TCREUR_Public/040803.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, August 3, 2004, Vol. 5, No. 152

                            Headlines

F R A N C E

NESTLE WATERS: Trade Union Rejects Early Retirement Plan


G E R M A N Y

BERTELSMANN AG: U.S. Regulator Allows Sony-BMG Joint Venture
DAIMLERCHRYSLER AG: Second-quarter Operating Profit Up
DRESDNER BANK: Loses Legal Battle with Saudi Government
KARSTADTQUELLE: Re-thinking Starbucks Joint Venture
KLOSTER-ANDECHS: Succumbs to Insolvency
MG TECHNOLOGIES: Completes Sale of Dynamit Nobel on Schedule


I R E L A N D

AN POST: Folding up Parcel Delivery Service
ELAN CORPORATION: Posts US$118 Million Second-quarter Net Loss
IMAG OPTICAL: Closing in Two Months' Time


I T A L Y

ALITALIA SPA: Parliament Guarantees Emergency Bank Loan


N E T H E R L A N D S

ROYAL SHELL: Second-quarter Net Income Up More than 50%
ROYAL SHELL: FSA Levies GBP17 Mln Fine for Overstating Reserves
VERSATEL N.V.: Buys Berlin Carrier for EUR35 Mln in New Shares


R U S S I A

IKHTINSKY: Undergoing Bankruptcy Procedure
MARYINSKY: Proofs of Claim Deadline Expires
METALLURG-REMONT-4: Deadline for Proofs of Claim August 18
ROS-NEFT-SINTEZ: Creditors Have Until August 18 to File Claims
TECHNICAL SERVICE: Komi Court Sets August 5 Hearing

VOLGOGRADKY COMBINE: Proofs of Claim Must be in August 19
VTOR-METALL-COMPLEKT: Deadline for Proofs of Claim August 18
YUKOS OIL: Has Until End of Month to Settle Tax Arrears
YUKOS OIL: Former Prime Minister to Help in Talks with Govt.
ZHIL-STROY: Declared Insolvent


S L O V A K   R E P U B L I C

PODTATRANSKA HYDINA: First-half Loss Balloons to SKK7.6 Mln


S P A I N

IZAR: SEPI Chief Calls for 'Urgent' Restructuring


U K R A I N E

CHERKASSY' AVRORA: Proofs of Claim Deadline Expires August 10
DONMETSERVIS: Bankruptcy Proceedings Ongoing
INTERHIMPLAST: Under Bankruptcy Supervision
KRASNOZNAMENSKA: Proofs of Claim Deadline August 9
MIMIRONIVSKIJ CONCRETE: Insolvency Manager Named

RIVNE' NONALCOHOLIC: Court Appoints Liquidator
SEVASTOPOL' LIGHTHOUSE: Bankruptcy Proceedings Begin
SIMONIV: Rivne Court Commences Bankruptcy Proceedings


U N I T E D   K I N G D O M

ABBEY NATIONAL: HBOS Hires Adviser for Possible Bid
ACCEPT LIMITED: Hires Wilson Phillips Liquidator
APPAREL INDUSTRIES: Brings in Liquidator from R W Keating & Co.
ARTFUL RECORDS: Extraordinary Winding up Resolution Passed
ASHWOOD RESIDENTIAL: Hires Liquidator from Valentine & Co

BARRACUDA MEDIA: Members Pass Winding up Resolution
BEAVERS SERVICES: Hires Liquidator from Valentine & Co.
BRANDID LIMITED: Names Liquidator from Leonard Curtis & Co.
BRITISH ENERGY: May be Exempted from New De-listing Rules
BRITISH ENERGY: Lowers Target Output After Hartlepool Shutdowns

CAPITAL FURNITURE: Hires Liquidator from O'Hara & Co
CETO ENVIRONMENTAL: First Creditors Meeting Set August 6
CHURCHBURY ESTATES: Appoints KPMG Liquidator
COIN CONVENTIONS: Call in Liquidator
COMPUTER SYSTEMS: Winding up Resolutions Passed

[Redacted]
DAVIES & LAUREN: Hires Poppleton & Appleby Liquidator
DIGITAL MARKINGS: Appoints Liquidator from Robson Laidler
EIGHTH NORMANT: Appoints PricewaterhouseCoopers Liquidator
EUROTUNNEL PLC: FLF Notes on Fitch's Rating Watch Negative

EVERNEW PHYSIQUE: Members Pass Winding up Resolutions
EXPAT ESSENTIALS: Names Portland Business & Financial Liquidator
EXPERIENTIA SERVICES: Winding up Resolutions Passed
FAIRFAX INTERNATIONAL: Hires J. Berman Administrator
FEDERAL-MOGUL: Resolves Nippon Piston Claims

FIEGE MERLIN: Bank of Scotland Appoints KPMG Receiver
FLYSCREENS SOUTH: Final Meeting Set August 5
GLAXOSMITHKLINE PLC: May Break up Montrose Plant
HAROLD PALFREYMAN: Names Dains Chartered Administrator
IMPERIAL CHEMICAL: Second-quarter Results Exceed Expectations

INTERNATIONAL POWER: Buys Edison Mission Assets for US$2.3 Bln
INTERNATIONAL POWER: Successfully Refinances U.S. Debt
INTERNATIONAL POWER: To Launch GBP291 Million Rights Issue
INTERNATIONAL POWER: Reiterates Full-year Earnings Guidance
INTERNATIONAL POWER: 'BB' Ratings on CreditWatch Negative

INVARO: New Owner Fails to Secure New Funding; Delays Relaunch
ITS A WRAP: Meeting of Creditors August 6
JARVIS PLC: Reports GBP246.7 Million Pre-tax Loss for 2003
MIRACLE DISTRIBUTION: Director Banned for Eleven Years
RADCLIFFE RESTAURANTS: Calls in Joint Administrators

RICHARDS-CAMPBELL: Hires Liquidators from PwC
ROCCA INTERNATIONAL: Appoints Joint Administrators from P&A
ROYAL & SUNALLIANCE: Sells U.K. Life Operations for GBP850 Mln
TURNER & NEWALL: Court Approves Disclosure Statement
W & H BUILDERS: Calls in Liquidator

* Large Companies with Insolvent Balance Sheets


                            *********


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


NESTLE WATERS: Trade Union Rejects Early Retirement Plan
--------------------------------------------------------
CGT blocked the plan of Nestle Waters France to axe around 1,047
jobs, Le Figaro reports.

The trade union, which represents majority of the firm's
employees, vetoed the proposal to cut jobs via early retirement.
Unions CFE-CGC and CFDT have endorsed the plan.

The mineral water arm of Swiss food giant Nestle, has said it
would look for other options if the plan was vetoed.  These
options may include spinning off or offering the Perrier brand
to another group or investment fund.  For weeks now, Perrier has
been the focus of a battle between CGT and management, which
wants to increase the unit's productivity.


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


BERTELSMANN AG: U.S. Regulator Allows Sony-BMG Joint Venture
------------------------------------------------------------
The U.S. Federal Trade Commission closed its investigation on
the Sony BMG Joint Venture on the evening of July 28, and
decided it will not oppose this merger.  The decision follows
last week's unconditional clearance decision by the E.U.
Commission.

CONTACT:  BERTELSMANN AG
          Oliver Herrgesell
          Senior Vice President Media Relations
          Phone: +49 - 52 41 - 80 24 66
          E-mail: oliver.herrgesell@bertelsmann.com


DAIMLERCHRYSLER AG: Second-quarter Operating Profit Up
------------------------------------------------------
Highlights

(1) Operating profit improves from EUR0.6 to EUR2.1 billion
    (+225%);

(2) Revenues rise by 9% to EUR37.1 billion;

(3) Operating profit at Mercedes Car Group below prior-year
    level, as expected;

(4) Chrysler Group makes a significant profit;

(5) Very positive earnings trend continues at Commercial
    Vehicles;

(6) Further increase in operating profit at Services;

(7) Significant improvement in Group operating profit expected
    for full-year 2004.

DaimlerChrysler (stock-exchange abbreviation DCX) substantially
increased its second quarter operating profit from EUR0.6
billion to EUR2.1 billion.  The Chrysler Group, Commercial
Vehicles and Services divisions significantly improved their
earnings, though the operating profits of the Mercedes Car Group
and the Other Activities segment were lower than in the same
period of last year.  Net income for the second quarter amounted
to EUR554 million (Q2 2003: EUR109 million).  The generally
positive development of the Group's operative business was
partially offset by a negative impact of Mitsubishi Motors
Corporation's net loss in its 2003/04 financial year.  Earnings
per share rose from EUR0.11 to EUR0.55.

        Significant Increases in Unit Sales and Revenues

Against the backdrop of a generally improving world economy but
still sluggish economic recovery in the euro zone,
DaimlerChrysler achieved second quarter unit sales of 1.3
million vehicles, 10% more than Q2 2003.  The DaimlerChrysler
Group's total revenues increased in the second quarter by 9% to
EUR37.1 billion, primarily as a result of the higher unit sales
by the Chrysler Group and Commercial Vehicles.  However, there
was an opposing effect from the appreciation of the euro against
the U.S. dollar.  Adjusted for currency-translation effects,
revenues increased by 13%.

At the end of the second quarter of 2004, DaimlerChrysler
employed a total workforce of 383,724 people worldwide (Q2 2003:
372,073).  The increase compared with the number at the end of
Q2 2003 was primarily a result of the inclusion of consolidating
Mitsubishi Fuso Truck and Bus Corporation (MFTBC) with its
18,300 employees in the Commercial Vehicles division.  This was
partly offset by a reduction resulting from the sale of MTU Aero
Engines with 8,400 employees at the end of 2003.

               Details of the Divisions in Q2 2004

The Mercedes Car Group sold 319,400 vehicles in the second
quarter, slightly more than in the same period of last year.
Its revenues amounted to EUR13.0 billion (Q2 2003: EUR13.2
billion).

The division's operating profit of EUR703 million was lower than
in Q2 2003.  This is mainly the result of the lifecycle-related
decrease in unit sales by Mercedes-Benz, high launch costs and
start-up costs for new products, as well as the continuation of
the quality offensive.

In the second quarter of 2004, Mercedes-Benz passenger cars sold
274,200 vehicles worldwide in a difficult market environment (Q2
2003: 281,600).  Unit sales of 180,400 vehicles in Western
Europe did not quite equal the figure for the same quarter in
the previous year (-2%).  Deliveries to dealers in the United
States fell by 4% to 53,000 vehicles.  U.S. retail sales of
54,100 were at the same level as in Q2 2003.  While unit sales
in Japan also decreased, Mercedes-Benz achieved a significant
increase in vehicles sold in China.

At the end of June, the new A-Class was presented to the public.
The first test reports are extremely positive.  In addition to
the well-established and versatile five-door model, a three-door
version of the A-Class will also be available for the first
time.  In May, the McLaren Technology Center was inaugurated in
Woking, United Kingdom.  At the same time, the first Mercedes-
Benz SLR McLaren super sports cars were handed over to
customers.  Reflecting the exclusiveness of this car, the total
number of cars produced will be limited.  Over a model lifecycle
of seven years, a total of 3,500 Mercedes-Benz SLR McLaren cars
will be built.

The new smart model series, the smart forfour, has made a good
start.  Of these, 17,800 were sold in the second quarter,
contributing to the smart brand's 24% increase in unit sales to
45,100 vehicles.

Worldwide retail sales for the Chrysler Group increased by 3% to
759,800 vehicles in the second quarter of 2004.  The growth was
primarily due to the success of new products such as the
Chrysler 300 and 300C, the Dodge Magnum, the Dodge Durango and
the new minivans.  Factory shipments in the second quarter rose
by 8% to 781,400 vehicles.  Dealers' inventories in the U.S. at
June 30 totaled 605,600 vehicles (June 30, 2003: 518,600),
equivalent to 72 days' supply (June 30, 2003: 63).  Dealers
increased their inventories primarily as a result of the
introduction of numerous new models introduced in the first half
of 2004.

As a consequence of the higher shipments and a higher-value
model mix, the Chrysler Group's revenues increased by 12% to
EUR13.2 billion.  Measured in U.S. dollars, revenues increased
by 18%.

With an operating profit of EUR516 million, the Chrysler Group
posted a positive operating result for the fourth consecutive
quarter.  This strong improvement is mainly due to the market
success of the new products, higher unit sales and further cost
reductions.

The Commercial Vehicles division boosted its second quarter unit
sales by 47% to 184,900 vehicles, while revenues increased by
36% to EUR9.0 billion.  Excluding MFTBC, which has been
consolidated with a one-month time lag since March 31, 2004,
unit sales would have risen by 24% and revenues by 22%.
Operating profit increased significantly, from EUR222 million to
EUR468 million, due to the higher unit sales and the successful
implementation of efficiency-enhancing programs.

The positive development of the trucks business continued in the
second quarter of 2004.  The Trucks NAFTA (Freightliner,
Sterling, Thomas Built Buses) business unit boosted its unit
sales by 24% to 40,200 vehicles.  The Trucks Europe/Latin
America (Mercedes-Benz) business unit sold 35,100 vehicles, also
surpassing the figure for the prior-year second quarter by a
large margin (+34%).

MFTBC sold 44,800 vehicles in the months of April through June
(April-June 2003: 41,300).  Fuso's market share in Japan was
26.5% compared to 28.4% in the same period of last year.  The
Mercedes-Benz Vans business unit increased its unit sales by 21%
to 73,200 vehicles due in particular to positive developments in
Eastern Europe and South America.  The DaimlerChrysler Buses
business unit achieved a 30% sales increase in unit sales to
8,500 buses and chassis.

With a second quarter operating profit of EUR472 million,
Services significantly surpassed last year's good result (+41%).
The key factors behind the increase were the improved
profitability of the division's entire portfolio and the reduced
need for risk provisioning.

DaimlerChrysler Bank once again significantly increased its new
business with automotive financial services by 11% to EUR2.1
billion.  At the end of the second quarter, DaimlerChrysler Bank
had a base of more than 890,000 customers (+19%).

The Other Activities segment posted an operating profit of EUR85
million (Q2 2003: EUR217 million).  The decrease is primarily
due to the negative contribution from Mitsubishi Motors
Corporation (positive in the prior-year's second quarter) and
the fact that there was no contribution from the former business
unit MTU Aero Engines, which was sold as of December 31, 2003.

Second quarter revenues generated by the DaimlerChrysler Off-
Highway business unit increased by 10% to EUR417 million, while
incoming orders rose sharply from EUR369 million to EUR423
million.  The European Aeronautic Defense and Space Company
(EADS), the world's second-largest aerospace and defense
company, again performed well in the first half of this year.
EADS also published its half-year results.

On May 21, 2004, Mitsubishi Motors Corporation (MMC) published
its financial statements for the financial year ending March 31,
2004.  The company incurred an operating loss for that period of
JPY96.9 billion (EUR745 million) mainly due to the sharp drop in
demand in the United States caused by intense competition and a
more restrictive credit policy.  Its net loss of JPY215.4
billion (EUR1.7 billion) was also affected by impairment charges
on deferred tax assets.  The impact on the net income of
DaimlerChrysler totaled EUR0.5 billion.

On April 22, 2004, the Board of Management and the Supervisory
Board of DaimlerChrysler took the decision not to participate in
a planned capital increase.  The terms of the capital increase
were decided on June 29 and carried out by July 14, 2004.  The
capital increase resulted in DaimlerChrysler's stake in MMC
being reduced to below 25% from its former level of 37%.  As a
result of the mandatory convertible bonds the stake of
DaimlerChrysler will continue to decrease in the future.

With its decision not to participate in the capital increase for
MMC, DaimlerChrysler has given up its significant influence.  As
of June 30, 2004, DaimlerChrysler's stake in MMC is therefore
included in the Group's consolidated financial statements as an
investment measured at fair value, and as such in the future
MMC's operative business will have no effect on
DaimlerChrysler's earnings.

                   Outlook for Full-year 2004

In the further course of the year, DaimlerChrysler anticipates
only moderate growth for the major automobile markets of the
triad.  There are signs of a continuing recovery of the North
American truck market, and the European market for trucks and
vans is expected to expand slightly compared with the prior
year, while the bus market is likely to stabilize at last year's
level.  DaimlerChrysler assumes that the strong competitive
pressure will continue unchanged in all segments.

For full-year 2004, the Mercedes Car Group expects the models
launched in the first half of the year (new generation C-Class,
SLK roadster and smart forfour) and the models to come in the
second half of the year (A-Class and CLS coupe) to more than
offset the slight decrease in unit sales of the first half-year.
Earnings for the full year are anticipated to be lower than in
2003 due to a changed model mix, exchange-rate effects, and
increased start-up costs for new products and expenses for the
quality offensive.  To ensure the successful implementation of
the second product offensive, the Mercedes Car Group has decided
to invest additional funds to prepare vehicles for product
maturity.

On July 23, 2004, the Management and the Employee
Representatives reached an "Employment Pact" in Germany, which
will allow cost savings starting in 2006 of up to EUR500 million
per year.

The Chrysler Group expects a continuation of high price
incentives in its markets.  Based on customers' positive
response to the products introduced so far this year, as well as
the ongoing cost-cutting program, the Chrysler Group is also
confident of achieving considerable positive earnings in full-
year 2004.

The Commercial Vehicles division anticipates a further
improvement in its operating profit for full-year 2004, due to
continuous improvements in its internal processes, the
utilization of economies of scale and its attractive product
range.  However, the effects of the announced recalls by
Mitsubishi Fuso Truck and Bus Corporation cannot be fully
quantified yet.

For the second half of 2004, the Services division expects a
continued positive earnings trend in the financial services
business.  However, interest-rate rises could have an impact on
refinancing costs.  Operating profit for the full year might be
lower than in 2003 due to charges from Toll Collect.

EADS assumes that the recovery of the air-transport industry
will continue during the rest of this year.  Revenues are
expected to increase slightly over prior year level and
profitability should continue to improve.  DaimlerChrysler
therefore assumes that the EADS contribution to Group operating
profit will be higher than in 2003.

Based on the above assessments, DaimlerChrysler expects to
achieve a significant improvement in operating profit for the
full year compared with 2003 (excluding restructuring
expenditures at the Chrysler Group and excluding the capital
gain realized on the sale of MTU Aero Engines).


DRESDNER BANK: Loses Legal Battle with Saudi Government
-------------------------------------------------------
The Court of Appeal in London upheld a High Court decision last
year ordering Dresdner Bank to return around EUR50 million
(US$60.1 million) to the Saudi Arabian Monetary agency, the
Financial Times reports.

Two years ago, Dresdner Bank withheld EUR49.2 million from the
EUR291 million the Saudi monetary agency had asked it to
transfer from its London account to a Frankfurt account with
Deutsche Bank.  Dresdner Bank said it is owed such amount by the
Saudi Ministry of Defense and Aviation and the Ministry of
Finance and National Economy in relation to a transaction the
agency did with Dresdner Bank Luxembourg.  The branch acted as
trustee and agent for a US$900 million facility availed by the
Saudi government.

                            *   *   *

Dresdner Bank is aiming to break even at a net level this
year before restructuring charges.  Last year the company
reported EUR460 million (US$556 million) in losses.


KARSTADTQUELLE: Re-thinking Starbucks Joint Venture
---------------------------------------------------
The new chief executive of KarstadtQuelle, Christoph Achenbach,
warns the German retailer will post a loss for 2004.

"[O]ur results will be red this year," Mr. Achenbach told the
Welt am Sonntag newspaper.  KarstadtQuelle's pre-tax loss
tripled to EUR171 million (US$205.6 million) in the first
quarter as a result of the downturn in German retailing.

He said management will review options for the firm's two-year-
old joint venture in Germany with U.S. coffee retailer
Starbucks.  He said the terms of the joint venture are
unfavorable.  KarstadtQuelle would either try to find a
"reasonable solution" with the Americans or look for a possible
exit, according to him.  KarstadtQuelle operates 31 Starbucks
shops across Germany.

Mr. Achenbach was hired in May to help improve the company's
profits.  Since then, he has announced sweeping restructuring
measures.  The company will report half-year results on
Wednesday.


KLOSTER-ANDECHS: Succumbs to Insolvency
---------------------------------------
German pub and restaurant operator Kloster-Andechs-Gastronomie
has filed for insolvency, according to The Financial Times.  The
filing came a month after Fr. Anselm Bilgri, the head of
administration, left the company.  Save for its Andescher pub at
Augsburg, Bavaria, the group's insolvency does not affect its
franchisees or independent pubs.


MG TECHNOLOGIES: Completes Sale of Dynamit Nobel on Schedule
------------------------------------------------------------
Mg technologies AG completed the process of selling four of the
Dynamit Nobel Group's five business units on schedule with
effect from July 31, 2004.  The disposal of Dynamit Nobel to
Rockwood Specialties Group Inc., headquartered in Princeton, New
Jersey, U.S.A., is based on an enterprise value of EUR2.25
billion.

On April 19, 2004, mg technologies AG and Rockwood Specialties
Group Inc. signed a sale and purchase agreement on the disposal
of four of the Dynamit Nobel Group's business units.  The
CeramTec, Chemetall, Sachtleben, and Dynamit Nobel GmbH/Custom
Synthesis business units accounted for more than three-quarters
of Dynamit Nobel's operating cash flow (EBITDA) in 2003.

"Now that we have sold most of the Dynamit Nobel Group to
Rockwood," stressed Udo Stark, chairman of mg's Executive Board,
"we have completed the most important stage of our strategic
restructuring on schedule."

The process of selling Dynamit Nobel Kunststoff GmbH (DNK),
Weibenburg, Germany to U.S. automotive supplier Flex-N-Gate
Corporation, which is headquartered in Urbana, Illinois, will
also be completed in the third quarter of the current year under
the terms of the sale and purchase agreement.

Mg technologies AG is an international technology group that
focuses on specialty mechanical engineering -- especially
process engineering and components -- and plant engineering.  It
generated sales of roughly EUR6.4 billion excluding discontinued
operations in 2003.  At the end of 2003 the company employed
around 29,000 people.  It is one of the world's market and
technology leaders in 90% of its businesses.

CONTACT:  MG TECHNOLOGIES AG
          Communications
          Phone: +49 (0) 69 71199 241
          Fax:   +49 (0) 69 71199 112
          Web site: http://www.mg-technologies.com


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


AN POST: Folding up Parcel Delivery Service
-------------------------------------------
Approximately 800 permanent and contract workers will be
affected by An Post's plan to shut down its parcel delivery
service (SDS), according to Businessworld.  The postal company
declined to confirm the closure, but sources say the board made
the decision last week.

An Post's CEO Donal Curtin recalled that in April the firm told
SDS to cut its cost base.  The unit is being squeezed by growing
competition in the private sector.  An Post itself is expected
to lose EUR30 million this year.  The company is negotiating to
cut 1,450 jobs from its 10,400 workforce on top of the job cuts
in SDS.  Stephen Fitzpatrick the secretary general of the
Communications Workers' Union, says all employees of SDS may be
paid off.


ELAN CORPORATION: Posts US$118 Million Second-quarter Net Loss
--------------------------------------------------------------
Elan Corporation, plc (NYSE: ELN) announced on Thursday its
second quarter 2004 results and provided a business update.

Commenting on Elan's business, Kelly Martin, Elan's president
and chief executive officer, said: "We continue to focus and
align resources against the commercialization of Antegren for
multiple sclerosis and Crohn's disease, working with our partner
Biogen Idec.  Having achieved designation for priority review
and accelerated approval for MS in the U.S. further enhances our
focus on execution and operating discipline.

"Overall we continue to strengthen our core therapeutic areas in
neurodegenerative diseases, autoimmune, and pain.  We continue
to evaluate growth opportunities to enhance our presence in
these specific areas."

Commenting on Elan's second quarter results, Shane Cooke,
executive vice president and chief financial officer, said: "We
are pleased to report continuing positive trends with solid
demand for our hospital products and declining operating costs.
The income statement, however, continues to be impacted by the
execution of our plans to reposition the company, streamline the
balance sheet and simplify the capital structure.  Of the US$118
million net loss this quarter, US$24 million is attributed to
the sale of businesses, the ongoing divestment of the investment
portfolio and the fluctuating value of that portfolio.  We
maintained a strong liquidity position with US$677 million in
cash and an investment portfolio valued at US$332 million."

Unaudited Consolidated U.S. GAAP Income Statement Data

Three Months Ended                           Six Months Ended
     June 30                                     June 30
2003         2004                             2003      2004
US$m         US$m                             US$m      US$m
-------- ---------                           -------- --------
                   Revenue

  183.9      96.5  Product revenue             360.9   226.5

   27.9      19.7  Contract revenue             70.7    45.2
-------- ---------                           -------- --------
  211.8     116.2  Total revenue               431.6   271.7
-------- ---------                           -------- --------
                   Operating Expenses

   77.1      44.2  Cost of goods sold          149.4    93.9

   71.9      65.0  Research and development    151.5   130.4
                   Selling, general and
  114.4      75.3  administrative              232.0   159.9

                   Net gain on divestment of
(255.9)   (38.5)  businesses                 (250.3)  (34.8)

                   Recovery plan and other
  208.6     15.7   significant charges         225.1    21.1
-------- --------                           -------- --------
  216.1    161.7   Total operating expenses    507.7   370.5
-------- --------                           -------- --------
   (4.3)   (45.5)  Operating loss              (76.1)  (98.8)
-------- --------                           -------- --------
                   Net Interest and Investment Gains
                   and (Losses)

  (26.6)   (23.9)  Net interest expense        (49.8)  (47.2)
   73.8     12.5   Investment gains             73.8    57.3
  (16.4)   (59.7)  Investment losses and other (55.9)  (93.8)
-------- --------                           -------- --------
                   Net interest and investment gains
   30.8    (71.1)  and (losses)                (31.9)  (83.7)
-------- --------                           -------- --------
                   Net income (loss) from continuing
   26.5   (116.6)  operations before tax      (108.0) (182.5)
   (4.6)    (0.9)  Provision for tax            (7.9)   (1.8)
-------- --------                           -------- --------
                   Net income (loss) before
   21.9   (117.5)  discontinued operations    (115.9) (184.3)

                   Net income (loss) from discontinued
   (4.6)    (0.1)  operations                    5.7     4.5
-------- --------                           -------- --------
   17.3   (117.6)  Net income (loss)          (110.2) (179.8)
======== ========                           ======== ========

                   Basic and diluted earnings
                   (loss) per ordinary share -
  $0.06   ($0.30)  continuing operations      $(0.33) ($0.47)

                   Basic and diluted earnings
                   (loss)per ordinary share -
($0.01)   $0.00    discontinued operations     $0.01   $0.01

                   Basic and diluted earnings
                   (loss) ordinary share -
$0.05   ($0.30)   net income (loss)          ($0.32) ($0.46)

                   Weighted average number
                   of ordinary shares
350.0    389.6    outstanding (in millions)   349.9   388.2


Unaudited Non-GAAP Financial Information - EBITDA

Three Months Ended      Non-GAAP Financial      Six Months Ended
     30 June             Information                30 June
2003        2004     Reconciliation Schedule    2003       2004
US$m        US$m                                US$m       US$m
------- --------- ---------------------------  ------- --------
                  EBITDA

  (4.3)   (45.5)  Operating loss                (76.1)   (98.8)
                  Depreciation and amortization

  35.2     31.7   included in operating loss     73.0     64.2

                  Amortized fees included in total
(17.2)   (16.4)  revenue                       (57.2)   (28.0)

     -      7.0   Milestones received and deferred  -      7.0
------- --------                                ------- --------
  13.7    (23.2) EBITDA                         (60.3)   (55.6)
======= ========                                ======= ========

A full copy of the financial result is available free of charge
at http://bankrupt.com/misc/Elan_2q2004.htm.

CONTACT:  ELAN CORPORATION PLC
          Investor Relations
          Emer Reynolds
          Phone: 353-1-709-4000
                 800-252-3526

          Media Relations
          Anita Kawatra
          Phone: 212-407-5755
                 800-252-3526


IMAG OPTICAL: Closing in Two Months' Time
-----------------------------------------
IMAG Optical Storage, a CD-making plant at Raheen Business Park
in Limerick, will close in October with the loss of 178 jobs,
according to BizWorld.

The shutdown will be done by phase with the first wave of
redundancies taking place in August.  The company was hit by the
collapse in the price of CD worldwide despite being one of the
best-performing operation of Taiwanese parent CMC.  IMAG has
been operating in Limerick since 1997; CMC took over its
operations in 2001.  The company has already warned its
employees regarding the plan.


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


ALITALIA SPA: Parliament Guarantees Emergency Bank Loan
-------------------------------------------------------
The Italian lower house passed Saturday a decree that guarantees
a EUR400 million bank loan to Alitalia S.p.A., Xinhua News
Agency says.  All parties except the devolutionist Northern
League approved the loan decree, aimed at saving the national
flag carrier from bankruptcy.  Northern League opposed the
decree, saying the approval of the government-guaranteed loan
amounts to state aid.


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


ROYAL SHELL: Second-quarter Net Income Up More than 50%
-------------------------------------------------------
On a net income basis, Royal Dutch basic earnings per share
(EPS) were EUR0.98 (US$1.18), and Shell Transport basic EPS were
9.3 pence.  On a CCS basis, Royal Dutch basic EPS were EUR0.92
(US$1.11) and Shell Transport basic EPS were 8.8 pence.

The earnings in the second quarter 2004 contained the following
items over US$50 million as specified in the segment earnings
sections below.  Exploration and Production's results included a
US$141 million charge related to the mark-to-market valuation of
certain contracts and US$330 million related to the write down
of various exploration assets acquired with Enterprise Oil
plc.

Additionally the earnings reflect the increased tax burden for
changes in the tax regime in Denmark as applicable from the
start of 2004.  At current prices and relative to the same
period a year ago, the overall impact of the changes in Denmark
is some US$200 million negative for the quarter.  The results
also include a provision of US$120 million in respect of certain
costs anticipated to arise from the reserves restatement and
consequent regulatory and legal action.  Management of the Group
remains unable at this stage to estimate the range of possible
losses from the entire set of regulatory and other actions and
litigation in relation to the reserves restatement.

Highlights of Second Quarter

(a) Reported net income of US$4,002 million was 54% higher than
    the same period last year.

(b) The Group's CCS earnings (i.e. on an estimated current cost
    of supplies basis for the Oil Products segment earnings) for
    the quarter of US$3,768 million were 16% higher than the
    same period last year.  Earnings reflected lower hydrocarbon
    production and higher hydrocarbon prices, LNG volumes offset
    by lower marketing and trading income in Gas & Power, record
    CCS earnings in Oil Products and higher Chemicals earnings.

(c) Increased interim dividends have been announced of EUR0.75
    per share for Royal Dutch (increase of 1.4%) and of 6.25
    pence per share for Shell Transport (increase of 2.5%).

(d) During the quarter US$4.2 billion dividends were paid to
    shareholders and Royal Dutch and Shell Transport started
    their share buy back programs for the year.  Shares for
    cancellation were purchased under these programs for a
    total consideration of US$149 million and a further
    US$513 million has been used by the Group for share
    purchases to underpin employee share option schemes.

(e) Exploration and Production segment earnings of US$1,935
    million were 3% lower than a year ago.  Earnings included a
    US$141 million charge related to the mark-to-market
    valuation of certain long-term U.K. gas supply contracts.
    Higher oil prices (+35%) and gas prices (+5%) were offset by
    write downs (US$330 million after tax) of exploration assets
    acquired with Enterprise Oil plc in 2002 and lower
    hydrocarbon production.

(f) Unit production costs, excluding associates and royalties
    and also excluding the Athabasca Oil Sands Project in
    Canada, for the first half of 2004 increased compared to the
    full year 2003 due to lower production and partly due to
    exchange rates and market conditions.  Unit production cost
    is expected to increase further over the second half of
    2004, and for the full year to increase up to US$1 per
    barrel of oil equivalent (boe) before tax compared to the
    full year 2003.  Unit depreciation, depletion and
    amortization (DD&A), excluding associates and excluding the
    Athabasca Oil Sands Project in Canada for the full year
    2004, is also expected to increase compared to the full year
    2003.  The unit DD&A increase for the full year 2004
    reflects exchange rate, production, exploration charges and
    reserves reduction.

(g) Reported hydrocarbon production was 3,578 thousand boe per
    day and 5% lower than in the same period a year ago.  A
    decrease of 2% if the effect of divestments (95 thousand boe
    per day) and the price effect on production entitlements is
    excluded.

(h) Production for 2004 is expected to be 3.7 to 3.8 million boe
    per day subject to price effects on production entitlements.
    Production in 2005 and 2006 is likely to remain in the range
    of 3.5 to 3.8 million boe per day, again subject to price
    effects.  The latest outlook for the proven reserves
    replacement ratio (RRR) for 2004 is some 60% to 80%.

(i) Gas & Power segment earnings were US$338 million compared to
    US$452 million a year ago, which included US$140 million
    credits mainly from asset divestments gains.  Earnings
    reflected strong LNG performance and gains from asset
    divestments (US$18 million) offset by significantly lower
    Marketing and Trading performance in North America.

(j) Oil Products CCS segment earnings were US$1,555 million
    compared to US$975 million a year ago.  Higher refining
    intake and increased global refining margins driven
    primarily by strength in gasoline demand and industry
    turnaround activities contributed largely to the 59% growth
    in CCS earnings.

(k) Chemicals segment earnings were a profit of US$371 million
    compared to a profit of US$61 million in the same quarter
    last year.  Earnings this quarter benefited from strong
    demand and high asset utilization rates, resulted in
    improved margins.

(l) Capital investment for the quarter was US$3.0 billion,
    excluding the minority share in Sakhalin amounting to US$0.4
    billion, versus US$3.2 billion a year ago.  The full-year
    capital investment is still expected to be some US$14.5
    billion to US$15.0 billion, excluding the minority share of
    Sakhalin.

(m) The Return on Average Capital Employed (ROACE) on a net
    income basis for the twelve months to June 30, 2004 was
    15.5%.

(n) At the end of the quarter the debt ratio was 17.0%; cash and
    cash equivalents amounted to US$2.4 billion.

(o) Cash flow from operating activities for the quarter was
    US$4.8 billion.  This cash, together with divestment
    proceeds (US$0.3 billion), funded capital expenditure
    (US$2.9 billion), a decrease in debt of US$0.5 billion
    and dividend payments to Parent Companies and minority
    interests of US$4.7 billion.  Cash and cash equivalents fell
    by US$3.3 billion.

(p) Proceeds from divestments of US$0.3 billion were from
    various items including the divestment of upstream assets in
    Bangladesh and power assets in the U.S.A.

          Group Investments And Portfolio Developments

In Exploration and Production, a final investment decision was
taken for the development of the Pohokura gas field in New
Zealand (Shell share 48%).  First gas is anticipated to flow in
mid 2006.  In the Gulf of Mexico, production started from the
Coulomb (Shell share 100% in Coulomb 2 and 67% in Coulomb 3) and
Llano (Shell share 27.5%) developments.  The Coulomb wells are
tied back to the Na Kika floating development system and are the
two deepest wells in the world in terms of water depth.

During the quarter, the divestment of Shell's upstream assets in
Bangladesh was completed and an agreement was reached for the
sale of the offshore Rosetta concession (Shell share 40%) in
Egypt.

In exploration, Shell was awarded two operatorships and two
partnership licenses in the 18th licensing round in Norway.
Shell and Qatar Petroleum signed an integrated Development and
Production Sharing Agreement, which provides the fiscal and
legal terms for the Pearl Gas to Liquids (GtL) project.   The
project, for a 140 thousand barrels per day plant of GtL
products as well as at least 60 thousand barrels per day of
associated condensate and liquefied petroleum gas, was announced
earlier by Qatar Petroleum and Shell.  The agreement is a
significant step towards a final investment decision expected
early 2006.

The Sakhalin II LNG project (Shell share 55%) increased its
long-term sales of liquefied natural gas (LNG) to Tokyo Electric
Power Company of Japan to 1.5 million tons per annum (mtpa), up
from the original volume of 1.2 mtpa.  In addition, Tokyo
Electric has declared up to 0.7 million tons of additional early
volumes in 2007 and 2008.  Kyushu Electric Power Company of
Japan signed an LNG sale and purchase agreement (SPA) with
Sakhalin Energy with deliveries to commence in 2009.

Gas & Power also completed its 11th Coal gasification technology
license deal with the signing with Zhongyuan Dahua Group of
China.

Gasunie (Shell share 25%) took the final investment decision on
a EUR500 million gas pipeline from the Netherlands to the U.K.
which will be used inter alia to supply some 770 million
standard cubic feet per day of gas over a 10 year period under a
new gas supply contract to the U.K.

Consistent with the strategy of rationalizing its power
interests Shell sold its (40%) equity interest in Tenaska
Gateway Partners Ltd in the U.S.A. and InterGen (Shell share
68%) diluted its interests in three operational power plants in
Turkey.  Further rationalization activities are underway.

Oil Products strategy of active portfolio management and focus
on market leadership resulted in a number of actions being
either completed or announced in the second quarter 2004.

In the U.S.A, the sale of the Delaware City Refinery (Shell
share 50%) was finalized early in the quarter.  Additionally the
sale of the Texaco and Great Plains product pipeline and storage
assets and the sale of the Midwest refined product pipeline
system and storage assets were announced in July.  These sales
are expected to close in the third and fourth quarter,
respectively, with total anticipated proceeds of US$1.0 billion.

Outside the USA, Shell and China Petroleum and Chemical
Corporation (Sinopec) signed a joint venture contract to develop
a network of about 500 retail service stations in Jiangsu
Province in China.  The joint venture, which involves an initial
investment of about US$200 million, expects to have the network
operational within three years of the establishment of the joint
venture company.

Additionally, Shell announced the sale of its oil products
businesses in Portugal excluding lubricants and LPG marketing as
well as the intent to sell the oil products retail and
commercial businesses in Spain and Peru (July).  In July, the
sale of a portion of the Group's ownership in Showa
Shell in Japan (some 10% of total shares and the conditional
sale of some additional 5% of total shares) to Saudi Aramco was
announced for completion in the third quarter of 2004, leaving
Shell's ownership at 34% going forward.

Through the second quarter, additional progress was made in
retail network restructuring in the U.S.A and Europe.  A total
of some 5,400 sites have been re-branded from Texaco to Shell in
the U.S.A and some 4,800 Shell sites re-imaged.  This re-
branding effort reflects completion of some 85% of the program
envisaged for the U.S.A.

Furthermore, in total some 866 sites have been re-branded from
DEA to Shell in Germany.

Shell and BASF announced on 29 July the review of strategic
alternatives regarding their joint venture Basell, a global
leader in polyolefins, in which they each hold a 50 percent
equity interest.  The options being reviewed by the shareholders
include the sale of their stakes and an equity market
transaction.

PTT PolyCanada (Shell share 50%) completed construction in
Canada of the first world-scale polytrimethylene terephthalate
(PTT) polymer plant with a capacity of 95,000 metric tons a
year.  Production of CORTERRATM polymer used to make carpet and
textile fibres, thermoplastics and films is expected to begin in
the fourth quarter of 2004.

A full copy of the financial result is available free of charge
at: http://bankrupt.com/misc/RoyalShell_2Q2004.htm

CONTACT:  ROYAL/DUTCH SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague, The Netherlands
          Phone: +31-70-377-9111
          Fax: +31-70-377-3115
          Web site: http://www.shell.com


ROYAL SHELL: FSA Levies GBP17 Mln Fine for Overstating Reserves
---------------------------------------------------------------
The Royal Dutch/Shell Group of Companies reached agreements in
principle with the United Kingdom's Financial Services Authority
(F.S.A.) and the staff of the United States Securities and
Exchange Commission (S.E.C.) to resolve their pending inquiries
related to Shell's reserves recategorization.

In connection with the agreement in principle with the F.S.A.,
Shell will agree, without admitting or denying the F.S.A.'s
findings or conclusions, to the entry of a Final Notice by the
F.S.A. finding that Shell breached market abuse provisions of
the U.K.'s Financial Services and Markets Act 2000 and the
Listing Rules made under it.  In connection with the proposed
settlement, Shell will pay a penalty of GBP17 million.

In connection with the agreement in principle with the S.E.C.
staff, Shell will consent, without admitting or denying the
S.E.C.'s findings or conclusions, to an administrative order
finding that Shell violated, and requiring Shell to cease and
desist from future violations of, the antifraud, reporting,
record keeping and internal control provisions of the U.S.
Federal securities laws and related S.E.C. rules.

In connection with the proposed settlement, Shell will pay a
US$120 million civil penalty and has undertaken to spend an
additional US$5 million developing a comprehensive internal
compliance program.  The agreement in principle with the S.E.C.
staff is subject to final approval by the S.E.C.

No further details respecting the proposed settlements will be
released at this time.


VERSATEL N.V.: Buys Berlin Carrier for EUR35 Mln in New Shares
--------------------------------------------------------------
Versatel Deutschland Holding GmbH (VDH), a subsidiary of
Versatel Telecom International N.V., agreed with Berlinwasser
Holding Aktiengesellschaft (BWH), a company jointly owned by
Land Berlin and RWE/Veolia Berlinwasser Beteiligungs AG to
purchase 100% of the outstanding share capital in BerliKomm
Telekommunikationsgesellschaft mbH and its wholly owned
subsidiaries BerlinNet and BerliKomm Asset Management.

BerliKomm is a city carrier based in Berlin with approximately
190 employees that operates a regional backbone network
including over 1,500 km of local access fiber and provides voice
and data communications services to over 34,000 business,
residential and wholesale customers.

Additionally, BerliKomm operates 133 Main Distribution Frames
covering approximately 95% of the Berlin market.  The
acquisition of BerliKomm will bring Versatel's total operational
MDFs in Germany to approximately 700.  Versatel expects that
this transaction will add approximately EUR50 million of
annualized revenue and approximately EUR7 million of annual
EBITDA.  In addition, the current working capital position of
BerliKomm as of June is positive EUR1.6 million and its cash
balance as of July 27, 2004 was EUR2.4 million.  At Closing,
Versatel will assume the Company on a debt free basis.

Through the acquisition of BerliKomm, Versatel will become the
leading alternative carrier in the Berlin market and will have
the only full regional fiber network in the area other than
Deutsche Telekom.

Versatel's Chief Executive Offer Raj Raithatha quoted: "We are
extremely pleased to announce the acquisition of BerliKomm.
BerliKomm will provide Versatel with a quality blend of local
infrastructure and 100% focus on on-net customers that will
provide the platform for future growth in Berlin.  In order to
achieve our goals of being the number one alternative carrier in
Germany, we believe it was imperative that we gain a leading
position in Germany's most important political market and one of
Europe's largest telecommunications markets.  On a pro forma
basis, Versatel's German business will now generate over EUR300
million of annualized revenue making Germany Versatel's largest
business unit by sales."

Consideration

At Closing, Versatel will pay EUR34.6 million that will be
financed via issuing new Versatel equity to BWH.  At Thursday's
share price of EUR1.37, we would have issued approximately 25
million shares.

Mark Lazar, Chief Financial Officer of Versatel, stated: "We
believe that in order to compete successfully in our markets we
must maintain our financial flexibility in terms of a
significant cash balance.  By purchasing BerliKomm using
Versatel shares, we are able to better utilize our cash balance
for integration and future organic growth opportunities
including expanding our DSL infrastructure coverage, IP upgrades
and new product development.

Given the turbulence in the capital markets and our stated goal
of being free from capital markets risk to fund our growth, we
prefer to use equity for acquisitions, but can minimize the
effect of dilution by acquiring assets that are accretive to our
EBITDA and are purchased at a reasonable price.  This has been
demonstrated by our track record over the past years."

Closing

The transaction is conditioned upon receiving Supervisory Board
approval from Versatel Telecom International N.V. and BWH as
well as receiving regulatory approval from the German Federal
Cartel Office.  Therefore, Versatel expects that Closing will
occur in early Q4 2004.  Versatel will not be updating its 2004
guidance to include the impact of BerliKomm at this time until
it has a better insight into when the figures will be
consolidated.

Raj Raithatha commented: "We view the assets of BerliKomm as the
ideal platform to launch IP VPN and DSL services to all
potential customers in the market.  We are at a critical time in
Germany with the take up of broadband services beginning to grow
after a slow start compared to the rest of Europe.  The ability
to gain a first mover advantage in Berlin compared to our
competitors and gain exposure to the large government corporate
market is a critical step in our German business plan."

Versatel Telecom International N.V. (Euronext: VRSA)

Versatel, based in Amsterdam, is a competitive communications
network operator and a leading alternative to the former
monopoly telecommunications carriers in its target market of the
Netherlands, Belgium and Germany.  Founded in October 1995, the
Company holds full telecommunication licenses in The
Netherlands, Belgium and Germany and has over 1 million
customers and approximately 1,600 employees.  Versatel operates
a facilities-based local access broadband network that uses the
latest network technologies to provide business customers with
high bandwidth voice, data and Internet services.  Versatel is a
publicly traded company on Euronext Amsterdam under the symbol
VRSA.  News and information are available at
Http://www.versatel.com.

                            *   *   *

Versatel's net loss for the quarter ended March 31, 2004 was
EUR7 million compared with a net profit of EUR1 million in 1Q03
and a net loss of EUR10 million in 4Q03.

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

          Anoeska van Leeuwen
          Director Corporate Communications
          Phone: +31-20-750-1322
          Mobile: +31-6-54-287128
          E-mail: anoeska.vanleeuwen@versatel.nl


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


IKHTINSKY: Undergoing Bankruptcy Procedure
------------------------------------------
The Arbitration Court of Komi republic declared state industrial
farm Ikhtinsky insolvent and introduced bankruptcy proceedings.
The case is docketed as A29-7073/03-3B.  Mr. A. Bakulin has been
appointed insolvency manager.

Creditors are asked to submit their proofs of claim to 169840,
Russia, Komi republic, Inta, Kirova Str. 29-113.  A hearing will
take place on May 5, 2005 at Russia, Syktyvkar, Ordzhonikidze,
49A.

CONTACT:  IKHTINSKY
          169832, Russia,
          Komi Republic,
          Ikhtinsky Region,
          Petrun

          Mr. A. Bakulin
          Insolvency Manager
          169840, Russia,
          Komi Republic, Inta,
          Kirova Str. 29-113
          Phone: 8-2145-2-26-63


MARYINSKY: Proofs of Claim Deadline Expires
-------------------------------------------
The Arbitration Court of Tambov region declared agricultural
industrial complex Maryinsky insolvent and introduced bankruptcy
proceedings.  The case is docketed as A64-5187/01-2.  Mr. V.
Trofimov has been appointed insolvency manager.   Creditors had
until July 18, 2004 to submit their proofs of claim to 393360,
Russia, Tambov region, Kirsanovsky region, Maryinka.

CONTACT:  MARYINSKY
          393360, Russia,
          Tambov Region, Kirsanovsky Region,
          Maryinka

          Mr. V. Trofimov
          Insolvency Manager
          393360, Russia,
          Tambov Region, Kirsanovsky region,
          Maryinka


METALLURG-REMONT-4: Deadline for Proofs of Claim August 18
----------------------------------------------------------
The Arbitration Court of Chelyabinsk region declared CJSC
Metallurg-Remont-4 insolvent and introduced bankruptcy
proceedings.  The case is docketed as A76-17126/03-52-506.  Ms.
A. Marinina has been appointed insolvency manager.  Creditors
have until August 18, 2004 to submit their proofs of claim to
4550045, Russia, Chelyabinsk region, Magnitogorsk, K. Marksa Pr.
184/2-11.

CONTACT:  METALLURG-REMONT-4
          Russia, Chelyabinsk Region,
          Magnitogorsk, Kirova Str. 93

          Ms. A. Marinina
          Insolvency Manager
          4550045, Russia,
          Chelyabinsk Region, Magnitogorsk,
          K. Marksa Pr. 184/2-11


ROS-NEFT-SINTEZ: Creditors Have Until August 18 to File Claims
--------------------------------------------------------------
The Arbitration Court of Astrakhan region declared LLC Ros-Neft-
Sintez (TIN 3005006844) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A06-581b/3-18k/2004.  Mr.
V. Trapeznikov has been appointed insolvency manager.  Creditors
have until August 18, 2004 to submit their proofs of claim to
107065, Russia, Moscow.

CONTACT:  ROS-NEFT-SINTEZ
          Russia, Astrakhan,
          Pushkina Str. 46 b

          Mr. V. Trapeznikov
          Insolvency Manager
          Russia, Astrakhan,
          Pobedy Str. 58,
          Apartment 22


TECHNICAL SERVICE: Komi Court Sets August 5 Hearing
---------------------------------------------------
The Arbitration Court of Komi republic declared Municipal State
Vorkutinskaya Station of Technical Service and Carrier
Maintenance insolvent and introduced bankruptcy proceedings.
The case is docketed as A29-310/04-3B.  Mr. A. Bakulin has been
appointed insolvency manager.

Creditors are asked to submit their proofs of claim to 169840,
Russia, Komi republic, Inta, Kirova Str. 29 - 113.  A hearing
will take place on August 5, 2004 at Russia, Syktyvkar,
Ordzhonikidze, 49A.

CONTACT:  Technical Service And Carrier Maintenance
          169906, Russia,
          Komi Republic, Vorkuta,
          Promindustrii Str. 12

          Mr. A. Bakulin
          Insolvency Manager
          169840, Russia,
          Komi Republic, Inta,
          Kirova Str. 29 - 113
          Phone: 8-2145-2-26-63


VOLGOGRADKY COMBINE: Proofs of Claim Must be in August 19
---------------------------------------------------------
The Arbitration Court of Volgograd region declared municipal
unitary enterprise Volgogradky Combine of Dedicated Production
Kerber insolvent and introduced bankruptcy proceedings.  The
case is docketed as A12-19334/04-s58.  Mr. A. Shirochenko has
been appointed insolvency manager.  Creditors have until August
19, 2004 to submit their proofs of claim to 400005, Russia,
Volgograd, 7th Krasnogvardeyskaya Str. 2A, office 400.

CONTACT:  VOLGOGRADKY COMBINE OF DEDICATED PRODUCTION KERBER
          400107, Russia,
          Volgograd, Libknekhta Str. 2A

          Mr. A. Shirochenko
          Insolvency Manager
          400005, Russia, Volgograd,
          7th Krasnogvardeyskaya Str. 2A,
          Office 400


VTOR-METALL-COMPLEKT: Deadline for Proofs of Claim August 18
------------------------------------------------------------
The Arbitration Court of Chelyabinsk region declared CJSC Vtor-
Metall-Complekt insolvent and introduced bankruptcy proceedings.
The case is docketed as A76-19373/03-36-490.  Ms. A. Marinina
has been appointed insolvency manager.  Creditors have until
August 18, 2004 to submit their proofs of claim to 4550045,
Russia, Chelyabinsk region, Magnitogorsk, K. Marksa Pr. 184/2-
11.

CONTACT:  VTOR-METALL-COMPLEKT
          Russia, Chelyabinsk Region,
          Agapovka

          Ms. A. Marinina
          Insolvency Manager
          4550045, Russia,
          Chelyabinsk region, Magnitogorsk,
          K. Marksa Pr. 184/2-11


YUKOS OIL: Has Until End of Month to Settle Tax Arrears
-------------------------------------------------------
Russian bailiffs have given oil giant Yukos a month to pay the
balance of its US$3.4 billion tax debt, reports say.

Chief bailiff Andrei Belyakov said he had met Yukos vice-
president Frank Rieger and received assurance the firm will
comply with the order.

"Although the law sets no clear timeframe for discharging the
debt, we, for our part, would like to expedite the process of
payments," Mr. Belyakov said.  According to him, Yukos already
paid more than RUB20 billion or 20% of the amount due to be
received.

He also said authorities are already also in the process of
collecting an additional US$3.4 billion as payment for taxes for
2001.  The first US$3.4 billion was for 2000.

If the company is unable to pay, bailiffs may sell properties of
the company.  The government has already taken custody of Yukos'
main production unit Yuganskneftegaz.


YUKOS OIL: Former Prime Minister to Help in Talks with Govt.
------------------------------------------------------------
The holding company of Russia's beleaguered Yukos Oil Co., Group
Menatep, confirmed the appointment of former prime minister Jean
Chretien as mediator between the firm and the government.

Russian authorities have thrown a US$6.8 billion tax bill on the
company, and arrested its main production unit Yuganskneftegaz
when it failed to pay on the first deadline.  It has also jailed
the company's founder Mikhail Khodorkovsky.

Group Menatep, a 44% stakeholder and main creditor of Yukos,
said Mr. Chretien as the best person "to help resolve the so-
called Yukos affair, which has undermined confidence in Russia
and caused deep concern over the country's future."  The turmoil
involving Russia's largest oil producer sent oil prices to
record highs, and rocked the Russian stock market.

"I think Mr. Chretien is a world leader of renown, who I am sure
Mr. Putin talks to as a friend and equal.  I think we would hope
they will be able to discuss the issue on equal terms, and that
Mr. Putin will feel comfortable talking with him," Menatep
general director Tim Osborne told Globe and Mail in a telephone
interview from Britain.

According to the report it was unclear whether Russian President
Vladimir Putin requested Mr. Chretien to the Kremlin for a talk
on July 5 or Mr. Chretien offered to help resolve the situation.


ZHIL-STROY: Declared Insolvent
------------------------------
The Arbitration Court of Arkhangelsk region declared LLC Zhil-
Stroy (TIN 2905003957) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A05-11479/03-28.  Ms. S.
Toropygina has been appointed insolvency manager.  Creditors
have until August 18, 2004 to submit their proofs of claim to
Russia, Arkhangelsk, Voskresenskaya Str. 8, 7th floor.

CONTACT:  ZHIL-STROY
          Russia, Arkhangelsk

          Ms. S. Toropygina
          Insolvency Manager
          Russia, Arkhangelsk,
          Voskresenskaya Str. 8, 7th floor


=============================
S L O V A K   R E P U B L I C
=============================


PODTATRANSKA HYDINA: First-half Loss Balloons to SKK7.6 Mln
-----------------------------------------------------------
The first-half loss of Slovakian poultry producer Podtatranska
Hydina a.s., Kezmarok increased twofold this year to SKK7.6
million, Hospodasrske Noviny says.  The company booked a SKK3
million loss in the same period last year.

The company's operating loss in the first-half increased to
SKK5.9 million after incurring a SKK1.7 million loss from
financial operations.  Sales in the period dropped from SKK97.5
million in 2003 to SKK91.1 million this year.  Revenue from
products and services also dropped nearly 4% year-on-year to
SKK63.2 million.  Podtatranska Hydina' production cost reached
SKK67.1 million.


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


IZAR: SEPI Chief Calls for 'Urgent' Restructuring
-------------------------------------------------
Enrique Martinez Robles, head of Sociedad Estatal de
Participaciones Industriales (SEPI), on Wednesday gave the
government four months to restructure Izar, Expansion says.

Mr. Robles says the company's rehabilitation is a matter of
urgency and is the only way to prevent its liquidation.  The
restructuring entails the separation of Izar's military division
from its civilian arm.

Created via the merger of civilian shipbuilder Aesa and military
counterpart Bazan, Izar accumulated around EUR477 million in
losses from 2000 to 2003; it expects to lose another EUR167
million this year.  The European Commission recently ordered
Izar to return around EUR375 million in illegal state aid.

SEPI is a holding company in charge of state-owned companies and
business ventures.  The entities which are part of SEPI or which
have been attached to it encompasses a very wide spectrum of
investment promotion, real-estate management and of
infrastructures, health care, shipbuilding, mining,
communication (RTVE, Agencia EFE), energy, food distribution,
leisure and diverse services.  Incorporated in 1996, it reports
to the Ministry of Economics and the Treasury.

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


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


CHERKASSY' AVRORA: Proofs of Claim Deadline Expires August 10
-------------------------------------------------------------
The Economic Court of Cherkassy region declared OJSC Cherkassy'
Varnish-Paint Plant Avrora (code EDRPOU 02972374) insolvent and
introduced bankruptcy proceedings on June 29, 2004.  The case is
docketed as 01-08/4522.  Arbitral manager Mr. O. Pashenko
(License Number AA 483185) has been appointed temporary
insolvency manager.

Creditors have until August 10, 2004 to submit their proofs of
claim to:

(a) CHERKASSY' VARNISH-PAINT PLANT AVRORA
    18030, Ukraine, Cherkassy region,
    Budindustriyi Str. 3

(b) Mr. O. Pashenko
    Liquidator/Insolvency Manager
    18002, Ukraine, Cherkassy region,
    Lenin Str. 31/1,
    Office 48, a/b 558
    Phone: (0472) 45-54-64


DONMETSERVIS: Bankruptcy Proceedings Ongoing
--------------------------------------------
The Economic Court of Donetsk region declared LLC Donmetservis
(code EDRPOU 24317196) insolvent.  The company's bankruptcy
proceeding will run until December 9, 2004.  The case is
docketed as 15/30-B.  Ms. Vira Panchenko (License Number 669688)
has been appointed liquidator/insolvency manager.  The company
holds account number 26005000045001 at JSC Ukrinbank, Donetsk
branch, MFO 334873.

Creditors have until August 10, 2004 to submit their proofs of
claim to:

(a) DONMETSERVIS
    83030, Ukraine, Donetsk region,
    Zhovtnya Str.20a

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

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


INTERHIMPLAST: Under Bankruptcy Supervision
-------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on LLC Interhimplast (code EDRPOU
30957948).  The case is docketed as 10/85-04.  Ms. Nadiya
Voznyakevich (License Number AA 249802 approved on October 19,
2001) has been appointed temporary insolvency manager.
Interhimplast holds account number 26003017410962 at
Ukreksimbank, Vinnitsya branch, MFO 302429.

Creditors have until August 10, 2004 to submit their proofs of
claim to:

(a) INTERHIMPLAST
    Ukraine, Vinnitsya region,
    Chervonoarmijska Str. 89/16

(b) Mrs. Nadiya Voznyakevich
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Hmelnitske shose, 2-a/712
    Phone: 39-97-85

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


KRASNOZNAMENSKA: Proofs of Claim Deadline August 9
--------------------------------------------------
The Economic Court of AR Krym region declared CJSC Agrofirm
Krasnoznamenska (code EDRPOU 31104866) insolvent and introduced
bankruptcy proceedings on June 17, 2004.  The case is docketed
as 2-8/2900-2004.  Arbitral manager Mr. Oleg Krasov (License
Number AA 047663 approved July 24, 2001) has been appointed
liquidator/insolvency manager.  Agrofirm Krasnoznamenska holds
account number 260044765 at JSPPB Aval, KrymRegional branch,
MFO 324021.

Creditors have until August 9, 2004 to submit their proofs of
claim to:

(a) AGROFIRM KRASNOZNAMENSKA
    97000, Ukraine, AR Krym region,
    Grasnogvardijske,
    50 Rokiv Zhovtnya Str. 4

(b) Mr. Oleg Krasov
    Liquidator/Insolvency Manager
    95000, Ukraine, AR Krym region,
    Simferopol, a/b 111
    Phone: 8 (0652) 51-15-63

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


MIMIRONIVSKIJ CONCRETE: Insolvency Manager Named
------------------------------------------------
The Economic Court of Donetsk region declared OJSC Mimironivskij
Plant of Reinforced Concrete Constructions (code EDRPOU
00110148) insolvent and introduced bankruptcy proceedings on
June 29, 2004.  The case is docketed as 32/156 B.  Arbitral
manager Mr. V. Frankfurt (License Number AA 249780) has been
appointed liquidator/insolvency manager.

CONTACT:  MIMIRONIVSKIJ PLANT OF REINFORCED CONCRETE
          CONSTRUCTIONS
          84791, Ukraine, Donetsk region,
          Debaltseve, Mironivskij,
          Radyanska Str. 42

          Mr. V. Frankfurt
          Liquidator/Insolvency Manager
          83055, Ukraine, Donetsk region,
          50-Richya SRSR Str. 146
          Phone: (062) 304-30-43

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


RIVNE' NONALCOHOLIC: Court Appoints Liquidator
----------------------------------------------
The Economic Court of Rivne region declared OJSC Rivne'
Nonalcoholic Plant (code EDRPOU 00379330) insolvent and
introduced bankruptcy proceedings on May 19, 2004.  The case is
docketed as 9/75.  Mr. Alina Yatsuk (License Number 630047
approved on November 24, 2003) has been appointed
liquidator/insolvency manager.

CONTACT:  RIVNE' NONALCOHOLIC PLANT
          Ukraine, Rivne region,
          Tuvinskih Dobrovoltsiv Str. 17

          ECONOMIC COURT OF RIVNE REGION
          33001, Ukraine, Rivne region,
          Yavornitski Str. 59


SEVASTOPOL' LIGHTHOUSE: Bankruptcy Proceedings Begin
----------------------------------------------------
The Economic Court of Sevastopol declared OJSC Sevastopol'
Lighthouse (code EDRPOU 14308813) insolvent and introduced
bankruptcy proceedings on June 23, 2004.  The case is docketed
as 20-6/459-4/483-9/128.  Mr. Volodimir Derbin (License Number
AA 000046) has been appointed liquidator/insolvency manager.
The company holds account number 26003317099001 at CB
Privatbank, Sevastopol branch, MFO 324935.

CONTACT:  SEVASTOPOL' LIGHTHOUSE
     99053, Ukraine, AR Krym region,
          Sevastopol, Fiolentovske shose, 1

          Mr. Volodimir Derbin
          Liquidator/Insolvency Manager
          95006, Ukraine, AR Krym region,
          Simferopol, Spero Str. 6/47
          Phone: (0652) 49-45-49

          ECONOMIC COURT OF SEVASTOPOL
          99011, AR Krym region, Sevastopol,
          Pavlichenko Str. 5


SIMONIV: Rivne Court Commences Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Rivne region declared LLC Agricultural
Enterprise Simoniv (code EDRPOU 30647447) insolvent and
introduced bankruptcy proceedings on January 28, 2004.  The case
is docketed as 9/29.  Mrs. Alina Yatsuk (License Number 630047
approved on November 24, 2003) has been appointed
liquidator/insolvency manager.

CONTACT:  AGRICULTURAL ENTERPRISE SIMONIV
          Ukraine, Rivne region,
          Goshanskij district, Simoniv

          ECONOMIC COURT OF RIVNE REGION
          33001, Ukraine, Rivne region,
          Yavornitski Str. 59


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


ABBEY NATIONAL: HBOS Hires Adviser for Possible Bid
---------------------------------------------------
High-street bank HBOS is considering challenging the GBP8.2
billion takeover offer of Spanish bank Banco Santander for Abbey
National.  A spokesman said the process is at a preliminary
stage, which may or may not lead to an actual offer.  HBOS has
hired Lazard as adviser.

A bid from HBOS could encourage approaches from other banks keen
on preventing a U.K. rival to takeover Abbey, The Telegraph
says.  Eric Daniels, Lloyds TSB chief, was careful not to rule

out a bid.  Lloyds TSB is among the "big four" banks whose other
members are HSBC, Barclays and NatWest/Royal Bank of Scotland.

HBOS' move also surprised observers who previously heard Chief
Executive James Crosby ruling the company out of the race for
Abbey.  HBOS joined the largest four in terms of market
capitalization.

On Wednesday last week Mr. Crosby said: "The idea that the big
four banks will dive in to ensure some kind of competition
inquiry without any realistic expectation that they can get
through -- that does not seem appealing to us."

HBOS' bid could be more favorable to competition authorities
because its 14% market share in the current account market is
small compared with Barclays, NatWest and Lloyds TSB, observers
say.  Though a merger would increase HBOS' already dominant
share of the mortgage market from 23% to well over 30%, the
mortgage market is considered to be already extremely
competitive, the report says.


ACCEPT LIMITED: Hires Wilson Phillips Liquidator
------------------------------------------------
At an Extraordinary General Meeting of the Members of the Accept
(UK) Limited Company on July 22, 2004 held at 432 Gloucester
Road, Bristol, the Extraordinary Resolution to wind up the
company was passed.  David Bottomley of Wilson Phillips, 71
Preston New Road, Blackburn BB2 6AY has been nominated
Liquidator for the purpose of the winding-up.

CONTACT:  WILSON PHILLIPS
          71 Preston New Road,
          Blackburn BB2 6AY
          Liquidator:
          David Bottomley


APPAREL INDUSTRIES: Brings in Liquidator from R W Keating & Co.
---------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Apparel Industries Limited Company on July 23, 2004 held at 20
Winmarleigh Street, Warrington, Cheshire WA1 1JY, the
Extraordinary Resolution to wind up the company was passed.
Robert W Keating of R W Keating & Co, 20 Winmarleigh Street,
Warrington, Cheshire WA1 1JY has been nominated Liquidator for
the purpose of the winding-up.

CONTACT:  R W KEATING & CO
          20 Winmarleigh Street
          Warrington, Cheshire WA1 1JY
          Liquidator:
          Robert W Keating


ARTFUL RECORDS: Extraordinary Winding up Resolution Passed
----------------------------------------------------------
At an Extraordinary General Meeting of the Artful Records
Limited Company on July 26, 2004 76 New Cavendish Street, London
W1G 9TB, the subjoined Extraordinary Resolution to wind up the
company was passed.  Mark Levy of Berley, 76 New Cavendish
Street, London W1G 9TB has been appointed Liquidator for the
purpose of such winding-up.

CONTACT:  BERLEY
          76 New Cavendish Street,
          London W1G 9TB
          Liquidator:
          Mark Levy


ASHWOOD RESIDENTIAL: Hires Liquidator from Valentine & Co
---------------------------------------------------------
At an Extraordinary General Meeting of the Ashwood Residential
Contract Limited Company on July 22, 2004 held at the offices of
Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3
2HS, the Ordinary and Extraordinary Resolutions to wind up the
company were passed.  Robert Valentine of 4 Dancastle Court, 14
Arcadia Avenue, London N3 2HS has been appointed Liquidator for
the purpose of such winding-up.

CONTACT:  VALENTINE & CO
          4 Dancastle Court
          14 Arcadia Avenue,
          London N3 2HS
          Liquidator:
          Robert Valentine


BARRACUDA MEDIA: Members Pass Winding up Resolution
---------------------------------------------------
At an Extraordinary Meeting of the Members of the Barracuda
Media Limited Company on July 19, 2004 held at the offices of
David Rubin & Partners, 1st Floor, 26-28 Bedford Row, London
WC1R 4HE, the Extraordinary Resolution to wind up the company
was passed.  Asher Miller of David Rubin & Partners, 1st Floor,
26-28 Bedford Row, London WC1R 4HE has been appointed Liquidator
for the purpose of such winding-up.

CONTACT:  DAVID RUBEN & PARTNERS
          1st Floor,
          26-28 Bedford Row,
          London WC1R 4HE
          Liquidator:
          Asher Miller


BEAVERS SERVICES: Hires Liquidator from Valentine & Co.
-------------------------------------------------------
At an Extraordinary General Meeting of the Beavers Services
Limited Company on July 23, 2004 held at the offices of
Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3
2HS, the Ordinary and Extraordinary Resolutions to wind up the
company were passed.  Robert Valentine of 4 Dancastle Court, 14
Arcadia Avenue, London N3 2HS has been appointed Liquidator for
the purpose of such winding-up.

CONTACT:  VALENTINE & CO
          4 Dancastle Court
          14 Arcadia Avenue,
          London N3 2HS
          Liquidator:
          Robert Valentine


BRANDID LIMITED: Names Liquidator from Leonard Curtis & Co.
-----------------------------------------------------------
At an Extraordinary General Meeting of the Brandid Limited
Company on July 23, 2004 held at Leonard Curtis & Co, One Great
Cumberland Place, Marble Arch, London W1H 7LW, the Extraordinary
Resolution to wind up the company was passed.  N A Bennett of
Leonard Curtis & Co, One Great Cumberland Place, Marble Arch,
London W1H 7LW has been appointed Liquidator of the Company for
the purpose of such winding-up.

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


BRITISH ENERGY: May be Exempted from New De-listing Rules
---------------------------------------------------------
The Financial Services Authority dealt a serious blow to
Polygon's effort to seek better treatment of British Energy
shareholders under the firm's debt restructuring plan.  The City
regulator is planning to implement by the end of this year a
rule that prevents companies from de-listing without shareholder
approval.

Polygon, a hedge fund with a 5.6% stake in the company, plans to
use this new stock market de-listing rule to block British
Energy's debt restructuring that would leave original
shareholders with just 2.5% of equity with warrants to acquire a
further 5%.  But authorities plan to waive the de-listing rules
on companies that had already announced that they planned to de-
list but had not actually de-listed before the rule took effect.
It said the new listing rule might not apply to British Energy,
according to The Telegraph.

The company is still waiting for the European Commission to
ratify British Energy's government-backed rescue package.  It is
taking officials more time than expected to complete the
necessary financial assessments.  Adrian Montague, chief
executive of British Energy, has warned he would de-list the
company and then restructure it without shareholder consent if
investors vote against the deal.


BRITISH ENERGY: Lowers Target Output After Hartlepool Shutdowns
---------------------------------------------------------------
Following evaluation of structural inspections carried out
during the current statutory outage at the Hartlepool power
station and intensive discussions with the Nuclear Installations
Inspectorate, the company has decided that further work to
demonstrate the integrity of certain boilers is necessary.  This
work may entail visual inspections of a number of boilers at
Heysham 1 (one reactor is shut down and the other is due to be
shut down for its statutory outage in August) and at Hartlepool
(one reactor is currently shut down and there is no impact on
the operation of the other reactor).

The company has reviewed its annual nuclear output target
previously announced at 64.5TWh.  The company believes that in
the light of the new issues at Hartlepool and Heysham 1 it is
prudent to revise the nuclear output target for the 2004/05
financial year to around 61.5TWh.  A further update on the
matter will be given at the time of the company's annual general
meeting on 5 August 2004.

                       Restructuring Plan

British Energy's Proposed Restructuring remains subject to a
large number of significant uncertainties and important
conditions, including receipt by the Secretary of State for
Trade and Industry of a satisfactory notification from the
European Commission that in so far as the proposals involve the
grant of State Aid by the U.K. Government, such aid is
compatible with the common market.  The Secretary of State
expects to receive this notification by autumn 2004.

Furthermore, the Secretary of State is entitled not to proceed
with the Proposed Restructuring if, in her opinion, the Group
will not be viable in all reasonably foreseeable conditions
without access to additional financing beyond that which is
committed and will continue to be available when required.

If for any reason British Energy is unable to implement the
Proposed Restructuring it may be unable to meet its financial
obligations as they fall due in which case it may have to take
appropriate insolvency proceedings.  If British Energy were to
commence insolvency proceedings, distributions, if any, to
unsecured creditors may represent only a small fraction of their
unsecured liabilities and it is highly unlikely that there would
be any return to shareholders.  Even if the Proposed
Restructuring is completed, the return, if any, for shareholders
will represent a very significant dilution of their existing
interests.

CONTACT:  BRITISH ENERGY PLC
          Paul Heward
          Phone: 01355 262 201
          Web site: http://www.british-energy.com

          Andrew Dowler
          Financial Dynamics, Media
          Phone: 020 7831 3113


CAPITAL FURNITURE: Hires Liquidator from O'Hara & Co
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Capital Furniture Limited Company on July 21, 2004 held at
O'Hara & Co, Wesley House, Huddersfield Road, Birstall, Batley
WF17 9EJ, the Ordinary and Extraordinary Resolutions to wind up
the company were passed.  Peter O'Hara of O'Hara & Co, Wesley
House, Huddersfield Road, Birstall, Batley WF17 9EJ has been
appointed Liquidator for the purpose of such winding-up.

CONTACT:  O'HARA & CO
          Wesley House
          Huddersfield Road, Birstall,
          Batley WF17 9EJ
          Liquidator:
          Peter O'Hara


CETO ENVIRONMENTAL: First Creditors Meeting Set August 6
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

    IN THE MATTER OF Ceto Environmental Ltd. (in Liquidation)

I, of Kroll Afton House 26 West Nile Street Glasgow G1 2PF
hereby give notice that I was appointed Interim Liquidator of
Ceto Environmental Ltd. on June 30, 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
Afton House 26 West Nile Street Glasgow G1 2PF on August 6, 2004
at 12:00 p.m. for the purpose of choosing a liquidator,
appointing a Liquidation Committee and considering the other
Resolutions specified in Rule 4.12(3) of the aforementioned
Rules.

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

F. J. Gray, Interim Liquidator

July 6, 2004

CONTACT:  KROLL GLASGOW
          Afton House
          26 West Nile Street
          Glasgow G1 2PF
          Phone: 44 (0) 141 248 1250
          Fax: 44 (0) 141 248 1262
          Web site: http://www.krollworldwide.com


CHURCHBURY ESTATES: Appoints KPMG Liquidator
--------------------------------------------
At an Extraordinary General Meeting of the Churchbury Estates
Plc on July 9, 2004 held at St Brides Institute, Bride Lane,
Fleet Street, London, the Ordinary and Extraordinary Resolutions
to wind up the company were passed.  Richard Heis and Philip W
Wallace of KPMG have been appointed Joint Liquidators for the
purpose of such winding-up.

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


COIN CONVENTIONS: Call in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Members of the Coin
(Conventions & Incentives) Tourism Limited Company on July 21,
2004 held at Mountview Court, 1148 High Road, Whetstone, London
N20 0RA, the Ordinary and Extraordinary Resolutions to wind up
the company were passed.  Kikis Kallis has been appointed
Liquidator for the purpose of such winding-up.


COMPUTER SYSTEMS: Winding up Resolutions Passed
-----------------------------------------------
At an Extraordinary General Meeting of the Computer Systems
Western (Engineering) Ltd Company on July 21, 2004 held at
Neville Hatton, 10 & 11 Lynher Building, Queen Anne's Battery,
Plymouth PL4 0LP, the Ordinary and Extraordinary Resolutions to
wind up the company were passed.  Richard Neville of Neville
Hatton has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  NEVILL HATTON
          10 & 11 Lynher Building,
          Queen Anne's Battery,
          Plymouth PL4 0LP
          Liquidator:
          Richard Neville


[Redacted]


DAVIES & LAUREN: Hires Poppleton & Appleby Liquidator
-----------------------------------------------------
At an Extraordinary General Meeting of the Davies & Lauren Total
Services Limited Company on July 22, 2004 held at 32 High
Street, Manchester M4 1QD, the subjoined Extraordinary
Resolution to wind up the company was passed.  Stephen Lord and
Stephen James Wainwright of Poppleton & Appleby, 32 High Street,
Manchester M4 1QD have been appointed Liquidators for the
purpose of such winding-up.

CONTACT:  POPPLETON & APPLEBY
          32 High Street
          Manchester M4 1QD
          Liquidators:
          Stephen Lord
          Stephen James Wainwright
          Phone: 0161 834 7025
          Fax:   0161 833 1548
          Web site: http://www.pandamanchester.co.uk


DIGITAL MARKINGS: Appoints Liquidator from Robson Laidler
---------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Digital Markings (Holdings) Limited Company on July 20, 2004
held at the offices of Robson Laidler LLP, Fernwood House,
Fernwood Road, Jesmond, Newcastle upon Tyne NE2 1TJ, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  W Paxton of Robson Laidler LLP, of Fernwood House,
Fernwood Road, Jesmond, Newcastle upon Tyne NE2 1TJ has been
appointed Liquidator of the Company.

CONTACT:  ROBSON LAIDLER LLP
          Fernwood House,
          Fernwood Road, Jesmond,
          Newcastle upon Tyne NE2 1TJ
          Liquidator:
          W Paxton
          Phone: 0191 281 8191
          Fax:   0191 281 6279


EIGHTH NORMANT: Appoints PricewaterhouseCoopers Liquidator
----------------------------------------------------------
Name of Companies:
Eighth Normant Limited
Eleventh Normant Limited
Fourth Normant Limited
Heat Retention (Foam) Limited
Minton Hollins Limited
Oxley-Dempster Limited

At an Extraordinary General Meeting of these Companies on July
21, 2004, the Special and Ordinary Resolutions to wind up the
companies were passed.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, 33 Wellington Street, Leeds LS1 4JP
have been appointed Joint Liquidators of the Companies for the
purpose of such windings-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street,
          Leeds LS1 4JP
          Liquidators:
          Tim Walsh
          Jonathan Sisson
          Phone: [44] (113) 289 4000
          Fax:   [44] (113) 289 4460
          Web site: http://www.pwc.com


EUROTUNNEL PLC: FLF Notes on Fitch's Rating Watch Negative
----------------------------------------------------------
Fitch Ratings on Friday placed the ratings for the unwrapped
debt issuances from Eurotunnel-related vehicles FLF1 and FLF2 on
Rating Watch Negative.

The unwrapped tranches of debt issued by the Eurotunnel-related
SPV, Fixed-Link Finance B.V. (FLF1), placed on Rating Watch
Negative, as:

(a) GBP200 million Class A1 notes due 2025: 'BBB'

(b) EUR103 million Class A2 notes due 2025: 'BBB'

(c) GBP0.05 million Class B1 notes due 2025: 'BB'

(d) EUR135 million Class B2 notes due 2025: 'BB'

(e) EUR142 million Class C2 notes due 2025: 'B+'

FLF1's GBP232 million Class G1 notes due 2025 and EUR365 million
Class G2 notes due 2025 (both wrapped by MBIA) are affirmed at
'AAA'.  Fitch's undisclosed ratings of Eurotunnel's underlying
Junior debt (Tier 1, Tier 2 and Tier 3) form the collateral for
the FLF1 notes.

Fixed-Link Finance 2 B.V.'s (FLF2) unwrapped GBP120 million
Class A notes due 2026, rated 'BBB-' are also placed on Rating
Watch Negative.  The GBP620 million guaranteed notes due 2027/28
(wrapped by MBIA) are affirmed at 'AAA'.

This rating action follows recent information from the company
indicating that a declining trend of profits from HGV (Heavy
Goods Vehicles) and Cars shuttle services is unlikely to be
stemmed for the remainder of FY04.  The implementation of new
management's "commercial policy" aims to address issues related
to this profit decline.  Management's expectations will be
enshrined in a three-year plan due to be completed in October
2004.  This plan is expected to form the basis of the, much-
flagged, subsequent debt-sizing negotiations.  Execution of
Eurotunnel's new commercial policy and pricing strategies with
its customers will be one initial test of new management's
ability to deliver.

Resultant profits, net of new management's intended cost
savings, albeit un-validated by Eurotunnel lender consultants,
should provide parameters for estimates in the near-term
assuming that their strategy is successful.  Then tortuous
negotiations with creditors are expected to start on writing-off
or converting to equity some of Eurotunnel's debt mountain,
particularly the sub-Junior instruments.

Many of the other issues surrounding Eurotunnel have not changed
and new management understands the nuances of these.  Many of
these issues have been outlined in press releases by Fitch dated
12 November 2003, 23 February 2004, and 8 April 2004.

CONTACT:  FITCH RATINGS
          John Hatton
          Corporates, London
          Phone: +44 (0) 20 7417 4283

          Sarah Wall
          Structured Finance
          Phone: +44 (0) 207 862 4023

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


EVERNEW PHYSIQUE: Members Pass Winding up Resolutions
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Evernew Physique Limited Company on July 23, 2004 held at 25
Harley Street, London W1G 9BR, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Bernard Hoffman
and Ian Yerrill of 25 Harley Street, London W1G 9BR have been
appointed Joint Liquidators for the purpose of such winding-up.


EXPAT ESSENTIALS: Names Portland Business & Financial Liquidator
----------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the Expat
Essentials International Limited Company on July 20, 2004 held
at 1640 Parkway, Solent Business Park, Whiteley, Fareham,
Hampshire, the Ordinary and Extraordinary Resolutions to wind up
the company were passed.  Peter Robin Bacon and Carl Derek
Faulds of Portland Business & Financial Solutions Ltd., 1640
Parkway, Solent Business Park, Whiteley, Fareham, Hampshire have
been appointed Joint Liquidators of the Company.

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


EXPERIENTIA SERVICES: Winding up Resolutions Passed
---------------------------------------------------
At an Extraordinary General Meeting of the Experentia Services
Limited Company on July 22, 2004 held at the offices of Rothman
Pantall & Co, Clareville House, 26-27 Oxendon Street, London
SW1Y 4EP, the Ordinary and Extraordinary Resolutions to wind up
the company were passed.  Robert Derek Smailes and Stephen
Blandford Ryman of Rothman Pantall & Co, Clareville House, 26-27
Oxendon Street, London SW1Y 4EP have been appointed Joint
Liquidators of the Company for the purpose of such winding-up.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Liquidator:
          Robert Derek Smailes
          Phone: +44 (0) 20 7930 7272
          Fax:   +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


FAIRFAX INTERNATIONAL: Hires J. Berman Administrator
----------------------------------------------------
Jeremy Berley has been appointed administrator for Fairfax
International (UK) Limited.  The appointment was made July 20,
2004.  Its registered office is located at 10 London Mews,
London W2 1HY.

CONTACT:  Jeremy Berman
          (IP No 5303)
          Berley,
          76 New Cavendish Street,
          London W1G 9TB


FEDERAL-MOGUL: Resolves Nippon Piston Claims
--------------------------------------------
Before March 3, 2003, Nippon Piston Ring Co. filed four separate
proofs of claim and one proof of interest against Federal-Mogul
and its debtor-affiliates alleging, violations and breach of the
Joint Venture Agreement and the License Agreement, including the
termination of Nippon Piston's equity interests in Federal-Mogul
Piston Rings, Inc.:

       Claim No.      Claim Amount       Liable Debtor
       ---------      ------------      -------------
         5285          US$107,086        F-M Piston Rings
         5286          19,007,100        F-M Powertrain
         5287          19,007,100        F-M Corporation
         5284          19,007,100        F-M Powertrain

Nippon Piston filed Proof of Interest No. 05291, seeking
recovery on account of 862 shares of non-convertible Class B
Common Stock against Federal-Mogul Piston Rings.

Nippon Piston also asserted claims aggregating US$89,000 against
the Debtors' affiliate, Federal-Mogul Aftermarket U.K., Ltd.,
which is currently subject to an insolvency proceeding in Great
Britain.

To resolve their disputes and avoid further costs, expense,
uncertainty and delay, Nippon Piston and the Debtors signed a
settlement agreement with these terms and conditions:

A. Resolution of NPR Claims and Interests

    (i) The Prepetition Royalty Claim No. 5285 will remain
        unaltered, survive the settlement and constitute an
        allowed general unsecured non-priority claim for
        US$107,086;

   (ii) Claim Nos. 5284 and 5286 will be deemed withdrawn, with
        prejudice;

  (iii) Claim No. 5287 is reduced to US$1,500,000, and will be
        allowed as a general unsecured, non-priority claim;

   (iv) Proof of Interest No. 5291 will be deemed disallowed in
        its entirety.  To the extent that Section 502(j) may
        apply to the Proof of Interest, Nippon Piston waives any
        rights or remedies arising under Section 502(j); and

    (v) All of Nippon Piston's Claims against Federal-Mogul
        Aftermarket U.K. will be deemed reduced to and allowed
        for US$45,000.  The reduction and allowance of the
        Claims will be implemented in a procedural manner as
        determined in the discretion of the U.K. Debtors and the
        U.K. Administrators.

B. Postpetition Royalties

    In accordance with the terms, conditions and Royalty Rate
    stated in the License Agreement, the Debtors will pay to
    Nippon Piston all royalties accruing to Nippon Piston from
    the Petition Date through the date the Court approves the
    settlement, resulting from the Debtors' utilization of
    property licensed to them under the License Agreement.

C. Termination of Stockholders Agreement and License Agreement

    (i) The Second Stockholders Agreement and the License
        Agreement will be terminated, and neither Agreement will
        be enforceable.  The reciprocal non-competition
        agreements contained in the Second Stockholders
        Agreement, and any other restrictions or competition
        between the parties, if any, will terminate and each of
        the parties and their affiliates will be entitled to
        compete with one another in or outside the Territory
        without restriction;

   (ii) The Debtors will not be required to file a separate
        motion to assume or reject the Second Stockholders
        Agreement or the License Agreement;

  (iii) Federal-Mogul Piston Rings will be entitled to utilize
        Nippon Piston's Know-How and other property described in
        the License Agreement, on a non-exclusive basis, for the
        production of products by Federal-Mogul Piston Rings for
        the engine models currently in production.  Federal-
        Mogul Piston Rings' post-termination license will have a
        term commencing on the approval of the settlement, and
        terminating on the later of:

        (a) the date on which all automotive engines described
            in the Settlement Agreement are discontinued or no
            longer in production; and

        (b) the date as of which there is no longer any demand
            by the certain engine manufacturers for parts for
            the engines, the manufacture and production of
            which would require utilization of Nippon Piston's
            Know-How or other certain property described in the
            License Agreement.

        "Demand" for parts for the designated engine will be
        deemed to have ceased, and the post-termination license
        will expire, at such time as the Debtors no longer hold
        an outstanding and operative purchase order that has
        been issued by the relevant engine manufacturer, which
        includes parts for the engine, and for a period of 60
        days after the expiration of the purchase order, unless
        during the 60-day period the relevant purchase order is
        renewed or replaced; and

   (iv) Notwithstanding the termination of the License
        Agreement:

        (a) Federal-Mogul Piston Rings will pay royalties to
            Nippon Piston calculated according to the
            applicable Royalty Rate and payable at certain
            schedules specified in the License Agreement, on
            account of the utilization of Nippon Piston's
            Know-How or other property;

        (b) The Debtors will continue to package and label
            products as previously required under the License
            Agreement; and

        (c) The Debtors will continue to issue royalty
            statements to Nippon Piston based on the custom and
            practice that previously existed under the License
            Agreement.

D. Nippon Piston's Adversary Proceeding

    Nippon Piston's adversary complaint, together with any and
    all claims alleged in the adversary proceeding, will be
    dismissed with prejudice.  Similarly, all of the Debtors'
    answers and counterclaims will be dismissed, with prejudice.
    Each of the parties will bear their own costs and expenses
    incurred in connection with the adversary proceeding.

E. Mutual Releases

    The Debtors and United Piston Rings, Inc., and Nippon
    Piston, will exchange mutual, general releases covering all
    known and unknown claims, except only claims or obligations
    which are expressly stated to survive, or are confirmed by
    the terms of the Settlement Agreement.

F. Plan of Reorganization

    The settlement is not contingent on the confirmation of the
    Debtors' Third Amended Plan of Reorganization, or any
    modification to the Plan.  Nippon Piston agrees to support
    the Plan and not object to confirmation of the Plan or any
    modified Plan, so long as Nippon Piston's claims as allowed
    under the Settlement Agreement are classified together with,
    and treated the same as, the general unsecured claims of the
    particular Debtor entity.

Pursuant to Section 363 and Rule 9019 of the Federal Rules of
Bankruptcy Procedure, the Debtors ask the Court to approve the
Settlement Agreement with Nippon Piston.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The Company filed for chapter 11 protection
on October 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan, Esq.; James F. Conlan, Esq.; and Kevin T. Lantry, Esq. of
Sidley Austin Brown & Wood; and Laura Davis Jones, Esq. of
Pachulski, Stang, Ziehl, Young, Jones & Weintraub represent the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from its creditors, they listed US$10.15 billion
in assets and US$8.86 billion in liabilities.  (Federal-Mogul
Bankruptcy News, Issue No. 60; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


FIEGE MERLIN: Bank of Scotland Appoints KPMG Receiver
-----------------------------------------------------
Bank of Scotland called in David John Crawshaw and Myles Antony
Halley of KPMG as joint administrative receivers for Fiege
Merlin (Holdings) Limited (Reg No 3659122, Trade Classification:
28- Road Transport).  The application was filed July 23, 2004.

CONTACT:  KPMG
          Corporate Recovery,
          Arlington Business Park,
          Theale, Reading RG7 4SD
          Joint Administrative Receivers:
          David John Crawshaw
          Myles Antony Halley
          (Office Holder Nos 8814, 6658)
          Phone: (0118) 9642000
          Fax:   (0118) 9642222
          Web site: http://www.kpmg.co.uk


FLYSCREENS SOUTH: Final Meeting Set August 5
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

  IN THE MATTER OF Flyscreens (South) Limited (In Liquidation)

Notice is hereby given, pursuant to section 106 of the
Insolvency Act 1986, that final general meetings of the members
and the creditors will be held on August 5, 2004 at 11:00 a.m.
and 11:15 a.m. respectively, at Stannergate House, 41 Dundee
Road West, Broughty Ferry, Dundee, for the purpose of having a
final account laid before them, showing how the winding up has
been conducted and the property of the company disposed of and
of hearing any explanations that may be given by the liquidator.

Members and creditors are entitled to attend in person or by
proxy.  Proxies must be lodged with the liquidator at or before
the meeting.

Alan B. Wright, Liquidator

CONTACT:  DAND CARNEGIE & CO.
          Stannergate House
          41 Dundee Road West
          Broughty Ferry
          Dundee DD5 1NB
          Phone: 01382 480 488
          Fax: 01382 736 768
          Web site: http://www.dand-carnegie.co.uk


GLAXOSMITHKLINE PLC: May Break up Montrose Plant
------------------------------------------------
GlaxoSmithKline plc, Europe's biggest drug maker, is considering
selling its Montrose plant by parts after efforts to sell it as
a whole failed, The Scotsman reports.

The pharmaceutical group offered the facility for sale in 2001
following its creation from the merger of GlaxoWellcome and
Smithkline Beecham.  Dutch chemicals group Akzo Nobel's
subsidiary Diosynth came close to acquiring it last year, but
withdrew at the last minute.

A spokesman reiterated the company's intention to sell the
business as a whole, but added that the management is "looking
at and examining an alternative strategy of the site being sold
as business units."  He also said the company is still in talks
with parties interested in purchasing the entire business.

Amicus union is not in favor of the plan.  According to Fiona
Farmer, the Scottish regional official, the idea is that the
facility could carry on supplying GSK with products.  But the
sale of the operation by parts, she said, would reduce the
number of contracts rather than secure permanent jobs.

The Montrose plant, which at its heyday employed more than 1,000
people, is now manned by a staff of 250.  Rumors of its disposal
came after new orders and new products in its pipeline dwindled.


HAROLD PALFREYMAN: Names Dains Chartered Administrator
------------------------------------------------------
Electrical Contractors, Harold Palfreyman Ltd has appointed M F
P Smith as administrator.  The appointment was made July 14,
2004.  Its registered office is located at St John's Court,
Wiltell Road, Lichfield, Staffordshire WS14 9DS.

CONTACT:  DAINS CHARTERED ACCOUNTANTS
          St John's Court,
          Wiltell Road,
          Lichfield WS14 9DS
          Administrator:
          M F P Smith
          (IP No 006484)
          Web site: http://www.dains.com


IMPERIAL CHEMICAL: Second-quarter Results Exceed Expectations
-------------------------------------------------------------
Highlights of second-quarter and half-year results:

(a) Comparable Group sales for the quarter: 5% ahead of second-
    quarter 2003.

(b) Group sales as reported 6% lower for the quarter: impacted
    by currency translation and divestments.

(c) Comparable International Business trading profit for the
    quarter: 20% ahead.  Group trading profit as reported:
    GBP137 million for the quarter, 14% ahead.

(d) Group profit before tax: GBP118 million for the quarter, 20%
    above second quarter 2003, and GBP185 million for the half-
    year, 23% ahead of 2003.

(e) Cash inflow before financing: GBP111 million for the half-
    year, GBP160 million better than 2003.

(f) Net debt at half year: GBP187 million (2003: GBP1.695
    million).

(g) Interim dividend: 3.4p per share (2003: 2.75p), in line with
    policy.

John McAdam, Chief Executive, said: "Market conditions continued
to be generally favorable in the second quarter.  Despite some
impact in second quarter from rising raw material costs, with
strong sales and continued benefits from the major restructuring
initiatives announced last year, profit and cash flow were well
ahead for both the quarter and the half year.  "In the second
half, some further price increases will be needed to compensate
for the impact of rising raw material costs.  If these are
achieved we expect full year 2004 results to reflect
satisfactory progress towards the strategic plan targets we
announced in the autumn of 2003."


INTERNATIONAL POWER: Buys Edison Mission Assets for US$2.3 Bln
--------------------------------------------------------------
International Power plc agreed to acquire in a 70:30 partnership
with Mitsui & Co., Ltd. the international generation portfolio
of Edison Mission Energy (the EME Portfolio) for a total
purchase price of US$2.3 billion, subject to certain
adjustments, resulting in a net cash consideration of
approximately US$2.2 billion (GBP1.2 billion).

International Power's investment for its 70% stake will be
US$677 million (GBP376 million).  The remainder of the
consideration will be funded with ordinary and preferred equity
from Mitsui and non-recourse debt.

The EME Portfolio consists of 13 power generation projects with
a total net generation capacity of 5.4 GW, located in 9
countries.

This Acquisition:

(a) has a highly complementary geographic fit with International
    Power's existing portfolio;

(b) is expected to be significantly earnings enhancing in the
    first full year of ownership and to produce attractive rates
    of return;

(c) improves quality of earnings, with 11 of the 13 acquired
    assets operating under long-term contracts.

The Acquisition is expected to complete late this year and is,
inter alia, subject to International Power shareholder approval,
regulatory approvals and project level consents.

Philip Cox, CEO of International Power, said: "This acquisition
is a rare opportunity to acquire a high quality set of assets
that complement our existing portfolio, and which we are
confident will significantly improve the level and quality of
our earnings going forward.  This is an important transaction
that will create value for our shareholders."

Unless otherwise stated a conversion rate of GBP1:US$1.8 has
been applied in this announcement.  This summary should be read
in conjunction with the full text of this announcement.

Overview of the EME Portfolio

The EME Portfolio comprises interests in 13 power projects, with
a total installed capacity of 8 GW, and net generating capacity
(i.e. the proportionate interest of the EME Portfolio in the
individual projects) of 5.4 GW.

All the projects in the portfolio are in operation, and have
high standards of availability and efficiency.  Eleven out of
the thirteen projects operate under long-term Power Purchase
Agreements (PPAs) or hedge contracts.  The largest projects in
the portfolio, by generation capacity, are: First Hydro (a
unique 2,088MW pumped storage hydro business located in the
U.K.), Loy Yang B (a 940MW coal fired station in Australia
operating under a hedge contract that expires in 2016), and a
44.7% stake in Paiton (a 1,230MW coal fired station in Indonesia
operating under a PPA that expires in 2040).

The assets comprising the EME Portfolio are summarized in the
table:

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Facility         Location                EME       EME Net
Ownership%     Capacity (MW) Europe
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

First Hydro      North Wales, U.K.      100%       2,088
Derwent          Derby, U.K.             33%          71
ISAB Energy      Sicily, Italy           49%         259
Italian Wind     Italy                   50%         152
Spanish Hydro    Spain              100%/91%          81
Doga Enerji      Istanbul, Turkey        80%         144

Australia
Loy Yang B       Traralgon Victoria     100%         940
Valley Power
Peaker           Traralgon Victoria      60%         180
Kwinana          Perth                   70%          83

Rest of World
Paiton           East Java, Indonesia    45%          550
Tri Energy       Ratchaburi Province,
                 Thailand                25%          175
CBK              Laguna Province, Luzon,
                 Philippines             50%          396
EcoElectrica     Penuelas, Puerto Rico   50%          262
Total                                               5,381

Note: In this table capacity and percentages are rounded to the
nearest whole number
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The EME Portfolio is currently financed by long-term limited
recourse project level debt, which as at 31 December 2003
consisted of consolidated net debt of US$1,600 million and EME's
share of Joint Ventures and Associates net debt of US$1,589
million, which is not consolidated.

Strategic Rationale

The EME Portfolio complements International Power's existing
portfolio by adding major power generation assets in two of
International Power's core regions (Australia and Europe), and
strengthens International Power's position in Asia with high
quality contracted assets.  The EME Portfolio will be integrated
with International Power's existing regional office network.

International Power has recently focused on growth opportunities
that provide greater security of earnings and cash flow through
long-term off-take contracts.

The EME Portfolio is a largely contracted portfolio; eleven out
of thirteen projects are contracted under long term PPAs or
hedge contracts.  The only significant asset in the EME
Portfolio that operates on a largely merchant basis is First
Hydro, which capitalizes upon its fast response time in order to
attract premium value by providing output during peak demand and
ancillary services to the National Grid.  These services are
unrivalled in the U.K. in terms of capacity and speed of
response.

The EME Portfolio also benefits from fuel and technology
diversity and includes an element of renewable generation.  Of
the total 5,381 MW of generation capacity, 2,565 MW (47%) is
hydro-electric, 1,490 MW (28%) is coal-fired, 915 MW (17%) is
gas-fired, 259 MW (5%) is synthetic gas-fired (syngas) and 152
MW (3%) is wind power.

International Power expects to achieve attractive rates of
return on its investment in the EME Portfolio, and expects that
the acquisition will be significantly earnings enhancing in the
first full year of ownership.

Funding of the Acquisition

The total purchase price for the Acquisition is US$2.3 billion
(GBP1.3 billion), subject to expected adjustments relating to
2004 distributions paid to Edison Mission Energy, net operating
capital acquired with the business and other minor adjustments
resulting in an expected net cash consideration of approximately
US$2.2 billion (GBP1.2 billion).

International Power will invest US$677 million (GBP376 million)
for its 70% equity stake.  Mitsui will invest US$290 million
(GBP161 million) of ordinary equity and US$300 million (GBP167
million) of preferred equity.  The balance of the consideration
will be financed by new non-recourse debt at the portfolio level
of US$950 million (GBP528 million), under a bridge loan
facility.  Long-term financing is expected to be put in place
within twelve months of completion, backed by the stable cash
flow profile from the projects operating under long-term
contracts.

Partnership with Mitsui

International Power and Mitsui have highly complementary
strategies and skills, and are committed to a long-term
partnership to deliver maximum value from the EME Portfolio.
Mitsui has both extensive experience in Asian markets and world-
class power generation and Engineering Procurement &
Construction (EPC) skills.

International Power and Mitsui have worked together on
international projects in the Middle East and Pakistan for over
ten years.  In addition, Mitsui has an existing 36.3% interest
in Paiton.

Transaction process

The Acquisition is, inter alia, subject to approval by
International Power's shareholders, and to a number of
regulatory approvals and project level consents.

Further information on the EME Portfolio, and on the
Acquisition, will be contained in a Circular to shareholders (to
be sent in due course) in connection with the Extraordinary
General Meeting to approve the acquisition.  The Acquisition is
expected to complete late this year.

The financial adviser to International Power and Mitsui for the
Acquisition is Morgan Stanley & Co. Limited and the joint
sponsors for the Acquisition are Morgan Stanley and Cazenove &
Co. Ltd.

CONTACT:  INTERNATIONAL POWER
          Aarti Singhal
          Phone: +44 (0) 20 7320 8681

          FINSBURY
          Morgan Bone
          Edward Orlebar
          Phone: +44 (0)20 7251 3801

          MORGAN STANLEY
          William Vereker
          Alisdair Gayne
          Alastair Cochran
          Philip Apostolides
          Phone: +44(0) 20 7425 5555

          CAZENOVE
          Nick Wiles
          Piers Coombs
          Robert Constant
          Phone: +44(0) 20 7588 2828


INTERNATIONAL POWER: Successfully Refinances U.S. Debt
------------------------------------------------------
International Power plc (IPR) successfully restructured and
refinanced the US$879 million (GBP488 million) non-recourse term
loan debt of its 4,050MW merchant asset portfolio in the U.S.

Philip Cox, CEO of International Power, said: "This is a
significant achievement for our U.S. business, representing a
long term solution for its capital structure, with only limited
support from International Power.  In addition, we retain access
to the anticipated U.S. market recovery."

Key Terms of the Refinancing

International Power will retain 100% equity ownership of the
U.S. merchant assets, and as part of the restructuring
International Power will invest new funds of US$175 million
(GBP97 million) into the U.S. business.  Of this amount, US$100
million (GBP55 million) will be injected immediately, to pay
down debt, accrued interest and swap breakage costs.  The
remaining US$75 million (GBP42 million) will be invested in two
equal installments in 2005 and 2006.  This investment of new
funds meets the investment criteria of IPR.

The maturity of the debt has been extended from 2006 to 2010,
beyond the date of expected market recovery.  Support from
International Power for trading activity has been reduced to
US$100 million (GBP55 million) from US$150 million (GBP83
million) previously.  The restructured loan of US$849 million
(after the International Power paydown of US$100 million, and
after accrued interest, swap termination costs and fees totaling
US$70 million) has been split into two new tranches, Tranche A &
Tranche B, of US$450 million (GBP250 million) and US$399 million
(GBP222 million) respectively, with an interest 'roll-up' on
Tranche B.  This arrangement results in a lower cash burden on
the business as interest payments on Tranche B can be rolled
over until the assets generate sufficient cash flow to meet
interest obligations.

There are no scheduled principal payments in the facility.
Adequate working capital has been secured as part of the
restructured facilities.  Overall, the financing agreement has
been simplified, and there are no financial covenants.

International Power believes that its portfolio of modern and
efficient plants is well placed to benefit from the forecast
recovery in spark spreads in both its U.S. regional markets.

In addition, ANP (the U.S. Subsidiary of International Power)
has signed a long term Parts and Services Agreement with Alstom,
to ensure that the operation of the portfolio is backed by a
flexible and competitive source of parts and services.

The lead banks for this refinancing are ABN Amro, Citibank,
Deutsche Bank, ING Barings, Societe Generale, Royal Bank of
Scotland and Toronto Dominion, with Citibank acting as agent.

About International Power

International Power plc is a leading independent electricity
generating company with 11,210 MW (net) in operation and 1,655MW
(net) under construction.   International Power has power plants
in operation or under construction in Australia, the United
States of America, the United Kingdom, the Czech Republic, the
UAE, Oman, Saudi Arabia, Portugal, Turkey, Malaysia, Pakistan
and Thailand.   International Power was listed on the London
Stock Exchange and the New York Stock Exchange (as ADR's), on 2
October 2000.  The ticker symbol on both stock exchanges is IPR.

CONTACT:  INTERNATIONAL POWER
          Aarti Singhal
          Phone: +44 (0) 20 7320 8681

          FINSBURY
          Morgan Bone
          Edward Orlebar
          Phone: +44 (0)20 7251 3801

          MORGAN STANLEY
          William Vereker
          Alisdair Gayne
          Alastair Cochran
          Philip Apostolides
          Phone: +44(0) 20 7425 5555

          CAZENOVE
          Nick Wiles
          Piers Coombs
          Robert Constant
          Phone: +44(0) 20 7588 2828


INTERNATIONAL POWER: To Launch GBP291 Million Rights Issue
----------------------------------------------------------
International Power plc announces a rights issue to raise
approximately GBP291 million (net of expenses) by the issue of
up to approximately 365.5 million new ordinary shares (the New
Ordinary Shares) at a price of 82 pence per New Ordinary Share
(the Rights Issue).

Under the terms of the Rights Issue, qualifying shareholders
will be offered New Ordinary Shares on the basis of 33 New
Ordinary Shares for every 100 ordinary shares held on the record
date (to be set out in a prospectus expected to be posted in
mid-August in connection with the Rights Issue, the Prospectus)
and so in proportion for any other number of ordinary shares
held.  The Issue Price represents a discount of 43% to the
closing middle market price of 143 pence per ordinary share on
29 July 2004.

Save in respect of rights over which Directors have given
irrevocable undertakings, the Rights Issue is fully underwritten
by Cazenove & Co. Ltd and Morgan Stanley Securities Limited
(together, the Underwriters).  The Directors have given
irrevocable undertakings to take up their rights under the
Rights Issue in respect of all of their beneficial interests in
ordinary shares.

The New Ordinary Shares will, when issued and fully paid, rank
equally in all respects with the existing issued ordinary
shares, including the right to receive all dividends or
distributions made, paid or declared after the date of the
Prospectus.  Entitlements to New Ordinary Shares will be rounded
down to the nearest whole number with fractional entitlements
sold in the market (nil paid) for the benefit of International
Power.  Qualifying shareholders with registered addresses in
certain overseas jurisdictions may not be entitled to
participate in the Rights Issue.

The Rights Issue is conditional, among other things, upon:

(a) Admission of the New Ordinary Shares to listing on the
    official list of the U.K. Listing Authority and to trading
    on the London Stock Exchange (Admission) taking place not
    later than 8.00 am on 13 September 2004 or on such later
    date as International Power and the Underwriters may agree,
    not being later than 22 October 2004; and

(b) The Underwriting Agreement having become unconditional in
    all respects (save for the condition relating to Admission)
    before commencement of dealings in the New Ordinary Shares,
    nil paid and not having been terminated in accordance with
    its terms prior to Admission.  These termination rights
    include the occurrence before Admission of, or reasonably
    likely prospect of, a material adverse change in (a) the
    results of operations, financial or trading position of the
    International Power group or (b) the general affairs,
    corporate governance, results of operations, financial or
    trading position of the assets which are the subject of the
    acquisition of the international generation portfolio of
    Edison Mission Energy (the EME Acquisition).

The Rights Issue is not conditional on completion of the EME
Acquisition or on the completion of the acquisition of the
Turbogas plant in Portugal (the Turbogas Acquisition) and does
not require approval from International Power's shareholders.
In the unlikely event that either the Turbogas Acquisition or
the EME Acquisition does not complete, the Board's current
intention is that any surplus capital raised from the Rights
Issue will be invested in short term securities while the Board
considers how best to return it to Shareholders.  Any such
return of capital may have adverse tax implications for
Shareholders.

The Prospectus, setting out further details of, and the full
timetable for, the Rights Issue is expected to be posted to
shareholders in mid-August.  Provisional allotment letters (in
respect of shareholders who hold their ordinary shares in
certificated form) will be sent to qualifying shareholders and
nil paid rights will be enabled in CREST (in respect of those
holding their ordinary shares in uncertificated form) at the
same time.

For further information on the EME Acquisition, the
restructuring and refinancing of ANP's non-recourse debt in the
United States and details of its interim results, please refer
to International Power's separate announcements.  For further
information on the Turbogas Acquisition, please refer to the
announcement made by International Power on 20 July 2004.

                            *   *   *

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED
STATES, CANADA, AUSTRALIA, JAPAN, IRELAND OR THE REPUBLIC OF
SOUTH AFRICA

CONTACT:  INTERNATIONAL POWER
          Aarti Singhal
          Phone: +44 (0) 20 7320 8681

          FINSBURY
          Morgan Bone
          Edward Orlebar
          Phone: +44 (0)20 7251 3801

          MORGAN STANLEY
          William Vereker
          Alisdair Gayne
          Alastair Cochran
          Philip Apostolides
          Phone: +44(0) 20 7425 5555

          CAZENOVE
          Nick Wiles
          Piers Coombs
          Robert Constant
          Phone: +44(0) 20 7588 2828


INTERNATIONAL POWER: Reiterates Full-year Earnings Guidance
-----------------------------------------------------------
International Power announces its financial results for the six-
month period ended 30 June 2004 and reports on key developments
in the year to date.

Sir Neville Simms, Chairman of International Power, said: "Our
good performance in the first half means that we now expect to
deliver full year earnings at the upper end of our guidance
range.  I am also delighted to announce the successful
refinancing of the U.S. debt facility and the earnings enhancing
acquisition of Edison Mission Energy's international generation
portfolio.

"We are also announcing a fully underwritten rights issue to
raise net proceeds of GBP291 million to maintain an appropriate
capital structure following the acquisitions of the EME
Portfolio and Turbogas in Portugal.  Reflecting the underlying
strengths and prospects of the business, the Board intends to
propose a dividend of 2.5p per share at the time of the 2004
full year results."

Significant Achievements Year to Date

(a) ANP debt refinanced, maintained full access to recovery in
    U.S. markets;

(b) Signed agreement to acquire 990 MW Turbogas plant in
    Portugal;

(c) Acquisition of EME's international generation portfolio of
    3.8 GW Net;

(d) Announcement of rights issue to raise net proceeds of GBP291
    million.

First-half Financial Highlights

(a) Pre-exceptional PBIT up 8.7% to GBP150 million;

(b) Pre-exceptional EPS of 5.2p;

(c) Gearing 43.4%; Debt capitalization 30.2%.

Financial Summary        Six months ended 30 June
                           2003       2004
                           GBPm         GBPm
Profit on ordinary
activities before
interest and tax
Excluding
exceptional items          150        138
Including
exceptional items          165        146

Profit on ordinary
activities before
tax Excluding
exceptional items           87         88
Including
exceptional items           87         96

Earnings per share -
Basic (EPS)
Excluding
exceptional items          5.2p        5.1p
Including
exceptional items          5.2p        5.8p

Operating cash flow
from ordinary activities   131         131


All subsequent references to first-half 2004 financial
performance are on a pre-exceptional basis (unless otherwise
stated).

North America

Due to low spark spreads in Texas and New England, the U.S.
business recorded a loss before interest and tax of GBP7
million, down from a profit before interest and tax of GBP1
million in the first half of 2003.  Underlying market
fundamentals in Texas and New England remain unchanged and we
continue to expect market recovery between 2007 and 2009.  Our
contracted assets in the U.S., Hartwell and Oyster Creek, are
performing well.

As announced separately, the US$879 million (GBP488 million)
non-recourse U.S. debt facility, which was in default, has been
successfully refinanced and International Power will retain full
access to U.S. market recovery.

Europe

Profit before interest and tax in Europe increased 30% to GBP56
million from GBP43 million last year.  This increase is
attributable to a strong performance at EOP in the Czech
Republic, which benefited from exceptionally cold weather and an
extended heating season.

In the U.K., financial performance at Rugeley is up on last
year, but spark spreads remain low due to higher fuel costs.

In July, we signed an agreement with RWE Power AG to acquire a
75% shareholding in the 990MW combined cycle gas turbine (CCGT)
Turbogas power station in Portugal for EUR205 million (GBP137
million).  Turbogas will be immediately earnings enhancing and
will strengthen International Power's position in the Iberian
market.  Completion of this acquisition is conditional upon
partner, lender and regulatory approvals.

Middle East

Profit before interest and tax in the Middle East increased to
GBP13 million from GBP6 million last year, principally driven by
contributions from Umm Al Nar, which was acquired in the second
half of 2003, together with the receipt of development fees for
the four new Tihama Power (Saudi Aramco) cogeneration projects
in Saudi Arabia.

At Shuweihat in Abu Dhabi all the power and water units have now
been installed and are currently undergoing performance testing.
The plant is expected to achieve full commercial operation
towards the end of the year.  Construction of the 1,550 MW power
and desalination extension to Umm Al Nar is well underway.  In
Saudi Arabia, construction has commenced at two of the four
cogeneration sites.

Al Kamil in Oman has, in accordance with the original project
agreements with the Government of Oman signed in 2000, issued a
prospectus to sell down 35% of our equity via an Initial Public
Offering (IPO).  If fully subscribed, the IPO is expected to
generate net proceeds of approximately US$15 million (GBP8
million).

Australia

Our Australian assets generated profit before interest and tax
of GBP61 million, up from GBP55 million last year, reflecting
higher profitability at Hazelwood due to its favorable
contractual position and the start of earnings contribution from
the SEA Gas pipeline.  Construction of the Canunda wind farm is
on track with the first wind turbine expected to commence
operation in early 2005.

Rest of the World

Profit before interest and tax decreased to GBP43 million from
GBP46 million following the reduction in our ownership interest
at HUBCO.  Profitability at Malakoff was up on last year
reflecting its increased generation capacity, however this was

offset by a weaker U.S. dollar that impacted earnings at our
assets in Pakistan.  In July, Malakoff announced the acquisition
of 40% of the 2,420 MW Kapar Power Station, which increased
Malakoff's total net capacity to 2,863 MW.

Interest

The increase in the interest charge is primarily due to a one-
off exchange gain on the retranslation of monetary assets in
first-half of 2003, which had the effect of reducing the 2003
charge.  We are now also incurring interest on our new
investments in SEA Gas and Umm Al Nar.  The interest charge in
2004 now includes KAPCO following the change to equity
accounting.

Tax

The effective tax rate is 28% compared to 32% last year,
reflecting the benefit of the confirmation of various tax
holidays and the settlement of a number of outstanding tax
issues.

Balance Sheet Summary

A summarized, reclassified Group balance sheet is set out:

                     As at         As at           As at
                    30 June      30 June       31 December
                     2004         2003            2003
                      GBPm        GBPm            GBPm
Fixed assets
Intangibles and
tangibles            2,023        2,562           2,049
Investments            548          500             538
                     2,571        3,062           2,587
Net current
liabilities            (96)         (81)            (90)
Provisions and
creditors > one year  (233)        (278)           (243)
Net debt              (678)        (834)           (692)
Net assets           1,564        1,869           1,562

Gearing                 43%        45%              44%
Debt capitalization     30%        31%              31%

Net assets at 30 June 2004 have increased by GBP2 million since
31 December 2003.  The profitability of the group of GBP58
million has been offset by exchange losses of GBP53 million
reflecting the impact of foreign exchange on the net investment
in foreign entities.

Cash Flow

A summary of the Group cash flow is set out:

                       Six           Six         Year
                      months       months        ended
                      ended        ended           31
                      30 June      30 June     December
                      2004         2003         2003
                      GBPm         GBPm         GBPm
Operating
profit/(loss)         75           51         (279)
Impairment of
plant - exceptional    -            -          404
Release of a guarantee
on sale of Elcogas
- exceptional  (11)    -            -
                      64           51          125
Depreciation and
amortization          44           54          109
Movement in working
capital and
provisions           (22)         (34)         (50)
Dividends from JVs,
associates and
investments           45           60          101
Operating cash flow  131          131          285
Capital expenditure
- maintenance       (42)         (39)         (64)
Interest and tax    (48)         (47)         (96)
Refinancing charges
written off
- exceptional         -            -           (4)
Free cash flow       41           45          121
Capital expenditure
- growth            (81)         (37)         (57)
Other financial
investment          (27)           -           (9)
Compensation for
long-term
performance
shortfalls           13            -           56
Acquisitions and
disposals -
exceptional          17           21           35
Share buyback        -           (6)         (13)
Foreign exchange
and other movements  51          (45)         (13)
Decrease/(increase)
in net debt          14          (22)         120
Opening net debt   (692)        (812)        (812)
Closing net debt   (678)        (834)        (692)

The Group generated free cash flow of GBP41 million despite a
reduction in dividends reflecting strong operating profit
performance.  Capital expenditure (growth) to increase our
operating capacity amounted to GBP81 million (2003: GBP37
million) reflecting spend on Tihama Power (Saudi Aramco
projects) and the Canunda windfarm in Australia.  Other
financial investment principally comprises scheduled investment
on the SEA Gas pipeline in Australia.

Dividend Policy

The Board recognizes the need to reward shareholders through
regular and improving dividends.  The Board will therefore be
proposing the commencement of a dividend of 2.5p per ordinary
share at the time of the full year results for 2004.  This
proposed dividend will be paid to shareholders in the summer of
2005.  The Board intends to grow this dividend annually
thereafter.

Acquisition of Edison Mission Energy International Portfolio

International Power also agreed to acquire, in a 70:30
partnership with Mitsui, the international generation portfolio
of Edison Mission Energy (the EME Portfolio) for a net cash
consideration of approximately US$2.2 billion (GBP1.2 billion).

International Power's investment for its 70% stake will be
US$677 million (GBP376 million).  The remainder of the
consideration will be funded with ordinary and preferred equity
from Mitsui and non-recourse debt.

The EME Portfolio consists of 13 power generation projects with
a total net generation capacity of 5.4 GW, located in 9
countries.

This Acquisition:

(a) Has a highly complementary geographic fit with International
    Power's existing portfolio;

(b) Is expected to be significantly earnings enhancing in the
    first full year of ownership and to produce attractive rates
    of return;

(c) Improves quality of earnings, with 11 of the 13 acquired
    assets operating under long term contracts.

The acquisition is expected to complete late this year and is,
inter alia, subject to International Power shareholder approval,
regulatory approvals and project level consents.

Rights Issue

In contemplation of our acquisition of Turbogas and the EME
Portfolio, and in order to maintain an appropriate capital
structure, International Power is announcing the terms of a
rights issue to raise GBP291 million net of expenses.

Outlook

The underlying market fundamentals in Texas and New England
remain unchanged and we do not expect full market recovery until
between 2007 and 2009.  In the U.K., higher power prices have
been offset by higher fuel costs and we are not expecting a
significant change in spark spreads for the remainder of 2004.

The balance of our portfolio continues to perform well and we
anticipate earnings per share for the full year at the upper end
of our guidance range of 7p-9p (before the EPS adjustment
following the proposed rights issue).
About International Power

International Power plc is a leading independent electricity
generating company with 11,210 MW (net) in operation and 1,655MW
(net) under construction.   International Power has power plants
in operation or under construction in Australia, the United
States of America, the United Kingdom, the Czech Republic, the
UAE, Oman, Saudi Arabia, Portugal, Turkey, Malaysia, Pakistan
and Thailand.   International Power was listed on the London
Stock Exchange and the New York Stock Exchange (as ADR's), on 2
October 2000.  The ticker symbol on both stock exchanges is IPR.

A copy of these financial statements is available free of charge
at http://bankrupt.com/misc/InternationalPower_H12004.htm.

CONTACT:  INTERNATIONAL POWER
          Aarti Singhal
          Phone: +44 (0) 20 7320 8681

          FINSBURY
          Morgan Bone
          Edward Orlebar
          Phone: +44 (0)20 7251 3801

          MORGAN STANLEY
          William Vereker
          Alisdair Gayne
          Alastair Cochran
          Philip Apostolides
          Phone: +44(0) 20 7425 5555

          CAZENOVE
          Nick Wiles
          Piers Coombs
          Robert Constant
          Phone: +44(0) 20 7588 2828


INTERNATIONAL POWER: 'BB' Ratings on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
issuer credit and senior unsecured debt ratings on U.K.-based
global power developer International Power PLC (IPower) on
CreditWatch with negative implications.  The action follows
several announcements made by the company on July 30, 2004, on
expected successful acquisitions, its half-year results, an
agreed debt restructuring at its U.S. subsidiary American
National Power (ANP), a forthcoming rights issue of GBP291
million (US$529 million), and a change in dividend policy.

"The overall impact of all these forthcoming events is expected
to result in downward pressure on the ratings," said Standard &
Poor's credit analyst Jan Willem Plantagie.  "Our concern
relates to the underlying business and the related quality of
future cash flow and the resulting financial profile."

The events announced were:

(a) GBP137 million cash outlay on the acquisition of Turbogas, a
    990 MW Portuguese power plant;

(b) An expected GBP376 million IPower cash investment for its
    equity share in the expected acquisition of the U.S.-based
    Edison Mission Energy (EME; B/Negative/--) international
    portfolio of 5,381 MW net generating capacity (Mitsui -- the
    30% partner -- initial investment is expected to be GBP161
    million);

(c) An agreed debt restructuring at ANP, which de facto means a
    US$175 million additional investment by IPower;

(d) A proposed rights issue of GBP291 million (underwritten by
    Morgan Stanley and Cazenove);

(e) Solid first half-year results in line with Standard & Poor's
    expectations; and

(f) A proposed 2.5 pence per share dividend over 2004, to be
    paid in 2005.

Although Standard & Poor's finds the addition of Turbogas
positive, the impact of the EME portfolio may be negative for
quality of future cash flow.  Although it is positive that most
of the assets in the EME portfolio are contracted, some of these
plants, such as Paiton Energy Funding B.V. (senior secured debt
rating B-/Watch Neg/--) are located in countries that have
highly speculative ratings, making the cash coming from these
countries also speculative.

Overall, Standard & Poor's expects the cash quality from the EME
assets to be detrimental to the current cash flow quality.
IPower expects to keep a net-cash balance of GBP238 million
after all cash outlays and the cash income from the rights issue
on a pro forma basis.  Although this reduces the current cash
balance significantly, the availability of cash and a low level
of debt at the holding company level is a positive factor
compared with its peers.

"We are also concerned about the projected strong rise in
consolidated debt that could increase to close to GBP3 billion.
Although most of this is non-recourse, debt restructurings at
the Rugeley power plant and ANP have shown that there is some
residual risk with this non-recourse debt.  Finally, we had only
factored into the rating a limited share buyback program and no
dividend payments."

"To resolve the CreditWatch status, we will need to analyze the
underlying assets of the EME portfolio in more detail and the
Turbogas acquisition to assess the impact on IPower's future
cash quality," said Mr. Plantagie.  "We will also meet with
management to discuss the company's future acquisition strategy
and its financial policy.  We note that the EME acquisition is
still subject to several conditions that need to be met.  We
expect to resolve the CreditWatch over the next three months."

IPower is a U.K.-based international power developer established
on October 2, 2000.  Since its establishment, IPower has
followed a consistent strategy focusing on four core
geographical areas: The U.S., Australia, Europe, and the Middle
East.  IPower owns interests in 11,953 MW net generating
capacity around the world.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analyst E-mail Addresses
          jan_plantagie@standardandpoors.com
          magdalena_richardson@standardandpoors.com
          arleen_spangler@standardandpoors.com
          InfrastructureFinance@standardandpoors.com


INVARO: New Owner Fails to Secure New Funding; Delays Relaunch
--------------------------------------------------------------
Tony Murphy, liquidator of personal injury specialist Invaro,
has moved the firm's relaunch to September 1, as its new owner
has yet to secure new funding, Europe Intelligence Wire says.

Mr. Murphy of Smith and Williamson predicted earlier that Invaro
could be back in business as early as last week, a month after
falling into voluntary liquidation in June.  Somerset Morkel,
consultant of Strathmore Administration, which has been named
successor of Invaro, says it is not yet clear under what name
the company would be trading.

"The setting-up of the business is under way.  We are talking to
the solicitors and, at this point in time, new funding is being
arranged," he said.


ITS A WRAP: Meeting of Creditors August 6
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

            IN THE MATTER OF Its a Wrap! (Foods) Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Its a Wrap! (Foods)
Ltd. will be held at The Hilton Hotel North Promenade Blackpool
on August 8, 2004 at 11:30 a.m. for the purpose of having a full
statement of the position of the Company's affairs, together
with a list of the Creditors of the Company and the estimated
amount of their claims, laid before them, and for the purpose,
if thought fit, of nominating a Liquidator and of appointing a
Liquidation Committee. (Sections 99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at 348-350 Lytham
Road Blackpool FY4 1DW not later that 12:00 noon on the business
day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
348-350 Lytham Road Blackpool FY4 1DW before the Meeting, a
statement giving particulars of their security, the date when it
was given, and the value at which it is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Campbell Crossley & Davis, 348-350 Lytham
Road Blackpool FY4 1DW two business days prior to the meeting.

By Order of the Board.

M. H. Forrest, Director
July 5, 2004

CONTACT:  CAMPBELL CROSSLEY & DAVIS
          348/350 Lytham Road
          Blackpool FY4 1DW
          Tel: 01253 349331
          Fax: 01253 348434
          Web site: http://www.campbell-crossley-davis.co.uk


JARVIS PLC: Reports GBP246.7 Million Pre-tax Loss for 2003
----------------------------------------------------------
Preliminary announcement of unaudited results for the year ended
31 March 2004 and conclusions of strategic review:

Financial Details

(a) Total turnover increased by 10% to over GBP1.3 billion
    (including share in joint ventures);

(b) Group operating profit before goodwill amortization and
    exceptional items declined from GBP79.6 million to GBP9.2
    million;

(c) Loss before tax of GBP246.7 million, compared to profit
    before tax of GBP62.7 million for the year ended 31 March
    2003.  Operating exceptional items of GBP186.3 million; non-
    operating exceptional items of GBP55.6 million;

(d) Earnings per share before goodwill amortization and
    exceptional items of 10.9 pence, compared to 33.7 pence.
    Loss per share post-exceptionals of 165.2p;

(e) Fundamental uncertainties exist in respect of the going
    concern basis of preparation of the financial statements,
    the recovery of entitlements and the extent of future losses
    in construction contracts.

Recovery Strategy

(a) Terms agreed with the Group's lenders for the provision of
    GBP25.0 million of additional banking facilities and
    continued support (through to 25 March 2005).  Overdraft
    arrangements and bonding facilities which together total
    some GBP21.5 million, to remain in place.

(b) Jarvis to focus on U.K. rail activities and roads together
    with the provision of the local authority outsourced
    services market.  Jarvis Accommodation Services to be scaled
    back.

(c) Disposal strategy to reduce debt and exit non-core
    activities.

(d) Cost reduction program underway -- over GBP30 million of
    potential annualized cost savings identified.

(e) Good progress made regarding debt recovery with Network
    Rail.

(f) Corporate structure substantially simplified; management
    team significantly strengthened.

Commenting on the announcement, Kevin Hyde, Chief Executive
said: "This has been a difficult year for the Group and the
results are disappointing.  However, we are pleased to announce
the continued support of our lenders and I am grateful to them
for their constructive attitude, which allows us to complete the
recovery strategy we embarked on some months ago.

"Our recovery strategy is designed to develop a simpler, leaner
and more cash generative business that is sustainable in the
long term.  In the last few months we have acted on a number of
challenging issues and are well advanced with a range of
important disposals."

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

CONTACT:  JARVIS PLC
          Paul Ravenscroft
          Phone: 020 7 462 4639

          TULCHAN COMMUNICATIONS
          Andrew Honnor
          David Trenchard
          Phone: 020 7353 4200


MIRACLE DISTRIBUTION: Director Banned for Eleven Years
------------------------------------------------------
The Insolvency Service has barred a director of mobile phone
distributor, Miracle Distribution Ltd., from managing a firm for
11 years, Europe Intelligence Wire says.

The regulator discovered that Jonathan Fraser had acted as
director of the company for two years even if he had been
disqualified to do so.  The Redditch-based firm went into
voluntary liquidation in May 2002 after incurring EUR569,000 in
debt.


RADCLIFFE RESTAURANTS: Calls in Joint Administrators
----------------------------------------------------
Peter Robin Bacon and Carl Derek Faulds have been appointed
joint administrators for Radcliffe Restaurants Limited.  The
appointment was made July 21, 2004.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway,
          Solent Business Park,
          Whiteley, Fareham,
          Hampshire PO15 7AH
          Joint Administrators:
          Peter Robin Bacon
          Carl Derek Faulds
          (IP Nos 009279, 008767)


RICHARDS-CAMPBELL: Hires Liquidators from PwC
---------------------------------------------
Name of companies:
Richards-Campbell Tiles Limited
Seventeenth Normant Limited
The Burslem Mills Company Limited
The Campbell Tile Company Limited
The Malkin Tiles (Burslem) Limited
Tickopres Limited

At the Extraordinary General Meeting of these Companies on July
21, 2004 the Special and Ordinary Resolutions to wind up the
companies were passed.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, 33 Wellington Street, Leeds LS1 4JP
have been appointed Joint Liquidators of the Companies for the
purpose of such windings-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street,
          Leeds LS1 4JP
          Liquidators:
          Tim Walsh
          Jonathan Sisson
          Phone: [44] (113) 289 4000
          Fax:   [44] (113) 289 4460
          Web site: http://www.pwc.com


ROCCA INTERNATIONAL: Appoints Joint Administrators from P&A
-----------------------------------------------------------
Rocca International Limited has appointed Andrew Philip Wood and
Philip Andrew Revill as joint administrators.  The appointment
was made July 22, 2004.  The company distributes see-through
shoeboxes.  Its registered office is located at 93 Queen Street,
Sheffield S1 1WF.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street,
          Sheffield S1 1WF
          Joint Administrators:
          Andrew Philip Wood
          Philip Andrew Revill
          (IP Nos 9148, 6421)
          Phone: (0114) 275 5033
          Confidential Helpline: 0800 542 3021
          Fax:   (0114) 276 8556
          Web site: http://www.thepandapartnership.com


ROYAL & SUNALLIANCE: Sells U.K. Life Operations for GBP850 Mln
--------------------------------------------------------------
Royal & SunAlliance sold its U.K. Life operations to Resolution
Life Group for a consideration of GBP850 million comprising
GBP750 million of cash together with GBP100 million of
preference shares.  In addition, the contingent loans currently
being provided by Royal & SunAlliance to the U.K. Life
operations will be repaid at completion.  At 31 December 2003
the contingent loan drawn down was GBP320 million of which
GBP146 million was utilized at that date.

This disposal completes the Group's strategic exit of life
business to focus on general insurance and further strengthens
its capital position.  Based on this consideration the release
of statutory and risk based capital would be approximately
GBP650 million and GBP500 million respectively.  The net
proceeds of the disposal will be used to support the capital
position of the Group and the underwriting of general insurance.
Completion of the transaction is anticipated by the end of
October.

Andy Haste, Royal & SunAlliance's Group CEO commented: "I am
pleased to announce the sale of the U.K. Life operations.  This
is a good deal for the Group and clear evidence of our
commitment to deliver on our strategy.  The transaction
represents a clean exit from the U.K. life business and provides
certainty for our shareholders.  For staff and policyholders,
the sale is to a company whose core business focus is the
management of closed life operations."

As part of the transaction Royal & SunAlliance will extract net
assets of GBP131 million from the U.K. Life operations prior to
disposal.  The pro forma net asset value of the U.K. Life
operations at 31 December 2003, after adjusting for this
extraction, was GBP816 million.  In addition, the value of the
long-term business at the same date was GBP494 million.  This
disposal has only a marginal impact on earnings and after
transaction and sale costs there will be a loss on completion.

This is a class 1 transaction and therefore requires shareholder
approval, which will be sought at an EGM of the Company to be
held in September.  A formal notice of the meeting and the
resolution to be proposed will be sent to shareholders in mid
August, together with a circular setting out further details of
the disposal.  The transaction is conditional upon, among other
things, approval from the Financial Services Authority for
Resolution Life's acquisition of control of the U.K. Life
operations.

                      Terms of the Disposal

The consideration to be paid by Resolution Life Group to Royal &
SunAlliance in respect of the proposed transaction comprises:

(a) GBP750 million in cash to be paid at completion;

(b) GBP50 million of cash preference shares in Resolution Life
    Group.  The cash preference shares are fixed cash coupon,
    perpetual non cumulative preference shares in Resolution
    Life Group with a coupon of 8.75% p.a.  Under the terms of
    the preference shares, no dividend is payable to ordinary
    shareholders in Resolution Life Group unless the annual cash
    preference share dividend is paid;

(c) GBP50 million of payment in kind (PIK) preference shares.
    The PIK preference shares are fixed PIK coupon, non
    cumulative preference shares in Resolution Life Group with a
    coupon of 8.75% p.a. and are subordinated to the cash
    preference shares.  The coupon will be satisfied by the
    issue of up to GBP26 million of further PIK preference
    shares; if the coupon is paid in full, Royal & SunAlliance
    would hold GBP76 million of PIK preference shares after 5
    years.  If the PIK preference shares have not been redeemed
    in connection with the mis-selling liabilities sharing
    mechanism outlined below, at the end of the 5 year period
    they will convert to cash preference shares.

The deal represents a clean exit from the U.K. life business for
Royal & SunAlliance, subject to a maximum potential liability of
GBP76 million for any future mis-selling liabilities.  Royal &
SunAlliance will make any payments due under this arrangement in
cash, which under normal circumstances will immediately be used
to buy back the PIK preference shares from Royal & SunAlliance.
In addition, there are representations and warranties consistent
with a transaction of this type.

It is intended that the cash preference shares and PIK
preference shares will be held as an investment as part of the
general investment portfolio of Royal & SunAlliance.

The disposal will be effected by a sale of the shares in the
companies comprising the U.K. Life operations including the
principal operating companies, namely Sun Alliance & London
Assurance Company Limited; Royal & Sun Alliance Life & Pensions
Limited; Phoenix Assurance Plc and Royal & Sun Alliance Linked
Insurances Limited.

The holding companies of U.K. Life, Royal & Sun Alliance Life
Holdings Limited and Royal Life Holdings Limited, will remain in
the Group.  Around 120 employees will transfer to a subsidiary
of Resolution Life Group, and Resolution will remain in the
Liverpool headquarters of the U.K. Life operations.  The
outsourcing agreement between Unisys and Royal & Sun Alliance
Life Insurance Services Limited and the ISIS fund management
agreements with each of the principal operating companies will
transfer with this transaction.

                            *   *   *

(a) The net asset value of the operations being sold was GBP947
    million at 31 December 2003 and at 31 March 2004 was GBP960
    million.
    After adjusting for the net asset extraction the pro forma
    net asset value at 31 December 2003 was GBP816 million and
    at 31 March 2004 was GBP829 million.

(b) As announced on 13 May 2004, the U.K. Life operations'
    unaudited results for the first quarter of 2004 were: life
    business result GBP20 million and net written premium
    GBP206 million.  The value of the long-term business was
    GBP487 million.

(c) The audited U.K. Life business result for the year ending 31
    December 2003 was GBP108 million and the net written premium
    was GBP908 million.

(d) The GBP3 million difference between the year-end reported
    life business result for the U.K. Life operations and the
    life business result that is the subject of this transaction
    arises because of profits recorded within the U.K. Life
    holding companies, which are not being sold.

(e) Resolution Life Group (RLG) was established in 2004 to act
    as an insurance holding company providing a run-off solution
    for blocks of U.K. Life insurance policies.

The Chairman of RLG is Sir Brian Williamson, who was previously
Chairman of Gerrard Group plc, Chairman of The London
International Financial Futures and Options Exchange and a
director on the Supervisory Board of Euronext NV.  He is
currently a non-executive director of HSBC Holdings plc and
Chairman of Electra Investment Trust.

The Chief Executive of RLG is Clive Cowdery, who was previously
Chairman and Chief Executive of GE Insurance Holdings Limited,
which runs the GE Group's primary insurance operations in
Europe.

RLG is a private company incorporated in 2003 with shareholders
including: FF&P Asset Management; The Prudential Assurance
Company Limited; The Royal London Mutual Insurance Society
Limited; The Standard Life Assurance Company; Foreign
& Colonial Investment Trust Plc; Murray International Trust Plc;
Nikko Principal Investments Limited; OZ Management, LLC and
Perry Capital.

CONTACT: ROYAL & SUNALLIANCE PLC
         Analysts
         Helen Pickford
         Phone: +44 (0) 20 7569 6212

         Karen Donhue
         Phone: +44 (0) 20 7569 6133

         Press
         Phil Wilson-Brown
         Phone: +44 (0) 20 7569 4027

         Richard Emmott
         Phone: +44 (0) 20 7569 6023

         FINSBURY
         Julius Duncan
         Phone: +44 (0) 20 7251 3801


TURNER & NEWALL: Court Approves Disclosure Statement
----------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
has approved the Disclosure Statement respecting the Third
Amended Joint Plan of Reorganization for Federal-Mogul
Corporation and certain of its affiliated companies.  Approval
of the Disclosure Statement and its related materials authorizes
the Debtors to begin soliciting votes from creditors and
interest holders on the Plan.

The Bankruptcy Court has set November 3, 2004 at 4:00 p.m.
prevailing Eastern Time as the deadline by which votes to accept
or reject the Plan must be received.  Anyone with claims against
or interests in the Debtors, including asbestos personal injury
or wrongful death claims, may vote on the Plan.  Claimants are
encouraged to read the Plan and Disclosure Statement carefully
for details about how this Chapter 11 reorganization may affect
their rights.  The Bankruptcy Court will consider whether to
confirm the Plan at a hearing on December 9, 2004.

                        Key Parts of the Plan

The Plan provides for the payment of claims against and
interests in the Debtors.  The Plan further proposes a Trust to
pay asbestos personal injury and wrongful death claims that
relate to exposure to asbestos or asbestos-containing products
manufactured, distributed, sold or possessed by any of the
Debtors.  If the Plan is confirmed, all asbestos personal injury
and wrongful death claims will be permanently channeled to the
Trust.  Anyone with asbestos-related claims will then be forever
barred from asserting their claims directly against any of the
Debtors.

               How to Vote on or Object to the Plan

The deadline to vote on the Plan is November 3, 2004 at 4:00
p.m. (prevailing Eastern Time).  To be counted, a ballot voting
on the Plan must be received by the Voting Agent by that date
and time at: The Garden City Group, Inc., Voting Agent for
Federal-Mogul, PO Box 8872, Melville, New York 11747-8872.  The
Plan may affect claimants' legal rights regardless of whether
they vote on the Plan.

Federal-Mogul Corporation and T&N Limited are two of 157
affiliated companies in the Federal-Mogul reorganization
proceedings.  One hundred thirty-four (134) of the companies are
incorporated under the laws of the United Kingdom, and are
parties to Administration proceedings in that country.  A vote
to accept or reject the Plan will also be a proxy on certain
matters in the United Kingdom administration proceedings.

Any objections to the Plan must be submitted in writing and
received by November 3, 2004 at 4:00 p.m. (prevailing Eastern
Time) to be considered.  Objections should be sent to the Clerk
of the Bankruptcy Court, United States Bankruptcy Court for the
District of Delaware, 824 Market Street, 3rd Floor, Wilmington,
Delaware 19801.

         Asbestos Personal Injury and Wrongful Death Claims

Proof of an asbestos personal injury or wrongful death claim
does not have to be filed with the Bankruptcy Court at this
time.  The Bankruptcy Court has established special procedures
for holders of asbestos personal injury or wrongful death claims
to vote on the Plan.  Lawyers for holders of these claims may
vote on the Plan on behalf of their clients if authorized by
their client.

                     The Hearing on the Plan

The Bankruptcy Court will hold a hearing to confirm the Plan on
December 9, 2004 at 10:00 a.m. (prevailing Eastern Time) before
the Honorable Raymond T. Lyons, United States Bankruptcy Judge,
at the Clarkson S. Fisher U.S. Courthouse, 402 East State
Street, Courtroom 4, Trenton, New Jersey 08608.  Claimants may
attend the hearing, but are not required to do so.

                     Additional Information

A detailed notice describing the Plan, called the Disclosure
Statement, together with a copy of the Plan itself and voting
materials, called a Solicitation Package, is being mailed to
known holders of claims against the Debtors or their lawyers.

Additional information (including copies of the Plan and
Disclosure Statement) can be obtained by calling the Debtors'
Voting Agent at 1-888-212-5571, or by visiting
http://www.fmoplan.com/. A complete list of the companies
involved in the Chapter 11 reorganization is also available at
the Web site.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The Company filed for chapter 11 protection
on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan, Esq., James F. Conlan, Esq., and Kevin T. Lantry, Esq.,
at Sidley Austin Brown & Wood and Laura Davis Jones, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, represent the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from its creditors, they listed US$10.15 billion
in assets and $8.86 billion in liabilities.


W & H BUILDERS: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Members of the W & H
builders (Lincs) Limited Company on July 22, 2004 held at 23
Wells Street, Scunthorpe DN15 6HL, the Special, Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Peter O'Hara of O'Hara & Co has been appointed Liquidator for
the purpose of such winding-up.


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

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


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


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


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


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


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


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


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


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


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


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


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


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


TURKEY
------
Dyo Boya Fabrika                                  106        6
Gima Gida                                         123        7
Nurgis Holding                                    125   (2,248)


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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *