before the
meeting.

By Order of the Board.

M J Goulden, Director
July 7, 2004


CARIER ROLLMASTER: Winding up Resolutions Passed
------------------------------------------------
Name of Companies:
Carier Rollmaster Limited
Carier Pollution Control Limited
Migre Limited

At Extraordinary General Meetings of the Members of these
companies on July 6, 2004 held at East Street, Braintree, Essex
CM7 3JL, the Ordinary and Extraordinary Resolutions to wind up
the company were passed.  Chris Williams of McTear Williams &
Wood has been appointed Liquidator for the purpose of such
windings-up.


CLEVELAND DEPUTISING: Sets Members General Meeting August 23
------------------------------------------------------------
Members of Cleveland Deputising Investments Limited Company will
have a General Meeting on August 23, 2004 at 10:00 a.m.  It will
be held at Taylor Rowlands, 8 High Street, Yarm, Stockton on
Tees TS15 9AE.

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 Taylor Rowlands, 8 High
Street, Yarm, Stockton on Tees TS15 9AE not later than 12:00
noon, August 20, 2004.

CONTACT:  TAYLOR ROWLANDS
          8 High Street, Yarm,
          Stockton on Tees TS15 9AE
          Liquidator:
          J H Madden


CMR ARCHITECTURAL: Creditors Set to Meet July 21
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

         IN THE MATTER OF CMR Architectural Systems Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the CMR Architectural
Systems Ltd company will be held at 3 Chapel Court 42 Holly Walk
Leamington Spa CV32 4YS, on July 21, 2004, at 11:00 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Bottomley & Co, 3 Chapel Court 42 Holly Walk
Leamington Spa CV32 4YS on two business days next before the
meeting.

By Order of the Board.

D J Hancox, Director
June 29, 2004


DIGITALTHINK LIMITED: Appoints KPMG Liquidator
----------------------------------------------
At an Extraordinary General Meeting of the Digitalthink U.K.
Limited Company on June 30, 2004 held at 601 Brannan Street, San
Francisco, California, USA, the Special, Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Jeremy Simon Spratt and Finbarr O'Connell of KPMG LLP, 8
Salisbury Square, London EC4Y 8BB have been appointed Joint
Liquidators for the purpose of such winding-up.

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


DOWNTEX PLC: Hires Begbies Traynor Administrator
------------------------------------------------
The Downtex Plc has appointed Andrew David Dick and Stephen
Leonard Conn as joint administrative receivers.  The appointment
was made July 2, 2004.

The company manufactures and sells textiles.  Its registered
office address is located at George House, 48 George House,
Manchester M1 4HF.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court,
          Chapel Street, Preston,
          Lancashire PR1 8BU
          Receiver:
          Andrew David Dick
          (IP No 8688)

          BEGBIES TRAYNOR
          151 Deansgate,
          Manchester M3 3BP
          Receiver:
          Stephen Leonard Conn
          (IP No 1762)


DURHAM OFFICE: Names Marchands Associates LLP Administrator
-----------------------------------------------------------
The Durham Office Systems Ltd has appointed Martin A Shaw and
Mark R Blayney as joint administrative receivers.  The
appointment was made July 6, 2004.  The company sells office
machinery and equipment.

CONTACT:  MARCHANDS ASSOCIATES LLP
          100 Wakefield Road,
          Lepton, Huddersfield HD8 0DL
          Receivers:
          Martin A Shaw
          Mark R Blayney
          (IP Nos ICAEW 6334, ICAEW 8552)


EQUITABLE LIFE: Pensioners Pursue Claim for Compensation
--------------------------------------------------------
A group of aggrieved Equitable Life pensioners is preparing a
claim against the mutual for alleged mis-selling of annuities.

More than 700 members of Equitable Life Trapped Annuitants
(ELTA) are demanding a multi-million-pound compensation.  The
annuitants are employing the expertise of Bristol lawyers Clarke
Willmott in a "no win, no fee" basis.  The firm has already
acted successfully in seven individual mis-selling cases against
Equitable.  It was able to have the mutual pay about GBP5
million to 175 members of the Equitable Late Joiners' Action
Group.

Elta is among 50,000 with-profits unnuitants that were not able
to move their pension contributions to other insurer to protect
it from erosion after Equitable Life closed to new business in
2000.  Peter Scawen, chairman of Elta, said Equitable's
solicitors had sent a letter implying "that Equitable would run
up legal bills in excess of GBP5 million defending the claim and
warned Elta they might have to bear the cost if they lost."

According to him, the letter was sent so that Clarke Willmott
could scrutinize it before the group files its claims.  Clarke
Willmott has four months to finalize the annuitants' claim
before serving it on Equitable.

Meanwhile, Parliamentary Ombudsman Ann Abraham, will today
announce its decision on a request to open an investigation into
the regulator of the industry at the time Equitable nearly went
belly up.


FORD FULFORD: In Administrative Receivership
--------------------------------------------
The Royal Bank of Scotland plc called in Antony David Nygate and
Shay Bannon as receivers for Ford & Fulford Limited Company (Reg
No 03681104, Trade Classification: 24).  The application was
filed July 5, 2004.  The company is engaged in double-glazing.

CONTACT:  Antony David Nygate, Receiver
          Shay Bannon, Receiver
          (Office Holders Nos 9237, 8777/01)
          8 Baker Street
          London W1U 3LL


FRASER MANUFACTURING: Receiver Picks Management Buyout Team
-----------------------------------------------------------
The Joint Receivers of Aberdeenshire's farming equipment
business SBF Agrico, are pleased to announce a preferred bidder
for its subsidiary, Rothienorman-based Fraser Manufacturing Ltd.

Joint Receivers, Blair Nimmo and Neil Armour, can confirm that
the KPMG Corporate Recovery team will now work towards closing a
deal with an MBO team led by Pat McRobbie, the general manager
of Fraser Manufacturing Ltd., to purchase the business and
assets as a going concern.

Receiver, Blair Nimmo, head of KPMG Corporate Recovery in
Scotland said: "We are pleased to be working towards the
completion of a deal with the former management team that, if
completed, will save 40 jobs in the North-East of Scotland's
agricultural industry which has experienced difficulties over
recent years."

Details of the deal are still under discussion and remain
subject to legal documentation and confidentiality agreements.

                            *   *   *

SBF Agrico went into receivership on May 25, 2004.

CONTACT:  KPMG
          Wilma Littlejohn
          Corporate Communications
          Phone: 0131 527 6818
          Mobile: 07789 922521
          E-mail: wilma.littlejohn@kpmg.co.uk
          Web site: http://www.kpmg.co.uk


GENERAL MOTORS: Names Liquidators from KPMG
-------------------------------------------
At a General Meeting of the Members of General Motors Holdings
(U.K.) the Special and Ordinary Resolutions to wind up the
company were passed.  Jeremy Simon Spratt and Finbarr O'Connell
of KPMG Corporate Recovery, PO Box 695, 8 Salisbury Square,
London EC4Y 8BB have been appointed Liquidators for the purpose
of winding-up.

CONTACT:  KPMG
          Corporate Recovery
          PO Box 695,
          8 Salisbury Square
          London EC4Y 8BB
          Liquidators:
          Jeremy Simon Spratt
          Finbarr O'Connell


HAMPTON ENGINEERING: Calls in Liquidator
----------------------------------------
At an Extraordinary General Meeting of the Members of the
Hampton Engineering and Mobility Limited Company on July 8, 2004
held at Unit 4, Parkside Works, Guiseley, Leeds LS20 8BH, the
Special, Ordinary and Extraordinary Resolutions to wind up the
company were passed.  Peter O'Hara of O'Hara & Co has been
appointed Liquidator for the purpose of such winding-up.


JARVIS PLC: Dispels Rumor of Accommodation Services Selloff
-----------------------------------------------------------
Robert Wallace, head of accommodation services at Jarvis, denied
speculations his division will be broken up or sold under the
infrastructure group's restructuring

Mr. Wallace told Building magazine: "The story is absolute
nonsense.  I am here to do business for an indefinite period.  I
am not here as a hatchet man to close accommodation services."

The private finance initiative division has been considered
Jarvis' growth engine until recently when it was forced to take
reserves of around GBP115 million.  Yet, Mr. Wallace is
confident that after Jarvis' restructuring, the accommodation
services will emerge as its main business.

Jarvis, whose debt is estimated at GBP230 million, is stepping
up efforts to find solution for its woes after breaching
covenants this month.  It is believed to be reviewing option for
part of its share in the Underground consortium Tube Lines.  The
company is currently negotiating debts with banks, which were
advised recently to continue supporting the company.


JAVELIN PRINTING: Names Receivers from Smith & Williamson
---------------------------------------------------------
Name of Companies:
Javelin Printing Limited
Javelin Printing U.K. Limited

These companies have appointed Henry Anthony Shinners and Robert
William Leslie Horton as joint administrative receivers.  The
appointment was made July 6, 2004.  These companies are
commercial printers.

CONTACT:  SMITH & WILLIAMSON LIMITED
          No 1 Riding House Street,
          London W1A 3AS
          Receivers:
          Henry Anthony Shinners
          Robert William Leslie Horton
          (IP Nos 9820, 8922)


JOHN DAVID: To Continue Overhauling Loss-making Operations
----------------------------------------------------------
At the AGM held Thursday, The John David Group PLC, a leading
retailer of fashionable branded sportswear and fashion apparel,
provided trading update to shareholders.

On 11 May 2004 in the Preliminary Announcement of the Group's
results for the year ended 31 January 2004, the company reported
overall like-for-like sales growth of 0.9% for the thirteen
weeks ended 1 May 2004 and also that the growth in the core
Sports Fascia was 2.5%.  The firm is pleased to say that this
trend has continued with the respective figures for the twenty-
three weeks ended 10 July 2004 being 0.9% and 2.6%.

Overall margins have continued to be on plan despite the impact
of clearance activity in the Fashion Fascias which continue to
trade disappointingly as a result of stock buying decisions made

in 2003.  The company focused on addressing the long-term
profitability of the Fashion Fascias (which represent less than
10% of the Group's turnover) but this requires short-term pain
as stocks are cleansed.

The continued stronger performance in the Sports Fascias means
that the Group's performance is in line with current market
expectations and stocks are being maintained below last year's
levels.

During the twenty-three weeks ended 10 July 2004 the company
opened 6 stores and closed 12 stores including four clearance
stores with negligible change in overall selling space.  The
firm does not expect new store openings to be more than 12 in
the current year but we are continuing to dispose of poor
performing stores wherever it is economically beneficial for us
to do so.

Last week the group announced that John Wardle, one of the
founding shareholders and a non-executive Director, had sold an
11.5% stake in the company to a subsidiary of Pentland Group
plc, a supplier to the Group.  The Board believes that this is a
strategic investment and Pentland is not in any way influencing
the Group's procurement policy and no discussions have taken
place over Board representation.  The company is continuing to
seek to recruit a senior independent non-executive director and
expect to make a further update on this no later than the
announcement of the Interim Results in early October.  It also
intends to announce the conclusions of the Board's Strategic
Review at this time.

In summary, there is still a lot to do but the firm's turnaround
plan is progressing.  The continuing elimination of poor
performing stores and the rationalization of Fashion stocks
remain fundamental to the Board's plan.  The Christmas trading
period will as always be crucial to the final result for the
year but we believe that the foundations are in place for a more
successful trading future.

CONTACT:  THE JOHN DAVID GROUP PLC
          Peter Cowgill
          Executive Chairman

          Barry Bown
          Chief Executive

          Brian Small
          Finance Director
          Phone: 0161 767 1000

          HOGARTH PARTNERSHIP LIMITED
          Andrew Jaques
          Tom Leatherbarrow
          Phone: 020 7357 9477


LANKASTER COACHWORKS: Sets Creditors Meeting July 29
----------------------------------------------------
Creditors of Lankaster Coachworks Limited Company will have a
Meeting on July 29, 2004 at 11:00 a.m.  It will be held at
Mountview Court, 1148 High Road, Whetstone, London N20 0RA.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Kallis & Co, Mountview Court, 1148 High Road,
Whetstone, London N20 0RA not later than 12:00 noon, July 28,
2004.

CONTACT:  KALLIS & CO
          Mountview Court,
          1148 High Road, Whetstone,
          London N20 0RA
          Administrator:
          K Kallis


LOCK, STOCK: Hires Receivers from Begbies Traynor
-------------------------------------------------
Retail company Lock, Stock & Barrel (GB) Limited has appointed
Gordong Craig and David Appleby as joint administrative
receivers.  The appointment was made June 30, 2004.  Its
registered office address is c/o Begbies Traynor, 1 Winckley
Court, Chapel Street, Preston Pr1 8BU.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court,
          Chapel Street, Preston,
          Lancashire PR1 8BU
          Receivers:
          Gordon Craig
          David Appleby
          (IP Nos 0978, 8976)


MARCONI CORPORATION: First-quarter Sales Drop 10%
-------------------------------------------------
Marconi Corporation plc (LSE: MONI; NASDAQ: MRCIY) on Thursday
provided a trading update for the first quarter ended 30 June
2004.

Mike Parton, Chief Executive, said: "We continue to focus on our
operational objectives; market share gains through next
generation technology wins, gross margin and operating cash and
have delivered a first quarter performance in line with our
previous guidance.

"We have completed our disposal of non-core businesses with the
announced sale of Outside Plant & Power (OPP).  We are now a
focused telecommunication equipment and services business with a
strong balance sheet.  The return to modest year-on-year sales
growth reinforces our full year guidance and strengthens our
confidence in our medium term prospects."

Preliminary Results First Quarter of fiscal year 2005 to 9
August 2004

We will announce our quarter results for the three months ended
30 June 2004 on 9 August 2004 and will host a conference call
for analysts and investors at 3:00 p.m. on that date.  Full
details will be issued shortly.  Consequently, we will not host
a conference call in connection with this trading update.
Analyst and investor enquiries should be directed to Heather
Green, EVP Investor Relations.

Basis of Preparation

The financial information in this trading update is unaudited
and has been prepared in accordance with U.K. accounting
policies set out in Marconi Corporation plc's 2004 Annual Report
and Accounts.

The following table sets out the U.S. Dollar/Sterling and
Euro/Sterling exchange rates used in preparing our financial
information:

                       Q1 FY'05         Q4 FY'04        Q1 FY'04
U.S. Dollar:
Year to Date Average      1.8066          1.7023          1.6288
Period End                1.8135          1.8379          1.6502

Euro:
Year to Date Average      1.4904          1.4435          1.4206
Period End                1.4906          1.4956          1.4370

Following the recently announced agreement to dispose of our
Outside Plant and Power (OPP) business, this unit will continue
to be accounted for as a continuing operation, under U.K. GAAP,
until such time as the sale receives regulatory approval,
expected during the second quarter of the financial year.  In
these results, we refer to ongoing operations, being our
continuing operations less OPP.

                         Trading Update

Sales

Sales from continuing operations amounted to GBP339 million.
Compared to the first quarter of the previous financial year,
this represents a 1% decrease on a reported basis (GBP342
million) or an increase of 4% at constant currency (GBP327
million based on Q1 FY05 average exchange rates).

The 10% sequential decline in sales from continuing operations
compared to the fourth quarter of the previous year (GBP378
million) reflects the typical seasonal trend at the beginning of
the financial year.

Group sales were GBP339 million compared to GBP394 million
recorded in the fourth quarter last year.  This decline included
the impact of the disposal of our North American Access business
completed on 20 February 2004 (now accounted for as a
Discontinued Operation).

Sales by Product Area

In light of the OPP disposal, we have simplified our analysis of
sales by product area.  In the table below, Access Networks
reflects the combination of Access Networks and sales from our
payphones businesses previously reported as Other Network
Equipment.

in GBPm                                  3 months ended

                        June 30,       March 31,       June 30,
                          2004             2004            2003
Optical Networks           77               84               85
Access Networks            60               83               56
BBRS Equipment             24               34               28
                         -------        -------          -------
Network Equipment         161              201              169

IC&M                       48               44               43
VAS                        66               72               64
BBRS Services              14               12               15
                                       -------          -------

-------
Network Services          128              128              122
                                       -------          -------
-------
Ongoing Operations        289              329              291
OPP Equipment and Services 50               49               51
                       -------          -------          -------
Continuing Operations     339              378              342
Discontinued Operations     -               16               25
                       -------          -------          -------
Group                     339              394              367
                       =======          =======          =======

Sales by Geographic Destination

in GBPm                            3 months ended

                        June 30,       March 31,       June 30,
                          2004             2004            2003
EMEA                      224              253               220
North America              38               47                38
CALA                        9                4                 6
APAC                       18               25                27
                       -------         -------           -------
Ongoing Operations        289              329               291
OPP                        50               49                51
                       -------         -------           -------
Continuing Operations     339              378               342
Discontinued Operations    -                16                25
                      -------          -------           -------
Group                    339               394               367
                      =======          =======           =======

The main trends impacting sales from ongoing operations during
the first quarter were:

Optical Networks

(a) We continue to observe steady demand for optical products
    across Europe, confirming our view that the European optical
    market has stabilized; sales in our major European markets
    were relatively stable compared to the previous quarter; in
    Italy, an increase in sales to Telecom Italia particularly
    resulting from the roll-out of our new optical switch, the
    MSH2K, was offset by reduced demand from Omnitel following
    completion of next generation MSH64c and MSH2K rollouts
    during the fourth quarter.

(b) We are also seeing some early signs that stability may be
    returning in CALA, where sales of optical equipment
    increased during the quarter mainly as a result of
    distributor sales through Ericsson, particularly in Mexico.

(c) The vast majority of the sequential decline in Optical
    Network sales arose in APAC; there was a marked reduction in
    sales to China as we completed deliveries to China Unicom
    during the previous quarter and have since experienced
    delays in new orders from this customer; similarly contract
    completions during the fourth quarter with Power Grid and
    HFCL led to a reduction in sales in India.

(d) In Australia, we are entering a phase of conformance testing
    and network homologation under our recently announced
    optical frame contract with Telstra.  We expect to record
    the first orders from this contract during the second half
    for delivery towards the end of the financial year.

(e) A peak in trading under our ultra broadband network contract
    with BT during the first quarter of the previous year was
    the major factor contributing to the year on year sales
    decline.

Access Networks

(a) Fixed Wireless Access accounted for approximately 32% of
    first quarter Access Network sales (Q4 FY04 29%) and
    Broadband Access (Access Hub and SoftSwitch) approximately
    16% (Q4 FY04 22%).  The balance related to Other Access and
    included sales of voice systems, other narrowband access
    equipment and payphones/multi-media interactive systems.

(b) Over 50% of the overall decline in sales compared to
    the previous quarter was triggered in Italy; the typical
    seasonal reduction in demand for broadband access deployment
    in the early stages of the financial year was further
    exacerbated by the exceptionally strong fourth quarter
    performance when Telecom Italia had significantly
    accelerated their deployment schedule.

(c) In the U.K., Access Network sales were down as we recorded a
    lower level of sales of narrowband equipment and services to
    BT.  We made our first Access Hub delivery to BT at the end
    of the quarter, recording initial sales of less than GBP1
    million during the period.  We anticipate that BT will
    continue to reduce spend on legacy equipment but expect to
    replace and exceed this lost revenue as BT moves forward
    with its broadband access roll-out and 21st Century
    Network project and we ramp up Access Hub deliveries
    Accordingly over the life of our frame contract.  Initially,
    BT is deploying our Access Hub as a DSLAM device.  During
    the quarter, we announced that we will be commencing live
    trials of our SoftSwitch and Access Hub operating as a
    multi-service access node from October 2004 in support of
    BT's PSTN transformation plans.  In addition, in June 2004,
    we announced that Kingston (U.K.) had accepted eight of our
    SoftSwitches into their next generation network and we have
    Recorded the corresponding revenues during the quarter.

(d) In line with the typical seasonal trend in our German
    business, we recorded a sequential decrease in sales to
    Vodafone at the start of our largest German customer's
    financial year.  This was partially offset however by an
    increase in sales to other German mobile operators as they
    stepped up 3G network rollouts.  In addition, we recorded
    an increase in sales of Access network management systems
    to Deutsche Telekom to support their network deployments.

(e) Sales of payphones and multi-media interactive systems were
    stable quarter on quarter.

Broadband Routing and Switching - Equipment and Services

(a) The reduction in sales of BBRS equipment and services was in
    line with the typical seasonality observed in this business
    which is influenced by the seasonal purchasing patterns of
    the U.S. Federal Government, which now accounts for just
    over half of total BBRS sales.

(b) During the period, we completed deliveries of the BXR-48000
    multi service switch router under the US$33 million order
    awarded by the U.S. Federal Government during the previous
    quarter.

(c) Weaker seasonal demand was further compounded by adverse
    U.S. dollar/sterling translation effect, which reduced
    reported sales by GBP2 million (based on the quarterly year
    to date average exchange rates).

Services

(a) The sequential increase in sales of Installation,
    Commissioning and Maintenance services mainly reflects
    increased installation and commissioning activities to
    support 3G network rollouts at O2 and E-Plus and SoftSwitch
    deployment at Kingston.

(b) The offsetting decline in Value-Added Services was driven by
    two main factors: (i) the non recurrence of the previously
    reported wireless software sale during the fourth quarter
    and (ii) a decrease in sales to Saudi Telecom as our network
    planning and consultancy contract was completed in the
    previous financial year.

BT accounted for 26% of sales from ongoing operations (Q4 FY04
25%).

Book-to-Bill - Ongoing Operations

Book to Bill for Network Equipment (excluding OPP) stood at
0.97, up from 0.94 in the previous quarter.  Book to Bill for
Network Services (excluding OPP) remained stable quarter on
quarter at 0.83.  During the quarter, we announced the renewal
of our cable services contract with BT, estimated by the
operator to be valued at around GBP360 million over 4 years.
This is not reflected in the book to bill during the quarter.
In line with our accounting policies, we will book the value of
this frame contract over its life, as we receive firm call off
orders from the customer.

Sales Outlook

Management confirms its expectation for low single digit sales
growth from ongoing operations during the current financial year
ending 31 March 2005 as compared to the financial year ended 31
March 2004 (on a constant currency basis).

Operational Performance

Based on preliminary management information, Group adjusted
gross margin (before exceptional items) came in at the lower end
of our guidance range of 30 to 32%.

Lower production volumes combined with business mix during the
period were the main factors behind the sequential reduction
from approximately 33.5% in the fourth quarter of the previous
year (including the impact of the previously announced cost
reclassification effective from 1 April 2004).

In addition to the expected causes of adverse business mix
relating to lower sales of high margin BBRS equipment and the
non-recurrence of the wireless software license sale, we also
recorded higher than expected sales of OPP equipment and
factored products in Germany, which carry margins lower than the
Group average.  Furthermore during the period, sales of Network
Services, which, generate lower gross margins than Network
Equipment represented a higher proportion of sales from
continuing operations (38%) compared to the previous quarter
(34%).

This data remains subject to further management review.  We will
disclose full details of gross margin, operating costs,
exceptional items (relating mainly to the final stages of our
operational restructuring process) and overall operating result
in our preliminary Q1 results announcement on 9 August.

Cash flow, Cash and Debt

At 30 June 2004, we had a net cash balance of GBP188 million
compared to GBP214 million at 31 March 2004.

The table below sets out the composition of the Group's net cash
balances at these dates:


In GBPm                           June 30, 2004   March 31, 2004
US$-denominated Senior Notes      (245)            (265)
US$-denominated Junior Notes        -                -
Other bilateral and bank debt     (40)             (40)
                                  ----------       ----------
Gross financial indebtedness      (285)            (305)
Cash and liquid resources          473              519
                                  ----------       ----------
Net Cash                           188              214
                                  ==========       ==========

On a pro forma basis reflecting the announced disposal of OPP,
our net cash position at 30 June 2004 was approximately GBP376
million (before tax and transaction costs).

We achieved a further quarter of positive operating cash flow
(before exceptional items).  This, however, was more than offset
by cash outflows mainly relating to (i) exceptional redundancy
and onerous lease payments, (ii) the settlement of the
previously disclosed Telcordia lawsuits, where we made one lump-
sum payment of US$21 million (approximately GBP12 million) in
full and final settlement, a revision from our preliminary
agreement to pay US$23.5 million over 3 years, (iii) transaction
costs relating to prior disposals and (iv) interest and tax.

During the quarter, we reduced the principal amount outstanding
of our U.S.-dollar denominated Senior Notes by approximately
GBP20 million to GBP245 million (US$445 million).  This
reduction in principal amount resulted from partial mandatory
redemptions at 110% of par value and market repurchases,
partially offset by the impact of foreign exchange translation.

As previously announced, we will use the total cash proceeds
from the disposal of OPP (US$375 million or approximately GBP207
million) to fund a further mandatory redemption of the Senior
Notes at 110 percent of par value.  This will reduce the Senior
Notes outstanding to approximately US$104 million (GBP57
million).

We will disclose full cash flow information in our preliminary
Q1 results announcement.

Financial Calendar H1 FY05

The provisional timetable for Marconi's full U.K. and U.S. GAAP
quarterly results for the first half of FY05 will be:

Q1             9 August 2004
Q2             9 November 2004

About Marconi Corporation plc

Marconi Corporation plc is a global telecommunications
equipment, services and solutions company.  The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access
technologies and services.  The company's customer base includes
many of the world's largest telecommunications operators.

The company is listed on the London Stock Exchange under the
symbol MONI and on Nasdaq under the symbol MRCIY.  Additional
information about Marconi Corporation can be found at
http://www.marconi.com

CONTACT:  MARCONI CORPORATION
          David Beck
          Phone: 0207 306 1490
          E-mail: david.beck@marconi.com

          Investor Inquiries:
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com


MARKS & SPENCER: Philip Green Withdraws Offer
---------------------------------------------
Philip Green announces on behalf of Revival that he has decided
not to proceed with an offer to acquire M&S.

Despite the continuing support for Revival from M&S' largest and
longstanding shareholder, Brandes Investment Partners, LLC[1],
representing 11.7% of the issued ordinary share capital,
Schroder Investment Management Limited[2] representing 1.2% of
the issued ordinary share capital and others[3] representing, in
aggregate, 21.1% of the issued ordinary share capital, Revival
has concluded from M&S' AGM statement and conversations with
Paul Myners that Revival will not gain the co-operation of the
Board of M&S to provide it access to the information necessary
for Revival to make its offer, including the necessary meeting
with the pension Trustees, by 6 August.

Since it has never been Revival's intention to disrupt the
business of M&S, Revival is making this announcement promptly
and wishes to thank the many M&S employees and shareholders who
have expressed their support.

Philip Green believes that he has played an important part in
bringing about a new direction for M&S and he wishes the
employees and shareholders of M&S good fortune.

For the purposes of Rule 2.8 of the City Code on Takeovers and
Mergers, Revival reserves the right to make or participate in an
offer within the next six months in the event that the Board of
M&S agrees to recommend an offer or a third party announces a
firm intention to make an offer for M&S.

----------
Footnotes:

[1] On July 7, 2004, Revival announced that Brandes Investment
Partners, LLC has provided an irrevocable undertaking
representing approximately 11.7% of the issued ordinary share
capital of M&S, subject to the conditions set out in that
announcement.

[2] On July 8, 2004, Revival announced that it has received a
non-binding letter of intention from Schroder Investment
Management Limited representing approximately 1.2% of the issued
ordinary share capital of M&S, subject to the conditions set out
in that announcement.

[3] M&S shareholders who, in aggregate, currently own or have
investment control over ordinary shares of M&S representing
approximately 9.0% of the issued ordinary share capital of M&S,
and holders of outstanding derivative contracts in respect of
ordinary shares of M&S, representing approximately 12.1% of the
issued ordinary share capital of M&S (a combined total of
21.1%), have confirmed to Revival that they believe that the
board of M&S should allow Revival access to its requested due
diligence on the basis of the proposal set out by Revival in its
announcement dated July 7, 2004.

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

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


MARKS & SPENCER: Welcomes Philip Green's Retreat
------------------------------------------------
The Board of Marks & Spencer notes the statement made by Philip
Green on behalf of Revival Acquisitions Limited that he has
withdrawn its proposal to make an offer for the Group.  As
previously announced, the Board believed and continues to
believe that 400 pence per share undervalues the Group and its
prospects significantly.

Following Thursday's AGM, Paul Myners, the Chairman, received a
telephone call from Philip Green informing him that Revival had
the support of 36% of the Group's shareholders requesting that
the Board should allow Revival access for due diligence.  Mr.
Myners said that the Board was in the process of consulting
shareholders.

Late Thursday afternoon, Philip Green informed the Board,
through its advisers, that he required from them in the evening
a commitment to recommend an offer from Revival if made at 400
pence per share.  Revival was made aware that a board meeting
had been scheduled for Thursday evening.  This meeting was in
progress when Revival's announcement was made.

The Board is pleased that a period of uncertainty has come to an
end. Paul Myners, Chairman of the Board, said: "As a Board, we
are focused on improving the performance of Marks & Spencer and
delivering the long-term value that we have identified for the
benefit of our shareholders.  Stuart Rose and the team are fully
committed to the task and we have every confidence in their
ability to succeed."

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

          Press Enquiries
          Paul Myners
          Stuart Rose
          Phone: 020 7268 1919

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

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

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

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


MARKS & SPENCER: Ratings Affirmed; Off CreditWatch
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings --
including its 'BBB/A-2' corporate credit ratings -- on U.K.-
based retailer Marks & Spencer PLC (M&S) and its related
entities Marks & Spencer Finance PLC, St. Michael Finance PLC,
and Marks & Spencer Finance (Nederland) B.V.  At the same time,
the ratings were removed from CreditWatch.  The outlook is
stable.

The senior unsecured debt ratings on the bonds and notes issued
by Marks & Spencer Financial Services PLC, however, remain on
CreditWatch but the CreditWatch implications have been revised
to positive from developing, reflecting the proposed sale of the
division to the HSBC group.

The rating actions follow an announcement by Revival
Acquisitions Ltd. (a company owned by retail entrepreneur Philip
Green) on July 14, 2004, that it was not going to make an offer,
in a highly leveraged transaction, for M&S.  In addition, the
rating affirmations are based on Standard & Poor's discussions
with M&S' management as regards its future financial policy.

"The affirmation is based on Standard & Poor's view that M&S is
committed to maintaining a financial profile in line with the
ratings, and consequently any further share buybacks would only
be considered once the group has restored its debt measures in
line with the ratings," said Standard & Poor's credit analyst
Omar Saeed.

Following a strategic review by the group's new management, M&S
is expected to return about GBP2.3 billion (US$4.3 billion) to
shareholders and acquire the 'per una' brand for GBP125 million.
The cash outflows will, however, be partially offset by the
group's decision to divest its financial services division --
Marks & Spencer Financial Services -- for GBP762 million to
HSBC.  If the sale of Marks & Spencer Financial Services
proceeds as planned, its debt (GBP1.24 billion at April 3, 2004,
including the rated bonds and notes) would be assumed or
guaranteed by HSBC, which would be positive for the ratings on
the division's bonds and notes given the banking group's
superior credit quality.

"Standard & Poor's expects M&S to show some improvement to its
operating profitability; maintain its current market positions;
and demonstrate its commitment to achieving a financial profile
consistent for the ratings," added Mr. Saeed.  "The group,
therefore, has no flexibility for further share buybacks up
until it restores and sustains its debt measures."


MATREC LIMITED: Sets Members Final Meeting August 16
----------------------------------------------------
Members of Matrec Limited Company will have a Final Meeting on
August 16, 2004 at 10:00 a.m.  It will be held at DS Insolvency
Services, 29 King Street, Newcastle-under-Lyme, Staffordshire
ST5 1ER.

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 DS Insolvency Services, 29
King Street, Newcastle-under-Lyme, Staffordshire ST5 1ER not
later than 12:00 noon, August 13, 2004.

CONTACT:  DS INSOLVENCY SERVICES
          29 King Street,
          Newcastle-under-Lyme,
          Staffordshire ST5 1ER
          Liquidator:
          M Williamson


MAX ULLAH: General Meeting Set August 16
----------------------------------------
The General Meeting of the Members of Max Ullah Limited Company
will be on August 16, 2004 at 10:00 a.m.  It will be held at 5
Bassett Wood Drive, Southampton SO16 3PT.

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.


MINEMET-ENTORES: General Meeting of Members Set August 16
---------------------------------------------------------
Members of Minemet-Entores Limited Company will have a General
Meeting on August 16, 2004 at 11:0 a.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.


NETWORK RAIL: Govt Guarantees Funding Well Past SRA Liquidation
---------------------------------------------------------------
The Government published a White Paper on the future of the
railways, which announces that the Strategic Rail Authority
(S.R.A.) is to be wound up and its liabilities transferred to
the Secretary of State for Transport.

Network Rail's commercial borrowings (including Notes issued by
Network Rail MTN Finance PLC) are currently supported by
GBP21.05 billion of standby facilities from the S.R.A.  These
facilities will transfer to the Secretary of State along with
the S.R.A.'s other liabilities, and become sovereign obligations
of the Crown, subject to legislation being passed by Parliament.

In a letter to Network Rail, David Rowlands, Permanent Secretary
at the Department for Transport, made it clear that until the
necessary legislation is implemented, there will be no change in
the existing financial support arrangements for either Network
Rail or the S.R.A.  These include comfort letters issued by the
Secretary of State stating that he would intervene in a timely
manner to ensure that adequate funds would be made available to
meet any financial obligations incurred by the S.R.A. in support
of Network Rail's financings.

The Secretary of State for Transport has also confirmed that the
S.R.A.'s contractual obligations will continue to be honored
pending legislation.


NETWORK RAIL: CP Program to Benefit from S.R.A. Deal, Fitch Says
----------------------------------------------------------------
Fitch Ratings affirmed the 'F1+' Short-term rating for Network
Rail CP Finance PLC's (CP Issuer) GBP4.0 billion Multi-Currency
Euro Commercial and U.S. Commercial Paper program.  The program
benefits from a Direct Agreement with the Strategic Rail
Authority (S.R.A.) which is rated 'AAA' / 'F1+' by Fitch
Ratings, and timely liquidity back-up facilities from 'F1+' bank
providers and the S.R.A.

This rating action follows the publication of the white paper
concluding the government's rail review and the announcement
that the S.R.A. is to be wound up.

At the same time, government has stated that the S.R.A.'s
strategic responsibilities and financial obligations will be
transferred to the Department of Transport (DfT), an agent of
the Crown, which is rated 'AAA' by Fitch.  U.K. government
officials have stated to Fitch that this transfer will take
place but, as it requires primary legislation, it is not
expected to be before 2005.

The U.K. government has reiterated its statement from the
beginning of this review, that the S.R.A.'s contractual
obligation will be honored.  Until the S.R.A. is subsumed within
the DfT, the Secretary of State's letter of comfort relating to
the S.R.A.'s financial obligations remains in place.  Once the
enabling legislation is passed, the comfort letter falls away,
since the S.R.A.'s liabilities will then be enforceable directly
against the Secretary of State.

Please see Fitch's full press release on the S.R.A. for more
details on the U.K. rail announcement

CP Issuer is a special purpose vehicle wholly owned by Network
Rail Ltd. (a company limited by guarantee), which is the holding
company of the U.K.'s national rail infrastructure group.
Network Rail Infrastructure Ltd. has been using the amounts
raised under the CP program to fund the regulated entity's on-
going requirements for the rail network.

However, the credit rating of CP Issuer's program is primarily
linked to that of the S.R.A.  The rating of CP Issuer is not
linked to the credit rating of the Network Rail group, as any
Network Rail event of default only results in maturing program
obligations being paid as they fall due by some GBP4bn of 'F1+'
liquidity facilities and, ultimately, by the S.R.A.

The S.R.A.'s obligations benefit from a Secretary of State
comfort letter dated 3 March 2003, in relation to its financial
obligations, and one dated June 2003, specifically recognizing
its obligations under the Direct Agreement in relation to the CP
Issuer-related put and call option, and an S.R.A. GBP4 billion
liquidity facility to CP Issuer.

Following the announcement, and once the above-mentioned
enabling legislation is passed, the comfort letters issued by
the Secretary of State for Transport with respect to the
S.R.A.'s liabilities towards Network Rail's borrowings will
necessarily fall away, since the liabilities will thenceforth be
enforceable directly against the Secretary of State, a Minister
of the Crown, thereby constituting valid, legally binding and
direct obligations of the Secretary of State, enforceable in
accordance with their terms.

A copy of Fitch's original pre-sale report on this CP program is
available at http://www.fitchresearch.com.

CONTACT:  FITCH RATINGS
          John Hatton
          Phone: +44 (0) 20 7417 4283

          Sarah Wall
          Phone: +44 (0) 20 7862 4023

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


NETWORK RAIL: MTN Program Affirmed After Rail Review
----------------------------------------------------
Fitch Ratings affirmed the 'AAA' rating for Network Rail MTN
Finance PLC's GBP10.0 billion Multi-Currency Medium Term Note
Program.  The program benefits from a Direct Agreement with the
Strategic Rail Authority (S.R.A.) which is rated 'AAA' / 'F1+'
by Fitch Ratings, and a GBP10.0 billion timely support facility
from the S.R.A.

This rating action follows Thursday's publication of the white
paper concluding the government's rail review and the
announcement that the S.R.A. is to be wound up.

At the same time, government has stated that the S.R.A.'s
strategic responsibilities and financial obligations will be
transferred to the Department of Transport (DfT), an agent of
the Crown, which is rated 'AAA' by Fitch.  U.K. government
officials have stated to Fitch that this transfer will take
place but, as it requires primary legislation, it is not
expected to be before 2005.

The U.K. government has reiterated its statement from the
beginning of this review, that the S.R.A.'s contractual
obligation will be honored.  Until the S.R.A. is subsumed within
the DfT, the Secretary of State's letter of comfort relating to
the S.R.A.'s financial obligations remains in place.  Once the
enabling legislation is passed, the comfort letter falls away,
since the S.R.A.'s liabilities will then be enforceable directly
against the Secretary of State.

Please see Fitch's full press release on the S.R.A. for more
details on the U.K. rail announcement.

Network Rail Infrastructure Ltd. has been using the amounts
raised by MTN Issuer under the MTN Program to Network Rail
Infrastructure Ltd. to fund the regulated entity's on-going
requirements for the rail network.  The credit rating of MTN
Issuer's program is primarily linked to that of the S.R.A.  The
rating of MTN Issuer's program is not linked to the credit
profile of the Network Rail group.

The S.R.A.'s obligations benefit from a Secretary of State
comfort letter dated 3 March 2003, in relation to its financial
obligations, and one dated March 2004, specifically recognizing
its obligations under the Direct Agreement in relation to the
MTN Issuer-related put and call option and a S.R.A. GBP10
billion support facility to MTN Issuer.

Following the announcement, and once the above-mentioned
enabling legislation is passed, the comfort letters issued by
the Secretary of State for Transport with respect to the
S.R.A.'s liabilities towards Network Rail's borrowings will
necessarily fall away, since the liabilities will thenceforth be
enforceable directly against the Secretary of State, a Minister
of the Crown thereby constituting valid, legally binding and
direct obligations of the Secretary of State, enforceable in
accordance with their terms.

A copy of Fitch's original pre-sale report on this MTN program
is available at http://www.fitchresearch.com.

CONTACT:  FITCH RATINGS
          John Hatton
          Phone: +44 (0) 20 7417 4283

          Sarah Wall
          Phone: +44 (0) 20 7862 4023

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


NORMAN LODGE: Winding up Resolutions Passed
-------------------------------------------
At an Extraordinary General Meeting of the Norman Lodge Holdings
Limited Company on July 5, 2004 held at WBS Chartered
Accountants, 21-27 St Paul's Street, Leeds, the Special,
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  Andrew Philip Wood and John Russell of 93 Queen
Street, Sheffield S1 1WF have been appointed Joint Liquidators
of the Company for the purpose of such winding-up.

CONTACT:  Andrew Philip Wood, Liquidator
          John Russell, Liquidator
          93 Queen Street,
          Sheffield S1 1WF


PACEPACKER LIMITED: Appoints T H Associates Administrator
---------------------------------------------------------
T J Hargreaves has been appointed joint administrative receivers
for Pacepacker Limited Company.  The appointment was made July
5, 2004.  The company manufactures and markets processed
machinery.

CONTACT:  T H ASSOCIATES
          Towngate House,
          116-118 Towngate,
          Leyland PR25 2LQ
          Receiver:
          T J Hargreaves
          (IP No 8637)


PRIDEWOOD ENTERPRISES: Special Winding up Resolution Passed
-----------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Pridewood Enterprise Limited Company on July 8, 2004 held at
Gable House, 239 Regents Park Road, Finchley, London N3 3LF, the
Special Resolution to wind up the company was passed.  M S E
Solomons has been appointed Liquidator for the purpose of such
winding-up.


SIXPACK LIMITED: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Members of the
Sixpack Limited Company on July 7, 2004 held at SPW Poppleton &
Appleby, Gable House, 239 Regents Park Road, Finchley, London N3
3LF, the Special Resolution to wind up the company was passed.
M S E Solomons has been appointed for the purpose of such
winding-up.


TELEWEST COMMUNICATIONS: Completes Financial Restructuring
----------------------------------------------------------
The financial restructuring of Telewest Communications plc took
effect Thursday.  As a result, all outstanding notes and
debentures of Telewest and its Jersey-based finance subsidiary
have been cancelled, reducing the total outstanding indebtedness
of the business by approximately GBP3.8 billion, or more than
65%, to approximately GBP2.0 billion.

As part of the financial restructuring, Telewest transferred
substantially all of its assets and liabilities to a subsidiary
of Telewest Global, Inc. a holding company incorporated in the
state of Delaware and formed for the purpose of holding the
businesses that have historically comprised Telewest.

Trading in Telewest Global's common stock on the Nasdaq National
Market will commence on 19 July 2004 under the symbol TLWT.  As
part of the financial restructuring, 241,325,000 shares, or
98.5%, of Telewest Global's common stock will be distributed to
the holders of Telewest's and its Jersey-based finance
subsidiary's notes and debentures and certain other scheme
creditors, and 3,675,000 shares, or 1.5%, of Telewest Global's
common stock will be distributed to Telewest's existing
shareholders.

Telewest also successfully completed the amendment of its senior
secured credit facility.  The amended facility provides for
fully committed facilities of GBP2.03 billion.

Cob Stenham, Chairman of Telewest, commented: "Completion of our
financial restructuring ends a long and complex process for
Telewest and allows us to focus our full resources on
strengthening our position as a leading broadband communications
and media group in the United Kingdom."

Telewest Global's board of directors will include seven
directors not historically associated with the Telewest
business: Barry R. Elson (Acting Chief Executive Officer),
William Connors, John H. Duerden, Marnie S. Gordon, Donald S. La
Vigne, Michael McGuiness and Steven R. Skinner.  Cob Stenham,
Chairman of the Board of Telewest, will serve as Chairman of
Telewest Global.

"This is a dynamic and experienced group of directors.  Their
expertise will be extremely valuable to the Telewest business,
and I am looking forward to working with them", said Stenham.

Telewest ADRs ceased trading on the Nasdaq National Market at
4:30 p.m. (New York time) on 13 July 2004 and dealings in
Telewest shares and debt securities on the London Stock Exchange
ceased at 4:30 p.m. (U.K. time) on 14 July 2004.  The listing of
Telewest's shares and debt securities on the Official List of
the U.K. Listing Authority was cancelled with effect from 8.00
a.m. on 15 July 2004.

Telewest Global, the newly restructured broadband communications
and media group, currently operates a network covering
approximately 4.9 million homes in the U.K. and provides multi-
channel television, telephone and internet services to
approximately 1.74 million U.K. households, and voice and data
telecommunications services to around 67,000 business customers.
Its content division, Flextech, is the BBC's partner in UKTV.
Together they are the largest supplier of basic channels to the
U.K. pay-TV market.  For further information go to
http://www.telewest.co.uk/media.

CONTACT:  TELEWEST COMMUNICAITONS
          Mary O'Reilly
          Phone: 020 7299 5000

          Richard Williams
          Phone: 020 7299 5888

          CITIGATE
          Dewe Rogerson
          Phone: 020 7638 9571

          Anthony Carlisle
          Phone: 07973 611888


TRILOGY FINANCIAL: Hires Liquidators from Robson Rhodes
-------------------------------------------------------
At an Extraordinary General Meeting of the Trilogy Financial
Products Limited Company on June 21, 2004 held at 60 Lombard
Street, London, the Special, Ordinary and Extraordinary
Resolutions to wind up the company were passed.   Simon Peter
Bower and Trevor Patrick O'Sullivan of RSM Robson Rhodes LLP,
186 City Road, London EC1V 2NU has been appointed as Joint
Liquidators for the purpose of such winding-up.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Liquidators:
          Simon Peter Bower
          Trevor Patrick O'Sullivan


TRIZECHAHN PLC: Appoints PricewaterhouseCoopers Liquidator
----------------------------------------------------------
At a General Meeting of the Members of Trizechahn Plc on July 8,
2004 the Special and Ordinary Resolutions to wind up the company
were passed.  Richard Setchim and Jonathan Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed Joint Liquidators of the Company for the purpose
of such winding-up.

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


WH SMITH: Pensioners Demand Senior Creditor Treatment
-----------------------------------------------------
Permira is taking an unusual step of giving high-priority status
to pension scheme members of WH Smith.

According to the Financial Times, the private equity firm is
asking potential backers for its revised bid to pay the members
as they would senior lenders in case of insolvency.  Usually,
pension scheme creditors are among the last to get cash if a
company goes bust.

WH Smith policyholders are getting extraordinary powers compared
to other pension scheme members of other companies.  In WH
Smith's case, they have power to set contributions, and lately,
they are getting in the way of a possible sale of the company.

Talks between WH Smith and Permira fell off in June after
trustees of the pension plan asked for a large cash sum for its
pension fund.  They disagreed on a 371p a share offer, and
threatened to block the transaction.  It is understood now they
will withdraw the threat if GBP150 million is added to the
scheme, and the remaining shortfall ranks "pari passu" with that
of senior creditors.  WH Smith's scheme is underfunded by
between GBP215 and GBP250.

According to the report, it is understood that the new terms
would start with an offer of about 340p a share, valuing the
company at about GBP850 million.


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.

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

This material is copyrighted and any commercial use, resale or
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