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        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

            Thursday, July 22, 2004, Vol. 5, No. 144

                            Headlines

C Z E C H   R E P U B L I C

PSV PRUMSTAV: Files for Bankruptcy


F R A N C E

FRANCE TELECOM: Ordered to Return Up to EUR1 Bln in State Aid
PERRIER: Nestle Gives Union, Management Last Chance to Patch up


G E R M A N Y

BERTELSMANN AG: E.U. Commission Okays Sony-BMG Merger
DAIMLERCHRYSLER AG: Workers Offer to Forfeit 2006 Wage Hike
HETTLAGE: Schleicher Vermogensverwaltung Buys Munich Branch
INFINEON TECHNOLOGIES: Posts EUR56 Mln Third-quarter Net Loss


I R E L A N D

BAN ARD: Blind-sided Creditors Cry Foul, Seek Winding up


I T A L Y

ALITALIA: EUR400 Mln Govt Loan Guarantee Passes E.U. Scrutiny
ALITALIA: Easyjet Challenges Alliance with Air France
APRILIA: In Exclusive Talks with Ducati Motor
CIRIO FINANZIARIA: Sale of Tomato Paste Brand May Occur August
LAZIO SPA: Receives EUR21 Million from Local Businessman


N O R W A Y

DNO ASA: Unveils Production Figures for June


P O L A N D

NETIA SA: To Discuss Second-quarter Results August 11


P O R T U G A L

SEGUROS E PENSOES: Ratings on CreditWatch Positive


R U S S I A

ALKO-PRODUCT: Deadline for Proofs of Claim August 17
GLAZUNOVSKOYE REPAIR: Court Sets August 25 Hearing
KLIMOVO-MOL-PROM: Bryansk Court Appoints Insolvency Manager
MOSCOW CABLECOM: Gets US$51 Mln Financing for Expansion
MOSCOW CABLECOM: Incurs Loss After ComCor-TV Consolidation

PENZENSKY BRICKWORKS: To Auction RUB49 Mln Warehouse Today
PRAVDINSKAYA OIL: External Insolvency Manager Auctions Assets
PSF SODRUZHESTVO: Declared Insolvent
TYULGANSKY OPENCAST: Sells Properties for Undisclosed Amount
URAL-TALK: Insolvent Status Confirmed

VESHATELNAYA COMPANY: Bankruptcy Proceedings Begin
YUKOS OIL: Government to Sell Main Production Unit
YUKOS OIL: Hosting Press Conference Today


S P A I N

IZAR: Gets EUR16.7 Million Order for Hospital Ship
SINTEL: Workers Blame Parent Company for Bankruptcy


U K R A I N E

HARKIVVODOBUD: Harkiv Court Appoints Liquidator
KRASNOPEREKOPSKSTROJTRANS: Bankruptcy Proceedings Begin
MERKUR: Under Bankruptcy Supervision
MIRGOROD' AGRARIAN: Sets Proofs of Claim Deadline August 2
NIVA: Vinnitsya Court Orders Debt Moratorium

OBERIG: Declared Insolvent
TEHNOFARM VILNA: Insolvent Status Confirmed
WEST COMPANY: Court Prescribes Bankruptcy Supervision Procedure
ZAPORIZHYA: Courts Affirms Insolvency


U N I T E D   K I N G D O M

A & B: Creditors Meeting Tuesday Next Week
ABBEY GREEN: PwC Sets Members Final Meeting August 20
ABEE LIMITED: Creditors, Members Meeting Set August 16
A C & R SOLUTIONS: Extraordinary Winding up Resolution Passed
ACTIV TECHNOLOGY: Board Sets Creditors Meeting Monday

ADVANCED PROTECTIVE: Creditors General Meetings August 19
A I M CONSTRUCTION: Interim Liquidator Sets First Meeting
ALDA ENTERPRISES: Creditors to Meet July 26
ANGLIAN REMOVALS: Appoints Numerica Liquidator
ARLA LIMITED: Shareholders Pass Winding up Resolutions

BANK OF CREDIT: Central Bank Begins Defense in Negligence Suit
BARNICOTTS LIMITED: Calls in Liquidator
BLUEBELL NETWORKS: Extraordinary Winding up Resolution Passed
BRADBURY & BROWN: Hires Liquidator from PKF
C BRAND: Unsecured Creditors Meeting July 26

CARFINDER WEEKLY: Creditors May Appoint Liquidator Monday
CASTLE PRODUCTS: Meeting of Creditors Set July 26
CHESTER LIMITED: PwC to Give Update of Winding up August 20
CORPORATE GIFT: Meeting of Creditors Fixed July 27
DENCORA DEVELOPMENTS: Final General Meeting Set August 26

DOCKING SEEDS: Sets Final General Meeting August 27
DUAR LTD.: Creditors Meeting July 27
DUPLICATION EXPRESS: Calls in Liquidator
G. BELLONI: Members Meeting Set August 16
G & J JAMES: Hires Parkin S Booth & Co Administrator

GLC INTERMEDIARIES: Special Winding up Resolution Passed
HARTINGTON PUBLICITY: Members General Meeting August 18
ICON CONTROLS: Creditors to Convene July 27
INTERNATIONAL POWER: Buying RWE's Power Station for EUR205 Mln
INVENSYS PLC: Completes Tender Offer for 7 1/8% Notes Due 2007

JCM PRINT: Creditors Meeting Tomorrow
J.N.J. RECRUITMENT: Calls in Liquidator
KAIZEN COURIERS: Sets Creditors Meeting July 26
LAWRENCE AUTOMOTIVE: In Administrative Receivership
MARTIN PERREN: Appoints RSM Robson Rhodes Liquidator

NAMCO OPERATIONS: Members Final Meeting Set August 27
NATIONAL FARM: Final General Meeting Set August 27
P & BSB: Sets General Meeting August 20
PEARSON PROFILERS: Names Taylor Rowlands Administrator
PSG DEVELOPMENTS: Sets Final Members Meeting August 23

SCOTTISH OPERA: 34 Chorus Staff First to go in Redundancy Plan
TELEWEST COMMUNICATIONS: KPMG Skeptic of Going Concern Status
U.K. COAL: Mine Output in First Half Disappointing


                            *********


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


PSV PRUMSTAV: Files for Bankruptcy
----------------------------------
The Regional Court in Hradec Kralove declared construction
company PSV Prumstav Pardubice, a.s. bankrupt last week, Czech
Happenings says.  Originally filed by Dutch company Frenn
Trading, the company later joined the bankruptcy petition.

CONTACT:  PSV - Prumstav Pardubice a.s.
          Husova 1697 531 38 Pardubice
          Phone: 248-46504923
          Fax: 466 265 294
          E-mail: psv@medis.cz
          Web site: http://www.medis.cz/psv.htm


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


FRANCE TELECOM: Ordered to Return Up to EUR1 Bln in State Aid
-------------------------------------------------------------
The European Union Commission rules that France Telecom received
illicit aid and orders that it be paid back to the state.  The
exemption from business tax, which France Telecom enjoyed up to
the end of 2002, constituted aid that was incompatible with the
E.C. Treaty.  France Telecom has to pay back to the state an
amount estimated at between EUR800 million and EUR1.1 billion
plus interest.  In addition the shareholder's advance made
available to the operator in December 2002 contains aid
components.

"This decision shows that to be effective and fair the
monitoring of state aid must cover all the different -- and in
some cases highly imaginative -- arrangements used by states to
support firms by providing aid that is incompatible with the
European competition rules," said Mario Monti, the Commissioner
with responsibility for Competition.

Between 1994 and 2002, France Telecom enjoyed special conditions
concerning local direct taxes.  These conditions produced
savings for France Telecom of between EUR800 million and EUR1.1
billion.  Because the state did not levy the full amount of this
tax, it waived state resources.  The exact amount of the aid
will be determined by the Commission during the recovery
procedure.

In addition the shareholder's advance which E.R.A.P. offered to
France Telecom in December 2002 contains aid components.  The
offer of the shareholder's advance significantly improved the
operator's financial situation.  This benefit was provided using
state resources, as the shareholder's advance was offered by a
public entity, E.R.A.P., and created a potential supplementary
liability for state resources.  The state made a firm offer and
simply by signing, France Telecom could secure the right to
payment of the EUR9 billion.

The offer of a shareholder's advance should not be seen in
isolation but against the backdrop of government statements from
July to December 2002.  The statements created expectations and
confidence on the financial markets and helped maintain France
Telecom's investment rating.  If the statements had not been
made, no reasonable investor would have offered a shareholder's
advance in these circumstances and assumed alone a very large
financial risk.  The Commission does however recognize that it
is the first time that it has had to examine this type of aid.
It will therefore not order the recovery of this aid.

Finally, under Directive 97/13/E.C., it is for the Member States
alone to lay down the conditions for awarding UMTS licenses.  As
the state did not discriminate between operators, Orange and SFR
were not given any benefits, so there was no state aid.  The
Commission has thus rejected the complaint by Bouygues Telecom.

CONTACT:  FRANCE TELECOM
          6, place d'Alleray
          75505 Paris Cedex 15, France
          Phone: +33 1 44 44 22 22
          Fax:   +33 1 44 44 95 95
          Web site: http://www.francetelecom.fr


PERRIER: Nestle Gives Union, Management Last Chance to Patch up
---------------------------------------------------------------
A final meeting to discuss the restructuring plan of Perrier is
scheduled to happen between the firm and Nestle Water France
Division within days, just-drink.com reports.

According to Nestle, the restructuring plan was due on Thursday
but was postponed when a court ruled that Perrier's union should
meet with the management of the food and drinks giant.
Negotiations between the two stalled over an early retirement
package.  The restructuring affects Nestle's other French
operations in Vittel and Contrex.

Nestle is hopeful the meeting will end with a favorable result.
If problems persist, the food and drink giant may be forced to
sell the unprofitable bottled water brand.


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


BERTELSMANN AG: E.U. Commission Okays Sony-BMG Merger
-----------------------------------------------------
The European Union Commission granted regulatory approval to the
creation of Sony BMG, a joint venture combining the recorded
music businesses of Sony and Bertelsmann after concluding that
it did not have sufficiently strong evidence to oppose the deal.
The Commission will keep a close watch on the music sector as it
becomes even more concentrated and would very carefully
scrutinize any further major concentration in the industry.

On 9 January 2004, the Commission received a notification
whereby Sony Corporation and Bertelsmann AG (BMG) would merge
their recorded music businesses into a 50/50 joint venture named
Sony BMG.  The transaction comprises the companies' activities
regarding the discovery and development of artists and the
recording and marketing of their music.  It does not include
their activities in music publishing or the manufacturing and
physical distribution of records.

The Commission has assessed the merger very carefully as it
reduces the number of so-called music majors from five to four
without, however, giving Sony BMG the number one spot in Europe
which continues to he held by Universal.  Therefore, the
Commission sought to establish whether the deal could create or
strengthen a collectively held dominant position between Sony
BMG, Universal, EMI and Warner Music, the other two main players
in the music industry.

The Commission particularly focused its attention on the markets
for recorded music.  An analysis of a large amount of price data
and third-party submissions in the recorded music markets of the
different European Economic Area countries indicated a
relatively close price parallelism for CDs released by the five
majors in some countries as well as certain features that could
facilitate tacit collusion.

On balance, however, the Commission had to conclude, taking into
account a deficit in the transparency of the market, that the
evidence found was not sufficient to demonstrate in a successful
way that coordinated pricing behavior existed in the past and
that a reduction from five to four major recording companies
would not yet create a collectively held dominant position in
the national markets for recorded music in the future.

The Commission also examined the merger's impact in the emerging
market for online music licenses as well as online music
distribution, but concluded to the absence of serious
competition problems.  The same goes for the examination of the
vertical relationships between Sony BMG's recorded music and
Bertelsmann's downstream TV and radio activities in Germany,
France, Belgium, Luxembourg and the Netherlands.

The Commission and the Federal Trade Commission of the United
States co-operated closely in their review of the case.

Bertelsmann Music Group is a subsidiary of Bertelsmann AG, a
German-based international media company whose activities also
include television and radio production and broadcasting as well
as book and magazine publishing.  BMG's music labels include
Arista, Jive, Zomba and RCA.

Sony Corp of America belongs to the Japanese Sony group whose
activities include consumer electronics and the entertainment
industry besides the music recording and publishing business.
In recorded music it acts through Sony Music Entertainment which
owns the Columbia, Epic and Sony Classical, among other labels.

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


DAIMLERCHRYSLER AG: Workers Offer to Forfeit 2006 Wage Hike
-----------------------------------------------------------
Workers at DaimlerChrysler AG's Sindelfingen plant went on
strike early Tuesday morning even as talks continue between
management and the works council, Deutsche Welle says.

The company has threatened to relocate 6,000 jobs from its
Mercedes plants in southern Germany if labor unions do not agree
to a proposed EUR500 million cost reduction, which entails
longer working hours and wage cuts.  Workers, on the other hand,
don't want any wage cuts, offering instead to forego their 2.79%
wage increase for 2006.

"We aren't going to let ourselves be blackmailed," Deutsche
Welle quoted Berthold Huber, chairman of labor union IG Metall.

Asked about the progress of talks with workers, DaimlerChrysler
Spokesman Thomas Frohlich said: "There are still controversial
issues where big differences remain."

CONTACT:  DAIMLERCHRYSLER AG
          Epplestrasse 225
          70546 Stuttgart, Germany
          Phone: +49 711 17 0
          Fax: +49 711 17 94022
          Web site: http://www.daimlerchrysler.com


HETTLAGE: Schleicher Vermogensverwaltung Buys Munich Branch
-----------------------------------------------------------
Local investment company Schleicher Vermogensverwaltung will
acquire the Munich City branch of insolvent German clothing
group Hettlage, Suddeutsche Zeitung says.

Hettlage and Schleicher have reportedly signed the relevant
agreements concerning the branch that employs 100.  The
acquisition will add to Scheicler's existing textile brands that
include Cinque, Milestone, Rosner and Siam Italien.

Since applying for insolvency proceedings in April, Hettlage has
been selling its stores; most recently to Kleiderbauer, which
snatched 13 in Austria.  The clothing retailer has 45 stores in
Germany.

On June 22, Troubled Company Reporter-Europe said the group
plans to close most of its shops by end of August.  These
divestments will leave only 19 shops belonging to the MS
Mode+Sport operational.  Hettlage booked turnover of EUR200
million last year.

CONTACT:  HETTLAGE Mode + Sport Gesellschaft m. b. H. & Co KG
          Gmundner StraBe 47 - 57, 4840 Vocklabruck
          Nordhauser StraBe 73 t 99091 Erfurt
          Phone: 0361 / 7450014


INFINEON TECHNOLOGIES: Posts EUR56 Mln Third-quarter Net Loss
-------------------------------------------------------------
Infineon Technologies AG, one of the world's leading
semiconductor manufacturers, announced results for the third
quarter of its 2004 fiscal year, ended June 30, 2004.  The
company had revenues of EUR1.908 million, an increase of 14%
sequentially and 30% year-on-year.  The sequential growth was
achieved mainly through higher prices for products of the Memory
Products segment, as well as higher demand for products of the
Secure Mobile Solutions segment.

"The worldwide semiconductor market has gained considerable
momentum during the last three months.  We were able to take
advantage of this development which is reflected in our improved
financial results, excluding the effect of the antitrust
accrual," said Max Dietrich Kley, acting CEO of Infineon
Technologies AG.

"During the third quarter, we initiated a number of key R&D
projects and continued to invest in our worldwide production
facilities.  We expect these initiatives to significantly
strengthen our portfolio and position in our target markets and
to further improve the productivity across all our Business
Groups.  Thus, we have paved the way for Infineon's plans to
deliver profitable growth."

Earnings

The company has increased by EUR184 million to EUR212 million
its accrued charge in connection with the ongoing U.S. and
European DRAM antitrust investigations and related potential
civil claims, as described below.  This accrual resulted in a
net loss in the third quarter of EUR56 million, compared to net
income of EUR39 million in the previous quarter, and to a net
loss of EUR116 million a year ago.  Quarterly EBIT (Earnings
Before Interest and Taxes) of EUR2 million declined from EUR71
million in the previous quarter, and an EBIT loss of EUR116
million in the third quarter of the last fiscal year.

Excluding the effect of the additional accrual, the company
would have had positive EBIT of EUR186 million for the quarter.
The sequential and year-on-year quarterly earnings increases,
excluding the effect of the additional accrual, were due
primarily to higher chip prices in the Memory Products segment,
and both higher volumes and increased productivity in the Secure
Mobile Solutions segment.

Basic and diluted earnings per share decreased to a loss of
EUR0.08 in the third quarter, compared to earnings of EUR0.05 in
the previous quarter.  If the effect of the accrual were
excluded, basic and diluted earnings per share would have been
EUR0.14, a significant year-on-year improvement from a loss per
share of EUR0.16.

Expenses

Expenditures for Research and Development in the third quarter
totaled EUR308 million, or 16% of revenues, increasing
sequentially from EUR304 million, or 18% of revenues.  The
increase in absolute terms primarily reflects in-process
research and development expenses of EUR9 million in the
Wireline Communications segment as a result of the acquisition
of ADMtek.

Expenses for SG&A (Selling, General & Administrative) in the
third quarter amounted to EUR194 million, or 10% of revenues,
compared to EUR176 million, or 11% of revenues, in the previous
quarter, reflecting higher, volume-related expenses and some
one-time expenses.

Liquidity

Free cash flow, representing cash flow from operating and
investing activities excluding purchases or sales of marketable
securities, significantly improved to EUR146 million, increasing
from EUR53 million in the previous quarter.  The improved
sequential free cash flow reflects higher cash flows generated
from operations of EUR506 million compared to EUR463 million in
the previous quarter.

Infineon's gross cash position, representing cash and cash
equivalents, marketable securities, and restricted cash,
amounted to EUR2.8 billion, decreasing sequentially from EUR2.9
billion.  During the third quarter, Infineon redeemed EUR200
million of its convertibles notes due 2007, which will reduce
future interest expenses.

Regional Development and Employee Data

Revenues outside Europe constituted 60%of total revenues, up
from 58% in the previous quarter.  Sales in North America were
with 22% of total revenues comparable to the previous quarter.
Sales in the Asian market represented 37% of total revenues, up
sequentially from 35%.

As of June 30, 2004, Infineon had approximately 34,400 employees
worldwide, including approximately 6,900 engaged in Research and
Development.

Results for First Nine Months of Fiscal Year 2004

Total revenues for the first nine months of fiscal year 2004
were EUR5.202 million, up 18 % from EUR4.396 million in the same
period last year.  Net income for the first nine months of this
fiscal year amounted to EUR17 million, a significant improvement
compared to a net loss of EUR484 million year-on-year.  EBIT for
the first nine months of this fiscal year increased to EUR143
million, a significant improvement compared to the EBIT loss of
EUR366 million of the first nine months of the last fiscal year.
If the effects of the additional accrual, taken during the third
quarter, were excluded, the company would have had net income of
EUR180 million and EBIT of EUR327 million for the first nine
months of this fiscal year.

DRAM Antitrust Investigations

As previously reported, since June 2002, the U.S. Department of
Justice has been investigating possible violations of U.S.
Federal antitrust laws in the DRAM industry.  Infineon's U.S.
subsidiary has been responding to the inquiries.  Subsequent to
the commencement of the investigation by the U.S. Department of
Justice, a total of 25 purported class action lawsuits were
filed against Infineon and other DRAM suppliers in various
federal and state courts in the United States.

The complaints allege violations of federal and state antitrust
and competition laws and seek significant damages on behalf of
the plaintiffs.  Infineon has also been approached by certain of
its major customers seeking compensation for damages arising out
of Infineon's alleged anticompetitive behavior.

Infineon Technologies AG is also in the process of responding to
a request for information made by the European Commission in
April 2003 with respect to practices in the European market for
DRAM memory products.  In accordance with U.S. GAAP, Infineon
records liabilities, including accruals for significant
litigation costs, related to legal claims when it is probable
that a liability has been incurred and the associated amount of
the assessment can be reasonably estimated.

Accordingly, at the end of the third quarter of fiscal year 2004
Infineon has increased to EUR212 million from the previous
accrual of EUR28 million that it made in the fourth quarter of
fiscal year 2003 in connection with the ongoing antitrust
investigations, civil claims and related expenses.  Given the
uncertainties inherent in predicting the outcome of these
continuing investigations and the related litigation and claims,
and in predicting future costs, Infineon is, at this time,
unable to predict the full financial and other impact that these
investigations, lawsuits and claims may have on the company.

Business Group Performance in the Third Quarter of Fiscal Year
2004

The Automotive & Industrial group's third quarter revenues
totaled EUR415 million, up 9% sequentially and 16% year-on-year.
The sequential revenue increase was driven mainly by continued
demand for automotive and industrial power solutions as well as
positive developments in the AC/DC Power Supplies business.
EBIT improved to EUR58 million compared to EUR51 million in the
previous quarter and EUR50 million in the third quarter of last
year.  The sequential EBIT increase was caused primarily by
higher sales volumes and full utilization of manufacturing
capacities.

According to the market research institute Strategy Analytics,
during calendar year 2003 Infineon's Automotive business
continued to outperform the automotive semiconductor market and
strengthened its worldwide number two position by achieving the
third position in North America up from number five in calendar
year 2002.

Infineon increased its market share in calendar year 2003 to
8.7% worldwide from 8.2% in calendar year 2002, with sales
growing 21% compared to the previous year.  The Automotive
business achieved design wins at major automotive suppliers for
safety applications.  Infineon joined the FlexRay consortium and
became a premium member of the AutoSAR development partnership.
Participation in these industry trade groups will help the
company to identify future automotive trends at an early stage
and join leading automobile players in defining future system
architectures.

For the first time, the Power Semiconductors business reached
the worldwide number one position in calendar year 2003 up from
number 4 position in the previous ranking according to the
market research institute IMS Research.  In addition, it
successfully launched CoolSET(TM)F3, its new power management &
supply product family in the third quarter.

Wireline Communications' revenues decreased to EUR104 million in
the third quarter, down 5% from the previous quarter and down
13% year-on-year.  Infineon completed the acquisition of ADMtek
in the third quarter, and as a result recorded its first revenue
from Broadband Customer Premises Equipment (CPE) through the
consolidation of two months of ADMtek results.

However, this could not offset lower revenues from narrowband
access products and from the optical business.  The EBIT loss
increased to EUR35 million, from a loss of EUR19 million in the
previous quarter, but improved from a loss of EUR99 million
year-on-year.  The year-ago quarter included a goodwill
impairment charge of EUR68 million.

The sequential EBIT decrease was mostly due to charges
associated with the acquisition of ADMtek and lower revenues.
In April 2004, Infineon agreed to sell its fiber optics business
to U.S.-based Finisar Corporation.  The transaction is expected
to be completed in the fourth quarter of fiscal year 2004,
subject to Finisar shareholder approval and other closing
conditions.

With a revenue growth of 35% in calendar year 2003, the market
research institute Gartner recently upgraded the Business Group
from rank seven to five in the overall wireline communications
market, and ranked it number one in the T/E carrier and analog
line card segment.

In the third quarter of fiscal year 2004, Infineon achieved
additional design wins for its GEMINAX MAX ADSL2/2+ central
office chipset at ZTE Corporation, one of the largest Chinese
suppliers of data and telecommunications systems, and at the
Israeli telecommunications supplier ECI Telecom.  In addition,
the company launched its first single-chip ADSL2/2+ CPE product,
the Amazon, marking its entry into the ADSL CPE market.

Secure Mobile Solutions' third quarter revenues were EUR525
million, an increase of 14% compared to the previous quarter and
a significant increase of 38% compared to the third quarter of
last year.  The sequential revenue increase was primarily driven
by a stronger security products business, and higher demand for
mobile solutions products, especially in Europe and Asia.

EBIT increased significantly to EUR47 million, compared to EUR27
million in the previous quarter and an EBIT loss of EUR18
million year-on-year.  The quarterly EBIT increase resulted
primarily from higher volume shipments, an improvement in
productivity resulting in lower unit costs, as well as an
overall improved product mix.

In the third quarter, Infineon started volume production of the
enhanced multi-media baseband S-GOLDlite and began shipments to
major customers.  The Wireless Infrastructure business
introduced the next generation GOLDMOS technology for high-power
RF transistors, which is optimized for more reliable and cost-
effective linear amplifiers and provides optimal thermal
performance.

According to Gartner, Infineon reached the number three position
in wireless communication systems ASSPs (Application Specific
Standard Products) in calendar year 2003 from number five
position in calendar year 2002.  Gartner also ranked Infineon
number one in the worldwide chip card IC market for the sixth
year in a row with an increased market share of 41% based on
revenues.

Infineon was again recognized as the leading chip card IC
manufacturer, when it received the Market Engineering Leadership
Award from Frost & Sullivan, a management consulting firm, for
the third year in a row.

The Memory Products segment's third quarter revenues were EUR811
million, an increase of 22% sequentially and of 43% compared to
the third quarter of the last fiscal year.  The significant
sequential revenue increase was due primarily to higher average
prices for chips.  EBIT amounted to negative EUR50 million, down
from positive EUR13 million in the previous quarter and positive
EUR3 million on a year-on-year basis.  The lower EBIT reflects
an increase of EUR184 million in the accrual for antitrust
matters, which more than offset the positive effect of higher
chip prices.

In the third quarter, the business group converted the majority
of its manufacturing capacity to 110-nanometer technology,
qualified additional products and made significant progress in
the development of future memory technologies.  The business
group qualified 512-Megabit DDR2 and 256-Megabit GDDR3
GraphicsRAM on its 110-nanometer technology, as well as 32-
Megabit CellularRAM on its 140-nanometer technology.

Another milestone in the DRAM technology roadmap was reached
with the manufacturing of the first product demonstrator for
Infineon's 70-nanometer trench technology.  In addition,
Infineon made significant breakthroughs in the development of
future non-volatile memory technologies.  For example, the
company achieved the highest density MRAM in the industry to
date, which can store 16 Megabits of information and relies on
magnetization rather than electric charges.

The company proceeded on schedule with the expansion of its
manufacturing capacity, for example in announcing expansion and
start of ramp-up beginning in the first half of calendar year
2005 of its DRAM production facility in Richmond, Virginia, for
chips on 300mm wafers.  In June 2004, Infineon celebrated the
opening of Inotera Memories, its chip-manufacturing joint
venture with the Taiwanese company Nanya Technologies, as well
as the opening of the second module of its memory-chip assembly
and testing facility in Porto, Portugal.

Third-quarter revenues in the Other Operating Segments were
EUR45 million, a decrease of 10% sequentially, but an increase
of 25% year-on-year from EUR36 million.  EBIT showed a loss of
EUR3 million, compared to a loss of EUR17 million in the
previous quarter, and a loss of EUR15 million in the third
quarter of fiscal year 2003.  The reduced sequential loss mainly
reflects lower impairment charges for investments in the
company's venture capital portfolio compared to the second
quarter.

In Corporate and Reconciliation, EBIT in the third quarter was a
loss of EUR15 million, compared to income of EUR16 million in
the prior quarter, and a loss of EUR37 million in the third
quarter of fiscal year 2003.  The second quarter included the
reversal of a EUR32 million provision for license fees that are
no longer required due to a favorable ruling in a legal
proceeding.  The year-on-year increase mainly reflects improved
capacity utilization.

Outlook for the Fourth Quarter of Fiscal Year 2004

In the automotive industry, Infineon generally sees no major
changes.  Price pressure from car manufacturers is expected to
continue, as they provide add-on features with higher
semiconductor content as buying incentive in an effort to
stimulate the market.  Due to seasonal growth of the PC market,
impacting the company's industrial business, combined with early
investment in capacity expansion, Infineon expects further
moderate growth in its Automotive & Industrial segment during
the fourth quarter of fiscal year 2004.

In its Wireline Communications segment, Infineon anticipates a
continued challenging market environment in the fourth quarter
of fiscal year 2004.  Growth in its ADSL, optical networking,
and CPE business, is expected to be partially offset by
continuing lower demand for traditional telecom products.

For the fourth quarter of fiscal year 2004, Infineon expects
continued positive development for its Secure Mobile Solutions
segment.  Based on seasonal demand strength, revenues for mobile
solutions are anticipated to increase further.  Customer demand
for baseband ICs and RF transceivers is expected to remain high,
reflecting an anticipated increased number of mobile phones sold
in calendar year 2004 to 600 million units compared to 540
million units in 2003, according to Gartner.

For the fourth quarter of fiscal year 2004, Infineon expects a
favorable supply-demand-balance for its Memory Products segment,
based on increases of seasonal demand and modest supply
additions in the industry.  Overall, Infineon expects a solid
growth of production and bit shipments, reflecting the
continuing ramp-up of production at Inotera Memories and the
impact of increased output based on 110-nanometer technology.

"Our third quarter results confirm that Infineon is well on
track.  The accrual for the antitrust matters unfortunately
pushed the net results into the negative, which masks the
results of what was otherwise a very successful quarter for us.
We will continue to cooperate with our customers and business
partners throughout the world in a lasting, stable and reliable
way.  For the fourth quarter of fiscal year 2004, we expect
continued overall growth in revenues and earnings," commented
Mr. Kley.

CONTACT:  INFINEON TECHNOLOGIES
          Barbara Reif
          Corporate Communications
          Worldwide Headquarters
          Phone: +49 -89- 234 20166
          Fax:   +49 -89- 234 28482
          E-mail: barbara.reif@infineon.com

          Christoph Liedtke
          U.S.A.
          Phone: +1-408 501-6790
          Fax:   +1-408 501-2424
          E-mail: christoph.liedtke@infineon.com

          Kaye Lim
          Asia
          Phone: +65-6840-0689
          Fax:   +65-6840-0073
          E-mail: kaye.lim@infineon.com

          Hirotaka Shiroguchi
          Japan
          Phone: +81-3-5449-6795
          Fax:   +81-3-5449-6401
          E-mail: hirotaka.shiroguchi@infineon.com

          Investors and Analysts based in Europe please contact:
          Phone: +49-89-234 26655
          E-mail: investor.relations@infineon.com

          Investors and Analysts based in North America please
          contact:
          Phone: +-1-408 501 6800
          E-mail: investor.relations@infineon.com


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


BAN ARD: Blind-sided Creditors Cry Foul, Seek Winding up
--------------------------------------------------------
The High Court wound up Monday Cork-based Ban Ard Cash and Carry
after its creditors complained that the company had divested its
assets without notifying them.

According to Business World Ireland, the winding up petition was
brought by soft drinks supplier C&C, which is owed EUR323,516.
Ten other companies, including Coca-Cola, owed EUR451,960;
Gallaher Ireland, EUR280,744; John Player and Sons, EUR246,159;
and Cadbury, 316,065; signed the petition.  The company owes
creditors a total of EUR1.9 million.  They informed Ms. Justice
Laffoy that Ban Ard sold its assets, trading stock, staff and
customer information into a new subsidiary company in June, and
subsequently assigned its shares in the subsidiary to Mangan
Wholesale.

In his affidavit, C&C's finance director John O'Connor said his
company was very concerned at the purported transfer of Ban Ard
assets to Mangan in the apparent absence of any provision having
been made to discharge the significant outstanding indebtedness
due to C&C.  After hearing this, Ms. Justice Laffoy said it
appeared Ban Ard was now a shell company.

It is not yet clear how much Ban Ard would receive from Mangan
for its assets, trading stock and customer information.


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


ALITALIA: EUR400 Mln Govt Loan Guarantee Passes E.U. Scrutiny
-------------------------------------------------------------
The European Union Commission on Tuesday authorized a rescue aid
for the Italian airline Alitalia.  The aid consists of a EUR400
million bridging loan at a short-term market rates which must be
repaid on expiry to enable arrangements to be worked out for the
possible restructuring of the company without additional State
aid.

The Commission has examined the rescue aid for Alitalia notified
by Italy and has authorized it after checking that it complies
with Community rules, notably:

(a) The aid is in the form of loan guarantees of EUR400 million
    granted at market rates with a repayment period which must
    not exceed 12 months;

(b) The amount of aid is limited to what is needed to manage the
    company; Italy will send the Commission either a liquidation
    plan or a restructuring plan for Alitalia within six months
    of authorization of payment of the aid.  The loans will be
    repaid within the periods specified;

(c) The aid is also warranted on the grounds of serious social
    difficulties.  22,200 salaried staff as well as 8,000 other
    jobs are linked to the company's future.  Furthermore, the
    possibility of the Italian aid having any adverse spill-over
    effects on other Member States will be avoided by the
    clearly defined arrangements laid down in the decision.

This decision for the authorization of rescue aid does not
conflict with the "one time, last time" principle, which applies
only to restructuring aid.  The decision is therefore in line
with previous decisions, such as the one concerning the Belgian
airline Sabena, for which the Commission authorized rescue aid
in 2001 even though restructuring aid had been accepted earlier.
Italy has given an undertaking that the possible future
restructuring plan will not contain any further State aid.

Lastly, the Commission notes that the Italian authorities have
given an undertaking that the State's share in Alitalia's
capital will be less than half (49%) within no more than 12
months, which will guarantee that there will be no
recapitalization by the State following restructuring.

CONTACT:  ALITALIA - LINEE AEREE ITALIANE S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax:   +39 06 6562 4733
          Web site: http://www.alitalia.it


ALITALIA: Easyjet Challenges Alliance with Air France
-----------------------------------------------------
EasyJet plc submitted an appeal to the Court of First Instance
in Luxembourg, requesting that the Court annul the European
Union Commission's clearance of the Air France/Alitalia
alliance.

EasyJet wholeheartedly supports the much-needed consolidation of
the European airline industry and has long argued that it is
unsustainable for each and every country to have its own
national airline.  It is vital, however, that the interests of
consumers come first as this consolidation occurs.

This is why easyJet takes issue with the European Commission's
clearance of the Air France/Alitalia alliance.  When two
dominant carriers strike bilateral arrangements for a long-term
alliance, it is vital that all necessary steps are taken to
avoid a distortion of the market and any consequent drop in
competition.  Unfortunately, the Commission got it wrong again
as it did previously when it gave the green light to the AF/KLM
merger.

As currently stands, easyJet believes that consumer choice will
be reduced by the Air France and Alitalia alliance.  The
European Commission should not have given its approval for the
alliance on these grounds:

(a) The Commission's failure to investigate sufficiently whether
    the alliance would result in benefits to consumers as
    opposed to benefits to both parties

(b) The Commission's assessment of the arrangements between Air
    France and Alitalia on the routes between France and Italy
    on the basis of a cooperation agreement when it is actually
    a merger of Air France and Alitalia's operations

(c) The Commission's failure to assess the effects of the
    Alliance on the correct markets.  It did not consider the
    Parties as "purchasers of airport services" and therefore
    concluded incorrectly that Paris Charles de Gaulle and Paris
    Orly airports are part of the same market for provision of
    scheduled air services.

(d) The Commission's failure to secure adequate commitments from
    Air France and Alitalia to counter the anticompetitive
    effects of the Alliance.  Crucially, the number of slots
    that the parties are required to give up and their timing
    will not enable another airline to compete against the
    parties on routes between France and Italy.

(e) The Commission's acceptance of Air France and Alitalia right
    to chose at which airports in Milan and Paris to give up
    slots, rather then allowing competitors to start new
    services at the airport, from which they could offer the
    most effective competition.

The Commission's failure to take any account of the fact Air
France and Alitalia are dominant at their respective hub
airports in Paris and Milan and that on many routes between
France and Italy they are the only operators.

EasyJet Chief Executive, Ray Webster, said: "I cannot stress the
importance of competition in the airline industry, without a
level playing in Europe easyJet is prevented from offering
consumers the best deal.  For far too long, flag carriers have
been able to keep a fortress hold on their markets.  This is why
easyJet relies especially on the European Commission to defend
the interests of Europe's consumers and ensure that any
impediments to greater competition are no longer tolerated.

"As I see it, the European Commission has failed to address the
concerns raised by the Air France and Alitalia alliance.
Airlines such as easyJet, which are likely to be the main source
of competition to the alliance, are once more discriminated
against and prevented from mounting an effective challenge to
Europe's goliath airlines.  This is despite the fact Alitalia is
facing serious financial difficulties and the Commission has
once again conditionally approved loans for Alitalia from the
Italian government.  There is no doubt in my mind, that any
benefits for consumers that could result from the Alliance would
not be sufficient to outweigh the elimination of competition on
routes between France and Italy."

CONTACT:  ALITALIA - LINEE AEREE ITALIANE S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax:   +39 06 6562 4733
          Web site: http://www.alitalia.it


APRILIA: In Exclusive Talks with Ducati Motor
---------------------------------------------
Ducati Motor Holding S.p.A., the high performance motorcycle
manufacturer, reached an agreement Monday with Aprilia
shareholders, for the exclusive negotiation in the acquisition
of the group.  The agreement foresees a due diligence period on
certain legal, fiscal and accounting matters.

The decision is a clear step forward in the negotiation process,
which is essential for the future of Aprilia and the Italian
motorcycle industry.  This agreement marks the beginning of a
new and important negotiation phase with all the parties
involved in the Group restructuring in order to ensure the
continuity of the Aprilia business.

"We are fully satisfied with the progress of the negotiation,"
comments Federico Minoli, President and CEO of Ducati Motor
Holding.  "We are close to the end of a complex process.  We
have a sound industrial plan and we are confident of the support
that we will receive from banks, suppliers, other creditors,
management and unions.

Since 1996, with the help of all the constituents we have
transformed Ducati from a struggling company to a worldwide
success.  On Monday, Ducati is traded in the stock exchanges of
Milan and New York, it is healthy, financially secure and ready
to invest financial resources and knowledge to recreate the
Ducati success story with Aprilia.  Our plan is simple: maintain
the identity of each brand which is defined by their rich
history and territory, while capitalizing on the synergies of
critical mass in distribution, especially in foreign markets,
research, development and purchasing."

Founded in 1926, Ducati builds racing-inspired motorcycles
characterized by unique engine features, innovative design,
advanced engineering and overall technical excellence.  The
Company produces motorcycles in five market segments which vary
in their technical and design features and intended customers:
Superbike, Supersport; Monster, Sport Touring and Multistrada.

The Company's motorcycles are sold in more than 60 countries
worldwide, with a primary focus in the Western European, Japan
and North American markets.  Ducati has won twelve of the last
fourteen World Superbike Championship titles and more individual
victories than the competition put together.  For more
information about the company, visit http://www.ducati.com/.

                            *   *   *

Aprilia has been in trouble since posting a net loss of EUR43.1
million in 2003.  The company avoided bankruptcy in May after it
secured a credit line to pay interest on a EUR100 million bond.

CONTACT:  DUCATI MOTOR HOLDING S.p.A.
          3-40132 Bologna
          Italy

          Francesco Rapisarda
          Communications Director

          Fabrizio Nardi
          Investor Relations
          Phone: +39-051-6413-111
              or +39-051-6413-213
          E-mail: IR@ducati.com
          Web site: http://www.ducati.com


CIRIO FINANZIARIA: Sale of Tomato Paste Brand May Occur August
--------------------------------------------------------------
Special Commissioner Mario Resca is confident he will be able to
announce a bidder for Cirio-De Rica next month.  Speaking after
a meeting with unions at the Ministry of Industry, Mr. Resca
said an announcement could come August 5.

According to him, four to five bidders are pursuing an
acquisition.  All are Italian, satisfying Minister Antonio
Marzano's request that the company remain in Italian hands.

Mr. Resca did not disclose how much was offered.  But he
admitted the EUR150 billion turnover of the company is a "useful
parameter."  He is positive the commendable performance of the
operation will give them leverage in negotiations.

"The results are good, which allows us to be ambitious over
price.  We have a top quality management, very motivated," Mr.
Resca said.

Cirio-de Rica is a well-known product in Italian supermarkets.
It is the leader in canned tomato paste.


LAZIO SPA: Receives EUR21 Million from Local Businessman
--------------------------------------------------------
Lazio received a much-needed capital injection this week after
businessman Claudio Lotito bought EUR21 million (GBP14 million,
US$26 million) in new shares at the company, BBC News reports.

The transaction kept the leading Italian football club in Series
A, Italy's football league.  It also drove out the prospect of a
slide in revenues, and potential exodus of players.  Despite the
help, Lazio is still short of funds, the report noted.  Lazio
failed to come up with more than 10% of the amount it expected
to raise from its EUR188 million share offering.  The government
has already ruled out help for the club.

Meanwhile, according to the report, the deal with Mr. Lotito
will allow him and his associates to buy more Lazio shares owned
by Capitalia, its creditor bank.


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


DNO ASA: Unveils Production Figures for June
--------------------------------------------
DNO A.S.A.'s oil production for the second quarter and first 6
months of 2004 was 12.561 and 13.383 BOPD, respectively.

The oil production from Norway and Yemen was (BOPD):

             June         2 Q 04        1 H 04

NORWAY       1.814         1.531         1.939
YEMEN       11.059        11.030        11.444

TOTAL       12.873        12.561         13.383

The June oil production from Yemen was at the same level as for
May.  However, due to a new production well at the Tasour Field,
which was put on stream towards the end of June, and a new
production well at the Sharyoof Field, which is expected to be
on stream during July, DNO expect to see an increase in the
production from Yemen in July.

The production from the Glitne Field increased in June due to
higher regularity of the gas compressor, which has caused some
downtime during the previous month.

DNO A.S.A.
20 July 2004

                            *   *   *

On June 18, 2004, TCR-Europe reported that Standard & Poor's
Ratings Services withdrew its corporate credit rating on Norway-
based oil production and exploration company DNO A.S.A.  The
rating on DNO was B/Watch Dev/-- at the time of the withdrawal.
The rating was withdrawn at DNO's request, since Standard &
Poor's does not have a rating on DNO's outstanding debt.

The rating on DNO was placed on CreditWatch with developing
implications on November 17, 2003, but would likely have
remained in the 'B' category if the CreditWatch placement had
been resolved.

The CreditWatch status reflected uncertainties over the
company's medium-term business strategy, growth prospects, and
financial policy following an extensive asset sale, which was
realized in spring 2004.  Standard & Poor's believes that the
company is likely to focus on riskier exploration activities on
the Norwegian Continental Shelf and production in existing
fields in Yemen.  DNO has successfully refinanced its Norwegian
krone 335 million bond (EUR40 million), which matured on June 1,
2004.

CONTACT:  DNO A.S.A.
          Helge Eide
          Group Managing Director
          Phone: (+47) 55 22 47 00
              Or (+47) 23 23 84 80
          Web site: http://www.dno.no


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


NETIA SA: To Discuss Second-quarter Results August 11
-----------------------------------------------------
Netia S.A., Poland's largest alternative provider of fixed-line
telecommunications services, confirmed on Tuesday that its 2004
second quarter financial results will be released after the
close of the Warsaw Stock Exchange on Tuesday, August 10, 2004.

On Wednesday, August 11, 2004, President of the Management Board
and CEO, Wojciech Madalski, will host a conference call at 4:30
p.m. (CET)/3:30 p.m. (U.K.)/10:30 a.m. (Eastern) to review the
results.  The conference call will be available for replay
purposes as well.  Netia followers will receive invitations to
participate in this conference call.

                            *   *   *

Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Poland-based alternative fixed-line
telecommunications operator Netia S.A. (WSE: NET).  The outlook
is stable.

The ratings on Netia are constrained by the low growth
perspectives in its core voice business, and by strong
competition from the incumbent fixed-line operator
Telekomunikacja Polska S.A. (BBB/Stable/--), three mobile
operators (in terms of fixed-to-mobile substitution), and other
independent telecoms services providers.

CONTACT:  NETIA S.A.
          Investment Relation:
          Anna Kuchnio
          Phone: +48-22-330-2061

          Media
          Jolanta Ciesielska
          Phone: +48-22-330-2407

          Taylor Rafferty, London
          Mark Walter
          Phone: +44(0) 20-7936-0400


===============
P O R T U G A L
===============


SEGUROS E PENSOES: Ratings on CreditWatch Positive
--------------------------------------------------
Standard & Poor's Ratings Services placed its 'BBB+' long-term
counterparty credit and insurer financial strength ratings on
the operating entities of Portugal-based insurance group Seguros
e Pensoes (SeP) on CreditWatch with positive implications.  At
the same time, the 'BB+' long-term counterparty credit rating on
SeP's intermediate holding company, Seguros e Pensoes GERE
S.G.P.S. S.A. (SeP GERE) was placed on CreditWatch with
developing implications.

Simultaneously, the 'BBB+' long-term counterparty credit and
insurer financial strength ratings on ICI Comp. de Seguros de
Comercio e Industria S.A. (ICI) were withdrawn following its
merger with sister company Imperio Bonanca Companhia de Seguros,
S.A. (Imperio Bonanca).

The CreditWatch actions follow an announcement that SeP's
parent, Banco Comercial Portugues, S.A. (Millennium BCP; A-
/Stable/A-2), has entered into agreements with state-owned
Portuguese bank Caixa Geral de Depositos, S.A. (CGD;
A+/Stable/A-1) and Belgo-Dutch financial services group Fortis
(Fortis Bank is rated AA-/Stable/A-1+) to dispose of the
majority of its insurance interests held via SeP.

Under the CGD agreement, SeP will sell its non-bancassurance
businesses, of which the major insurance operating entity is
Imperio Bonanca (including the recently merged ICI) to CGD for
EUR343 million.

The deal with Fortis involves the sale, for a consideration of
EUR500 million, of 50% of BCP's bancassurance (including life,
motor, and health insurance) businesses, of which the major
insurance operating entities are Ocidental
Companhia Portuguesa de Seguros de Vida, S.A., Ocidental
Companhia Portuguesa de Seguros, S.A., and Companhia Portuguesa
de Seguros de Saude, S.A. (Medis).

These are to be sold to a new joint venture holding company
called Millenniumbcp-Fortis Grupo Segurador, in which Fortis
will hold management control.  All the named insurance operating
entities, which are the subject of these transactions, are
currently rated 'BBB+/Watch Pos/--'.

"SeP's stand-alone creditworthiness factors remain unchanged.
They reflect SeP's strong business position, good
capitalization, and improving operating performance in recent
years, offset by reduced financial flexibility," said Standard &
Poor's credit analyst Peter McClean.  "The ratings also reflect
the implicit support that BCP is expected to continue providing
to SeP pending finalization of the two deals," he added.

The CreditWatch placement on SeP's operating entities reflects
current uncertainties over the level of support to be provided
by the new owners to the named insurance operating entities,
which are the subject of these transactions.  "In Standard &
Poor's view, the ratings on these entities are unlikely to be
lowered following completion of the two transactions and may
even be raised, subject to the level of implicit and explicit
support provided," added Mr. McClean.

The CreditWatch placement on SeP GERE reflects current
uncertainties over its future role within the BCP group, as well
as the future level of support to be provided by BCP.  Until
this has been clarified, Standard & Poor's is unable to express
a view as to the future direction of the rating, hence the
'developing' status.'

Resolution of the CreditWatch placements is unlikely to occur
until Standard & Poor's has received reasonable confirmation
that the transaction has received, or is about to receive,
supervisory approval.

Standard & Poor's understands that this is likely to be received
before the end of 2004.  In the meantime, Standard & Poor's will
seek confirmation from CGD and Fortis regarding their proposed
level of support to the acquired companies.  Subject to
information received, upon completion of the transaction, the
ratings on the named insurance operating entities would likely
be either affirmed or raised, in accordance with Standard &
Poor's Financial Services Group Rating Methodology.


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


ALKO-PRODUCT: Deadline for Proofs of Claim August 17
----------------------------------------------------
The Arbitration Court of Moscow region declared LLC Alko-Product
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A41-K2-20380/03.  Ms. N. Yakusheva has been
appointed insolvency manager.  Creditors have until August 17,
2004 to submit their proofs of claim to 105318, Russia, Moscow,
Semenovskaya Square, 7.

CONTACT:  ALKO-PRODUCT
          143160, Russia,
          Moscow Region, Ruzsky Region,
          Dorokhovo, Mira Str. 4

          Ms. N. Yakusheva
          Insolvency Manager
          105318, Russia,
          Moscow, Semenovskaya Square, 7


GLAZUNOVSKOYE REPAIR: Court Sets August 25 Hearing
--------------------------------------------------
The Arbitration Court of Orel region commenced bankruptcy
supervision procedure on subsidiary CJSC Glazunovskoye Repair-
Building Enterprise.  The case is docketed as A48-2808/20b.  Mr.
V. Andreev has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 302001,
Russia, Orel region, Komsomolskaya Str. 44/19.  A hearing will
take place on August 25, 2004, 9:30 a.m.

CONTACT:  GLAZUNOVSKOYE REPAIR-BUILDING ENTERPRISE
          303340, Russia,
          Orel Region, Glazunovsky Region,
          Glazunovka, Lugovaya Str. 21

          Mr. V. Andreev
          Temporary Insolvency Manager
          302001, Russia,
          Orel Region, Komsomolskaya Str. 44/19


KLIMOVO-MOL-PROM: Bryansk Court Appoints Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Bryansk region declared Klimovo Dairy
OJSC Klimovo-Mol-Prom insolvent and introduced bankruptcy
proceedings.  The case is docketed as A09-7526/03-26.  Mr. V.
Guslyakov has been appointed insolvency manager.   Creditors
have until August 17, 2004 to submit their proofs of claim to
241033, Russia, Bryansk, Timonovskaya Str. 35.

CONTACT:  KLIMOVO-MOL-PROM
          243040, Russia,
          Bryansk Region, Klimovo,
          Oktyabrskaya Str. 199

          Mr. V. Guslyakov
          Insolvency Manager
          241033, Russia,
          Bryansk, Timonovskaya Str. 35
          Phone: (0832) 77-01-53


MOSCOW CABLECOM: Gets US$51 Mln Financing for Expansion
-------------------------------------------------------
The Board of Directors of Moscow CableCom Corporation (MOCC) has
approved the terms of an agreement with the private global
investment group Columbus Nova Capital.  Under the deal,
Columbus Nova will provide the Company with a US$51 million
financing package, which is expected to provide the company with
sufficient funds to expand its hybrid-coaxial fiber network up
to one million homes passed within three years from the closing
of the proposed transaction.

MOCC has a long-term strategic agreement to use the fiber-optic
network of one of the leading Moscow broadband service
providers, Moscow Telecommunications Corporation on favorable
terms.

The Columbus Nova financing will be divided into an equity
component and a debt component.  The equity component will
consist of an investment of US$22.5 million in a newly created
class of preferred stock at US$5.00 per share, which would give
Columbus Nova an ownership interest of approximately 35% at the
closing of the transaction.

The debt component will consist of a US$28.5 million term debt
financing for a five-year period bearing interest of 12% per
annum.  This debt financing also includes a US$4 million bridge
loan that will be drawn shortly after the signing of definitive
agreements, which is expected to be in the second half of
August.  The financing package will allow the company to
accelerate its system build-out and sales and marketing plans.

The preferred stock to be issued to Columbus Nova will have
voting and other rights identical to the company's common stock,
with the exception of having a liquidation preference for a
period of four years.  As part of the transaction, Columbus Nova
will also receive five-year warrants to acquire an additional
7,500,000 shares of the Series B preferred stock for US$5.00 per
share, bringing its potential ownership to approximately 55% on
a fully diluted basis.

The transaction, which is subject to the negotiation of
definitive agreements, the company's receipt of an independent
fairness opinion, company shareholder approval, and regulatory
consents, is expected to close in November 2004.  Pursuant to
the agreement with Columbus Nova, shareholders of the company
holding more than 50% of the Company's outstanding common stock,
including COMCOR, which owns approximately 48% of the company's
outstanding common stock, Oliver Grace, the Company's Chairman,
President and Chief Executive Officer, and Francis E. Baker, a
Director and the Company's Secretary, will grant their
irrevocable proxies to vote in favor of the transaction.

In addition, the company will appoint a team of experienced
professionals selected by Columbus Nova with extensive
experience in operating cable systems worldwide to join the
senior management team of the Company after the closing.  Warren
Mobley, who has experience managing cable systems in the U.S.,
Germany, Poland, Hong Kong and Canada, will be named as the
Company's Chief Executive Officer effective as of the closing,
and Donald Miller-Jones, who has financial management experience
at several multinational media companies, will join the Company
as its Chief Financial Officer.

Oliver R.  Grace, Chairman and CEO stated: "We are very pleased
to be able to attract this capital which will allow us to expand
on the initial operating successes we have had in our 198,000
home network to create a company with more than five times the
number of homes passed and thus allow us to capture a large
proportion of the market for our cable television and Internet
access services.

"We have begun to validate the economic model for the take-up of
services on our existing network, and we now plan to expand
these results to a much larger segment of Moscow.  We are
delighted that we will also be benefiting from the experience
and talents of the new senior managers and we look forward to
their contributions to our overall success."

Conference Call

Moscow CableCom will host a conference call to discuss key
aspects of the financing package on July 22, 2004 at 9:00 a.m.
EDT.  The call can be heard live by dialing 866-800-8652 (U.S.)
or 617-614-2705 (International) and entering the passcode
61893046, or via http://www.moscowcablecom.com. For those who
cannot listen to the live broadcast, the Web cast and audio
replay will be available until July 29, 2004 by dialing 888-286-
8010 (U.S.) or 617-801-6888 (International) and entering the
passcode 93654698.

About Moscow CableCom

Moscow CableCom, (http://www.moscowcablecom.com),is a U.S.-
based company quoted on the NASDAQ NM under the ticker MOCC.
The company owns 100% of ComCor-TV (CCTV), a Russian company
that has licenses to provide telecommunications services to 1.5
million homes and businesses in Moscow.  CCTV is using access to
COMCOR's MFON to provide broadband services including cable
television and high-speed Internet access to residential and
business customers, with plans to add additional services
including IP-based telephony.  Please call Andrew O'Shea, Chief
Financial Officer, at 860-298-0444 for inquiries.

About Columbus Nova Capital

Columbus Nova is a private global investment group with offices
in New York, San Francisco and Moscow.  Columbus Nova invests in
three sectors: private equity, leveraged finance and public
securities.  For more information, please visit
http://www.columbusnova.com.

Summary of significant terms of definitive term sheet by and
among Moscow Cablecom Corporation, Moscow Telecommunications
Corporation and Columbus Nova dated July 20, 2004:

(a) Private placement of 4,500,000 shares of a newly created
    class of Series B Preferred Stock at US$5.00 per share.  The
    Series B Preferred Stock will have equal voting rights with
    the Common Stock, will have a liquidation preference for a
    period of four years of US$5.00 per share over the Common
    Stock and the Series A Preferred Stock currently
    outstanding, and each share of Series B Preferred Stock will
    be convertible into a share of Common Stock.

(b) Columbus Nova will receive 7,500,000 warrants to acquire one
    share each of Series B Preferred Stock at US$5.00 per share
    during a five-year period, bringing its potential ownership
    to approximately 55% on a fully diluted basis.

(c) US$28.5 million Term Loan facilities divided into an US$18.5
    million facility and a US$10.0 million facility; 5-year term
    from closing; secured by all the material assets of the
    Company; interest at 12% per annum to be capitalized
    quarterly and paid at the maturity of the note (unless the
    Company chooses to service the facilities on a quarterly
    basis):

    (i) US$18.5 million facility to be drawn down at the closing
        date;

   (ii) US$10.0 million facility to be drawn upon meeting
        requirements of an independent committee of the Board;
        and

  (iii) There will be a 2.5% arrangement fee for the facility,
        plus a 1.25% commitment fee on undrawn amounts, and an
        annual agency fee of US$150,000.

(d) Bridge Loan - US$4.0 million Working Capital Bridge Facility
    with a maturity of the earlier of June 30, 2005 or the
    closing of the Class B Preferred Stock purchase and US$28.5
    million Term Loan facilities.

(e) Management and Consultants:

    (i) Warren Mobley to be appointed Chief Executive Officer
        effective as of the closing;

   (ii) Donald Miller-Jones to be appointed Chief Financial
        Officer effective as of the Closing;

  (iii) Messrs. Mobley, Miller-Jones, Charles Roberts and Dr.
        Ali Mohammed Ahmed to be hired as consultants from
        signing to closing to work on the preparation of the new
        business plan;

   (iv) The Company will enter into consulting agreements for
        Mr. Roberts and Dr. Ahmed effective as of the closing;
        and

    (v) New management and consultants to receive 5-year stock
        options with an exercise price of US$5.00 per share for
        approximately 5% of the fully diluted shares outstanding
        at closing.

(f) The Company will reimburse Columbus Nova for its out-of-
    pocket costs, including legal fees.

The foregoing summary is qualified in its entirety by reference
to the actual Term Sheet, which the Company expects to file as
part of a Form 8-K filing with the Securities and Exchange
Commission.

CONTACT:  MOSCOW CABLECOM CORPORATION
          Andrew M.  O'Shea
          Phone: 860-298-0444
          E-mail: aoshea@moscowcablecom.com

          ADAM FRIEDMAN ASSOCIATES
          Adam Friedman
          Phone: 212-981-2529 ext.  18
          E-mail: adam@adam-friedman.com


MOSCOW CABLECOM: Incurs Loss After ComCor-TV Consolidation
----------------------------------------------------------
Moscow CableCom Corporation (MOCC) on Tuesday announced the
results of its operations for the three months ended May 31,
2004.  For the first quarter of fiscal 2005, the company
incurred a net loss applicable to common shares of US$800,000,
or US$0.09 per share, basic and diluted, compared to loss
applicable to common shares of US$484,000 or US$0.23 per share
basic and diluted for the first quarter of the prior fiscal
year.

The current year results reflect the consolidation of the
results of ComCor-TV (CCTV) which was acquired in February 2004
and weighted average shares outstanding of 8,448,441, while the
prior year's results included just the Company's then 12.5%
indirect equity interest in CCTV and 2,099,908 weighted average
shares outstanding.  CCTV 's results are consolidated using a
two-month lag period.

Accordingly, CCTV's results of operations for the three months
ended March 31, 2004 have been included in the Company's
consolidated results, but US$525,000 of its losses from January
1, 2004 to the acquisition date (February 24, 2004) have been
added back as an adjustment in the company's current quarter
results to the extent the company did not have prior equity
ownership in CCTV by the company.

Revenues during the current year quarter totaled US$1,378,000.
Such revenues from CCTV were 94.0% higher than the revenues
which it had reported in the prior year, which in turn, includes
an increase of 109% in subscription fees for its television and
Internet access services, from US$522,000 in the prior year to
US$1,091,000 in the current year's fiscal quarter.

At the end of the first quarter, CCTV had an access network of
167,348 homes in Moscow for its broadband-based cable offerings,
as compared to 154,786 homes at year-end and 124,987 homes a
year ago.

Oliver R.  Grace, Chairman and CEO, stated: "We are pleased to
report that our first consolidation of CCTV's results
illustrates the strong growth which CCTV experienced during the
quarter, particularly for its higher priced cable television and
Internet access services.

"The growth in service revenues, which were 29.1% higher than
the sales of the immediately prior quarter, demonstrates the
effects of the continued expansion of the access network and of
further market penetration in homes previously passed.  We
continue to believe that Moscow presents an ideal opportunity
for our cable television and Internet offerings.  Our commitment
to further growth of the access network, including our second
quarter network construction, will demonstrate this belief."

About Moscow CableCom

Moscow CableCom (http://www.moscowcablecom.com)is a U.S.-based
company quoted on the NASDAQ NM under the ticker MOCC.  The
company owns 100% of ComCor-TV (CCTV), a Russian company that
has licenses to provide telecommunications services to 1.5
million homes and businesses in Moscow.  CCTV is using access to
the Moscow Fiber Optic Network (MFON) of Moscow
Telecommunications Corporation, a 48% shareholder of the company
(ComCor), to provide broadband services including cable
television and high-speed Internet access to residential and
business customers, with plans to add additional services
including IP-based telephony.

Financial statements are available free of charge at
http://bankrupt.com/misc/Cablecom_Q12004.htm.

CONTACT:  MOSCOW CABLECOM CORP.
          Andrew M.  O'Shea
          Phone: 860-298-0444
          E-mail: aoshea@moscowcablecom.com

          ADAM FRIEDMAN ASSOCIATES
          Adam Friedman
          Phone: 212-981-2529 ext.  18
          E-mail: adam@adam-friedman.com


PENZENSKY BRICKWORKS: To Auction RUB49 Mln Warehouse Today
----------------------------------------------------------
The bidding organizer and insolvency manager of OJSC Penzensky
Brickworks #1 set the firm's properties for public auction on
July 22, 2004, 11:00 a.m. (local time).  It will be held at
Russia, Penza, Krasnova Str. 121.  Up for sale is a warehouse
located at Russia, Penza, Krasnova Str. 80.  Starting price:
RUB49,100,000 (inclusive of VAT).

The list of documentary requirements for participants is
available at Russia, Penza, Krasnova Str. 121.  To participate,
bidders must deposit RUB2,455,000 to the settlement account
40702810009000000488 in OJSC State Bank Tarkhany, TIN
5837008879, KPP 583701001, correspondent account
30101810500000000724, BIC 045655724.

CONTACT:  PENZENSKY BRICKWORKS #1
          Russia, Penza,
          Krasnova Str. 121


PRAVDINSKAYA OIL: External Insolvency Manager Auctions Assets
-------------------------------------------------------------
The external insolvency manager of CJSC Pravdinskaya Oil-Gas-
Exploring Corporation sold the company's properties on July 19,
2004.  The auction took place at 628520, Russia, Khanty-
Mansiysky autonomous region - Yugra, Khanty-Mansiysk region,
Gornopravdinsk, Lenina Str. 16a, Office 26.

CONTACT:  PRAVDINSKAYA OIL-GAS-EXPLORING CORPORATION
          628520, Russia,
          Khanty-Mansiysky Autonomous Region
          Yugra, Khanty-Mansiysk Region,
          Gornopravdinsk, Lenina Str. 16a,
          Office 26


PSF SODRUZHESTVO: Declared Insolvent
------------------------------------
The Arbitration Court of Stavropol region declared industrial
building company CJSC PSF Sodruzhestvo insolvent and introduced
bankruptcy proceedings.  The case is docketed as A63-2631/2002-
S5.  Mr. G. Koshkosh has been appointed insolvency manager.
Creditors have until August 18, 2004 to submit their proofs of
claim to 357202, Russia, Stavropol Region, Mineralnye Vody,
Moskovskaya Str. 27. (Industrial area)

CONTACT:  PSF SODRUZHESTVO
          357202, Russia,
          Stavropol Region, Mineralnye Vody,
          Moskovskaya Str. 27 (Industrial area)

          Mr. G. Koshkosh
          Insolvency Manager
          357202, Russia,
          Stavropol Region, Mineralnye Vody,
          Moskovskaya Str. 27 (Industrial area)


TYULGANSKY OPENCAST: Sells Properties for Undisclosed Amount
------------------------------------------------------------
The insolvency manager of OJSC Tyulgansky Opencast sold the
firm's properties at a public auction yesterday.  The auction
took place at Russia, Orenburg region, Tyulgan, Promyshlennaya
Str. 17.

CONTACT:  TYULGANSKY OPENCAST
          Russia, Orenburg Region,
          Tyulgan, Promyshlennaya Str. 17


URAL-TALK: Insolvent Status Confirmed
-------------------------------------
The Arbitration Court of Chelyabinsk region declared OJSC Ural-
Talk insolvent and introduced bankruptcy proceedings.  The case
is docketed as A76-7454/04-34-12.  Ms. M. Mozhaytseva has been
appointed insolvency manager.   Creditors had until July 17,
2004 to submit their proofs of claim to 456381, Russia,
Chelyabinsk region, Miass, V. Atlyan.

CONTACT:  URAL-TALK
          456381, Russia,
          Chelyabinsk Region,
          Miass, V. Atlyan

          Mr. L. Lazarenko
          Insolvency Manager
          454800, Russia,
          Chelyabinsk 80,
          Post User Box 12730


VESHATELNAYA COMPANY: Bankruptcy Proceedings Begin
--------------------------------------------------
The Arbitration Court of Moscow region declared CJSC Moscow
Independent Veshatelnaya Company (Tin 7704082740) insolvent and
introduced bankruptcy proceedings.  The case is docketed as A40-
9814/04-88-7 B.  Mr. S. Shulzhenko has been appointed insolvency
manager.   Creditors had until July 17, 2004 to submit their
proofs of claim to 103070, Russia, Moscow, Ilyinka Str. 15,
Building 1.

CONTACT:  VESHATELNAYA COMPANY
          103070, Russia, Moscow,
          Ilyinka Str. 15, Building 1

          Mr. S. Shulzhenko
          Insolvency Manager
          103070, Russia, Moscow,
          Ilyinka Str. 15, Building 1
          Phone: (095) 925-07-67, 206-02-85


YUKOS OIL: Government to Sell Main Production Unit
--------------------------------------------------
Russia's Justice Ministry has put up for sale Yukos' main
production unit to get payment for the firm's US$3.4 billion tax
bill, reports say.

"After valuation, the stake in Yuganskneftegaz will be handed
over to a special organization for sale," the ministry said in a
statement.

The Siberian production unit accounts for 60% of Yukos' total
oil output.  Yukos said a recent report by independent
consulting firm DeGolyer and MacNaughton values Yuganskneftegaz
at US$30.4 billion based on its reserves.  Modest valuations
puts the price of the production unit at least US$15 billion.

According to Moscow Times, it was unclear whether all or only
part of the production unit will be sold.  Officials at the
Justice Ministry's press office on Tuesday said they were unable
to clarify the situation.

An unidentified Yukos official is reported to have said
Yuganskneftegaz would be sold within a week to an already chosen
buyer for the meager sum of US$1.75 billion.  The Federal
Property Fund, which will take charge of the sale, denied they
will go for a quick sale.

"It is unlikely that it can be done within less than a month,"
fund spokesman Vladimir Zelentsov said Tuesday, Interfax
reported.

In the worst case, the entire production unit might be sold for
a symbolic price, some speculators say.  Analysts see the sale
of Yuganskneftegaz as the end of Yukos.

"The bailiffs are planning to sell the most prized Yukos assets,
and this means that the authorities decisively intend to write
the company off," Steven Dashevsky, the head of research at Aton
brokerage, said in a comment Tuesday.


YUKOS OIL: Hosting Press Conference Today
-----------------------------------------
Yukos Oil is holding a conference with the press noontime today
in Moscow amidst speculations the company will file for
bankruptcy to protect its assets, Bloomberg News learned.

The firm's management board yesterday decided to hold a briefing
with the media Thursday after the government seized its main
production unit, OAO Yuganskneftegaz.

United Financial Group, the Moscow unit of Deutsche Bank AG told
investors in a note: "The one option which Yukos might now
consider is that of voluntary bankruptcy in order to take
control of the asset disposal process and ensure some modicum of
fair value for its shareholders."

Yukos, which insisted it has no more than US$1.4 billion in
cash, failed to meet a July 7 deadline to pay $3.4 billion in
taxes from 2000.  It repeatedly warned it would have to file for
bankruptcy if forced to pay.

Claire Davidson of the Policy Partnership, which is representing
Yukos, declined to comment on the company's plans and the
briefing.  Chief Executive Officer Steven Theede will be present
in the event.


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


IZAR: Gets EUR16.7 Million Order for Hospital Ship
--------------------------------------------------
Troubled shipbuilder Izar has won a EUR16.7 million contract to
construct a hospital ship for the labor and social affairs
ministry, El Pais says.

The contract is a welcome development for the shipyard, whose
future has been in doubt, as it has not received any order since
the end of 2003.  It is currently mulling closure or
privatization.  Izar, which will build the ship at its Gijon
site located on Spain's north coast, promises to deliver it in
21 months.


SINTEL: Workers Blame Parent Company for Bankruptcy
---------------------------------------------------
Former employees of defunct Sintel, a unit of Telefonica S.A.,
are suing the management of the telecoms company for the firm's
collapse, El Pais reports.

They allege executives forced the division into bankruptcy by
selling it to the Mas Canosa family.

In August 2001, TCR-Europe reported that Spanish judge Baltasar
Garzon sanctioned six former executives of Sintel for
negligence.  It ordered them to pay ESP13.17 billion for driving
the company to bankruptcy.  Sintel has debts of ESP24 billion
(US$130 million) when it was offered for sale.


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


HARKIVVODOBUD: Harkiv Court Appoints Liquidator
-----------------------------------------------
The Economic Court of Harkiv region declared CJSC Harkivvodobud
(code EDRPOU 01036431) insolvent and introduced bankruptcy
proceedings on June 24, 2004.  The case is docketed as B-24/39-
04.  Arbitral manager Mr. T. Chagovets (License Number AA 250135
approved on December 4, 2001) has been appointed
liquidator/insolvency manager.  The company holds account number
26003301244 at JSC Ukrsocbank, Harkiv regional branch,
MFO 351016.

CONTACT:  HARKIVVODOBUD
          Ukraine, Harkiv region,
          Kosmichna Str. 21

          Mr. T. Chagovets
          Liquidator/Insolvency Manager
          61045, Ukraine, Harkiv region,
          Shakespeare Str. 10/5a
          Phone: 773-01-30

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


KRASNOPEREKOPSKSTROJTRANS: Bankruptcy Proceedings Begin
-------------------------------------------------------
The Economic Court of AR Krym declared OJSC
Krasnoperekopskstrojtrans (code EDRPOU 01268638) insolvent and
introduced bankruptcy proceedings on June 8, 2004.  The case is
docketed as 2-5/2450-2004.  Arbitral manager Mr. Zolotavin
Oleksandr has been appointed liquidator/insolvency manager.  The
company holds account number 2600510361001 at JSB Kyivska Rus,
MFO 384500.

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

(a) KRASNOPEREKOPSKSTROJTRANS
    Ukraine, AR Krym region,
    Krasnoperekopsk,
    Privokzalna Str. 2

(b) Mr. Zolotavin Oleksandr
    Liquidator/Insolvency Manager
    95023, Ukraine, AR Krym region,
    Simferopol, L. Shevtsova Str. 33


MERKUR: Under Bankruptcy Supervision
------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision on LLC Merkur (code EDRPOU 24679120) on
March 4, 2004.  The case is docketed as B-6/52.  Arbitral
manager Mr. O. Illyashenko (License Number AA 047793 approved on
October 17, 2001) has been appointed temporary insolvency
manager.

CONTACT:  MERKUR
          Ukraine, Ivano-Frankivsk region,
          Galitsij district, Demyaniv

          Mr. O. Illyashenko
          Temporary Insolvency Manager
          76018, Ukraine, Ivano-Frankivsk region,
          Kriva Str. 2/4

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


MIRGOROD' AGRARIAN: Sets Proofs of Claim Deadline August 2
----------------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on LLC Mirgorod' Agrarian Company (code
EDRPOU 32468795).  The case is docketed as 10/101.  Mr. Borovih
Igor (License Number AA 250471 approved on April 24, 2002) has
been appointed temporary insolvency manager.  The company holds
account number 26000054500959 at CB Privatbank, Poltava regional
branch, MFO 331401.

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

(a) MIRGOROD' AGRARIAN COMPANY
    37600, Ukraine, Poltava region,
    Mirgorod district, Lubivshina

(b) Mr. Borovih Igor
    Temporary Insolvency Manager
    36042, Ukraine, Poltava region,
    Druzhnij lane, 1

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


NIVA: Vinnitsya Court Orders Debt Moratorium
--------------------------------------------
The Economic Court of Vinnitsya region declared Agricultural LLC
NIVA (code EDRPOU 03732442) insolvent and introduced bankruptcy
proceedings on September 22, 2003 and ordered a moratorium on
satisfaction of creditors' claims on March 24, 2004.
The case is docketed as 10/169-03.  Mr. Tushevskij Yurij
(License Number AA 250425 approved on March 29, 2002) has been
appointed liquidator/insolvency manager.

CONTACT:  NIVA
          Ukraine, Vinnitsya region,
          Kalinivskij district,
          Chernyatin

          Mr. Tushevskij Yurij
          Liquidator/Insolvency Manager
          21016, Ukraine, Vinnitsya region,
          40-richya Peremogi str. 27a, room 57
          Phone: (0432) 35-63-09

          ECONOMIC COURT OF VINNITSYA REGION
          21036, Ukraine, Vinnitsya region,
          Hmelnitske shose, 7


OBERIG: Declared Insolvent
--------------------------
The Economic Court of Volinska region declared Agricultural LLC
Oberig (code EDRPOU 03737356) insolvent and introduced
bankruptcy proceedings on June 8, 2004.  The case is docketed as
1/58-B.  Mr. Lipich Anatolij (License Number AA 719766 approved
on January 21, 2004) has been appointed liquidator/insolvency
manager.  Agricultural Oberig holds account number
26001070073081 at JSCB Ukrsocbank, MFO 303019.

CONTACT:  AGRICULTURAL OBERIG
          45642, Ukraine, Volinska region,
          Lutsk district, Oderadi

          Mr. Lipich Anatolij
          Liquidator/Insolvency Manager
          Ukraine, Volinska region, Lutsk,
          Grushevskij Avenue, 30
          Phone: 77-63-59

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


TEHNOFARM VILNA: Insolvent Status Confirmed
-------------------------------------------
The Economic Court of Kyiv region declared Ukrainian-German
Enterprise at Foreign Investments LLC Tehnofarm Vilna Terasivka
(code EDRPOU 20622264) insolvent and introduced bankruptcy
proceedings on June 14, 2004.  The case is docketed as 32/2B-
2004.  Mr. Zolotoverh Olena (License Number AA 783056 approved
on April 13, 2004) has been appointed liquidator/insolvency
manager.

CONTACT:  UKRAINIAN-GERMAN ENTERPRISE AT FOREIGN INVESTMENTS
          TEHNOFARM VILNA TERASIVKA
          01132, Ukraine, Kyiv region,
          Bila Tserkva district,
          Vilna Tarasivka, Peremogi Str. 2

          Mr. Zolotoverh Olena
          Liquidator/Insolvency Manager
          09100, Ukraine, Kyiv region,
          Bila Tserkva,
          50-Richya Peremogi Boulevard, 125/135

          ECONOMIC COURT OF KYIV REGION
          01033, Ukraine, Kyiv region,
          Zhelyanska str, 58-b


WEST COMPANY: Court Prescribes Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC West Company (code EDRPOU
32121573).  The case is docketed as 19/65.  Arbitral manager
Mrs. O. Kretova (License Number AA 487803 approved on April 24,
2003) has been appointed temporary insolvency manager.

CONTACT:  WEST COMPANY
          Ukraine, Zaporizhya region,
          Zachinyayev Str. 158 a

          Mrs. O. Kretova
          Temporary Insolvency Manager
          69006, Ukraine, Zaporizhya region,
          a/b 123
          Phone: 8 (067) 614-47-49, (0612) 13-32-14

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


ZAPORIZHYA: Courts Affirms Insolvency
-------------------------------------
The Economic Court of Zaporizhya region declared LLC
International Consulting Company Zaporizhya (code EDRPOU
31230348) insolvent and introduced bankruptcy proceedings on
June 14, 2004.  The case is docketed as 25/102.  Arbitral
manager Mrs. O. Kretova (License Number AA 487803 approved on
April 24, 2003) has been appointed liquidator/insolvency
manager.

CONTACT:  INTERNATIONAL CONSULTING COMPANY ZAPORIZHYA
          69001, Ukraine, Zaporizhya region,
          Tulenin Str. 23

          Mrs. O. Kretova
          Liquidator/Insolvency Manager
          69006, Ukraine, Zaporizhya region,
          a/b 123
          Phone: 8 (067) 614-47-49, (0612) 13-32-14

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


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


A & B: Creditors Meeting Tuesday Next Week
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             And

        IN THE MATTER OF A & B Property Developments Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the A & B Property
Developments Ltd. company will be held at White House Business
Centre Forest Road Bristol BS15 8NH on July 27, 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 White House
Business Centre Forest Road Bristol BS15 8NH 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
White House Business Centre Forest Road Bristol BS15 8NH 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 J W Lewis & Co, White House Business Centre
Forest Road Bristol BS15 8NH two business days prior to the
meeting.

By Order of the Board.

N Bishop, Director
July 2, 2004


ABBEY GREEN: PwC Sets Members Final Meeting August 20
-----------------------------------------------------
Name of Companies:
Abbey Green Holdings Limited
Berisford Consumer Finance Limited
Chester (No 1) Limited
Edinburgh Financial Trust Limited
Exmoor Finance Limited
Goldset Limited
International Motors Facilities Limited
Treloan Limited
Treloan Mortgages Limited
Yelland & Company (Hire Purchase) Limited

Members of these companies will have final meetings on August
20, 2004 commencing at 10:30 a.m. and thereafter at 15-minute
intervals.  It will be held at the offices of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP.

The purpose of the meeting is to 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, Benson House, 33 Wellington
Street, Leeds LS1 4JP not later than 12:00 noon, August 19,
2004.

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


ABEE LIMITED: Creditors, Members Meeting Set August 16
------------------------------------------------------
Creditors of Abee Limited Company will have a final meeting on
August 16, 2004 at 11:00 a.m. at 48 Langham Street, London W1W
7AY.  The Members Meeting will be held 15 minutes prior to this.

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.  Creditors who want to be represented
at the meeting may appoint proxies.  Proxy forms must be lodged
with 48 Langham Street, London W1W 7AY not later than 12:00
noon, August 13, 2004.

CONTACT:  J A Swan, Liquidator
          48 Langham Street,
          London W1W 7AY


A C & R SOLUTIONS: Extraordinary Winding up Resolution Passed
-------------------------------------------------------------
At an Extraordinary General Meeting of the A C & R Solutions
Limited Company on July 8, 2004 held at Springfield Hall,
Thornhill Road, Edgerton, Huddersfield HD3 3AU, the
Extraordinary Resolutions to wind up the company were passed.
Andrew Fender of Sanderlings LLP, Sanderling House, Springbrook
Lane, Earlswood, Solihull B94 5SG has been nominated Liquidator
for the purpose of said winding-up.

CONTACT:  SANDERLINGS LLP
          Sanderling House
          Springbook Lane,
          Earlswood, Solihull B94 5SG
          Liquidator:
          Andrew Fender


ACTIV TECHNOLOGY: Board Sets Creditors Meeting Monday
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

              IN THE MATTER OF Activ Technology Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Activ Technology
Ltd. company will be held at Ramada Jarvis Wetherby Leeds Road
Wetherby LS22 5HE on July 26, 2004 at 11:30 a.m. for the purpose
of having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

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 Robson Laidler LLP, Fernwood House Fernwood
Road Newcastle-u-Tyne NE2 1TJ two business days prior to the
meeting.

By Order of the Board.

I W Gillespie, Director
June 30, 2004


ADVANCED PROTECTIVE: Creditors General Meetings August 19
---------------------------------------------------------
The contributories and creditors of Advanced Protective Coatings
Ltd. Company will have general meetings on August 19, 2004 at
10:45 a.m. and 11:00 a.m. respectively.  It will be held at the
offices of BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL.

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.  Creditors who want to be represented
at the meeting may appoint proxies.  Proxy forms must be lodged
with BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL not
later than 12:00 noon, August 18, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Liquidator:
          S A Dayman


A I M CONSTRUCTION: Interim Liquidator Sets First Meeting
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

    IN THE MATTER OF A I M Construction Ltd. (in Liquidation)

I, of PKF 78 Carlton Place Glasgow G5 9TH, hereby give notice
that I was appointed Interim Liquidator of A I M Construction
Ltd. on June 16, 2004 by the Interlocutor of the Sheriff at
Sheriff of Edinburgh.

The first meeting in the liquidation called in terms of Section
138(4) of the Insolvency Act 1986 and in accordance with Rule
4.12 of the Insolvency (Scotland) Rules 1986, will be held at 78
Carlton Place Glasgow G5 9TH on July 27, 2004 at 12:00 p.m. for
the purpose of choosing a liquidator, appointing a Liquidation
Committee and considering the other Resolutions specified in
Rule 4.12(3) of the aforementioned Rules.

Creditors are entitled to vote at the meeting only if they have
lodged their claim with me at or before the meeting. Creditors
may vote either in person or by proxy form, which may be lodged
with me at or before the meeting.

Bryan A Jackson, Interim Liquidator

78 Carlton Place Glasgow G5 9TH
June 23, 2004


ALDA ENTERPRISES: Creditors to Meet July 26
-------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

             IN THE MATTER OF Alda Enterprises Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Alda Enterprises
Ltd. company will be held at Tenon House Ferryboat Lane
Sunderland SR5 3JN on July 26, 2004 at 2:00 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 Tenon Recovery, Tenon House Ferryboat Lane
Sunderland SR5 3JN two business days prior to the meeting.

By Order of the Board.

J A Starbuck, Director
July 5, 2004


ANGLIAN REMOVALS: Appoints Numerica Liquidator
----------------------------------------------
At an Extraordinary General Meeting of the Anglian Removals
Limited Company on July 13, 2004 held at 66 Wigmore Street,
London W1U 2HQ, the Ordinary and Extraordinary Resolutions to
wind up the company were passed.  Colin Ian Vickers and Nicholas
Hugh O'Reilly of Numerica have been appointed Joint Liquidators
for the purpose of such winding-up.


ARLA LIMITED: Shareholders Pass Winding up Resolutions
------------------------------------------------------
At an Extraordinary General Meeting of the Members of the Arla
U.K. Limited Company on July 12, 2004 held at Skanderborgvej
277, Postboks 2400, 8260 Viby J, Denmark, the Special and
Extraordinary Resolutions to wind up the company were passed.  R
E C Cook of UHY Hacker Young, St James Building, 79 Oxford
Street, Manchester M1 6HT has been appointed Liquidator for the
purpose of such winding-up.

CONTACT:  UHY HACKER YOUNG
          St James Building
          79 Oxford Street,
          Manchester M1 6HT
          Liquidator:
          R E C Cook


BANK OF CREDIT: Central Bank Begins Defense in Negligence Suit
--------------------------------------------------------------
Lawyers representing Bank of England, U.K.'s central bank,
branded as outrageous the lawsuit filed by the liquidators of
now-defunct Bank of Credit and Commerce.

The lawyers started their defense of the central bank Monday,
seven months after the case was lodged.  Accountants Deloitte &
Touche Tohmatsu filed the suit in January, accusing 22
supervisory staff of Bank of England of misfeasance in public
office.  It alleged the bank failed on its duties to protect
investors' money.   The liquidator is seeking GBP1 billion in
damages in behalf of 6,500 U.K. depositors.

Nicholas Stadlen, representing Bank of England, said there is no
reason for Bank of England to be negligent of its duties, as it
knows this would harm depositors' interest.  According to him,
for the case to hold water, prosecutors must bring up proof of
various forms of dishonesty against the accused.

Bank of Credit collapsed in 1999 with US$10 billion in debts.
Regulators closed the bank, claiming it was being used for
money-laundering by drug dealers, dictators and corrupt
businessmen.  The closure has earned the dubious record of "the
largest fraud in banking history."  The case, on the other hand,
stands out for its oddity as the Central Bank is supposed to be
immune to negligence lawsuits.  The trial is expected to last
two years.


BARNICOTTS LIMITED: Calls in Liquidator
---------------------------------------
At an Extraordinary General Meeting of the Members of the
Barnicotts Limited Company on July 6, 2004 held at Mary Street
House, Mary Street, Taunton, Somerset TA1 3NW, the Extraordinary
Resolution to wind up the company was passed.  Laurence Russell
of Mary Street House, Mary Street, Taunton, Somerset has been
appointed Liquidator for the purpose of the winding-up.

CONTACT:  Laurence Russell, Liquidator
          Mary Street House, Mary Street,
          Taunton, Somerset


BLUEBELL NETWORKS: Extraordinary Winding up Resolution Passed
-------------------------------------------------------------
At an Extraordinary General Meeting of Bluebell Networks Limited
on July 14, 2004 held at John Gordon Walton & Co, Yorkshire
House, Greek Street, Leeds LS1 5ST, the Extraordinary Resolution
to wind up the company was passed.


BRADBURY & BROWN: Hires Liquidator from PKF
-------------------------------------------
At an Extraordinary General Meeting of the Members of the
Bradbury & Brown Ltd. Company on June 29, 2004 held at PKF, 6
Ridge House, Ridgehouse Drive, Festival Park, Stoke on Trent ST1
5TL, the Ordinary and Extraordinary Resolutions to wind up the
company were passed.  M H Abdulali of PKF, 6 Ridge House,
Ridgehouse Drive, Festival Park, Stoke on Trent ST1 5TL has been
appointed Liquidator for the purpose of such winding-up.

CONTACT:  PKF
          6 Ridge House
          Ridgehouse Drive, Festival Park,
          Stoke on Tent ST1 5TL
          Liquidator:
          M H Abdulali


C BRAND: Unsecured Creditors Meeting July 26
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

         IN THE MATTER OF C Brand & Co (Estd 1868) Ltd.

Notice is hereby given in accordance with section 48(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of the C
Brand & Co (Estd 1868) Ltd. Company will be held at 14 King
Street, Leeds LS1 2JN on July 26, 2004 at 10:00 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 Ernst & Young LLP at the address above.

C G J King, Joint Administrative Receiver
July 6, 2004


CARFINDER WEEKLY: Creditors May Appoint Liquidator Monday
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

           IN THE MATTER OF Carfinder Weekly (UK) Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Carfinder Weekly
(UK) Ltd. company will be held at Windsor House Barnett Way
Barnwood GL4 3RT on July 26, 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 Windsor House
Barnett Way Barnwood GL4 3RT 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
Windsor House Barnett Way Barnwood GL4 3RT 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 Hazlewoods, Windsor House Barnett Way
Barnwood GL4 3RT two business days prior to the meeting.

By Order of the Board.

W A Fry, Director
July 5, 2004


CASTLE PRODUCTS: Meeting of Creditors Set July 26
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

              IN THE MATTER OF Castle Products Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Castle Products
Ltd. company will be held at Merchants Quay Ashley Lane Shipley
BD17 7DB on July 26, 2004 at 03:00 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 Merchants Quay
Ashley Lane Shipley BD17 7DB 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
Merchants Quay Ashley Lane Shipley BD17 7DB 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 Rushtons, Merchants Quay Ashley Lane Shipley
BD17 7DB two business days prior to the meeting.

By Order of the Board.

I A Gordon, Director
June 28, 2004


CHESTER LIMITED: PwC to Give Update of Winding up August 20
-----------------------------------------------------------
Members of Chester (No 6) Limited Company will have a final
meeting on August 20, 2004 at 10:15 a.m.  It will be held at the
offices of PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP.

The purpose of the meeting is to 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, Benson House, 33 Wellington
Street, Leeds LS1 4JP not later than 12:00 noon, August 19,
2004.

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


CORPORATE GIFT: Meeting of Creditors Fixed July 27
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

           IN THE MATTER OF Corporate Gift Centres Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Corporate Gift
Centres Ltd. company will be held at Heathcote House 136 Hagley
Road Birmingham B16 9PN on July 27, 2004 at 10:30 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Heathcote House
136 Hagley Road Birmingham B16 9PN 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
Heathcote House 136 Hagley Road Birmingham B16 9PN before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

Gerald F Davis of Heathcote & Coleman Heathcote House 136 Hagley
Road Birmingham B16 9PN 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.

K A Godridge, Director


DENCORA DEVELOPMENTS: Final General Meeting Set August 26
---------------------------------------------------------
Name of Companies:
Dencora Developments Limited
Dencora Investments Limited
Dencora Retirements Homes Limited
Kewbrook Residential Limited
Kewbrook Residential 1 Limited
Kewbrook Residential 2 Limited
Knowle West Limited
Stockbourne GP Limited
Stockbourne LP Limited
Stockbourne Management (Windsor) Limited

Members of these companies will have final general meetings on
August 26, 2004 at 10:30 a.m.  It will be held at the offices of
BDO Stoy Hayward, 8 Baker Street, London W1U 3LL.

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 BDO Stoy Hayward, 8 Baker Street, London W1U 3LL not later
than 12:00 noon, August 25, 2004.

CONTACT:  BDO STOY HAYWARD
          8 Baker Street,
          London W1U 3LL
          Joint Liquidator:
          M Cohen


DOCKING SEEDS: Sets Final General Meeting August 27
---------------------------------------------------
The Final General Meeting of the Members of Docking Seeds
Limited will be on August 27, 2004 at 10:00 a.m.  It will be
held at One Colmore Square, Birmingham B4 6HQ.

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.


DUAR LTD.: Creditors Meeting July 27
------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

                  IN THE MATTER OF Duar Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Duar Ltd. company
will be held at Hotel Kandinsky Bayshill Road Cheltenham GL50
3AS on July 27, 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 50 Ledbury Road
Hereford HR1 2SY 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
50 Ledbury Road Hereford HR1 2SY before the Meeting, a statement
giving particulars of their security, the date when it was
given, and the value at which it is assessed.

Elizabeth M Grove of E Mary Grove & Co 50 Ledbury Road Hereford
HR1 2SY 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.

A M Trambaiolo, Director
July 3, 2004


DUPLICATION EXPRESS: Calls in Liquidator
----------------------------------------
At an Extraordinary General Meeting of the Members of the
Duplication Express Limited Company on July 8, 2004 held at
Coombs End Farmhouse, Chapel Lane, South Gloucestershire BS37
6SQ, the Special, Ordinary and Extraordinary Resolutions to wind
up the company were passed.  Chris Williams of McTear Williams &
Wood has been appointed Liquidator for the purpose of such
winding-up.


G. BELLONI: Members Meeting Set August 16
-----------------------------------------
Members of G. Belloni & Co. Limited will have a final meeting on
August 16, 2004 at 11:00 a.m.  It will be held at 29-30 Fitzroy
Square, London W1T 6ET.

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.


G & J JAMES: Hires Parkin S Booth & Co Administrator
----------------------------------------------------
Robert Martin Rutherford and Ian Cathrell Brown have been
appointed joint administrator for G & J James & Sons.  The
appointment was made July 13, 2004.

CONTACT:  PARKIN S BOOTH & CO.
          24 Trinity Square,
          Llandudno LL30 2RH
          Joint Administrators:
          Robert Martin Rutherford
          Ian Cathrell Brown
          (IP Nos 6852, 8621)


GLC INTERMEDIARIES: Special Winding up Resolution Passed
--------------------------------------------------------
At an Extraordinary General Meeting of the Members of the GLC
Intermediaries Limited Company on July 9, 2004 held at Gainsford
House, High Street, Cowden, Edenbridge, Kent TN8 7JB, the
Special Resolution to wind up the company was passed.


HARTINGTON PUBLICITY: Members General Meeting August 18
-------------------------------------------------------
Members of Hartington Publicity Limited Company will have a
general meeting on August 18, 2004 at 2:00 p.m.  It will be held
at the offices of Martin Sklan & Co., 133 Golders Green Road,
London NW11 8HJ.

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.


ICON CONTROLS: Creditors to Convene July 27
-------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

               IN THE MATTER OF Icon Controls Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Icon Controls Ltd.
company will be held at Lockside Office Park Lockside Road
Preston PR2 2YS on July 27, 2004 at 11:00 a.m. for the purpose
of having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Unique Business Finance Ltd., Lockside Office
Park Lockside Road Preston PR2 2YS two business days prior to
the meeting.

By Order of the Board.

A R Allison, Director
July 5, 2004


INTERNATIONAL POWER: Buying RWE's Power Station for EUR205 Mln
--------------------------------------------------------------
International Power plc signed an agreement with RWE Power AG to
acquire a 75% shareholding in the 990 MW combined cycle gas
turbine Turbogas power station in Portugal for EUR205 million
(GBP137 million).  The plant, located near the second largest
Portuguese city Porto, in northern Portugal, is co-owned with
EDP (20%) and Koch Transporttechnik (5%).  The acquisition of
Turbogas includes the 100% ownership of the operations and
maintenance company, Portugen.

"We are very pleased to have signed this agreement to acquire
RWE's stake in Turbogas, a new and efficient plant that will
immediately contribute to earnings post completion," said Philip
Cox, Chief Executive Officer of International Power.  "Turbogas
builds on our existing position in Portugal, a country in which
we have operated for several years, and creates fuel diversity
alongside Pego, our 600 MW coal-fired plant in this market," Mr.
Cox added.

This acquisition will be funded from existing IPR cash and
liquid resources.

Turbogas is currently selling its entire output under a 25-year
Power Purchase Agreement, with a gas supply agreement of a
similar term.  The Portuguese government is in discussions with
all incumbent generators to amend existing long-term contracts
to enable the liberalization of the Portuguese electricity
market and its inclusion in an integrated Iberian market.

Through its experience at Pego, International Power is familiar
with the liberalization process and is confident that the
government will preserve the full value of these long-term power
off-take contracts.

In the year to 31 December 2003, Turbogas and Portugen had
combined reported profit before tax of EUR13 million (GBP9
million) on net liabilities of EUR9 million (GBP6 million) under
Portuguese Generally Accepted Accounting Principles (GAAP).
Under U.K. GAAP, comparable numbers for profit before tax would
have been some EUR65 million (GBP43 million) on net assets of
EUR130 million (GBP87 million).  Turbogas has long-term non-
recourse debt of EUR488 million (GBP325 million), financed by a
syndicate of domestic (Portuguese) and international banks.

Completion of this acquisition is conditional upon lender and
regulatory approvals.  The existing co-owners also have pre-
emption rights.

About International Power

International Power plc is a leading independent electricity
generating company with 11,072MW (net) in operation and 1,655MW
(net) under construction.  International Power has facilities in
operation or under construction in Australia, the United States,
the United Kingdom, the Czech Republic, the UAE, Portugal,
Turkey, Malaysia, Oman, Pakistan, Saudi Arabia and Thailand.
International Power was listed on the London Stock Exchange and
the New York Stock Exchange (as ADRs), on 2 October 2000.  The
ticker symbol on both stock exchanges is 'IPR'.

                            *   *   *

On July 6, 2004, TCR-Europe reported that Moody's Investors
Service had downgraded International Power's senior unsecured
ratings to B1 from Ba3, and assigned the company a senior
implied rating of Ba2.

Moody's reviewed International Power's rating in February after
the company wrote down the value of its assets in the U.S.  The
U.S. remains its core region, with assets comprising about 40%
of the group's net installed capacity.  A large percentage of
cash flow growth was then expected from the interest.

International Power is continuing debt restructuring talks with
creditors regarding its U.S. subsidiary, ANP Funding 1.  Moody's
said "any outcome International Power will be unlikely to
receive material distributions from ANP for the foreseeable
future."  ANP Funding 1 debt is non-recourse, and does not cross
default to the parent.

Turbogas commenced operation in 1999, and consists of three
330MW Siemens units using 94.3A(1) combined cycle gas turbines.
The material differences between Portuguese and UK GAAP include
lease accounting, capitalization and depreciation of project
development costs, and the treatment of major maintenance and
overhaul costs.

CONTACT:  INTERNATIONAL POWER
          Investor
          Aarti Singhal
          Phone: + 44 20 7320 8681

          Media
          Sara Richardson
          Phone: + 44 20 7320 8619


INVENSYS PLC: Completes Tender Offer for 7 1/8% Notes Due 2007
--------------------------------------------------------------
Invensys plc announced on Tuesday the results of its tender
offer for a portion of its outstanding 7 1/8% notes due 2007
that was commenced on June 15, 2004.  The offer, which was
limited to US$154,400,000 in available funds, expired Monday at
5:00 p.m., New York City time.

A total of US$185,334,000 in principal amount of Notes was
tendered prior to the Expiration Date.  In accordance with the
terms of the offer, including the pro-ration terms thereof, the
Company accepted for payment a total of US$152,882,000 in
principal amount of Notes.

The 'clearing price' for the offer was US$1,000 per US$1,000
principal amount of Notes.  In accordance with the terms of the
offer, all Notes tendered by holders at prices below the
clearing price were accepted in full.  A total of US$118,787,000
in principal amount of Notes was tendered at the clearing price.
Accordingly, 72.2% of Notes tendered at the clearing price were
accepted on a pro rata basis from tendering holders.  To the
extent that tendered Notes were not accepted, they are being
returned to tendering Holders.

The clearing price was paid for all Notes accepted for payment.
In addition, the company paid an 'early tender payment' of
US$10.00 per US$1,000 principal amount of Notes for all Notes
that were validly tendered prior to 5:00 p.m., New York City
time, on June 28, 2004.  The company also paid accrued and
unpaid interest to, but not including, the settlement date on
all Notes accepted for payment.

Banc of America Securities LLC served as exclusive dealer
manager and solicitation agent in connection with the offer.

About Invensys plc

Invensys is a global automation, controls and process solutions
Group.  Our products, services, expertise and ongoing support
enable intelligent systems to monitor and control processes in
many different environments.  The businesses within Invensys
help customers in a variety of industries -- including
hydrocarbons, chemicals, oil and gas, power and utilities, rail,
telecommunications, paper, food and beverage, dairy,
pharmaceuticals and personal care -- to perform with greater
efficiency, safety and cost-effectiveness.

Process Systems provides products, services and solutions for
the automation and optimization of plant operation in the
process industries.  Eurotherm is a leading supplier of control
and measurement instrumentation solutions and services to
industrial and process customers.

APV specializes in process equipment engineered into systems and
asset services for food, beverage, personal care, pharmaceutical
and chemical clients. Rail Systems is a multinational leader in
the design, manufacture, supply, installation, commissioning and
maintenance of safety-related rail signaling and control
systems.

Climate Controls is a major provider of the components, systems
and services used across the world to make commercial and
residential environments safer, more comfortable and more
efficient.  Appliance Controls has the broadest system and
component offering for the appliance industry worldwide.

The Invensys Group is headquartered in the U.K. and listed on
the London Stock Exchange.  With over 35,000 employees operating
in 60 countries, Invensys helps customers to improve their
performance and profitability, building value for end users and
shareholders alike.

For more information, visit http://www.invensys.com.

The tender offer, to the extent made in the United Kingdom, was
directed only at (i) persons who have professional experience in
matters relating to investments falling within Article 19(5) of
the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2001, as amended and (ii) persons falling
within Article 49(2)(a) to (d) of the Order and other persons to
whom it may otherwise lawfully be communicated (all such persons
together being referred to as relevant persons).  The tender
offer does not constitute an offer or an invitation for an offer
or a promotional message of any form to any person (natural or
legal) resident in the Republic of Italy to purchase or acquire
the Notes and will not constitute a public offer to buy or sell
Notes in Luxembourg.

CONTACT:  INVENSYS PLC
          Victoria Scarth
          Mike Davies
          Phone: + 44 (0) 20 7821 3755

          BRUNSWICK
          Nick Claydon
          Mike Smith
          Phone: +44 (0) 20 7404 5959


JCM PRINT: Creditors Meeting Tomorrow
-------------------------------------
Creditors of JCM Print Services Limited Company will have a
meeting on July 23, 2004 at 10:30 a.m.  It will be held at the
offices of Begbies Traynor, No 1 Old Hall Street, Liverpool L3
9HF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Begbies Traynor, No 1 Old Hall Street, Liverpool
L3 9HF not later than 12:00 noon, today.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Joint Administrator:
          D Moore


J.N.J. RECRUITMENT: Calls in Liquidator
---------------------------------------
At an Extraordinary General Meeting of the J.N.J. Recruitment
Services (U.K.) Limited Company on July 6, 2004 held at 26B
Princes Street, Southport PR8 1EQ, the Special, Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Alex Kachani of Stanton House, 41 Blackfriars Road, Salford,
Manchester M3 7DB has been appointed Liquidator for the purpose
of such winding-up.

CONTACT:  Alex Kachani, Liquidator
          Stanton House
          41 Blackfriars Roads, Salford
          Manchester M3 7DB


KAIZEN COURIERS: Sets Creditors Meeting July 26
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

             IN THE MATTER OF Kaizen Couriers Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Kaizen Couriers
Ltd. company will be held at Hilton Hotel Paradise Way Walsgrove
Triangle Coventry CV2 2ST on July 26, 2004 at 11:30 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at The Old Mill 9
Soar Lane Leicester LE3 5DE 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
The Old Mill 9 Soar Lane Leicester LE3 5DE before the Meeting, a
statement giving particulars of their security, the date when it
was given, and the value at which it is assessed.

J P W Harlow of HKM Harlow Khandhia Mistry The Old Mill 9 Soar
Lane Leicester LE3 5DE 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.

M Kaur, Director
April 14, 2004


LAWRENCE AUTOMOTIVE: In Administrative Receivership
---------------------------------------------------
National Westminster Bank Plc called in Allan Watson Graham and
Mark Jeremy Orton as receivers for Lawrence Automotive Limited
Company (Reg No 03200294, Trade Classification: SIC Code 3420).
The application was filed July 13, 2004.  The company
manufactures wood veneer products.

CONTACT:  KPMG
          Corporate Recovery
          1 Waterloo Way,
          Leicester LE1 6LP
          Receiver:
          Allan Watson Graham
          (Office Holder No 8719)

          Mark Jeremy Orton
          (Office Holder No 8846)
          2 Cornwall Street,
          Birmingham B3 2DL


MARTIN PERREN: Appoints RSM Robson Rhodes Liquidator
----------------------------------------------------
At an Extraordinary General Meeting of the Martin Perren Limited
Company on June 28, 2004 held at 133 Old Lodge Lane, Purley,
Surrey, the Special, Ordinary and Extraordinary Resolutions to
wind up the company were passed.  Simon Peter Bower and Trevor
Patrick O'Sullivan of RSM Robson Rhodes LLP, 186 City Road,
London EC1 have been appointed as Joint Liquidators for the
purpose of such winding-up.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1
          Liquidators:
          Simon Peter Bower
          Trevor Patrick O'Sullivan


NAMCO OPERATIONS: Members Final Meeting Set August 27
-----------------------------------------------------
The final meeting of the Members of Namco Operations Israel
(Holdings) Limited Company will be on August 27, 2004 at 10:30
a.m.  It will be held at KPMG LLP, 8 Salisbury Square, London
EC4Y 8BB.

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 KPMG LLP, 8 Salisbury Square, London EC4Y 8BB not later
than 12:00 noon, August 26, 2004.

CONTACT:  KPMG LLP
          8 Salisbury Square,
          London EC4Y 8BB
          Joint Liquidator:
          J S Spratt


NATIONAL FARM: Final General Meeting Set August 27
--------------------------------------------------
Members of National Farm Seeds Industries Limited Company will
have a final general meeting on August 27, 2004 at 10:30 a.m.
It will be held at One Colmore Square, Birmingham B4 6HQ.

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.


P & BSB: Sets General Meeting August 20
---------------------------------------
Members of P & BSB One Limited Company (formerly Ansar Property
Group Limited) will have a general meeting on August 20, 2004 at
11:30 a.m.  It will be held at the offices of Tenon Recovery,
Arkwright House, Parsonage Gardens, Manchester M3 2LF.

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 Tenon Recovery, Arkwright House, Parsonage Gardens,
Manchester M3 2LF not later than 12:00 noon, August 19, 2004.

CONTACT:  TENON RECOVERY
          Arkwright House,
          Parsonage Gardens,
          Manchester M3 2LF
          Liquidator:
          D Oakley


PEARSON PROFILERS: Names Taylor Rowlands Administrator
------------------------------------------------------
John Harvey Madden of Taylor Rowlands has been appointed
administrator for Pearson Profilers Limited Company.  The
appointment was made July 7, 2004.  The company manufactures
steel profiles.

CONTACT:  TAYLOR ROWLANDS
          8 High Street, Yarm,
          Stockton-on-Tees TS15 9AE
          Administrator:
          John Harvey Madden
          (IP No 007858)


PSG DEVELOPMENTS: Sets Final Members Meeting August 23
------------------------------------------------------
The final general meeting of the members of PSG Developments
Limited Company will be on August 23, 2004 at 10:00 a.m.  It
will be held at the offices of BDO Stoy Hayward LLP, 125 Colmore
Row, Birmingham B3 3SD.

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 BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD
not later than 12:00 noon, August 20, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham B3 3SD
          Liquidator:
          A J Galloway


SCOTTISH OPERA: 34 Chorus Staff First to go in Redundancy Plan
--------------------------------------------------------------
Scottish Opera informed 34 chorus staff just minutes before a
show Sunday that it was their last performance.  The company is
restructuring its operation under the auspices of the Scottish
Executive, which recently granted the company a GBP7 million
loan to tide it over.  The company is obliged to repay only
GBP4.5 million of the amount in four years.

Nearly half of the staff will be discharged as the company plans
to reduce their number from 208 to about 120.  The staff fired
Sunday received the news 10 minutes prior to a performance of La
Boheme at the Festival Theatre in Edinburgh, Europe Intelligence
Wire says.

CONTACT:  Scottish Opera
          39 Elmbank Cresent
          GLASGOW G2 4PT
          Phone: 00 44 (0)141 248 4567
          Fax: 00 44 (0)141 221 8812
          E-mail: info@scottishopera.org.uk
          Web site: http://www.scottishopera.org.uk/


TELEWEST COMMUNICATIONS: KPMG Skeptic of Going Concern Status
-------------------------------------------------------------
Accounting firm KPMG Audit Plc, the independent auditor of
Telewest, warned about the company's capacity to continue as a
going concern.

"[T]he Group has suffered recurring losses, has a net
shareholders deficit and is undergoing financial restructuring
and this raises substantial doubt about its ability to continue
as a going concern," KPMG's opinion, attached to Telewest's 2003
annual report, states.

KPMG audited the December 31, 2002 and 2003 consolidated balance
sheets of Telewest and its subsidiaries, and the related
consolidated statements of operations, shareholders'
equity/(deficit) and comprehensive income and cash flows for
each of the years in the three-year period ended December 31,
2003.

A copy of the auditor's report, including notes is available
free of charge at
http://bankrupt.com/misc/Telewest_Auditors_Report_2003.htm.

A copy of Telewest's U.S. SEC filing is available free of charge
at http://bankrupt.com/misc/Telewest_Form6K.htm.

CONTACT:  TELEWEST COMMUNICATIONS PLC
          Richard Williams, Head of Investor Relations
          160 Great Portland Street
          London
          W1W 5QA
          Phone: 020 7299 5479
          Fax: 020 7299 5494

          The Company Secretary
          Export House
          Cawsey Way
          Woking
          Surrey
          GU21 6QX
          Clive Burns, Secretary
          Phone: 020 7299 5537
          Fax: 020 7299 5494


U.K. COAL: Mine Output in First Half Disappointing
--------------------------------------------------
U.K. Coal is issuing this trading statement prior to the
publication of its interim results for the 6 months ended 30
June 2004 on 8 September 2004:

Sales volumes in the first 6 months were 7.4 million tons (2003:
9.9 million tons) which reflects the lower level of output from
deep and surface mines.  Unit income has been GBP1.17 per
gigajoule (2003: GBP1.15/Gj) reflecting long-term contract
prices.

Production for the first six months was disappointing at 7.2
million tones (2003: 9.7 million tons) with 6.0 million tons
(2003 7.9 million tons) from deep mines and 1.2 million tons
(2003: 1.8 million tons) from surface mines. (note 1)

The trading statement issued at the AGM noted the disappointing
lower production at the deep mines compared to 2003.  This has
been the result of reduced deep mine operational performance and
gaps in production due to face changes together with industrial
action at Kellingley which has resulted in a 10% increase in
unit costs compared to 2003.

Production has improved at the collieries that experienced face
changes in the first half and output in the deep mines returned
to expected levels in the first few weeks of July.  Daw Mill is
now consistently producing around 60,000 tons per week.  New
working arrangements have been agreed at Kellingley Colliery and
the industrial action has been withdrawn.  U.K. Coal continues
to work on the Project 105 initiatives to improve operational
performances across the business.

In the deep mines the Selby Complex will cease operations
shortly.  In the first half of 2004 the Selby Complex produced
2.1 million tons (2003: 1.9 million tons).

Surface mine output in the period reduced as longer standing
sites exhausted reserves.  No new planning approvals were
received and while several applications are awaiting approval,
the planning environment remains difficult.

U.K. Coal has agreed heads of terms with Drax Power Ltd., for
the supply of almost 14 million tons of coal over a five-year
period.  The value of the contract has linkages to international
prices between limits to protect both parties from extreme
fluctuations in price and will range from almost GBP400 million
to around GBP450 million before inflation.

Deliveries will begin to phase in from January next year, with
0.5 million tons to be supplied in 2005, increasing to four
million tons by 2007, and extends to December 2009.  Together
with existing contracts, this will result in U.K. Coal supplying
a total of 18 million tons to Drax over the five years.

Applications for GBP37.5 million of Investment Grant aid
relating to accessing coal reserves at the Group's ongoing deep
mines have been approved by the Department of Trade and
Industry.  Applications for a further GBP16.7 million of
Investment Grant aid have been submitted in respect of the
Group's deep mines investments in 2005.

Property activities have continued to make good progress.
Planning approvals in respect of an additional 40 acres of
former colliery and surface mine land were approved in the first
half year.  Property sales in the first half-year were GBP1.9
million (2003: GBP8.3 million).  Surveyors have been instructed
to carry out a full property valuation to be published with the
full years results.

International coal prices have remained high throughout the
period and whilst production performance was disappointing in
the first half-year increasing unit costs, new contracts should
reflect favorably in proceeds during 2005 and beyond.  The
second half performance should improve with fewer production
gaps at the deep mines, and a return to full production at
Kellingley Colliery.  We continue to work to mitigate the effect
of cost increases through Project 105 and other initiatives.

--------
Footnote
Note 1

                         Production -  6 months
             to June 2004    H1 2004 (mt)       H1 2003 (mt)
Deep Mines
Ongoing Collieries

Daw Mill                            1.4                1.0
Ellington                           0.3                0.4
Harworth                            0.5                0.5
Kellingley                          0.3                0.9
Maltby                              0.4                0.8
Rossington                          0.2                0.5
Thoresby                            0.4                0.9
Welbeck                             0.4                0.8
Sub Total                           3.9                5.8
Selby Complex                       2.1                1.9
Closed Collieries                   Nil                0.2
Total Deep Mines                    6.0                7.9
Surface Mines                       1.2                1.8
Total Production                    7.2                9.7

CONTACT:  U.K. COAL PLC
          Gordon McPhie
          Chief Executive
          Phone: 01302 751 751

          GAVIN ANDERSON & COMPANY
          Liz Morley
          Financial
          Phone: 020 7554 1400

          Operational
          Stuart Oliver
          Phone: 01525 381 759


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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