TCREUR_Public/040729.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

            Thursday, July 29, 2004, Vol. 5, No. 149

                            Headlines

C R O A T I A

OMIAL: Third Attempt to Sell Assets Fails
VIKTOR LENAC: Puts Two Shipyards, Dry Dock on Auction Block


F R A N C E

ALCATEL: Invests in Canada's Tropic Networks
DOUX: Axing Hundreds of Jobs as Poultry Market Crisis Lingers
TATI: Auction Attracts a Dozen Bidders
VALIANCE FIDUCIAIRE: Court Commences Composition Proceedings


G E R M A N Y

FERAUD: Escada Coughs up Undisclosed Sum to Settle Dispute
HEIDELBERGER DRUCKMASCHINEN: New Sustainability Report Out Soon
KARSTADTQUELLE: Goldman Sachs Lowers Profit Forecast


I T A L Y

ALITALIA SPA: Board Meeting Moved to Friday
ALITALIA SPA: Gives Unions Until Sept. 15 to Approve Rehab Plan
PARMALAT AUSTRALIA: Wins Coles Housebrand Contract
PARMALAT U.S.A.: Retains Keen Realty as Special Consultant


N E T H E R L A N D S

KONINKLIJKE AHOLD: Former Executives Charged with Fraud
PETROPLUS N.V.: RIVR Closes Confirmatory Due Diligence


R U S S I A

ALEKSEEVSKY: Sets Deadline for Proofs of Claim
BOGORODSKAYA SHOE: Court Sets November 30 Hearing
INDUSTRIAL COMMERCE: Undergoes Bankruptcy Supervision Procedure
KHOMUTOVKA-MILK: Kursk Court Appoints Insolvency Manager
METROMEDIA INTERNATIONAL: Hires Moscow-based KPMG Accountant

PODGORNOYE: Insolvent Status Confirmed
RADITSKY MACHINE: Court Sets October 26 Hearing
TV-COMPANY: Sells Properties for Undisclosed Amount
VOLOKOLAMSKY AGRO-TEKH-SERVICE: Declared Insolvent
VOZNESENSK-SELKHOZ-KHIMIYA: Receives RUB408,280 for Assets

VTOR-MED: Undergoes Bankruptcy Supervision Procedure
YUKOS OIL: Ruling on Seizure of Swiss Accounts Upheld
YUKOS OIL: Shares Knocked Down for Two Succeeding Days


S P A I N

IZAR: SEPI Assures Shipbuilder Will Return Illegal State Aid
LYCOS EUROPE: Sees Significant Growth in First-half Revenues


S W I T Z E R L A N D

CHARLES VOEGELE: Swiss Bourse Suspects Insider Trading


U K R A I N E

ENTERPRISE 11414: Declared Insolvent
KORONA: Court Appoints Insolvency Manager
LAN: Court Assigns Liquidator
LVIVSILMASH: Public Auction of Assets Set August 9
MAYAK: Herson Court Names Insolvency Manager

MIRAZH: Donetsk Court Launches Bankruptcy Proceedings
TATNAFTA UKRAINE: Proofs of Claim Deadline August 8
VERES: Insolvent Status Confirmed
VOLOVETSKE REPAIR: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

ALEXANDER LAUREN: Hires Liquidators from Grant Thornton
ALLDIG GROUNDWORKS: Calls in Liquidator
ARDENGATE LIMITED: Hires Administrators from Baker Tilly
AUDIO VISUAL: Creditors Meeting Set Today
BHP BILLITON: Winding up Resolutions Passed

BRADFORD WARD: Hires Liquidator from Ideal Corporate Solutions
CAFFYN-PARSONS: Sets Members Final Meeting August 25
CANALSIDE FOODS: Members Pass Winding up Resolutions
CAPFERN DEVELOPMENTS: Brings in Liquidator
CELLFACTORS PLC: Names Geoffrey Martin & Co Administrator

CLIFFESANDS LIMITED: Members Final Meeting Set August 23
CORPORATE DRIVERS: Appoints Begbies Traynor Liquidator
EDRINGTON GROUP: Workers Threaten to Cripple Production
EURODIS ELECTRON: Posts Audited 2003 Results
FANCY DRESS: Hires Liquidators from Tenon Recovery

FEDERAL TOOLING: Calls in Liquidator
F & P BACON: Appoints David Horner & Co Liquidator
IMPRESARIO ENTERTAINMENT: Hires Liquidators from Citroen Wells
INTERNET LIFE: Sets General Meeting August 25
INVENSYS PLC: Gobbles up Rival in Gas Sensing Business

JBT ENGINEERING: Appoints PKF Administrator
JOHN ASPINALL: Appoints PricewaterhouseCoopers Liquidator
M T CONSULTANTS: Appoints Interim Liquidator
MYTRAVEL PLC: Cutting Flights from Cardiff International
NOVALIS FIBRES: Final Meeting Set August 26

NYLSTAR LIMITED: Sets Members Final Meeting August 25
PEMBURTON CORPORATE: Members Final Meeting August 31
PRAGMA ENERGY: Brings in Liquidators from Robson Rhodes
RENTOKIL INITIAL: Cites Prolonged Share Slide for CEO's Ouster
REUTERS GROUP: Shows No Sign of Core Revenues Picking up

SIROYAN LIMITED: Final General Meeting Set August 27
THRISLINGTON ENGINEERING: Brings in Administrator
WH SMITH: Unveils Strategy to Return Value to Shareholders


                            *********


=============
C R O A T I A
=============


OMIAL: Third Attempt to Sell Assets Fails
-----------------------------------------
Creditors of bankrupt aluminum packaging manufacturer Omial
failed to sell the firm's assets for the third time, Business
Eastern Europe says.

This came even after Omial's creditors reduced the asking price
from HRK19 million in the first auction, to HRK16.1 million in
the next attempt, and finally to HRK11.3 million.  Bidders
included local construction firm Aluplast and a number of
foreign companies.


VIKTOR LENAC: Puts Two Shipyards, Dry Dock on Auction Block
-----------------------------------------------------------
The major creditors of Viktor Lenac Shipyard, under bankruptcy
proceedings, announce public tenders for: Viktor Lenac Shipyard
(under bankruptcy) in Rijeka Martinsaeica Bay; Viktor Lenac
Shipyard (under bankruptcy) in Split Vranjic; and Steel Floating
Dry Dock no. 11.  The properties are to be sold in whole or in
parts.

Brief description of the properties:

(a) Viktor Lenac in MartinSaeica Bay, founded in 1896, is one of
    the major ship repair/conversion /offshore shipyards in the
    Mediterranean.  It is situated 3 km. south of the port of
    Rijeka in Croatia.  The Shipyard has well-equipped steel,
    mechanical, electrical and other workshops with 7,300 sq.m.
    covered working area and 3,000 sq.m. platforms for external
    pre-assembly.  The land area is 224,550 sq.m. with work
    berths total length of 1,450 meters enabling afloat repairs
    of vessels up to 160,000 DWT.

    Major shipyard production facilities:

    (i) Steel Floating Dry Docks:

        (a) Dock no.5: Loa= 201.5 m.; B= 33.8 m.; Lokb= 183.2
            m.; LC= 19,000 T two cranes 15 T

        (b) Dock no.7: Loa= 165.0 m.; B= 27.4 m.; Lokb= 153.6
            m.; LC= 10,000 T two cranes 12,5 T

     (ii) Shore cranes: 7 units, lifting capacity 8T/10T/12T/25T
          (3 pcs)/100 T

(b) Viktor Lenac Shipyard in Vranjic

    Vranjic Shipyard near Split repairs, reconstructs and builds
    minor sea vessels.  The Shipyard covers an area of 11,300
    sq.m. with 2,530 sq.m. of covered workshop area and
    Operative Shore Length 154 meters.

    Steel Floating Dry Dock - Dock no. 17: Loa= 121 m.; B= 21
    m.; Lokb= 100 m.; LC= 4,500 T two cranes 5 T

(c) Steel Floating Dry Dock no.11

    This Suezmax Dock is anchored outside of the MatinSaeica
    Bay.  It was reconstructed during 2001-2003. The works are
    not completed, and the Dock has no shore connection thereby
    not operable.

    Technical characteristics: Loa= 260,77 m.; B= 78,03 m.;
    Lokb=252,0 m.; LC= 60,000 T two cranes 12,5 T

Interested parties have until September 30, 2004 to make non-
binding offers to Mr. Milenko Skrlec, receiver.

CONTACT:  BRODOGRADILISTE VIKTOR LENAC D.D.
          u steeaju n/r Milenko Skrlec
          steeajni upravitelj
          MartinSaeica bb
          51000 Rijeka, Croatia
          Phone: + 385 51 40 55 55
          Fax:   + 385 51 21 70 33
          Telex: 24194 podlen rh
          E-mail: viktor.lenac@lenac.hr
          Web site: http://www.lenac.hr


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F R A N C E
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ALCATEL: Invests in Canada's Tropic Networks
--------------------------------------------
Alcatel on Tuesday announced its investment in Ottawa, Ontario,
Canada-based metro-area optical networking supplier, Tropic
Networks.  Alcatel will be represented on Tropic Networks' board
of directors.  In addition to the financial investment, Alcatel
has also entered into a global agreement to market and
distribute Tropic Networks products and technology.

As a manufacturer of metro-area optical networking equipment,
Tropic Networks combines the intelligence of Wavelength Tracker,
an advanced optical layer management technology, with the
flexibility of Reconfigurable OADM (ROADM).  ROADM technology
enables service providers to remotely reconfigure add and drop
capacity at each node, delivering the enhanced functionality
operators required to cost-effectively upgrade their network
without affecting in-service traffic.  The combination of these
advanced technologies delivers more flexibility and versatility
in network operation and provides today's service providers with
increased operational cost savings.

"Alcatel is continuously looking for the best ways to meet the
demands of our customers," said Romano Valussi, President of
Alcatel's optical networks activities.  "By partnering with
Tropic Networks, Alcatel will be able to immediately satisfy the
ROADM market requirements, while continuing to develop advanced
solutions that meet the future needs of the service provider
community."

"Tropic Networks is pleased to collaborate with the global
leader in optical networking," said Kevin Rankin, CEO, Tropic
Networks.  "We feel that this relationship will allow both
Tropic Networks and Alcatel to leverage our combined strengths
to successfully address new opportunities, while also serving
the needs of our existing customers."

About Alcatel

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

                            *   *   *

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


DOUX: Axing Hundreds of Jobs as Poultry Market Crisis Lingers
-------------------------------------------------------------
French poultry company Doux will be cutting an additional 200
jobs in an effort to contain the general crisis in the European
poultry market, Europe Intelligence Wire reports.

The management did not disclose its plans for the workers who
will be affected, but said the job cuts will come from all 17
French sites of the group.  Previously, Doux said it will cut
104 jobs and close its Malansac dock abattoir in Brittany before
the end of the year.  At the time it said it would transfer some
employees to other parts of the company.

Doux reported net profit of EUR5 million last year after falling
EUR20 million into the red in 2002.  Despite the return to
black, the company still suffers from problems facing the
European poultry market.  It plans to return to a 35-hour week
to avoid mandatory overtime pay and improve its operating
profit.


TATI: Auction Attracts a Dozen Bidders
--------------------------------------
The management of French discount fashion retailer Tati is
selling assets to save the company from closure, Les Echos say.
Tati has received 12 takeover offers, which the commercial court
is currently reviewing.  The tenders are not valid until July
31.  Bidders have until today [July 29] to submit revised
proposals.  Lyon-based Asiatex and Fabio Lucci have reportedly
submitted the highest offers.


VALIANCE FIDUCIAIRE: Court Commences Composition Proceedings
------------------------------------------------------------
The head of French security van company Valiance Fiduciaire,
Michel Leblanc, said Monday the group is filing for insolvency.

According to Les Echos, the Paris commercial court has
jumpstarted the composition proceedings and will soon rule on
the length of the observation period, in which bidders are to
submit their offers to the future administrator.  Danish company
Group 4 Falck and Swedish group Securitas are reportedly
interested in bidding.  A union insider told Les Echos, however,
that neither of the two currently has the needed structure in
France to carry out a takeover.  The source also said it is
advisable for the interested parties to wait.  Another possible
bidder is Brink's France, which is reportedly interested in a
partial takeover.


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


FERAUD: Escada Coughs up Undisclosed Sum to Settle Dispute
----------------------------------------------------------
German fashion group Escada has decided to settle the legal
dispute over the bankruptcy of Feraud for several million euros,
Borsen Zeitung says.

Feraud is a German fashion company in which Escada formerly had
a stake.  Escada will partly finance the settlement using
reserves.  The company aims to book a profit for the 2003 to
2004 financial year, which ends on October 31, and a substantial
EBITDA increase.


HEIDELBERGER DRUCKMASCHINEN: New Sustainability Report Out Soon
---------------------------------------------------------------
Heidelberger Druckmaschinen AG (Heidelberg) (FWB:HDD) will
publish its new Sustainability Report 2003/2004.  With more than
50 pages and a ten-year overview, this report from the world's
leading supplier for the print media industry provides an
overview of the fundamental values and objectives of
Heidelberg's corporate philosophy and behavior, examines the
past fiscal year and looks at the prospects for the future.

However, this report is not just about financial facts and
figures.  The Sustainability Report also enables Heidelberg to
outline its commitment to environmental protection and to inform
the public about its efforts to safeguard the interests of its
workforce and maintain a good societal environment at its
facilities.

The publication can be used as a basis for an open and critical
dialog with stakeholders on questions of sustainability at
Heidelberg and shows the ways in which Heidelberg is able to
take into account and balance demands and possibilities in
relation to sustainability.

As in the previous four fiscal years, the latest Sustainability
Report was drawn up on the basis of the guidelines of Global
Reporting Initiative (GRI) of June 2002.  The objective of this
initiative is to promote the international harmonization of
reporting of economic, environmental and social achievements at
corporate level in order to foster responsible decision-making.

After three years of economic difficulties, Heidelberg is taking
stock: The new alignment was initiated and implemented during
the reporting period by focusing on sheetfed offset printing,
the prepress and postpress added value sectors and on customer-
oriented services.  The repositioning of the Group took place
against the backdrop of drupa 2004 with, among other things, the
innovation offensive that was launched there.

Bernhard Schreier, Heidelberg CEO said: "It is our desire and
indeed obligation to justify the trust placed in us by
significantly improving productivity and increasing value."

With more than 50 technological innovations in the workflow,
prepress, press and postpress sectors, the company launched
around 30 percent more innovations and new product features at
drupa 2004 than in the boom year of 2000.  In the highly
industrialized offset printing sector, Heidelberg signaled a new
era in terms of productivity, quality and cost-effectiveness
with the Speedmaster XL 105.

The company indicated the high value that it consistently places
on environmental and social responsibility in its overall
strategy with the approval of the new guidelines for
environmental protection, workplace safety and product safety
and with the opening of the Environmental Information Center at
the company headquarters in Heidelberg.

The Speedmaster CD 74 UV and CD 102 UV were the first printing
presses in the world to be awarded the "Optimierter UV-Druck"
(Optimized UV Printing) certificate from the German
Berufsgenossenschaft Druck und Papierverarbeitung e.V.  This
award is given to UV presses that break new ground in terms of
health and safety, environmental protection and operator safety.

The new Sustainability Report can be ordered from
environment@heidelberg.com or from fax number +49 6221 92 3329.

CONTACTS:  HEIDELBERGER DRUCKMASCHINEN AG
           Corporate Communications
           Thomas Fichtl
           Phone: +49 6221 92 5900
           Fax:   +49 6221 92 5069
           E-mail: friedmar.nusch@heidelberg.com


KARSTADTQUELLE: Goldman Sachs Lowers Profit Forecast
----------------------------------------------------
Wealth management firm Goldman Sachs has amended its 2004 profit
per share forecast downwards for German retailer KarstadtQuelle
from EUR0.2 to EUR0.01, Borsen Zeitung says.

Goldman Sachs based its prediction on KarstadtQuelle's expected
EUR312 million negative EBTA for the first half of 2004.
KarstadtQuelle closed the first six months of the year with an
expected turnover drop of 4.8% to EUR6.9 billion.  The company's
turnover is also expected to dip by 3% while its EBTA should
fall to EUR2 million.


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


ALITALIA SPA: Board Meeting Moved to Friday
-------------------------------------------
Struggling Italian airline Alitalia S.p.A. said Tuesday it was
postponing until Friday a board meeting originally scheduled for
Wednesday, Dow Jones Newswires says.

Friday's meeting would tackle the latest turnaround plan drawn
by Alitalia's chief executive, Giancarlo Cimoli.  The company
transferred its meeting to Friday as Mr. Cimoli held talks with
labor unions regarding the plan.  Mr. Cimoli, former chair of
Italy's state railway, is yet to reveal his rescue plan.  The
restructuring plan reportedly entails the split of Alitalia into
different units, which include a flight unit and a ground
services unit.  The plan, which was shown last week to European
Union Transport Commissioner Loyola de Palacio, aims to return
the company to profit in 2007.

Mr. Cimoli became Alitalia's chief executive in May and has
forged deals with various unions to scrap privileges and waste.
However, these deals are only expected to save around EUR28
million, while Alitalia is estimated to have EUR150 million in
liquidity left, excluding the EUR400 million Italian state aid.
The Italian government has agreed to look for private investors
and reduce its stake from 62% to 49%.  Alitalia posted EUR517
million in net losses last year and has only registered a profit
in four of the past 16 years.


ALITALIA SPA: Gives Unions Until Sept. 15 to Approve Rehab Plan
---------------------------------------------------------------
Italian airline Alitalia S.p.A. has until September 15 to reach
an agreement with trade unions for a restructuring plan aimed to
save the company from liquidation, Financial Times says.

The company announced the self-imposed deadline after Chief
Executive Giancarlo Cimoli met with works council over his
proposed rescue plan for Alitalia.  Mr. Cimoli has proposed to
split Alitalia into two units: one handling passenger operations
and the other dealing with services.  He hopes the plan and
other measures, which concern cost and productivity, would help
Alitalia to break even in 2006 and to profit in 2007-2008.

Mr. Cimoli urged the company's pilots, flight attendants and
ground staff to help him get rid of restrictive job practices.
However, the chief executive has yet to announce a precise plan
for staff cuts which, according to European transport
commissioner Loyola de Palacio, is essential to the recovery
plan.  Unions, however, doubt the workability of Mr. Cimoli's
proposal.

The European Commission gave the go signal last week for the
Italian government to guarantee a EUR400 million bridging loan
for Alitalia.  As conditions, the Italian government's 62% stake
in the airline should be reduced to 49%, and the company must
present a restructuring plan within six months and repay the
loan within a year.


PARMALAT AUSTRALIA: Wins Coles Housebrand Contract
--------------------------------------------------
Parmalat Australia on Tuesday confirmed it was awarded the Coles
housebrand milk contract for Queensland.  The 2-year contract is
a significant vote of confidence by the market for Parmalat
Australia.

"Winning the housebrand contract is a great outcome for us and
reinforces Parmalat Australia's position as a leading eastern
seaboard player in the dairy industry," said Managing Director
David Lord.

At 27.1%, the company currently enjoys market leadership on the
eastern seaboard in the branded segment of the milk market.
Resulting in further market volume, the contract with Coles
represents another milestone in Parmalat Australia's continued
growth and success.

The announcement follows the company's launch in Queensland and
Victoria of Pauls Smarter White Milk, which has achieved the
fastest growth of any milk brand launched in recent years.

CONTACT:  PARMALAT AUSTRALIA
          Katie Bickford
          Phone: (07) 3230 5000
              Or 0417 763 741

          Damien Jones
          Phone: (07) 3230 5000
              Or 0413 339 727

PARMALAT U.S.A.: Retains Keen Realty as Special Consultant
----------------------------------------------------------
Parmalat U.S.A. Corporation retained Keen Realty, LLC as special
real estate consultant to provide a variety of real estate
services, including marketing for sale the Company's excess
industrial properties.  Parmalat has filed for Chapter 11
protection in the United States Bankruptcy Court.  Established
in 1982, Keen Realty specializes in selling excess assets and
restructuring real estate and lease portfolios.

"These properties are an excellent opportunity for users,
developers and investors.  Several of the properties are well
located for redevelopment," Christopher Mahoney, Vice President
of Keen Realty, states.  "The marketing has started and there
has been a tremendous amount of interest.  All interested
parties must act immediately, as this opportunity will only be
available for a short time."

Parmalat has 9 industrial and/or redevelopment sites available,
located in New Jersey, Pennsylvania and Georgia, with the
largest concentrations in Georgia (7 sites).  The properties
range in size 0.88 acres to 33.2 acres of land with buildings
ranging in size from 2,500 to 67,000 sq. ft.  The properties
consist of former manufacturing facilities, warehouses, dairy
depots and parcels of vacant land.  Many of these locations are
ideal for redevelopment, while others are excellent for
continued industrial use.

For over 22 years, Keen Realty has had extensive experience
solving complex problems and evaluating and selling real estate,
leases and businesses.  Keen Realty, a leader in identifying
strategic investors and partners for businesses, has consulted
with hundreds of clients nationwide, evaluated and disposed of
over 250,000,000 square feet square of properties and
repositioned nearly 13,000 retail stores across the country.
Recent clients include: Cable & Wireless, Meadowcraft, American
Candy, Wellington Leisure Products, Spiegel/Eddie Bauer, Arthur
Andersen, Service Merchandise, Tommy Hilfiger, Warnaco, and JP
Morgan Chase.

For additional information regarding Parmalat, please contact
Chris Mahoney or Susie Walkley or visit
http://www.keenconsultants.com.

CONTACT:  KEEN REALTY, LLC
          60 Cutter Mill Road,
          Suite 407
          Great Neck, NY  11021

          Christopher Mahoney
          Vice President
          Phone: 516-482-2700
          Fax:   516-482-5764
          E-mail: cmahoney@keenconsultants.com;
                  swalkley@keenconsultants.com
                  info@keenconsultants.com


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


KONINKLIJKE AHOLD: Former Executives Charged with Fraud
-------------------------------------------------------
Ahold on Tuesday said the U.S. Department of Justice and the
U.S. Securities and Exchange Commission have brought charges
against four former executives of its U.S. subsidiary, U.S.
Foodservice.  The charges relate to prior-year accounting
irregularities at U.S. Foodservice that were announced in
February 2003.

According to the charges, the U.S. government alleges that the
four former executives engaged in securities laws violations.
One of the former executives was also charged with insider
trading in securities of U.S. Foodservice before its acquisition
by Ahold and making false statements to a government official.

Lawrence Benjamin, the new CEO of U.S. Foodservice, said: "U.S.
Foodservice has been actively cooperating with the authorities
in their investigations.  We will continue to cooperate with the
government in its efforts to hold accountable those individuals
who may have violated the law and abused our trust."

Ahold Corporate Executive Board member and Chief Corporate
Governance Counsel Peter Wakkie, said: "U.S. Foodservice has
taken numerous actions over the course of the past year and a
half to ensure this conduct does not occur again.  Ahold has
also put in place a series of measures that will give the
company the ability to more closely monitor the financial
activities of its operating companies."

Benjamin noted that the changes at U.S. Foodservice have been
particularly focused on its organization and control procedures,
including:

(a) The installation of a new executive leadership team.
    Importantly, all of the former employees charged were
    terminated or left the company last year.

(b) The implementation of substantial improvements in the
    company's financial systems and controls, as well as its
    financial organization, to strengthen financial monitoring
    and reporting.

(c) The establishment of a new office of governance, ethics and
    compliance reporting directly to both the CEO of U.S.
    Foodservice and to Ahold's Chief Corporate Governance
    Counsel.  This organization provides a focal point for
    driving improved governance processes throughout U.S.
    Foodservice and has already trained thousands of associates
    in compliance and integrity awareness.

"Throughout all of these changes, our more than 29,000 hard-
working associates across the United States have focused on
ensuring that our customers continue to receive the high-quality
products and services they have come to expect," Benjamin
continued.

"Many lessons have been learned from this unfortunate chapter in
the company's 100+ year history.  The extensive changes being
made at U.S. Foodservice will help ensure a bright future,"
Benjamin concluded.

Wakkie concluded: "Every action we have taken both at Ahold and
at U.S. Foodservice puts us another step forward on Ahold's Road
to Recovery."

CONTACT: KONINKLIJKE AHOLD
         Corporate Communications
         Phone: +31.75.659.5720


PETROPLUS N.V.: RIVR Closes Confirmatory Due Diligence
------------------------------------------------------
With reference to the press releases of 18 May and 17 June 2004,
Petroplus International N.V. and RIVR Acquisition B.V. jointly
announce that RIVR has now finalized its confirmatory due
diligence in connection with the intended recommended public
offer for all outstanding ordinary shares in the share capital
of Petroplus with an offer price of EUR8.00 in cash per ordinary
share the intended consent solicitation from holders of a
majority of the 10.5% Senior Notes due 2010 for proposed
amendments to (or deletions of) certain provisions set out in
the trust deed (Consent Solicitation) and the intended public
offer for the Senior Notes at 101% of the par value, consisting
of an offer of 100% of the par value for the Senior Notes and a
1% fee payable if the consent is given.

As indicated in the press release of 18 May 2004, the making of
the Equity Offer and Senior Notes Offer and the Consent
Solicitation is subject to the execution of definitive financing
agreements, reaching agreement with, and obtaining consents
from, certain third parties in respect of certain material
contracts, and the satisfaction of certain other customary pre-
offer conditions.

The parties confirm that good progress is being made in respect
of these conditions and that, as indicated in the press release
of 17 June 2004, assuming all these conditions can be fully
satisfied in time, the intended Offers are expected to be made
after the August holiday period.

RIVR is a holding company controlled by a consortium comprising
funds affiliated with The Carlyle Group.  Two members of the
Executive Board, also being founders of Petroplus, intend to
participate in the Consortium as per settlement of the Equity
Offer.

This press release also appears in Dutch. In the event of any
inconsistency, the English version will prevail over the Dutch
version.

Profile of Petroplus

Petroplus International N.V. (rated B+/Negative/-- by Standard &
Poor's) was established 10 years ago and has since developed
into a leading player in the European midstream oil market.  The
midstream sector encompasses refining, marketing and logistics
(predominantly tank storage).

Petroplus is the owner of refineries in Antwerp (Belgium),
Cressier (Switzerland) and Teesside (United Kingdom) with a
total capacity of 240,000 barrels per day including its Antwerp
desulphurisation capacity.  Petroplus has a sales volume in
excess of 23 million tonnes a year of oil products and a storage
capacity of almost 5 million m(3) throughout Western Europe.

Petroplus, with its head office in Rotterdam and regional head
offices in Zug and Hamburg, has branch offices in more than 20
countries and employs approximately 1000 employees.  Petroplus
is publicly listed in the NextPrime segment of the Official
Segment of Euronext Amsterdam N.V.

The Carlyle Group and Riverstone Holdings
The Carlyle Group is a global private equity firm with more than
US$18.3 billion under management.  The Carlyle Group employs a
conservative, proven, and disciplined investment approach.  The
Carlyle Group invests in buyouts, venture, real estate, and
leveraged finance, in North America, Europe, and Asia, focusing
on aerospace, automotive & transportation, consumer, defense,
energy & power, healthcare, industrial, technology & business
services, and telecommunications & media.  Since 1987, the firm
has invested US$10.8 billion of equity in 300 transactions.

The Carlyle Group employs more than 540 people in 14 countries.
The Carlyle Group will participate in the transaction through
the combined equity investments from its European buyout fund
and its dedicated energy and power fund.

The Carlyle Group manages two buyout funds in Europe: (i)
Carlyle Europe Partners I, a EUR1 billion fund launched in 1998
which has completed 16 investments, and is now fully invested
and (ii) Carlyle Europe Partners II, which has completed three
transactions worth over EUR2 billion.  A team of 40 investment
professionals located in five offices across Europe manages
Carlyle Europe Partners I and Carlyle Europe Partners II.

Riverstone Holdings LLC and The Carlyle Group are the co-general
partners of the Carlyle/Riverstone Global Energy and Power Fund
II, a US$1.1 billion private equity fund established to make
investments in the energy and power industry globally.

Riverstone, a New York-based energy and power focused private
equity firm founded in 2000, has approximately US$1.5 billion
under management with Carlyle.  Riverstone conducts buyout and
growth capital investments in the midstream, upstream, power,
and oilfield service sectors of the energy industry.  To date,
the firm has committed approximately US$875 million to 10
investments across these four sectors.

                            *   *   *

This is a joint press release of Petroplus International N.V.
and RIVR Acquisition B.V.  This is not for release, publication
or distribution, in whole or in part, in or into the United
States, Canada, Australia or Japan.  This announcement and
related materials do not constitute an offer for either the
ordinary shares in Petroplus International N.V. or the 10.5%
Senior Notes due 2010, but the expectation is justified that an
offer will be made in due course as set out in this press
release and in the press releases issued on 18 May 2004 and 17
June 2004.

CONTACT:  PETROPLUS INTERNATIONAL N.V.
          P.O. Box 85002 3009
          MA Rotterdam
          The Netherlands
          Phone: +31 (0) 10 242 5900
          Fax:   +31 (0) 10 242 6052
          E-mail: IR@petroplus.nl
          Web site: http://www.petroplusinternational.com

          Martijn L.D. Schuttevaer
          Investor Relations Manager
          Phone: + 31 10 242 6046
          Mobile: + 31 65 208 3014
          E-mail: M.L.Schuttevaer@Petroplus.nl

          CARLYLE
          Katherine Elmore-Jones
          Director of European Communications
          Phone: +44 20 78 94 1200
          E-mail: Katherine.ElmoreJones@Carlyle.com


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


ALEKSEEVSKY: Sets Deadline for Proofs of Claim
----------------------------------------------
The Arbitration Court of Lipetsk region declared agricultural
industrial complex Alekseevsky insolvent and introduced
bankruptcy proceedings.  The case is docketed as A36-62-B/1-03.
Ms. T. Tkachenko has been appointed insolvency manager.

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

(a) The Arbitration Court of Lipetsk region
    398019, Russia,
    Lipetsk, Skorokhodova Str. 2;

(b) Insolvency Manager
    398050, Russia,
    Lipetsk, Proletarskaya Str. 14,
    Post User Box 472

(c) Alekseevsky
    399836, Russia,
    Lipetsk region,
    Dankovsky region, Plakhovo


BOGORODSKAYA SHOE: Court Sets November 30 Hearing
-------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy supervision procedure on OJSC Bogorodskaya Shoe
Factory (TIN 52450072).  The case is docketed as A43-8282/04-33-
221.  Mr. I. Volkov has been appointed temporary insolvency
manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 603005, Russia, Nizhniy Novgorod
region, Post User Box 132.  A hearing will take place at the
Arbitration Court of Nizhniy Novgorod region, Department 33 on
November 30, 2004, 10:00 a.m.

CONTACT:  BOGORODSKAYA SHOE FACTORY
          606110, Russia,
          Nizhniy Novgorod Region, Bogorodsk,
          1st Ryazanka Str. 32

          Mr. I. Volkov
          Temporary Insolvency Manager
          603005, Russia,
          Nizhniy Novgorod Region,
          Post User Box 132
          Phone/Fax: 8-2-314-71-41


INDUSTRIAL COMMERCE: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy supervision procedure on Industrial Commerce
Corporation.  The case is docketed as A43-5505/04-120.  Mr. V.
Kopchenov has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 603105, Russia, Nizhniy Novgorod
region, Sormovskoye Shosse, 20, Post User Box 130.  A hearing
will take place at the Arbitration Court of Nizhniy Novgorod
region on August 3, 2004.

CONTACT:  INDUSTRIAL COMMERCE CORPORATION
          603105, Russia,
          Nizhniy Novgorod Region,
          Sormovskoye Shosse, 20,
          Post User Box 130

          Mr. V. Kopchenov
          Temporary Insolvency Manager
          603105, Russia,
          Nizhniy Novgorod Region,
          Sormovskoye Shosse, 20,
          Post User Box 130

          The Arbitration Court of Nizhniy Novgorod region:
          Russia, Nizhniy Novgorod,
          Kreml, Building 9


KHOMUTOVKA-MILK: Kursk Court Appoints Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
supervision procedure on OJSC Khomutovka-Milk.  The case is
docketed as A35-2082/04 g.  Mr. V. Bolotin has been appointed
temporary insolvency manager.

Creditors have until August 18, 2004 to submit their proofs of
claim to 307170, Russia, Kursk region, Zheleznogorsk, Lenina
Str. 47/2.  A hearing will take place on October 25, 2004, 11:00
a.m.

CONTACT:  KHOMUTOVKA-MILK
          307540, Russia,
          Kursk Region, Khomutovka,
          Zavodskaya Str. 8

          Mr. V. Bolotin
          Temporary Insolvency Manager
          307170, Russia,
          Kursk Region, Zheleznogorsk,
          Lenina Str. 47/2


METROMEDIA INTERNATIONAL: Hires Moscow-based KPMG Accountant
------------------------------------------------------------
KPMG LLP notified Metromedia International on July 9, 2004 it
has resigned as the principal independent registered public
accounting firm for the company.  In addition, on July 9, 2004,
the company engaged KPMG Limited, based in Moscow, Russia, as
its principal independent registered public accounting firm.
The decision to appoint KPMG Limited was approved by the Audit
Committee of the company's Board of Directors.

The company was advised by KPMG LLP that it was more appropriate
for KPMG Limited to be the company's principal independent
public accounting firm since, as a result of the company's
restructuring initiatives, it performed auditing procedures at
substantially all of the company's operating business ventures
on KPMG LLP's behalf.

For the year ended December 31, 2003, KPMG Limited also served
as Russian statutory auditor for PeterStar, the company's
principal consolidated business venture.  Furthermore, present
company plans are to continue to maintain the company's recently
opened corporate headquarters office in Charlotte, North
Carolina, where the Company's Chief Financial Officer, General
Counsel, Chief Accounting Officer, Assistant General Counsel and
Corporate Controller maintain their current offices.

The Registrant has not consulted with KPMG Limited during its
two most recent fiscal years nor during any subsequent interim
period prior to its appointment as the principal independent
registered public accounting firm for the 2004 audit regarding
the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit
opinion that might be rendered on the Registrant's consolidated
financial statements.

The audit reports of KPMG LLP on the company's consolidated
financial statements as of and for the years ended December 31,
2003 and 2002 did not contain any adverse opinion or a
disclaimer of opinion, nor were they qualified or modified as to
uncertainty, audit scope, or accounting principles except for
these paragraphs:

The accompanying consolidated financial statements have been
prepared assuming that the company will continue as a going
concern.  As discussed in Note 1 to the consolidated financial
statements, the company has suffered recurring operating losses
and net operating cash deficiencies, and does not presently have
sufficient funds on hand to meet its current debt obligations.
These factors raise substantial doubt about the company's
ability to continue as a going concern.  Management's plans in
regard to these matters are also described in Note 1.  The
consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty.

As discussed in Note 4 to the consolidated financial statements,
the company changed its policy regarding the accounting for
certain business ventures previously reported on a three-month
lag basis as of January 1, 2003.

As discussed in Note 4 to the consolidated financial statements,
the company adopted Statement of Financial Accounting Standards
No. 142, "Goodwill and Other Intangibles" as of January 1, 2002.
In connection with the audits of the two years ended December
31, 2003 and 2002, and subsequent interim periods preceding the
date of the resignation of KPMG LLP, there were no disagreements
with KPMG LLP on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure, which disagreements, if not resolved to the
satisfaction of KPMG LLP, would have caused it to make reference
to the subject matter of the disagreements in connection with
its report on the Company's consolidated financial statements.

KPMG LLP advised the Audit Committee and management that in
connection with KPMG LLP's audits for the years ended December
31, 2003 and 2002, it noted matters involving internal controls
that it considered material weaknesses.  KPMG LLP has advised
the company that under the standards of the Public Company
Accounting Oversight Board (United States), a material weakness
is a significant deficiency, or combination of significant
deficiencies, that results in more than a remote likelihood that
a material misstatement of the annual or interim financial
statements will not be prevented or detected.  The company
disclosed these material weaknesses in internal control and
actions taken to address such material weaknesses in its Form
10-Q for the quarter ended March 31, 2004 as:

In the fourth quarter of 2003, it was determined that the
company's consolidated statements of operations for fiscal 2002,
and the first two quarters of fiscal 2003, would need to be
restated as a result of an error discovered in the computation
of its unpaid dividends on its 7-1/4% cumulative convertible
Preferred Stock.  The error was a result of the failure by
Company personnel to correctly apply compounding to the unpaid
dividends.

The company has determined that deficiencies in its internal
review processes resulted in this error not being detected on a
timely basis.  As a result of the company's relocation to
Charlotte, NC, management of the company reassessed its finance
organizational structure and has recruited the necessary
personnel to improve its internal control and review processes.

In addition, during the fourth quarter of 2003 and early 2004,
it was determined that the company's consolidated statements of
operations for fiscal 2002, and the first two quarters of fiscal
2003, would need to be restated as a result of errors regarding
the reporting of certain tax refunds.  Most of these refunds
were received because the company became eligible to carry back
certain losses and recover taxes previously paid to various
taxing authorities five or more years ago.  One of these refunds
resulted from a change in tax laws.

The company has determined that not having full-time in-house
tax personnel resulted in these refunds not being recorded on a
timely basis.  In an effort to prevent these errors from
occurring again, the company hired a tax director to oversee the
preparation of tax filings and deferred tax computations.  In
addition, the company has implemented a more stringent review
process over the filing of tax returns and preparation of its
deferred tax computations on a prospective basis.

The company has failed to file its most recent Form 10-K and
Form 10-Qs with the SEC on a timely basis.  Such delays in
filings have been due to extenuating circumstances surrounding
the company's liquidity issues and relocation of its corporate
headquarters.  The company believes that the recruitment of the
individuals as noted above, should result in more timely filings
in accordance with SEC rules.


PODGORNOYE: Insolvent Status Confirmed
--------------------------------------
The Arbitration Court of Voronezh region declared CJSC
Podgornoye insolvent and introduced bankruptcy proceedings.  The
case is docketed as A14-4108-03/16/20b.  Mr. A. Plotnikov has
been appointed insolvency manager.

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

(a) Podgornoye
    394075, Russia,
    Voronezh, Podgornoye,
    Dachny Poselok Str. 3;

(b) Insolvency Manager
    394000, Russia,
    Voronezh, Mira Str. 6-39
    Phone: (8-0732) 51-24-67


RADITSKY MACHINE: Court Sets October 26 Hearing
-----------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy supervision procedure on LLC Raditsky Machine Works.
The case is docketed as A43-5876/04-33-140.  Mr. L. Shevarenkov
has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 606000,
Russia, Nizhniy Novgorod, Dzerzhinsk, Lenina Pr. 57/2, Apartment
16.  A hearing will take place at the Arbitration Court of
Nizhniy Novgorod region on October 26, 2004, 2:00 p.m.

CONTACT:  RADITSKY MACHINE WORKS
          607061, Russia,
          Nizhniy Novgorod Region,
          Vyksa, Zavodskaya Str.1

          Mr. L. Shevarenkov
          Temporary Insolvency Manager
          606000, Russia,
          Nizhniy Novgorod,
          Dzerzhinsk, Lenina Pr. 57/2,
          Apartment 16


TV-COMPANY: Sells Properties for Undisclosed Amount
---------------------------------------------------
The bidding organizer and insolvency manager of LLC TV-Company
Art sold the firm's properties at a public auction on July 20,
2004.  It was held at Russia, Moscow, B. Volololamsky proezd,
10a, Office 5.

CONTACT:  TV-COMPANY ART
          Russia, Moscow,
          Bolshoy Volokolamsky Proezd, 10a
          Phone: 158-17-59


VOLOKOLAMSKY AGRO-TEKH-SERVICE: Declared Insolvent
--------------------------------------------------
The Arbitration Court of Moscow region declared OJSC
Volokolamsky Agro-Tekh-Service (TIN 5004000353) insolvent and
introduced bankruptcy proceedings.  The case is docketed as A1-
K2-20980/03.  Mr. D. Tselikov has been appointed insolvency
manager.  Creditors have until August 17, 2004 to submit their
proofs of claim to 101000, Russia, Moscow, Post User Box 251.

CONTACT:  VOLOKOLAMSKY AGRO-TEKH-SERVICE
          143620, Russia,
          Moscow Region, Volokolamsky Region,
          Privokzalny Region,
          Tereshkovoy Str. 1

          Mr. D. Tselikov
          Insolvency Manager
          101000, Russia,
          Moscow, Post User Box 251
          Phone: 208-45-93


VOZNESENSK-SELKHOZ-KHIMIYA: Receives RUB408,280 for Assets
----------------------------------------------------------
The properties of agricultural chemical company OJSC Voznesensk-
Selkhoz-Khimiya were sold on July 26, 2004 at 1:00 p.m.  The
auction took place at 603029, Russia, Nizhniy Novgorod,
Palmirskaya Str. 11, 2nd floor.  The properties were priced at
RUB408,280.

CONTACT:  VOZNESENSK-SELKHOZ-KHIMIYA
          603029, Russia,
          Nizhniy Novgorod Region,
          Pamirskaya Str. 11, 2nd floor
          Phone: (8312) 58-94-84
               Or 58-06-20


VTOR-MED: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
supervision procedure on LLC Vtor-Med And Co.  The case is
docketed as A70-3099/3-2004.  Mr. A. Gorbunov has been appointed
temporary insolvency manager.

Creditors were asked to submit their proofs of claim to 627754,
Russia, Tyumen region, Ishim, Sharonova Str. 16A, Apartment 42.
The hearing took place on July 15, 2004 at 10:00 a.m.

CONTACT:  VTOR-MED AND CO
          627750, Russia,
          Tyumen Region, Ishim,
          Zarechnaya Str. 1

          Mr. A. Gorbunov
          Temporary Insolvency Manager
          627754, Russia,
          Tyumen Region, Ishim,
          Sharonova Str. 16A,
          Apartment 42

          The Arbitration Court of Tyumen region
          625000, Russia,
          Tyumen, Khokhryakova Str. 77,
          Room 407


YUKOS OIL: Ruling on Seizure of Swiss Accounts Upheld
-----------------------------------------------------
The Moscow City Court on Thursday upheld Basmanny Court's
decision to freeze the Swiss bank accounts of Yukos and several
persons related to it, local reports say.

According to Interfax News, the frozen accounts include that of
Yukos' main stock exchange trader, Petroval, as well as Yukos
lawyers Anton Drel and Vasiliy Aleksanyan.

Basmanny Court ordered the seizure of the assets in March, but
Swiss authorities overturned much of the freeze order.  Russia's
federal prosecutors now have to compel the Swiss authorities to
reinforce the freeze.

Investigators believe the accounts hold money that Yukos
allegedly embezzled from the government, lawyer Genrikh Pavda
told the news agency.  The Russian General Prosecutor's Office
believes the deposits amounted to US$5 billion.

The accounts are included in the assets confiscated by Russia to
force the oil company to pay its US$3.4 billion tax for 2000.
Last week, it offered for sale Yukos' main production unit,
Yuganskneftegaz.

Early this week, rumors were rife that Russia could be preparing
for the takeover of Yukos or its assets when state-owned oil
company Rosneft said that Igor Sechin, a deputy head of
President Vladimir Putin's administration, has been appointed
its chairman of the board.


YUKOS OIL: Shares Knocked Down for Two Succeeding Days
------------------------------------------------------
MICEX suspended trading of Yukos shares for the second straight
day on Tuesday after the stocks closed down 15% on Moscow's RTS
index.  On Monday the shares dropped 20%.  The share suspension
is the third since July 20.

Yukos' co-owner Leonid Nevzlin was charged with complicity in a
murder and attempted murder on Monday.  The following day, a
Moscow court upheld a decision to freeze the Swiss bank accounts
of Yukos, and several persons related to it.  Yukos owes the
government about US$7 billion in back taxes for 2000 and 2001.

Shares in the company have fallen 55% since Russia announced it
is selling Yukos' main asset Yuganskneftegaz.  The main
production unit produces 60% of Yukos' 1.7 million barrels per
day output.


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


IZAR: SEPI Assures Shipbuilder Will Return Illegal State Aid
------------------------------------------------------------
The Sociedad Estatal De Participaciones Industriales (SEPI)
announced Izar will repay a EUR1.1-billion state aid as the
European Commission submitted another case against the troubled
shipbuilder, El Pais reports.

SEPI said it is holding talks with the European Commission to
discuss the manner of the repayment.  SEPI chairman Enrique
Martinez Robles said in addition to a separation of the civilian
and military divisions of Izar, it is considering the sale of
the company's shipyards as a source of revenue.


LYCOS EUROPE: Sees Significant Growth in First-half Revenues
------------------------------------------------------------
Lycos Europe's total revenues for the first six months of 2004
increased by 12% to EUR47.6 million compared to EUR42.4 million
for the same period 2003.  This strong improvement underlines
Lycos Europe's successful strategic move to enforce its
activities in paid services & shopping as well as interconnect.

Nearly one-third of LYCOS Europe's total revenues (29%)
originate from booming and high-margin business with paid
services & shopping.  The improvement in total revenues was
mainly due to a 43% increase in revenues from paid services &
shopping.  Interconnect revenues improved by 11%, while
advertising revenues decreased by 2%.

While total revenues increased strongly, Lycos Europe succeeded
in reducing its cost of revenues from EUR28.4 million for the
first six months of 2003 to EUR28.0 million for the same period
2004.  Overall cost savings and the sale of a loss making group
company in 2003 contributed to the improvement of the gross
margin from 33% for the first six months of 2003 to 41% in 2004.

In spite of its enforced marketing activities especially in the
German DSL market, Lycos Europe succeeded in nearly stabilizing
its EBITDA (Earnings Before Interest, Taxes, Depreciation, and
Amortization) result with -EUR21.6 million for the first six
months of 2004 compared to -EUR20.5 million for the same period
2003.  Net loss reduced by 3% from -EUR27.2 million for the
first six months of 2003 to -EUR26.3 million in 2004.

For the second quarter of 2004, Lycos Europe recorded total
revenues of EUR23.9 million.  This is an increase of 11%
compared to the same period last year (EUR21.6 million) and
represents the highest quarterly level in revenues since end of
2002.

Second quarter's gross margin increased to 43% in 2004 compared
to 35% in 2003.  EBITDA loss increased by 24% from -EUR9.6
million for the second quarter of 2003 to -EUR11.9 million in
2004.  This increase was mainly due to intensified marketing
efforts with focus on paid services.  For the same reason, net
loss increased by 15% from -EUR12.5 million in 2003 to -EUR14.4
million in 2004.

Lycos Europe's cash, cash equivalents and deposits amounted to
EUR146.5 million on June 30, 2004.

Lycos Europe's financial statements have been prepared in
accordance with the United States generally accepted accounting
principles (U.S.-GAAP).

CONTACT:  LYCOS EUROPE
          Sandra Steltenkamp
          Manager Investor Relations
          Phone: +49-(0) 5241-80-71053
          Fax:     +49-(0) 5241-80-671101
          E-mail: sandra.steltenkamp@lycos-europe.com


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


CHARLES VOEGELE: Swiss Bourse Suspects Insider Trading
------------------------------------------------------
Clothing retailer Charles Voegele Holding AG is under
investigation for insider trading, just-style reports.

The SWX Swiss Stock Exchange confirmed it is probing the
company, but did not comment on whether the company's mid-profit
warning weeks ago has anything to do with.  The case will go to
the Swiss banking regulator if there are grounds to sanction the
firm.

Charles Voegele said at the end of June its sales and operating
profits for the full-year 2004 will be below expectations.  It
said first-half profits will be down 9% from CHF702 million.
The decline will naturally affect operating profit.  It now
expects to post EBITDA of between CHF100 million and 130
million, compared with CHF171.9 million in 2003.

The company blamed the downturn in consumer spending for the
falloff.  Future prospects of recovery in the international
clothing market remains uncertain, the company said.  Voegele's
final first-half results will be presented August 31.


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


ENTERPRISE 11414: Declared Insolvent
------------------------------------
The Economic Court of Donetsk region declared OJSC Auto-
Transport Enterprise 11414 (code EDRPOU 03113673) insolvent and
introduced bankruptcy proceedings on June 2, 2004.  The case is
docketed as 15/261 B.  Mrs. Diana Kozlovska (License Number AA
249634) has been appointed liquidator/insolvency manager.

Auto-Transport Enterprise 11414 holds account number
26004303685202 at Prominvestbank, Hartsizsk branch, MFO 334345.

CONTACT:  AUTO-TRANSPORT ENTERPRISE 11414
          86705, Ukraine, Donetsk region,
          Hartsizsk, B. Hmelnitskij Str. 4

          Mrs. Diana Kozlovska
          Liquidator/Insolvency Manager
          Ukraine, Donetsk region,
          Miru Avenue, 10, office 501
          Phone: 381-36-43

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


KORONA: Court Appoints Insolvency Manager
-----------------------------------------
The Economic Court of AR Krym region declared LLC Firm Korona
(code EDRPOU 22301587) insolvent and introduced bankruptcy
proceedings on June 8, 2004.  The case is docketed as 2-20/2565-
2004.  Arbitral manager Mr. Vasil Kuhta (License Number 719845
approved on February 19, 2004) has been appointed
liquidator/insolvency manager.

CONTACT:  FIRM KORONA
          96100, Ukraine, AR Krym region,
          Dzhankoj, Lenin Str. 19

          Mr. Vasil Kuhta
          Liquidator/Insolvency Manager
          95048, Ukraine, AR Krym region,
          Simferopol

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


LAN: Court Assigns Liquidator
-----------------------------
The Economic Court of Zaporizhya region declared LLC Lan (code
EDRPOU 30630213) insolvent and introduced bankruptcy
proceedings.  The case is docketed as 25/99.  Arbitral manager
Mr. V. Ishenko (License Number AA 719771) has been appointed
liquidator/insolvency manager.

CONTACT:  LAN
          Ukraine, Zaporizhya region,
          Priazovske

          Mr. V. Ishenko
          Liquidator/Insolvency Manager
          72311, Ukraine, Zaporizhya region,
          Melitopol, a/b 21
          Phone: (06192) 3-03-21

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


LVIVSILMASH: Public Auction of Assets Set August 9
--------------------------------------------------
Lviv regional authorities and the sanction manager set for
public auction the properties of OJSC Plant Lvivsilmash on
August 9, 2004, 10:00 a.m. at Ukraine, Lviv, Turgenyev Str. 73.

The properties for sale are a block of additional departments
(P-1) and production premises (P-3) with a total area of 16513,7
square meters.  Price is UAH2,351,200.  The properties are
located at Ukraine, Lviv region, Shevchenko Str. 327.

To participate, bidders must deposit an amount equivalent to 5%
of the value of the property being sold and pay a registration
fee of UAH17.00 until August 6, 2004.  The amount must be
deposited to account number 260028218 at JSPPB Aval, Lviv
regional branch, MFO 325570, EDRPOU 26254583.


Participants must submit competitive propositions on or before
August 6, 2004 to Ukraine, Lviv, Turgenyev Str. 73.  For more
information, contact 8 (0322) 39-32-65.

CONTACT:  PLANT LVIVSILMASH
     Ukraine, Lviv region,
          Shevchenko Str. 327

          AUCTION COMMITTEE
          Ukraine, Lviv, Turgenyev Str. 73
          Phone: 8 (0322) 39-32-65


MAYAK: Herson Court Names Insolvency Manager
--------------------------------------------
The Economic Court of Herson region declared CJSC Mayak (code
EDRPOU 03784367) insolvent and introduced bankruptcy proceedings
on June 15, 2004.  The case is docketed as 6/148-B.  Arbitral
manager Mr. Sergij Kosenko (License Number AA 249849 approved on
October 22, 2001) has been appointed liquidator/insolvency
manager.

CONTACT:  MAYAK
          Ukraine, Herson region,
          Genicheskij district, Veletenivka

          Mr. Sergij Kosenko
          Liquidator/Insolvency Manager
          73000, Ukraine, Herson region,
          Vijskovij passage, 6, 2nd floor
          Phone: 8 (0552) 22-31-17

          ECONOMIC COURT OF HERSON REGION
          73000, Ukraine, Herson region,
          Gorkij Str. 18


MIRAZH: Donetsk Court Launches Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Donetsk region declared LLC Mirazh (code
EDRPOU 22027146) insolvent and introduced bankruptcy proceedings
on June 23, 2004.  The case is docketed as 42/52 B.  Mr. L.
Karpachev (License Number AA 668300) has been appointed
liquidator/insolvency manager.

CONTACT:  MIRAZH
          85600, Ukraine, Donetsk region,
          Marjinka, Molodizhna Str. 4/1

          Mr. L. Karpachev
          Liquidator/Insolvency Manager
          Ukraine, Donetsk region,
          Cheluskivtsiv Str. 196/70

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


TATNAFTA UKRAINE: Proofs of Claim Deadline August 8
---------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on joint enterprise at foreign investment
in the form of LLC Commercial House Tatnafta Ukraine (code
EDRPOU 23504692).  The case is docketed as 43/1.  Arbitral
manager Mr. Olexij Sherban (License Number AA 047812 approved on
October 19, 2001) has been appointed temporary insolvency
manager.  Commercial House Tatnafta Ukraine holds account number
2600045 at MT-Bank, Kyiv branch, MFO 320962.

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

(a) COMMERCIAL HOUSE TATNAFTA UKRAINE
    Juridical address:
    04074, Ukraine, Kyiv region,
    Avtozavodska Str. 5/233

    Postal address:
    04071, Ukraine, Kyiv region,
    Naberezhna-Lugova Str. 9

(b) Mr. Olexij Sherban
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    Industialna Str. 28b-50

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


VERES: Insolvent Status Confirmed
---------------------------------
The Economic Court of Hmelnitskij region declared LLC Veres
(code EDRPOU 14160351) insolvent and introduced bankruptcy
proceedings on May 13, 2004.  The case is docketed as 13/34-B.
Arbitral manager Mr. Volodimir Vojtuk (License Number AA 630144
approved on October 19, 2004) has been appointed
liquidator/insolvency manager.

CONTACT:  VERES
          Ukraine, Hmelnitskij region,
          Molochinskij, Pisarivka

          Mr. Volodimir Vojtuk
          Liquidator/Insolvency Manager
          Ukraine, Hmelnitskij,
          Pribuzka Str. 2/20
          Phone: (03822) 6-10-55

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


VOLOVETSKE REPAIR: Under Bankruptcy Supervision
-----------------------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
supervision procedure on OJSC Volovetske Repair-Transport
Enterprise (code EDRPOU 03739208) and ordered a moratorium on
satisfaction of creditors' claims on May 11, 2004.  The case is
docketed as 16/105.  Arbitral manager Mr. Andrij Rakushnitsya
(License Number AA 669653 approved on August 7, 2003) has been
appointed temporary insolvency manager.

Volovetske Repair-Transport Enterprise holds account number
26009300401 at OJSC State Savings Bank of Ukraine, Mukachevo
branch, MFO 312356.

CONTACT:  VOLOVETSKE REPAIR-TRANSPORT ENTERPRISE
          89130, Ukraine, Zakarpatska region,
          Volovetskij district, N. Vorota,
          Central Str. 4

          Mr. Andrij Rakushnitsya
          Temporary Insolvency Manager
          Ukraine, Uzhgorod,
          Lobachevskij Str. 43/67

          ECONOMIC COURT OF ZAKARPATSKA REGION
          88000, Ukraine, Zakarpatska region,
          Uzhgorod, Kotsubinski Str. 2a


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


ALEXANDER LAUREN: Hires Liquidators from Grant Thornton
-------------------------------------------------------
At an Extraordinary General Meeting of the Alexander Lauren
Marine Insurance consultants Limited Company on July 2, 2004
held at Grant Thornton House, Melton Street, London NW1 2EP, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  Andrew Lawrence Hosking and Richard Graham White
of Grant Thornton UK LLP have been appointed Joint Liquidators
of the Company for the purpose of such winding-up.

CONTACT:  GRANT THORNTON UK LLP
          Liquidators:
          Andrew Lawrence Hosking
          Richard Graham White
          Phone: 020 7383 5100
          Fax:   020 7383 4715
          Web site: http://www.grant-thornton.co.uk


ALLDIG GROUNDWORKS: Calls in Liquidator
---------------------------------------
At an Extraordinary General Meeting of the Members of the Alldig
Groundworks (London) Limited Company on July 13, 2004 held at
Langley House, Park Road, East Finchley, London N2 8EX, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  Alan Simon has been appointed Liquidator for the
purpose of such winding-up.


ARDENGATE LIMITED: Hires Administrators from Baker Tilly
--------------------------------------------------------
Andrew John Tated and Mark John Wilson of Baker Tilly have been
appointed administrators for Ardengate Limited Company.  The
appointment was made July 21, 2004.  The company manufactures
and distributes home furnishings.

CONTACT:  BAKER TILLY
          12 Gleneagles Court,
          Brighton Road, Crawley,
          West Sussex RH10 6AD
          Administrators:
          Andrew John Tate
          Mark John Wilson
          (IP Nos 008960, 008612)
          Phone: 01293 565165
          Fax:   01293 532695
          Web site: http://www.bakertilly.co.uk


AUDIO VISUAL: Creditors Meeting Set Today
-----------------------------------------
Creditors of Audio Visual Asset Management Limited Company will
meet today at 11:00 a.m.  It will be held at 12 Gleneagles
Court, Brighton Road, Crawley, West Sussex RH10 6AD.
Creditors who want to be represented at the meeting may appoint
proxies.


BHP BILLITON: Winding up Resolutions Passed
-------------------------------------------
At an Extraordinary General Meeting of the Members of the BHP
Billiton Overseas Holdings Limited Company on June 30, 2004 held
at Neathouse Place, London SW1V 1LH, the Special and Ordinary
Resolutions to wind up the company were approved.  Robert
Stephen Palmer of Gallaghers, P.O. Box 698, 2nd Floor,
Titchfield House, 69-85 Tabernacle Street, London EC2A 4RR has
been appointed as Liquidator of the Company for the purpose of
such winding-up.

CONTACT:  GALLAGHERS
          PO Box 698, 2nd Floor,
          Titchfield House,
          69-85 Tabernacle Street,
          London EC2A 4RR
          Liquidator:
          Robert Stephen Palmer


BRADFORD WARD: Hires Liquidator from Ideal Corporate Solutions
--------------------------------------------------------------
At an Extraordinary General Meeting of Bradford Ward Labour
Institute Limited on July 14, 2004 held at Tarleton House, 112A-
116 Chorley New Road, Bolton BL1 4DH, the Special and Ordinary
Resolutions to wind up the company were passed.  Andrew David
Rosler of Ideal Corporate Solutions Limited, Tarleton House,
112A-116 Chorley New Road, Bolton BL1 4DH has been appointed
Liquidator for the purpose of winding-up the Company's affairs
and distributing its assets.

CONTACT:  IDEAL CORPORATE SOLUTIONS LIMITED
          Tartleton House
          112A-116 Chorley New Road,
          Bolton BL1 4DH
          Liquidator:
          Andrew David Rosler


CAFFYN-PARSONS: Sets Members Final Meeting August 25
----------------------------------------------------
Members of Caffyn-Parsons Limited Company will have a final
meeting on August 25, 2004 commencing at 11:00 a.m.  It will be
held at Haines Watts, Holbrook Court, Cumberland Business
Centre, Northumberland Road, Portsmouth, Hampshire PO5 1DS.

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 form must be lodged with
Haines Watts, Holbrook Court, Cumberland Business Centre,
Northumberland Road, Portsmouth, Hampshire PO5 1DS not later
than 12:00 noon, August 24, 2004.

CONTACT:  HAINES WATTS
          Holbrook Court,
          Cumberland Business Centre,
          Northumberland Road,
          Portsmouth, Hampshire PO5 1DS
          Liquidator:
          D M Clements
          Phone: 02392 815342
          Fax:   02392 291019
          Web site: http://www.hwca.com


CANALSIDE FOODS: Members Pass Winding up Resolutions
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Canalside Foods Limited Company on July 16, 2004 held at Holiday
Inn Lancaster, Waterside Park, Caton Road, Lancaster LA1 3RA,
the Ordinary and Extraordinary Resolutions to wind up the
company were passed.  Lisa Hogg and David Field of Wilson Field,
The Annexe, The Manor House, 260 Ecclesall Road, Sheffield S11
9UZ have been appointed Joint Liquidators for the purpose of
such winding-up.

CONTACT:  WILSON FIELD
          The Annexe, The Manor House,
          260 Ecclesall Road,
          Sheffield S11 9UZ
          Liquidators:
          Lisa Hogg
          David Field


CAPFERN DEVELOPMENTS: Brings in Liquidator
------------------------------------------
At an Extraordinary General Meeting of the Members of the
Capfern Developments Limited Company held at Bryndon House, 5-7
Berry Road, Newquay, Cornwall TR7 1AD, the Special Resolution to
wind up the company was passed.  Derek Anthony Jeal of 1 Pityme
Business Centre, St Minver, Wadebridge, Cornwall PL27 6NU has
been appointed Liquidator for the purpose of such winding-up.

CONTACT:  Derek Anthony Jeal, Liquidator
          1 Pityme Business Centre,
          St Minver, Wadebridge,
          Cornwall PL27 6NU


CELLFACTORS PLC: Names Geoffrey Martin & Co Administrator
---------------------------------------------------------
The Cellfactors Plc has appointed Stephen Hull and John Twizell
as administrators.  The appointment was made July 16, 2004.  The
company is engaged in biotechnology research and development.
Its registered office is located at St James's House, 28 Park
Place, Leeds LS1 2SP.

CONTACT:  GEOFFREY MARTIN & CO
          St James's House,
          28 Park Place,
          Leeds LS1 2SP
          Administrators:
          Stephen Hull
          John Twizell
          (IP Nos 0/008321/01, 0/007822/01)


CLIFFESANDS LIMITED: Members Final Meeting Set August 23
--------------------------------------------------------
The final meeting of the members of Cliffesands Limited Company
will be on August 23, 2004 commencing at 10:00 a.m.  It will be
held at the offices of Begbies Traynor, Regency House, 21 The
Ropewalk, Nottingham NG1 5DU.

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 Begbies Traynor, Regency House, 21 The Ropewalk, Nottingham
NG1 5DU not later than 12:00 noon, August 20, 2004.

CONTACT:  BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk,
          Nottingham NG1 5DU
          Joint Liquidator:
          R A B Saville
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


CORPORATE DRIVERS: Appoints Begbies Traynor Liquidator
------------------------------------------------------
At an Extraordinary General Meeting of the Corporate Drivers
Agency Limited Company on July 14, 2004 held at The Old
Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG,
the subjoined Extraordinary Resolution to wind up the company
was passed.  David Paul Hudson and Nedim Patrick Ailyan of
Begbies Traynor, The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG have been appointed Joint
Liquidators for the purpose of such winding-up.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange
          234 Southchurch Road,
          Southend-on-Sea, Essex SS1 2EG
          Liquidators:
          David Paul Hudson
          Nedim Patrick Ailyan
          Phone: 01702 467255
          Fax:   01702 467201
          Web site: http://www.begbies.com


EDRINGTON GROUP: Workers Threaten to Cripple Production
-------------------------------------------------------
Scottish whisky producer Edrington Group stands to lose more
than GBP20 million in sales if a labor strike this week is not
averted, Europe Intelligence Wire reports.

Talks are currently ongoing between the company and union
leaders regarding a two-year pay proposal.  Workers, numbering
around 200, have warned they will go on strike later this week
if an agreement is not reached.  They plan to hold it from
Thursday, the day of the annual general meeting, to Monday next
week.

The workers are demanding a 7% increase in pay this year instead
of the 3.5% being offered by management.  Citing the nearly 20%
hike directors have appropriated for themselves, they believe
the company can give maintenance engineers, for instance, more
than its current offer of 7%.

Ian King of the GMB union said: "I want to avert industrial
action by negotiating a deal which is acceptable to union
members.  But it's down to management."

A strike will halt warehouse operations and production at a
bottling plant.  Edrington Group produces Scotland's top-selling
whisky, Famous Grouse, and top blended export seller, Cutty
Sark, at its Glasgow headquarters in Great Western Road.  It
produces almost 740,000 bottles a day.


EURODIS ELECTRON: Posts Audited 2003 Results
--------------------------------------------
                                Audited Results
                         for the year ended 31 May 2004

                     Euro         Euro    Sterling     Sterling
                     2004         2003        2004         2003
                             (restated)               (restated)

Sales                328m         438m        225m         288m

Operating loss before
Non recurring costs &
Exceptional items
and goodwill       (22.9m)       (5.5m)     (15.7m)       (3.6m)

Loss before tax,
non recurring costs
& exceptional items,
goodwill and
non operating
items              (29.4m)      (13.1m)     (20.2m)       (8.6m)

Non recurring costs &
exceptional items,
goodwill and
non operating items (44.7m)      (26.0m)     (30.7m)     (17.1m)

Loss before tax     (74.1m)      (39.1m)     (50.9m)     (25.7m)

Basic loss per
ordinary share      (18.13c)     (20.52c)    (12.45p)   (13.48p)

Adjusted loss
per ordinary
share (note 7)       (7.41c)      (7.49c)     (5.09p)    (4.92p)

Debt to equity ratio  1.1          2.3         1.1         2.3

Note: the prior year comparatives have been restated as
explained in note 2 to the results announcement.

Highlights

(a) Trading results were in line with market expectations;

(b) Results include EUR44.7 million non-recurring costs and
    exceptional items, goodwill and non-operating items, which
    were expected from previous announcements;

(c) Customer service levels have been restored;

(d) Market outlook positive;

(e) Key ingredients in place to recover market share and
    profitability.

Commenting on the results and prospects, Doug Rogers, Chairman,
said: "The financial condition of the Group has been
substantially improved by the GBP56.8 million (EUR83.8 million)
raised from shareholders during the year and the refinancing
arrangements put in place, and this has enabled the business to
return to providing a high standard of service to its customers
after a particularly difficult year.

"The trading results are in line with market expectations and,
now that customer service levels have been restored, the Board
is confident that the Group has the key ingredients in place to
regain market share and return to profitability, although the
pace of this recovery remains difficult to predict."

Financial statements are available free of charge at
http://bankrupt.com/misc/eurodis_electron_financial_result.pdf

CONTACT:  EURODIS ELECTRON PLC
          Doug Rogers
          Non-Executive Chairman
          Phone: 01737 242 464

          Steven Swayne
          Chief Executive
          Phone: 01737 242 464

          Peter Grant
          Group Finance Director
          Phone: 01737 242 464

          BELL POTTINGER FINANCIAL
          John Coles
          Emily MacKay
          Phone: 020 7861 3232


FANCY DRESS: Hires Liquidators from Tenon Recovery
--------------------------------------------------
At an Extraordinary General Meeting of the Members of the Fancy
Dress World Limited Company on July 19, 2004 Salisbury House, 31
Finsbury Circus, London EC2M 5SQ, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Carl Stuart
Jackson and Duncan Robert Beat both of Tenon Recovery, Highfield
Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ
have been appointed Joint Liquidators for the purpose of such
winding-up.

CONTACT:  TENON RECOVERY
          Highfield Court
          Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Liquidators:
          Carl Stuart Jackson
          Duncan Robert Beat
          Phone: 023 8064 6464
          Fax:   023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


FEDERAL TOOLING: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Members of the
Federal Tooling Limited Company on July 20, 2004 held at The
Chase Hotel, Higham Lane, Nuneaton, Warwickshire CV11 4AG, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  Ian Pattinson has been appointed Liquidator for
the purpose of such winding-up.


F & P BACON: Appoints David Horner & Co Liquidator
--------------------------------------------------
At an Extraordinary General Meeting of the Members of the F & P
Bacon Packers Limited Company on July 16, 2004 held at 50 Nowell
Lane, Leeds LS9 6JE, the Ordinary and Extraordinary Resolutions
to wind up the company were passed.  David Anthony Horner of
David Horner & Co, 11 Clifton Moor Business Village, James
Nicolson Link, York YO30 4XG have been appointed Liquidator for
the purpose of such winding-up.

CONTACT:  DAVID HORNER & CO
          11 Clifton Moor Business Village,
          James Nicolson Link
          York YO30 4XG
          Liquidator:
          David Horner & Co


IMPRESARIO ENTERTAINMENT: Hires Liquidators from Citroen Wells
--------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Impresario Entertainment Co Limited on July 15, 2004 held at
Devonshire House, 1 Devonshire Street, London W1W 5DR, the
Special, Ordinary and Extraordinary Resolutions to wind up the
company were passed.  Murzban Khurshed Mehta and Mark Richard
Phillips of Citroen Wells, Devonshire House, 1 Devonshire
Street, London W1W 5DR have been appointed Joint Liquidators for
the purpose of such winding-up.

CONTACT:  CITROEN WELLS
          Devonshire House
          1 Devonshire Street,
          London W1W 5DR
          Liquidators:
          Murzban Khurshed Mehta
          Mark Richard Phillips
          Phone: +44 (0) 20 7304 2000
          Fax:   +44 (0) 20 7304 2020
          E-mail: enquiries@citroenwells.co.uk
          Web site: http://www.citroenwells.co.uk


INTERNET LIFE: Sets General Meeting August 25
---------------------------------------------
Members of Internet Life Assurance Company Limited will have a
general meeting on August 25, 2004 commencing at 10:00 a.m.  It
will be held at The Quadrangle, 180 Wardour Street, London W1R
8LB.  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.


INVENSYS PLC: Gobbles up Rival in Gas Sensing Business
------------------------------------------------------
Climate Controls, a part of the Invensys Group, acquired Monox
Ltd., a proprietary sensor business, from Scipher plc.  The
acquisition will bring advanced carbon monoxide sensing
technologies to the Invensys Firex(R) brand safety business.
Monox will continue serving its existing customers from its U.K.
base in Hayes, near London.  The company was purchased for cash
at an undisclosed price.

"The acquisition of Monox fits into the global growth strategy
of the Invensys Climate Controls business," said Adam Grose,
Vice President of Marketing for Invensys Climate Controls
Americas.  "It will strengthen our Firex brand, enabling us to
expand our product reach and offer a selection of more robust
products globally."

Mr. Grose said Monox electrochemical sensors are recognized as
having significant advantages over other available sensing
technologies.

CONTACT:  INVENSYS PLC
          Adam Grose
          Phone: 804-756-6550


JBT ENGINEERING: Appoints PKF Administrator
-------------------------------------------
Kerry Bailey and Jonathan D Newell have been appointed
administrators for JBT Engineering & Technical Services Limited
Company.  The appointment was made July 16, 2004.  The company
manufactures electrical equipment and installs electrical
wirings.  Its registered office is located at Ashbridge,
Trafford Park, Manchester M17 1RP.

CONTACT:  PKF
          Sovereign House,
          Queen Street,
          Manchester M2 5HR
          Administrators:
          Kerry Bailey
          Jonathan D Newell
          (IP Nos 8780, 6419)
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk


JOHN ASPINALL: Appoints PricewaterhouseCoopers Liquidator
---------------------------------------------------------
At the Extraordinary General Meeting of the John Aspinall (New
Zealand) Holdings Limited Company on 15 July 2004, the Special
and Ordinary Resolutions to wind up the company were passed.
Richard Setchim and Jonathan Sisson, of PricewaterhouseCoopers
LLP, Plumtree Court, London EC4A 4HT have been appointed Joint
Liquidators of the Company for the purpose of such winding-up.

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


M T CONSULTANTS: Appoints Interim Liquidator
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

      IN THE MATTER OF M T Consultants Ltd. (in Liquidation)

I, of Morris & Young 6 Atholl Crescent Perth PH1 5JN hereby give
notice that I was appointed Interim Liquidator of M T
Consultants Ltd. on June 23, 2004 by the Interlocutor of the
Sheriff at Court of Session.

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 6
Atholl Crescent Perth PH1 5JN on August 3, 2004 at 10:30 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.

Drew M Kennedy, Interim Liquidator

6 Atholl Crescent Perth PH1 5JN
July 6, 2004

CONTACT:  MORRIS & YOUNG
          6 Atholl Crescent
          Perth
          PH1 5JN
          Phone: 01738 626257
          Fax: 01738 630845


MYTRAVEL PLC: Cutting Flights from Cardiff International
--------------------------------------------------------
MyTravel plc on Tuesday notified TBI of changes to its U.K.-
based charter aircraft network.  As part of these plans,
MyTravel will be reducing its services from Cardiff
International with expected effect from the end of October
2004.  These represent around one-third of Cardiff
International's charter business, which has remained steady for
many years with continuing good underlying demand.

The Board of TBI is confident that the majority of the c.320,000
holidaymakers potentially affected will still travel from
Cardiff International.  Indeed, MyTravel has indicated to TBI
that it intends to have an aircraft operating from Cardiff
International in Summer 2005.  Making no allowance for any
further MyTravel traffic or any other replacement capacity, the
Board believes the direct financial impact would be a reduction
in profit before tax of approximately GBP0.6 million for the
financial year ending 31 March 2005 and approximately GBP2.0
million for the year ending 31 March 2006.

MyTravel's operations from Belfast International, which
accounted for 400,000 passengers in the year ended 31 March
2004, will not be affected.  MyTravel has only a very small
presence at London Luton and this traffic will also be
continued.

Keith Brooks, Chief Executive of TBI, said: "Though
disappointing, the announcement by MyTravel reflects the
difficult decisions being taken by this organization as it
continues to restructure.  TBI is currently talking to several
airlines about additional traffic opportunities from Cardiff
International and will take all steps possible to ensure
passenger holiday flight demand is satisfied in full.

"As last week's announcements of significant new routes from
London Luton by easyJet and Ryanair demonstrate, TBI's airports
continue to make good progress benefiting from attractive
catchments areas."

27 July 2004

CONTACT:  TBI PLC
          Keith Brooks
          Chief Executive

          Caroline Price
          Finance Director
          Phone:  020 7408 7300

          COLLEGE HILL
          Justine Warren
          Phone: 020 7457 2020


NOVALIS FIBRES: Final Meeting Set August 26
-------------------------------------------
Members of Novalis Fibres Limited Company will have a final
meeting on August 26, 2004 commencing at 10:00 a.m.  It will be
held at the offices of Baker Tilly, 1st Floor, 46 Clarendon
Road, Watford, Hertfordshire WD17 1JJ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Baker Tilly, 1st Floor, 46 Clarendon Road, Watford,
Hertfordshire WD17 1JJ not later than 12:00 noon, August 25,
2004.

CONTACT:  BAKER TILLY
          1st Floor, 46 Clarendon Road,
          Watford, Hertfordshire WD17 1JJ
          Joint Liquidator:
          M J Wilson
          Phone: 01923 816400
          Fax:   01923 253402
          Web site: http://www.bakertilly.co.uk


NYLSTAR LIMITED: Sets Members Final Meeting August 25
-----------------------------------------------------
The final meeting of the members of Nylstar Limited Company will
be on August 25, 2004 commencing at 10:30 a.m.  It will be held
at the offices of Baker Tilly, 1st Floor, 46 Clarendon Road,
Watford, Hertfordshire WD17 1JJ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Baker Tilly, 1st Floor, 46 Clarendon Road, Watford,
Hertfordshire WD17 1JJ not later than 12:00 noon, August 24,
2004.

CONTACT:  BAKER TILLY
          1st Floor, 46 Clarendon Road,
          Watford, Hertfordshire WD17 1JJ
          Joint Liquidator:
          M J Wilson
          Phone: 01923 816400
          Fax:   01923 253402
          Web site: http://www.bakertilly.co.uk


PEMBURTON CORPORATE: Members Final Meeting August 31
----------------------------------------------------
Members of Pemburton Corporate Finance U.K. Limited Company will
have a final meeting on August 31, 2004 commencing at 10:00 a.m.
It will be held at the offices of Begbies Traynor, Chiltern
House, 24-30 King Street, Watford WD18 0BP.

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 Begbies Traynor, Chiltern House, 24-30 King Street, Watford
WD18 0BP not later than 12:00 noon, August 30, 2004.

CONTACT:  BEGBIES TRAYNOR
          Chiltern House,
          24-30 King Street,
          Watford WD18 0BP
          Joint Liquidator:
          T J E Dolder
          Phone: 01923 812900
          Fax:   01923 812999
          Web site: http://www.begbies.com


PRAGMA ENERGY: Brings in Liquidators from Robson Rhodes
-------------------------------------------------------
At an Extraordinary General Meeting of the Pragma Energy
Services Limited Company on July 13, 2004 held at 33 Cavendish
Square, London W1G 0PW, the Special, Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Michael
Jonathan Christopher Oldham and Simon Peter Bower of RSM Robson
Rhodes LLP, 186 City Road, London EC1N 2NU have been appointed
Joint Liquidators for the purpose of such winding-up.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1N 2NU
          Liquidators:
          Michael Jonathan Christopher Oldham
          Simon Peter Bower
          Phone: +44 (0) 20 7251 1644
          Fax:   +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


RENTOKIL INITIAL: Cites Prolonged Share Slide for CEO's Ouster
--------------------------------------------------------------
East Grinstead-based Rentokil Initial Plc, the world's biggest
pest-control business, ousted its chief executive officer, as it
struggles to regain share value.

James Wilde saw shares in Rentokil decline 34% while he was head
for 18 months.  The company is feeling the general slump in
pest-control services.  It previously lost an GBP8 million-a-
year contract to provide security for the U.K. Benefits Agency
and cleaning services esco Plc, Britain's biggest supermarket
chain.

Mr. Wilde will be temporarily replaced by Chairman Brian
McGowan.  Mr. McGowan, a chartered accountant, has been
Rentokil's deputy chairman since May 2002 and a director since
1996.  He was named chairman in May when CEO Clive Thompson was
forced out.  He is tasked to review Rentokil's businesses to
find a way to halt the decline in the firm's earnings.

Mr. McGowan said: "We needed progression."  He said Rentokil's
pretax profit this year may fall to GBP350 million at constant
exchange rates.  Pre-tax profit was GBP408.5 million in 2003.

The pest controller had total debt of GBP1.4 billion at the end
of 2003, equivalent to 81% of its assets, the highest of any
FTSE 100 company at that time.  It is this year's second-worst
performer on the FTSE 100 Index of leading U.K. companies,
declining by one-quarter.


REUTERS GROUP: Shows No Sign of Core Revenues Picking up
--------------------------------------------------------
News and information provider Reuters beat profits forecast
despite continued slide in core revenues.  In its first-half
results Reuters reports profit before goodwill and amortization
of GBP136 million against market expectations of GBP122 million.
The result was influenced greatly by a range of cost savings
from the company's "Fast Forward" strategy and a significant
improvement at its Radianz unit, which provides computer-
networking services to the financial industry.  The company has
already saved GBP155 million, but it is further raising its 2004
cost-savings estimate by GBP10 million to GBP230 million.  Chief
Executive Tom Glocer plans to step up cost cutting by
transferring more work to third parties, and by moving some
operations to Bangalore and Bangkok.

Meanwhile, revenues from Reuters' core business, which accounts
for more than 90% of total revenue, continue to slide, albeit at
a slower pace.  Total core financial news service revenues were
around the consensus forecast of GBP1.09 billion in the first-
half.  The decline was 6.2% in the second quarter, compared with
7% in the first quarter.  Mr. Glocer thinks core revenues will
decline by about 5% in the third quarter, with "further gradual
improvement in the fourth."

The core revenues are generated by sales of information-screen
subscriptions to banks, brokers and fund managers around the
world.  It was affected by the three-year decline in investment
banking.  Mr. Glocer sought to rally confidence on future
prospects saying: "There is no question in our minds that our
revenues will turn positive... It's a question of when, not if.
It's a question of whether it will occur exactly in the 12-month
period."


SIROYAN LIMITED: Final General Meeting Set August 27
----------------------------------------------------
The final general meeting of the members of Siroyan Limited
Company will be on August 27, 2004 commencing at 11:00 a.m.  It
will be held at the offices of BDO Stoy Hayward LLP, Kings
Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with BDO Stoy Hayward LLP, Kings Wharf, 20-30 Kings Road,
Reading, Berkshire RG1 3EX not later than 12:00 noon, August 26,
2004.

CONTACT:  BDO STOY HAYWARD LLP
          Kings Wharf,
          20-30 Kings Road, Reading,
          Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax:   0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdo.co.uk


THRISLINGTON ENGINEERING: Brings in Administrator
-------------------------------------------------
Edwin James Kirkwood has been appointed administrator for The
Thrislington Engineering Company Limited.  The appointment was
made July 14, 2004.  The company manufactures and installs steel
partitioning and related products.  Its registered office is
located at Durham Way South, Aycliffe Industrial Estate, Newton
Aycliffe, County Durham DL5 6SW.

CONTACT:  EJK ASSOCIATES LIMITED
          2 Church Court,
          Morley, Leeds LS27 9TN
          Administrator:
          Edwin James Kirkwood
          (IP No 8096)


WH SMITH: Unveils Strategy to Return Value to Shareholders
----------------------------------------------------------
The Board of WH Smith PLC on Tuesday provided an update on its
plans to deliver value to shareholders.  These involve
refocusing the Group on its core retailing and news distribution
activities and implementing plans to improve the profitability
of U.K. High Street Retail.

Key Highlights:

(a) Refocused and simplified Group

    (i) Exit from U.S. retail business and ASPAC;

   (ii) Proposed sale or demerger of Hodder Headline under way;

  (iii) Strongly performing News Distribution and U.K. Travel
        Retail businesses;

   (iv) Opportunity to improve U.K. High Street Retail
        performance substantially.

(b) Update on plans currently being implemented for U.K. High
    Street Retail

    (i) Rebuilding position as Britain's most popular stationer,
        bookseller and news agent;

   (ii) Increasing product authority in core categories of
        stationery, cards, books and magazines;

  (iii) Re-engineering ranges to focus on faster growing and
        more profitable categories;

   (iv) Substantially improving space utilization by increasing
        product density;

    (v) Refocusing business on needs of customers and stores
        through improved leadership, clarity of direction and a
        results driven approach;

   (vi) Achieving cost savings, margin enhancement and better
        stock control.

(c) Targeted cost savings of GBP30m p.a. by the financial year
    ending August 2007

(d) Return of value to shareholders from divestment of non-core
    activities

    (i) Value to be returned through sale of Hodder Headline and
        return of net cash proceeds, or demerger of Hodder
        Headline.

(e) Restructured balance sheet

    (i) Proposed new borrowing facilities of up to GBP120
        million;

   (ii) Agreement with Trustees to make a payment of GBP120
        million and revised annual contributions to the Pension
        Trust upon the divestment of Hodder Headline.

(f) Proposed Management Investment Plan

    (i) Executive Directors and senior managers able to invest a
        substantial amount of their own money;

   (ii) Matching share awards dependent on demanding performance
        targets;

  (iii) Remuneration Committee consultation with shareholders
        and representative bodies;

   (iv) Further aligns shareholder and management interests.

(g) Confirmation that current trading continues to be in line
    with its expectations

Commenting on the announcement, Kate Swann, Group Chief
Executive of WH Smith PLC, said: "WHSmith is becoming a
substantially simplified and refocused Group, concentrating on
its core retail and news distribution businesses.

"We aim to return the U.K. High Street Retail business to its
role as Britain's most popular stationer, bookseller and news
agent.  The business has unique strengths through its extensive
store portfolio, strong market shares and high customer
footfall.  We intend to reinvigorate the business by focusing on
our customers and stores.  Our plans encompass improved
efficiency through cost savings and margin enhancement, while
rebuilding the competitiveness and depth of our product ranges.

"The combination of the strong News Distribution and U.K. Travel
Retail businesses, together with the planned recovery in the
U.K. High Street Retail business, gives the Board full
confidence in the prospects for the Group."

An interview with Kate Swann, Group Chief Executive of WH Smith
PLC, is now available in video, audio and text at
http://www.whsmithplc.comand http://www.cantos.com

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

CONTACT:  WH SMITH PLC
          Mark Boyle
          Investor Relations
          Phone: +44 (0) 20 7514 9630

          Louise Evans
          Media Relations
          Phone: +44 (0) 20 7514 9624

          BRUNSWICK
          Louise Charlton
          Tom Buchanan
          Phone: +44 (0) 20 7404 5959


                            *********


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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