TCREUR_Public/040728.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, July 28, 2004, Vol. 5, No. 148

                            Headlines

F I N L A N D

M-REAL CORPORATION: Faces Moody's Downgrade


F R A N C E

EQUANT: Reports US$195 Million First-half Net Loss
GANTOIS: In Compulsory Administration


G E R M A N Y

KARSTADT WARENHAUS: Mulls Options for Loss-making Chain
MANNHEIMER AG: 2003 Net Worth Negative
MARBERT HOLDING: Suffers from Liquidity Fix, Says Auditor


H U N G A R Y

MAGYAR TELECOM: Rated 'B+' Due to Sluggish Growth Prospect


I R E L A N D

ELAN CORPORATION: Submits Multiple Sclerosis Drug for FDA Review


I T A L Y

FIAT SPA: To Rehabilitate Carmaking Unit
PARMALAT FINANZIARIA: Government Endorses Restructuring Plan
PARMALAT FINANZIARIA: No Improvement in Net Financial Position


R U S S I A

COLLECTIVE FARM: Court Sets September 16 Hearing
COMPLEX PROGRESS: Undergoes Bankruptcy Supervision Procedure
DSPMK: Kurgan Court Appoints Insolvency Manager
FARM RODINA: Court Sets August 12 Hearing
NOVORECHENSKOYE: Declared Insolvent

OKB PROCESSOR: Undergoes Bankruptcy Supervision Procedure
OLONETS-AUTO: Undergoes Bankruptcy Supervision Procedure
RED BANNER: Deadline for Proofs of Claim August 17
RM MORDOV-HEMP-PROM: Insolvent Status Confirmed
SAKHA-GOLD: Sakha Court Appoints Insolvency Manager
YUKOS OIL: Court Orders Arrest of Co-owner Wanted for Murder


S W E D E N

LM ERICSSON: Bares Agenda for August 31 EGM


U K R A I N E

ADA: Undergoes Bankruptcy Supervision Procedure
ALCHEVSK' DONBASSTALKONSTRUKTSIYA: Under Bankruptcy Supervision
AVRORA: Court Assigns Liquidator
BILOVODSK' MACHINE: Court Orders Debt Moratorium
CHERKASYOBLENERGO: Court Orders Partial Liquidation of Assets

ELEKTROPIVDENMONTAZH: Bankruptcy Supervision Starts
HMELYOVE: Temporary Insolvency Manager Named
KOLOS: Court Appoints Temporary Insolvency Manager
KRYMHLIBOPRODUKT: Bankruptcy Supervision Begins
LYSYCHANSK SODA: Court Appoints Property Manager

NOVOUMANSKE: Proofs of Claim Deadline August 8
RAJAGROHIM: Declared Insolvent
SEVERODONETSK' AGROSPETSPOSTACH: Debt Moratorium Ordered
SIMFEROPIL' 14327: Proofs of Claim Deadline August 8


U N I T E D   K I N G D O M

ABBEY NATIONAL: Details Banco Santander Offer
ABBEY NATIONAL: Returns to Black After Continued Losses
ABBEY NATIONAL: Fitch Affirms Santander's 'AA-/Stable' Rating
ABBEY NATIONAL: Chief Operating Officer Resigns
AHP CONSTRUCTION: Names Liquidators from Stoy Hayward

ALCATEL DATA: Members Final Meetings Set August 23
A T M (SALES): Appoints Tomlinsons Liquidator
ATTICUS LONDON: Extraordinary Winding up Resolution Passed
BALTIMORE TECHNOLOGIES: Preparing Response to Earthport's Claim
B M DESIGN: Hires Elwell Watchorn & Saxton Liquidator

BT FINANCIAL: Brings in Liquidators from KPMG
CELTIC CATERING: Calls in Liquidator
CLAYDEN GREEN: Hires Liquidator from Piper Thompson
COMMUNICATIONS CONSULTANTS: Sets Final Meeting August 26
DEUTSCHE PROPERTIES: Members Pass Winding up Resolutions

DIRECT SHOPPING: Sets Creditors Meeting August 2
DJT STATIONERS: Winding up Resolutions Passed
EGG PLC: Investors Rap Hefty Bonuses Awarded to Directors
EUROTUNNEL PLC: First-half Net Loss Widens to GBP82 Million
EUROTUNNEL PLC: KPMG Doubts Going Concern Status Beyond 2005

FERX EUROPE: Appoints Numerica Liquidator
FINANCIAL TIMES: Moves Closer to Breaking even
GLENTEX LIMITED: Hires Tenon Recovery Administrator
HOLLINGER INC.: High Court to Rule on Telegraph Sale Friday
ICCH LIMITED: Sets Members Final Meeting August 25

INTERNATIONAL REAL: Appoints KPMG Administrative Receiver
INTERSPARES LIMITED: Hires Joint Administrators from Chantrey
LONDON HOUSE: In Administrative Receivership
MONITRON INTERNATIONAL: Appoints Joint Administrator from KPMG
MOSS BROS: Former Karen Millen Executive May Launch Takeover

MYTRAVEL PLC: Cutting Jobs, Closing Offices to Cut Cost
NETPHYSIC LTD.: Names Interim Liquidator
PREMIER FOODS: Merrill Lynch Details Over-allotment Arrangements
ROHILL BODIES: Names PKF Administrator
SBN LIMITED: Campus Media Board Opts for Liquidation

SITE RITE: Names Chamberlain & Co Administrator
S MACARI: Calls in Liquidator from Stonham.Co
SOUTHDENE ESTATES: May Appoint Liquidator Friday
SSM SOFTWARE: Sets Creditors Meeting August 3
STRATEGIC HOTEL: General Meeting Set August 18

UNITED BISCUITS: Expanding Business in U.K., Ireland
UNITED BISCUITS: 'B+' Ratings on CreditWatch Negative
UPPER DRUM: Sets Members Final Meeting August 27
WATERFORD WEDGWOOD: Approves Sale of All-Clad Subsidiary
WATERMILL LIMITED: Hires Joint Administrators from Hacker Young
WILLOW WAY: Creditors Meeting Set August 3


                            *********


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F I N L A N D
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M-REAL CORPORATION: Faces Moody's Downgrade
-------------------------------------------
Moody's Investors Service warns of a possible downgrade of the
Ba1 ratings of M-real Oyj and Metsa Group Financial Services Oy.
The ratings affected are M-real Oyj's Ba1 senior implied rating,
Ba1 senior unsecured issuer rating, Ba1 senior unsecured MTN
program rating and Metsa Group Financial Services' guaranteed
Ba1 MTN program rating.

Moody's initiated the review following a decline in the group's
operational and financial performance.  M-real reported an
operating loss of EUR19.9 million in the second quarter ending
June 30, 2004.  The rating agency sees no clear sign of its
marked price for key paper grades improving, and it predicts the
company to continue facing challenges in reducing absolute level
of indebtedness.  It will monitor how much will its future asset
sales, particularly the disposal of its forestry assets, improve
the firm's overall leverage measures and credit profile.

Moody's said it will further focus its review on "the likelihood
that M-real's management can strengthen operating and free cash
flow through additional corporate or strategic actions, absent
of any marked improvement in the price environment for fine
paper over the coming quarters."


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


EQUANT: Reports US$195 Million First-half Net Loss
--------------------------------------------------
Equant (Euronext Paris: EQU) (NYSE: ENT) announced its results
for the first half of the 2004 financial year.

Highlights

(a) First half revenues of US$1,433 million, a decline of 3.1%
    on a reported basis and 6.2% on a constant currency basis;

(b) Scheduled expiry in June 2003 of the SITA minimum revenue
    commitment impacted revenues by US$47 million during the
    half; excluding SITA, first half revenues growth of 2.5% on
    a reported basis, and decline of 1.6% on a constant
    currency basis;

(c) Decline in Network Services Indirect and Direct with legacy
    data migration;

(d) Growth in integration services and outsourcing revenues;

(e) Operating income before depreciation and amortization (2) of
    US$59 million, a decrease of $100 million in first half
    2004;

(f) This decrease reflects net adverse currency movements of $55
    million and lower revenues, in particular with the scheduled
    expiry of the SITA minimum revenue commitment;

(g) Robust cost controls yielded net savings, on a constant
    currency basis of $50 million in total costs before
    depreciation;

(h) Net cash position of $199 million at June 30, 2004, a $280
    million decrease compared to December 31, 2003;

(i) Operating assets and liabilities increased by $206 million,
    due to working capital movements specific to the first half
    2004, with shorter payment periods with suppliers and
    reduced accruals;

(j) Outlook for the second half 2004 confirmed;

(k) Operating income before depreciation and amortization[2]
    for the second half expected to be well above the first
    half;

(l) Stabilization of the net cash situation in the second half.

Financial Highlights

(Unaudited;           1H2004    1H2003    %Better/    %Better/
French GAAP;          Actual    Actual    (Worse)     (Worse) on
US$ in millions)                                      a constant
                                                      currency
                                                      basis (1)

Total revenues        1,433     1,479      (3.1)      (6.2)

Gross profit            329       483      (31.9)     (27.5)

Selling, general
and administrative      270       324       16.7       23.1
expenses

Operating income
before depreciation
and amortization         59       159      (62.9)     (43.3)
and restructuring
and integration [2]

Depreciation
and amortization        235       253        7.1       13.6

Restructuring
and integration          16        61       73.8       76.8

Operating loss          192       155      (23.9)      18.6

Net loss                195       174      (12.1)      23.5

Capital expenditures    111       151       26.4

Operating free
cash flow [3]           (52)        8        NM

Net cash and
loans [4]               199       462        NM

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Notes:

[1] On a constant currency basis: to provide a basis for
comparison, the company has adjusted the results for the first
half of 2003 to reflect the exchange rates applicable to the
first half of 2004.

[2] Operating income before depreciation and amortization is
operating result before depreciation, amortization, and
restructuring and integration.

[3] Operating free cash flow is defined as operating income
before depreciation and amortization and restructuring and
integration [2] minus capital expenditures.

[4] Net cash and loans at June 30, 2004 is defined as cash and
cash equivalents plus US$150 million of unsecured short-term
loans to France Telecom less bank loans and less loans from
France Telecom of US$122 million.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Commenting on Equant's results, Daniel Caclin, president and
chief executive officer of Equant, said: "We have had a
challenging first half during which our financial performance
has been affected by specific factors, like the scheduled expiry
of the SITA minimum revenue commitment and the negative impact
of currency movements, compounded by difficult market
conditions.  In light of these conditions, we have continued to
adjust firmly our cost base, and our actions have yielded a
substantial reduction in our costs and capital expenditures.

"Beyond these results, we have made real progress in our
business transformation to a communication infrastructure
solution provider.  Our services and outsourcing activities have
performed strongly during the half: we have won 47 solutions
contracts, representing half of our order intake, and our
outsourcing business has doubled.  Customer satisfaction has
also improved, and we have enriched our portfolio, with extended
offerings in Voice over IP, DSL and mobility solutions.

"In the second half, we are committed to accelerate our business
transformation, and on delivering the actions launched in order
to grow our operating income before depreciation and
amortization well above the first half and stabilize our net
cash situation."

A copy of Equant's financial result is available free of charge
at http://bankrupt.com/misc/Equant_H12004.htm

CONTACT:  EQUANT
          Media Relations
          Global and Europe
          Frederic Gielec
          Phone: +33 1 46 46 21 89
          E-mail: frederic.gielec@equant.com

          Asia Pacific Australasia
          Shirley Ng
          Phone: +65 335 6730
          E-mail: shirley.ng@equant.com

          FRANCE TELECOM
          Nilou du Castel
          Responsible Presse Groupe France
          Telecom
          Phone: +33 1 44 44 93 93
          E-mail: nilou.ducastel.@francetelecom.com

          Caroline Chaize
          Service de Presse Groupe France Telecom
          Phone: + 33 1 44 44 93 93
          E-mail: caroline.chaize@francetelecom.com

          Investor Relations
          Ashley Rayfield
          Phone: +44 20 8321 4581
          E-mail: ashley.rayfield@equant.com

          Isabelle Guibert
          Phone: +33 1 46 46 99 53
          E-mail: isabelle.guibert@equant.com


GANTOIS: In Compulsory Administration
-------------------------------------
The Saint-Die commercial court has placed French metals group
Gantois into compulsory administration, Le Figaro says.  The
company had been under observation for six months prior to the
declaration of insolvency on July 15.  The group employs around
505 staff.

CONTACT:  GANTOIS
          B.P. 307
          F. 88105 SAINT-DIE-DES-VOSGES
          CEDEX
          FRANCE
          Phone: 33 3 29 55 21 43
          Fax: (33 3 29 55 37 29
          E-mail: contact@gantois.com
          Web site: http://www.gantois.com


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


KARSTADT WARENHAUS: Mulls Options for Loss-making Chain
-------------------------------------------------------
Around 26 outlets of Karstadt Warenhaus A.G., the department
store division of German retail group KarstadtQuelle, are
operating at a loss, Frankfurter Allgemeine Zeitung says.

However, the company has denied reports that smaller stores in
particular are in the red, saying there is no connection between
the size of a store and its profitability.  Karstadt stores are
grouped into large stores that offer full range of products and
specialty stores that distribute a limited number of items.  The
company said each group has 13 stores operating at a loss.  It
added that it is currently reviewing around two dozen stores,
but has no plans to close any of the braches.

Karstadt intends to axe around 4,000 full-time jobs at 180
department stores and 32 sports shops by the end of 2006 to save
around EUR145 million a year.

CONTACT:  KARSTADT WARENHAUS A.G.
          Theodor-Althoff-StraBe 2
          45133 Essen
          Fax: 0201/7 27-4791/4970
          E-mail: presse@karstadt.de
          Web site: http://www.karstadt.de


MANNHEIMER AG: 2003 Net Worth Negative
--------------------------------------
German insurance group Mannheimer AG Holding posted a loss of
EUR158.4 million in 2003, Suddeutsche Zeitung reports.

This came after the life assurance division of Mannheimer lost
around EUR255.4 million in 2003.  The company has since decided
to sell the loss-making arm.  The company also registered a
negative net worth of EUR17.2 million by the end of last year.
Austrian insurance company Uniga injected fresh capital into
Mannheimer, thus saving the group from excessive debt burden.
Uniga is currently the majority shareholder in Mannheimer.

CONTACT:  MANNHEIMER AG HOLDING
          Augustaanlage 66
          68165 Mannheim
          Phone: 0621.457-4151
          Fax: 0621.457-4363
          E-mail: pir@mannheimer.de
          Web site: http://www.mannheimer-ag.de


MARBERT HOLDING: Suffers from Liquidity Fix, Says Auditor
---------------------------------------------------------
The auditor of German cosmetics group Marbert Holding warned the
company is facing liquidity problems due to accumulated losses,
Borsen Zeitung says.

Ernst & Young, which recently approved the company's annual
accounts, pointed out that Marbert's survival will depend on the
continuation of existing bank loans and the repayment of a
EUR46.8 million loan.  The company posted a net loss of EUR23.3
million and a negative equity of EUR7.9 million in 2003.  In
contrast, its parent company ended 2003 with a net profit of
EUR2.2 million and a positive net worth of EUR18.5 million.

The company, which has incurred debts of EUR67.8 million, plans
to improve its financial condition through the sale of its
Marbert brand and of its 51% stake in Fragrance Factory, priced
around EUR24 million.  Marbert Holding also disclosed it has
found a buyer for the Marbert brand name.


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


MAGYAR TELECOM: Rated 'B+' Due to Sluggish Growth Prospect
----------------------------------------------------------
Standard & Poor's Ratings Services on Monday assigned its 'B+'
long-term corporate credit rating to Hungary-based Magyar
Telecom B.V., the 99.97% owner of Hungary-based fixed-line
telecoms operator Invitel Tavkozlesi Szolgaltato Rt.  The
outlook is stable.  At the same time, Standard & Poor's assigned
its 'B-' long-term senior subordinated debt rating to the
proposed EUR140 million senior subordinated notes to be issued
by Magyar Telecom.

The ratings on Magyar Telecom are constrained by the low-to-
moderate growth prospects for Invitel's core voice business,
which is subject to a price-cap regime applying to certain
tariff packages and to increasing competition from the largest
fixed-line operator in Hungary, Magyar Tavkozlesi Rt
(BBB+/Positive/--), three mobile operators (in terms of fixed-
to-mobile substitution), and other independent telecoms service
providers.

"The ratings are further constrained by high leverage, whose
reduction depends on solid free cash flow generation in the
future," said Standard & Poor's credit analyst Michael O'Brien.
At March 31, 2004, Invitel's lease-adjusted total debt including
shareholder loan was EUR367.4 million (EUR252.2 million
unadjusted).

The ratings are supported, however, by Invitel's improving cash
flow generation due to a substantial turnaround in operating
efficiency following a change of ownership in 2003.  The ratings
are further supported by the company's solid market position as
the incumbent operator in nine concession areas.

These areas cover about 14% of the Hungarian population and had
385,362 residential and 34,203 business lines at March 31, 2004,
making the company the second-largest fixed-line operator in
Hungary.  Furthermore, the company has a well-established
network in its concession areas and a network outside them that
allow it to provide nationwide services.  Investment
requirements are moderate compared with previous levels, because
substantial network development has already been undertaken and
future investments are expected to be success based and credit
accretive over the medium term.

"We assume that Invitel will maintain adequate headroom on its
bank loan financial covenants and perform broadly in line with
its business plan, with strong growth expectations for Internet
and broadband services," added Mr. O'Brien.  "We expect de-
leveraging to occur, but this is likely to be gradual following
the initial lock-in of operating efficiencies already achieved."

Nevertheless, lease-adjusted net debt to EBITDA should fall well
below 5.0x by year-end 2004, while FOCF will meaningfully exceed
2003 results to about 5% of net debt.  The outlook also assumes
that Invitel will not undertake activities such as acquisitions
or new business ventures that will adversely affect leverage and
liquidity.

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


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I R E L A N D
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ELAN CORPORATION: Submits Multiple Sclerosis Drug for FDA Review
----------------------------------------------------------------
The U.S. Food and Drug Administration (FDA) has formally
accepted the Biologics License Application (BLA) for ANTEGREN(R)
(natalizumab) of Biogen Idec and Elan Corporation, plc.  In June
2004, the FDA designated natalizumab for Priority Review and
Accelerated Approval for the treatment of multiple sclerosis.
Acceptance of a filing indicates that the FDA has determined
that the application is complete and permits a substantive
review.

The FDA grants Priority Review status to products that are
considered to be potentially significant therapeutic
advancements over existing therapies that address an unmet
medical need.  Based on the FDA's designation of Priority Review
for natalizumab in multiple sclerosis, the companies anticipate
action by the Agency approximately six months from the
submission date, rather than 10 months for a standard review.
On May 25, 2004, the companies announced they had previously
submitted the BLA for the approval of natalizumab for multiple
sclerosis.

The FDA's review of natalizumab will be based on one-year data
from two ongoing Phase III trials, AFFIRM (natalizumab safety
and efficacy in relapsing-remitting multiple sclerosis) and
SENTINEL (safety and efficacy of natalizumab in combination with
AVONEX(R) (Interferon beta-1a)), which evaluate the ability of
natalizumab to slow the progression of disability and reduce the
rate of clinical relapses in patients with relapsing-remitting
multiple sclerosis.  The companies are committed to completing
these two-year trials.

Multiple sclerosis is a chronic disease of the central nervous
system that affects approximately 400,000 people in North
America and approximately one million people worldwide.  It is a
disease that affects more women than men, with onset typically
between 20 and 40 years of age.  Symptoms of multiple sclerosis
may include vision problems, loss of balance, numbness,
difficulty walking and paralysis.

About ANTEGREN

Natalizumab, a humanized monoclonal antibody, is the first
alpha-4 antagonist in the new selective adhesion molecule (SAM)
inhibitor class.  It is designed to inhibit the migration of
immune cells into tissues where they may cause or maintain
inflammation.  To date, approximately 2,800 patients have
received natalizumab in clinical trials, and the safety profile
continues to support further development.  In placebo-controlled
trials to date, in both Crohn's disease and multiple sclerosis,
the most commonly reported adverse events in either group were
headache, fatigue and nasopharyngitis.

Biogen Idec and Elan are collaborating equally on the
development of natalizumab in multiple sclerosis, Crohn's
disease, and rheumatoid arthritis.

About Biogen Idec

Biogen Idec (NASDAQ: BIIB) creates new standards of care in
oncology and immunology.  As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.  For product labeling, press releases and additional
information about the company, visit http://www.biogenidec.com.

About Elan

Elan Corporation, plc (NYSE: ELN) is a neuroscience-based
biotechnology company that is focused on discovering,
developing, manufacturing and marketing advanced therapies in
neurology, autoimmune diseases, and severe pain.  Elan shares
trade on the New York, London and Dublin Stock Exchanges.  For
additional information about the company, please visit
http://www.elan.com.

CONTACT:  ELAN CORPORATION
          Media
          Anita Kawatra
          Phone: 212-407-5755
          Or 800-252-3526

          Investor
          Emer Reynolds
          Phone: 353 1 709 4000

          BIOGEN IDEC
          Amy Brockelman
          Phone: 617-914-6524

          Investor:
          Elizabeth Woo
          Phone: 617-679-2812
          Or   800-252-3526


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I T A L Y
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FIAT SPA: To Rehabilitate Carmaking Unit
----------------------------------------
Fiat S.p.A. Chief Executive Sergio Marchionne revealed plans to
restructure its ailing automotive division Monday, the Financial
Times reports.

The plan will see more sharing of components and engineering
resources among its brands -- prominent among them Fiat, Alfa
Romeo and Lancia.  It will also ensure greater carry-over of
parts from one model generation to the next, the report says.

Further, Mr. Machionne noted, "there is a phenomenal web of
structures needing simplifying."  He also mentions that some
managers have failed to show commitment to international
standard of excellence.

The industrial engineer made a profit of EUR18 million (US$22
million) in the second quarter, compared to a loss of EUR100
million in the same period last year.  It hopes to break-even at
the operating level this year.  Losses for 2003 were EUR740
million.

Fiat Auto reported second-quarter operating loss of EUR282
million, unchanged from last year.  Fiat no longer expects Fiat
Auto to return to operating profit next year.  Instead it warns
the unit might post a small loss.  The group expects the
operation to post an operating profit in two years.


PARMALAT FINANZIARIA: Government Endorses Restructuring Plan
------------------------------------------------------------
Minister for Production Activities, in agreement with the
Minister of Agriculture and Forestry Policy, approves on July 23
2004 Parmalat's Restructuring Plan.

Implications

(a) Minister's approval signals conclusion after seven months of
    the first phase of Parmalat's restructuring;

(b) Decision triggers steps that will conclude in a vote of
    creditors on the proposed Composition with Creditors
    contained within the Restructuring Plan;

(c) The Extraordinary Commissioner has made amendments to the
    Plan and to the proposed Composition with Creditors, taking
    into account comments by creditors and MPA, Rules governing
    Board of Directors of Assumptor;

(d) Dividend policy connected to future proceeds from claw back
    and their legal actions established;

(e) Committee to be established to advise Assumptor's Chief
    Executive on contentious issues arising out of the
    insolvency of companies subject to the proposed Composition
    with Creditors;

(f) Threshold for allocation of warrants to creditors increased
    to cover the first 650 shares (previously the first 500
    shares);

(g) According to Delegated Judge's decisions and as soon as
    possible, the final Plan (approved by MPA) and the final
    proposed Composition with Creditors will be available to
    view at http://www.parmalat.com section "Extr. Admin." sub-
    section "Parmalat Restructuring Plan".

A. Approval by the Ministry of Production Activities of
   Restructuring Plan and proposed Composition with Creditors

The Minister of Production Activities (MPA) Antonio Marzano, in
agreement with the Minister of Agriculture and Forestry Policy
Gianni Alemanno, approved the Restructuring Plan for Parmalat,
together with the proposed Composition with Creditors (the
Agreement) filed by Extraordinary Commissioner Dr. Enrico Bondi
on 21 June 2004.  This clears the way, under the terms of Law
5/7/04 no. 166 for these steps to be taken:

(1) Within three days, according Article 4-bis, comma 4, of the
    Law, the Restructuring Plan as approved by the MPA and the
    Agreement will be transmitted to the Court of Parma;

(2) With procedures to be addressed by the Delegated Judge,
    Publication of extracts of the Extraordinary Commissioner's
    report on the causes of the Group's insolvency and attached
    the list of creditors indicating their respective claims and
    pre-emption rights and the Plan according to Article 4,
    commas 2 and 2-bis, of the Law;

(3) Publication of the Agreement and the provision by which the
    Delegated Judge will establish the date by which creditors
    and any other interested party can communicate to the Court
    their comments on the List of Creditors as referred to in
    the previous point according to Article 4-bis, comma 5, of
    the Law;

(4) During the sixty days following the end of the period
    referred to in point 3 above, the Delegated Judge, working
    with the Extraordinary Commissioner, will work to produce
    the definitive lists of accepted claims, claims accepted
    with reservation and excluded claims indicating the relevant
    quantum of such claims according to Article 4-bis, commas 6
    to 9 of the Law as well as the setting of the final date for
    possible challenges to these lists according to Article 4-
    bis, comma 7, of the Law (respectively fifteen and thirty
    days for creditors resident in Italy and outside Italy);

(5) At the same time as the Lists mentioned in point 4 above are
    made available, the Delegated Judge will set the terms and
    the timing within the sixty day period under which accepted
    claims and claims accepted with reservation will be called
    to vote on the proposed Composition with Creditors.  He will
    also establish the criteria by which holders of financial
    instruments whose total value has been recognized for voting
    purposes will be eligible to vote;

(6) Announcement of the public availability of list of creditors
    and decree by Delegated Judge regarding the foregoing points
    4 and 5.  The Agreement will be approved if it receives a
    favorable vote from creditors representing the majority of
    claims as defined Article 4-bis, commas 8 and 9 of the Law.

B. Changes proposed by the MPA and applied to the Plan and the
   Agreement also taking into account comments by creditors and
   MPA, the Extraordinary Commissioner has made amendments to
   the Plan and to the Agreement.  These relate to:

(1) The Plan and the draft By-laws of the Assumptor have been
    modified in order to set in place temporary rules for the
    composition of the Assumptor's Board of Directors until such
    time as at least 50.1% of the shares representing the
    corporate share capital has been assigned to shareholders
    other than the Foundation Creditori Parmalat and in any case
    for no longer than 12 months from the date of registration
    in the Companies' Register of the purchase of the entire
    corporate capital of the company by the Foundation Creditori
    Parmalat.  More precisely:

    (a) Until the first general shareholder meeting to take
        place following the approval of the Agreement, the Board
        of Directors should be composed of three members (these
        as indicated in the Agreement) with the Chairman having
        all the necessary powers to carry out all the ordinary
        and extraordinary administration of the business;

    (b) from the point at which the general shareholder meeting
        gives its approval to the above in point (i) until at
        least 50.1% of the shares representing the share capital
        of the Assumptor has been assigned to shareholders other
        than the Foundation Creditori Parmalat, the Board of
        Directors should be composed of at least seven members
        of whom three should be independent;

    (c) once the Foundation Creditori Parmalat has distributed
        to creditors at least 50.1% of the share capital of the
        Assumptor and in any case no later than the period
        indicated above in sub-point (ii), the Board of
        Directors of the Assumptor will automatically resign and
        call a meeting of shareholders to name a new Board of
        Directors according to the By-laws of the company.  The
        relevant modification has been made to Chapter VII of
        the Plan.

(2) The Agreement has been modified in order to accommodate the
    distribution to shareholders of the Assumptor of 50% of
    distributable profits arising from the next 15 years' annual
    results of the Assumptor, including any eventual proceeds
    derived from revocatory actions or actions for damages
    (including out of court settlements).  The Agreement also
    foresees that in the case that the distributable profits for
    any single year represent less than 1% of the capital of the
    company, no distribution will take place but this sum will
    be brought forward to be distributed with the profits of
    future years once the percentage figure indicated above has
    been reached.

(3) The Agreement has been revised to accommodate the commitment
    by the Assumptor to establish, within the Board of Directors
    of the Assumptor a Committee composed of a majority of
    independent directors to act in an advisory capacity to the
    Chief Executive Officer in relation to contentious issues
    arising from the insolvency of those companies that are
    subject to the Agreement (e.g. relating to revocatory
    actions, actions for damages, actions relating to personal
    liability).  Meetings of this Committee will be attended by
    the Chief Counsel of the Assumptor.  The rules governing the
    Committee will provide that should any member of the Board
    of Directors of the Assumptor or of the Committee find
    himself in conflict of interest as a result of relations
    and/or connections with any person against which the
    Assumptor is making a claim, the Director and/or Member of
    the Committee in conflict of interest must abstain from
    voting on the relevant motions of the Board of Directors
    and/or of the Committee and not take part in any
    meetings where matters relating to any claim or action which
    give rise to the Directors and/or Committee Members conflict
    of interest are discussed.

D. The Plan and Agreement have been modified to accommodate the
   granting of a warrant for each share allocated to creditors
   covering the first 650 shares rather than the first 500
   shares as previously proposed.  This change has been also
   made to Chapter VI of the Plan.

The rest of the Plan remains as already posted (in the non-final
version prior to the approval of the MPA) on the Parmalat Web
site on 14 July 2004 and as referred to in the press release of
the same day to which readers are directed for further details
of the Plan.

According to Delegated Judge's decisions and as soon as possible
the Plan and the Agreement, including the modifications listed
above, in final version as approved by the MPA will be available
to view on the Parmalat Web site (section Extr. Admin.,
subsection Parmalat Restructuring Plan).  It should be noted
that in the final version of the Plan a number of minor errors
have been corrected and some explanatory notes have been
inserted in order to render the document more accessible.

Collecchio (Parma), 26th July 2004
Parmalat Finanziaria S.p.A.
in Extraordinary Administration


PARMALAT FINANZIARIA: No Improvement in Net Financial Position
--------------------------------------------------------------
Highlights of First-half Results:

Values in millions of Euros      Situation         Situation
                                 As at               as at
                                 30 June 2004   31 December 2003

Short-term financial assets      (143.1)             (121.4)
Of which:
Liquid financial assets            (9.6)              (20.9)
Available liquidity              (133.5)             (100.5)

Accruals on financial assets      (62.4)              (61.9)

Total short term
Financial assets                 (205.5)              (183.3)

Financial debt                 13,768.9             13,457.5

Accruals on financial
Liabilities                       260.1                256.2

Total financial liabilities    14,029.0             13,713.7

Financial indebtedness/
(Positive fin. Position)       13,823.5             13,530.4

In addition, further financial debt of EUR132 million must be
taken into account in relation to the situation as at December
31, 2003 relating to companies that are not totally consolidated
and towards connected and controlling companies.  This amount is
substantially unchanged as at June 30, 2004 compared to December
31, 2003.

The above figures still contain an element of uncertainty s
regards of the companies in the Group that are subject to
restrictions as a result of local procedures (in particular
Brazil and U.S. Dairy).

Financial debt should be considered as being largely short-term
in nature, given the current situation of theoretical default on
the covenants underlying the financial contract.  A number of
companies are currently in talks to renegotiate their debt in
order to consolidate it.  Amongst these it should be noted that
the Group's Canadian operating companies have finalized during
the course of July the refinancing of their debt.

This entailed a EUR43.7 million penalty for the early redemption
of the previous debt as a result of the default situation in
which the company found itself.  Following payment of this
penalty new financing was put in place that will be repaid by
2012 and that has been included in the calculation of the
Group's financial position as at 30 June of this year.

Even given this, the group's net financial position is
substantially unchanged and has been effected by two factors: on
the asset side there has been an increase in the level of
available liquidity.  Thanks largely to the attention paid to
the management of available resources and to the disposal of
Parmalat S.p.A.'s holdings MCC S.p.A. and Banca di Roma S.p.A.
and the Parmalat Finanziaria S.p.A.'s disposal of its holding in
Fondo Alfieri.

On the liability side there has been a small increase almost
entirely resulting from a worsening of the rate of exchange
between the Euro and currencies in countries outside Europe
where the Group operates, and an increase in accruals for
liabilities for interest.

No use has been made until now of the line of credit of EUR105.8
million provided by a pool of banks on March 4, 2004.

A full copy of the press release is available free of charge at
http://bankrupt.com/misc/Parmalat_H12004.pdf.


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


COLLECTIVE FARM: Court Sets September 16 Hearing
------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
supervision procedure on agricultural industrial complex
Collective Farm Named Of 60 Years Of October.  The case is
docketed as A14-4626-04/39/20b.  Ms. T. Atanazevich has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 398037,
Russia, Voronezh, Anna, Pionerskaya Str. 23, Apartment 2.  A
hearing will take place at the Arbitration Court of Voronezh
region on September 16, 2004, 3:00 p.m.

CONTACT:  COLLECTIVE FARM NAMED OF 60 YEARS OF OCTOBER
          Russia, Voronezh Region,
          Gribanovsky region,
          Sredniy Karachan

          Ms. T. Atanazevich
          Temporary Insolvency Manager
          398037, Russia,
          Voronezh, Anna,
          Pionerskaya Str. 23,
          Apartment 2

          The Arbitration Court of Voronezh region
          Russia, Voronezh,
          Srednemoskovskaya Str. 77,
          Room 111


COMPLEX PROGRESS: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
supervision procedure on agricultural industrial Complex
Progress (TIN 6816002966).  The case is docketed as A64-1449/04-
18.  Mr. S. Kozlovtsev has been appointed temporary insolvency
manager.  Creditors had until July 17, 2004 to submit their
proofs of claim.  A hearing will take place on September 21,
2004, 11:10 a.m.

CONTACT:  COMPLEX PROGRESS
          Russia, Tambov region,
          Rzhaksa, Stroiteley Str. 44


DSPMK: Kurgan Court Appoints Insolvency Manager
-----------------------------------------------
The Arbitration Court of Kurgan region commenced bankruptcy
supervision procedure on CJSC DSPMK.  The case is docketed as A-
34-1403/04-s1.  Mr. S. Skryabin has been appointed temporary
insolvency manager.   Creditors had until July 17, 2004 to
submit their proofs of claim to 641100, Russia, Kurgan region,
Shumikha, Kuybysheva Str. 3.

CONTACT:  Mr. S. Skryabin
          Temporary Insolvency Manager
          641100, Russia,
          Kurgan Region, Shumikha,
          Kuybysheva Str. 3


FARM RODINA: Court Sets August 12 Hearing
-----------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
supervision procedure on collective farm Rodina.  The case is
docketed as A14-4171-04/35/16b.  Mr. V. Neskromnyh has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 397600,
Russia, Voronezh region, Kalach, Post User Box 12.  A hearing
will take place at the Arbitration Court of Voronezh Region on
August 12, 2004, 12:00 noon.

CONTACT:  RODINA
          397624, Russia,
          Voronezh Region, Kalacheevsky Region,
          Yunakovo, Komsomolskaya Str. 51

          Mr. V. Neskromnyh
          Temporary Insolvency Manager
          397600, Russia,
          Voronezh Region, Kalach,
          Post User Box 12

          The Arbitration Court of Voronezh Region
          Russia, Voronezh,
          Srednemoskovskaya Str. 77


NOVORECHENSKOYE: Declared Insolvent
-----------------------------------
The Arbitration Court of Belgorod region declared CJSC
Novorechenskoye (TIN 3119000130) insolvent and introduced
bankruptcy proceedings.  The case is docketed as A08-13901/03-
11.  Mr. V. Reznikov has been appointed insolvency manager.
Creditors have until August 17, 2004 to submit their proofs of
claim to 309583, Russia, Belgorod region Chernyansky region,
Novorechye.

CONTACT:  NOVORECHENSKOYE
          309583, Russia,
          Belgorod Region, Chernyansky region,
          Novorechye

          Mr. V. Reznikov
          Insolvency Manager
          309583, Russia,
          Belgorod Region, Chernyansky region,
          Novorechye


OKB PROCESSOR: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
supervision procedure on OJSC OKB Processor.  The case is
docketed as A14-3966-04/38/7b.  Mr. K. Gordon has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 394006,
Russia, Voronezh, Kirova Str. 8, Apartment 29.  A hearing will
take place at the Arbitration Court of Voronezh region on
September 8, 2004, 10:30 a.m.

CONTACT:  OKB PROCESSOR
          Russia, Voronezh,
          Minskaya Str. 16

          Mr. K. Gordon
          Temporary Insolvency Manager
          394006, Russia,
          Voronezh, Kirova Str. 8,
          Apartment 29

          The Arbitration Court of Voronezh Region
          Russia, Voronezh,
          Srednemoskovskaya Str. 77,
          Room 314


OLONETS-AUTO: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Kareliya republic commenced bankruptcy
supervision procedure on CJSC Olonets-Auto.  The case is
docketed as A26-3290/04-18.  Ms. V. Podolyanshik has been
appointed temporary insolvency manager.

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

(a) Olonets-Auto
    186000, Russia,
    Kareliya Republic, Olonets,
    Komsomolskaya Str., 28;

(b) Ms. V. Podolyanshik
    Temporary Insolvency Manager
    185030, Russia,
    Kareliya Republic, Petrozavodsk,
    Post User Box 114

A hearing will take place on October 14, 2004, 2:10 p.m.


RED BANNER: Deadline for Proofs of Claim August 17
--------------------------------------------------
The Arbitration Court of Voronezh region has declared state farm
Red Banner insolvent and introduced bankruptcy proceedings.  The
case is docketed as A14-1012-04/7/16b.  Mr. Y. Ovcharenkov has
been appointed insolvency manager.  Creditors have until August
17, 2004 to submit their proofs of claim to 394088, Russia,
Voronezh, Pobedy Avenue, 41, Apartment 91.

CONTACT:  RED BANNER
          396250, Russia,
          Voronezh Region, Anninsky region,
          Rubashevka

          Mr. Y. Ovcharenkov
          Insolvency Manager
          394088, Russia,
          Voronezh, Pobedy Avenue, 41,
          Apartment 91


RM MORDOV-HEMP-PROM: Insolvent Status Confirmed
-----------------------------------------------
The Arbitration Court of Mordoviya republic declared state
unitary enterprise RM Mordov-Hemp-Prom insolvent and introduced
bankruptcy proceedings.  The case is docketed as A39-19/04-4/12.
Mr. V. Mironchev has been appointed insolvency manager.
Creditors had until July 17, 2004 to submit their proofs of
claim to 430032, Russia, Mordoviya republic, Saransk-32, Post
User Box 1026.

CONTACT:  RM MORDOV-HEMP-PROM
          Russia, Mordoviya Republic,
          Saransk, Rabochaya Str. 155

          Mr. V. Mironchev
          Insolvency Manager
          430032, Russia,
          Mordoviya Republic, Saransk-32,
          Post User Box 1026
          Phone/Fax: (834-2) 32-57-27


SAKHA-GOLD: Sakha Court Appoints Insolvency Manager
---------------------------------------------------
The Arbitration Court of Sakha republic (Yakutiya) commenced
bankruptcy supervision procedure on CJSC Sakha-Gold.  The case
is docketed as A58-1730/2004.  Mr. P. Egorov has been appointed
temporary insolvency manager.

Creditors had until July 17, 2004 to submit their proofs of
claim to 677007, Russia, Sakha republic (Yakutiya), Krupskoy
Str. 35.  A hearing will take place on November 22, 2004, 2:30
p.m.

CONTACT:  SAKHA-GOLD
          Russia, Sakha Republic (Yakutiya),
          Lenina Pr. 28

          Mr. P. Egorov
          Temporary Insolvency Manager
          677007, Russia,
          Sakha republic (Yakutiya),
          Krupskoy Str. 35


YUKOS OIL: Court Orders Arrest of Co-owner Wanted for Murder
------------------------------------------------------------
Moscow's Basmanny court has issued a warrant of arrest for Yukos
co-owner Leonic Nevzlin, who is currently in self-imposed exile
in Israel, reports say.

Mr. Nevzlin is accused of taking part in criminal activities
during the late 1990s, court officials told Interfax.  He is
linked to the murder of the Gorin couple in 2002.  According to
sources, authorities have established that he ordered Alexei
Pichugin, a Yukos security official now on trial, to murder the
Gorins.  The two men are further linked to attempted murders
against Yukos rivals: Moscow mayoralty's public relations chief
Olga Kostina; head of Rosprom's property department V. Kolesov;
and managing director of East Petroleum HandelsGes MbH, Yevgeny
Rybin.  Mr. Nevzlin's lawyer Dmitry Kharitonov said his party
will appeal the warrant.

The news is a further blow to Yukos, which has warned it could
go bankrupt if forced to pay a multi-million-dollar tax bill.
Shares in Yukos slid 21% Monday.  The company's founder, Mikhail
Khodorkovsky, is currently in jail for fraud and tax evasion.
From abroad Mr. Nevzlin has offered his shares and those of
other majority holders in Yukos to free Mr. Khodorkovsky.


===========
S W E D E N
===========


LM ERICSSON: Bares Agenda for August 31 EGM
-------------------------------------------
Information to the shareholders of Telefonaktiebolaget LM
Ericsson in connection with the extraordinary general meeting of
shareholders on 31 August 2004 with regard to a proposal to
change the difference in voting rights between A-shares and B-
shares from 1000:1 to 10:1

This document has been prepared to provide information to the
shareholders in Telefonaktiebolaget LM Ericsson prior to a
resolution to be adopted at the extraordinary general meeting of
shareholders on 31 August 2004.  If the general meeting of
shareholders resolves in favor of the proposal, a separate
information brochure and an application form will be sent to the
A-shareholders after the meeting.  The information brochure will
describe the procedure of converting B-shares to A-shares and
the sale of conversion rights.

Extraordinary shareholders' meeting

An extraordinary general meeting of shareholders in Ericsson
will be held in Berwaldhallen, Dag Hammarskj v3, Stockholm,
Sweden, on Tuesday 31 August 2004, at 5:30 p.m.

Proposal for a resolution at the shareholders' meeting

A number of major shareholders in Ericsson have presented a
proposal to be resolved upon by the shareholders' meeting.  The
proposal entails the difference in voting rights between the A-
share and the B-share being changed from 1000:1 to 10:1 by way
of increasing the voting rights attached to the B-share from
1/1000 of a vote to 1/10 of a vote.  In addition, it is proposed
that A-shareholders be allotted one conversion right for each A-
share.  Each conversion right entitles the holder to convert one
B-share to one A-share during the period 20 September to 10
December 2004.

Participation in the shareholders' meeting

Only those shareholders, who have been entered into the
transcription of the share register as of Saturday 21 August
2004, kept by VPC AB (the Swedish Securities Register Center)
are entitled to participate in the meeting, provided notice of
attendance has been given.  Since said date will fall on a
Saturday, shareholders must be registered with VPC AB on Friday
20 August 2004.  Shareholders, whose shares are registered in
the name of a nominee, must be temporarily entered into the
share register in order to be entitled to participate in the
meeting.  The shareholder is requested to inform the nominee
well before Friday 20 August 2004, when such registration must
have been effected.  Please observe that this procedure may also
be applicable for shareholders who are using a custody account
with a bank and/or trading via the Internet.

Notice of attendance

Shareholders who would like to attend the extraordinary general
meeting shall give notice hereof to the Company not later than
4:00 p.m. on Wednesday 25 August 2004 via
http://www.ericsson.com/investorsor by phone (+46 (0) 8 775 01
99) between 10:00 a.m. and 4:00 p.m. weekdays, or by facsimile
(+46 (0) 8 775 80 18).

Notice may also be given within the prescribed time by mail to
Telefonaktiebolaget LM Ericsson, Group Function Legal Affairs,
Box 47021, SE-100 74 Stockholm, Sweden.  When giving notice of
attendance, please indicate name, date of birth, address,
telephone no., and number of attending assistants.

Shareholders who are represented by proxy shall issue a power of
attorney for the representative.  To a power of attorney issued
by a legal entity, a copy of the certificate of registration of
the legal entity shall be attached.  The documents must not be
older than one year.  In order to facilitate the registration at
the meeting, powers of attorney in its original, certificates of
registration and other documents of authority should be sent to
the Company at the address above so as to be available by Friday
27 August 2004.

A full copy of the document is available free of charge at:
http://bankrupt.com/misc/LMEriccson_EGMAgenda.htm


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


ADA: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on CJSC Ada (code EDRPOU 01236265) on May
12, 2004.  The case is docketed as B 15/63/04.  Mr. Oleksandr
Plahotnik (License Number AA 630147) has been appointed
temporary insolvency manager.  Ada holds account number
26004301170276 at Prominvestbank, Dnipropetrovsk branch, MFO
305501.

Creditors have until August 7, 2004 to submit their proofs of
claim to:

(a) ADA
    51931, Ukraine, Dnipropetrovsk region,
    Dniprodzerzhinsk, Shiroka Str. 26

(b) Mr. Oleksandr Plahotnik
    Temporary Insolvency Manager
    51931, Ukraine, Dnipropetrovsk region,
    Dniprodzerzhinsk, Lenin Avenue, 56/22

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


ALCHEVSK' DONBASSTALKONSTRUKTSIYA: Under Bankruptcy Supervision
---------------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on JSCCT Alchevsk' Specialized Management
111 Donbasstalkonstruktsiya (code EDRPOU 01413402) and ordered a
moratorium on satisfaction of creditors' claims on May 14, 2004.
The case is docketed as 11/35B.  Arbitral manager Mr. Dmitro
Naumov (License Number AA 719867 approved on April 23, 2004) has
been appointed temporary insolvency manager.  Alchevsk'
Specialized Management 111 Donbasstalkonstruktsiya holds account
numbers 26009301180109, 26045309180109, 260083021080109,
26007303180109, 26006304180109, 26005305180109, 26004306180109,
26003307180109, and 26002308180109 at Prominvestbank, Alchevsk
branch of Lugansk region, MFO 304342.

Creditors have until August 8, 2004 to submit their proofs of
claim to:

(a) ALCHEVSK' SPECIALIZED MANAGEMENT 111 DONBASSTALKONSTRUKTSIYA
    94223, Ukraine, Lugansk region,
    Alchevsk, K. Marks Str. 39

(b) Mr. Dmitro Naumov
    Temporary Insolvency Manager
    91000, Ukraine, Lugansk region,
    Sonyachnij quarter, 29/82

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


AVRORA: Court Assigns Liquidator
--------------------------------
The Economic Court of Cherkassy region declared OJSC Cherkassy
Varnish-Paint Plant Avrora (code EDRPOU 02972374) insolvent and
introduced bankruptcy proceedings on June 29, 2004.  The case is
docketed as 01-08/4522.  Arbitral manager Mr. O. Pashenko
(License Number AA 783185) has been appointed
liquidator/insolvency manager.

CONTACT:  CHERKASSY VARNISH-PAINT PLANT AVRORA
          18030, Ukraine, Cherkassy region,
          Budindustriji Str. 3
          Phone: (0472) 45-54-64, 43-43-52

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


BILOVODSK' MACHINE: Court Orders Debt Moratorium
------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on Bilovodska Machine-Technological
Station (code EDRPOU 25365240) and ordered a moratorium on
satisfaction of creditors' claims on March 24, 2004.
The case is docketed as 9/29 (11/1666).  Mr. Vadim Ostrovskij
(License Number AA 250229 approved on January 14, 2002) has been
appointed temporary insolvency manager.  Bilovodska Machine-
Technological Station holds account number 2600631113 at
Oshadbank, Troyitska branch of Svatovske department 2842, MFO
364069.

Creditors have until August 8, 2004 to submit their proofs of
claim to:

(a) BILOVODSK' MACHINE-TECHNOLOGICAL STATION
    Ukraine, Lugansk region,
    Bilovodsk, Gunyana Str. 51

(b) Mr. Vadim Ostrovskij
    Temporary Insolvency Manager
    Ukraine, Lugansk region,
    Geroyi VVV Avenue, 2/32

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


CHERKASYOBLENERGO: Court Orders Partial Liquidation of Assets
-------------------------------------------------------------
The Cherkasy regional economic court is liquidating the assets
of OJSC Cherkasyoblenergo.  It appointed Eduard Bondarenko in-
charge of the disposal, Europe Intelligence Wire says.

The Agency for Regional Development of the Fuel and Energy
Complex Ltd. in Cherkasy filed the bankruptcy case against
Cherkasyoblenergo on May 14, 2004, after the energy distributor
failed to pay its debt worth UAH37.496 million.  The court is
set to hear the case until November 16, 2004 and by then decide
on the financial readjustment of the company.  Current
legislations provide that state-owned companies may neither be
alienated nor liquidated.  However, some of the firm's property
may be sold during its financial readjustment.

According to the State Commission for Securities and Stock
Market, as of April 1, 2004, the Ukraine State Property Fund and
CJSC UkrESCO owns around 46% and 25% of Cherkasyoblenergo,
respectively.  OJSC Interregional Stock Union meanwhile is a
nominal holder of 73.01% of the company's shares.

CONTACT:  OJSC CHERKASYOBLENERGO
          Ukraine, Cherkassy Region
          Gogol St. 285
          Phone: (0472) 47 41 85
          E-mail: pm@obl.ck.energy.gov.ua


ELEKTROPIVDENMONTAZH: Bankruptcy Supervision Starts
---------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Repair-Erection Management
Elektropivdenmontazh (code EDRPOU 31762274) and ordered a
moratorium on satisfaction of creditors' claims on March 15,
2004.  The case is docketed as 15/56 B.  Mr. K. Laskavij
(License Number 484236 approved on February 19, 2003) has been
appointed temporary insolvency manager.  Repair-Erection
Management Elektropivdenmontazh holds account number
26001304591673, 26002303591673, 26004301591673 at
Prominvestbank, Proletarske branch of Donetsk region, EDRPOU
09334300, MFO 334301.

Creditors have until August 8, 2004 to submit their proofs of
claim to:

(a) REPAIR-ERECTION MANAGEMENT ELEKTROPIVDENMONTAZH
    83114, Ukraine, Donetsk region,
    Universitetska Str. 96

(b) Mr. K. Laskavij
    Temporary Insolvency Manager
    83069, Ukraine, Donetsk region,
    Starobeshivska Str. 12 a
    Phone: 61-16-06, 8 (050) 564-52-78

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


HMELYOVE: Temporary Insolvency Manager Named
--------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on Rural Farmer Facility Hmelyove (code
EDRPOU 31820702).  The case is docketed as 4/35B.  Mr. Boris
Petrichuk (License Number AA 419449 approved on November 6,
2002) has been appointed temporary insolvency manager.  Rural
Farmer Facility Hmelyove holds account number 2600101794777 at
Ukreksimbank of Zhitomir, Berdichiv branch.

Creditors have until August 7, 2004 to submit their proofs of
claim to:

(a) RURAL FARMER FACILITY HMELYOVE
    13336, Ukraine, Zhitomir region,
    Berdichiv district, Polovetske

(b) Mr. Boris Petrichuk
    Temporary Insolvency Manager
    Ukraine, Zhitomir region,
    Berdichiv, K. Libkneht Str. 60
    Phone: (04143) 4-03-78

(c) ECONOMIC COURT OF ZHITOMIR REGION
    10014, Ukraine, Zhitomir region,
    Mala Berdichivska Str. 25


KOLOS: Court Appoints Temporary Insolvency Manager
--------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Agrofirm Kolos on June 21, 2004.
The case is docketed as B 40/52-04.  Mr. Denis Styupan (License
Number AA 783010) has been appointed temporary insolvency
manager.

CONTACT:  AGROFIRM KOLOS
          49100, Ukraine, Dnipropetrovsk region,
          Naberezhna peremogi Str. 118,
          body 5, 53

          Mr. Denis Styupan
          Temporary Insolvency Manager
          49055, Ukraine, Dnipropetrovsk region,
          Kirov Avenue, 98 D

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


KRYMHLIBOPRODUKT: Bankruptcy Supervision Begins
-----------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on CJSC Krymhliboprodukt (code EDRPOU
30060776) and ordered a moratorium on satisfaction of creditors'
claims on May 21, 2004.  The case is docketed as 2-20/7790-04.
Moratorium on satisfaction of creditors' claims was entered.
Arbitral manager Mrs. V. Sharamonova (License Number AA 630104
approved on December 16, 2003) has been appointed temporary
insolvency manager.

Creditors have until August 7, 2004 to submit their proofs of
claim to:

(a) KRYMHLIBOPRODUKT
    97000, Ukraine, AR Krym region,
    Krasnogvardijske, Budivelnikiv Str. 13

(b) Mrs. V. Sharamonova
    Temporary Insolvency Manager
    Ukraine, AR Krym region,
    Simferopol, Popovkina Str. 14

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


LYSYCHANSK SODA: Court Appoints Property Manager
------------------------------------------------
The Luhansk regional arbitration court has taken a bankruptcy
action against OJSC Lysychanska Soda, Ukraine's sole baking soda
producer, Europe Intelligence Wire reports.

Dnipropetrovsk-based Ukrainian Kaolin Trading House filed the
action in the court after Lysychanska Soda failed to pay
UAH68,164 in liabilities.  The court also ordered Lysychanska
Soda to undergo property management procedure until December 10,
2004, and likewise appointed Tetiana Kushnir as property
manager.

CONTACT:  LYSYCHANSKA SODA
          93105, Ukraine, Lugansk region,
          Lisichansk, Krasnaya St. 1,
          Phone: (064-51) 6-20-07, 6-22-94,
                 (064-51) 6-20-71, 6-21-23
          Fax: (064-51) 6-20-07, 6-22-94,
               (064-51) 6-20-71, 6-21-23
          E-mail: lissoda@listel.lg.ua
          Web site: http://www.lissoda.com.ua


NOVOUMANSKE: Proofs of Claim Deadline August 8
----------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Agricultural Enterprise Novoumanske
(code EDRPOU 30154448) on January 13, 2004.  The case is
docketed as 33/15.  Yasinuvata Regional State Tax Inspection has
been appointed temporary insolvency manager.  Agricultural
Enterprise Novoumanske holds account number 26003430256001 at
Privatbank, Donetsk branch, MFO 335496.

Creditors have until August 8, 2004 to submit their proofs of
claim to:

(a) AGRICULTURAL ENTERPRISE NOVOUMANSKE
    86050, Ukraine, Donetsk region,
    Yasinuvata district, Umanske,
    Batuli Str. 44a

(b) YASINUVATA REGIONAL STATE TAX INSPECTION
    Temporary Insolvency Manager
    86000, Ukraine, Donetsk region,
    Yasinuvata, third micro-district, 13-14

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


RAJAGROHIM: Declared Insolvent
------------------------------
The Economic Court of Cherkassy region declared OJSC On
Executing Of Agrochemical Works Rajagrohim (code EDRPOU
05491586) insolvent and ordered bankruptcy proceedings on June
4, 2004.  The case is docketed as 08/3971. Arbitral manager Mr.
V. Gordiyenko (License Number AA 484222 of February 18, 2003)
has been appointed liquidator/insolvency manager.  Agrochemical
Works Rajagrohim holds account number 260041013 at JSPPB Aval,
Uman branch, MFO 354228.

CONTACT:  AGROCHEMICAL WORKS RAJAGROHIM
          20100, Ukraine, Cherkassy region,
          Mankivka, Paton Str. 4

          Mr. V. Gordiyenko
          Liquidator/Insolvency Manager
          Ukraine, Cherkassy region,
          Pilipenko Str. 9/26
          Phone: 45-28-81

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


SEVERODONETSK' AGROSPETSPOSTACH: Debt Moratorium Ordered
--------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on OJSC Severodonetsk' Agrospetspostach
(code EDRPOU 00913226) ordered a moratorium on satisfaction of
creditors' claims on May 19, 2004.  The case is docketed as
11/37B.  Mr. Dmitro Litsoyev (License Number AA 520122 approved
on June 17, 2003) has been appointed temporary insolvency
manager.  Severodonetsk' Agrospetspostach holds account number
2604730830498 at Prominvestbank, Severodonetsk branch, MFO
304535

Creditors have until August 7, 2004 to submit their proofs of
claim to:

(a) SEVERODONETSK' AGROSPETSPOSTACH
    93400, Ukraine, Lugansk region,
    SeveroDonetsk region,
    Gvardijskij Avenue, 2

(b) Mr. Dmitro Litsoyev
    Temporary Insolvency Manager
    94000, Ukraine, Lugansk region,
    Serov Str. 111

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


SIMFEROPIL' 14327: Proofs of Claim Deadline August 8
----------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on OJSC Simferopil' Transport Enterprise
14327 (code EDRPOU 03114649).  The case is docketed as 2-
20/7267-04.  Arbitral manager Mr. G. Yaremenko (License Number
AA 719809 approved on February 25, 2004) has been appointed
temporary insolvency manager.  Simferopil' Transport Enterprise
14327 holds account number 26003301322013/980 at Prominvestbank,
Krym central branch.

Creditors have until August 8, 2004 to submit their proofs of
claim to:

(a) SIMFEROPIL' TRANSPORT ENTERPRISE 14327
    95000, Ukraine, AR Krym region,
    Simferopol, Kyivska Str. 4

(b) Mr. G. Yaremenko
    Temporary Insolvency Manager
    Ukraine, AR Krym region,
    Simferopol, Peremogi Avenue, 76/155

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


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


ABBEY NATIONAL: Details Banco Santander Offer
---------------------------------------------
Summary

(a) The boards of Banco Santander and Abbey reached agreement on
    the terms of a recommended acquisition by Banco Santander of
    Abbey, which is expected to be effected by means of a scheme
    of arrangement under section 425 of the Companies Act.

(b) Under the terms of the Acquisition, Abbey Shareholders will
    receive 1 New Banco Santander Share for every 1 Abbey Share.
    Prior to the Effective Date, Abbey will declare a special
    dividend of 25 pence plus 6 pence for a dividend
    differential, totaling 31 pence in cash per Abbey Share to
    Abbey Shareholders on the register 3 Business Days prior to
    the Effective Date (subject to adjustment if the Effective
    Date is earlier than 2 November 2004 or later than 2
    February 2005).

(c) The terms of the Acquisition are based on the equity market
    capitalizations of the two companies over the last three
    months and (taking into account the special dividend)
    represent a premium for Abbey Shareholders of approximately
    28.6%[2], valuing each Abbey Share at 603 pence (609
    pence taking into account 6 pence for dividend differential)
    and the entire issued ordinary share capital of Abbey at
    approximately GBP8.9 billion (EUR13.4 billion)[1],[2].

(d) Based on the Closing Price of a Banco Santander Share on 22
    July 2004[3] the terms of the Acquisition (taking into
    account the special dividend) represent a premium for Abbey
    Shareholders of approximately 17.3%[2], valuing each
    Abbey Share at 578 pence (584 pence taking into account 6
    pence for dividend differential) and the entire issued
    ordinary share capital of Abbey at approximately GBP8.5
    billion (EUR12.8 billion)[1-2].

(e) If the Acquisition had become effective, existing
    Banco Santander Shareholders would own approximately 76.4%
    of the issued share capital of Banco Santander as enlarged
    by the Acquisition and existing Abbey Shareholders
    approximately 23.6%.

(f) The combination of Banco Santander with Abbey will create a
    unique multi-local retail bank and the tenth largest bank in
    the world by market capitalization.

(g) Banco Santander believes that Abbey is an attractive
    platform through which to enter the profitable U.K. banking
    market, with significant potential.

(h) Banco Santander estimates that a combination with Abbey will
    lead to an additional contribution to earnings before tax
    from cost and revenue synergies of EUR560 million by the
    third year following completion of the transaction.

(i) It is expected that the Acquisition will lead to accretion
    in Banco Santander's earnings per share including cost and
    revenue synergies and share repurchases (before exceptional
    items) from 2006.

This statement as to financial accretion is not intended to mean
that Banco Santander's future earnings per share will
necessarily exceed or match those of any prior year.

(a) Banco Santander has authorization from its board of
    directors to purchase up to 190 million shares representing
    approximately 4% of its issued share capital.  Banco
    Santander intends to utilize this authority throughout the
    period of the Acquisition.

(b) It is intended that the Acquisition will be implemented by
    way of a scheme of arrangement under section 425 of the
    Companies Act.  It is expected that the Scheme Document will
    be posted in September 2004 and that, subject to the
    satisfaction, or where relevant waiver, of all relevant
    conditions, the Scheme will become effective and the
    Acquisition completed by the end of 2004.

(c) The Abbey Board, which has been so advised by Morgan
    Stanley, considers the terms of the Acquisition to be fair
    and reasonable.  In providing advice to the Abbey Board,
    Morgan Stanley has taken into account the commercial
    assessment of the Abbey Board.  Accordingly, the Abbey Board
    intends unanimously to recommend that Abbey Shareholders
    vote in favor of the Scheme.  The directors of Abbey have
    confirmed to Banco Santander that they intend to vote in
    favor of the Scheme in respect of their own respective
    beneficial holdings of Abbey Shares (representing, in
    aggregate, approximately 0.1% of the issued
    share capital of Abbey).

(d) The Acquisition is conditional on, amongst other things,
    certain approvals by Banco Santander Shareholders and Abbey
    Shareholders, and the sanction of the Scheme by the Court.
    Banco Santander Shareholders' approval is required to
    increase Banco Santander's share capital in order to issue
    the New Banco Santander Shares.

    This approval will be sought at the Banco Santander General
    Shareholders Meeting.  This capital increase must then be
    registered with the CNMV.  Regulatory clearances from, inter
    alia, the European Commission, the Financial Services
    Authority and the Bank of  Spain will also need to be
    obtained.

    Approval of the Acquisition will also be sought from Abbey
    Shareholders at the Court Meeting and the Abbey
    Extraordinary General Meeting.  In order to become
    effective, the Scheme must be approved by a majority in
    number representing three-fourths in value of the Abbey
    Shares that are voted at the Court Meeting.

    In addition, a special resolution implementing the Scheme
    and sanctioning the related reduction of capital must be
    passed by Abbey Shareholders representing 75% of
    the votes cast at the Abbey Extraordinary General Meeting.

(e) Banco Santander is a group of banking and financial
    companies that operates through a network of offices and
    subsidiaries across Spain and other European and Latin
    American countries.  As at 31 December 2003, Banco Santander
    Group was the second largest banking group in the Euro zone
    by market capitalization.  The company has its headquarters
    in Madrid.  Its shares are listed on the Bolsas de Valores
    (and quoted through the Automated Quotation System of the
    Bolsas de Valores) in Spain, and on the Lisbon, Milan,
    Buenos Aires and New York (through Banco Santander ADRs)
    stock exchanges, with a market capitalization of
    approximately EUR44.8 billion at 31 December 2003.

Commenting on the Acquisition, Emilio Botin, Chairman of Banco
Santander said: "Abbey's leading position in the U.K. mortgage
market, combined with its strong distribution network,
represents for Banco Santander and Abbey shareholders a value
creating opportunity based on the application of Banco
Santander's commercial and technological best practices to
Abbey's banking operations.  Abbey's business will contribute to
reinforce our pan-European franchise and provides the Group with
a more balanced stream of earnings."

Luqman Arnold, Chief Executive of Abbey, said: "Banco
Santander's outstanding retail financial services skills -- both
marketing and operational -- will provide key resources and
know-how to accelerate implementation of Abbey's personal
financial services strategy whilst simultaneously reducing
execution risk.  Our shared commitment to consumers will bring
undoubted benefits to our customers and shareholders.  Banco
Santander's proven ability to operate successfully in a diverse
range of countries and cultures bodes well for the success of
the combination."

The Acquisition will be governed by English law and will be
subject to the applicable rules and regulations of the U.K.
Listing Authority, the London Stock Exchange and the City Code.
In addition, the Acquisition will be subject to the applicable
requirements of Spanish law and regulation.

This summary should be read in conjunction with the full text of
this announcement.  Appendix III (see
http://bankrupt.com/misc/Abbey_Interim2004.htm)contains
definitions of certain terms used in this summary and the full
announcement.

Banco Santander is being advised by Goldman Sachs, JPMorgan and
Merrill Lynch.  Abbey is being advised by Morgan Stanley.
Lehman Brothers International and UBS Investment Bank are acting
as joint brokers to Abbey.

CONTACT:  BANCO SANTANDER
          Press
          Keith Grant
          (Head of International Media)
          Phone: +34 91 289 5206

          Peter Greiff
          (Deputy Head of International Media)
          Phone: +34 91 289 5207

          Investors and analysts
          Ana Wang
          Phone: +34 91 259 6516
             Or  +34 91 259 6520

          GOLDMAN SACHS INTERNATIONAL
          Mike Esposito
          Phone: +44 207 774 1000

          Guillermo Garcia
          Phone: +44 207 774 1000

          JPMORGAN
          Terry Eccles
          Phone: +44 207 325 4169

          Piers Davison
          Phone: +44 207 325 4169

          MERRILL LYNCH
          Andrea Orcel
          Phone: +44 207 628 1000

          Michael Findlay
          Phone: +44 207 628 1000

          ABBEY NATIONAL
          Investors and analysts
          Jonathan Burgess
          Phone: +44 207 756 4182

          Media Relations
          Thomas Coops
          Phone: +44 207 756 5536

          Christina Mills
          Phone: +44 207 756 4212

          Matthew Young
          Phone: +44 207 756 4232

          MORGAN STANLEY
          Simon Robey
          Phone: +44 207 425 5555

          Caroline Silver
          Phone: +44 207 425 5555

          William Chalmers
          Phone: +44 207 425 5555

          Joint Brokers to Abbey
          LEHMAN BROTHERS INTERNATIONAL
          UBS Investment Bank
          Stephen Pull
          Phone: +44 207 102 1000

          Tim Waddell
          Phone: +44 207 567 8000

          Charles King
          Phone: + 44 207 102 1000

          Christopher Smith
          Phone: +44 207 567 8000

          BRUNSWICK
          Susan Gilchrist
          Phone: +44 207 404 5959

          John Sunnucks
          Phone: +44 207 404 5959


ABBEY NATIONAL: Returns to Black After Continued Losses
-------------------------------------------------------
Results Summary

                        6 months to   6 months to   6 months to
                        30 June       31 December   30 June 2003
                         2004            2003
                          GBPm            GBPm          GBPm
Profit / (loss)
before tax

Personal Financial
Services (PFS)           340             (116)          351
Portfolio
Business Unit (PBU)      10              (426)         (495)

Statutory profit/
(loss) before tax       350              (542)         (144)

Key ratios

Abbey earnings/
(loss) per share
(pence)                13.0p            (40.4)p        (12.0)p

Dividend per
share (pence)          8.33p             16.67p         8.33p

Tier 1 capital ratio   10.9%             10.1%          10.9%
Equity Tier 1
capital ratio          7.5%               6.9%           7.6%

Equity shareholders'
funds per ordinary
share (pence)          328p              321p            381p

PFS trading data:

Trading income        1,319             1,374           1,415
Trading expenses      (783)             (817)           (760)
Trading provisions     (68)             (124)            (67)

Trading profit
before tax             468               433             588

Of which:

Banking and Savings    353               401             475
Investment
and Protection         115               133             106
General Insurance       36                44              29
Abbey Financial Markets 75                42              98
Group Infrastructure  (111)             (187)           (120)

Trading profit
before tax              468              433             588

Trading earnings
per share
(pence)                 19.2p            17.2p           24.5p
Trading cost:
income ratio            59.4%            59.5%           53.7%

PFS balance sheet

Total risk
weighted assets   GBP51.6 bln        GBP52.2bn       GBP48.2bn

Spread

PFS Banking spread      1.58%            1.75%            1.86%

PBU balance sheet:

Total assets      GBP8.3 bln         GBP12.3 bln     GBP25.7 bln
Total risk
weighted assets   GBP5.9 bln         GBP9.0 bln      GBP17.7 bln
Notional equity
release           GBP1.2 bln         GBP1.0 bln      GBP0.8 bln

Chief Executive's Review

Overview

"We are nearly halfway through our three-year transformation,
and have moved back into overall profit for the first time in
two years, reporting a statutory profit before tax of GBP350
million (Half 1 2003: loss of GBP144 million) and PFS trading
profit before tax of GBP468 million (Half 1 2003: GBP588
million).

"Seventeen months ago the company was facing three areas of
serious risk that threatened Abbey's future -- these have been
addressed and we are now able to focus all of our time and
effort on growing the Personal Financial Services (PFS)
business.

"We are undertaking a major turnaround of our core PFS business,
and we have made excellent progress in rebuilding and
revitalizing Abbey.  We have reversed years of under-investment
in Abbey's people, products, service levels and systems while
improving efficiency allowing us to keep the cost base flat, and
removing pricing eyesores that did not fit with our brand
positioning.  This level of change has hurt our business
performance in the first half of the year, as we had previously
warned.  However, the period of biggest disruption is behind us
and we now have a competitive PFS platform.

"There is still some way to go, but we can take heart from the
enthusiastic response of our people, and we believe our
customers are already enjoying a better all round experience
compared to 12 months ago.  We will build on this in the second
half of the year.

"It will take time before the improved customer experience is
recognized by customers and begins to increase business levels
and build sustainable revenue growth.  There are no short cuts
in this regard -- we are investing in Abbey's long-term future.
We are still targeting the second half of 2004 as being the
turning point for PFS."

The full copy of this press release is available free of charge
at http://bankrupt.com/misc/Abbey_Interim2004.htm.

CONTACT:  ABBEY NATIONAL
          Media Relations:
          Kirsty Sugrue
          Phone: 020 7756 4211

          Investor Relations:
          Israel Santos
          Phone: 020 7756 4181


ABBEY NATIONAL: Fitch Affirms Santander's 'AA-/Stable' Rating
-------------------------------------------------------------
Fitch Ratings on Monday affirmed Banco Santander Central
Hispano's ratings at Long-term 'AA-' Outlook Stable, Short-term
'F1+', Support '1' and Individual 'B'.  At the same time the
agency affirmed Abbey National's ratings at Long-term 'AA-'
Outlook Stable, Short-term 'F1+', Support '2' and Individual
'B'.  Fitch will review Abbey's Support rating upon completion
of the deal.

The affirmation of the ratings follows the announcement that
Santander's bid to acquire Abbey has been approved by both
banks' boards of directors.  The bid is still subject to
approval by the respective regulatory authorities and both
banks' shareholders.

"The bid provides Santander with a much better geographic
distribution, with 15% of its assets in Latin America after the
acquisition compared to 23% at end-April 2004," says Carmen
Munoz, Senior Director at Fitch Ratings in Barcelona.  "Cost
savings would not be as high as if a U.K. bank were to purchase
Abbey, but are estimated to be in the region of EUR450 million
per annum within three years," says James Longsdon, director at
Fitch Ratings in London.

Santander's core activities are retail in nature and it has been
increasing its consumer finance operations in Europe over the
past few years.  Abbey's strong franchise in the residential
mortgage business in the U.K. and a broad client base will
provide Santander with opportunities to further develop its
franchise in Europe.  However, this will not be an easy task for
Santander as it faces the challenge of integrating an
institution, which is not only its largest acquisition to date
but has also been undergoing considerable restructuring.

Once the takeover is completed the new Santander group's core
capital ratio is expected to be 5.8%.  This ratio already takes
into account a EUR2.1 billion adjustment made by Santander on
Abbey's core capital as well as deducting the EUR0.5 billion
relating to the special dividend to be paid by Abbey.  Fitch
would welcome an increase in this figure, particularly
considering the potential for integration risk and Santander's
operations in Latin America, which are more volatile.

However, Fitch believes that Santander's management should be
capable of increasing this capital level through internal
capital generation based on its strong retail franchise in
Spain, the growth opportunities derived from Latin America and
some potential to further exploit Abbey's good franchise.
Furthermore, Santander has about EUR4 billion in unrealized
capital gains from equity investment and a general allowance on
impaired loans of c.EUR1.6 billion (over an above statistical
and specific loan loss reserves), neither of which are included
in Tier 1 capital.

The agency comments that it will monitor closely Santander's
capital and dividend policy with regard to Abbey, should the
transaction close.  While Fitch believes Abbey to be adequately
capitalized (Tier 1 ratio of 7.5% at end-H104), Abbey's capital
also needs to support its significant insurance operations and a
number of other accounting and regulatory uncertainties cloud
the medium-term.  In itself, the special dividend payable under
the terms of the deal does not impact Abbey's ratings.

As announced, the substantial reduction in write-downs and other
charges in Abbey's wholesale banking and insurance businesses
enabled Abbey to return to profit in H104, when "trading" pre-
tax earnings in the core Personal Financial Services (PFS)
division were 8% ahead of H203, albeit 20% down on H103.  The
PFS business has continued to witness margin compression and
pressure on new business levels, although the bank states that
it is now seeing positive "lead indicators" in a number of
business areas.

Abbey has already stated that it expected the performance of its
PFS business to improve from H204.  Fitch regards the ability of
Abbey to maintain its present ratings as being, in part,
dependent on its and Santander's success in reversing negative
performance trends and in re-energizing a business that has
suffered from many years of under-investment.

CONTACT:  FITCH RATINGS
          Carmen Munoz, Barcelona
          Phone: +34 93 323 84 00

          James Longsdon, London
          Phone: +44 20 7417 4309

          Santiago Gallo, London
          Phone: +44 207 417 4250

          Media Relations:
          Campbell McIlroy, London
          Phone: +44 20 7417 4327


ABBEY NATIONAL: Chief Operating Officer Resigns
-----------------------------------------------
Stephen Hester, Chief Operating Officer of Abbey National plc,
will be leaving the company to take up the position of Chief
Executive of The British Land Company plc.  The date of his
departure is yet to be determined.

Luqman Arnold, Abbey's Chief Executive, said: "Stephen has been
important in the restructuring of Abbey, particularly in
resolving many of the serious risks we faced in our life
businesses, wholesale bank, and in regulatory compliance.  The
sheer scale and complexity of this task have been vast, and I am
immensely fortunate that Stephen was here to take it on.  He
will be a huge asset to British Land, and I wish him well for
the future."

Stephen Hester said: "The last two years at Abbey have given me
a fascinating opportunity to help the company through its major
restructuring.  The key tasks I was charged with are done, so it
is a natural time for me to take on something new.  I know
British Land well and I am excited to be joining the company."

Stephen joined Abbey in May 2002 as Finance Director.  His remit
was widened in February 2003, when he became Chief Operating
Officer.

CONTACT:  ABBEY NATIONAL
          Investor Relations:
          Jon Burgess
          Phone: 020 7756 4182

          Media Relations:
          Christina Mills
          Phone: 020 7756 4212

          Matt Young
          Phone: 020 7756 4232

          FINSBURY
          (for British Land)
          Ed Orlebar
          Roland Rudd
          Phone: 020 7251 3801


AHP CONSTRUCTION: Names Liquidators from Stoy Hayward
-----------------------------------------------------
At an Extraordinary General Meeting of the AHP Construction
London Limited Company on July 16, 2004 held at the Institute of
Directors, 1 Victoria Square, Birmingham B1 1BD, the subjoined
Extraordinary Resolution to wind up the company was passed.  A J
Galloway and A P Supperstone of BDO Stoy Hayward LLP, 125
Colmore Row, Birmingham B3 3SD have been appointed Joint
Liquidators for the purpose of such winding-up.

CONTACT:  BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham B3 3SD
          Liquidators:
          A J Galloway
          A P Supperstone
          Phone:  0121 200 4600
          Fax:    0121 200 4650
          E-mail:  birmingham@bdo.co.uk
          Web site: http://www.bdo.co.uk


ALCATEL DATA: Members Final Meetings Set August 23
--------------------------------------------------
Name of Companies:
Alcatel Data Networks Limited
Alcatel Network Systems Limited

Members of these companies will have final meetings on August
23, 2004 commencing at 10:00 a.m. and 10:15 a.m. respectively.
It will be held at 1 More London Place, London SE1 2AF.

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 Ernst & Young LLP, 1 More London Place, London SE1 2AF not
later than 12:00 noon, August 20, 2004.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place,
          London SE1 2AF
          Joint Liquidator:
          M Fishman
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


A T M (SALES): Appoints Tomlinsons Liquidator
---------------------------------------------
At an Extraordinary General Meeting of the A T M (Sales) Limited
Company on July 7, 2004 held at The Freemason Hall, Bridge
Street, Manchester M3 3BT, the Resolutions to wind up the
company were passed.  Alan H Tomlinson of Tomlinsons, St John's
Court, 72 Gartside Street, Manchester M3 3EL has been appointed
as Liquidator for the purpose of such winding-up.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street,
          Manchester M3 3EL
          Liquidator:
          Alan H Tomlinson
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


ATTICUS LONDON: Extraordinary Winding up Resolution Passed
----------------------------------------------------------
At an Extraordinary General Meeting of the Atticus London
Limited Company on July 19, 2004 held at Leonard Curtis & Co,
One Great Cumberland Place, Marble Arch, London W1H 7LW, the
Extraordinary Resolution to wind up the company was passed.  K D
Goodman of Leonard Curtis & Co, One Great Cumberland Place,
Marble Arch, London W1H 7LW has been appointed the Liquidator of
the Company for the purpose of such winding-up.

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


BALTIMORE TECHNOLOGIES: Preparing Response to Earthport's Claim
---------------------------------------------------------------
Earthport on Thursday issued a High Court claim against
Baltimore Technologies.  The claim relates to a series of
agreements entered into in March 2001 and claims the return of
GBP4.5 million paid under contracts, as well as damages for
breach of contract and misrepresentation estimated at a figure
in excess of GBP9 million.

Baltimore Technologies said it received the Claim Form from
Earthport's solicitors, and that it is considering the matter
with its professional advisers and will respond to it as
appropriate in due course.

CONTACT:  EARTHPORT PLC
          Press enquiries
          Rob Cunningham CEO earthport plc
          Phone: +44 (0) 20 7907 1100

          David Nabarro/Nigel Atkinson Nabarro Wells
          Phone: +44 (0) 20 7710 7400

          FINANCIAL DYNAMICS
          James Melville-Ross/Juliet Clarke
          Phone: +44 (0) 20 7831 3113

          BISHOPSGATE COMMUNICATIONS LTD.
          Phone: 020 7430 1600
          Maxine Barnes
          Dominic Barretto
          E-mail: maxine@bishopsgatecommunications.com


B M DESIGN: Hires Elwell Watchorn & Saxton Liquidator
-----------------------------------------------------
At an Extraordinary General Meeting of the B M Design & Build
Limited Company on July 19, 2004 held at Cumberland House, 35
Park Row, Nottingham NG1 6EE, the subjoined Extraordinary
Resolution to wind up the company was passed.  John Michael Munn
and Richard John Elwell of Elwell Watchorn & Saxton, 109 Swan
Street, Sileby, Leicestershire LE12 7NN have been appointed
Joint Liquidators for the purpose of such winding-up.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street, Sileby,
          Leicestershire LE12 7NN
          Liquidator:
          John Michael Munn


BT FINANCIAL: Brings in Liquidators from KPMG
---------------------------------------------
At an Extraordinary General Meeting of the BT Financial Trading
Company on July 9, 2004 held at 135 Bishopsgate, London EC2M
3XT, the Special and Ordinary Resolutions to wind up the company
were passed.  Jeremy Simon Spratt and Stephen Treharne of KPMG,
8 Salisbury Square, London EC4Y 8BB have been appointed
Liquidators for the purpose of such winding-up.

CONTACT:  KPMG
          8 Salisbury Square,
          London EC4Y 8BB
          Liquidators:
          Jeremy Simon Spratt
          Stephen Treharne
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


CELTIC CATERING: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Celtic Catering
Limited Company on July 15, 2004 held at The Quality Boundary
Hotel, Birmingham Road, Walsall WS5 3AB, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Jonathan Lord of Bridgestones, 125-127 Union Street, Oldham OL1
1TE has been appointed as Liquidator of the Company for the
purpose of such winding-up.

CONTACT:  BRIDGESTONES
          125-127 Union Street
          Oldham OL1 1TE
          Liquidator:
          Jonathan Lord


CLAYDEN GREEN: Hires Liquidator from Piper Thompson
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Clayden Green Limited Company on July 19, 2004 held at the
offices of Piper Thompson, Mulberry House, 53 Church Street,
Weybridge, Surrey KT13 8DJ, the Extraordinary Resolution to wind
up the company was passed.  Tony James Thompson of Piper
Thompson, Mulberry House, 53 Church Street, Weybridge, Surrey
KT13 8DJ has been nominated Liquidator for the purpose of the
winding-up.

CONTACT:  PIPER THOMPSON
          Mullberry House
          53 Church Street, Waybridge,
          Surrey KT13 8DJ
          Liquidator:
          Tony James Thompson


COMMUNICATIONS CONSULTANTS: Sets Final Meeting August 26
--------------------------------------------------------
The Final Meeting of the members of Communications Consultants
U.K. Limited Company will be on August 26, 2004 commencing at
11:00 a.m.  It will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, August 25, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court,
          London EC4A 4HT
          Joint Liquidator:
          D J Waterhouse
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


DEUTSCHE PROPERTIES: Members Pass Winding up Resolutions
--------------------------------------------------------
At an Extraordinary General Meeting of the Deutsche Properties
Limited Company on July 9, 2004 held at 135 Bishopsgate, London
EC2M 3XT, the Special and Ordinary Resolutions to wind up the
company were passed.  Jeremy Simon Spratt and Stephen Treharne
of KPMG, 8 Salisbury Square, London EC4Y 8BB have been appointed
Liquidators for the purpose of such winding-up.

CONTACT:  KPMG
          8 Salisbury Square
          London EC4Y 8BB
          Liquidators:
          Jeremy Simon Spratt
          Stephen Treharne
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


DIRECT SHOPPING: Sets Creditors Meeting August 2
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

              IN THE MATTER OF Direct Shopping Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Direct Shopping Ltd.
will be held at 73-75 Mortimer Street London W1W 7SQ on August
2, 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 73-75 Mortimer
Street London W1W 7SQ 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
73-75 Mortimer Street London W1W 7SQ 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 Weston Kay, 73-75 Mortimer Street London W1W
7SQ two business days prior to the meeting.

By Order of the Board.

D I Lundell,
July 1, 2004

CONTACT: WESTON KAY
         73/75 Mortimer Street
         London
         W1W 7SQ
         Phone: 020 7636 7493
         Fax: 020 7636 8424
         E-mail: accountants@westonkay.com
         Web site: http://www.westonkay.com


DJT STATIONERS: Winding up Resolutions Passed
---------------------------------------------
At an Extraordinary General Meeting of the DJT Stationers
Limited Company on July 15, 2004 held at First Floor, 167 High
Road, Loughton, Essex IG10 4LF, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Richard Jeffrey
Rones of ThorntonRones, First Floor, 167 High Road, Loughton,
Essex IG10 4LF, be and is hereby appointed Liquidator of the
Company for the purpose of such winding-up.

CONTACT:  THORNTONRONES
          First Floor,
          167 High Road, Loughton,
          Essex IG10 4LF
          Liquidator:
          Richard Jeffrey Rones


EGG PLC: Investors Rap Hefty Bonuses Awarded to Directors
---------------------------------------------------------
Shareholders of Internet bank Egg plc on Monday lashed out at
the firm's board for granting generous bonuses to directors
despite a failed venture into France, The Telegraph reports.

Egg, which is 79% owned by Prudential, introduced La Carte Egg,
in France four years ago.  Figures failed to meet expectations,
forcing Egg to almost double its investment budget and delay a
target for breaking even by a year to 2005.  This wiped out
profits in the first half of this year.

Roberto Mendoza, Egg's chairman, admitted the company "clearly
underestimated the time and costs" involved in its French credit
card business; but he defended the pay package saying: "The
board's remuneration committee has to consider that the board is
building a long-term business which cannot detract from short-
term fluctuations and the company's ability to attract high-
caliber directors."


EUROTUNNEL PLC: First-half Net Loss Widens to GBP82 Million
-----------------------------------------------------------
Eurotunnel, operator of the Channel Tunnel, reported interim
results for the first half of 2004.

Jacques Maillot, Chairman; and Jean-Louis Raymond, Group Chief
Executive, said: "The decline in operational results seen in
recent years has continued in the first half of 2004.  As our
shareholders had feared, Eurotunnel's financial situation is
worrying.  As indicated on 7 July, we are addressing the
fundamental aspects of the company's structure, and the policies
it has pursued for several years.

"These results are not ours.  However, we have identified the
conditions that need to be addressed internally to bring about a
recovery: on the one hand, a revival of activity by completely
redefining our commercial strategy and tariff structure; and on
the other hand, by improving operating margins through a major
overhaul of organization and methods leading to substantial cost
reductions.  These measures should improve the company's
operational situation from 2005 and will provide the
indispensable foundations for a less constraining financial
base.

"But these measures alone will not be enough.  It is essential
that Eurotunnel engages in a global dialogue as soon as possible
with all its partners, whether public or private, financial or
industrial, if it is to achieve recovery."

Financial Result for the Six Months to 30 June 2004[1]

                        2004        2003   2004/2003       2003
GBP million            Actual   Restated[2] % change[3] Reported

Exchange rate EUR/GBP  1.496       1.496                  1.446

Shuttle Services          137         147          -6%       149
Railways                   115         113          +2%       15
Transport activities      252         260          -3%       264
Non-transport activities    9           7         +11%         8
Operating revenue         261         267          -3%       272
Other income                8           8                      8
Total turnover            269         275          -2%       280
Operating costs         (137)       (127)         +8%       130)
Operating margin          132         148         -11%       150
Depreciation &           (62)        (70)                   (70)
provisions
Operating profit           70          78         -11%        80
Net interest            (146)       (157)         -7%      (159)
Underlying loss          (76)        (79)         +3%       (79)
Exchange gains /           2                                 (1)
(losses)
Exceptional (loss) /       (8)                                63
profit
Net loss                 (82)                               (17)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Notes:

[1] The basis of the preparation of the accounts to 30 June 2004
    is set out in note [2] to the interim combined accounts
    attached to this report.  This note describes the two
    uncertainties relating to the validity of the going concern
    principle and the value of assets.

[2] The figures at 30 June 2003 have been restated at GBP1=
    EUR1.496 to assist comparison with the 2004 figures.

[3] Variances are calculated on underlying figures in GBP000s.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Turnover

Revenue from Shuttle Services fell by 6% to GBP137 million at
constant exchange rates compared to the first half of 2003.  In
the passenger car and coach business, higher average yields were
not sufficient to compensate for decreased traffic volumes.  In
the truck business, increased traffic volumes in the first half
of 2004 did not compensate for the lower average yields.  In the
absence of any significant changes to the intensely competitive
trading environment during the second half of the year, this
trend is likely to continue.

Railways revenue increased slightly due to inflation and remains
protected by payments under the Minimum Usage Charge provisions.

Revenue generated from non-transport activities, including
retail and U.K. land sales, increased slightly to GBP9 million
compared to the first half of 2003.

Other income of GBP8 million largely comprises the release of
provisions for large-scale maintenance.

At GBP269 million, total turnover for the first half of the year
was 2% below the same period in 2003.

Operating Profit

Operating costs increased by 8% to GBP137 million at constant
exchange rates compared to the same period in 2003.  This was
principally due to higher cost of sales related to U.K. land
sales, an increase in AGM organization costs, additional
marketing expenditure in the passenger business, increased
energy costs, and higher maintenance costs for infrastructure
and rolling stock.

Following the impairment charge accounted for at the end of
2003, depreciation charges in the first half of 2004 were GBP8
million lower than in the same period in 2003.  Operating profit
at GBP70 million for the first six months of 2004 was 11% below
the first half of 2003.

Net Result

Net interest charges in the first half of 2004 were GBP11
million below the same period in 2003 at constant exchange
rates.  Following their conversion at the end of 2003, no
interest has been incurred in 2004 on Equity Notes.  Several
small debt repurchases in the second half of 2003 and the first
half of 2004 have also reduced interest charges.

The underlying loss of GBP76 million was reduced slightly
compared to the first half of 2003 level at constant exchange
rates.

A net exceptional loss of GBP8 million was incurred in the first
half of 2004 relating principally to the refinancing projects
and to the retrocession of roads and tracks in the area
surrounding the French terminal.  This was partly offset by a
profit of GBP2 million generated by the repurchase of debt at a
discount to its face value.

The net loss of GBP82 million for the period compared to a loss
of GBP17 million for the first half of 2003.

Cash Flow & Interest Cover

Cash flow from operating activities was GBP124 million in the
first half of 2004 compared to GBP138 million for the same
period in 2003.  This reduction of GBP14 million results from
the reduction in operating margin compared to 2003, partially
compensated for by an improvement in working capital.

Net capital expenditure has remained stable at GBP16 million
compared to the same period in 2003.  Net cash flow from
operating activities after capital expenditure for the first six
months of the year was GBP108 million compared to GBP122 million
in the first half of 2003.

Interest cover for the first half was 105% before capital
expenditure (2003: 87%) and 91% after capital expenditure (2003:
77%).

                                           2004         2003
GBP million                                Actual     Reported
Exchange rate EUR/GBP                       1.491        1.443

Net cash flow from operations               124          138
Capital expenditure (net)                   (16)         (16)
Cash flow after capital expenditure         108          122

Interest cover before capital              *105%          87%
expenditure
Interest cover after capital expenditure    *91%          77%

* Excludes hedging payments incurred in the first half of
    2004 paid in July 2004 and exceptional costs.

Review of activity in the first half of 2004

Eurotunnel Shuttle Services

                             2004             2003    2004/2003
Short straits
                                                       % change
market[1]
Truck shuttles     646,468 trucks   631,742 trucks      +2%  +4%
Passenger shuttles 944,832 cars[2]  1,098,913 cars[2]  -14% -10%
                   29,834 coaches   34,843 coaches     -14%  -4%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Notes:

[1] Folkestone-Dover/Boulogne-Calais-Dunkerque-Zeebrugge

[2] Including motorcycles, cars, cars with trailers, caravans
    and campervans
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Truck Shuttles

Eurotunnel carried 646,468 trucks in the first half of 2004, an
increase of 2% compared to 2003.  The short straits truck market
continued its growth into the second quarter, leading to a 4%
increase for the first half.  Market share for the first half of
2004 deteriorated by one-point to 42% compared to the same
period in 2003.  Average yields were lower than in the first
half of 2003, resulting in lower revenues.  The market remains
intensely competitive.

Passenger Shuttles

The short straits car market contracted by 10% compared to the
first half of 2003, and continues to suffer from competition
from low-cost airlines.  The volume of cars carried by
Eurotunnel during the first half fell by 14% to 944,832
vehicles, and Eurotunnel's market share fell by two points to
48%.

Scheduled coach services were significantly reduced due to
competition from low-cost airlines.  The coach market declined
by 4%, with Eurotunnel volumes falling by 14% to 29,834 coaches.
Yields increased slightly in the first half compared to the same
period in 2003.  Market share fell by four points to 33%.

Railways (Eurostars & Rail Freight)

The Channel Tunnel is also used by other rail services not
managed by Eurotunnel - Eurostar for high-speed passenger-only
services on London/Paris and London/Brussels routes, and EWS and
SNCF for international rail freight services.

Eurostar

Continuing the strong growth achieved since the opening of the
first section of the U.K. high-speed rail link, 3,406,698
Eurostar passengers* traveled through the Channel Tunnel in the
first half of 2004, an increase of 20% compared to the first
half of 2003.

Rail Freight

The volume of rail freight transported through the Channel
Tunnel continues to recover with 978,717 tons carried in the
first half, an increase of 15% compared to the first half of
2003.

Revenues from Eurostar and rail freight services through the
Channel Tunnel are protected by the Minimum Usage Charge (MUC)
paid to Eurotunnel by the Railways.  This arrangement continues
until November 2006.

* The passenger number given is for Eurostar passengers who
traveled through the Channel Tunnel, and excludes passengers
between Paris/Calais and Brussels/Lille.

Important Events

An ordinary general meeting of the shareholders of Eurotunnel
SA, specially convened by Maitre Chriqui (the 'mandataire'
appointed by the Paris Commercial Court) and held on 7 April
2004, decided to dismiss all of the Board and to elect six new
directors in their place.  The new Board appointed Jacques
Maillot, Jean-Louis Raymond, and Herve Huas as, respectively,
Chairman, Chief Executive and Deputy Chief Executive of the
Group, and of ESA, EPLC, FM and CTG.

As a result of the rejection of all of the resolutions proposed
at the Annual General Meeting of Eurotunnel S.A., the 2003
accounts were not approved and will be submitted for approval,
without modification, to the Annual General Meeting of
Eurotunnel S.A. that considers the accounts for 2004.

Furthermore, it was not possible to appoint or to reappoint the
statutory and deputy statutory 'commissaires aux comptes' of
Eurotunnel S.A.  On 16 April 2004 the Paris Commercial Court
made an order appointing 'commissaires aux comptes' to
Eurotunnel S.A. until such time as an Annual General Meeting of
Eurotunnel S.A. makes an appointment.  The appropriate
procedures were followed in the U.K. to renew the appointment of
the auditors of Eurotunnel plc, and on the 21 June, the
Secretary of State for Trade and Industry made the appointment.

In a letter addressed to the shareholders on 7 July, the
Chairman and the Chief Executive outlined three key corporate
objectives: stimulating revenue growth by radically changing the
commercial policy, reducing costs, and reaching a sustainable
level of debt by putting the Group's finances on a far healthier
footing.  The letter summarized the initial findings of the new
management, announced a reorganization of the senior management
of the Group, and stated that a long-term plan would be
finalized by the end of October.

Financing

      Financing at 30 June 2004

GBPbillion

Senior Debt                0.4   CORE

Junior Debt                      DEBT
Tier 1A                    4.4
Resettable Advances

Stabilization Facility
Participating Loan Notes   1.4   BUFFER
Accrued                          ZONE
interest

Shareholders' Funds        1.2   EQUITY

Eurotunnel's funding falls into three main parts: Core Debt, a
Buffer Zone, and equity.

The Core Debt totaling GBP4.8 billion comprises GBP0.4 billion
of Senior and 4th Tranche Debt, GBP3.2 billion of Junior Debt
and GBP0.7 billion of Tier 1A Debt, and GBP0.5 billion of
Resettable Advances.

No debt repayments are due before 2006.  Junior Debt repayments
are scheduled to commence in 2007 with a repayment of GBP32
million.

The Buffer Zone of GBP1.4 billion includes GBP0.5 billion
drawings under the Stabilization Facility, which is available to
meet interest payments that cannot be paid in cash during 2004
and 2005.  The Stabilization Advances and Notes carry 0%
interest until 2006.

Eurotunnel is able to convert the Stabilization Advances and
Notes[1] outstanding at the end of 2005 into shares in order to
assist the Company in managing its financial position following
the end of the Stabilization Period.  On the basis of
information currently available, and in view of the current
outlook and the attractive terms of conversion, the Joint Board
expects that a recommendation will be made to the shareholders
in 2005, for the conversion of all Stabilization Advances and
Stabilization Notes into Units.  This zone also includes the
Participating Loan Notes (PLN) that carry 1% fixed interest
until 2006.

The third part of the financing structure is the Shareholders'
Funds, which at 30 June 2004 totaled GBP1.2 billion.

(1) Based on the GBP510 million Stabilization Advances and Notes
    that were outstanding on 30 June 2004, such conversion would
    lead to the creation of 438 million new Units at a fixed
    conversion rate of GBP1.16 (at a euro/sterling exchange of
    EUR1.491).  This would represent 15% of the new total number
    of shares in issue, and reduce interest charges by
    approximately GBP29 million per annum from 2006.  Fully
    diluted share capital on the above basis would be 2,986
    million Units (including exercise of stock options).

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Notes:

[1] A copy of the Eurotunnel Group's combined interim accounts
    is attached as an annex.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The interim report will not be mailed to shareholders.  The
report is available at http://www.eurotunnel.com,or by
contacting the Eurotunnel Shareholder Information Center on
08457 697 397.

Financial statements are available free of charge at
http://bankrupt.com/misc/Eurotunnel_Interim2003.htm

CONTACT:  EUROTUNNEL PLC
          Media Inquiries:
          Kevin Charles
          Phone: + 44 (0) 1303 288728
              or + 44 (0)1303 288737

          Investor & Analyst Inquiries:
          Xavier Clement
          Phone: + 33 1 55 27 36 27


EUROTUNNEL PLC: KPMG Doubts Going Concern Status Beyond 2005
------------------------------------------------------------
In accordance with French reporting regulations, the
Commissaires aux Comptes and the Auditors are required to make a
report in relation to the Interim Report to shareholders at 30
June 2004.  No audit opinion is required at 30 June 2004 under
these regulations and accordingly the Commissaires aux Comptes
and the Auditors have neither carried out an audit nor given an
audit opinion.  The work performed for the purposes of the
report is set out in its text and is less in scope than an audit
performed in accordance with standards generally accepted in the
U.K. and France.

Report of the Auditors and Commissaires aux Comptes on the Half
year Combined Financial Statements

In our capacity as Commissaires aux Comptes and Auditors of the
Eurotunnel Group and in accordance with article L.232-7 of the
Code de Commerce, we have carried out:

(a) A limited review of the half-year combined financial
    statements of the Eurotunnel Group, as defined in note 1,
    covering the period from 1 January 2004 to 30 June 2004,

(b) The review of the information given in the interim report of
    the Eurotunnel Group.

The half year combined financial statements are the
responsibility of the Joint Board of the Eurotunnel Group.  Our
responsibility is to issue a report on these financial
statements based on our limited review.

We conducted our review in accordance with professional
standards applicable in France and in the U.K.  These standards
require that we plan and perform limited review procedures,
substantially less in scope than an audit, to obtain reasonable
assurance as to whether the half year combined financial
statements are free from material misstatements.  A review is
limited primarily to inquiries of management and analytical
procedures applied to financial data and thus provides less
assurance than an audit.

Based on our review, which was conducted in accordance with
French accounting principles and regulations, nothing has come
to our attention that causes us to believe that the half-year
combined financial statements do not give a true and fair view
of the financial position and the assets and liabilities of the
Eurotunnel Group as at 30 June 2004 and of the results of its
operations for the six-month period then ended.

Whilst giving this opinion, we draw attention to the disclosures
made in note 2 of the financial statements (see
http://bankrupt.com/misc/Eurotunnel_Interim2003.htm)to the
half-year combined financial statements concerning the two
uncertainties that the Group is facing:

(a) The first uncertainty relates to the going concern
    assumption after 2005, which is dependent upon the Group's
    ability to put in place a refinancing plan or, if not, to
    obtain an agreement with the Lenders under the existing
    Credit Agreement within the next two years.

(b) The second uncertainty, in part related to the first one,
    relates to the carrying value at which the fixed assets are
    recorded in the financial statements.  For the purposes of
    this valuation accounting regulations require the
    establishment of financial projections over the life of the
    Concession, which have been prepared based on the assumption
    that current contracts will be maintained and on the
    assumption of a level of debt lower than the current level.

On this basis, at 31 December 2003 the Group recorded an
impairment of its fixed assets of GBP1.3 billion, representing
an implicit discount rate of 7%.

At 30 June 2004, in the context of the operational performance
which was worse than forecast in 2003, increased upward pressure
on interest rates, and the ongoing preparation of a refinancing
plan, the Group has not reviewed the financial projections
underlying the valuation of the fixed assets.

Small changes in the assumptions used could have significant
consequences for the value in use of the assets.  As an example,
and with all things being equal, a reduction in future operating
cash flows of GBP10 million per annum or an increase of 0.10% in
the implicit discount rate would reduce the value in use of the
fixed assets by approximately GBP150 million.

It should be recognized that medium and long-term financial
projections are uncertain by their very nature.

We have carried out our limited review of the information
contained in the Eurotunnel Group's half year combined interim
report in accordance with professional standards applicable in
France and in the U.K.

With the exception of the eventual outcome of the matters raised
above, we have no further comments to make as to the fairness
and consistency of the half year combined financial statements.

Folkestone, 23 July 2004

KPMG Audit Plc
KPMG Audit
Mazars & Guerard
Chartered Accountants
Departement de KPMG S.A.
T. de Bailliencourt
F. Odent


FERX EUROPE: Appoints Numerica Liquidator
-----------------------------------------
At an Extraordinary General Meeting of the Ferx Europe Limited
Company on July 6, 2004 held at 66 Wigmore Street, London W1A
3RT, the Ordinary and Extraordinary Resolutions to wind up the
company were passed.  Nicholas Hugh O'Reilly and Jonathan Mark
Birch of Numerica, PO Box 2653, 66 Wigmore Street, London W1A
3RT have been appointed Joint Liquidators for the purpose of
such winding-up.

CONTACT:  NUMERICA
          PO Box 2653
          66 Wigmore Street,
          London W1A 3RT
          Liquidators:
          Nicholas Hugh O'Reilly
          Jonathan Mark Birch
          Phone: 020 7467 4000
          Web site: http://www.numerica.biz


FINANCIAL TIMES: Moves Closer to Breaking even
----------------------------------------------
Financial Times, the flagship title of Pearson group, narrowed
losses to GBP6 million for the six months to June as advertising
revenues pick up.  The business reported a loss of GBP15 million
for the same period last year.

Business advertising revenues turned positive for the first time
since the end of the dotcom boom, Pearson said.  It grew by 3%,
according to Rona Fairhead, finance director.  Recruitment
advertising -- often seen as a key lead economic indicator --
grew by 20%.  She cautioned, however, that advertising remained
"erratic, and visibility is still very poor.  It changes from
day to day," she said.

Financial Times merged its U.K. and European commercial
operations to cut cost.  This savings is anticipated to improve
profits by GBP20 million this year, offsetting a 5% fall in
global circulation, according to The Telegraph.

Pearson reported underlying profits of GBP2 million, compared
with a GBP1 million-loss last year.  At the pre-tax level, the
company made losses of GBP112 million against a GBP138 million
loss for the first half of 2002.  Turnover fell to GBP1.59
billion from GBP1.67 billion.


GLENTEX LIMITED: Hires Tenon Recovery Administrator
---------------------------------------------------
S R Thomas and S J Parker of Tenon Recovery have been appointed
joint administrators for Glentex (U.K.) Limited Company.  The
appointment was made July 15, 2004.

The company manufactures knitted and crocheted materials.
Lentex's registered office is located at Sherlock House, 73
Baker Street, London W1U 6RD.

CONTACT:  TENON RECOVERY
          Sherlock House,
          73 Baker Street,
          London W1U 6RD
          Joint Administrators:
          S R Thomas
          S J Parker
          (IP Nos 8920, 8989)
          Phone:  020 7935 5566
          Fax:    020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


HOLLINGER INC.: High Court to Rule on Telegraph Sale Friday
-----------------------------------------------------------
Delaware Chancery Court Vice Chancellor Leo Strine will rule on
Hollinger Inc.'s request for a temporary injunction on the
Telegraph sale by July 30, when the deal is due to close,
according to The Telegraph.

Judge Strine on Friday heard the case lodged by Conrad Black and
asked him to explain his conflicting stand on the transaction.
He himself attempted to sell the company several months ago.

During the hearing Friday, the judge asked: "Hollinger Inc. was
willing to sell in January, so what's happened to the London
newspaper market since then?"

Hollinger International is selling The Telegraph Group to
British businessmen David and Frederick Barclay for US$1.23
billion (GBP665 million).  Lawyers for Lord Black, the former
chief of Hollinger International, say the move is too hasty, and
that the shareholders were not consulted about this.  According
to them, the move will strip the publisher of its crown jewel.
Lord Black, whose Toronto-based holding company Hollinger Inc.
owns nearly 70% of Hollinger International's voting rights,
wants shareholders to vote on the plan.

To this, the judge recalled that when Lord Black was in control
of the company he also sold the bulk of the firm's Canadian
newspapers to CanWest in 2000 for some US$2 billion without a
shareholder vote.  Hollinger says Lord Black only wants to
undermine the company.  He was ousted from the company months
ago when it was discovered he received bonuses on transactions
without the board's knowledge.  Hollinger International is suing
him, his wife, and several others for it.


ICCH LIMITED: Sets Members Final Meeting August 25
--------------------------------------------------
Members of ICCH Limited Company will have a final meeting on
August 25, 2004 commencing at 10:00 a.m.  It will be held at the
offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Plumtree Court, London EC4A
4HT.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court,
          London EC4A 4HT
          Joint Liquidator:
          R Setchim
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


INTERNATIONAL REAL: Appoints KPMG Administrative Receiver
---------------------------------------------------------
International Real Estate Plc (IRE), the fully listed
international property company, announces a further update on
the situation of its investment property, the 25% share of
Mobius House, Basingstoke.  The property is owned by a limited
partnership between the company and Stratford U.K. Properties
LLC (Oaktree), an investment vehicle managed by Oaktree Capital
Management LLC.  IRE's Chairman, Rolf L Nordstrom, was a
Director in the Joint Venture, and IRE's Company Secretary, Tom
Shannon, was Company Secretary of the Joint Venture prior to
their resignations last week as announced on 23 July 2004.

In its 2003 Interim Report, IRE reported that its non-recourse
loan was in default.  Subsequently the partnership agreed a plan
with the lenders for the early realization of the Basingstoke
property, but this has not occurred.  This was also reported in
the Annual Report for 2003.  The senior lender Eurohypo AG has
now used its right to exercise its power under the loan
Agreement to appoint KPMG as administrative receivers for the
general partner and the nominee corporation holding the property
Mobius House in Basingstoke.

For further information on the basis of the partnership please
refer to the 2003 Annual Report.

Issued on behalf of International Real Estate Plc by St Brides
Media & Finance Ltd., 46 Bedford Row, London WC1R 4LR.

CONTACT:  INTERNATIONAL REAL ESTATE PLC
          Rolf L Nordstrom
          Phone: 00 44 (0) 20 7839 8686
             Or  00 44 (0) 7776 137 400

          Daniel Akselson
          Phone: 00 31 (0) 653 304 590

          Hugo de Salis
          St Brides Media & Finance
          Phone: 00 44 (0) 20 7242 4477


INTERSPARES LIMITED: Hires Joint Administrators from Chantrey
-------------------------------------------------------------
The Interspares (Motorsport) Limited Company has appointed
William John Turner and Kevin Anthony Murphy as joint
administrators.  The appointment was made July 16, 2004.  The
company sells motor vehicle parts.

CONTACT:  CHANTREY VELLACOTT DFK
          Russell Square House,
          10-12 Russell Square,
          London WC1B 5LF
          Receivers:
          William John Turner
          Kevin Anthony Murphy
          (IP Nos 9049, 8349)
          Phone: 020 7509 9000
          E-mail: info_london@cvdfk.com
          Web site: http://www.cvdfk.com


LONDON HOUSE: In Administrative Receivership
--------------------------------------------
Shoreland Investments Inc called in Jeremy Berman and Mark Levy
as receivers for London House (GB) Limited Company (Reg No
04404313, Trade Classification: 13 and 17).  The application was
filed July 15, 2004.  The company sells clothing and textiles.

CONTACT:  Jeremy Berman, Receiver
          Mark Levy, Receiver
          76 new Cavendish Street,
          London W1G 9TB


MONITRON INTERNATIONAL: Appoints Joint Administrator from KPMG
--------------------------------------------------------------
Allan Watson Graham and Mark Jeremy Orton of KPMG have been
appointed joint administrators for Montron International Limited
Company.  The appointment was made July 13, 2004.  The company
designs and manufactures traffic control system.

CONTACT:  KPMG
          Corporate Recovery
          2 Cornwall Street,
          Birmingham B3 2DL
          Joint Administrators:
          Allan Watson Graham
          Mark Jeremy Orton
          (IP Nos 8719, 8846)
          Tel: (0121) 232 3000
          Fax: (0121) 232 3500
          Web site: http://www.kpmg.co.uk


MOSS BROS: Former Karen Millen Executive May Launch Takeover
------------------------------------------------------------
Kevin Stanford, co-founder of fashion retailer Karen Millen, is
building a stake in retailer Moss Bros, sparking takeover
rumors.

Mr. Stanford is buying a 22.6% stake in addition to his existing
5.6% shareholding.  It is understood he is acquiring the stake
from Shami Ahmed, founder of the Joe Bloggs empire, at 80p a
share, The Telegraph reports.  The price is the highest for the
company in four years.

Mr. Stanford needs only 1.8% to warrant a takeover bid.
According to the report, it is understood he is using part of
his payout in the sale of Karen Millen last month to increase
his stake in Moss Bros.  The report said it is not clear whether
Mr. Stanford is buying the shares directly.

"His alternative is to take over the bulk of Mr. Ahmed's
investment, which is held through financial instruments called
contracts for differences, currently held by Cantor Fitzgerald,"
The Telegraph report reads.

At the Annual General Meeting of the company in June Chairman
Keith Hamill said the board expects the company to return to
profit in the first half of the current financial year.

CONTACT:  MOSS BROS GROUP PLC
          Philip Mountford
          Roddy Murray
          Phone: 0207 447 7200

          TULCHAN COMMUNICATIONS LIMITED
          Andrew Honnor
          Alexia Latham
          Phone: 0207 353 4200


MYTRAVEL PLC: Cutting Jobs, Closing Offices to Cut Cost
-------------------------------------------------------
Package holiday group Mytravel plc warned airline jobs will have
to go as it streamlines to adjust to market conditions.  The
firm is beginning a 90-day consultation with staff.

"We have to make sure we have a realistic size of fleet for the
market place," a MyTravel spokesman said.

Under the plan, Mytravel will axe up to 540 jobs as it cuts the
number of its fleet from 30 to 21.  More than a hundred of those
who will be dismissed will be pilots, while 50 will be ground
staff and management, including head office employees.  The
remaining will be cabin crew.  Gatwick, Manchester and
Birmingham employees will bear the brunt of the job cuts.  It is
thought that the company's smaller operations at Stansted and
Leeds Bradford will close.


NETPHYSIC LTD.: Names Interim Liquidator
----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

         IN THE MATTER OF Netphysic Ltd. (in Liquidation)

I, of Bannerman Johnstone Maclay Tara House 46 Bath Street
Glasgow G2 1HG hereby give notice that I was appointed Interim
Liquidator of Netphysic Ltd. on May 20, 2004 by the Interlocutor
of the Sheriff at Sheriff of Glasgow.

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
Tara House 46 Bath Street Glasgow G2 1HG on August 2, 2004 at
10:00 a.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.

David J Maclay, Interim Liquidator

Tara House 46 Bath Street Glasgow G2 1HG
July 5, 2004

CONTACT:  BANNERMAN JOHNSTONE MACLAY
          Tara House
          46 Bath Street
          Glasgow
          G2 1HG
          Phone: 0141 332 2999
          Fax: 0141 333 0171
          E-mail: solutions@bjm-ca.co.uk
          Web site: http://www.bjm-ca.co.uk


PREMIER FOODS: Merrill Lynch Details Over-allotment Arrangements
----------------------------------------------------------------
In connection with the initial public offering (the Global
Offer) of Premier Foods plc, Merrill Lynch International is
giving notice that it has, as stabilizing manager, exercised the
over-allotment arrangements in respect of 24,418,605 Ordinary
Shares in the Company.

None of the GBP52.5 million proceeds arising from the exercise
of the over-allotment arrangements will be received by Premier
Foods.  Including the exercise of the over-allotment
arrangements, the total size of the Global Offer was GBP402.5
million (187,209,303 Ordinary Shares).

Following the exercise of the over-allotment arrangements,
approximately 76.45% of the Company's Ordinary Shares will be
held in public hands and HMTF Premier Limited (an entity
controlled by funds advised by Hicks, Muse, Tate & Furst) will
own approximately 20.39% of the Company's Ordinary Shares.

Merrill Lynch International, is acting for Premier Foods plc in
connection with the Global Offer and no one else, and will not
be responsible to anyone other than Premier Foods plc for
providing the protections offered to clients of Merrill Lynch
International, nor for providing advice in relation to the
Global Offer.

                            *   *   *

The information contained herein is not for publication or
distribution to persons in the United States.  These materials
do not constitute an offer of securities for sale in the United
States.  The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold without registration
thereunder or pursuant to an available exemption therefrom.

Any public offering of securities to be made in the United
States would be by means of a prospectus that could be obtained
from the issuer or the selling security holder and that would
contain detailed information about the Company and its
management, as well as financial statements.  However, no public
offering of securities in the United States is currently
contemplated and Premier Foods plc does not intend to register
any portion of the offering in the United States.

This announcement does not constitute, or form part of, an offer
or invitation to sell or issue, or any solicitation of an offer
to purchase or subscribe for securities and any subscription for
or purchase of, or application for, shares in the Premier Foods
plc to be issued or sold in connection with the Global Offer
should only be made on the basis of information contained in the
listing particulars dated 20 July 2004 in connection with the
Global Offer and any supplements thereto.  The listing
particulars contain certain detailed information about Premier
Foods plc and its management, as well as financial statements
and other financial data.

This announcement and the information contained herein are not
for publication, distribution or release in, or into, the United
States, Canada, Australia or Japan.  Stabilisation/FSA.

CONTACT:  MERRILL LYNCH INTERNATIONAL
          John Millar
          Phone: 020 7995 3700


ROHILL BODIES: Names PKF Administrator
--------------------------------------
Rohill Bodies Ltd Company has appointed Sue Stockley and Philip
Long of PKF as Joint Administrators.  The appointment was made
July 5, 2004.  The company manufactures and supplies community
buses, commercial bodies, containers and vehicle chassis units.
Rohill Bodies' registered office is located at Mitchell Close,
West Portway Industrial Estate, Andover, Hampshire SP10 3TJ

CONTACT:  PKF
          6-7 Litfield Place,
          The Promenade, Clifton,
          Bristol BS8 3LX
          Joint Administrator:
          Sue Stockley
          (IP No 7889)
          Phone: 0117 906 4000
          Fax:   0117 974 1238
          E-mail: info.bristol@uk.pkf.com
          Web site: http://www.pfk.co.uk


          PKF
          Farringdon Place,
          20 Farringdon Road,
          London EC1M 3AP
          Joint Administrator:
          Philip Long
          (IP No 193)
          Phone: 020 7065 0000
          Fax:   020 7065 0650
          E-mail: info.london@uk.pkf.com
          Web site: http://www.pkf.co.uk


SBN LIMITED: Campus Media Board Opts for Liquidation
----------------------------------------------------
The Board of Directors of Campus Media plc decided not to
continue providing funding to SBN Limited, one of the company's
wholly owned subsidiaries.  SBN is not in a position to continue
trading without such funding and accordingly the board of SBN
has suspended the operations and trading of SBN and is
appointing a licensed insolvency practitioner to seek a buyer
for SBN or its business and assets on an immediate basis,
failing which SBN will be placed into liquidation.  The
liabilities of SBN are in excess of its assets and any
liquidation will therefore be an insolvent one.

The appointment of insolvency practitioners is solely related to
SBN and not to Campus or any other member of the Campus group.
All of the other companies within the Campus group continue to
trade normally and the board of Campus believe that the
substantial business growth demonstrated in recent months in the
non-SBN subsidiaries is likely to be accelerated as Group
resources can be better directed towards these areas of
activity.

Unaudited management accounts show that, in the 11 months to 30
June 2004, SBN accounted for only 22% of Group turnover.  With
the exception of a loan owed to Channelfly plc, one of the
Company's shareholders, none of the liabilities of SBN has been
guaranteed by Campus or any of the other Group companies.

Campus's investment in and loans to SBN were substantially
written down in the company's accounts for the year ended 31
July 2003.  SBN has continued to make losses since that date and
the company has continued to make loans to SBN to fund its
operations.  Although the closure of SBN will not have any
further material effect on the cash resources of the Group, the
company anticipates that a charge of approximately GBP1.4
million will be made in its consolidated group accounts for the
year ended 31 July 2004.  This relates to inter-company loans
and the write down of the remaining value attributed to SBN in
the company's balance sheet.

At 31 July 2003, SBN's accumulated losses amounted to GBP4.5
million as stated in its audited accounts.  Over GBP500,000 of
these losses resulted from direct payments to university radio
stations over the last 4 years to assist the development of
their radio services.

In spite of the current improvement of the advertising and
marketing sectors, which has resulted in increased orders in the
other Group subsidiaries, extensive efforts to generate
sufficient revenues at SBN to justify the continuation of its
business have not proved successful.

On 30 April 2003 the company announced that it had appointed
EMAP Advertising Limited as the exclusive sales house in
relation to the sale of SBN's airtime.  The Directors, having
discussed projected sales figures with EMAP, were of the opinion
that selling SBN's inventory via a major radio sales house would
lead to a significant upturn in SBN's revenues.  Unfortunately,
revenues generated failed to live up to expectations and were
not of sufficient magnitude to cover the overheads of running
SBN.

Whilst regretting the necessity of making the decision to
discontinue the funding made available to SBN from the company,
the Directors are firmly of the opinion that this is in the best
interests of the company and its shareholders.  By taking this
action the Directors are confident that they will be able to
advance the date upon which the Campus group will become
profitable on a consolidated basis and also that the Group will
deliver better results than internal forecasts had previously
indicated in respect of the financial year to July 31 2005.
Trading at the company's other subsidiaries is on-target and
forward orders for the next financial year are substantially
ahead of the comparative period in 2003.

Campus Media plc is an AIM listed holding company of a campus
and student marketing services group that enables brands and
advertisers to undertake promotional activity targeting the 2.2
million students in higher education in the U.K.  It is the
owner of The Get Real Marketing Company Limited, which operates
student brand manager programs to promote its clients' brands,
and The Campus Marketing Company (U.K.) Limited, which runs
campus and on-line based promotional and marketing activity and
which is also responsible for the newstudent.org Web site.

CONTACT:  CAMPUS MEDIA
          Tony Harbron
          Chief Executive Officer
          Phone: 020 7691 4777


SITE RITE: Names Chamberlain & Co Administrator
-----------------------------------------------
The Site Rite Services Limited Company has appointed Michael
Chamberlain as administrators.  The appointment was made July
16, 2004.  The company is engaged in insulation work activities.

CONTACT:  CHAMBERLAIN & CO
          Aireside House,
          24-26 Aire Street,
          Leeds LS1 4HT
          Michael Chamberlain
          (IP No 8735)
          Phone: 0113 242 0808
          Fax:   0113 242 0866
          Web site: http://www.chamberlain-co.co.uk/


S MACARI: Calls in Liquidator from Stonham.Co
---------------------------------------------
At an Extraordinary General Meeting of the S Macari & Sons
Limited Company on July 16, 2004 held at Pallant Court, West
Pallant, Chichester, West Sussex PO19 1TG, the subjoined Special
Resolution to wind up the company was passed.  E J Stonham of
Stonham.Co, 13 Southgate, Chichester, West Sussex PO19 1ES has
been appointed Liquidator of the Company for the purpose of such
winding-up.

CONTACT:  STONHAM.CO
          13 Southgate, Chichester,
          West Sussex PO19 1ES
          Liquidator:
          E J Stonham


SOUTHDENE ESTATES: May Appoint Liquidator Friday
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

             IN THE MATTER OF Southdene Estates Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Southdene Estates Ltd.
will be held at The Old Exchange 234 Southchurch Road Southend-
on-Sea SS1 2EG on July 30, 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 The Old Exchange
234 Southchurch Road Southend-on-Sea SS1 2EG 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 Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG
before the Meeting, a statement giving particulars of their
security, the date when it was given, and the value at which it
is assessed.

David Hudson of Begbies Traynor The Old Exchange 234 Southchurch
Road Southend-on-Sea SS1 2EG 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.

E Newitt, Director
June 29, 2004


SSM SOFTWARE: Sets Creditors Meeting August 3
---------------------------------------------
Creditors of SSM Software Developments Limited Company will have
a meeting on August 3, 2004 commencing at 11:30 a.m.  It will be
held at No 1 Riding House Street, London W1A 3AS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Smith & Williamson Limited, First Floor, Holbrook
House, 72 Bank Street, Maidstone, Kent ME14 1SN not later than
12:00 noon, August 2, 2004.

CONTACT:  SMITH & WILLIAMSON LIMITED
          First Floor,
          Holbrook House,
          72 Bank Street, Maidstone,
          Kent ME14 1SN
          Joint Administrators:
          Neale Andrew Jackson
          Stephen John Tancock
          Phone: 020 7637 5377
          Fax:   020 7631 0741
          Web site: http://www.smith.williamson.co.uk


STRATEGIC HOTEL: General Meeting Set August 18
----------------------------------------------
Members of Strategic Hotel Capital Limited Company will have a
general meeting on August 18, 2004 commencing at 10:00 a.m.  It
will be held at 18 Strand, London WC2R 1WL.

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.


UNITED BISCUITS: Expanding Business in U.K., Ireland
----------------------------------------------------
United Biscuits, a leading European manufacturer of biscuits and
snacks, announced it has signed an agreement with Groupe Danone
to acquire its U.K. and Ireland biscuits and snacks business,
Jacob's Biscuit Group.  The deal is subject to the approval of
the U.K. and Irish competition authorities.

Jacob's is a leading supplier of savory biscuits in the U.K. and
Ireland with total sales of over GBP184 million (EUR266 million)
reported in 2003.  Jacob's principal brands include familiar
household names such as Jacob's Cream Crackers, Thai Bites and
Twiglets.  The integration of Jacob's into the United Biscuits
portfolio should enhance the longevity and growth prospects of
Jacob's individual brands.  As part of a larger U.K. biscuits
and snacks operator Jacob's and United Biscuits will benefit
from enhanced consumer insight and increased investment.

Malcolm Ritchie, United Biscuits' Chief Executive, said: "As new
players enter this sector it is increasingly important for
brands to be a part of a focused business.  Jacob's is a natural
extension of United Biscuits' existing businesses servicing a
similar consumer and customer base.  There exists strong demand
for Jacob's range of products which we are confident can be
extended to the benefit of the two companies and our consumers.
As with all United Biscuits' activities the focus will be on
maintaining a high level of investment behind priority brands to
ensure they enhance their market position."

In 2003, United Biscuits achieved sales of GBP1.3 billion.
Branded sales increased to account for 87% of sales

United Biscuits is the market leader in biscuits production in
the U.K. and Spain and number two in France, Portugal and the
Netherlands.  KP Snacks is number two in the U.K. in terms of
sales and number one in nuts.

United Biscuits owns some of Europe's best known biscuits and
snacks brands including McVitie's, one of the best known brands
in the U.K., Penguin, go ahead!, McVitie's Jaffa Cakes, McV a:m,
Hula Hoops, Mini Cheddars and McCoy's, and Delacre, BN,
Fontaneda and Verkade in Europe.

United Biscuits employs over 10,000 people, of whom over 7,000
work in the U.K.  United Biscuits has 29 sites of which 14 are
in the U.K. United Biscuits has been advised by Stamford
Partners and Deutsche Bank.


UNITED BISCUITS: 'B+' Ratings on CreditWatch Negative
-----------------------------------------------------
Standard & Poor's Ratings Services on Monday placed its ratings
on U.K.-based biscuits and snacks manufacturer United Biscuits
Finance PLC and its direct subsidiary Regentrealm Ltd.,
including its 'B+' corporate credit ratings on the group, on
CreditWatch with negative implications.

"The rating action follows United Biscuits announcement that it
has signed an agreement to acquire Jacob's Biscuit Group, a
savory biscuits and snacks business, and the decision to fully
fund this purchase through bank debt, the terms of which remain
to be disclosed," said Standard & Poor's credit analyst Sunita
Kara.  "We estimate that United Biscuits' resulting
significantly increased debt level would likely cause the
group's debt protection measures to deteriorate."

This would contradict Standard & Poor's previous expectation
that the group would gradually improve its currently highly
leveraged financial profile.  The acquisition, however, will
diversify the group's branded product offering and solidify its
market position in the U.K. Jacob's reported sales of about
GBP184 million in 2003.

Standard & Poor's aims to resolve the CreditWatch status within
the next three weeks, after meeting with United Biscuits'
management and receiving more in-depth information.  Standard &
Poor's would need to discuss the implications of the acquisition
on the group's financial profile, the group's willingness to
continue to participate in the consolidating market with further
debt-financed acquisitions, as well as an update on the
competitive pressures on the group's main U.K. biscuits market.
The ratings could be affirmed at the current level or downgraded
depending on the outcome of the discussion.  Standard & Poor's
currently assesses the downgrade possibility to be limited to
one notch.

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


UPPER DRUM: Sets Members Final Meeting August 27
------------------------------------------------
The final meeting of the members of Upper Drum Fishings Limited
Company will be on August 27, 2004 commencing at 11:00 a.m.  It
will be held at the offices of PricewaterhouseCoopers LLP,
Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, August 26, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court,
          London EC4A 4HT
          Joint Liquidator:
          J E Branson
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


WATERFORD WEDGWOOD: Approves Sale of All-Clad Subsidiary
--------------------------------------------------------
Shareholders of Waterford Wedgwood plc, at an extraordinary
general meeting held in The Shelbourne Hotel, Dublin, approved
the sale of its wholly owned subsidiary, All-Clad, the U.S.-
based premium cookware company, to Groupe SEB, as previously
announced, for approximately US$250 million (EUR206 million).

                            *   *   *
All-Clad had sales of around US$105 million in the year to March
2004. Its profit after-tax was in the region of US$11 million.
Its net assets are approximately US$39 million.

At Waterford's preliminary results for the year ended 31 March
2004, Sir Anthony O'Reilly said: "The All-Clad disposal is a
significant milestone.  Our balance sheet will be substantially
improved when we receive the proceeds.  As our debt falls,
interest cost will reduce significantly.  That will allow us to
re-invest in marketing, to drive our top line and to enhance our
margin.  It is the essential first step of our Plan for Growth.
We remain committed to this fine company and its great brands."

CONTACT:  POWERSCOURT
          (UK and International)
          Phone:  +44 (0) 20 7236 5615

          Rory Godson
          Phone: +44 (0) 7909 926 020

          COLLEGE HILL
          (Analysts)
          James Henderson
          Kate Pope
          Phone:  +44 (0) 20 7457 2020

          DENNEHY ASSOCIATES
          (Ireland)
          Phone:   +353 (0) 1 676 4733

          Michael Dennehy
          Phone: +353 (0) 87 255 6923


WATERMILL LIMITED: Hires Joint Administrators from Hacker Young
---------------------------------------------------------------
Andrew Andronikou and Peter Kubik have been appointed Join
Administrators for Watermill Limited.  The appointment was made
July 14, 2004.  The company's trading name is The Greek Vine
Restaurant.

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street,
          London EC2Y 5DH
          Joint Administrators:
          Andrew Andronikou
          Peter Kubik
          (IP Nos 1253, 9220)
          Phone: 020 7216 4600
          Fax:   020 7638 2159
          Web site: http://www.uhy-uk.com


WILLOW WAY: Creditors Meeting Set August 3
------------------------------------------
Creditors of Willow Way Limited Company will have a meeting on
August 3, 2004 commencing at 12:00 noon.  It will be held at No
1 Riding House Street, London W1A 3AS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Smith & Williamson Limited, First Floor, Holbrook
House, 72 Bank Street, Maidstone, Kent ME14 1SN not later than
12:00 noon, August 2, 2004.

CONTACT:  SMITH & WILLIAMSON LIMITED
          First Floor,
          Holbrook House,
          72 Bank Street, Maidstone,
          Kent ME14 1SN
          Joint Administrators:
          Neale Andrew Jackson
          Stephen John Tancock
          Phone: 020 7637 5377
          Fax:   020 7631 0741
          Web site: http://www.smith.williamson.co.uk


                            *********


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.

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