TCREUR_Public/040727.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, July 27, 2004, Vol. 5, No. 147

                            Headlines

F R A N C E

EURO DISNEY: Key Investor Keeps Position on Rescue Plan Unknown
EURO DISNEY: Third-quarter Sales Likely Flat
MARNE ET CHAMPAGNE: Fitch Keeps Ratings on Watch Negative
VALIANCE FIDUCIAIRE: Swedish Security Firm Keeps Eye on Van Unit


G E R M A N Y

JENOPTIK AG: EUR62 Million Convertible Notes Rated 'B-'
MANNESMANN AG: Breach of Trust Lawsuit Going to High Court
MWB WERTPAPIERHANDELSHAUS: Cuts First-half Losses
WISA STOFFE: Auction of Assets Set July 29


I R E L A N D

NATIONAL IRISH: Found Guilty in Fraud and Tax Evasion Case
SMURFIT-STONE: Second-quarter Net Loss Up to US$10 Million


I T A L Y

ALITALIA: Meets with Unions Over Restructuring
GIACOMELLI: Receivers to Call New Bids


N E T H E R L A N D S

VERSATEL TELECOM: In Advanced Talks to Acquire City Carrier


R U S S I A

ALFA BANK: Moody's Lowers Financial Strength Rating to D-
DEGTYARSKOYE ORE: Sverdlovsk Court Appoints Insolvency Manager
GUTA BANK: Fitch Affirms New Owner's 'BB+/Stable' Rating
INVEST-CREDIT: Proofs of Claim Deadline August 12
KHIMIK: Declared Bankrupt

KURGAN-AUTO-VAZ: Kurgan Court Appoints Insolvency Manager
KURTAMYSHSKY CHEESE: Deadline for Proofs of Claim August 17
MEZH-INVEST-BANK: Declared Insolvent
MOKHOVLYANSKOYE: Perm Court Appoints Insolvency Manager
OB-NEFTE-MONTAZH-STROY: Insolvent Status Confirmed

SOLITON-OPTIM: Deadline for Proofs of Claim August 17
URAL-PROM-STROY-TORG-TEKH-KOMPLEKS: Declared Insolvent
VERTIKAL: Insolvent Status Confirmed
YUKOS OIL: Foreign Investors Attempt Rescue
YUKOS OIL: Vows to Ensure Yuganskneftegas Is Sold for Right Sum


S P A I N

IZAR: Local Investors Eye Gijon Shipyard


S W I T Z E R L A N D

SWISS INTERNATIONAL: Retained as UBS Verbier's Official Airline


U K R A I N E

ISSO-EAST: Kyiv Court Names Liquidator
KALINOVE: Insolvency Manager Appointed
KOSMOS: Declared Insolvent
LIDA-TK: Court Orders Debt Moratorium
PERSHE TRAVNYA: Insolvent Status Affirmed

RADONKOKS: Bankruptcy Proceedings Launched
SILICATE: Court Assigns Insolvency Manager
TROYANDA-LUTSK: Court Appoints Liquidator


U N I T E D   K I N G D O M

ABBEY NATIONAL: Santander's Rumored GBP8 Bln Offer Gets Nod
AIM GLOBAL: Members Final General Meeting Set August 27
AMBER FACTORY: Calls in Liquidator
ARTEK BUILDING: Brings in Liquidator from Till Morris
AUXILIARY SALES: Winding up Resolutions Passed

BARCO HOTELS: Sets Members Final Meeting August 20
BCE CABLE: Appoints PricewaterhouseCoopers Liquidator
BIG POSTER: Creditors Meeting July 30
BREAMORE WESSEX: Investors Pass Special Winding up Resolution
BRITISH ENERGY: Minority Owner Proposes Alternative Rescue Plan

BUCHANAN BUILDING: Calls in Liquidator
CANARY WHARF: Bares Board Changes Following Sale to Songbird
COMTAKE LIMITED: Sets Creditors Meeting July 30
DERWENT SHIRES: Calls in Liquidator
ELIA FABRICS: Sets Members Final Meeting August 25

FAIRHOLME SERVICES: Hires Liquidator from Taylor Rowlands
FRESHBAKE FOODS: Glasgow Plant Has New Owner
GEMINVEST LIMITED: General Meeting Set August 26
GIFT PEOPLE: Owners Barred from Holding Any Executive Post
HARDSHELFCO 122: Hires Administrator from Clarke Bell

JONES TOUTES: Sets Creditors Meeting August 2
L A TECHNOLOGIES: Creditors Meeting Thursday
LEEDS AUTOMOTIVE: Sets Final General Meeting August 20
NEWMARKET INSURANCE: To Host Creditors Meeting Thursday
NEWMARKET UNDERWRITING: Creditors to Meet July 29

OBVIOUS SOLUTIONS: Liquidator Known Thursday
PENNPLAN LIMITED: Winding up Resolutions Passed
PREMIER FOODS: Ratings Off CreditWatch; Raised to 'BB' After IPO
SOUP OPERA: Creditors Meeting Set August 4
ST. PAUL SYNDICATE: Hires Mazars Liquidator
WH SMITH: Jamaica Trading Withdraws Offer
WIGMORE PROPERTY: Hires Liquidators from PricewaterhouseCoopers

* Large Companies with Insolvent Balance Sheets


                            *********


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


EURO DISNEY: Key Investor Keeps Position on Rescue Plan Unknown
---------------------------------------------------------------
Euro Disney is yet to receive formal indication of shareholder
support to restructure its EUR2.4 billion (US$2.9-billion) debt.
Prince al-Waleed bin Talal has until July 31 to approve the
theme park operator's plan, AFX notes.

The company suspended debt payments in November and warned it
will not be able to repay debt unless shareholders back the
refinancing plan, which includes proposal to increase its
capital by EUR250 million.

Euro Disney's core shareholder, The Walt Disney Company, already
gave its support to the capital increase.  It will put up EUR100
million in proportion to its 39.1% stake.  Leading creditor
Caisse des Depots et Consignations promised another EUR75
million.  Other banks are willing to cover the remainder, AFP
says.  The rights issue will be carried out by March 31 once
approved.


EURO DISNEY: Third-quarter Sales Likely Flat
--------------------------------------------
Analysts are expecting Euro Disney to report slower sales growth
when it posts third quarter results this week, according to AFP.

"We are very worried about attendances at the (theme) parks as
first half figures gave no convincing signs of a very favorable
impact from the new commercial and marketing policy," Fideuram
Wargny analyst Virginie Blin said.

For the nine-months to June, sales are expected to be flat at
EUR749 million.  Revenues are thought up 5.4%, but turnover for
hotels will go down 4.3% to EUR294 million.  An increase in
theme park revenues will likely drive sales for the six months
to March to EUR473.8 million.  Average spending per visitor in
that period will be up, but this is because the theme park has
scrapped discounts to visitors during low season, Mr. Blin said.

The analyst also pointed out that Europe's most popular tourist
attraction, Euro Disney's resort east of Paris, attracted only
12.4 million visitors in 2003.  It's "far below the profit
threshold estimated at 16-17 million visitors," he said.


MARNE ET CHAMPAGNE: Fitch Keeps Ratings on Watch Negative
---------------------------------------------------------
Fitch Ratings is maintaining all classes of notes issued by
Marne et Champagne Finance a.r.l. on Rating Watch Negative.
The rating action applies to:

(a) Up to EUR91 million Class A1 notes due 20 March 2007: 'BB';

(b) EUR245 million Class A2 notes due 20 March 2007: 'BB'; and

(c) EUR60 million Class M notes due 20 March 2007: 'B'.

The outstanding amount of Class A1 notes is understood to be
EUR79 million.

Fitch understands that Caisse Nationale des Caisses d'Epargne
has made a new equity investment in Group Marne et Champagne and
provided sufficient debt finance to enable the loan backing the
securitization to be repaid in full, something which Fitch views
as a positive development.

As a result, the pledge over the champagne inventory has been
released.  However, the Brussels branch of Lloyds TSB Bank plc
('AA+'/'F1+'/Stable Outlook), in its capacity as the lending
bank in the transaction, has not paid this cash to the issuer,
preventing the repayment of the notes.  This is because it
perceives a risk that the cash might have to be returned on a
subsequent insolvency of M&C.

Under French law, should M&C become insolvent in the 18 months
after the refinancing, it would be possible, under certain
circumstances, for a French commercial court to unwind the
refinancing transaction, and therefore to request repayment of
the cash used to settle the loan advanced by Lloyds TSB to M&C.

Under the terms of the Limited Recourse Funding Agreement,
Lloyds TSB does not have to pay the cash to the issuer if, inter
alia, it views such payment can become subject to a claim or an
order or a judgment that such payment should be reimbursed in
whole or in part to M&C.  It seems that Lloyds TSB currently
intends to retain the cash for up to 18 months unless it is
indemnified for the risk to its satisfaction.

While the risk of cash return itself appears unlikely, the
potential problems associated with this situation are twofold.
Firstly, Lloyds TSB is under no obligation to release any cash
at all, meaning that the liquidity facility would have to be
drawn to pay interest on the notes during this period.  Fitch is
awaiting clarification that the liquidity facility would be
available in this situation, but notes that the facility is
large enough to cover interest during the 18 months if it is
available.

Secondly, the cash is presently earning interest at only an
overnight rate, while the weighted average margin over EURIBOR
of the notes is 1.04%.  Fitch understands that a small amount of
surplus cash is available to cover this negative carry, but it
is sufficient to last only a few months.  Unless a solution can
be found, a loss is likely to be suffered by the Class M notes,
which Fitch understands could be as high as EUR5.5 million.

There is therefore uncertainty surrounding the timeliness of
interest payments on the Class A notes.  In the event that
timely payments cannot be made to the Class A notes, the ratings
of this class will be downgraded further.  However, should it
become clear that payments will be made on a timely basis, the
risk associated with this class would be limited to that of need
to return the cash on an M&C insolvency.  Nevertheless, the
Rating Watch Negative has been maintained given the uncertainty
surrounding the current situation, and the doubt over the
timeliness of interest payments.

While there is uncertainty on the timeliness of interest
payments on the Class M notes as well, Fitch's rating of this
class addresses ultimate interest only.  More significantly,
there is the possibility of a loss on the Class M notes.  In the
event that no solution to the problems caused by negative carry
can be found, the rating of this class could be downgraded
further to reflect the increased likelihood of default.

Fitch will continue to monitor the situation closely,
particularly the resolution of the liquidity and negative carry
issues, and provide updates as appropriate.

CONTACT:  FITCH RATINGS
          Natalia Bourin, Paris
          Phone: +33 (0) 1 44 29 91 76

          Michael Cox, Paris
          Phone: +33 (0) 1 44 29 91 86

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


VALIANCE FIDUCIAIRE: Swedish Security Firm Keeps Eye on Van Unit
----------------------------------------------------------------
Swedish security company, Group 4 Falck, is still interested in
acquiring Valiance Fiduciaire, says Les Echos.  The Swedish
company has withdrawn its offer to buy the French security van
group, but according to Robert Kern, managing director of Group
4 Falck's French division, the company will continue to monitor
the situation if Valiance Fiduciaire declares insolvency.


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


JENOPTIK AG: EUR62 Million Convertible Notes Rated 'B-'
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' senior
unsecured debt rating to the EUR62.1 million convertible notes
issued by Germany-based engineering group Jenoptik AG
(B+/Negative/--).   The notes, maturing in July 2009, were
issued at parent company level.

According to Standard & Poor's criteria, the bond is
structurally subordinated to operating subsidiaries' liabilities
and contractually subordinated to the outstanding EUR150
million-guaranteed bond.  "This combination results in a ratio
of priority liabilities to total assets clearly above 50%, and
therefore results in the notes being rated two notches lower
than the 'B+' corporate credit rating on Jenoptik," said
Standard & Poor's credit analyst Eve Greb.

The ratings on Jenoptik primarily reflect the group's customer
concentration in facility engineering services to the
semiconductor industry (representing about one-third of
revenues), the challenging market environment in which the
company operates, and the group's exposure to cost overruns and
delay penalties.

The ratings are further constrained by Jenoptik's weak cash flow
generation. These weaknesses are somewhat mitigated by
Jenoptik's strong position and long track record in the
competitive segment of clean-room engineering, and by the high
level of outsourcing in this field.  The ratings are also
supported by the company's fair geographical diversification and
long-term privileged customer relationships.


MANNESMANN AG: Breach of Trust Lawsuit Going to High Court
----------------------------------------------------------
Prosecutors in the breach of trust lawsuit filed against former
Mannesmann executives will further appeal last week's decision
to acquit defendants, reports say.

Simone Kaempfer, who spoke on behalf of the prosecutor's office,
said they will elevate the matter to the Federal Court of
Justice, Germany's highest court.  Dusseldorf regional court
Judge Brigitte Koppenhoefer on Thursday acquitted Mr. Josef
Ackermann, and five other former officials of Mannesmann from
criminal charges related to their approval of bonuses that
allegedly helped expedite the takeover of Mannesmann by Vodafone
four years ago.  The judge found they violated stock corporation
law, but said their actions do not merit criminal punishment.
Ms. Kaempfer did not provide details of the plan.


MWB WERTPAPIERHANDELSHAUS: Cuts First-half Losses
-------------------------------------------------
In the first six months of 2004, MWB Wertpapierhandelshaus, the
Munich based securities trading firm was able to clearly improve
the group result from ordinary activities compared with the
previous year from -EUR1.515 million to -EUR248,000.  At
EUR939,000 (EUR474,000 previous year) the commission result and
the result from trading activities at EUR2.155 million (EUR1.162
million previous year) were almost doubled, in spite of
declining turnover, particularly in the second quarter, and
stagnating stock prices.

At EUR3.543 million (EUR3.430 million previous year) the general
administrative expenses remained almost unchanged.  Here, the
firm managed to reduce personnel expenses by EUR258,000 to
EUR1.203 million (EUR1.461 million previous year); other
administrative expenses increased due to transaction-related
expenses, from EUR1.969 million in the previous year to EUR2.340
million.

Equity amounts to EUR17.302 million (EUR17.521 million as at
December 31, 2003) and remained almost stable with an equity
ratio of 87%.  Liquidity is slightly reduced at EUR11.962
million (EUR13.341 million as at December 31, 2003).  The number
of employees decreased from 30 to 28.

CONTACT:  MWB WERTPAPIERHANDELSHAUS AG
          Rottenbucher Strasse 28
          82166 Grafelfing
          Contact:
          Thomas Posovatz
          Phone: +49 89/85 85 2-500
          Fax: +49 89/85 85 2-505
          E-mail: tposovatz@mwb.de
          Web site: http://www.mwb.de

          BERENDSON SCHWEDLER & PARTNER
          Holger Schwedler
          Unter den Eichen 7
          65195 Wiesbaden
          Phone: +49 611/5317980
          Fax: +49 611/5317958
          E-mail: h.schwedler@pr-bsp.de
          Web site: http://www.pr-berendson-schwedler.de


WISA STOFFE: Auction of Assets Set July 29
------------------------------------------
Karner & Co. AG sets for public auction the assets of WISA -
Stoffe Wilh. Sax GmbH & Co. KG. on July 29, 2004, 2:00 p.m. at
Friedrichstr 18, 78532 Tuttlingen, Germany.

The assets for sale are MCS dyeing machines, waste water system,
dry cleaning system, softening system, festoon drier, winder,
turning machine and peripheral equipment.

Inspection of assets is on July 29, 2004 from 9:00 a.m. until
1:30 p.m.  Clearance of assets will be done after payment or by
appointment.

CONTACT:  KARNER & CO. AG
          Phone: +49 (0) 6136 7544 0
          Fax: +49 (0) 6136 7544 29
          E-mail: contact.karner@goindustry.com


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I R E L A N D
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NATIONAL IRISH: Found Guilty in Fraud and Tax Evasion Case
----------------------------------------------------------
Mr. Justice Kelly on Friday imposed a heavy fine on the grave
misconduct of National Irish Bank, but ruled out a winding up,
BizWorld reports.

The judge ordered the bank to pay EUR64 million as penalty for
evading taxes and overcharging its customers for a long time.
He also determined that the bank should pay the cost of the six-
year investigation into its account.

High Court-appointed inspectors Senior Counsel John Blayney, and
accountant Tom Grace, found the bank used bogus non-resident
accounts, and opened accounts in fictitious names to facilitate
tax evasion.  The fraud is widespread through its branches, they
said.

The 400-page report of the investigators will be published
Friday as ordered by Judge Kelly.  A copy of the report will go
to the Revenue Commissioners, who are conducting a separate
investigation into customers of the bank.  There are more than
300 cases under probe, and most of these have been concluded.

National Irish Bank apologized, but it is understood those who
were responsible for the deception had already left the bank,
among them former chief executive Barry Seymour and former head
of finance Patrick Byrne.


SMURFIT-STONE: Second-quarter Net Loss Up to US$10 Million
----------------------------------------------------------
Smurfit-Stone Container Corporation (NASDAQ: SSCC) reported a
net loss available to common stockholders of US$10 million, or
US$.04 per diluted share, for the second quarter of 2004.  These
results benefited US$.01 per diluted share from the net impact
of a non-cash foreign currency translation gain and
restructuring charges for plant closures.  For the year ago
period, the company reported a net loss available to common
stockholders of US$8 million, or US$.03 per diluted share.
Sales for the three-month period were US$2,038 million, compared
to US$1,988 million in the second quarter of 2003.

For the first half ended June 30, Smurfit-Stone reported a net
loss available to common stockholders of US$76 million, or
US$0.30 per diluted share, compared to a year ago net loss of
US$41 million, or US$.17 per diluted share.  Sales were US$3,980
million, compared to US$3,865 million in the first half of 2003.

Commenting on the quarter, Patrick J. Moore, chairman, president
and chief executive officer, explained that, despite the loss,
second quarter results reflected several favorable trends.  "In
a highly competitive market, containerboard and container prices
improved.  Our fundamentals also improved -- shipments
increased, mill operating rates were high, inventories remained
lean, and key costs stabilized."  Moore added that cost
reduction initiatives contributed to improved results.

Reflecting growth in demand for packaging products, the
company's North American corrugated container volume improved.
In the second quarter, box shipments were up 1.9% on a per day
basis compared to the same period last year, and improved 2.3%
sequentially, despite the closure of ten box plants since
January 2003.  Average prices increased 1.2% sequentially in the
second quarter; though essentially flat with the prior year.

The company's containerboard mill operating rate was 95% in the
second quarter.  This represents an improvement over both the
prior and year ago quarterly rates of 91.5% and 90.4%,
respectively.  In addition, operating efficiencies improved
compared to the first quarter.  Despite already tight levels,
the company's inventories continued to decline.  Average prices
increased over 7% for containerboard compared to the first
quarter 2004.

Benefiting from cost cutting and efficiency initiatives, second
quarter profits in the consumer packaging segment improved both
sequentially and year over year.  Folding carton shipments were
down 3% from the prior year second quarter while multi-wall bag
volume was flat.

Second quarter energy and employee benefit costs decreased
sequentially.  Virgin fiber prices trended downward compared to
the first quarter 2004, while recycled fiber prices stabilized.

Commenting on the outlook, Moore said, "Given continued strong
box demand, we anticipate high mill operating rates and low
inventories.  We face a very competitive market as we continue
to implement price increases for packaging products.  With
improved prices and stable costs, we expect a profitable third
quarter and increased free cash flow for further debt
reduction."

Smurfit-Stone Container Corporation (Nasdaq: SSCC) is the
industry's leading manufacturer of paperboard and paper-based
packaging.  Smurfit-Stone is a leading producer of
containerboard, including white top linerboard and recycled
medium; corrugated containers; point-of-purchase displays;
multi-wall and specialty bags; and clay-coated recycled
boxboard; and is the world's largest collector and marketer of
recovered fiber.  In addition, Smurfit-Stone is a leading
producer of solid bleached sulfate, folding cartons, flexible
packaging, and labels.  The company operates approximately 250
facilities, located primarily in the U.S., Canada and Mexico,
and employs approximately 35,000 people.


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


ALITALIA: Meets with Unions Over Restructuring
----------------------------------------------
The management of Italian airline Alitalia will meet with trade
unions today to discuss the company's restructuring, Il Sole 24
Ore cites trade union FIT-CISL.

Today's conference precedes Alitalia's board meeting tomorrow.
The meeting is set to analyze a new business plan by Giancarlo
Cimoli, the group's chief executive.


GIACOMELLI: Receivers to Call New Bids
--------------------------------------
The receivers of bankrupt Italian sportswear retail group
Giacomelli have decided to solicit new bids for the firm after
receiving 'too low' offers, reports Il Sole 24 Ore.

Though an expert opinion in December valued Giacomelli at EUR39
million, the receivers so far have received bids not more than
EUR10 million.  The receivers believe they can obtain higher
offers.  Elio Blasio, one of the commissioners, said they are
"also studying legal action against the group's financial
advisors and banks to revoke transactions leading up to the
group's collapse, as well liability suits against the group's
former managers."

Having no fixed assets, Giacomelli's valuation is based on its
brand, staff, and rental contracts.  The group's creditors are
unlikely to recover their money, pegged at around EUR500
million.


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


VERSATEL TELECOM: In Advanced Talks to Acquire City Carrier
-----------------------------------------------------------
Versatel Telecom International N.V. on Friday announced that it
is in advanced negotiations with BerlinWasser Holding, a company
jointly owned by Land Berlin and RWE/Vivendi Beteilgungs AG to
purchase 100% of the outstanding share capital of BerliKomm and
its wholly owned subsidiaries, BerliNet and Berlikomm Asset
Management.

Versatel, based in Amsterdam, is a competitive communications
network operator and a leading alternative to the former
monopoly telecommunications carriers in its target market of the
Netherlands, Belgium and Germany.  Founded in October 1995, the
Company holds full telecommunication licenses in The
Netherlands, Belgium and Germany and has over 1 million
customers and approximately 1,600 employees.

Versatel operates a facilities-based local access broadband
network that uses the latest network technologies to provide
business customers with high bandwidth voice, data and Internet
services.  Versatel is a publicly traded company on Euronext
Amsterdam under the symbol "VRSA".  News and information are
available at http://www.versatel.com.

CONTACT:  VERSATEL TELECOM
          AJ Sauer
          Investor Relations Manager
          Phone: +31-20-750-1231
          E-mail: aj.sauer@versatel.nl

          Anoeska van Leeuwen
          Director Corporate Communications
          Phone: +31-20-750-1322
          E-mail: anoeska.vanleeuwen@versatel.nl


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


ALFA BANK: Moody's Lowers Financial Strength Rating to D-
---------------------------------------------------------
Moody's Investors Service downgraded the financial strength
rating of Alfa Bank to D- from D after the recent turmoil in the
country's banking system.

The rating agency initiated a review on the ratings of 17
Russian banks after a confidence crisis triggered a run of
deposit withdrawals in the country.  The review was headed
towards a possible downgrade, but the recent turn of events
prompted Moody's to confirm almost all of them, except for Alfa
Bank's financial strength rating.  Its foreign currency deposit
rating was confirmed at Ba2.  All ratings have stable outlook.

"The majority of the rated institutions have sustained only
limited damage.  Most of the banks have promptly restored their
activities and continue to operate normally," Moody's said.  The
rating agency further believes the country's banks will in the
short-term repair whatever damage the crisis may have done.  For
Alfa Bank, the downgrade reflects its weakened deposit base as a
result of significant outflow of deposits.

The banks whose long-term foreign currency ratings were
confirmed are:

(a) Aljba Alliance Commercial Bank -- B1

(b) Credit Bank of Moscow -- B1

(c) International Industrial Bank -- B1

(d) JSB Rosbank -- B1

(e) KMB-Bank -- Ba3

(f) MDM Financial Group -- Ba2

(g) Moscow Municipal Bank/Bank of Moscow -- Ba2

(h) Nikoil IBG Bank -- B1

(i) Nomos Bank -- B1

(j) Petrocommerce Bank -- B1

(k) Promsvyazbank -- B1

(l) Rosevrobank -- B1

(m) Russian Bank for Development -- Ba3

(n) Russian Standard Bank -- Ba3

(o) Trust Investment Bank -- B1

(p) TransCreditBank -- Ba3

(q) Zenit Bank -- B1


The banks whose financial strength ratings were confirmed were:

(a) MDM Financial Group -- D

(b) Moscow Municipal Bank/Bank of Moscow -- D-

(c) Russian Standard Bank -- D-


DEGTYARSKOYE ORE: Sverdlovsk Court Appoints Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Sverdlovsk region declared OJSC
Degtyarskoye Ore Control insolvent and introduced bankruptcy
proceedings.  The case is docketed as A60-30838/03-S3.  Mr. Y.
Suzdalev has been appointed insolvency manager.  Creditors have
until August 17, 2004 to submit their proofs of claim to 620048,
Russia, Ekaterinburg, Post User Box 21.

CONTACT:  DEGTYARSKOYE ORE CONTROL
          623270, Russia,
          Sverdlovsk Region,
          Degtyarsk,
          Kalinina Str. 31a

          Mr. Y. Suzdalev
          Insolvency Manager
          620048, Russia,
          Ekaterinburg,
          Post User Box 21


GUTA BANK: Fitch Affirms New Owner's 'BB+/Stable' Rating
--------------------------------------------------------
Fitch Ratings on Friday affirmed the ratings of Russia's
Vneshtorgbank (VTB) at Long-term 'BB+' with Stable Outlook,
Short-term 'B', Individual 'C/D', Support '3'.  The rating
action follows clarification received by Fitch on the background
and terms of VTB's recent acquisition of Guta Bank.

VTB announced earlier that it has acquired an 86% stake in Guta
Bank, one of Russia's 25 largest banks, for the symbolic sum of
RUB1 million (US$34,000).  Earlier this month, Guta Bank became
the highest profile casualty of Russia's recent mini-crisis,
having suffered a sharp deterioration in its liquidity position.

In support of the deal, the Central Bank of Russia has placed a
US$700 million deposit with VTB for one year (with a one year
extension option) at LIBOR.  Part of this deposit will be used
to inject liquidity into Guta Bank to enable it to open for
business again.

Fitch comments that, based on the information it has received
to-date about Guta Bank, the acquisition, in itself, does not
affect VTB's Individual rating.  VTB has yet to complete its
review of Guta Bank's balance sheet, but its assets on
acquisition are anticipated to total less than US$900 million
(under Russian Accounting Regulation).

This compares with VTB's consolidated assets (under
International Accounting Standards) of US$11.3 billion at end-
2003, which are likely to have climbed to c. US$14 billion to
US$15 billion by end-H104, and equity of c.US$2.5 billion.
Russian Accounting Regulation balance sheet data on Guta Bank
appears to indicate that the bank was solvent upon acquisition
by VTB and that its failure was indeed due to its liquidity
situation.

Fitch notes that, since VTB's review of Guta Bank's balance
sheet is not yet finalized, a degree of risk remains.  However,
earnings available to VTB from the cheap deposit from the CBR, a
pledge over certain other Guta Group assets and the size
difference between VTB and Guta Bank all provide for some
mitigation in this respect.  Even so, Fitch will monitor the
situation closely as it develops.

VTB's Long-term rating is underpinned by the potential support
from the Russian state (rated Long-term foreign currency 'BB+'),
should the need arise.  The bank was provided with liquidity and
capital support in the wake of the 1998 financial crisis by its
then shareholder, the CBR.

Fitch believes that the potential support for VTB and the state
savings bank, Sberbank, has strengthened over the course of the
past two months when they have served to provide some stability
to a banking system that has confirmed itself as being
vulnerable to shock (see also Fitch's Special Report, "The
Banking System: Russia's Achilles Heel", published on 21 July
2004).

VTB was established in 1990, inheriting management, staff and
clients from the former Vneshtorgbank USSR.  Its roots are in
servicing large Russian corporates, particularly those with
foreign trade activity.  It has also been an active participant
in the government debt and the FX markets.  More recently, it
has diversified its business into retail and SME banking.  To
this end, Guta Bank's branch network is attractive for the bank.

Guta Bank was founded in 1991 and was an integral part of, and
majority-owned by, the Guta Group, which has interests in the
confectionary, motor, insurance and tourism industries.  Its
earnings profile appears to have been weaker than that of VTB.

CONTACT:  FITCH RATINGS
          James Longsdon, London
          Phone: +44 (0) 20 7417 4309


INVEST-CREDIT: Proofs of Claim Deadline August 12
-------------------------------------------------
The Arbitration Court of Moscow declared commercial bank Invest-
Credit insolvent and introduced bankruptcy proceedings.  The
case is docketed as A40-25091/04-71-19B.  Mr. M. Illarionov has
been appointed insolvency manager.  Creditors have until August
12, 2004 to submit their proofs of claim to the insolvency
manager at 125009, Moscow, Gergievsky pereulok 1, building 1,
office 328.

CONTACT:  INVEST-CREDIT
          Russia, Moscow,
          129626, Mir prospect 106

          Mr. M. Illarionov
          Insolvency Manager
          125009, Moscow,
          Gergievsky pereulok 1,
          Building 1, Office 328
          Phone: 292-72-60


KHIMIK: Declared Bankrupt
-------------------------
The Arbitration Court of Perm region declared chemical company
LLC Khimik insolvent and introduced bankruptcy proceedings.  The
case is docketed as A50-31828/2003-B.  Mr. A. Gershanok has been
appointed insolvency manager.


KURGAN-AUTO-VAZ: Kurgan Court Appoints Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Kurgan region declared CLSC Kurgan-
Auto-Vaz insolvent and introduced bankruptcy proceedings.  The
case is docketed as A34-264/02-s1.  Mr. E. Golubev has been
appointed insolvency manager.   Creditors have until August 17,
2004 to submit their proofs of claim to 640023, Russia, Kurgan-
23, Post User Box 4305.

CONTACT:  KURGAN-AUTO-VAZ
          640000, Russia,
          Kurgan Region,
          Konstitsii Square, 35

          Mr. E. Golubev
          Insolvency Manager
          640023, Russia,
          Kurgan-23,
          Post User Box 4305


KURTAMYSHSKY CHEESE: Deadline for Proofs of Claim August 17
-----------------------------------------------------------
The Arbitration Court of Kurgan region declared state enterprise
Kurtamyshsky Cheese Dairy (TIN 4511000417) insolvent and
introduced bankruptcy proceedings.  The case is docketed as A34-
507903-s27.  Mr. V. Kalashnikov has been appointed insolvency
manager.  Creditors have until August 17, 2004 to submit their
proofs of claim to 641150, Russia, Kurgan region, Tselinnoye,
Promyshlennaya Str. 8.

CONTACT:  KURTAMYSHSKY CHEESE DAIRY
          641430, Russia,
          Kurgan Region, Kurtamysh,
          Sosnovaya Str. 1

          Mr. V. Kalashnikov
          Insolvency Manager
          641150, Russia,
          Kurgan Region, Tselinnoye,
          Promyshlennaya Str. 8


MEZH-INVEST-BANK: Declared Insolvent
------------------------------------
The Arbitration Court of Moscow declared commercial bank LLC
Mezh-Invest-Bank insolvent and introduced bankruptcy
proceedings.  The case is docketed as A40-24343/04-73-18B.  Mr.
M. Illarionov has been appointed insolvency manager.   Creditors
have until August 12, 2004 to submit their proofs of claim to
the insolvency manager at 125009, Moscow, Gergievsky pereulok 1,
building 1, office 328.

CONTACT:  MEZH-INVEST-BANK
          Russia, Moscow,
          109125 Volgogradsky prospect 43B

          Mr. M. Illarionov
          Insolvency Manager
          125009, Moscow,
          Gergievsky pereulok 1,
          Building 1, Office 328
          Phone: 292-72-60


MOKHOVLYANSKOYE: Perm Court Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Perm region declared municipal unitary
joint enterprise Mokhovlyanskoye insolvent and introduced
bankruptcy proceedings.  The case is docketed as A50-5082/2004-
B.  Mr. A. Gershanok has been appointed insolvency manager.


OB-NEFTE-MONTAZH-STROY: Insolvent Status Confirmed
--------------------------------------------------
The Arbitration Court of Khanty-Mansiysky autonomous region
declared power building company CJSC Ob-Nefte-Montazh-Stroy
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A75-153-B/04.  Mr. M. Galimov has been appointed
insolvency manager.

Creditors have until August 17, 2004 to submit their proofs of
claim to 628616, Russia, Khanty-Mansiysky autonomous region,
Nizhnevartovsk-16, Post User Box 1266.

CONTACT:  OB-NEFTE-MONTAZH-STROY
          Russia, Khanty-Mansiysky Autonomous Region,
          Nizhnevartovsk-16, Post User Box 1266

          Mr. M. Galimov
          Insolvency Manager
          628616, Russia,
          Khanty-Mansiysky Autonomous Region,
          Nizhnevartovsk-16,
          Post User Box 1266
          Phone/Fax: (8-3466) 24-87-86
                  Or 24-86-88


SOLITON-OPTIM: Deadline for Proofs of Claim August 17
-----------------------------------------------------
The Arbitration Court of Tyumen region declared LLC Soliton-
Optim insolvent and introduced bankruptcy proceedings.  The case
is docketed as A70-287/3-04.  Ms. O. Kruglova has been appointed
insolvency manager.  Creditors have until August 17, 2004 to
submit their proofs of claim.

CONTACT:  SOLITON-OPTIM
          Russia, Tyumen,
          Volodarskogo Str. 38

          Ms. O. Kruglova
          Insolvency Manager
          Russia, Tyumen,
          Kamchatskaya Str. 2/43


URAL-PROM-STROY-TORG-TEKH-KOMPLEKS: Declared Insolvent
------------------------------------------------------
The Arbitration Court of Chelyabinsk region declared industrial
building corporation LLC Ural-Prom-Stroy-Torg-Tekh-Kompleks
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A76-2987/04-32-8.  Mr. N. Nikonorov has been
appointed insolvency manager.  Creditors have until August 17,
2004 to submit their proofs of claim to 454092, Russia,
Chelyabinsk, Post User Box 9484.

CONTACT:  URAL-PROM-STROY-TORG-TEKH-KOMPLEKS
          Russia, Chelyabinsk Region,
          Korkino, Gornykov Str. 9

          Mr. N. Nikonorov
          Insolvency Manager
          454092, Russia,
          Chelyabinsk,
          Post User Box 9484


VERTIKAL: Insolvent Status Confirmed
------------------------------------
The Arbitration Court of Perm region declared LLC Vertikal
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A50-31853/2003-B.  Mr. A. Gershanok has been
appointed insolvency manager.


YUKOS OIL: Foreign Investors Attempt Rescue
-------------------------------------------
A group of private British investors has approached the
government regarding the rescue of Yukos Oil, reports say.  The
consortium sent a letter to Russian President Vladimir Putin
proposing to pay up to US$10 billion of the firm's tax debts,
and buy a majority stake in the company.

The letter was sent by George Miller, a consultant close to an
ally of Menatep Bank, Konstantin Kagalovsky.  Mr. Kagalovsky
used to be the vice-president of Menatep Bank, the core of
Yukos' financial empire in the 1990s.  He once served as Yukos
executive.  Mr. Kagalovsky did not identity the financial
backers in an interview with Moscow Times recently, but he did
say none of them were Russian.  He said his role is purely
organizational.  He denied any prior contact with Yukos' jailed
founder Mikhail Khodorkovsky while the plan was being hatched.
He said, though, that Mr. Khodorkovsky was informed through his
lawyer a day before the letter was sent to Kremlin.

Analysts say that while the plan will look good in that it will
help the government take over Mr. Khodorkovsky's stake, and
settle the company's back taxes, it is unlikely to gain favor
from the government because of Mr. Kagalovsky's involvement.
His ties to Menatep might arouse suspicions regarding the true
nature of the deal.

Addressing such concern, Mr. Kagalovsky said the group wanted to
assure the government that it would not trick it once the freeze
on the assets were lifted.  The majority shareholding at Yukos
is currently frozen pending the conclusion of the probe into Mr.
Khodorkovsky's alleged involvement in tax evasion and various
other financial frauds.

"In order to ensure there is no element of mistrust, we would
pay [the tax bills and the reimbursement] immediately into a
Finance Ministry account," he said.  "All this would happen at
the same time."

A Kremlin spokesman denied receiving the letter Friday.  He
declined to comment further.  According to Yukos, it has already
sent 11 proposals to the government, but none has elicited any
response from authorities.


YUKOS OIL: Vows to Ensure Yuganskneftegas Is Sold for Right Sum
---------------------------------------------------------------
Yukos Oil plans to go to court to make sure its main operating
subsidiary, Yuganskneftegas, will not be sold at a discount.
The Ministry of Justice has put Yuganskneftegas, which produces
60% of the oil company's crude, for sale after Yukos failed to
pay its US$3.4 billion tax bill for 2000.  Rumors are rife the
government will unload it at a knockdown price.

Bruce Misamore, Yukos chief financial officer, says: "If there
was any kind of complicity, I think that what our lawyers say is
that there could be some course of action if a buyer is found to
be taking advantage of the situation."  Yukos has warned it
could go bankrupt within weeks after the property was seized.

Analysts value Yuganskneftegas at between US$20 billion and
US$40 billion (GBP11 billion to GBP22 billion).  Potential buyer
for the asset is Surgutneftegas, Russia's biggest oil producer
after Yukos and Lukoil.  But if Yukos stays with the state,
Yuganskneftegas could go to Gazprom and Rosneft, the report
says.


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


IZAR: Local Investors Eye Gijon Shipyard
----------------------------------------
A group of investors, led by former Iberian Airlines head Miguel
Aguilo, has shown interest in acquiring the Gijon shipyard of
troubled Spanish shipbuilder Izar, El Pais says.

The group intends to purchase the Gijon shipyard through Naval
de Gijon, in which it recently acquired a controlling stake.
Sociedad Estatal de Participaciones Industriales (SEPI), the
Spanish state industrial holding company, is monitoring the
transaction and is pushing for the maximum job security of
Izar's employees.  SEPI has blamed the enforced repayment of the
EUR376 million state aid for Izar's difficulties.  The European
Commission has ruled the loan was illegal.

CONTACT:  IZAR
          Velazquez Street 132
          28006 Madrid
          Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es


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


SWISS INTERNATIONAL: Retained as UBS Verbier's Official Airline
---------------------------------------------------------------
Swiss has extended its partnership with the UBS Verbier Festival
Orchestra.  The carrier thus continues to serve as Official
Airline to the ensemble, which brings over 100 young musicians
together every year.  In addition to the festival in Verbier,
Switzerland, the orchestra will be undertaking a three-week tour
of Europe and Asia this autumn.

Swiss has renewed the partnership with the UBS Verbier Festival
Orchestra on which it embarked last year.  As Official Airline,
the carrier transports the ensemble's young musicians drawn from
all over the world together with their instruments -- initially
to Switzerland for the Verbier Festival, and then in autumn on
their tour of Europe and Asia.  SWISS has committed to a multi-
year partnership with the Orchestra.

Since its foundation in 2000, the UBS Verbier Festival Orchestra
has become a byword for precision, liveliness and motivation,
and has earned itself an outstanding reputation all over the
world.  The orchestra is composed of more than 100 musicians
aged between 17 and 29 and drawn from some 35 countries, who
gather for the Verbier Festival each summer to form this unique
ensemble.

Swiss is delighted to be making its own contribution to the
personal development of these young musicians, and to promoting
the Festival's values of international harmony and understanding
around the world.

The UBS Verbier Festival Orchestra will be performing on:

Verbier Festival -  July 16 to August 1
European tour    -  October 14 to 27
Asian tour       -  October 28 to November 8

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 848 773 773
          Fax:   +41 61 582 3554
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


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


ISSO-EAST: Kyiv Court Names Liquidator
--------------------------------------
The Economic Court of Kyiv region declared JSC Isso-East (code
EDRPOU 20026177) insolvent and introduced bankruptcy proceedings
on June 14, 2004.  The case is docketed as 24/272-B.  JSCB
LegBank (code EDRPOU 14291780 MFO 300056) has been appointed
liquidator/insolvency manager.

CONTACT:  ISSO-EAST
          Ukraine, Kyiv region,
          Drajzer Str. 8

          LEGBANK
          Liquidator/Insolvency Manager
          01033, Ukraine, Kyiv region,
          Zhilyanska Str. 27
          Phone: (044) 227-95-00

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


KALINOVE: Insolvency Manager Appointed
--------------------------------------
The Economic Court of Donetsk region declared Agricultural LLC
Kalinove (code EDRPOU 00531634) insolvent and introduced
bankruptcy proceedings on June 3, 2004.  The case is docketed as
33/212 B.  Arbitral manager Mrs. S. Afanasyeva (License Number
AA 783031) has been appointed liquidator/insolvency manager.

CONTACT:  AGRICULTURAL KALINOVE
          85185, Ukraine, Donetsk region,
          Kostyantinivskij district, Kalinove

          Mrs. S. Afanasyeva
          Liquidator/Insolvency Manager
          Ukraine, Donetsk region,
          Arktiki str. 21/11

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


KOSMOS: Declared Insolvent
--------------------------
The Economic Court of Kyiv region declared Joint Ukrainian-
Russian LLC Kosmos insolvent and introduced bankruptcy
proceedings on June 4, 2004.  The case is docketed as 43/246.
Arbitral manager Mr. Vyacheslav Letskan (License Number AA
419239 approved on October 21, 2002) has been appointed
liquidator/insolvency manager.

CONTACT:  JOINT UKRAINIAN-RUSSIAN KOSMOS
          Ukraine, Kyiv region,
          Gashenko Str. 15

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


LIDA-TK: Court Orders Debt Moratorium
-------------------------------------
The Economic Court of Kyiv region declared LLC Lida-TK (code
EDRPOU 25403087) insolvent and introduced bankruptcy proceedings
on June 14, 2004.  Earlier, it ordered a moratorium on the
satisfaction of creditors' claims on March 24, 2004.  Branch
Kyiv city management JSC Index-Bank has been appointed
liquidator/insolvency manager.

CONTACT:  LIDA-TK
          Ukraine, Kyiv region,
          Solomyanska Str. 33

          INDEX-BANK
          Liquidator/Insolvency Manager
          03048, Ukraine, Kyiv region,
          Povitroflotskij Avenue, 50/2
          Phone: 495-29-82

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


PERSHE TRAVNYA: Insolvent Status Affirmed
-----------------------------------------
The Economic Court of Vinnitsya region declared Agricultural LLC
Pershe Travnya (code EDRPOU 00414182) insolvent and introduced
bankruptcy proceedings on March 16, 2004.  The case is docketed
as 10/242-03.  Mr. U. Tushevskij (License Number AA 250425
approved on March 29, 2002) has been appointed
liquidator/insolvency manager.

CONTACT:  AGRICULTURAL PERSHE TRAVNYA
          Ukraine, Vinnitsya region,
          Vinnitsya district,
          Luka-Meleshkivska

          Mr. U. Tushevskij
          Liquidator/Insolvency Manager
          21016, Ukraine, Vinnitsya region,
          40-Richya peremogi Str. 27 a,
          room 57
          Phone: 8 (0432) 35-63-09

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


RADONKOKS: Bankruptcy Proceedings Launched
------------------------------------------
The Economic Court of Donetsk region declared CJSC Radonkoks
(code EDRPOU 00191106) insolvent and introduced bankruptcy
proceedings on June 10, 2004.  The case is docketed as 15/257 B.
Mr. Boris Lubinskij (License Number AA 630011) has been
appointed liquidator/insolvency manager.  Radonkoks holds
account number 26000301527679 at Prominvestbank, Makiyivka
central city branch of Donetsk region, MFO 334516.

CONTACT:  RADONKOKS
          86106, Ukraine, Donetsk region,
          Makiyivka, Gorkij Str. 1

          Mr. Boris Lubinskij
          Liquidator/Insolvency Manager
          Phone: (062) 332-43-53

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


SILICATE: Court Assigns Insolvency Manager
------------------------------------------
The Economic Court of Hmelnitskij region declared OJSC Silicate
(code EDRPOU 00291670) insolvent and introduced bankruptcy
proceedings on June 24, 2004.  The case is docketed as 4/13/127-
B.  Arbitral manager Mr. M. Dajneka (License Number AA 047739
approved on October 2, 2001) has been appointed
liquidator/insolvency manager.  Silicate holds account number
26003600037461, MFO 315858.

CONTACT:  SILICATE
          Ukraine, Hmelnitskij region,
          Slavuta, Privokzalna Str. 1a

          Mr. M. Dajneka
          Liquidator/Insolvency Manager
          Ukraine, Hmelnitskij region,
          Hotovitskij Str. 8/120

          ECONOMIC COURT OF HMELNITSKIJ REGION:
          29000, Ukraine, Hmelnitskij region,
          Nezalezhnosti square, 1


TROYANDA-LUTSK: Court Appoints Liquidator
-----------------------------------------
The Economic Court of Volinska region declared LLC Troyanda-
Lutsk (code EDRPOU 30007178 holds) insolvent and introduced
bankruptcy on June 15, 2004.  The case is docketed as 4/85-B.
Mr. Anatolij Lipich (License Number AA 719766 approved on
January 21, 2004) has been appointed liquidator/insolvency
manager.  Troyanda-Lutsk holds account number 26045232034030 at
CB Privatbank, MFO 303440.

CONTACT:  TROYANDA-LUTSK
          45607, Ukraine, Volinska region,
          Lutsk district, Girka Polonka

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

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


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


ABBEY NATIONAL: Santander's Rumored GBP8 Bln Offer Gets Nod
-----------------------------------------------------------
Abbey National plc on Monday confirmed the agreement reached
with Banco Santander on the terms of a recommended cash and
shares offer to be made for its entire ordinary share capital.

The bank did not disclose the financial aspect of the deal, but
people familiar with the process earlier told The Wall Street
Journal that the Spanish Bank offered GBP8 billion (US$15.5
billion) to buy the stocks.  The offer reportedly includes a 25
pence-a-share cash.

Spain's biggest bank and the largest lender in Latin America
started talks to acquire Abbey National in February, but
negotiations fell through after word of the negotiations leaked
to the media.


AIM GLOBAL: Members Final General Meeting Set August 27
-------------------------------------------------------
Members of Aim Global Advisors Limited Company will have a final
general meeting on August 27, 2004 at 11:00 a.m.  It will be
held at 31 Burnaby Gardens, Chiswick, London W4 3DR.

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.


AMBER FACTORY: Calls in Liquidator
----------------------------------
At an Extraordinary General Meeting of the Creditors of the
Amber Factory Ltd Company (formerly Boomfactory Ltd) on June 29,
2004 held at Fergusson House, 124-128 City Road, London EC1V
2NJ, the Extraordinary Resolution to wind up the company was
passed.  C M Iacovides of Jeffreys Henry Jacobs, 124-128 City
Road, London EC1V 2NJ has been nominated Liquidator for the
purpose of such winding-up.

CONTACT:  JEFFREYS HENRY JACOBS
          124-128 City Road,
          London EV1V 2NJ
          Liquidator:
          C M Iacovides


ARTEK BUILDING: Brings in Liquidator from Till Morris
-----------------------------------------------------
At an Extraordinary General Meeting of the Artek Building
Services Limited Company on July 6, 2004 held at 32 Brook
Street, Warwick CV34 4BL, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Duncan Roderick
Morris of The Till Morris Partnership, 32 Brook Street, Warwick
CV34 4BL has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  THE TILL MORRIS PARTNERSHIP
          32 Brook Street
          Warwick CV34 4BL
          Liquidator:
          Duncan Roderick Morris


AUXILIARY SALES: Winding up Resolutions Passed
----------------------------------------------
At an Extraordinary General Meeting of the Auxiliary Sales
Promotions Limited Company on July 1, 2004 held at Salisbury
House, 31 Finsbury Circus, London EC2M 5SQ, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Peter John Forsey has been appointed Liquidator of the Company.


BARCO HOTELS: Sets Members Final Meeting August 20
--------------------------------------------------
The final meeting of the members of Barco Hotels (Devon) Limited
Company will be on August 20, 2004 at 11:00 a.m.  It will be
held at Neville Hatton, 10 &11 Lynher Building, Queen Anne's
Battery, Plymouth, Devon PL4 0LP.

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.


BCE CABLE: Appoints PricewaterhouseCoopers Liquidator
-----------------------------------------------------
At a General Meeting of the Members of BCE Cable Holdco Company
the Ordinary Resolution to wind up the company was passed.
Richard Victor Yerburgh Setchim and Jonathan Michael Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed as Joint Liquidators of the Company.

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


BIG POSTER: Creditors Meeting July 30
-------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

            IN THE MATTER OF Big Poster Co Ltd. - The

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Big Poster Co Ltd.
- The will be held at Griffin Court 201 Chapel Street Manchester
M3 5EQ on July 30, 2004 at 12:00 noon 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 Griffin Court
201 Chapel Street Manchester M3 5EQ 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
Griffin Court 201 Chapel Street Manchester M3 5EQ 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 Kay Johnson Gee, Griffin Court 201 Chapel
Street Manchester M3 5EQ two business days prior to the meeting.

By Order of the Board.

A Tal, Director

CONTACT:  KAY JOHNSON GEE
          Griffin Court
          201 Chapel Street
          Manchester
          M3 5EQ
          Phone: 0161 832 6221


BREAMORE WESSEX: Investors Pass Special Winding up Resolution
-------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Breamore Wessex Limited Company on July 6, 2004 held at Norgar
House, 10 East Street, Fareham, Hampshire, the subjoined Special
Resolution to wind up the company was passed.  Carl Derek Faulds
and James Richard Tickell of Portland Business & Financial
Solutions, 1640 Parkway, Solent Business Park, Whiteley,
Fareham, Hampshire have been appointed Joint Liquidators of the
Company.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS
          1640 Parkway, Solent Business Park,
          Whiteley, Fareham
          Liquidators:
          Carl Derek Faulds
          James Richard Tickell


BRITISH ENERGY: Minority Owner Proposes Alternative Rescue Plan
---------------------------------------------------------------
Polygon Investments, which holds 5.6% of troubled energy
generator British Energy, plans to ask other shareholders to
oppose the firm's restructuring plan.  Polygon Investments said
it has a proposal that would enable British Energy to pay its
bondholders in full, and leave shareholders with 30% of the
firm.

Under the company's rescue program, shareholders stand to be
left with only 2.5% of the group, while bondholders are assured
of a full recovery.  The investment firm is hoping imminent
changes to the U.K. listing rules will give small shareholders
the right to vote against the restructuring plan.

The reorganization program is still under the scrutiny of the
European Commission.  The agency will determine whether British
Energy received illegal state aid when the government helped it
avoid a collapse in 2002.  British Energy suffered after power
prices slumped in the country.


BUCHANAN BUILDING: Calls in Liquidator
--------------------------------------
At an Extraordinary General Meeting of the Members of the
Buchanan Building Services Ltd Company on July 26, 2004 held at
1640 Parkway, Solent Business Park, Whiteley, Fareham,
Hampshire, the Ordinary and Extraordinary Resolutions to wind up
the company were passed.  Peter Robin Bacon and Carl Derek
Faulds of Portland Business & Financial Solutions Ltd., 1640
Parkway, Solent Business Park, Whiteley, Fareham, Hampshire have
been appointed Joint Liquidators of the Company.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway, Solent Business Park,
          Whiteley, Fareham,
          Hampshire
          Liquidators:
          Peter Robin Bacon
          Carl Derek Faulds


CANARY WHARF: Bares Board Changes Following Sale to Songbird
------------------------------------------------------------
Following the announcement of the closing of the Songbird
Acquisition Limited offer for Canary Wharf Group plc and having
regard to the need to avoid any perceived conflict of interest,
the Board has unanimously agreed that the two Songbird Estates
plc directors having day-to-day executive responsibility for
Canary Wharf Group plc should not remain as directors of
Songbird Estates plc.

George Iacobescu and Peter Anderson have accordingly ceased to
be directors of Songbird Estates plc with immediate effect but
will continue as directors of Canary Wharf Group plc and
maintain their executive responsibilities for the day-to-day
running of that company.


COMTAKE LIMITED: Sets Creditors Meeting July 30
-----------------------------------------------
Creditors of Comtake Limited Company will have a meeting on July
30, 2004 at 10:00 a.m.  It will be held at Bulman House, Regent
Centre, Gosforth, Newcastle upon Tyne NE3 3LS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tait Walker, Bulman House, Regent Centre,
Gosforth, Newcastle upon Tyne NE3 3LS not later than 12:00 noon,
July 29, 2004.

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


DERWENT SHIRES: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Derwent Shires
Estates Limited Company on July 15, 2004 held at 50 Osmaston
Road, Derby DE1 2HU, the Special Resolution to wind up the
company was passed.  John Philip Allen of Mabe Allen, 50
Osmaston Road, Derby DE1 2HU has been appointed Liquidator for
the purpose of such winding-up.

CONTACT:  MABE ALLEN
          50 Osmaston Road,
          Derby DE1 2HU
          Liquidator:
          John Philip Allen


ELIA FABRICS: Sets Members Final Meeting August 25
--------------------------------------------------
Members of Elia Fabrics Limited Company will have a final
general meeting on August 25, 2004 at 11:00 a.m.  It will be
held at Kroll, 5th Floor, Airedale House, 77 Albion Street,
Leeds LS1 5AP.

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 Kroll, 5th Floor, Airedale House, 77 Albion Street, Leeds
LS1 5AP not later than 12:00 noon, August 24, 2004.

CONTACT:  KROLL LIMITED
          5th Floor, Airedale House,
          77 Albion Street, Leeds LS1 5AP
          Liquidator:
          N A Brackenbury


FAIRHOLME SERVICES: Hires Liquidator from Taylor Rowlands
---------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Fairholme Services Limited Company on July 19, 2004 held at
Taylor Rowlands, 8 High Street, Yarm, Stockton on Tees TS15 9AE,
the Special Resolution to wind up the company was passed.  John
Harvey Madden of Taylor Rowlands, 8 High Street, Yarm, Stockton
on Tees TS15 9AE has been appointed Liquidator for the purpose
of such winding-up.

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


FRESHBAKE FOODS: Glasgow Plant Has New Owner
--------------------------------------------
Anglo Beef Processors Ltd. has acquired the number one
manufacturing facility of frozen sausages in the United Kingdom,
according to Food Ingredients First.

The company acquired the Glasgow-based plant of Freshbake Foods,
which went into administrative receivership on June 22, 2004.
The facility makes frozen sausages for U.K. supermarkets and
food service companies.  Anglo Beef Processors Ltd. is a
subsidiary of Irish Food Processors.


GEMINVEST LIMITED: General Meeting Set August 26
------------------------------------------------
Members of Geminvest Limited Company will have a general meeting
on August 26, 2004 at 11:00 a.m.  It will be held at 66 Shoe
Lane, London EC4A 3WA.

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.


GIFT PEOPLE: Owners Barred from Holding Any Executive Post
----------------------------------------------------------
The Insolvency Service has banned the directors of The Gift
People from holding directorship positions for a total of eight
years, Europe Intelligence Wire says.

The Insolvency Service barred Nigel Gordon for five years; and
his wife Michele, three years.  The regulator cited the collapse
of The Gift People in January 2002 as reason for the ban.  The
firm was placed into voluntary liquidation after incurring debts
of around EUR710,260.

The Insolvency Service, in a statement, said the directors were
given "excessive and unjustified payments" when The Gift People
became insolvent.  This includes around GBP112,675 payments to
Mr. Gordon between August and November 2001.  The Gift People is
based in Pioneer Mill, Miltown Street, Radcliffe.


HARDSHELFCO 122: Hires Administrator from Clarke Bell
-----------------------------------------------------
The Hardselfco 122 Limited Company has appointed John Paul Bell
as administrator.  The appointment was made July 8, 2004.  The
company offers legal services.

CONTACT:  CLARKE BELL CHARTERED ACCOUNTANTS
          3 The Parsonage,
          Manchester M3 2HW
          Administrator:
          John Paul Bell
          (IP No 8608)


JONES TOUTES: Sets Creditors Meeting August 2
---------------------------------------------
The Creditors Meeting of Jones "Toutes Directions" Limited
Company will be on August 2, 2004 at 10:30 a.m.  It will be held
at Numerica, 66 Wigmore Street, London W1A 3RT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Numerica, 66 Wigmore Street, London W1A 3RT not
later than 12:00 noon, July 30, 2004.

CONTACT:  NUMERICA
          66 Wigmore Street,
          London W1A 3RT
          Joint Administrators:
          Jonathan Birch
          Nick O'Reilly


L A TECHNOLOGIES: Creditors Meeting Thursday
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

       IN THE MATTER OF L A Technologies Incorporated Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of L A Technologies
Incorporated Ltd. company will be held at Lockside Office Park
Lockside Road Preston PR2 2YS on July 29, 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. Riaz, Director
July 8, 2004

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


LEEDS AUTOMOTIVE: Sets Final General Meeting August 20
------------------------------------------------------
The shareholders of Leeds Automotive Training Group Limited
Company will have a final general meeting on August 20, 2004 at
10:00 a.m.  It will be held at the offices of Jacksons Jolliffe
Cork, 33 George Street, Wakefield WF1 1LX.

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.  Shareholders who want to be
represented at the meeting may appoint proxies.


NEWMARKET INSURANCE: To Host Creditors Meeting Thursday
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

       IN THE MATTER OF Newmarket Insurance Services Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Newmarket Insurance
Services Ltd. company will be held at 24 Bevis Marks London EC3A
7NR on July 29, 2004 at 10:45 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 Bank House Shaw
Street Worcester WR1 3DT 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
Bank House Shaw Street Worcester WR1 3DT 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 Ward & Co, Bank House Shaw Street Worcester
WR1 3DT two business days prior to the meeting.

By Order of the Board.

A J Keys, Director
July 1, 2004

CONTACT:  WARD & CO
          Bank House
          Shaw Street
          Worcester
          Worcestershire
          WR1 3DT
          Contact:
          Barry Ward
          Phone: 01905 25000, 07771 793182
          Fax: 01905 26555


NEWMARKET UNDERWRITING: Creditors to Meet July 29
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

           IN THE MATTER OF Newmarket Underwriting Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the above-named company
will be held at 24 Bevis Marks London EC3A 7NR on July 29, 2004
at 11:15 a.m. for the purpose of having a full statement of the
position of the Company's affairs, together with a list of the
Creditors of the Company and the estimated amount of their
claims, laid before them, and for the purpose, if thought fit,
of nominating a Liquidator and of appointing a Liquidation
Committee. (Sections 99-101 of the said Act)

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 24 Bevis Marks
London EC3A 7NR 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
24 Bevis Marks London EC3A 7NR 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 Mazars, 24 Bevis Marks London EC3A 7NR two
business days prior to the meeting.

By Order of the Board.

A J Keys, Director
July 6, 2004

CONTACT:  MAZARS
          24 Bevis Marks
          London
          EC3A 7NR
          Phone: (44) 20 73 77 10 00
          Fax: (44) 20 73 77 89 31
          Contacts:
          Peter Hyatt
          E-mail: peter.hyatt@mazars.co.uk
          Robin Oakes
          E-mail: robin.oakes@mazars.co.uk
          Web site: http://www.mazars.com


OBVIOUS SOLUTIONS: Liquidator Known Thursday
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

         IN THE MATTER OF Obvious Solutions (Global) Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Obvious Solutions
(Global) Ltd. company will be held at Albany House 18 Theydon
Road London E5 9NZ on July 29, 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 Panos Eliades Franklin & Co, Albany House 18
Theydon Road London E5 9NZ two business days prior to the
meeting.

By Order of the Board.

L Cohen, Director
June 29, 2004

CONTACT:  PANOS ELIADES FRANKLIN & CO
          6 Bloomsbury Square
          London WC1A 2LP
          Phone: 0171 242 5888
          Fax: 0171 242 1423


PENNPLAN LIMITED: Winding up Resolutions Passed
-----------------------------------------------
At an Extraordinary General Meeting of the Pennplan Limited
Company on July 19, 2004 held at Lichfield Place, 435 Lichfield
Road, Aston, Birmingham B6 7SS, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Geoff Robins
and Neil Charles Money of CBA, Lichfield Place, 435 Lichfield
Road, Aston, Birmingham B6 7SS have been appointed Joint
Liquidators for the purpose of such winding-up.

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


PREMIER FOODS: Ratings Off CreditWatch; Raised to 'BB' After IPO
----------------------------------------------------------------
Standard & Poor's Ratings Services on Friday removed its ratings
on U.K.-based food manufacturer Premier Foods PLC from
CreditWatch and raised its corporate credit rating on the
company to 'BB' from 'B+', following the company's IPO and
listing on the London Stock Exchange.  The outlook is stable.

"The rating action reflects the improvement of Premier's
financial profile after the IPO due to a reduction of senior
debt," said Standard & Poor's credit analyst Sunita Kara.

Pro forma for the disposal of the Materne assets (the group's
French fruit preserve business), Premier had net debt of about
GBP380 million (US$697 million) at July 23, 2004, or about 3.7x
EBITDA after exceptional items.  This compares to the pre-IPO
level of about 4.9x.  Based on the IPO price of 215 pence per
share, the company's market capitalization is about GBP530
million.  The ratings were originally placed on CreditWatch on
July 5, 2004, following the company's initial IPO announcement.

The ratings on Premier reflect its participation in mature and
highly competitive segments of the food industry; dependence on
the dominant U.K. retail groups, and the likelihood the company
will pursue further debt-financed acquisitions.  Premier
benefits, however, from a strong position in the stable U.K.
grocery market, good recognition of several of its own brands
that account for about 55% of sales, and its critical mass as a
supplier of private-label products.

"Premier is expected to sustain, on average over a three-year
period, net debt to EBITDA of no more than 3.5x, despite the
possibility of debt-financed acquisitions," said Ms. Kara. "We
also expect Premier to continue to develop its diverse portfolio
of branded products, which will help it maintain its strong
position in the U.K. grocery market."


SOUP OPERA: Creditors Meeting Set August 4
------------------------------------------
Creditors of Soup Opera Limited Company will have a meeting on
August 4, 2004 at 12:00 noon.  It will be held at the offices of
Harris Lipman, 2 Mountview Court, 310 Friern Barnet Lane,
Whetstone, London N20 0YZ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Harris Lipman, 2 Mountview Court, 310 Friern
Barnet Lane, Whetstone, London N20 0YZ not later than August 3,
2004.

CONTACT:  HARRIS LIPMAN
          2 Mountview Court,
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ
          Administrator:
          M J Atkins


ST. PAUL SYNDICATE: Hires Mazars Liquidator
-------------------------------------------
At an Extraordinary General Meeting of the St. Paul Syndicated
Holdings Limited Company on July 14, 2004 held at 60 Gracechurch
Street, London EC3V 0HR, the subjoined Special Resolution to
wind up the company was passed.  David Richard Thorniley and
Roderick John Weston of Mazars, 24 Bevis Marks, London EC3A 7NR
have been appointed Joint Liquidators for the purpose of such
winding-up.

CONTACT:  MAZARS
          24 Bevis Marks,
          London EC3A
          Liquidators:
          David Richard Thorniley
          Roderick John Weston


WH SMITH: Jamaica Trading Withdraws Offer
-----------------------------------------
On 22 June, 2004, WH Smith PLC suspended discussions with
Jamaica Trading Limited pending clarification of the level of
any possible offer for WH Smith.  Since this announcement,
Jamaica has been considering the position of the WH Smith
pension schemes and of the pension trustees.  There have been
several detailed and constructive discussions with the Trustees
with a view to reaching an arrangement, which would enable
Jamaica to proceed with an offer for WH Smith.  Jamaica has also
been considering the effect, which any such arrangement would
have on the financing of any offer for the Company.

Jamaica has now, however, reluctantly decided that it will not
be possible to reach an arrangement with the Trustees on a basis
that would enable Jamaica to make an offer to the shareholders
of WH Smith on terms which Jamaica believes would be acceptable
to the shareholders of WH Smith.

Accordingly, Jamaica announces that it will not proceed with an
offer for WH Smith.

CONTACT:  JAMAICA TRADING LIMITED
          Martin Clark
          Ian Sellars
          Phone: 020 7632 1000

          GOLDMAN SACHS INTERNATIONAL
          Richard Campbell-Breeden
          Phone: 020 7774 1000

          TULCHAN
          Andrew Grant
          David Trenchard
          Phone: 020 7353 4200


WIGMORE PROPERTY: Hires Liquidators from PricewaterhouseCoopers
---------------------------------------------------------------
At the Extraordinary General Meeting of the Wigmore Property
Investment Trust Plc Company on 16 July 2004, the Special
Resolution to wind up the company was passed.  Richard Setchim
and Jonathan Sissons of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT have been appointed Liquidators of the
Company.

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


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

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


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


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


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


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


GERMANY
-------
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Sohn A.G. GUSG        (8)         111      N.A.
Kaufring A.G.             KAUG       (19)         151      (51)
Mania Technologi          MNI        (11)         101      (46)
Nordsee A.G.                          (8)         195      (31)
Primacom AG                                     1,264      (50)
Schaltbau A.G.            SLTG       (16)         149       26
Sinn Leffers                                      454      145
Vereinigter
   Baubeschlag-Handel
   Holding A.G.           VBHG       (24)         337      (80)


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


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


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


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


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


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


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


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

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


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

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

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

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

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

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


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