TCREUR_Public/040720.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, July 20, 2004, Vol. 5, No. 142

                            Headlines

C Z E C H   R E P U B L I C

IP BANKA: CSOB Installs New Directors, Supervisory Board Members
LIBERTA: Blames Govt for Liquidation; Demands CZK300 Mln Payment


G E R M A N Y

DAIMLERCHRYSLER AG: Executives Offer to Forego Wage Hike
EUROFIGHTER GMBH: Blames U.K., Germany, Italy, Spain for Woes
WESTLB AG: Considers Moody's Upgrade an Endorsement of Strategy


H U N G A R Y

NABI RT: First-half Bus Sales Almost Flat


I T A L Y

CIRIO FINANZIARIA: Del Monte Foods Sold for EUR275 Million
EUROFOOD IFSC: Court Rules in Favor of Parmalat Commissioner
PARMALAT FINANZIARIA: Consumers Oppose Debt Restructuring


K Y R G Y Z S T A N

FORA-L: Sets Public Auction July 29
REF: Public Auction of Assets July 27
SAREKA: Gives Creditors Two Months to File Claims
SARY-KOO: Selling 37 Lots of Farms, Agricultural Implements


N E T H E R L A N D S

KONINKLIJKE AHOLD: Resolves Conflict with Insurance Group


R U S S I A

ENERGO-CENTER: Deadline for Proofs of Claim August 17
FORTH NIZHNEKAMSK: Court Sets September 6 Hearing
GLAZUNOVSKOYE BREAD: Under Bankruptcy Supervision
ILYINSKY WOOD: Declared Insolvent
MAKSATIKHINSKY LES: Insolvent Status Confirmed

MIKHAYLOVSKOYE-PLEMENNOY: Bankruptcy Proceedings Begin
SPETS-SAN-TEKH-MONTAZH: Orel Court Appoints Insolvency Manager
SYNTULSKY LMZ: Deadline for Proofs of Claim August 17
THERMIC NETWORKS: Declared Insolvent
YAYSKY WOOD: Proofs of Claim Deadline August 17
YUKOS OIL: Commissions Independent Assessment of Assets
YUKOS OIL: Chairman Lashes Back at Jailed Founder


U K R A I N E

AGROPROMTEHNIKA: To Auction Buildings August 2
ELECTRON-GAZ: Sets Public Auction August 2
KOLOS: Bankruptcy Proceedings Begin
LOZIVSKE SEWING: Court Appoints Insolvency Manager
NEVA-L: Kyiv Court Names Liquidator

NIVA: Insolvent Status Confirmed
POLTAVZHITLOBUD: Succumbs to Insolvency
SAMBIRSKIJ RAJAGROSERVIS: To Hold Public Auction August 4


U N I T E D   K I N G D O M

5 STAR HEALTHCARE: To Host Creditors Meeting Today
ACCUPLAS MOULDING: Creditors Meet to Name Liquidator
ADEPT TECHNOLOGY: Creditors May Appoint Liquidators Today
ASWAS ONE: Hosting Creditors Meeting Later Today
BRK INTERNATIONAL: Sets Creditors Meeting August 5

CANARY WHARF: Songbird Offer Receives 66.32% Acceptance
CAPAZ BUSINESS: Creditors to Meet Today
CAPAZ CONSULTANCY: Liquidation Main Agendum in Creditors Meeting
CELLCOM SYSTEMS: Creditors to Review Options Today
CHANDOS PHOTOGRAPHIC: Creditors Considering Liquidation

CLARKES WEYBRIDGE: Meeting of Creditors Today
CORNING COSTAR: General Meeting Set August 16
CORNISH PRODUCE: Calls in Liquidator
CUTLERS LTD: Church Meadows Investments Brings in Receivers
DOVEQUEST LTD: Hosts Today's Creditors Meeting

DREAMPLAN LIMITED: Hires Robson Rhodes Administrator
EGG PLC: To Update Market Regarding Sale Status Within Weeks
EQUITABLE LIFE: There's Still Hope for Policyholders to Get Paid
FEDERAL TOOLING: Creditors to Meet Today
FINNSON ESTATES: Winding up Resolutions Passed

FRANK WARRINGTON: Members Final Meeting Set August 19
GAIA CENTER: Closing this Summer as Turnaround Plan Flops
HENLYS GROUP: Needs US$50 Mln to Get Back on Track, Says Chair
HESTER RECYCLING: To Hold Creditors Meeting Today
HOOPER SONS: Creditors to Consider Liquidation

INTERNET ADVERTISING: Creditors Meeting Set July 28
JAMES BEAUMONT: Sets Members Final Meeting August 12
MARKS & SPENCER: May Keep Interim Chairman for Good
MERMAID FISH: Winding up Resolutions Passed
NORMAN LODGE: Winding up Resolutions Passed

PARK PATERSON: Names KPMG Administrator
PENCREBAR ESTATES: Hires Liquidator from Neville Hatton
REGUS GROUP: To Acquire HQ Global for US$302 Million
ROBERTS & PARTNERS: In Administrative Receivership
ROWE & CO: Appoints Nevill Hatton Liquidator

ROYAL & SUNALLIANCE: Demand for Debt Offering Strong
ROYAL & SUNALLIANCE: A.M. Best Gives Sub-notes Negative Outlook
ROYAL & SUNALLIANCE: Sells Pakistani Business for US$1.25 Mln
TELEWEST COMMUNICATIONS: Bares Telewest Global Stock Allocations
TELEWEST COMMUNICATIONS: Awards Top Honchos Fat Bonuses

* Large Companies with Insolvent Balance Sheets


                            *********


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


IP BANKA: CSOB Installs New Directors, Supervisory Board Members
----------------------------------------------------------------
Shareholders of bankrupt IP Banka carried out the directive of
the central bank and renamed the company to IP Exit on Friday,
Europe Intelligence Wire said, citing Czech Happenings.

CNB, the country's central bank, had ordered a new name for the
company, which is no longer offering banking services.  IP Banka
is the successor of failed Investicni a Postovni banka, which
has been taken over by Ceskoslovenska obchodni banka (CSOB).

The renaming of the company was one of the items in the agenda
for the extraordinary general meeting called by CSOB on Friday.
The other item was the ouster of Tomas Kopriva, the deputy
chairman of the board of directors.  CSOB also successfully
steered the shareholders into changing the entire composition of
both the board of directors and the supervisory board.  It also
pushed for the appointment of its lieutenants to both bodies.
According to CTK, CSOB intends to terminate all court disputes.

IP Banka was declared bankrupt in February, a decision
vigorously opposed by CSOB.  The new owner also protests its
lack of representation in the creditors committee, which is
dominated by Nomura of Japan.  CSOB had previously tussled with
Nomura over ownership of IP Banka until a London arbitration
court in February ordered the transfer of Nomura's shares to
CSOB.

Mr. Kopriva says a new creditors committee should be chosen by
July 21.  Lenka Duskova is currently the administrator of the
bankruptcy assets.


LIBERTA: Blames Govt for Liquidation; Demands CZK300 Mln Payment
----------------------------------------------------------------
Shareholders of pram maker Liberta on Thursday authorized
liquidator Barbora Snopkova to demand more than CZK300 million
from the government, Czech Happenings reports.

Liberta's management argues the firm was harmed by the state's
bad voucher privatization, as the National Property Fund (FNM)
sold shares that were not fully backed by property.

"There are three expert assessments, according to which assets -
- inventories or claims -- which actually did not exist were
kept in the books, for instance," local daily Hospodarske noviny
quoted Liberta Chairman Jan Cemus.

The FNM has acknowledged that the data were wrong, but blamed
the former managers of Liberta predecessor -- state-run company
TDV -- for the foul up.  Liberta's management first pursued this
claim in 1996, but dropped it in 2001.  The company went bust in
1997 while in the control of Ivo Svoboda, who would eventually
become the country's finance minister.  Along with his adviser
Mr. Snopkova, Mr. Svoboda was sentenced in March for a series of
economic crimes.  The decision is on appeal.

Liberta, on the other hand, endured seven years of bankruptcy
proceedings that ended in February.  By this time, the company
had no more assets and had to apply for liquidation.  The
company left a CZK152 million debt when it went belly up in
1997.


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


DAIMLERCHRYSLER AG: Executives Offer to Forego Wage Hike
--------------------------------------------------------
DaimlerChrysler AG's top executives offered Saturday to forfeit
pay raises if employees sign up to a EUR500 million cost cutting
measure, Europe Intelligence Wire Reports.

Management wants workers to forego the five-minute break they
have been entitled to each hour for the past 30 years, which in
practice are no longer taken each day but saved up and tacked on

to their annual holiday.  More than 60,000 workers staged
walkouts and rallies beginning Thursday that continued well into
the weekend to protest management's demand to work more for the
same pay.  On Saturday, around 10,000 workers did not report to
work, thus disrupting production.


EUROFIGHTER GMBH: Blames U.K., Germany, Italy, Spain for Woes
-------------------------------------------------------------
Eurofighter GmbH, the venture in charge of Europe's biggest
defense project, warned it may have to wind down unless
governments continue to honor order contracts.

The U.K., Germany, Italy and Spain have pledged to buy 620
planes in three batches from the company.  The first order was
for 148 planes.  So far, only 36 have been delivered.  Another
104 are under construction and work is still to begin on the
last eight.  The planes are scheduled for delivery early in
2007.

Under the agreement, the four nations are to buy a second set of
236 planes this month.  Delivery of the first planes in the
second batch is scheduled in 2007, when the last planes for the
first batch are due.  Talks are still ongoing regarding the
terms for the order of the second group of planes.  U.K. is
reportedly taking time to negotiate a price cut, and added
capabilities to the fighter planes.  It previously promised to
order 89 second-batch aircraft.  Germany has already agreed to
buy 68.  Work on the first batch of planes is at least six years
behind schedule.  Costs have also tripled to more than EUR83
billion (US$103 billion).

Eurofighter Chief Executive Officer Aloysius Rauen said what the
project needs, at the minimum, is commitment for funding.  He
expects contracts to follow.  Because of uncertainties, he said:
"The Eurofighter partner companies are preparing steps to run
down the program."  The partners are BAE Systems Plc, European
Aeronautic, Defense & Space Co. and Finmeccanica S.p.A.'s Alenia
unit.

Problems in the project threaten thousands of jobs.  The program
employs about 10,000 people working on the airframe and another
10,000 working on the engine and other equipment.


WESTLB AG: Considers Moody's Upgrade an Endorsement of Strategy
---------------------------------------------------------------
WestLB welcomes the upgrade of its Financial Strength Rating
(FSR) from Moody's as an endorsement of the bank's strategy.  By
raising the rating two notches to D-, the rating agency has
reacted in a timely way to the latest improvements in the Bank's
capitalization and profitability, said WestLB in Dusseldorf on
Thursday.

"Following the recent positive comments from all three leading
agencies, WestLB will continue to improve the risk structure and
the operating performance of its business in close alliance with
the savings banks to lay the groundwork for further improvements
in its ratings," said Dr. Thomas Fischer, Chairman of the
Managing Board.

The Moody's FSR evaluates the inherent financial strength of the
Bank, without taking into account external credit factors or
support mechanisms on the part of the shareholders.  It is not
therefore comparable with the shadow ratings announced by other
rating agencies.  On Thursday, Moody's confirmed its long-term
ratings for outstanding liabilities of WestLB at Aa2, and the
short-term rating at P-1.  These two ratings take into account
the existing government guarantees (Anstaltslast and
Gewahrtragerhaftung).


=============
H U N G A R Y
=============


NABI RT: First-half Bus Sales Almost Flat
-----------------------------------------
Number of Bus Deliveries According to Market and Type:

Market           Bus Type         June 30    June 30   June 30
                                    2004       2003      2002
           30-foot (medium duty)      1          12        10
U.S.A.     35/40-foot (heavy duty)  239         287       415
           60-foot (heavy duty)      73           1         -
           40/45-foot CompoBus       33           8         -

U.S.A MARKET TOTAL:                 346         308       425

           Single deck under 7.5t    43          66        79

United     Single deck over 7.5t    191         185       171
Kingdom    Double deck over 7.5t      1           9        17


U.K. Market
Total:                              235          260      267
HU Market  Single deck over 7.5t      5            3        -
Total

Grand Total:                        586          571      692

Comparing to the results from last year's similar period, there
is no significant growth in the number of buses sold; however,
the sales structure has changed in the U.S.A. as the proportion
of higher value CompoBus-es and articulated buses has increased.
The 45-foot CompoBus-es were sold at a 30% premium on average,
while the 60-LFW at a 50% premium, based on the average price
for the traditional (40-foot) models.  Customization (of
propulsion system, add-ons) may represent considerable
differences in model prices.

In the U.K. market, the overall bus registrations are down by
17% in comparison with the first half of 2003, but Optare has
steered a steady course and increased its market share to 38% in
the midibus sector and has a 10% share of the total U.K. bus
registrations.

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/NabiRt_press_release.pdf.

CONTACT:  NABI RT
          Andras Bodor
          Corporate Affairs Director
          Phone: +36-1-401-7100
          Fax:   +36-1-407-2931
          E-mail: andras.bodor@nabi.hu


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


CIRIO FINANZIARIA: Del Monte Foods Sold for EUR275 Million
----------------------------------------------------------
Fresh Del Monte Produce (NYSE:FDP) signed an agreement to
acquire certain assets and shareholdings that comprise Del Monte
Foods Europe [currently owned by Cirio Finanziaria], including
its operations in Europe, Africa and the Middle East.  The
acquisition, which is expected to close by the fourth quarter of
2004, will be made for approximately EUR275 million, or US$340
million in cash primarily financed through the Company's credit
facility.  The transaction is subject to receipt of regulatory
approvals.

Fresh Del Monte's acquisition of Del Monte Foods Europe, a
vertically integrated producer and distributor of processed
fruit and vegetables, juices, snacks and desserts, will add
approximately US$370 million of sales and an attractive array of
products and brands to Fresh Del Monte's existing portfolio of
fresh and fresh-cut produce.  In addition, the acquisition
strengthens the company's presence in Europe and other key
markets.

Del Monte Foods Europe's beverages and deciduous fruit are
processed at facilities in England, Greece, South Africa and
Italy, while its pineapple is cultivated and processed at its
plantations and canneries in Kenya and Thailand.

Del Monte Foods Europe holds a perpetual, royalty-free license
to use the Del Monte(R) brand for processed and/or canned food
products in more than 100 countries throughout Western, Central
and Eastern Europe, Africa, and the Middle East.  As a result,
the acquisition provides Fresh Del Monte with a myriad of new
markets where the company will be able to sell fresh produce and
processed foods under the Del Monte(R) name, Western Europe's
leading brand of processed fruit and pineapple.

In addition to strengthening the company's geographic presence,
expanding its product line and consolidating the Del Monte(R)
brand in Europe, the Middle East, and Africa, the acquisition
also provides Fresh Del Monte with several other key strategic
benefits, including:

(a) A stronger platform for growth.  Among retail and
    foodservice customers, the company will have an enhanced
    presence with greater distribution capabilities and will be
    able to take advantage of increased cross-promotion
    opportunities.  Fresh Del Monte expects to increase
    marketing support for the Del Monte(R) brand to drive an
    increase in sales.  The company also expects to expand its
    presence in currently under-penetrated markets such as
    Russia.

(b) Access to new product opportunities.  The company's
    acquisition of the Del Monte(R) brand for processed foods in
    Europe, the Middle East, and Africa will provide Fresh Del
    Monte with access to substantial new product opportunities,
    particularly in the areas of innovation and product pipeline
    expansion.

(c) Significant cost and selling synergies.  The transaction is
    expected to generate synergies that will result in
    meaningful cost savings.  These synergies will come from
    combining operations, leveraging administrative
    efficiencies, implementing supply-chain enhancements, and
    better utilizing the current selling, marketing and
    distribution networks of the combined companies.

(d) Enhanced financial strength.  The transaction is expected to
    help reduce Fresh Del Monte's earnings volatility, thus
    providing a solid foundation to accelerate growth and
    increase shareholder value.  For fiscal year 2005, Fresh Del
    Monte expects the acquisition to be modestly accretive to
    earnings per share, as additional marketing investments will
    likely offset a significant portion of the expected savings
    for the year.

In commenting on the acquisition, Mohammad Abu-Ghazaleh,
Chairman and Chief Executive Officer of Fresh Del Monte said,
"Our acquisition of Del Monte Foods Europe represents a unique
opportunity for us to leverage the tremendous potential of the
Del Monte(R) brand across a wide range of high-growth markets,
including Eastern Europe and Russia.  Bringing Fresh Del Monte
and Del Monte Foods Europe together creates a wealth of exciting
growth prospects for us, as well as important cost, selling, and
marketing synergies.  It is also consistent with our sharp focus

on diversifying our business across products and geographies to
increase revenues and reduce earnings volatility in our
business.

"We are well positioned to unleash the substantial potential of
these two businesses," added Mr. Abu-Ghazaleh.  "While many of
the assets that we will acquire have not been operating at full
capacity, we are confident that we will be able to energize
these operations and drive strong profitability in the future."

Details of Transaction

The acquisition will be a cash transaction totaling
approximately EUR275 million or US$340 million in enterprise
value, which will be funded from Fresh Del Monte's cash
resources and credit facility.

"From a financial point of view, this is a very exciting
transaction.  While we will be able to increase our future
bottom-line performance, our pro forma leverage will approximate
a modest 25%, and we expect to pay off the transaction debt
quickly," said Mr. Abu-Ghazaleh.  "This is consistent with our
strategy of making sound strategic investments while deploying
our capital in a prudent manner.  Given our strong balance
sheet, we also have ample flexibility to make additional
acquisitions should we decide to do so in the future."

About Fresh Del Monte Produce

Fresh Del Monte Produce Inc. is a leading, vertically integrated
producer, marketer and distributor of high quality fresh fruit
and vegetables.  Fresh Del Monte markets its products worldwide
under the Del Monte(R) brand, a symbol of product quality,
freshness and reliability since 1892.

CONTACT:  FRESH DEL MONTE PRODUCE
          Home Page: http://www.freshdelmonte.com.
          Coral Gables
          Dana Weinstein
          Phone: 305-520-8278


EUROFOOD IFSC: Court Rules in Favor of Parmalat Commissioner
------------------------------------------------------------
An Italian administrative court rejected Bank of America's
petition to liquidate Parmalat's Irish unit under local
jurisdiction, a source told Reuters.

The bank and Eurofood IFSC's bondholders are at odds with
Parmalat special administrator Enrico Bondi over influence of
the subsidiary.  Mr. Bondi wants to get control of the Irish
unit's assets while he implements a restructuring.  In May, a
Dublin court referred the matter to the European Court of
Justice.

Eurofood plays a crucial role in the investigation into alleged
fraudulent transactions perpetrated by its former managers.
Accordingly, the Irish unit was used to issue some of the bonds
that Parmalat sold to investors before collapsing under EUR14
billion (US$17.04 billion) of debts in December.  Eurofood owes
bondholders EUR122 million and about EUR4 million to Bank of
America.


PARMALAT FINANZIARIA: Consumers Oppose Debt Restructuring
---------------------------------------------------------
Italian consumer group Adusbef is planning to challenge the
terms of the debt-for-equity swap under Parmalat Finanziaria's
restructuring program.

The Italian dairy group, which filed for administration in
December, recently offered to convert EUR1.9 billion of debt
into shares in a new firm to be set up as part of its rehab
plan.  Many creditors stand to lose more than 85% of their money
if the plan is approved.  Italy's Industry Ministry will take up
the matter next week.

"If the swap ratios are approved, we will resort to court to
have them annulled," Elio Lannutti, chairman of consumer rights
group Adusbef told Reuters.  The consumer group represents
retail investors who are likely to lose should the debt-for-
equity swap go ahead.


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


FORA-L: Sets Public Auction July 29
-----------------------------------
The bidding organizer and insolvency manager of LLC Fora-L set
the public auction of the firm's properties on July 29, 2004,
10:00 a.m. (local time).  It will be held at Kyrgyzstan,
Bishkek, Kievskaya Str. 129/4.  Up for sale is a building that
is still under construction.

Preliminary examination and reception of bids are done daily
until 4:00 p.m., July 28, 2004.  The list of documentary
requirements for participants is available at Bishkek, Kievskaya
Str.129/4.  To participate, bidders must deposit an amount
equivalent to 10% of the starting price.

CONTACT:  Bishkek, Kievskaya str.129/4
     Phone: (0-312) 21 03 27, (0-502) 32 11 97


REF: Public Auction of Assets July 27
-------------------------------------
The bidding organizer and insolvency manager of LLC Ref set the
public auction of the firm's properties on July 27, 2004, 11:00
a.m. (local time).  It will be held at Bishkek, Trudovaya Str.
9.  Up for sale are eight lots of technical equipment including
100% share of the temporary insolvency manager of LLC Capital
Building.

Preliminary examination and reception of bids are done daily
until July 26, 2004.  To participate, bidders must deposit an
amount equivalent to 20% of the starting price.  For more
information, call (0-312) 24-57-43.


SAREKA: Gives Creditors Two Months to File Claims
-------------------------------------------------
Limited Liability Company Sareka has succumbed to insolvency.
Creditors have two months to submit their proofs of claim to
Issyk-Atinsk District, Ivanovka, Furmanova Str. 110.  For more
information, call (0-31-32) 42-3-99.


SARY-KOO: Selling 37 Lots of Farms, Agricultural Implements
-----------------------------------------------------------
The bidding organizer and insolvency manager of Sary-Koo set the
public auction of the firm's properties on July 29, 2004, 11:00
a.m. (local time).  It will be held at Chui Region, Jaiyl
District, Altyn.  Up for sale are 37 lots of farms and houses
with cars and agricultural equipment.

Preliminary examination and reception of bids are done every
Tuesdays and Wednesdays from 10:00 a.m. to 3:00 p.m. until July
28, 2004.  The list of documentary requirements for participants
is available at Chui region, Jaiyl district, Altyn.  To
participate, bidders must deposit an amount equivalent to 10% of
the starting price to the cashier of Sary-Koo.  For more
information, call (0-517) 73 66 64, (0-502) 39 33 78.


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


KONINKLIJKE AHOLD: Resolves Conflict with Insurance Group
---------------------------------------------------------
Koninklijke Ahold settled all pending insurance coverage
litigation with AIG Europe (Netherlands) N.V. regarding the
directors and officers liability insurance policy for Ahold and
its subsidiary U.S. Foodservice.  Under the terms of the
settlement announced, the lawsuit filed by AIG in the District
Court of Haarlem, The Netherlands and the lawsuit filed by U.S.
Foodservice in the United States District Court for the District
of Maryland (Northern Division) will both be terminated.  No
other terms or conditions of the settlement were disclosed.

CONTACT:  KONINKLIJKE AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


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


ENERGO-CENTER: Deadline for Proofs of Claim August 17
-----------------------------------------------------
The Arbitration Court of Vologda region declared CJSC Energo-
Center insolvent and introduced bankruptcy proceedings.  The
case is docketed as A13-10263/03-22.  Mr. N. Kazakov has been
appointed insolvency manager.  Creditors have until August 17,
2004 to submit their proofs of claim to the insolvency manager
at 160000, Russia, Vologda, Sovetsky Pr. 6, Office 222.

CONTACT:  ENERGO-CENTER
          162345, Russia,
          Vologda Region, Velikoustyugsky region,
          Kuzino, Borovichi Str. 1

          Mr. N. Kazakov
          Insolvency Manager
          160000, Russia,
          Vologda, Sovetsky Pr. 6,
          Office 222


FORTH NIZHNEKAMSK: Court Sets September 6 Hearing
-------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy

supervision procedure on OJSC The Forth Nizhnekamsk Installation
Corporation.  The case is docketed as A65-8482/2004-SG4-26.  Ms.
A. Shagieva has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 241035, Russia, Bryansk,
Ulyanova Str. 14, Office 14.  A hearing will take place on
September 6, 2004.

CONTACT:  THE FORTH NIZHNEKAMSK INSTALLATION CORPORATION
          Russia, Tatarstan Republic,
          Nizhnekamsk, BSI, 2

          Ms. A. Shagieva
          Temporary Insolvency Manager
          420111, Russia,
          Tatarstan Republic, Kazan,
          Kirova 22, Post User Box  124


GLAZUNOVSKOYE BREAD: Under Bankruptcy Supervision
-------------------------------------------------
The Arbitration Court of Orel region commenced bankruptcy
supervision procedure on OJSC Glazunovskoye Bread Receiving
Enterprise.  The case is docketed as A48-2810/04-17B.  Mr. A.
Evseev has been appointed temporary insolvency manager.

Creditors are asked submit their proofs of claim to:

(a) The Arbitration Court of Orel region
    Russia, Orel, Saltykova-Shedrina Str. 2;

(b) GLAZUNOVSKOYE BREAD RECEIVING ENTERPRISE
    Russia, Orel region, Glazunovka,
    Lenina Str. 59; to Mr. A. Evseev,

(c) Temporary Insolvency Manager
    302004, Russia, Orel, 3rd Kurskaya Str. 15
    Phone/Fax: 75-59-89.

A hearing will take place on August 30, 2004, 10.30 a.m.


ILYINSKY WOOD: Declared Insolvent
---------------------------------
The Arbitration Court of Krasnoyarsk region declared OJSC
Ilyinsky Wood-Prom-Khoz (TIN 2405002578) insolvent and
introduced bankruptcy proceedings.  The case is docketed as A33-
19424/03-s4.  Mr. A. Gafarov has been appointed insolvency
manager.   Creditors have until August 17, 2004 to submit their
proofs of claim to the insolvency manager at 660017, Russia,
Krasnoyarsk, Post User Box 20647.

CONTACT:  ILYINSKY WOOD-PROM-KHOZ
          662136, Russia,
          Krasnoyarsk Region, Birillyusky Region,
          Rassvet, 30 Let Pobedy Str. 33

          Mr. A. Gafarov
          Insolvency Manager
          660017, Russia,
          Krasnoyarsk, Post User Box 20647


MAKSATIKHINSKY LES: Insolvent Status Confirmed
----------------------------------------------
The Arbitration Court of Tver region declared federal state
unitary enterprise Maksatikhinsky Les-Prom-Khoz#1 insolvent and
introduced bankruptcy proceedings.  The case is docketed as A66-
9739-03.  Mr. A. Postnov has been appointed insolvency manager.
Creditors have until August 17, 2004 to submit their proofs of
claim to Tver region, Maksakhita, Sovetskaya Str. 79.

CONTACT:  MAKSATIKHINSKY LES-PROM-KHOZ#1
          Russia, Tver Region,
          Maksakhita

          Mr. A. Postnov
          Insolvency Manager
          Russia, Tver Region,
          Maksakhita, Sovetskaya Str. 79


MIKHAYLOVSKOYE-PLEMENNOY: Bankruptcy Proceedings Begin
------------------------------------------------------
The Arbitration Court of Moscow region declared state enterprise
Mikhaylovskoye-Plemennoy Factory insolvent and introduced
bankruptcy proceedings.  The case is docketed as A41-K2-
18653/02.  Ms. T. Burkova has been appointed insolvency manager.
Creditors have until August 17, 2004 to submit their proofs of
claim to 142140, Russia, Moscow, Podolsky region, Shishkin Les,
41.

CONTACT:  MIKHAYLOVSKOYE-PLEMENNOY FACTORY
          142140, Russia, Moscow Region,
          Podolsky Region, Shishkin Les

          Ms. T. Burkova
          Insolvency Manager
          142140, Russia, Moscow,
          Podolsky Region, Shishkin Les, 41


SPETS-SAN-TEKH-MONTAZH: Orel Court Appoints Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Orel region commenced bankruptcy
supervision procedure on OJSC Spets-San-Tekh-Montazh.  The case
is docketed as A48-2784/04-16B.  Mr. I. Maslov has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 302027,
Russia, Orel region, Orel, Leskova Str. 19, 8th floor, CJSC
Yurikon.  A hearing will take place on August 9, 2004, 9:30 a.m.

CONTACT:  SPETS-SAN-TEKH-MONTAZH
          660133, Russia,
          Orel, S. Lazo Str. 6

          Mr. I. Maslov
          Temporary Insolvency Manager
          302027, Russia, Orel Region,
          Orel, Leskova Str. 19,
          8th floor, CJSC Yurikon


SYNTULSKY LMZ: Deadline for Proofs of Claim August 17
-----------------------------------------------------
The Arbitration Court of Ryazan region declared OJSC Syntulsky
LMZ insolvent and introduced bankruptcy proceedings.  The case
is docketed as A54-4151/03-S20.  Mr. V. Salkazanov has been
appointed insolvency manager.   Creditors have until August 17,
2004 to submit their proofs of claim to 391030, Russia, Ryazan
region, Spas-Klepiki, Sovetskaya Str. 6.

CONTACT:  SYNTULSKY LMZ
          Russia, Ryazan Region,
          Kasimovsky Region, Syntul

          Mr. V. Salkazanov
          Insolvency Manager
          391030, Russia,
          Ryazan Region, Spas-Klepiki,
          Sovetskaya Str. 6


THERMIC NETWORKS: Declared Insolvent
------------------------------------
The Arbitration Court of Tambov region declared Municipal
Unitary Heat-Power Enterprise of Thermic Networks insolvent and
introduced bankruptcy proceedings.  The case is docketed as A64-
4181/03-18.  Mr. V. Filatov has been appointed insolvency
manager.   Creditors have until August 17, 2004 to submit their
proofs of claim to 392005, Russia, Tambov, Astrakhanskaya Str.
1/1. Office 19.

CONTACT:  MUNICIPAL UNITARY HEAT-POWER
          ENTERPRISE OF THERMIC NETWORKS
          Russia, Tambov Region,
          Zherdevka, Lineynaya Str. 64

          Mr. V. Filatov
          Insolvency Manager
          392005, Russia, Tambov,
          Astrakhanskaya Str. 1/1
          Office 19
          Phone/Fax:  8 (0752) 47-75-96


YAYSKY WOOD: Proofs of Claim Deadline August 17
-----------------------------------------------
The Arbitration Court of Kemerovo region declared federal state
unitary enterprise Yaysky Wood Plant (TIN 4246000713) insolvent
and introduced bankruptcy proceedings.  The case is docketed as
A27-4913/2002-4.  Mr. A. Plotnikov has been appointed insolvency
manager.

Creditors have until August 17, 2004 to submit their proofs of
claim to the insolvency manager at Russia, Kemerovo region,
Krasnoarmeyskaya Str. 50A-6.  A hearing will take place on
November 10, 2004, 11:30 a.m.

CONTACT:  YAYSKY WOOD PLANT
          Russia, Kemerovo Region,
          Yaya, Yubileyny Per. 2

          Mr. A. Plotnikov
          Insolvency Manager
          Russia, Kemerovo Region,
          Krasnoarmeyskaya Str. 50A-6


YUKOS OIL: Commissions Independent Assessment of Assets
-------------------------------------------------------
Yukos Oil has asked international investment banks to conduct an
independent assessment of the value of its assets, a company
spokesman said.  Among the evaluators approached was Moscow-
based Renaissance Capital, The Telegraph reports.

Analysts see this as an attempt by the world's second largest
oil producer to prevent a sale of its oil and gas assets by the
Russian government at below market value, according to the
report.

Russia began investigating the value of the firm's assets after
it defaulted on a US$3.4 billion tax bill weeks ago.
Investigators tracked down information on Yukos' three largest
oil production subsidiaries, particularly Yuganskneftegas in
western Siberia.  The unit accounts for 50% to 60% of the
company's entire oil assets.  It also holds Yukos' most prized
asset, the Priobskoye field.  The reserve spurred the firm's
growth in 3 years.  In 2002 its production reached almost 87
million barrels of oil.


YUKOS OIL: Chairman Lashes Back at Jailed Founder
-------------------------------------------------
Yukos Oil Chairman Victor Gerashchenko refused to head the call
of key shareholder Mikhail Khodorkovsky to resign.  Instead, he
told the jailed founder of the oil giant not to interfere with
the management of the company.

Mr. Khodorkovsky had blamed the chairman for failing to get the
company closer to negotiations with the government.  Mr.
Gershchenko denied this: "I do not have and never had any
problems in communicating with the country's leadership and with
heads of particular ministries and government departments."

He was appointed last month in the hope that Yukos will gain
favor with the Kremlin.  According to him: "The authorities do
not yet see sufficient sincerity in the company's offers in
response to the legal action against it."

One of the ways for the company to win back the government is
for its large shareholders to stop meddling in the way the firm
is being run, he said.


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


AGROPROMTEHNIKA: To Auction Buildings August 2
----------------------------------------------
Lviv regional authorities and arbitral manager Gula Yaroslav set
for public auction the properties of OJSC Agropromtehnika on
August 2, 2004, 10:00 a.m. at Ukraine, Lviv region, Turgenyev
Str. 73.

The property being sold is a technical service station building
consisting of a two-story brick building, an administration
building and an iron-made production building.  The property
occupies an area of 1,186 square meters.  Starting price:
UAH112,230.

To participate, bidders must deposit an amount equivalent to 5%
of the value of the property being sold and pay a registration
fee of UAH17.00 until July 30, 2004.  The amount must be
deposited to account number 260028218 at JSPPB Aval, Lviv
regional branch, MFO 325570, EDRPOU 26254583.

Participants must submit competitive propositions on or before
July 30, 2004 to Ukraine, Lviv region, Turgenyev Str. 73.  For
more information, contact (0322) 39-32-65

CONTACT:  AGROPROMTEHNIKA
          Ukraine, Lviv region,
          Starosambirskij district,
          Hiriv, Doroshenko Str. 7.

          AUCTION COMMITTEE
          Ukraine, Lviv region,
          Turgenyev Str. 73.


ELECTRON-GAZ: Sets Public Auction August 2
------------------------------------------
Dnipropetrovsk regional authorities set for public auction the
properties of OJSC Electron-Gaz on August 2, 2004, 11:00 a.m.
Ukraine, Dnipropetrovsk region, Komsomolska Str. 48, room 2.

The properties for sale are:

(a) Plumbing system.  Starting price: UAH55,780 (inclusive of
    VAT)

(b) Building 5 including an administrative-engineering building,
    a conference hall, a one-story part of a building, and a
    gallery between buildings 5 and 6.  Starting price:
    UAH523,649 (inclusive of VAT).

(c) Building 31 including its fecal sewerage, electrical
    lightings, external networks of electrical supply, plumbing
    of drinking water, and rainstorm sewerage.  Starting price:
    UAH1,263,160 (inclusive of VAT).

The auction conditions are:

(a) Absence of creditor's indebtedness to Elektron-Gaz;

(b) Registration of buying-selling agreement at the expense of
    buyer;

(c) Redrafting of right of usage of land areas, including those
    adjoined to the buildings and constructions, which are for
    sale, at the expense of buyer;

(d) Obligations of buyer concerning monthly compensation to
    Elektron-Gaz of expenses on service of land areas that
    are adjoined to the buildings and constructions from the day
    of determination of winner of the auction until the moment
    of redrafting of right of usage of land areas to the buyer.

To participate, bidders must deposit an amount equivalent to 5%
of the value of the property being sold and pay a registration
fee of UAH17 until July 28, 2004.  The amount must be deposited
to account number 26006351680200 at JSPPB Aval, Dnipropetrovsk
branch, MFO 305653, EDRPOU 26252710.

Participants must submit competitive propositions on or before
July 28, 2004 to 49000, Ukraine, Dnipropetrovsk, Komsomolska
Str. 48, room 3.  For more information, call (056) 744-19-31 or
(05652) 2-40-01.

CONTACT:  ELEKTRON-GAZ
          Ukraine, Dnipropetrovsk region,
          Zhovti Vodi, Gagarin Str. 40

          Auction committee
          54017, Ukraine, Mikolaiv region,
          Moskovska Str. 54-a
     Phone: 8 (0512) 47-34-63, 47-34-64


KOLOS: Bankruptcy Proceedings Begin
-----------------------------------
The Economic Court of Ivano-Frankivsk region declared OJSC Kolos
(code EDRPOU 05496342) insolvent and introduced bankruptcy
proceedings on February 27, 2004.  The case is docketed as B-
8/147.  Arbitral manager Mr. Rudik Igor (License Number AA
047693 approved on September 29, 2001) has been appointed
liquidator/insolvency manager.

CONTACT:  KOLOS
          78223, Ukraine, Ivano-Frankivsk region,
          Kolomiya district,
          Oteniya, Ivantsiva Str. 8

          Mr. Rudik Igor
          Liquidator/Insolvency Manager
          76008, Ukraine, Ivano-Frankivsk region,
           Galitska Str. 124/84 a/b 130

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Grunvaldska Str. 11


LOZIVSKE SEWING: Court Appoints Insolvency Manager
--------------------------------------------------
The Economic Court of Harkiv region declared OJSC Lozivske
Sewing Commercial Enterprise (code EDRPOU 00309861) insolvent
and introduced bankruptcy proceedings on June 16, 2004.  The
case is docketed as B-39/421-03.  Arbitral manager Mrs. Volovik
Ludmila (License Number AA 047632 approved on August 9, 2001)
has been appointed liquidator/insolvency manager.

Lozivske Sewing Commercial Enterprise holds account number
26008215 at JSPPB Aval, Lozova branch of Harkiv region, MFO
350589.

CONTACT:  LOZIVSKE SEWING COMMERCIAL ENTERPRISE
          64600, Ukraine, Harkiv region,
          Lozova, R. Luksenburg Str. 14

          Mrs. Volovik Ludmila
          Liquidator/Insolvency Manager
          61123, Ukraine, Harkiv region,
          a/b 1203
          Phone: 32-82-03
          Fax: 32-82-03

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


NEVA-L: Kyiv Court Names Liquidator
-----------------------------------
The Economic Court of Kyiv declared LLC Neva-L (code EDRPOU
24091906) insolvent and introduced bankruptcy proceedings on May
25, 2004.  The case is docketed as 24/12-B.  Mr. Donkov S.
(License Number AA 485220 approved on March 17, 2003) has been
appointed liquidator/insolvency manager.

CONTACT:  NEVA-L
          Ukraine, Kyiv region,
          Izumska Str. 5

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


NIVA: Insolvent Status Confirmed
--------------------------------
The Economic Court of Cherkassy region declared LLC Niva (code
EDRPOU 03791261) insolvent and introduced bankruptcy proceedings
on June 21, 2004.  The case is docketed as 01-08/4290.  Arbitral
manager Mr. Gusachenko Igor (License Number AA 520147) has been
appointed liquidator/insolvency manager.

Niva holds account number 26040304249 at Oshadbank, Mankivske
branch, MFO 354637.

CONTACT:  NIVA
          20112, Ukraine, Cherkassy region,
          Mankivskij district, Bagva

          Mr. Gusachenko Igor
          Liquidator/Insolvency Manager
          18000, Ukraine, Cherkassy region,
          a/b 308
          Phone: (0472) 63-08-46, (050) 592-01-70
          Fax: (0472) 63-08-46

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


POLTAVZHITLOBUD: Succumbs to Insolvency
---------------------------------------
The Economic Court of Poltava region declared LLC Firm
Poltavzhitlobud (code EDRPOU 01270629) insolvent and introduced
bankruptcy proceedings on June 3, 2004.  The case is docketed as
10/288.  Mr. Nesvit Volodimir (License Number AA 047993 approved
on October 19, 2001) has been appointed liquidator/insolvency
manager.

Poltavzhitlobud holds account number 260003553 at JSPPB Poltava-
bank, MFO 331489.

CONTACT:  FIRM POLTAVZHITLOBUD
          Ukraine, Poltava region,
          Seryogin Str. 17

          Mr. Nesvit Volodimir
          Liquidator/Insolvency Manager
          36003, Ukraine, Poltava region,
          Nezalezhnosti square, 1 B, room 18
          Phone: 508-067

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


SAMBIRSKIJ RAJAGROSERVIS: To Hold Public Auction August 4
---------------------------------------------------------
Lviv regional authorities and the liquidator of OJSC Sambirskij
Rajagroservis have set for public auction the properties of the
company on August 4, 2004 at Ukraine, Lviv region, Turgenyev
Str. 73.

The properties for sale are:

(a) Storehouse of mineral fertilizers with an area of 3,405.4
    square meters.  Starting price: UAH1,004,246.

(b) Workshop at consumer premises with an area of 1,432.7 square
    meters and energetic net rain sewerage measuring 120 meters.
    Starting price: UAH402,182.

(c) Storehouse-awning with an area of 3,247.2 square meters.
    Starting price: UAH612,423.

The properties, which are located at Ukraine, Lviv region,
Sambir, Promislova Str. 5, are collectively valued at
UAH2,146,140.

To participate, bidders must deposit an amount equivalent to 5%
of the value of the property being sold and pay a registration
fee of UAH17 until August 1, 2004.  The amount must be deposited
to account number 260028218 at JSPPB Aval, MFO 325570, EDRPOU
26254583.

Participants must submit competitive propositions on or before
August 1, 2004 to 49000, 54017, Ukraine, Lviv region, Turgenyev
Str. 73.  For more information, call (0322) 39-32-65.

CONTACT:  SAMBIRSKIJ RAJAGROSERVIS
          Ukraine, Lviv region,
          Sambir, Promislova Str. 5

          AUCTION COMMITTEE
          54017, Ukraine, Lviv region,
          Turgenyev Str. 73
          Phone: (0322) 39-32-65


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


5 STAR HEALTHCARE: To Host Creditors Meeting Today
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

              IN THE MATTER OF 5 Star Healthcare Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the 5 Star Healthcare
Ltd company will be held at 5-7 Northgate Cleckheaton BD19 3HH
today 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 Fergusson & Co, 5-7 Northgate Cleckheaton
BD19 3HH two business days prior to the meeting.

By Order of the Board.

S Hutton, Director
July 6, 2004

CONTACT:  FERGUSSON & CO
          5-7 Northgate
          Cleckheaton
          BD19 3HH


ACCUPLAS MOULDING: Creditors Meet to Name Liquidator
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

            IN THE MATTER OF Accuplas Moulding Co Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Accuplas Moulding
Co Ltd company will be held at 5 Fairmile Henley on Thames RG9
2JR today at 2:30 p.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 Fairmile
Henley on Thames RG9 2JR 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
Fairmile Henley on Thames RG9 2JR 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 Hurst Morrison Thomson, 5 Fairmile Henley on
Thames RG9 2JR two business days prior to the meeting.

By Order of the Board.

M Keyser, Director
June 29, 2004

CONTACT:  HURST MORRISON THOMSON
          5 Fairmile
          Henley On Thames
          Oxfordshire
          RG9 2JR
          Phone: 01491 579740
          Fax: 01491 575073
          E-mail: HMT@hmtgroup.co.uk
          Web site: http://www.hmtgroup.com


ADEPT TECHNOLOGY: Creditors May Appoint Liquidators Today
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

              IN THE MATTER OF Adept Technology Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Adept Technology
Ltd company will be held at Bank Gallery High Street Kenilworth
CV8 1LY today 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)

Robert Gibbons of Arrans P.O. Box 9377 Falcon House Falcon Park
Tamworth B77 5HL 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.

I McAllister, Director
June 30, 2004


ASWAS ONE: Hosting Creditors Meeting Later Today
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

                 IN THE MATTER OF Aswas One Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Aswas One Ltd
company will be held at No 1 St Swithin Street Worcester WR1 2PY
today at 2:30 p.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 Smith & Williamson, No. 1 St Swithin Street
Worcester WR1 2PY two business days prior to the meeting.

By Order of the Board.

P Taylor, Director
July 1, 2004

CONTACT:  SMITH & WILLIAMSON
          No 1 St Swithin Street
          Worcester
          WR1 2PY
          Phone: 01905 730100
          Fax: 01905 723502
          Web site: http://www.smith.williamson.co.uk


BRK INTERNATIONAL: Sets Creditors Meeting August 5
--------------------------------------------------
Creditors of BRK International Limited Company will have a
Meeting on August 5, 2004 at 11:00 a.m.  It will be held at
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP.

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

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street,
          Leeds LS1 4JPE
          Joint Administrative Receivers:
          E Klempka
          S A Ellis


CANARY WHARF: Songbird Offer Receives 66.32% Acceptance
-------------------------------------------------------
On 16 April 2004, Songbird announced the terms of a recommended
cash offer for the entire issued share capital of Canary Wharf.
The Offer Document, together with the AIM Document, was
subsequently posted to Canary Wharf Shareholders on 23 April
2004.  On 21 May 2004, Songbird declared that the Offer had
become unconditional in all respects and extended the Offer to 4
June 2004.  The Offer has subsequently been extended on a number
of occasions, most recently until 15 July 2004.

As at 1:00 p.m. (London time) on 15 July 2004, Songbird had
received valid acceptances, and Songbird Estates plc had
acquired, a total of 387,987,097 Canary Wharf Shares,
representing approximately 66.32% of the existing issued share
capital of Canary Wharf.

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

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

As at the close of business on 14 July 2004, the Morgan Stanley
Group was the beneficial owner of 944 Canary Wharf Shares and
held 17,841 Canary Wharf Shares on behalf of clients.  Valid
acceptances have not been received by Songbird in respect of
these Canary Wharf Shares.  As at the close of business on 14
July 2004, Goldman Sachs International was the beneficial owner
of 239 Canary Wharf Shares.  Valid acceptances have not been
received by Songbird in respect of these Canary Wharf Shares.

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

                  NO FURTHER EXTENSION OF OFFER

On 9 July 2004, Songbird announced that the Offer would remain
open for acceptances until 1:00 p.m. (London time)/8:00 a.m.
(New York time) on 15 July 2004 and would then close unless
further extended.  Songbird announces that the Offer has not
been further extended and, as such, the Offer closed at 1:00
p.m. (London time)/8:00 a.m. (New York time) on 15 July 2004.

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

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

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

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

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

          SMITHFIELD FINANCIAL
          John Antcliffe
          Phone: +44 20 7360 4900

          FINSBURY LIMITED
          Faeth Birch
          Phone: +44 20 7251 3801


CAPAZ BUSINESS: Creditors to Meet Today
---------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

          IN THE MATTER OF Capaz Business Survival Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Capaz Business
Survival Ltd company will be held at Lancaster House 7 Elmfield
Road Bromley BR1 1LT today at 10:15 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)

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 12 Gleneagles
Court Brighton Road Crawley RH10 6AD 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
12 Gleneagles Court Brighton Road Crawley RH10 6AD 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 Baker Tilly, 12 Gleneagles Court Brighton
Road Crawley RH10 6AD two business days prior to the meeting.

By Order of the Board.

R Yorke, Director
June 29, 2004

CONTACT:  BAKER TILLY
          12 Gleneagles Court
          Brighton Road
          Crawley
          West Sussex
          RH10 6AD
          Phone: 01293 565165
          Fax: 01293 532695
          E-mail:: david.payne@bakertilly.co.uk
          Web site: http://www.bakertilley.co.uk


CAPAZ CONSULTANCY: Liquidation Main Agendum in Creditors Meeting
----------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

           IN THE MATTER OF Capaz Consultancy Services

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Capaz Consultancy
Services company will be held at Lancaster House 7 Elmfield Road
Bromley BR1 1LT today 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 12 Gleneagles
Court Brighton Road Crawley RH10 6AD 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
12 Gleneagles Court Brighton Road Crawley RH10 6AD 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 Baker Tilly, 12 Gleneagles Court Brighton
Road Crawley RH10 6AD two business days prior to the meeting.

By Order of the Board.

R Yorke, Director
June 29, 2004

CONTACT:  BAKER TILLY
          12 Gleneagles Court
          Brighton Road
          Crawley
          West Sussex
          RH10 6AD
          Phone: 01293 565165
          Fax: 01293 532695
          E-mail:: david.payne@bakertilly.co.uk
          Web site: http://www.bakertilley.co.uk


CELLCOM SYSTEMS: Creditors to Review Options Today
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

              IN THE MATTER OF Cellcom Systems Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Cellcom Systems Ltd
company will be held at Lockside Office Park Lockside Road
Preston PR2 2YS today 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 Unique Business Finance Ltd, Lockside Office
Park Lockside Road Preston PR2 2YS two business days prior to
the meeting.

By Order of the Board.

A Gonalez, Director
June 29, 2004

CONTACT:  UNIQUE BUSINESS FINANCE LTD
          Lockside Office Park
          Lockside Road
          Preston
          PR2 2YS


CHANDOS PHOTOGRAPHIC: Creditors Considering Liquidation
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

        IN THE MATTER OF Chandos Photographic Services Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Chandos
Photographic Services Ltd company will be held at Thistle
Bloomsbury Park 126 Southampton Row London WC1B 5AD today 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 Key House 342 Hose Street Walthamstow London
E17 9PX two business days prior to the meeting.

By Order of the Board.

A R Mellor, Director


CLARKES WEYBRIDGE: Meeting of Creditors Today
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

          IN THE MATTER OF Clarkes of Weybridge 1984 Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Clarkes of
Weybridge 1984 Ltd company will be held at Carolyn House 29-31
Greville Street London EC1N 8RB today 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 33-33A Higham
Hill Road London E17 6EA 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
33-33A Higham Hill Road London E17 6EA 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 Pridie Brewster, Carolyn House 29-31 Greville
Street London EC1N 8RB two business days prior to the meeting.

By Order of the Board.

G De Winton Wilkin Harries, Director
June 28, 2004

CONTACT: PRIDIE BREWSTER
         Carolyn House
         29-31 Greville Street
         London
         EC1N 8RB
         Phone: 020 7831 8821
         Fax: 020 7404 3069
         Web site: http://www.pridie-brewster.com


CORNING COSTAR: General Meeting Set August 16
---------------------------------------------
Members of Corning Costar U.K. Limited Company will have a
General Meeting on August 16, 2004.  It will be held at 8
Manchester Road, Bury, Lancashire BL9 0ED.

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.


CORNISH PRODUCE: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Cornish Produce
Exchange Ltd Company on July 5, 2004 held at Rowe & Co, Stanley
Way, Cardrew, Redruth, Cornwall TR15 1SP, the Special and
Ordinary Resolutions to wind up the company were passed.
Richard Neville of Neville Hatton has been appointed Liquidator
for the purpose of such winding-up.


CUTLERS LTD: Church Meadows Investments Brings in Receivers
-----------------------------------------------------------
Church Meadows Investments Limited called in D F Wilson and J N
R Pitts as receivers for the restaurant company Cutlers Ltd (Reg
No 03429193, Trade Classification: 5530).  The application was
filed June 29, 2004.

CONTACT:  WILSON PITTS
          Glendevon House,
          Hawthorn Park, Coal Road,
          Leeds LS14 1PQ
          Receivers:
          D F Wilson
          J N R Pitts
          (Office Holder Nos 703, 7851)


DOVEQUEST LTD: Hosts Today's Creditors Meeting
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

                 IN THE MATTER OF Dovequest Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Dovequest Ltd
company will be held at 4 Dancastle Court 14 Arcadia Avenue
London N3 2HS today at 10:00 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 Valentine & Co, 4 Dancastle Court 14 Arcadia
Avenue London N3 2HS two business days prior to the meeting.

By Order of the Board.

D Gayer, Director
June 26, 2004

CONTACT:  VALENTINE & CO
          4 Dancastle Court
          14 Arcadia Avenue
          London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


DREAMPLAN LIMITED: Hires Robson Rhodes Administrator
----------------------------------------------------
John Neville Whitfield and Gerald Clifford Smith of RSM Robson
Rhodes LLP have been appointed joint administrative receivers
for Dreamplan Limited.  The appointment was made July 7, 2004.

The company manufactures flat pack furniture. Its registered
office address is located at Unit10, Windover Road, St Peters
Road, Industrial Estate, Huntingdon, Cambridge PE29 7EA.

CONTACT:  RSM ROBSON RHODES LLP
          Centre City Tower,
          7 Hill Street,
          Birmingham B5 4UU
          Receivers:
          John Neville Whitfield
          Gerald Clifford Smith
          (IP Nos 9131, 6335)


EGG PLC: To Update Market Regarding Sale Status Within Weeks
------------------------------------------------------------
The future of loss-making Internet bank, Egg plc, which has been
for sale since January, is expected to become clearer in the
coming weeks, the Financial Times says.

There has been a lack of information regarding the sale of the
business by 79%-owner Prudential plc, but this silence may soon
be broken when both firms update the market of their results.
Prudential is to release first-half figures a week from Tuesday,
while Egg will reveal interim results on Thursday.  It will hold
an annual meeting a week later on Monday.

The life assurer may still withdraw from the process it started
in January in the absence of a fair price for the business.
According to the report, based on its Friday closing price of
151p, Egg is valued at GBP1.2 billion.  Should a sale be
completed, a price of between GBP1.4 billion and GBP1.6 billion
would be expected.

Egg recently closed its troubled French operation.  The move
could help expedite the sale as this took out from potential
buyers the burden of shutting the operations themselves.  Egg
incurred a deficit of GBP34.4 million in 2003, largely because
of losses in France.


EQUITABLE LIFE: There's Still Hope for Policyholders to Get Paid
----------------------------------------------------------------
Parliamentary Ombudsman Ann Abraham decided yesterday to reopen
an inquiry into the government's supervision of insurer
Equitable Life, The Telegraph reports.

As a condition, she wants to include the government's actuary
department in the probe.  According to her, the country's chief
insurance adviser's action is a key factor in determining
whether the Financial Services Authority indeed failed to
protect policyholders interest.

She said: "The concerns surrounding the prudential regulation of
Equitable Life remain despite the publication of the Penrose
report [into Equitable] and the Government's response to it."

Ms. Abraham last year cleared the FSA from accusations of
negligence in its administration of the society.  Policyholders
criticized the probe as very limited.  Her decision now to open
a fresh inquiry has given them hope to recover compensation for
losses suffered after Equitable nearly collapsed in 2000.


FEDERAL TOOLING: Creditors to Meet Today
----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

              IN THE MATTER OF Federal Tooling Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Federal Tooling Ltd
company will be held at The Chase Hotel Higham Lane Nuneaton
CV11 4AG today 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 Kings Business
Centre 90-92 King Edward Road Nuneaton CV11 4BB 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
Kings Business Centre 90-92 King Edward Road Nuneaton CV11 4BB
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 Pattinson, Kings Business Centre 90-92 King
Edward Road Nuneaton CV11 4BB two business days prior to the
meeting.

By Order of the Board.

S J Sinclair, Director
June 28, 2004

CONTACT:  PATTINSONS INSOLVENCY PRACTITIONERS
          Kings Business Centre
          90-92 King Edward Road
          Nuneaton
          CV11 4BB
          Phone: 024 7637 5777
          Fax: 024 7638 5787
          E-mail: enquires@pattinsonsinsolvency.com
          Web site: http://www.pattinsonsinsolvency.com


FINNSON ESTATES: Winding up Resolutions Passed
----------------------------------------------
At an Extraordinary General Meeting of the Finnson Estates
Limited Company on July 7, 2004 held at Neville Hatton, 10 and
11 Lynher Building, Queen Anne's Battery, Plymouth PL4 0LP, the
Special and Ordinary Resolutions to wind up the company were
passed.  Richard Neville of Neville Hatton has been appointed
Liquidator for the purpose of such winding-up.


FRANK WARRINGTON: Members Final Meeting Set August 19
-----------------------------------------------------
The Final Meeting of the Members of Frank Warrington & Co
Limited will be on August 19, 2004 at 10:30 a.m.  It will be
held at the offices of Griffins, Russell Square House, 10-12
Russell Square, London WC1B 5EH.

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.  Proxy forms must be lodged with Griffins, Russell
Square House, 10-12 Russell Square, London WC1B 5EH not later
than 12:00 noon, August 18, 2004.

CONTACT:  GRIFFINS
          Russell Square House,
          10-12 Russell Square,
          London WC1B 5EH
          Liquidator:
          M Freeman


GAIA CENTER: Closing this Summer as Turnaround Plan Flops
---------------------------------------------------------
The new owners of Gaia Renewable Energy Center have given up
hope to save the Delabole-based exhibit site.  Neovenator, which
took over the center nine months ago, will close the center in
September.

Ian McIvor, chief executive investment of Neovenator, said the
center was doomed to fail from the start.  The center attracted
only 20,000 visitors in its second year, or less than 15% of the
numbers forecast.  Further, it has been constrained by GBP1.8
million in professional fees and expenses.  According to Mr.
McIvor, Neovenator tried to invest in the center, but reality
dictates it must be closed down.  It has already applied to the
government to use the high-tech building for "light" industrial
use.  The North Cornwall district councilors will discuss the
proposal next month.

Neovenator bought the GBP5.5 million center in November, eight
months after it fell into administrative receivership.  Gaia
employs four full-time staff.  It opened in August 2001 through
local funding.


HENLYS GROUP: Needs US$50 Mln to Get Back on Track, Says Chair
--------------------------------------------------------------
David James, the executive chairman of Henlys Group Plc, is
hoping to get a US$50 million funding from creditors to
refinance the troubled bus maker, Europe Intelligence Wire
reports.

Mr. James is holding talks with two sets of creditors: a group
of 14 banks led by Lloyds TSB and Royal Bank of Scotland, and
Swedish carmaker Volvo.  Henlys owes the banks around US$321
million and Volvo, US$150 million.  The discussions are focused
on a debt-for-equity swap.  Mr. James is also considering
listing Henlys on the New York Stock Exchange or offer it for
sale to a private equity or trade buyer, of which Volvo is
thought of as a suitable buyer.

"I am looking to achieve an injection of around US$50 million to
give me the headroom I need to expand the business in the next
two to three years," Mr. James said.

He adds the business is recovering very strongly at the moment,
but he needs more working capital so that Henlys can take
advantage of the growing market.  Henlys' U.K. operations got
into trouble earlier this year when the engineering group
Mayflower went into administration.  Henlys had a 30 percent
stake in the Mayflower venture TransBus and was forced to take a
GBP71 million write-down.  The company has issued four profit
warnings in the past eight months and has said it would delist
its share that had "little or no value" from the London bourse.

Henlys is banking on its U.S. business, the Atlanta-based
Bluebird that manufactures school buses, to restore the group to
profitability.

CONTACT:  HENLYS GROUP PLC
          Close Brothers Corporate Finance Limited
          David James C.B.E.
          Chairman
          Phone: +44 20 7808 7225
          Phone: +44 20 7655 3100

          Martin Gudgeon
          Phone: +44 20 8953 9953


HESTER RECYCLING: To Hold Creditors Meeting Today
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

              IN THE MATTER OF Hester Recycling Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Hester Recycling
Ltd company will be held at George House 48 George Street
Manchester M1 4HF today 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 Hodgsons, George House 48 George Street
Manchester M1 4HF two business days prior to the meeting.

By Order of the Board.

S J Hester, Director
June 24, 2004


HOOPER SONS: Creditors to Consider Liquidation
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

              IN THE MATTER OF Hooper & Sons Ltd

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Hooper & Sons Ltd
company will be held at Brookdale Hotel Tregolls Road Truro TR1
1JZ today at 12:00 p.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 Richard J Smith & Co, Norfolk House 16 Lemon
Street Truro TR1 2LY two business days prior to the meeting.

By Order of the Board.

C Grose, Director
June 29, 2004

CONTACT:  RICHARD J SMITH & CO
          Norfolk House
          16 Lemon Street
          Truro TR1 2LY


INTERNET ADVERTISING: Creditors Meeting Set July 28
---------------------------------------------------
The Meeting of Creditors of the Internet Advertising Limited
Company will be on July 28, 2004 at 10:30 a.m.  It will be held
at Grant Thornton House, Melton street, Euston Square, London
NW1 2EP.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Grant Thornton House, Melton Street, Euston
Square, London NW1 2EP not later than 12:00 noon, July 27, 2004.

CONTACT:  GRANT THORNTON
          Grant Thornton House
          Melton Street,
          Euston Square,
          London NW1 2EP
          Joint Administrative Receiver:
          N Wood


JAMES BEAUMONT: Sets Members Final Meeting August 12
----------------------------------------------------
Members of James Beaumont Developments Limited Company will have
a Final Meeting on August 12, 2004 at 11:0 a.m.  It will be held
at the offices of Arkin & Co, Maple House, High Street, Potters
Bar, Hertfordshire EN6 5BS.

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.  Proxy forms must be lodged with Arkin & Co, Maple
House, High Street, Potters Bar, Hertfordshire EN6 5BS not later
than 12:00 noon, August 11, 2004.

CONTACT:  ARKIN & CO
          Maple House, High Street,
          Potters Bar, Hertfordshire EN6 5BS
          Liquidator:
          M Arkin


MARKS & SPENCER: May Keep Interim Chairman for Good
---------------------------------------------------
Paul Myners, interim chairman of Marks & Spencer, will likely
stay on as chairman at the clothing retailer, The Telegraph
says.

CEO Stuart Rose has given his support for Mr. Myners, the report
said.  "I would have no problem with it at all," he told The
Sunday Telegraph.

When asked regarding his tenure, Mr. Myners said: "Some of the
investors have been making noises, but I don't think we're in a
hurry."  According to him, he still has to consider matters in
view of his other jobs.  Mr. Myners, who was appointed interim
chairman at the end of May, is also chairman of the Guardian
Media Group and is one of the Trustees of the Tate Gallery.

Philip Green blamed Mr. Myers for the failure of his plan to buy
the troubled retailer.  Mr. Myers had refused to negotiate with
him.


MERMAID FISH: Winding up Resolutions Passed
-------------------------------------------
At an Extraordinary General Meeting of the Mermaid Fish
Restaurants Limited Company on July 5, 2004 held at WBS
Chartered Accountants, 21-27 St Paul's Street, 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, Insolvency Practitioners duly
qualified under the Insolvency Act 1986 have been appointed the
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


NORMAN LODGE: Winding up Resolutions Passed
-------------------------------------------
At an Extraordinary General Meeting of the Norman Lodge Limited
Company on July 5, 2004 held at WBS Chartered Accountants, 21-27
St Paul's Street, the subjoined 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, Insolvency Practitioners duly qualified under
the Insolvency Act 1986 have been appointed the 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


PARK PATERSON: Names KPMG Administrator
---------------------------------------
The Park & Paterson Ltd Company has appointed Paul Andrew Flint
and Richard Dixon Fleming of KPMG as joint administrative
receivers.  The appointment was made July 5, 2004.  The company
manufactures non-ferrous copper based ingot.

CONTACT:  KPMG
          Corporate Recovery
          St James' Square,
          Manchester M2 6DS
          Receiver:
          Paul Andrew Flint
          (IP No 9075)

          KPMG
          Corporate Recovery
          The Embankment,
          Neville Street,
          Leeds LS1 4DW
          Receiver:
          Richard Dixon Fleming
          (IP No 8370)


PENCREBAR ESTATES: Hires Liquidator from Neville Hatton
-------------------------------------------------------
At an Extraordinary General Meeting of the Pencrebar Estates
Limited Company on July 7, 2004 held at Neville Hatton, 10 and
11 Lynher Building, Queen Anne's Battery, Plymouth PL4 0LP, the
Special and Ordinary Resolutions to wind up the company were
passed.  Richard Neville of Neville Hatton has been appointed
Liquidator for the company.

CONTACT:  NEVILLE HATTON
          10 and 11 Lynher Building,
          Queen's Anne's Battery,
          Plymouth PL4 0LP
          Liquidator:
          Richard Neville


REGUS GROUP: To Acquire HQ Global for US$302 Million
----------------------------------------------------
Summary

(a) The Board of Regus entered into a conditional agreement to
    acquire the entire issued share capital of HQ for a total
    consideration of up to US$302.5 million (GBP163.5 million),
    payable in cash.

(b) To finance part of the cash consideration payable under the
    Acquisition Agreement, the Board also announces that the
    company is proposing to raise approximately GBP119 million,
    net of expenses, by way of a Placing and Open Offer at
    62.25p per New Ordinary Share.

(c) Of the total of 196,958,408 New Ordinary Shares under the
    Placing and Open Offer, 90,332,321 New Ordinary Shares
    (representing 45.9% of the total number) are to be placed on
    a firm conditional basis with institutional investors (the
    Firm Placing).

(d) Under the Open Offer, 106,626,087 New Ordinary Shares
    (representing 54.1% of the total number) are to be
    conditionally placed with institutional investors, subject
    to clawback to satisfy valid applications by Qualifying
    Shareholders.

(e) Maxon Investments, a company wholly owned by Mark Dixon, has
    undertaken to take up 1,000,000 New Ordinary Shares under
    the Open Offer and to waive the remainder of its entitlement
    under the Open Offer.

(f) Regus has also obtained a commitment from Bear Stearns
    Corporate Lending, Inc. to provide new Debt Facilities
    comprising a term loan of US$110 million (GBP59.5 million),
    a revolving credit facility of US$25 million (GBP13.5
    million) to finance, in part, the consideration for the
    Acquisition and to provide additional working capital and a
    credit linked deposit facility of US$20 million (GBP10.8
    million).

(g) The Placing and the Open Offer have been fully underwritten
    by Dresdner Bank AG and KBC Peel Hunt.

(h) The Board believes that the Acquisition of HQ by Regus will:


    (i) create an industry leader in the U.S. with enhanced
        scale and comprehensive geographic coverage;

   (ii) facilitate an enhanced dual branded product offering
        with a wider choice for customers in coverage, choice
        and location;

  (iii) provide cross selling opportunities across the combined
        U.S. and international portfolios;

   (iv) provide significant scope for synergies through
        reduction in corporate overheads, economies of scale and
        operating efficiencies.

(i) It is expected that the Acquisition, which is conditional
    on, amongst other things, shareholder approval, will
    complete on 20 August 2004 and that dealings in the New
    Ordinary Shares will commence on the same date.

Regus Group Chairman, John Matthews, commented: "With more than
650 business centers across 52 countries, the scale, coverage
and breadth of product offering of our combined operations means
that we can now serve our customers across the world in a way
that is tailored to them and their business needs.

"This deal is excellent news for investors and customers alike
and is expected to be both earnings per share and cash flow per
share enhancing."

                            *   *   *

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, IRELAND,
CANADA, FRANCE, NEW ZEALAND, SOUTH AFRICA, THE NETHERLANDS,
SWITZERLAND AND THE UNITED STATES

CONTACT:  REGUS GROUP PLC
          Mark Dixon
          Chief Executive

          Stephen Jolly
          Communications Director
          Phone: 020 7269 7121 (On 16 July 2004)

          BEAR STEARNS
          James Moon (London)
          Phone: 020 7516 6000

          Stephen Haskin (New York)
          Phone: +1 212 272 2000

          DRESDNER KLEINWORT WASSERSTEIN
          Charles Batten
          Robert Petch
          Phone: 020 7623 8000

          KBC PEEL HUNT
          David Davies
          Julian Blunt
          Phone: 020 7418 8900

          FINANCIAL DYNAMICS
          Richard Mountain
          Robert Gurner
          Phone: 020 7269 7121


ROBERTS & PARTNERS: In Administrative Receivership
--------------------------------------------------
Lloyds TSB Bank Plc called in Richard John Hill and David john
Crawshaw of KPMG as receivers for engineering company Roberts &
Partners (Group) Limited (Reg No 03286115, Trade Classification:
7415).  The application was filed July 9, 2004.

CONTACT:  KPMG
          Corporate Recovery,
          Arlington Business Park,
          Theale, Reading RG7 4SD
          Receivers:
          Richard John Hill
          David John Crawshaw
          (Office Holder Nos 8027, 8814)


ROWE & CO: Appoints Nevill Hatton Liquidator
--------------------------------------------
At an Extraordinary General Meeting of the Rowe & Co (Merchants)
Ltd Company on July 5, 2004 held at Rowe & Co, Stanley Way,
Cardrew, Redruth, Cornwall TR15 1SP, the Special and Ordinary
Resolutions to wind up the company were passed.  Richard Neville
of Neville Hatton has been appointed Liquidator for the purpose
of such winding-up.

CONTACT:  NEVILLE HATTON
          10 and 11 Lynher Building,
          Queen's Anne's Battery,
          Plymouth PL4 0LP
          Liquidator:
          Richard Neville


ROYAL & SUNALLIANCE: Demand for Debt Offering Strong
----------------------------------------------------
Royal & SunAlliance, U.K.'s second largest general insurance
company, raised GBP450 million of upper tier II subordinated
debt, following a U.K. road show.  The Group will use part of
the proceeds to repay its Yen denominated subordinated loan with
the balance supporting general business purposes.

The issue, which will be denominated in sterling, was priced on
16 July and is due for settlement on 23 July.  The issue is
callable on 8 December 2014, pays a coupon of 8.5% and has an
issue price of 99.485, to give a spread of 337.5 basis points
over the benchmark gilt.

The transaction is expected to be rated 'BBB' by Standard and
Poor's and Ba2 by Moody's and will be listed on the London Stock
Exchange.

George Culmer, Royal & SunAlliance's Chief Financial Officer
commented, "We are very pleased with the positive response to
the issue. The debt is eligible to qualify as regulatory capital
under the forthcoming regulatory regime being introduced by the
Financial Services Authority (PS 04/16 and CP204), and is
another successful step in our program to optimize our debt
capital structure."

CONTACT:  ROYAL SUNALLIANCE
          Analysts
          Helen Pickford
          Phone: +44 (0) 20 7569 6212

          Press
          Richard Emmott
          Phil Wilson-Brown
          Phone: +44 (0) 20 7569 6023
              Or +44 (0) 20 7569 4027


ROYAL & SUNALLIANCE: A.M. Best Gives Sub-notes Negative Outlook
---------------------------------------------------------------
Following Royal & Sun Alliance Insurance Group plc's (R&SA)
(United Kingdom) announcement of the forthcoming GBP450 million
(US$765 million) perpetual subordinated notes issue, A.M. Best
Co. commented that only a portion of the proceeds [approximately
GBP200 million (US$340 million)] will be treated as hybrid
capital in accordance with A.M. Best's Debt Rating Methodology,
subject to an aggregate equity credit limit for hybrid equities
of 20% of total adjusted capital.  Part of the proceeds will be
used to repay an existing subordinated loan.

On July 8, 2004, A.M. Best assigned an indicative rating of
"bbb" to this forthcoming issue of R&SA, guaranteed by Royal &
Sun Alliance Insurance plc.  The outlook is negative, which is
in line with R&SA's financial strength rating -- currently rated
A- (Excellent) with a negative outlook.

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

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

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

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

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

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


ROYAL & SUNALLIANCE: Sells Pakistani Business for US$1.25 Mln
-------------------------------------------------------------
Royal & Sun Alliance Insurance Group sold the business of its
Pakistan operation to International General Insurance Company of
Pakistan Limited.  The consideration will be around GBP700,000
(US$1.25 million), to be paid in cash.  In addition Royal &
SunAlliance will retain net assets, mainly in cash and
investments of around GBP3.4 million, making GBP4.1 million in
total proceeds.  As at 31 December 2003 the net assets of the
branch, on a local GAAP basis, were approximately GBP2 million.

Commenting on the transaction, Simon Lee, Royal & SunAlliance's
CEO International Businesses, said: "The disposal of our
business in Pakistan is consistent with our strategic direction
and I am pleased that we have been able to achieve an exit at a
price which delivers value to our shareholders."

The transaction is subject to regulatory approvals.

                            *   *   *

(a) Royal & Sun Alliance Pakistan underwrites a general
    portfolio of mainly commercial business.

(b) For the year ending 31 December 2003 Royal & Sun Alliance
    Pakistan's written premiums were around GBP2.4 million.

CONTACT:  ROYAL SUNALLIANCE
          Analysts
          Helen Pickford
          Phone: +44 (0) 20 7569 6212

          Press
          Richard Emmott
          Phil Wilson-Brown
          Phone: +44 (0) 20 7569 6023
              Or +44 (0) 20 7569 4027


TELEWEST COMMUNICATIONS: Bares Telewest Global Stock Allocations
----------------------------------------------------------------
Telewest Communications plc announced the passage of the "bar
dates" for the schemes of arrangement comprising part of its
financial restructuring.  With the passage of the bar dates, the
Schemes are closed to claims for which no notice has been
received and Telewest will proceed with the distribution of the
common stock of Telewest Global, Inc. to its creditors and
shareholders in accordance with the attached distribution
schedule.

Trading in Telewest Global's common stock on the Nasdaq National
Market will commence on 19 July 2004 under the symbol "TLWT".

                        Distribution Schedule

Telewest Note and Debenture Holders

Pursuant to the relevant schemes of arrangement an escrow agent
will distribute 241,325,000 shares of Telewest Global common
stock (representing 98.5% of Telewest Global's outstanding
common stock) to the holders of Telewest's and its Jersey
finance subsidiary's notes and debentures.  The shares will be
distributed amongst the various notes and debentures as:

Notes      Aggregate      Approximate   Multiplier  Approximate
           principal     total number    (C)        number of
           amount        of shares of               shares per
           common stock                             $1,000/GBP
           to be                                    1,000 of
           distributed                              principal(1)

9.625% Senior
Debentures
Due 2006   $300,000,000      12,434,919       1.220       41.450

11% Senior
Discount
Debentures
Due 2007   $1,536,413,000     65,458,708      1.254       42.605

11.25%
Senior Notes
due 2008   $350,000,000       14,792,798      1.244       42.265

9.875%
Senior Notes
due 2010 GBP180,000,000       12,053,718      1.971       66.965

9.875%
Senior Notes
due 2010   $350,000,000       14,079,319      1.184       40.227

5.25% Senior
Convertible
Notes due
2007    GBP299,500,000        18,499,185      1.818       61.767

9.875%
Senior
Discount
Notes
due 2009 GBP 325,000,000     18,462,118      1.672       56.807

9.25% Senior
Discount
Notes
due 2009   $500,000,000       17,055,545      1.004       34.111

11.375%
Senior
Discount
Notes due
2010       $450,000,000     14,065,729      0.920       31.257

6% Senior
Convertible
Notes due 2005
(Issued by
Telewest's
Jersey finance
and including
the benefit of
Telewest's
Guarantee) $1,000,000,000     37,814,386      1.113       75.629

5% Accreting
Convertible
Notes
due
2003      GBP 293,600,050     16,608,566      1.665       56.569

Total:                 (2)    241,324,991

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

(1) Principal outstanding at maturity in the case of the 11.375%
    Senior Discount Notes due 2010.

(2) The aggregate total obligation, measured as the sum of the
    principal amounts of each note or debenture multiplied by
    the relevant multiplier (C), is US$7,102,976,985.

To determine the number of shares that the holder of a note or
debenture is entitled to receive in connection with a given note
or debenture, multiply the principal amount of the note or
debenture held by the applicable multiplier (C), divide that
number by US$7,102,976,985 (A) and multiply by 241,325,000 (B):
(principal amount of note or debenture held x C)   x   B

No fractional shares will be distributed to the holders of notes
and debentures.  Fractional interests will be aggregated and
sold on the open market.  The net proceeds of such sales will be
paid to the U.K. National Society for the Prevention of Cruelty
to Children.

Telewest Shareholders

Pursuant to the Telewest scheme of arrangement, Telewest
shareholders on the register of members on 14 July 2004 will be
allocated in aggregate, 3,675,000 shares of Telewest Global
common stock (representing 1.5% of Telewest Global's outstanding
common stock).  The shares of common stock will be distributed
to eligible shareholders as set forth below.

Number of Telewest       Number of          Number of shares
Ordinary Shares       Telewest ADRs         Of Telewest Global
                                            Common stock
                                            received

804.4004                4.022002            1


Fractional share entitlements will not be distributed to
shareholders.  Instead, fractional share entitlements will be
aggregated and sold on the open market.  The net proceeds of
such sales will be paid in cash in pounds sterling (without
interest) pro rata to each shareholder entitled to a fractional
share.

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 COMMUNICATION
          Phone: 020 7299 5000

          Media
          Mary O'Reilly
          Phone: 020 7299 5888

          Investor Relations
          Richard Williams
          Phone: 020 7299 5479 or

          CITIGATE DEWE ROGERSON
          Phone: 020 7638 9571

          Anthony Carlisle
          Phone: 07973 611888


TELEWEST COMMUNICATIONS: Awards Top Honchos Fat Bonuses
-------------------------------------------------------
Telewest Communication Chairman Cob Stenham received GBP3.4
million in pay and more than a million share options after
seeing the firm through its restructuring, the company's U.S.
S.E.C. filing reveals.

Mr. Stenham's salary will increase from GBP175,000 to GBP450,000
a year.  He is also in line to receive a potential bonus of
GBP120,000, according to The Telegraph.  For the immediate-term,

he is to receive a "signing bonus" of around GBP137,000.  He has
also been given 367,500 restricted shares, and 1.23 million
options priced at US$13.70.  These shares and options vest if
unspecified "performance goals" are met annually over five
years.  Further, if Telewest successfully merges with NTL, and
he steps down, Mr. Stenham will receive a pay-off of GBP450,000,
shares worth almost GBP3 million at today's prices, and see all
his options vest.

Under the plan, Telewest chief executive Barry Elson, who is
with the company in a standard nine-month contract, is due to
receive a payment equivalent to his base salary of US$700,000,
shares worth US$3.36 million at today's prices and access to
almost 1 million options.  The remuneration is expected to anger
shareholders who were left with only 1.5% of company after
Telewest's GBP3.9 billion debt-for-equity swap.

The disclosure came in the same filing where Telewest admitted
it does not expect to generate enough cash to be able to repay
its remaining debts of GBP2 billion.  It will need therefore to
refinance a substantial proportion of the debt before it falls
due in December next year.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------
AUSTRIA
-------
Libro A.G.                          (111)         174     (182)


BELGIUM
-------
Carestel                                          178      (68)
City Hotels                                       210      (15)
Real Software                                     176       17


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


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


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


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


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Coin S.p.A.                                       974      (97)
Credito Fondiario
   e Industriale S.p.A.   CRF       (200)       4,218      N.A.
Finpart S.p.A.                                    793      248
Olsece S.p.A.                                     180      (64)
Tecnodiff Italia                                  152       24


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


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


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


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


SPAIN
-----
Altos Hornos de Vizcaya S.A.        (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (11)         137      (34)
Tableros de Fibr                                2,254     (121)


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Nuclear Fuels Plc         (2,627)      40,326     (977)
British Sky PLC                                 3,347     (144)
Center Parcs (UK)
    Group Plc                        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group                                     396        4
Dawson Holdings           DWSN       (29)         142      (29)
Dignity PLC                                       485      (89)
Easynet Group                                     323       38
Electrical and Music      EMI
   Industries Group                 (885)       3,472     (293)
Euromoney                                         167        2
Gallaher Group            GLH       (543)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109      (10)
HMV Group PLC             HMV       (211)         762      (66)
Intertek Testing Services ITRK      (134)         508       77
Invensys PLC                                    5,885      882
IPC Media Ltd.                      (685)         254       16
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United                                      144      (29)
Manchester City                      (17)         154      (21)
Misys PLC                 MSY       (161)         949       41
Mytravel Group                                  2,551     (533)
Orange PLC                ORNGF     (594)       2,902        7
PD Ports PLC                                      361        0
Premier Foods                                   1,105       34
Rentokil Initial Plc      RTO     (1,130)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0

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


                            *********


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

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

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

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

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

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


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