TCREUR_Public/040721.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, July 21, 2004, Vol. 5, No. 143

                            Headlines

F R A N C E

ALCATEL: To Publish Second-quarter Results July 29
ALCATEL: Buys Swiss Mobile Application and Service Provider
MARNE ET CHAMPAGNE: MTNs on CreditWatch Negative
LUSTUCRU: Court Stymies Implementation of Redundancy Plan


G E R M A N Y

BERTELSMANN AG: Welcomes E.U. Clearance of Sony-BMG Merger
GILDEMEISTER AG: Gets 'B+' Credit Rating After Bond Issue
MANNESMANN AG: Court to Rule on Breach of Trust Case Thursday
MESSER GRIESHEIM: Moody's to Withdraw Senior Implied Rating


H U N G A R Y

DAM STEEL: Dunaferr Rt Wins Bid for Firm's Assets


I R E L A N D

JSG FUNDING: To Discuss Second-quarter Results August 11


I T A L Y

APRILIA: Piaggio Not Giving up Race Despite Ducati's Edge
PARMALAT FINANZIARIA: Mexican Unit Seals Sale to Lala
PARMALAT U.S.A.: Gives Foreign Entities Time to File Claim
PARMALAT U.S.A.: Farmland Sells Milk Products of Alabama
PARMALAT U.S.A.: Farmland Dairies Appoints New COO


N E T H E R L A N D S

KONINKLIJKE AHOLD: Decides to Exercise Put Option on ICA


N O R W A Y

NORTHERN OFFSHORE: Court Appoints KPMG Bankruptcy Manager


R U S S I A

ABDULINSKOYE ZAGOT-GRAIN: Court Sets September 14 Hearing
BOKSITOGORSK FERRO-CONCRETE: Declared Insolvent
ELEKTRO-TRANSPORT-2: Undergoes Bankruptcy Supervision Procedure
KARTALY-GAZ-STROY: Deadline for Proofs of Claim August 17
METALLURG-MEKHANO-MONTAZH: Court Sets September 7 Hearing

MUROM-SPETS-STROY: Sells Assets at Public Auction
NIKA: Deadline for Proofs of Claim Expires August 17
REMEKS: Saratov Court Appoints Insolvency Manager
SARANSK-INSTRUMENT: Assets Sold for Undisclosed Amount
SMOLENSK-AGRO-PROM-STROY: Sets Deadline for Proofs of Claim
YUKOS OIL: Murray, Frank & Sailer Files Class Action in S.D.N.Y.
ZHBI-2: Tambov Court Appoints Insolvency Manager


S P A I N

EUROBANK: Three Companies Eye Assets; Offer EUR26 Million
SAEZ MERINO: Halves Number of Plants; Cuts Staff by 30%


U K R A I N E

CHEESES OF UKRAINE: Under Bankruptcy Supervision
KOLOMIYA WOOD: Temporary Insolvency Manager Appointed
ORLOVETSKE: Proofs of Claim Deadline August 2
PLEYADI: Bankruptcy Supervision Starts
POGREBISHYA' PLANT: Proofs of Claim Expires August 2

RAJAGROHIM: AR Krym Court Begins Bankruptcy Supervision
SMILA: Court Orders Debt Moratorium
TORGMORTRANS: AR Krym Court Names Temporary Insolvency Manager
VOLIN-OIL: Under Bankruptcy Supervision
YALTUSHIVSKE AGROMASH: Proofs of Claim Due August 2


U N I T E D   K I N G D O M

AFFINITY E-COMMERCE: Brings in Liquidators from CBA
APEX ARCHITECTURE: Files for Voluntary Liquidation
ATLANTIC ELECTRIC: Meeting of Unsecured Creditors Set Tomorrow
AWH CONSULTANTS: Calls in Liquidator
BEAVERS SERVICES: Sets Creditors Meeting Friday

BRANDID LTD.: Creditors Meeting Fixed July 23
BRAYSHAY HOLDINGS: Names Geoffrey Martin & Co Administrator
BULLDOGS LIMITED: Hires HKM Administrator
CLAPHAM PRESSINGS: Sets Members General Meeting September 8
CLIMARQUE LIMITED: Appoints Poppleton & Appleby Administrator

CORK INDUSTRY: Shareholders Pass Winding up Resolutions
CORNING COSTAR: Sets General Meeting August 16
CORUS GROUP: Completes Sale of U.S. Mini-mill
COSTAIN GROUP: Deputy Chairman Leaves for Telekom Malaysia
EGG PLC: J.P. Morgan Leads Two Others in Takeover Race

EMPIRE WINDOWS: To Host Creditors Meeting Friday
EUROSEC MANAGEMENT: Meeting of Creditors Set July 23
EVERNEW PHYSIQUE: Creditors Meeting Friday this Week
F P BUSINESS: Hires Liquidator from Pridie Brewster
FUNSTARS LIMITED: Hires Ensors Administrator

GW 894: Creditors to Meet July 23
I P REALISATIONS: Sets Creditors Meeting August 13
JIM'S TOTALLY: In Administrative Receivership
LEE WATTS: Fixes Creditors Meeting July 23
LLOYDS TSB: Sells Non-core Businesses in Latin America

MARAWAN INVESTMENTS: General Meeting Set August 20
MEPC LIMITED: Files Interim Half-year Report with U.K.L.A.
MISSFITS LIMITED: Hires Ensors Administrator
PH WHITAKER: Creditors to Meet July 23
PREMIER FOODS: Offers Shares to Institutional Investors for 215p

PROCESS SYSTEMS: Sets Creditors Meeting July 28
PRO.LOC LIMITED: In Administrative Receivership
PROFIT DEVELOPMENT: Final Meeting Set August 19
PULLEN'S ESTATE: Members Final Meeting Set August 26
ROBERTS AND PARTNERS: Foremans Redeems Biz from Receivership

SINTEL LIMITED: Appoints Receivers from HKM
S PATRICK: Names Chantrey Vellacott DFK Liquidator
TELEWEST COMMUNICATIONS: Net Loss Down 56% to GBP225 Million
TOPBRASS ASSOCIATES: Names David Rubin & Partners Liquidator
VERSAILLES: Ex-finance Chief Ordered to Return GBP14.2 Million

VPM FLEETCARE: Sets Final Meeting August 26
WARDAERO: Sets Final Meeting August 18
W BRAYSHAY: Appoints Geoffrey Martin & Co Administrator


                            *********


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


ALCATEL: To Publish Second-quarter Results July 29
--------------------------------------------------
Alcatel will publish its second quarter financial results on
Thursday, July 29, 2004.  The press release will be available at
http://www.alcatel.comor http://www.alcatel.frat approximately
7:45 a.m. Paris time (CET).

Alcatel's analyst conference call will begin at 1:00 p.m. Paris
time.  A live audio Web cast accompanied by a slide presentation
will be available at http://www.alcatel.com/2q2004or at
http://www.alcatel.fr/2q2004. Media representatives and
analysts willing to ask questions during the Q&A session may
dial in and request the "Alcatel teleconference."

From the U.S.: 888 428 4480
International: +1 612 326 1011

We advise you to dial in 15 minutes before the start of the
conference call.  The conference call will be available for
replay from July 29, 2004 to August 12, 2004 at the following
call in numbers:

From the U.S.: 800 475 6701# passcode 736643
International: +1 320 365 3844# passcode 736643

A press conference for media and journalists will be held, as
usual, at Alcatel Headquarters, 54 rue La Boetie, Paris 75008,
at 8:30 a.m. Paris time.  Please note that a passport or
identity card will be requested at reception.

About Alcatel

Alcatel (Paris: CGEP.PA and NYSE: ALA) provides communications
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or to their employees.  Alcatel
leverages its leading position in fixed and mobile broadband
networks, applications and services to bring value to its
customers in the framework of a broadband world.  With sales of
EUR12.5 billion in 2003, Alcatel operates in more than 130
countries.

                            *   *   *

Standard and Poor's recently upgraded Alcatel to 'BB-' from
'B+.'  Rating with Moody's is B1 outlook positive.


ALCATEL: Buys Swiss Mobile Application and Service Provider
-----------------------------------------------------------
Alcatel finalized an agreement to buy MNC, the leading mobile
application service provider (mobile ASP) in Switzerland.
Alcatel's turnkey approach, powered by MNC, will allow operators
to build rich multimedia service offerings (such as content
delivery through MMS, SMS, java downloads and mobile video-based
services) and to open their networks to hundreds of external
content providers, enterprises and communities, thus creating a
true 'mobile kiosk' placing the end-user at the center of the
mobile experience.

This acquisition will allow Alcatel to further address the
growing needs of mobile services providers (MSPs) for externally
managed solutions including mobile applications, content
aggregation and hosting.  This service is provided by Alcatel as
a hosted solution.  Alcatel owns, maintains and operates the
technical solution on behalf of the mobile service provider,
while guaranteeing it retains full control and ownership of its
commercial strategy and subscriber base.  Alcatel's solution is
also extremely attractive for new operators willing to optimize
their costs through shared network resources.

"MNC has always been at the forefront of innovation for the
benefit of mobile service providers, mobile content providers,
and end-users," declared Edouard Lambelet, chief executive
officer of MNC.  "For MNC, joining Alcatel represents a
fantastic opportunity to leverage Alcatel's impressive global
reach in order to successfully replicate our solutions and our
win-win business model around the world."

"By making the cooperation with mobile operators easier for
hundreds of external content providers around the world, Alcatel
is bringing to the mobile industry a solution that enables all
key market players to combine efforts and offer end-users a
wealth of attractive new multimedia services, while sharing the
associated revenues in a profitable manner," added Marc Rouanne,
chief operating officer of Alcatel's mobile communications
activities.  "We are very happy to have the MNC team join our
group.  We are convinced this will help us deliver user-centric
broadband services."

About MNC

MNC is a mobile application and service provider proposing
turnkey solutions enabling telecom operators, media companies,
Internet portals and service providers to rollout mobile
services.  MNC is a leader in innovation and was among the first
companies in Europe to launch mobile services via SMS in 1998.
MNC's solutions currently enable the services of hundreds of
mobile service customers and power up to thousands of different
mobile services.  MNC's customers include operators such as
Swisscom, Sunrise, television companies like TSR, radios like
NRJ, large brands like Philip Morris and the majority of the
Swiss football and hockey clubs. For more information about MNC,
visit http://www.mnc.ch.

About Alcatel

Alcatel (Paris: CGEP.PA and NYSE: ALA) provides communications
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or to their employees.  Alcatel
leverages its leading position in fixed and mobile broadband
networks, applications and services to bring value to its
customers in the framework of a broadband world.  With sales of
EUR12.5 billion in 2003, Alcatel operates in more than 130
countries.


MARNE ET CHAMPAGNE: MTNs on CreditWatch Negative
------------------------------------------------
Standard & Poor's Rating Services placed its ratings on the
class M secured MTNs issued by Marne et Champagne Finance a.r.l.
on CreditWatch with negative implications.  At the same time,
the ratings on the class A1 and A2 MTNs were placed on
CreditWatch developing.

The CreditWatch placements result from the cost of negative
carry that the issuer would incur if the lending bank, Lloyds
TSB Bank PLC (AA/Negative/A-1+), fails to pass through to the
issuer all payments received following repayment of the
underlying secured loan in the transaction.  Lloyds' decision
regarding the funds was announced in a notice by the trustee,
Deutsche Bank Trust Company Americas, on July 9, 2004.  It is at
odds with the stated intent of the securitization structure to
channel all payments deriving from the secured loan to the
benefit of noteholders and of other parties to the
securitization transaction.

Standard & Poor's understands that Groupe Marne et Champagne
(M&C) has refinanced its secured obligations through a bridge
financing loan and equity injection provided by Caisse
d'Epargne.  The security for the loan, primarily a pledge over
the champagne inventory, has been released.

M&C has also indicated that it will pay the overdue installment
it owes to grape growers, which has been outstanding since June
5, 2004.  This financial solution was devised in discussions
with an arbitrator who was appointed by the Tribunal of Commerce
of Epernay on June 4, 2004.

Standard & Poor's notes the statement of the trustee, that
Lloyds' will withhold these funds for a period of up to 18
months.  The funds are accruing interest at an overnight rate.
This rate is lower than the obligations of the issuer.
Consequently, during this time, the issuer will have to draw on
the committed liquidity facility of up to EUR60 million provided
by The Royal Bank of Scotland PLC (AA/Stable/A-1+) to fund
senior expenses and interest margin.  The total negative
carrying cost that could accrue over this period would be less
than the amount available under the liquidity facility.

Nevertheless, repaying the liquidity facility ranks senior to
payments of rated debt under the combined interest and principal
issuer-level priority of payments.  It would likely cause a
shortfall in principal due to the class M notes at the legal
maturity of the notes.

Holders of the class A1 and A2 notes now have a direct exposure
to Lloyds.  Standard & Poor's will seek in its review process to
ascertain how likely they are to be repaid in full and ahead of
the notes' legal maturity.

At present, Standard & Poor's is seeking to assess what avenues,
if any, are being pursued to eliminate the effect of the
negative carry cost resulting from Lloyds' refusal to hand over
the money paid by the company.  These could include, for
example, investing the money in a way that would mitigate or
hedge the negative carry.  Standard & Poor's is also trying to
find out what Lloyds intends to do regarding the money.

If no measures (or insufficient measures) mitigating the effect
of Lloyds' actions are taken, the ratings on the class M notes
may be lowered.  Ratings on the class A1 and A2 notes may move
upwards or downwards depending on Standard & Poor's assessment
of the consequences of Lloyds' intentions.

Additionally, Standard & Poor's is finding it difficult to gain
any information from the trustee about this transaction.  If
insufficient information is available to conclude our analysis
regarding these notes, the ratings assigned to the class A1, A2,
and M notes may need to be withdrawn.

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

RATINGS LIST
Class           Rating
          To              From

Marne et Champagne Finance a.r.l.
EUR396 Million Secured Medium-Term Notes

Ratings Placed on CreditWatch with Negative Implications
M         BBB/Watch Neg   BBB

Ratings Placed on CreditWatch with Developing Implications
A1        A/Watch Dev     A
A2        A/Watch Dev     A

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analyst E-mail Addresses
          nicolas_malaterre@standardandpoors.com
          stuart_nelson@standardandpoors.com
          StructuredFinanceEurope@standardandpoors.com


LUSTUCRU: Court Stymies Implementation of Redundancy Plan
---------------------------------------------------------
The Lustucru rice factory in Arles, France that has not been
operating since December will have to wait another three weeks
before it can implement its redundancy plan, Les Echos says.

This after a court in Tarascon dismissed the case filed by
Lustucru's owner, Italian food group Panzani, which had accused
the plant's workers of deliberately delaying the implementation
of the plan.  Panzani cited the walkout staged by the workers
during a recent works council meeting to discuss the plan.

The court ordered the meeting to reconvene in three days and
scheduled another meeting to discuss the redundancy plan in
three weeks.  This ruling means employees would continue to
receive their wages during the period.


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


BERTELSMANN AG: Welcomes E.U. Clearance of Sony-BMG Merger
----------------------------------------------------------
Bertelsmann welcomes Monday's decision of the European Union
Commission to approve the joint venture of the recorded music
businesses of BMG and Sony Music Entertainment.  This positive
decision follows extensive consultation with all parties
involved and a full investigation into the competitive effects
of the deal.

Rolf Schmidt-Holtz, Chairman and CEO of BMG said: "Over the
course of the European Commission's investigations, we have had
a constructive and detailed debate about the future of the
industry.  We are delighted that the European Commission has
decided to approve the creation of Sony BMG without imposing any
conditions.  We now look forward to completing the deal and
concentrating on the successful integration of the two
companies."

Gunter Thielen, Chairman and CEO of Bertelsmann AG, said: "This
is an important moment for both our music business and for
Bertelsmann.  The joint venture will create a recorded music
business better able to serve artists and consumers in this
rapidly changing marketplace.  Upon completion of the joint
venture, Bertelsmann will enjoy important market positions in
all its core businesses."

BMG and Sony are now working closely with the U.S. Federal Trade
Commission and are optimistic that final action will be
forthcoming in the very near future.

CONTACT:  BERTELSMANN AG
          Carl-Bertelsmann-Strauss 270
          D-33311 Gutersloh, Germany
          Phone: +49 5241 80 0
          Fax:   +49 5241 80 9662
          Web site: http://www.bertelsmann.de

          Media Relations:
          Oliver Herrgesell
          Senior Vice President
          Phone: +49 - 172 - 5 23 25 23
          E-mail: oliver.herrgesell@bertelsmann.com


GILDEMEISTER AG: Gets 'B+' Credit Rating After Bond Issue
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to German machine-tool maker Gildemeister AG,
following the successful placement of the company's EUR175
million bond issue.  The senior subordinated debt rating on this
issue was affirmed at 'B-'.  The outlook is stable.

"The successful placement of the bond issue, which allows the
group to reduce its short-term refinancing risk and balance its
debt maturity structure, was a prerequisite for Gildemeister to
achieve a 'B+' corporate credit rating," said Standard & Poor's
credit analyst Maria Bissinger.

The rating on Gildemeister is constrained by a number of
factors, most importantly its very aggressive financial profile,
as well as the cyclical and competitive end-markets the group
serves, the high capital intensity, and its competitive
position, which is weakened by the continued strength of the
euro.  The rating is supported by the group's leading position
in the global machine-tool industry, its broad geographical and
customer diversity, its technological and innovation leadership,
and strong service business, which is less cyclical and higher
margin than the group's other activities.

Gildemeister engineers and manufactures a variety of turning and
milling machines for a wide range of industrial applications.
It is also engaged in ultrasonic machining equipment and laser
machinery, such as laser cutting and laser drilling equipment,
and has growing service activities.

"The stable outlook reflects our expectation that Gildemeister
will benefit from the increase in global machine-tool
consumption resulting from the early signs of an economic
recovery," said Ms. Bissinger.

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

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analyst E-mail Addresses
          maria_bissinger@standardandpoors.com
          martin_amann@standardandpoors.com
          bob_ukiah@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


MANNESMANN AG: Court to Rule on Breach of Trust Case Thursday
--------------------------------------------------------------
The court handling the case against the former executives of
Mannessmann AG is expected to affirm the acquittal of Josef
Ackermann, now the CEO of Deutsche Bank AG, Bloomberg News says.

Mr. Ackermann, former Supervisory Board Chairman Joachim Funk,
ex-IG Metall union head Klaus Zwickel, and workers
representative Juergen Ladberg were previously acquitted from
charges anchored on "breach of trust."  The Dusseldorf regional
court in March acknowledged that the officials violated German
stock corporation law when they approved
a EUR57 million bonus and pension payments related to the EUR154
billion (US$192 million) takeover of Mannessmann by Vodafone
four years ago.

on the incentives.  But it said the charges are not enough for a
criminal conviction.  The court will issue its final verdict on
Thursday.




are accused of breach of trust when they approved a EUR57
million bonus and pension payments related to the EUR154 billion
(US$192 million) takeover of Mannessmann by Vodafone four years
ago.  Ex-CEO Klaus Essert, and ex-employee Dietmar Droste are
charged as accessories.

In a preliminary assessment in March, the Dusseldorf regional
court said the officials violated German stock corporation law
when it voted on the incentives.  But it said the charges are
not enough for a criminal conviction.  The court will issue its
final verdict on Thursday.


MESSER GRIESHEIM: Moody's to Withdraw Senior Implied Rating
-----------------------------------------------------------
Moody's Investors Service confirmed the senior implied rating
for Messer Griesheim Group GmbH at Ba2, and its secured bank
debt facilities made at Messer Griesheim GmbH at Ba2.  The
rating agency said it will withdraw all ratings following the
repayment of all the group's outstanding legacy debt
instruments.

The action concludes Moody's review on the company's rating on
January 22, 2004.  It affects approximately EUR1.4 billion in
debt securities.

Messer is a group of companies that operates in the industrial
gases business.  Its headquarter is in Frankfurt am Main.


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


DAM STEEL: Dunaferr Rt Wins Bid for Firm's Assets
-------------------------------------------------
Troubled steelmaker DAM Steel Rt has finally found a buyer for
its assets, Budapest Business Journal reports.

Matraholding Rt, DAM's liquidator, confirmed the purchase of the
company's assets in slices by Hungarian steel company Dunaferr
Rt.  Prior to the sale, the liquidator had made three failed
attempts to sell DAM's assets in a single lot for around HUF5.3
billion.  The failure forced Matraholding to offer the assets in
parts and sought HUF2 billion for real estate, HUF1.75 billion
for machinery, HUF200 million for a 66.6% stake in DAM Energy
Rt, HUF830 million for receivables, and HUF540 million for
stocks.

The bailiffs said Dunaferr bought all the assets excluding
stocks of manufactured products.  According to the Journal,
Dunaferr paid less than half of the asking price in exchange for
guaranteeing 700 jobs.


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


JSG FUNDING: To Discuss Second-quarter Results August 11
--------------------------------------------------------
JSG Funding plc, incorporating Jefferson Smurfit Group, will
release 2004 second-quarter results on Wednesday, August 11 at
12:00 noon BST (7 a.m. EST).


The Jefferson Smurfit Group management team will discuss second-
quarter financial performance with investors on a conference
call scheduled for 3.00 p.m. BST (10.00 a.m. EST) on that date.

Further details are available from K Capital Source on +353 1
631 5520 or smurfit@kcapitalsource.com

                            *   *   *

Jefferson Smurfit Group reported a EUR19 million loss before tax
in the fourth quarter compared to a profit of EUR20 million in
2002.  Subsidiaries accounted for a loss of EUR21 million while
associates contributed a profit of EUR2 million, against profits
of EUR15 million and EUR5 million in 2002 respectively.  Full
year 2003 profit before tax of EUR12 million declined from
EUR236 million in 2002.  This decline mainly reflects the net
interest charges associated with the group's leveraged capital
structure.

CONTACT:  JEFFERSON SMURFIT GROUP PLC
          Beech Hill, Clonskeagh
          Dublin, 4, Ireland
          Phone: +353 1 202 7000
          Fax:   +353 1 269 4481
          Web site: http://www.smurfit-group.com

          K CAPITAL SOURCE
          Phone: +353 1 631 5500
          E-mail: smurfit@kcapitalsource.com


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


APRILIA: Piaggio Not Giving up Race Despite Ducati's Edge
---------------------------------------------------------
Italian scooter maker Piaggio has not yet dropped its ambition
to acquire troubled motorcycle and scooter group Aprilia, Il
Sole 24 Ore reports.  Piaggio Chairman Roberto Colaninno said a
merger between his company and Aprilia could generate a turnover
of EUR1.5 billion and produce around 600,000 units.

On Sunday, Aprilia announced it entered exclusive talks with
motorcycle group Ducati.  The final decision on which offer to
accept will depend on Aprilia's creditor banks.  These banks had
previously granted the company a bridging loan worth EUR180
million to continue the operation of its sites in exchange for
majority of Aprilia's assets.  These creditors are Banca Intesa,
UniCredit, Sanpaolo IMI, Capitalia, Banca Antonveneta, Monte dei
Paschi di Siena (MPS) and Banca Nazionale del Lavoro (BNL).


PARMALAT FINANZIARIA: Mexican Unit Seals Sale to Lala
-----------------------------------------------------
Local dairy firm Grupo Industrial Lala S.A. has acquired the
assets of Parmalat Mexico, Luiz Manuel Perez, director of human
resources at Lala, told Dow Jones.

The deal includes Parmalat's plant in the state of Jalisco, and
rights to use the Parmalat brand.  Terms and licensing agreement
of the deal were not disclosed.  El Economista previously said
the purchase price is thought to come up to US$150 million, but
Lala might just pay US$70 million.

The deal is still subject to regulatory approval.  A ruling is
expected within the next three or four weeks.  Parmalat Mexico
will use the proceeds of the sale to pay debt.

The local unit of Italian dairy giant Parmalat Finanziaria
employs 400 people.  It has three distribution centers aside
from the Jalisco plant, in western Mexico.  It has a share of 7%
in the special milk segment.


PARMALAT U.S.A.: Gives Foreign Entities Time to File Claim
----------------------------------------------------------
The Parmalat U.S. Debtors believe that Parmalat Finanziaria
S.p.A. and its 22 foreign subsidiaries and affiliates may have
claims against the U.S. Debtors' estates.  Certain of the
Parmalat Foreign Entities have ownership interests in operating
companies located in more than 30 countries worldwide, and as a
result, many, if not all, of the documents supporting the
Parmalat Foreign Claims are located outside the United States.

Since the entry of the Bar Date Order, the Parmalat Foreign
Entities have been reviewing and collating their books and
records in preparation for filing proofs of claim by the
deadline.  Given the number of Parmalat Foreign Entities that
may have claims against each of the U.S. Debtors and the
attendant activities surrounding the preparation and filing of
the Italian Plan and the Foreign Entities' Section 304
Petitions, the Foreign Entities have requested additional time
to adequately review their books and records so that the Foreign
Entities will be in a position to file additional proofs of
claim in the U.S. Debtors' bankruptcy cases.

In this regard, the U.S. Debtors agree to extend the Parmalat
Foreign Entities' deadline to file proofs of claim against the
U.S. Debtors to and including August 9, 2004, without prejudice
to the right of the Debtors or the Foreign Entities to request
further extensions.

The Court approves the Stipulation.

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


PARMALAT U.S.A.: Farmland Sells Milk Products of Alabama
--------------------------------------------------------
Milk Products of Alabama L.L.C. has filed a motion in the United
States Bankruptcy Court for the Southern District of New York to
approve the sale of a majority of the assets of Milk Products of
Alabama L.L.C., an 80% subsidiary of Farmland Dairies LLC, to
National Dairy Holdings, LP for US$19.7 million.

The sale may be conducted as an auction under section 363 of the
Bankruptcy Code and will be subject to approval by the
Bankruptcy Court.  MPA anticipates that the hearing to approve
the sale will occur on or about September 10, 2004.

"The sale of the Milk Products of Alabama subsidiary is a key
step in the restructuring of Farmland," said James Mesterharm,
Farmland's Chief Restructuring Officer.  "We've made some
significant progress in our restructuring efforts and this
transaction, when complete, will further increase our focus on
our core business and ensure that we achieve maximum value and
asset recovery for Milk Products' creditors."

Since Farmland began its Chapter 11 case on February 24, 2004,
management has thoroughly reviewed the business.  Based on that
review, it was concluded that the best course of action is to
develop a plan of reorganization to allow Farmland to emerge
from Chapter 11 with a new capital structure in place, and to
make operational improvements to achieve the long-term financial
and operational stability the business requires to succeed.  The
post-petition lenders have decided to move forward on this plan.
To this end, it was determined not to pursue a sale of assets at
this time, and the post-petition lending agreement will be
modified to remove all deadlines relating to a sale of assets.

"The development of this plan is recognition of the intrinsic
value of the Farmland business and its future profitability,"
said Jim Mesterharm, Principal, AlixPartners.  "While Farmland's
original DIP financing package continues to provide the
liquidity necessary for operations in the shorter term, the
company is now in a position to be able to work with post-
petition lenders and other creditors to secure longer-term
financing that, when in place, would allow Farmland to develop
and implement a standalone restructuring plan around the
Company's core businesses."

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


PARMALAT U.S.A.: Farmland Dairies Appoints New COO
--------------------------------------------------
Farmland Dairies LLC appointed Martin Margherio as President and
Chief Operating Officer for the company subject to the approval
of the Bankruptcy Court.  In his new role expected to commence
in late July 2004, Mr. Margherio will focus his efforts on
leading and building Farmland's commercial and operating
structure.

"His significant experience and accomplishments as President and
CEO of Crowley Foods combined with his excellent reputation in
the industry make Marty an ideal addition to the Farmland
organization," said James A. Mesterharm, Farmland's Chief
Restructuring Officer.  "We are delighted that he is joining our
team and believe that his proven leadership skills and
operational abilities will make Farmland stronger and more
successful as we work towards our emergence from Chapter 11."

"Farmland is a great organization with a solid reputation and
I'm looking forward to leading the company forward and to
building on the success of such solid and recognizable consumer
brands as Farmland's Skim Plus," Margherio said.  "I am eager to
meet with our customers, employees and vendors, and to see where
we can make a difference for them and our stakeholders."

Mr. Margherio joined Crowley Foods Dairy Group in 1979 and
worked his way up the Group's corporate ladder serving as
General Sales Manager, Vice President of Sales and Marketing and
then President before being named President and CEO of Crowley
Foods in 1993.

During his tenure at Crowley he helped lead the company from its
position as a local milk processor to a diversified regional
food company with estimated 2003 sales of US$577 million.  Mr.
Margherio led Crowley through ten acquisitions which helped to
both expand the company's product lines and to solidify its
position in various markets.

Mr. Margherio currently serves on the Board of Directors of
Binghamton University School of Management and St. Joseph's
University, Food Marketing School.  In the past he served as a
board member of the Milk Processor Education Program for six
years.  He also has co-chaired many fundraising functions and is
very involved in Cystic Fibrosis fundraising.

Mr. Margherio holds a Bachelor of Science degree in Business
Administration from Kent State University.

Since Farmland began its Chapter 11 case on February 24, 2004,
management has thoroughly reviewed the business.  Based on that
review, it was concluded that the best course of action is to
develop a plan of reorganization to allow Farmland to emerge
from Chapter 11 with a new capital structure in place, and to
make operational improvements to achieve the long-term financial
and operational stability the business requires to succeed.  The
post-petition lenders have decided to move forward on this plan.
To this end, it was determined not to pursue a sale of assets at
this time, and the post-petition lending agreement will be
modified to remove all deadlines relating to a sale of assets.

"The development of this plan is recognition of the intrinsic
value of the Farmland business and its future profitability,"
said Jim Mesterharm, Principal, AlixPartners. "While Farmland's
original DIP financing package continues to provide the
liquidity necessary for operations in the shorter term, the
company is now in a position to be able to work with post-
petition lenders and other creditors to secure longer-term
financing that, when in place, would allow Farmland to develop
and implement a standalone restructuring plan around the
Company's core businesses."

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


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


KONINKLIJKE AHOLD: Decides to Exercise Put Option on ICA
--------------------------------------------------------
On July 18, 2004, Koninklijke Ahold and ICA Forbundet Invest AB,
reached a deal regarding their Scandinavian joint venture ICA
AB.  Pursuant to this agreement, ICA Forbundet will purchase
from Ahold half of the shares of ICA AB that Ahold will, in
turn, purchase from the third joint venture partner, Canica AS,
under the put option exercised by Canica.

The resulting shareholdings in ICA AB will be 60% held by Ahold
and 40% held by ICA Forbundet.  Due to the mechanics of the
Shareholders' Agreement among Ahold, ICA Forbundet and Canica,
the exact date on which the purchase of the shares from Canica
or the sale of half of the shares to ICA Forbundet will take
place is not known.

The price for the shares to be acquired by ICA Forbundet from
Ahold will be equal to the Revised Equity Value used in
calculating the purchase price to be paid by Ahold to Canica
plus a premium which may range from 17.5% to 30% of such Revised
Equity Value, depending inter alia on the size of the premium
ultimately established in the pending arbitration proceeding
between Ahold, ICA Forbundet and Canica, in another proceeding
or by way of mutual agreement between Ahold and Canica.

The Revised Equity Value of ICA AB is the fair market value of
its shares (as if ICA AB was listed on the Stockholm Stock
Exchange, not including any control premium) at the date of
exercise.  At this time, Ahold does not know how much it will
pay for Canica's 20% stake in ICA AB or how much it will receive
from ICA Forbundet for the shares that ICA Forbundet will
purchase from Ahold.  In case Ahold must pay more per share to
Canica than it will receive per share from ICA Forbundet, Ahold
expects to record an expense in the profit and loss account
relating to this transaction under Dutch GAAP.

As part of the agreement between Ahold and ICA Forbundet, among
other things, the put arrangements in the Shareholders'
Agreement will be abolished upon acquisition by ICA Forbundet
from Ahold of half of the Canica shares put to Ahold.

The transaction by itself will not result in a change in Ahold's
use of the equity method to account for ICA AB.

CONTACT:  KONINKLIJKE AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


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


NORTHERN OFFSHORE: Court Appoints KPMG Bankruptcy Manager
---------------------------------------------------------
Bankruptcy managers from KPMG Bermuda and U.K. were appointed to
holding company Northern Offshore Ltd. last week, Norway's
Northern Offshore A.S. said.

The Supreme Court of Bermuda appointed Mike Morrison from KPMG
Financial Advisory Services Ltd. in Bermuda and Philip Wallace
from KPMG LLP in the U.K. as provisional bankruptcy managers on
July 13.

Mr. Morrison said they intend to restructure the company's
debts, as they try to preserve assets of the group.  He cleared
that subsidiaries not affected by the bankruptcy proceedings are
operating as usual.

He said: "I would stress that these appointments are to Northern
Offshore Ltd., which is a holding company, and therefore the
day-to-day operations of Northern Offshore Ltd.'s subsidiaries,
which are not parties to the Bermuda proceedings, should not be
affected."

Last week, Nordic Business Report said creditors of the offshore
drilling contractor Northern Offshore Ltd. have elected to
liquidate the troubled company.

Represented by Norwegian trustee services company Norsk
Tillitsmann A.S.A., bondholders applied for liquidation
proceedings in Bermuda, citing the company's failure to pay
interest on its Norwegian bond loans.  Prior to this, the group
tried to negotiate, but failed to reach an agreement with
management.

CONTACT:  KPMG
          Crown House
          4 Par la Ville
          Hamilton, HM 08
          Bermuda
          Phone: +1 (441) 295-5063
          Fax:   +1 (441) 295-9132
          E-mail: kpmg@kpmg.bm

          KPMG
          8 Salisbury Square
          London
          EC4Y 8BB
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


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


ABDULINSKOYE ZAGOT-GRAIN: Court Sets September 14 Hearing
---------------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
supervision procedure on CJSC Abdulinskoye Zagot-Grain.  The
case is docketed as A47-2807/2004-14GK.  Mr. V. Kirzhaev has
been appointed temporary insolvency manager.  Creditors had
until July 17, 2004 to submit their proofs of claim to 460000,
Russia, Orenburg, Gaya Str. 23A.  A hearing will take place on
September 14, 2004, 10:30 a.m.

CONTACT:  ABDULINSKOYE ZAGOT-GRAIN
          Russia, Orenburg Region,
          Abdulino, Sovetskaya Str.1

          Mr. V. Kirzhaev
          Temporary Insolvency Manager
          460000, Russia,
          Orenburg, Gaya Str. 23A
          Phone/Fax: 78-38-45


BOKSITOGORSK FERRO-CONCRETE: Declared Insolvent
-----------------------------------------------
The Arbitration Court of Leningrad region declared CJSC
Boksitogorsk Ferro-Concrete Product Factory insolvent and
introduced bankruptcy proceedings.  The case is docketed as A56-
42225/03.  Mr. M. Enukashvili has been appointed insolvency
manager.  Creditors have until August 17, 2004 to submit their
proofs of claim to 191028, Russia, Saint-Petersburg,
Gagarinskaya Str. 25, Office 19.

CONTACT:  BOKSITOGORSKY FERRO-CONCRETE PRODUCT FACTORY
          188290, Russia,
          Leningrad Region, Boksitogorsk,
          Pesochnaya Str. 1,
          Vokzalnaya Str. 4A

          Mr. M. Enukashvili
          Insolvency Manager
          191028, Russia,
          Saint-Petersburg,
          Gagarinskaya Str. 25,
          Office 19


ELEKTRO-TRANSPORT-2: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
supervision procedure on municipal unitary enterprise Elektro-
Transport-2.  The case is docketed as A47-5159/2004-14gk.  Mr.
Y. Osipov has been appointed temporary insolvency manager.

Creditors had until July 17, 2004 to submit their proofs of
claim to:

(a) Arbitration Court of Orenburg Region
    Russia, Orenburg, 9th of January Str. 64;

(b) Temporary Insolvency Manager
    460036, Russia, Orenburg,
    Vostochnaya Str. 86, Post User Box 1569;

(c) Elektro-Transport-2
    Russia, Orenburg, Lesozashitnaya Str. 16.

A hearing will take place at the Arbitration Court of Orenburg
region on October 12, 2004, 10:00 a.m.


KARTALY-GAZ-STROY: Deadline for Proofs of Claim August 17
---------------------------------------------------------
The Arbitration Court of Chelyabinsk region declared LLC
Kartaly-Gaz-Stroy insolvent and introduced bankruptcy
proceedings.  The case is docketed as A76-16860/03-52-504.  Mr.
G. Monetov has been appointed insolvency manager.

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

(a) Arbitration Court of Chelyabinsk Region
    454091, Russia, Chelyabinsk Region, Vorovskogo Str. 2;

(b) Kartaly-Gaz-Stroy
    457358, Russia, Chelyabinsk region,
    Montazhnikov Per. 2;

(c) Insolvency Manager
    455000, Russia, Magnitogorsk, Chelyabinsk Region,
    Metallurgov Pr. 2/a, Apartment 7.


METALLURG-MEKHANO-MONTAZH: Court Sets September 7 Hearing
---------------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
supervision procedure on LLC Novotroitsk installation
corporation Metallurg-Mekhano-Montazh.  The case is docketed as
A47-4242/2004-14gk.  Mr. Y. Osipov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to:

(a) Arbitration Court of Orenburg Region
    Russia, Orenburg, 9th of January Str. 64;

(b) Temporary Insolvency Manager
    460036, Russia, Orenburg, Vostochnaya Str. 86,
    Post User Box 1569;

(c) Metallurg-Mekhano-Montazh
    462359, Russia, Orenburg region,
    Novotroitsk, Zavodskaya Str. 1G.

A hearing will take place on September 7, 2004, 11:00 a.m.


MUROM-SPETS-STROY: Sells Assets at Public Auction
-------------------------------------------------
The insolvency manager of CJSC Murom-Spets-Stroy sold the firm's
properties yesterday.  The public auction took place at Russia,
Murom, Mekhanizatorov Str. 38B.  The properties were priced at
RUB1,350,000.

CONTACT:  AUKTSION-TORG:
          Bidding Organizer
          Russia, Moscow,
          Krasnokazarmennaya Str. 9
          Phone: (095) 258-93-22


NIKA: Deadline for Proofs of Claim Expires August 17
----------------------------------------------------
The Arbitration Court of Orenburg region declared OJSC orskaya
stockinet factory Nika insolvent and introduced bankruptcy
proceedings.  The case is docketed as A47-7785/03-14GK.  Mr. M.
Belozertsev has been appointed insolvency manager.  Creditors
have until August 17, 2004 to submit their proofs of claim to
460000, Russia, Orenburg, Gaya Str. 23A.

CONTACT:  NIKA
          462403, Russia,
          Orenburg Region, Orsk,
          Trudovaya Str. 19A

          Mr. M. Belozertsev
          Insolvency Manager
          460000, Russia,
          Orenburg, Gaya Str. 23A
          Phone/Fax: (3532) 78-38-45


REMEKS: Saratov Court Appoints Insolvency Manager
-------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
supervision procedure on municipal unitary enterprise Remeks.
The case is docketed as A57-100B/04-23.  Mr. A. Osipov has been
appointed temporary insolvency manager.  Creditors had until
July 17, 2004 to submit their proofs of claim to 413863, Russia,
Saratov region, Balakovo-23, Post User Box 151.

CONTACT:  REMEKS
          Russia,
          Saratov Region, Balakovo

          Mr. A. Osipov
          Temporary Insolvency Manager
          413863, Russia,
          Saratov Region, Balakovo-23,
          Post User Box 151


SARANSK-INSTRUMENT: Assets Sold for Undisclosed Amount
------------------------------------------------------
The bidding organizer and insolvency manager of OJSC Saransk-
Instrument sold the firm's properties on July 12, 2004.  The
auction took place at Russia, RM, Saransk, Stroitelnaya Str. 1.

CONTACT:  SARANSK-INSTRUMENT:
          Russia, RM,
          Saransk, Stroitelnaya Str. 1


SMOLENSK-AGRO-PROM-STROY: Sets Deadline for Proofs of Claim
-----------------------------------------------------------
The Arbitration Court of Smolensk region commenced bankruptcy
supervision procedure on PPIA OJSC Smolensk-Agro-Prom-Stroy.
The case is docketed as A62-589-H/04.  Mr. V. Ipatov has been
appointed temporary insolvency manager.

Creditors had until July 17, 2004 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager
    214030, Russia, Smolensk,
    Post User Box 9,

(b) Smolensk-Agro-Prom-Story
    214018, Russia, Smolensk region,
    Smolensk, Pamfilova Str. 5;

(c) Arbitration Court of Smolensk Region
    214018, Russia, Smolensk Region,
    Smolensk, Gagarina Pr. 46.


YUKOS OIL: Murray, Frank & Sailer Files Class Action in S.D.N.Y.
----------------------------------------------------------------
Murray, Frank & Sailer, LLP announces that a class action
lawsuit has been filed in the United States District Court for
the Southern District of New York on behalf of all persons who
purchased the publicly traded securities of Yukos Oil Company
(Pink Sheets:YUKOF) (Pink Sheets:YUKOY) (Russia: YUKO) between
February 13, 2003 and October 25, 2003 inclusive, (the Class
Period).  Also included are all those who acquired Yukos' shares
through its acquisitions of Sibneft, Geoilbent, and Vostochnaya.

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

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

Murray, Frank & Sailer, LLP and its predecessor firms have
devoted its practice to shareholder class actions and complex
commercial litigation for more than thirty years and have
recovered hundreds of millions of dollars for shareholders in
class actions throughout the United States.

If you purchased or acquired shares of Yukos between February
13, 2003 and October 25, 2003, inclusive, and sustained damages,
you may, no later than September 4, 2004, move the Court to
serve as lead plaintiff of the class.  Shareholders outside the
United States may also join the action, regardless of which
exchange was used to purchase the securities.  To serve as lead
plaintiff, however, you must meet certain legal requirements.
You can join this class action online at
http://www.murrayfrank.com/newcases_215.htm. If you would like
to discuss this action, this announcement, or your rights and
interests, please contact plaintiff's counsel Eric J. Belfi or
Aaron D. Patton of Murray, Frank & Sailer, LLP.

CONTACT: MURRAY, FRANK & SAILER LLP
         Eric J. Belfi
         Aaron D. Patton
         Phone: (800) 497-8076
            Or  (212) 682-1818
         Fax:   (212) 682-1892
         E-mail: info@murrayfrank.com


ZHBI-2: Tambov Court Appoints Insolvency Manager
------------------------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
supervision procedure on OJSC ZhBI-2 (TIN 6833013848).  The case
is docketed as A64-919/04-2.  Mr. Y. Zmievets has been appointed
temporary insolvency manager.   Creditors are asked to submit
their proofs of claim to 125009, Russia, Tambov, Sredniy
Kislovsky Per. 3, Building 2.  A hearing will take place on
September 16, 2004.

CONTACT:  ZhBI-2:
          392008, Russia,
          Tambov, Sovetskaya Str. 190

          Mr. Y. Zmievets
          Temporary Insolvency Manager
          125009, Russia,
          Tambov, Sredniy Kislovsky Per. 3,
          Building 2


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


EUROBANK: Three Companies Eye Assets; Offer EUR26 Million
---------------------------------------------------------
Troubled Spanish bank Eurobank has received proposals for its
assets from Spanish property developers Tradisol and Gebira, and
Swedish company Intrum Justitia, El Pais reports.

Totaling EUR26 million, the offers, if realized, will help the
bank repay its entire EUR135 million debt, plus interest.  Many
customers affected by Eurobank's collapse doubt, however, the
feasibility of the offers.  Spain's central bank Banco de Espana
rescued Eurobank in 2003.


SAEZ MERINO: Halves Number of Plants; Cuts Staff by 30%
-------------------------------------------------------
Textile group Saez Merino will be closing plants and dismissing
workers in an effort to contain its recent underperformance, El
Pais reports.

The company will close four of its eight plants and reduce staff
by 548.  The company employs 1,600.  The Labor Ministry is yet
to see its redundancy plans.

Three of the plants to be shut down are in the towns of Torrent,
Ayora, and Carcaixent, in the autonomous region of Valencia.
The fourth one is in the town of Casa Ibanez, in the province of
Albacete.

Following the closures, Saez will subcontract half of its
production to Africa, particularly in Tunisia and Morocco.

Saez Merino is expected to be in the red this year for the first
time since 1994.  Last year, its turnover was down 16.1% to
EUR109.8 million compared to 2002 results.  Profit fell 72.5% in
same period to EUR2.47 million.


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


CHEESES OF UKRAINE: Under Bankruptcy Supervision
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Commercial-Production Enterprise
Company Cheeses of Ukraine (code EDRPOU 24160270).  The case is
docketed as 15/102-B.  Arbitral manager Mrs. Plushakova
Valentina has been appointed temporary insolvency manager.  The
company holds account number 26004301745683 at Prominvestbank,
Main branch of Donetsk region, MFO 334635.

Creditors have until August 2, 2004 to submit their proofs of
claim to:

(a) COMMERCIAL-PRODUCTION ENTERPRISE COMPANY CHEESES OF
    UKRAINE
    03067, Ukraine, Kyiv region,
    Garmatna Str. 38

(b) Mrs. Plushakova Valentina
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    Melnikov Str. 2/10

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


KOLOMIYA WOOD: Temporary Insolvency Manager Appointed
-----------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on OJSC Kolomiya Wood
Processing Plant (code EDRPOU 02500238).  The case is docketed
as B-11/7.  Mr. Sayevich Mikola (License Number AA 520164
approved on July 18, 2003) has been appointed temporary
insolvency manager.  Kolomiya Wood Processing Plant holds
account number 26004052500243 at CB Privatbank, Ivano-Frankivsk
branch, MFO 336677.

Creditors have until August 2, 2004 to submit their proofs of
claim to:

(a) KOLOMIYA WOOD PROCESSING PLANT
    78200, Ukraine, Ivano-Frankivsk region,
    Kolomiya, Simonenko Str. 2

(b) Mr. Sayevich Mikola
    Temporary Insolvency Manager
    78200, Ukraine, Ivano-Frankivsk region,
    Kolomiya, Kostomarov Str. 4/108

    Mailing address:
    76018, Ukraine, Ivano-Frankivsk region,
    Belvederska Str. 2a, office 10

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


ORLOVETSKE: Proofs of Claim Deadline August 2
---------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on Agricultural LLC Orlovetske (code
EDRPOU 03790627).  The case is docketed as 01/1683.  Arbitral
manager Mr. Krivoshej Oleg (License Number AA 630145 approved on
January 15, 2004) has been appointed temporary insolvency
manager.  Agricultural Orlovetske holds account number
260083001223 at Oshadbank, Gorodishi branch 3278, MFO 354529.

Creditors have until August 2, 2004 to submit their proofs of
claim to:

(a) AGRICULTURAL ORLOVETSKE
    19515, Ukraine, Cherkassy region,
    Gorodishi district, Orlovetske

(b) Mr. Krivoshej Oleg
    Temporary Insolvency Manager
    83000, Ukraine, Cherkassy region,
    Engels Str. 243/1-510
    Phone: 8 (0472) 64-84-88

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


PLEYADI: Bankruptcy Supervision Starts
--------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Company Pleyadi (code EDRPOU
20601782).  The case is docketed as 61/2B-2004.  Arbitral
manager Mrs. Drachenko Valentina (License Number AA 630098) has
been appointed temporary insolvency manager.  Pleyadi holds
account number 2600700250134 at JSCB Praveksbank, MFO 321983.

Creditors have until August 2, 2004 to submit their proofs of
claim to:

(a) COMPANY PLEYADI
    08150, Ukraine, Kyiv region,
    Bayarka, Sosnovij lane, 2

(b) Drachenko Valentina
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    Mukachivska Str. 3/9-14

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


POGREBISHYA' PLANT: Proofs of Claim Expires August 2
----------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on LLC Pogrebishya' Plant of Reinforced
Concrete Products (code EDRPOU 05454071).  The case is docketed
as 10/74-04.  Arbitral manager Mr. Tushevskij Yurij has been
appointed temporary insolvency manager.  The company holds
account number 26004005087001 at JSCB Nadra, Vinnitsya branch,
MFO 302355.

Creditors have until August 2, 2004 to submit their proofs of
claim to:

(a) POGREBISHYA' PLANT OF REINFORCED CONCRETE PRODUCTS
    22200, Ukraine, Vinnitsya region,
    Pogrebishya, Privokzalna Str. 20

(b) Mr. Tushevskij Yurij
    Temporary Insolvency Manager
    21010, Ukraine, Vinnitsya region,
    Litinskij district, Uladivka,
    Shkilna Str. 18/2

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


RAJAGROHIM: AR Krym Court Begins Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of AR Krym commenced bankruptcy supervision
procedure on OJSC On the Execution of Agri-Chemical Works
Rajagrohim (code EDRPOU 05489738).  The case is docketed as 2-
11/8299-2004.  Mr. Gorulko L. (License Number AA 250218 approved
on December 28, 2001) has been appointed temporary insolvency
manager.  The company holds account number 26004307775001 at CB
Privatbank, MFO 384566.

Creditors have until August 2, 2004 to submit their proofs of
claim to:

(a) AGRI-CHEMICAL WORKS RAJAGROHIM
    96500, Ukraine, AR Krym region,
    Saki, Novoselivske shose, 3

(b) Mr. Gorulko L.
    Temporary Insolvency Manager
    Ukraine, Dnipropetrovsk region,
    Krivij Rig, Lenin Str.10/39

(c) THE ECONOMIC COURT OF AR KRYM
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


SMILA: Court Orders Debt Moratorium
-----------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on CJSC Smila (code EDRPOU 05468009) on
May 28, 2004 and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 01/1684.  Arbitral
manager Mrs. Bojko Ludmila has been appointed temporary
insolvency manager.  Smila holds account number 26001271957001
at CB Privatbank, Smila branch, MFO 354347.

Creditors have until August 2, 2004 to submit their proofs of
claim to:

(a) SMILA
    27000, Ukraine, Cherkassy region,
    Smila, Peremogi Str. 39

(b) Mrs. Bojko Ludmila
    Temporary Insolvency Manager
    Ukraine, Cherkassy region,
    Smila, Zhovtneva Str. 71/71

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


TORGMORTRANS: AR Krym Court Names Temporary Insolvency Manager
--------------------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on OJSC Torgmortrans (code EDRPOU
01127458).  The case is docketed as 2-20/7791-2004.  Arbitral
manager Mrs. Dubrovska Oksana (License Number AA 669689 approved
on September 16, 2003) has been appointed temporary insolvency
manager.  Torgmortrans holds account numbers 26007301390038,
26006302390038, and 2600530390038 at Prominvestbank, Kerch
branch, MFO 324548.

Creditors have until August 2, 2004 to submit their proofs of
claim to:

(a) TORGMORTRANS
    98300, Ukraine, AR Krym region,
    Kerch, Yunih Lenintsiv Str. 16

(b) Mrs. Dubrovska Oksana
    Temporary Insolvency Manager
    Ukraine, AR Krym region,
    Kerch, Pershogo Travnya Str. 10/4

(c) THE ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


VOLIN-OIL: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Volinska region commenced bankruptcy
supervision procedure on LLC Joint Ukrainian-Russian Enterprise
Volin-Oil (code EDRPOU 21750722).  The case is docketed as 7/86-
B.  Mr. Temchishin Volodimir (License Number AA 630072 approved
on November 25, 2003) has been appointed temporary insolvency
manager.  The oil company holds account number 26000230215001 at
CB Privatbank, Volinska regional branch, MFO 303440.

Creditors have until August 2, 2004 to submit their proofs of
claim to:

(a) JOINT UKRAINIAN-RUSSIAN ENTERPRISE VOLIN-OIL
    43000, Ukraine, Lutsk,
    Striletska Str. 12

(b) ECONOMIC COURT OF VOLINSKA REGION
    43010, Ukraine, Lutsk,
    Voli Avenue, 54-a


YALTUSHIVSKE AGROMASH: Proofs of Claim Due August 2
---------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on OJSC Yaltushivske Specialized
Enterprise Agromash on May 18, 2004.  The case is docketed as
5/310-04.  Arbitral manager Mr. Leshenko A. (License Number AA
484190 approved on December 29, 2002) has been appointed
temporary insolvency manager.  Yaltushivske Specialized
Enterprise Agromash holds account number 260063017062 at JSCB
Mriya, Vinnitsya regional branch, MFO 302559.

Creditors have until August 2, 2004 to submit their proofs of
claim to:

(a) YALTUSHIVSKE SPECIALIZED ENTERPRISE AGROMASH
    Ukraine, Vinnitsya region,
    Barskij district, Yaltushki

(b) Mr. Leshenko A.
    Temporary Insolvency Manager
    Phone: 8 (0432) 26-12-60

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


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


AFFINITY E-COMMERCE: Brings in Liquidators from CBA
---------------------------------------------------
At an Extraordinary General Meeting of the Affinity E-Commerce
Limited Company on July 12, 2004 held at Lichfield Place, 435
Lichfield Road, Aston, Birmingham B6 7SS, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Neil Charles Money and Geoff Robbins of CBA, Lichfield Place,
435 Lichfield Road, Aston, Birmingham B6 7SS have been appointed
Joint Liquidators for the purpose of such winding-up.

CONTACT:  CBA
          Lichfield Place,
          435 Lichfield Road, Aston,
          Birmingham B6 7SS
          Liquidators:
          Neil Charles Money
          Geoff Robbins


APEX ARCHITECTURE: Files for Voluntary Liquidation
--------------------------------------------------
At an Extraordinary General Meeting of the Members of the Apex
Architecture Limited Company (formerly DAGP Limited) on July 13,
2004 held at the offices of Begbies Traynor, Elliot House, 151
Deansgate, Manchester M3 3BP, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Paul Stanley of
Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP
has been appointed Liquidator of the Company for the purpose of
the voluntary winding-up.

CONTACT:  BEGBIES TRAYNOR
          Elliot House,
          151 Deansgate,
          Manchester M3 3BP
          Liquidator:
          Paul Stanley


ATLANTIC ELECTRIC: Meeting of Unsecured Creditors Set Tomorrow
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

          IN THE MATTER OF Atlantic Electric & Gas Ltd.

Notice is hereby given, in accordance with section 48(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of the
Atlantic Electric & Gas Ltd. Company will be held at The St
Brides Institute Bride Lane Fleet Street, London EC4Y 8EQ on
July 22, 2004 at 11:00 a.m.

In accordance with Rule 3.11 (1) of the Insolvency Rules 1986, a
Creditor is entitled to vote only if details of the debt claimed
are submitted to the Receivers in writing no later than 12:00
noon the business day prior to the Meeting and where the
Creditors cannot attend in person, a form of proxy which the
Creditor intends to be used on his behalf is lodged with the
Receivers before the Meeting.

Creditors whose claims are fully secured are not entitled to
attend or be represented at the Meeting. Unsecured Creditors may
request that a free copy of the Administrative Receivers' report
be sent to them.

Claims, proxies or requests should be sent to the Administrative
Receivers' at KPMG LLP at the address above.

M R Pink, Joint Administrative Receiver
July 6, 2004

CONTACT:  KPMG LLP
          Aquis Court
          31 Fishpool Street
          St Albans
          Herts
          AL3 4RF
          Phone: 01727 733000
          Fax: 01727 733001
          Web site: http://www.kpmg.co.uk


AWH CONSULTANTS: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the AWH Consultants
Limited Company on July 12, 2004 held at Chadburn House,
Weighbridge Road, Mansfield, Nottinghamshire NG18 1AH, the
subjoined Extraordinary Resolution to wind up the company was
passed.  David Alexander Hole of Alexander Business Consulting,
7 Egerton Road, Hale, Cheshire WA15 8EE has been appointed
Liquidator for the purpose of such winding-up.


BEAVERS SERVICES: Sets Creditors Meeting Friday
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

              IN THE MATTER OF Beavers Services Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Beavers Services
Ltd. company will be held at 4 Dancastle Court 14 Arcadia Avenue
London N3 2HS on July 23, 2004 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.

K Solly, Director
June 24, 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


BRANDID LTD.: Creditors Meeting Fixed July 23
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

                  IN THE MATTER OF Brandid Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Brandid Ltd.
company will be held at One Great Cumberland Place London W1H
7LW on July 23, 2004 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 Leonard Curtis, One Great Cumberland Place
London W1H 7LW two business days prior to the meeting.

By Order of the Board.

J P French, Director
July 5, 2004

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place
          London W1H 7LW
          Phone: 020 7535 7000
          Fax: 020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


BRAYSHAY HOLDINGS: Names Geoffrey Martin & Co Administrator
-----------------------------------------------------------
John Twizell and Geoffrey Martin have been appointed joint
administrative receivers for Brayshay Holding Limited.  The
appointment was made July 2, 2004.   The holding company's
registered office address is located at St James' House, 28 Park
Place, Leeds LS1 2SP.

CONTACT:  GEOFFREY MARTIN & CO
          St James' House,
          28 Park Place,
          Leeds LS1 2SP
          Receivers:
          John Twizell
          Geoffrey Martin
          (IP Nos 0/007822/01, 0/002207/01)


BULLDOGS LIMITED: Hires HKM Administrator
-----------------------------------------
Name of Companies:
Bulldogs Limited
Cathedral Peak Limited
Illovo Limited
Milkwood Limited
Penlong Limited
Victory Park Limited

These companies have appointed Kirankumar Mistry and John
Phillip Walter Harlow of HKM LLP as joint administrative
receivers.  The appointment was made June 18, 2004.

These companies are engaged in consultancy and software
services.  Its registered office address is c/o HKM, The Old
Mill, 9 Soar Lane, Leicester LE3 5DE.

CONTACT:  HKM
          The Old Mill,
          9 Soar Lane,
          Leicester LE3 5DE
          Receivers:
          Kirankumar Mistry
          John Phillip Walter Harlow
          (IP Nos 008795, 008319)


CLAPHAM PRESSINGS: Sets Members General Meeting September 8
-----------------------------------------------------------
Members of Clapham Pressings Limited Company will have a general
meeting on September 8, 2004 at 10:00 a.m.  It will be held at
37 Moorgate Road, Rotherham, South Yorkshire S60 2AE.

The purpose of the meeting is to receive the account showing how
the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator.  Members who want to be represented at
the meeting may appoint proxies.


CLIMARQUE LIMITED: Appoints Poppleton & Appleby Administrator
-------------------------------------------------------------
The Climarque Limited Company has appointed Robert Michael Young
and Ian Michael Rose of Poppleton & Appleby as joint
administrative receivers.  The appointment was made July 8,
2004.  The company is engaged in electronic tagging.

CONTACT:  POPPLETON & APPLEBY
          Brampton House Mews,
          10 Queen Street,
          Newcastle under Lyme,
          Staffordshire ST5 1ED
          Receivers:
          Robert Michael Young
          Ian Michael Rose
          (IP Nos 7875, 9144)


CORK INDUSTRY: Shareholders Pass Winding up Resolutions
-------------------------------------------------------
Name of Companies:
Cork Industry Agents Limited
I. M. International Metal Limited
Introcrest Limited
Medix Trading Limited
Parson Productions Limited
Portbridge Engineering Limited
Supersign, Media & Entertainment Consultants Limited

At an Extraordinary Meeting of the Members of these Companies on
July 7, 2004 held at 1st Floor, 26-28 Bedford Row, London WC1R
4HE, the Special and Extraordinary Resolutions to wind up the
companies were passed.  Paul Appleton of David Rubin & Partners
has been appointed Liquidator for the purpose of such windings-
up.

CONTACT:  DAVID RUBIN & PARTNERS
          1st Floor, 26-28 Bedford Row,
          London WC1R 4HE
          Liquidator:
          Paul Appleton


CORNING COSTAR: Sets General Meeting August 16
----------------------------------------------
The general meeting of the members of Corning Costar U.K.
Limited Company will be on August 16, 2004 at 10:30 a.m.  It
will be held at 8 Manchester Road, Bury, Lancashire BL9 0ED.

The purpose of the meeting is to receive the account showing how
the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator.  Members who want to be represented at
the meeting may appoint proxies.


CORUS GROUP: Completes Sale of U.S. Mini-mill
---------------------------------------------
On June 8, 2004 Corus Group plc reached agreement for the sale
of Corus Tuscaloosa, a plate-producing mini-mill based in
Alabama U.S.A., to Nucor Corporation.

Completion of the sale was conditional, inter alia, on the
receipt of regulatory approval under the Hart-Scott-Rodino
Antitrust Improvements Act.  This has now been received and the
sale completed on July 17, 2004.

Corus received a gross cash consideration of US$90 million,
which will be adjusted to reflect working capital at completion.
This recovers the carrying value of the asset in the Group's
accounts and the proceeds of the sale will be used to strengthen
further the Group's balance sheet.

CONTACT:  CORUS GROUP PLC
          30 Millbank
          London
          SW1P 4WY, United Kingdom
          Phone: +44 20 7717 4444
          Fax:   +44 20 7717 4455
          Web site: http://www.corusgroup.com


COSTAIN GROUP: Deputy Chairman Leaves for Telekom Malaysia
----------------------------------------------------------
Dato' Abdul Wahid Omar, a nominee of UEM Builders Berhad,
resigned as Deputy Chairman and Non-executive Director of the
Company with effect from 16 July 2004, following his appointment
as Group Chief Executive Officer of Telekom Malaysia.

Costain announces that Mr. Ahmad Pardas Senin, a nominee of UEM
Builders Berhad has been appointed to the Board of Costain as a
Non-executive Director with effect from Friday 16 July 2004.
Mr. Senin has not held a Directorship in a public quoted company
on the London Stock Exchange in the last five years.  There are
no details to report in respect of Paragraphs 6.F2 (b) to (g) of
the Listing Rules.

Mr. Senin is the Managing Director/Chief Executive of United
Engineers (Malaysia) Berhad, the Malaysian infrastructure
development conglomerate.  Concurrently, Mr. Senin is serving as
the Managing Director/Chief Executive Officer of UEM World
Berhad, Executive-Vice Chairman of PLUS Expressways Berhad, a
Non-executive Director of UEM Builders Berhad and Pharmaniaga
Berhad all of which are companies listed on the Malaysian
Securities Exchange.

Mr. Ahmad Pardas Senin was elected Deputy Chairman of the
Company on Friday 16 July 2004.

CONTACT:  COSTAIN GROUP PLC
          Costain House, Nicholsons Walk
          Maidenhead
          SL6 1LN, United Kingdom
          Phone: +44 1628 842 444
          Fax:   +44 1628 674 477
          Web site: http://www.costain.com

          Stuart J Doughty
          Graham Reed
          Phone: 01628 842444

          COLLEGE HILL
          Mark Garraway
          Matthew Gregorowski
          Phone: 020 7457 2020


EGG PLC: J.P. Morgan Leads Two Others in Takeover Race
------------------------------------------------------
J.P. Morgan Chase & Co., the U.S. banking group, is emerging as
frontrunner to buy Internet bank Egg plc as the date for the
company's reporting approaches.

Investors have been waiting to hear the progress of the sale
that Prudential plc, 79% owner of Egg, started seven months ago.
They are expecting to be updated when the company reports
second-quarter results on Thursday.  The firm's annual general
meeting follows Monday.

According to the Financial Times, J.P. Morgan is in final talks
to acquire Egg for GBP1.4 billion (US$2.61 billion).  The U.S.
company is primarily interested in the credit cards business.
Egg owns 5% of the U.K. credit card industry.

The report follows Egg's announcement it is closing its
unprofitable French operation.  The withdrawal is previously
thought likely to hasten Egg's sale process as it would save
prospective buyers from the hassle of exiting the operation.
MBNA Corporation, the No.2 U.S. credit card issuer, and Capital
One Financial Corporation are reportedly interested in Egg as
well.


EMPIRE WINDOWS: To Host Creditors Meeting Friday
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

            IN THE MATTER OF Empire Windows (UK) Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Empire Windows (UK)
Ltd. company will be held at Trafalgar House Grenville Place
London NW7 3SA on July 23, 2004 at 11:00 a.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

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 Trafalgar House
Grenville Place London NW7 3SA 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
Trafalgar House Grenville Place London NW7 3SA before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

Filippa Conor of B & C Associates Trafalgar House Grenville
Place London NW7 3SA is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.

By Order of the Board.

R Hariely, Director
July 1, 2004

CONTACT:  B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          London
          NW7 3SA
          Phone: 020 8906 7730


EUROSEC MANAGEMENT: Meeting of Creditors Set July 23
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

             IN THE MATTER OF Eurosec Management Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Eurosec Management
Ltd. company will be held at Potters International Hotel 1 Fleet
Road Aldershot GU11 2ET on July 23, 2004 at 12:30 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)

Harjinder Johal of Ashcrofts 33-33A Higham Hill Road London E17
6EA is a person qualified to act as an Insolvency Practitioner
in relation to the Company who will, during the period before
the day of the Meeting, furnish creditors free of charge with
such information concerning the Company's affairs as they may
reasonably require.

By Order of the Board.

J K Hedges, Director
July 7, 2004

CONTACT:  ASHCROFTS
          33/33A Higham Hill Road
          London
          E17 6EA
          Contact:
          Harjinder S. Johal
          Phone: 020 8503 2682
          Fax: 020 8503 2678
          E-mail: info@ashcrofts.net
          Web site: http://www.ashcrofts.net


EVERNEW PHYSIQUE: Creditors Meeting Friday this Week
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

              IN THE MATTER OF Evernew Physique Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Evernew Physique
Ltd. company will be held at 25 Harley Street London W1G 9BR on
July 23, 2004 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)

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 25 Harley Street
London W1G 9BR 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
25 Harley Street London W1G 9BR 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 Gerald Edelman, 25 Harley Street London W1G
9BR two business days prior to the meeting.

By Order of the Board.

S Cops, Director
July 7, 2004

CONTACT:  GERALD EDELMAN
          25 Harley Street
          London
          UK
          W1G 9BR
          Phone: 020 7299 1400
          Fax: 020 7299 1401
          E-mail: gemail@geraldedelman.co.uk
          Web site: http://www.geraldedelman.com


F P BUSINESS: Hires Liquidator from Pridie Brewster
---------------------------------------------------
At an Extraordinary General Meeting of the F P Business Holdings
Limited Company on June 29, 2004 held at 29-31 Greville Street,
London EC1N 8RB, the subjoined Special Resolution to wind up the
company was passed.  Clive Robert Hammond of Pridie Brewster,
29-31 Greville Street, London EC1N 8RB has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  PRIDIE BREWSTER
          29-31 Greville Street,
          London EC1N 8RB
          Liquidator:
          Clive Robert Hammond


FUNSTARS LIMITED: Hires Ensors Administrator
--------------------------------------------
Children's Nursery, Funstar Limited Company has appointed Steven
Law of Ensors as administrator.  The appointment was made July
7, 2004.

CONTACT:  ENSORS
          Cardinal House,
          46 St Nicholas Street,
          Ipswich IP1 1TT
          Administrator:
          Steven Law
          (IP No 008727)


GW 894: Creditors to Meet July 23
---------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

                  IN THE MATTER OF GW 894 Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the GW 894 Ltd. company
will be held at Bridge House Hotel 49 Sherbourne Road Birmingham
B27 6DX on July 23, 2004 at 11:00 a.m. for the purpose of having
a full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee. (Sections 99-101 of the said
Act)

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 Mulberry House
John Street Stratford upon Avon CV37 6UB 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
Mulberry House John Street Stratford upon Avon CV37 6UB 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 Spearing & Co, Mulberry House John Street
Stratford upon Avon CV37 6UB two business days prior to the
meeting.

By Order of the Board.

B Thomas, Director
July 5, 2004


I P REALISATIONS: Sets Creditors Meeting August 13
--------------------------------------------------
The Creditors Meeting of the I P Realisations Limited Company
will be on August 13, 2004 at 11:00 a.m.  It will be held at the
offices of Smith & Williamson Limited, 1 Riding House Street,
London W1A 3AS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Smith & Williamson Limited, 1 Bishops Wharf,
Walnut Tree Close, Guildford, Surrey GU1 4RA not later than
12:00 noon, August 12, 2004.

CONTACT:  SMITH & WILLIAMSON LIMITED
          1 Bishops Wharf,
          Walnut Tree Close,
          Guildford, Surrey GU1 4RA
          Joint Administrative Receiver:
          A Murphy


JIM'S TOTALLY: In Administrative Receivership
---------------------------------------------
Children's Activity Center, Jim's Totally Brilliant Limited
Company has appointed Steven Law of Ensors as administrator.
The appointment was made July 7, 2004.

CONTACT:  ENSORS
          Cardinal House,
          46 St Nicholas Street,
          Ipswich IP1 1TT
          Administrator:
          Steven Law
          (IP No 008727)


LEE WATTS: Fixes Creditors Meeting July 23
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

            IN THE MATTER OF Lee Watts (London) Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Lee Watts (London)
Ltd. company will be held at Aquis Court 31 Fishpool Street St
Albans AL3 4RF on July 23, 2004 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 Aquis Court 31
Fishpool Street St Albans AL3 4RF 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
Aquis Court 31 Fishpool Street St Albans AL3 4RF 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 KPMG, Aquis Court 31 Fishpool Street St
Albans AL3 4RF two business days prior to the meeting.

By Order of the Board.

L S G Watts, Director
July 6, 2004

CONTACT:  KPMG LLP
          Aquis Court
          31 Fishpool Street
          St Albans
          Herts
          AL3 4RF
          Phone: 01727 733000
          Fax: 01727 733001
          Web site: http://www.kpmg.co.uk


LLOYDS TSB: Sells Non-core Businesses in Latin America
------------------------------------------------------
Lloyds TSB Group sold its businesses in Argentina and Colombia.
The sales continue the process started last year with the sale
of The National Bank of New Zealand and the Group's operations
in Brazil, and will allow the Group to concentrate on its core
franchises.

Lloyds TSB Group has agreed the transfer by its wholly owned
subsidiary, Lloyds TSB Bank plc, of the business of its branch
in Argentina, to Banco Patagonia Sudameris S.A.  At 30 June 2004
the net assets to be transferred, as consolidated in the Group
balance sheet, totaled approximately GBP8 million.

The Group has also agreed the sale of its principal businesses
in Colombia comprising its interests in Lloyds TSB Bank S.A. and
in Lloyds Trust S.A. and certain offshore assets, to Primer
Banco del Istmo, S.A.  At 30 June 2004 the net assets of the
businesses and the offshore assets to be sold totaled
approximately GBP34 million.

The transfers are subject to approval by the relevant regulatory
authorities.  Some GBP13 million of goodwill relating to the
earlier acquisition of minority shares in the Colombian business
is being written-off in the Lloyds TSB Group profit and loss
account for the half-year to 30 June 2004.  Upon completion, the
net impact of the disposals to be recognized in the Group profit
and loss account is not expected to be material.

Eric Daniels, Lloyds TSB Group Chief Executive, said: "These
transactions will further focus the Group on its main
franchises, where we believe there are significant opportunities
for growth."

CONTACT:  LLOYDS TSB GROUP PLC
          25 Gresham St.
          London
          EC2V 7HN, United Kingdom
          Phone: +44 20 7626 1500
          Fax:   +44 20 7489 3484
          Web site: http://www.lloydstsbgroup.co.uk

          Investor Relations
          Michael Oliver
          Director of Investor Relations
          Phone: +44 (0) 20 7356 2167
          E-mail: michael.oliver@ltsb-finance.co.uk

          Ian Gordon
          Senior Manager, Investor Relations
          Phone: +44 (0) 20 7356 1264
          E-mail: ian.gordon@ltsb-finance.co.uk

          Media
          Terrence Collis
          Director of Group Corporate Communications
          Phone: +44 (0) 20 7356 2078
          E-mail: terrence.collis@lloydstsb.co.uk

          Mary Walsh
          Head of Media Relations
          Phone: +44 (0) 20 7356 2121
          E-mail: mary.walsh@lloydstsb.co.uk


MARAWAN INVESTMENTS: General Meeting Set August 20
--------------------------------------------------
Members of Marawan Investments Plc will have a general meeting
on August 20, 2004 at 10:15 a.m.  It will be held at 76 New
Cavendish Street, London W1G 9TB.

The purpose of the meeting is to receive the account showing how
the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator.  Members who want to be represented at
the meeting may appoint proxies.


MEPC LIMITED: Files Interim Half-year Report with U.K.L.A.
----------------------------------------------------------
A copy of MEPC Limited's Interim Report for six months ended 31
March 2004 has been submitted to the U.K. Listing Authority, and
will be available shortly for inspection at the U.K. Listing
Authority's Document Viewing Facility, which is situated at:

     Financial Services Authority
     25 The North Colonnade
     Canary Wharf
     London
     E14 5HS
     Phone: 020 7676 1000

                            *   *   *

Fitch Ratings recently affirmed MEPC Limited's Senior Unsecured
rating at 'BB' and its Short term-rating at 'B, following the
sale of four out of five of MEPC's Factory Outlet Centers for
GBP205.8 million.  The company has stated that disposal proceeds
will be used to repay near-term bank debt.  The rating Outlook
remains Negative.

MEPC's refinancing risk for 2004 to 2006 was particularly acute
given committed bank debt expiries (facilities of GBP345
million, GBP230 million drawn at September 2003) and the near
dated bonds (2004: GBP46 million; 2006: GBP153 million).
Proceeds from the sales not used immediately to repay bank lines
will be held in third-party money market funds in the name of
MEPC, mitigating concerns that they could be upstreamed to shell
holding company Leconport Estates Ltd. (now wholly owned by
Hermes), through the recently established GBP200 million inter
company facility.


MISSFITS LIMITED: Hires Ensors Administrator
--------------------------------------------
Health and Fitness Center, Missfits Limited has appointed Steven
Law of Ensors as administrator.  The appointment was made July
7, 2004.

CONTACT:  ENSORS
          Cardinal House,
          46 St Nicholas Street,
          Ipswich IP1 1TT
          Administrator:
          Steven Law
          (IP No 008727)


PH WHITAKER: Creditors to Meet July 23
--------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

                IN THE MATTER OF PH Whitaker Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the PH Whitaker Ltd.
company will be held at The Hanover International Hotel Keighley
Road Skipton BD23 2TA on July 23, 2004 at 10:30 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Tom Harrison Insolvency Service, Concourse
House 432 Dewsbury Road Leeds LS11 7DF two business days prior
to the meeting.

By Order of the Board.

J Green, Director
July 5, 2004


PREMIER FOODS: Offers Shares to Institutional Investors for 215p
----------------------------------------------------------------
Premier Foods plc, one of the leading suppliers of ambient
grocery products in the United Kingdom, on Monday announced the
pricing of its initial public offering to institutional
investors (the Global Offer).

Summary

(a) Offer price set at 215p per ordinary share;

(b) Based on the above offer price per share, the market
    capitalization of Premier Foods plc at the commencement of
    dealing will be approximately GBP527 million;

(c) Gross proceeds of the Global Offer will be GBP350 million
    (assuming no shares are acquired pursuant to the over-
    allotment arrangements) raising net proceeds for the company
    of approximately GBP106 million;

(d) Over-allotment arrangements in respect of up to 15% of the
    Global Offer;

(e) Conditional dealings commenced on the London Stock Exchange
    at 8:00 a.m. Tuesday;

(f) Admission to the Official List of the U.K. Listing Authority
    and commencement of unconditional dealings on the London
    Stock Exchange expected at 8:00 a.m. on 23 July 2004.

Robert Schofield, Chief Executive of Premier Foods plc, said:
"Premier has received a positive reception from investors in
respect of the Global Offer and we are delighted to be listing
on the London Stock Exchange in what we believe is the natural
next step in our strategy to develop our business.  We look
forward to further consolidating Premier's position as one of
the leading suppliers of ambient grocery products in the U.K."

Details of the Global Offer

Approximately 162.8 million shares are being made available
under the Global Offer, comprising a primary offer of
approximately 55.1 million ordinary shares and a secondary offer
of approximately 107.7 million ordinary shares.  In addition,
over-allotment arrangements representing up to 15% of the Global
Offer -- or approximately 24.4 million ordinary shares -- have
been entered into (not forming part of the primary offer).

Immediately following Admission (assuming no exercise of the
over-allotment arrangements) it is expected that approximately
66.5% of the Company's ordinary shares will be held in public
hands and that HMTF Premier Limited (an entity controlled by
funds advised by Hicks, Muse, Tate & Furst), will own
approximately 30.4%.  If the over-allotment arrangements are
exercised in full, these holdings would be 76.4% and 20.4%
respectively.

Gross proceeds of the Global Offer will be GBP350 million,
comprising approximately GBP118 million from the primary offer
and approximately GBP232 million from the secondary offer.  If
the over-allotment arrangements are exercised in full, gross
proceeds will increase to approximately GBP403 million.  None of
the proceeds arising from the exercise of the over-allotment
arrangements will be received by Premier.

The Company intends to use the net proceeds of the primary offer
(approximately GBP106 million) primarily to repay existing
indebtedness.

Conditional dealings on the London Stock Exchange commenced at
8:00 a.m. Tuesday.  Admission to the Official List of the U.K.
Listing Authority and commencement of unconditional dealings on
the London Stock Exchange's main market for listed securities is
expected to take place at 8:00 a.m. on 23 July 2004.  The shares
will be listed on the London Stock Exchange under the symbol
PFD.

Merrill Lynch International, ABN AMRO Rothschild and JPMorgan
are acting as joint global coordinators and joint bookrunners to
the Global Offer.  Merrill Lynch is sponsor to the Global Offer.

                            *   *   *

On July 7, 2004, TCR-Europe reported that Standard & Poor's
Ratings Services on Friday placed its 'B+' long-term corporate
credit rating on U.K.-based food manufacturer Premier Foods PLC
on CreditWatch with positive implications, following the group's
announcement that it intends to float on the London Stock
Exchange.

"Premier's proposed IPO is estimated to raise approximately
GBP130 million in primary proceeds and is expected to take place
within the next three weeks," said Standard & Poor's credit
analyst Sunita Kara.  "The group's financial profile will be
strengthened as a result, which could lead to higher ratings --
with the upgrade potential likely to be limited to two notches."

The IPO proceeds are expected to be used to repay part of the
group's existing senior debt.  The US$200 million and GBP75
million senior unsecured high-yield notes due 2009, however, are
expected to remain in place.

Premier expects to redeem these notes on or after their first
call date on September 1, 2004.  At April 3, 2004, Premier had
net debt of GBP557 million, or 5.4x EBITDA.  Standard & Poor's
will review the CreditWatch status when the group's new capital
structure is in place.

Not for release, publication or distribution in, or into, the
United States, Canada, Australia or Japan.

CONTACT:  PREMIER FOODS PLC
          28 The Green, Kings Norton
          Birmingham
          B38 8SD, United Kingdom
          Phone: +44 01 7278 15850
          Fax:   +44 01 7278 15982
          Web site: http://www.pifoods.com

          MERRILL LYNCH INTERNATIONAL
          Rupert Hume-Kendall
          Phone: +44 (0) 20 7628 1000

          ABN AMRO ROTHSCHILD
          Adam Young
          Phone: +44 (0) 20 7678 1700

          JPMORGAN
          Arjun Khullar
          Phone: +44 (0) 20 7325 1675

          CITIGATE DEWE ROGERSON
          Sue Pemberton
          Sara Batchelor
          Phone: +44 (0) 20 7638 9571


PROCESS SYSTEMS: Sets Creditors Meeting July 28
-----------------------------------------------
Creditors of Process Systems (2000) Limited Company will have a
meeting on July 28, 2004 at 11:00 a.m.  It will be held at
Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3
3LS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tait Walker, Bulman House, Regent Centre,
Gosforth, Newcastle upon Tyne NE3 3LS not later than 12:00 noon,
July 27, 2004.

CONTACT:  TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Joint Administrator:
          Gordon S Goldie
          Allan David Kelly


PRO.LOC LIMITED: In Administrative Receivership
-----------------------------------------------
The Pro.Loc U.K. Limited Company has appointed David William
Tann as administrator.  The appointment was made July 12, 2004.

The company supplies security cases and display systems.  Its
registered office address is located at The Courtyard, High
Street, Ascot, Berkshire SL5 7HP.

CONTACT:  David William Tann
          (IP No 8101)
          The Norton Practice,
          1 Wesley Gate, 70 Queens Road,
          Reading RG1 4AP


PROFIT DEVELOPMENT: Final Meeting Set August 19
-----------------------------------------------
The final meeting of the members of Profit Development for
Business Limited Company will be on August 19, 2004 at 11:00
a.m.  It will be held at the offices of Hazlewoods, Windsor
House, Barnett Way, Barnwood, Gloucester GL4 3RT.

The purpose of the meeting is to receive the account showing how
the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Hazlewoods, Windsor House, Barnett Way, Barnwood,
Gloucester GL4 3RT not later than 12:00 noon, August 18, 2004.

CONTACT:  HAZLEWOODS
          Windsor House,
          Barnett Way, Barnwood,
          Gloucester GL4 3RT
          Liquidator:
          P J Gorman


PULLEN'S ESTATE: Members Final Meeting Set August 26
----------------------------------------------------
Members of Pullen's Estate Limited Company will have a final
meeting on August 26, 2004 at 11:00 a.m.  It will be held at
Baker Tilly, 12 Gleneagles Court, Brighton Road, Crawley, West
Sussex RH10 6AD.

The purpose of the meeting is to receive the account showing how
the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Baker Tilly, 12 Gleneagles Court, Brighton Road, Crawley,
West Sussex RH10 6AD not later than 12:00 noon, August 25, 2004.

CONTACT:  BAKER TILLY
          12 Gleneagles Court,
          Brighton Road, Crawley,
          West Sussex RH10 6AD


ROBERTS AND PARTNERS: Foremans Redeems Biz from Receivership
------------------------------------------------------------
Receivers KPMG on Friday sold the U.K. arm of consulting
engineer Roberts and Partners to rival Foremans, for an
undisclosed sum, Europe Intelligence Wire reports.

Lloyds TSB called KPMG on Wednesday after a management buyout
failed to push through.  Merlyn Roberts, chairman and main
shareholder, founded the company in the mid-80s.  Sources
attributed the company's troubles to the collapse of the data
center market in 2001 and 2002.

Barry Shaw, Foremans chairman described Roberts as a "diamond
company," despite its recent financial problems, according to
the report.  He said: "The core of the Roberts business that we
know and respect has remained.  Its philosophy is very similar
to Foremans, which is to adopt a very practical and innovative
approach to engineering."

Mr. Shaw plans to retain the existing Roberts management, except
for Merlyn Roberts.  He will make Foremans managing director,
Stuart Alexander, chief executive.  Mr. Foremans left Roberts
earlier this year to join Foremans.  Mr. Shaw will be chairman.
He said he intends to merge the two companies in the long term.

Roberts and Partners recent accounts for the year to 31 December
2002 showed a loss of GBP49,313 on turnover of GBP10.2 million.
In 2001, losses were GBP409,648 on GBP9 million turnover.

Robert and Partners had operations in the Philippines, Madrid
and Dubai.  Its highest profile project was as consultant on the
GBP360 million-Bluewater shopping center in Kent.


SINTEL LIMITED: Appoints Receivers from HKM
-------------------------------------------
Electrical retailer, Sintel Limited Company has appointed
Kirankumar Mistry and John Philip Walter Harlow as joint
administrative receivers.  The appointment was made July 8,
2004.  The company's registered office address is c/o HKM, The
Old Mill, 9 Soar Lane, Leicester LE3 5DE.

CONTACT:  HKM
          The Old Mill,
          9 Soar Lane,
          Leicester LE3 5DE
          Receivers:
          Kirankumar Mistry
          John Phillip Walter Harlow
          (IP Nos 008795, 008319)


S PATRICK: Names Chantrey Vellacott DFK Liquidator
--------------------------------------------------
At an Extraordinary General Meeting of the Ordinary Shareholders
of the S Patrick Group Limited Company on July 5, 2004 held at
Wyatts, Draughton Road, Maidwell, Northampton NN6 9JF, the
Special and Extraordinary Resolutions to wind up the company
were passed.  Brian Reginald Anthony Callaghan of Chantrey
Vellacott DFK, Russell Square House, 10-12 Russell Square,
London WC1B 5LF has been appointed Liquidator for the purpose of
such winding-up.

CONTACT:  CHANTREY VELLACOTT DFK
          Russell Square House
          10-12 Russell Square,
          London WC1B 5LF
          Liquidator:
          Brian Reginald Anthony Callaghan


TELEWEST COMMUNICATIONS: Net Loss Down 56% to GBP225 Million
------------------------------------------------------------
Annual Report 2003 - Operating and Financial Review

Telewest Communications plc prepares financial statements under
U.K. and U.S. generally accepted accounting principles, (GAAP),
both of which are included in this report.

Restatement

As announced on 20 January 2004, we have determined the need to
adjust the classification of certain debt previously reflected
as non-current and to write off deferred issue costs as at 31
December 2002 relating to that debt.  The effect on our 2002
accounts has been to reclassify GBP1.8 billion of debt from
long-term to short-term debt and to increase interest expense by
GBP13 million, GBP11 million of which is in respect of the write
off of deferred issue costs and GBP2 million of which is in
respect of additional interest relating to bonds in default at
31 December 2002.

Turnover

Total turnover (including our share of UKTV, our joint venture
with the BBC) increased GBP30 million or 2% from GBP1,331
million to GBP1,361 million.  GBP16 million of this increase was
due to an exceptional provision against turnover made in 2002 as
a result of a VAT and Duties Tribunal judgment in a dispute over
the VAT status of our cable listings magazines.

CABLE SEGMENT

Consumer Sales Division


                     YEAR ENDED     YEAR ENDED     PERCENTAGE
                    31 DEC 2003  31 DEC 2002 INCREASE/(DECREASE)

REVENUE (IN GBP MILLIONS)
Cable television        317            336             (6%)
Consumer telephony      470            495             (5%)
Internet and other      120             63              90%

Total Consumer Sales Division
                        907            894               1%

Consumer sales division revenue increased 1% from GBP894 million
to GBP907 million in 2003.

Consumer sales division revenues, excluding the VAT exceptional
item, increased marginally before the impact of the closure of
Cable Guide, our TV listings magazine, in the fourth quarter of
2002 and the sale of our IDA telephony business in July 2003.
Together, these two items accounted for a GBP10 million decline
in revenue.  Within the consumer sales division, excluding the
exceptional item, strong broadband subscriber growth resulted in
an increase in Internet and other revenue of GBP41 million or
52%, offset by a decline in cable television revenue of GBP19
million or 6%, largely as a result of a reduction in the average
number of subscribers, and a decrease in telephony revenue of
GBP25 million or 5%, due to the sale of the IDA telephony
business, the continued migration of dial-up internet
subscribers to broadband and lower telephony usage.

Business Sales Division

The business sales division's revenues grew 2% to GBP273 million
for the year.  The shift in emphasis during the year towards
higher margin products with faster growing revenue streams have
seen data revenues grow by 24% year-on-year to GBP61 million.
Within the business voice market, competitive pressures have
remained strong, impacting revenue growth.

Content Segment


                   YEAR ENDED   YEAR ENDED       PERCENTAGE
                  31 DEC 2003  31 DEC 2002  INCREASE/(DECREASE)

REVENUE (IN GBP MILLIONS)
Programming, transactional and interactive revenues
                      112          106                6%
Share of joint ventures' turnover (UKTV)
                       69           64                8%

Total Content segment 181          170                6%

Content segment revenues totaled GBP181 million for the year.
Revenues were up 6% on 2002 as strong growth in advertising
offset the impact of the disposal of non-core businesses and the
closure of ITV Digital.

Advertising revenues of GBP85 million (including our 50% share
of UKTV) were up 17% in a flat overall market.  The Content
segment grew its market share with a 3.9% share of the TV
advertising market in the U.K. in 2003, up from 3.4% in
2002.  Subscription revenues of GBP70 million (including our 50%
share of UKTV) were up 7% due to U.K. pay-TV growth.

Figures on Combined Cable and Content Segments are available
free of charge at
http://bankrupt.com/misc/Telewest_CableandContent.htm

Total operating costs were GBP1,379 million in 2003, down 56%
from GBP3,119 million in 2002.

Total operating costs and expenses (excluding exceptional
selling, general and administrative expenses ("SG&A") and the
impairment of goodwill and the charge against fixed assets in
2002, described below) decreased by GBP170 million or 11% from
GBP1,524 million to GBP1,354 million.  This reduction is
principally due to the movements described below.

Gross margin (Group revenue less cost of sales before deducting
depreciation) rose from 68% to 69% for the year, excluding the
VAT exceptional item, with improvements in telephony margins and
the growing number of high margin broadband subscribers
offsetting declines in television margins.  Telephony margins
improved from 71% to 74% due to lower telephony interconnection
costs and consumers migrating to higher margin unmetered
packages.  Television margins fell from 62% to 61% due to
increases in the cost of premium programming.

Reflecting our continued focus on reducing costs, SG&A for the
year, excluding exceptional items was down 8% to GBP461 million
due mainly to headcount reductions, lower redundancy costs and
enhanced bad debt savings achieved through improved credit
policies.  Including the impact of exceptional SG&A expenses,
SG&A decreased by GBP35 million to GBP486 million.

During 2002, as a result of an impairment review of our network
assets undertaken, we incurred exceptional charges of GBP1,486
million against goodwill and GBP87 million against fixed assets
to reflect the impairment in value of goodwill arising on the
core cable segment and content segment businesses and the
carrying value of network assets.  No such charges were incurred
in 2003.

Group Operating Loss

Group operating loss in 2003 was GBP87 million, down from
GBP1,852 million in 2002.  The movement resulted principally
from the exceptional charges in 2002 of GBP1,486 million against
goodwill and GBP87 million against fixed assets as explained
above.  Group operating loss before exceptional items in 2003
was GBP62 million, down 74% from GBP241 million in 2002.

Net Loss

Net loss for the year decreased from a loss of GBP2,231 million
to a loss of GBP272 million.  The movement resulted principally
from the exceptional charges in 2002 of GBP1,486 million against
goodwill and GBP87 million against fixed assets as explained
above.

Excluding these charges, as well as exceptional SG&A expenses,
net loss for the year decreased 56% from a loss of GBP506
million to a loss of GBP225 million.  The decrease resulted
principally from GBP170 million lower operating costs and GBP52
million of higher net exchange gains on dollar denominated debt
as a result of the decreasing value of the dollar versus the
pound sterling.

Liquidity and Capital Resources

Net cash inflow before use of liquid resources and financing for
the year was GBP90 million compared to an outflow of GBP271
million in 2002.  The movement was principally due to a
reduction of GBP137 million in interest paid, due to the
Company's decision to stop paying interest on its outstanding
notes and debentures, and a reduction of GBP220 million in cash
payments to acquire tangible fixed assets.

Operating and Financial Review

Capital expenditure, on an accruals basis, for the year ended 31
December 2003 declined by 53% on the prior year to GBP223
million, which represents 17% of Group turnover.  The reduction
was due mainly to improved utilization of our network assets,
falling electronic equipment prices and lower levels of customer
acquisition, particularly in the first half of the year.

As at 31 December 2003, net debt was GBP5,375 million.  This
consisted of GBP3,638 million of notes and debentures, including
GBP352 million of unpaid accrued interest, GBP157 million of
lease financing, GBP7 million in other loans and GBP2,000
million drawn down on our bank facility (Senior Secured
Facility), offset by cash balances and term deposits of GBP427
million.

Cable segment figures are available free of charge at
http://bankrupt.com/misc/Telewest_CableSegment.htm


TOPBRASS ASSOCIATES: Names David Rubin & Partners Liquidator
------------------------------------------------------------
At an Extraordinary Meeting of the Members of the Topbrass
Associates Limited Company on July 8, 2004 held at 1st Floor,
26-28 Bedford Row, London WC1R 4HE, the Special and
Extraordinary Resolutions to wind up the company were passed.
Paul Appleton of David Rubin & Partners, 1st Floor, 26-28
Bedford Row, London WC1R 4HE has been appointed Liquidator for
the purpose of such winding-up.

CONTACT:  DAVID RUBIN & PARTNERS
          1st Floor, 26-28 Bedford Row,
          London WC1R 4HE
          Liquidator:
          Paul Appleton


VERSAILLES: Ex-finance Chief Ordered to Return GBP14.2 Million
--------------------------------------------------------------
The Southwark Crown Court ordered Frederick Clough, finance
director of collapsed trade finance house Versailles, to return
GBP14.2 million of stolen money, The Telegraph reports.

The court gave Mr. Clough two years to pay GBP13.9 million to
Versailles' receivers PricewaterhouseCoopers, and GBP362,000 to
RBS, NatWest and Barclays, the banks that financed the company.
Failure to do so would mean a three-year imprisonment.  Mr.
Clough is already serving a six-year jail term that started in
June.

Mr. Clough previously admitted manipulating the firm's results
to increase turnover.  During his trial, prosecutors detailed
how he spent the money he siphoned out of Versailles to buy
properties in the U.K. and France and to finance business deals
for friends.  Versailles collapsed in 1999.  Carl Cushnie, the
founder and chief executive, was also sentenced to six years
imprisonment despite being found guilty on lesser charges.  He
will be served confiscation proceedings in October.


VPM FLEETCARE: Sets Final Meeting August 26
-------------------------------------------
The final meeting of the members of VPM Fleetcare Limited
Company will be on August 26, 2004, 10:30 a.m.  It will be held
at the offices of Arrans, Falcon House, Falcon Park, Claymore,
Tame Valley Industrial Estate, Tamworth B77 5DQ.

The purpose of the meeting is to receive the account showing how
the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Arrans, Falcon House, Falcon Park, Claymore, Tame Valley
Industrial Estate, Tamworth B77 5DQ not later than 12:0 noon,
August 25, 2004.

CONTACT:  ARRANS
          Falcon House,
          Falcon Park, Claymore,
          Tame Valley Industrial Estate,
          Tamworth B77 5DQ
          Liquidator:
          R Gibbons


WARDAERO: Sets Final Meeting August 18
--------------------------------------
Members of Wardaero will have a final meeting on August 18, 2004
at 11:00 a.m.  It will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing how
the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, August 17,2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court,
          London EC4A 4HT
          Joint Liquidator:
          R Setchim


W BRAYSHAY: Appoints Geoffrey Martin & Co Administrator
-------------------------------------------------------
The W Brayhay & Sons Limited Company has appointed John Twizell
and Geoffrey Martin as joint administrative receivers.  The
appointment was made July 2, 2004.  The company sells household
goods.  Its registered office address is located at St James's
House, 28 Park Place, Leeds LS1 2SP.

CONTACT:  GEOFFREY MARTIN & CO
          St James's House,
          28 Park Place, Leeds LS1 2SP
          Receivers:
          John Twizell
          Geoffrey Martin
          (IP Nos 0/007822/01, 0/002207/01)


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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Copyright 2004.  All rights reserved.  ISSN 1529-2754.

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