TCREUR_Public/040805.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, August 5, 2004, Vol. 5, No. 154

                            Headlines

F R A N C E

ALSTOM SA: Wins EUR144.6 Mln Vehicle Orders from Madrid
VFT FRANCE: To Close Forbach Plant Mid-November
VIVENDI UNIVERSAL: E.U. Commission Approves Sale of Editis


G E R M A N Y

MG TECHNOLOGIES: Sells Standardkessel Group for Undisclosed Sum
MG TECHNOLOGIES: Buys back EUR160.3 Million Notes


I R E L A N D

AN POST: Union Urges NIB to Probe Abandonment of SDS Service


I T A L Y

AZZURRA AIR: Declared Bankrupt


L U X E M B O U R G

MILLICOM INTERNATIONAL: Second-quarter Revenues Up 50%


N E T H E R L A N D S

HAGEMEYER N.V.: Names Alexander Wouterse to Executive Committee


P O L A N D

GDYNIA SHIPYARD: E.U. Defers Decision on Restructuring Plan


R U S S I A

21 LENSKY: Court Names Insolvency Manager
CENTRAL AGRO: Proofs of Claim Deadline Expires August 18
CIGARETTE FACTORY: Succumbs to Bankruptcy
GORNAYA POLYANA: Volgograd Court Affirms Insolvency
LYASKELYA: Deadline for Proofs of Claim August 19

PLODORODIYE: Under Bankruptcy Supervision
SHEMYSHEYKA-AGRO: Declared Insolvent
SILIKAT: Proofs of Claim Deadline August 18
TORZHOKSKY ALCOHOLIC: Bankruptcy Proceedings Begin


S E R B I A  &  M O N T E N E G R O

JUGOBANKA A.D.: U.S. Federal Court Allows Repatriation of Assets


S W E D E N

CONCORDIA BUS: Ratings Lowered to 'CCC' on Liquidity Concerns
LM ERICSSON: Outlook Revised to Stable on Improved Performance
SKANDIA INSURANCE: To Discuss Second-quarter Results August 13


S W I T Z E R L A N D

SWISS INTERNATIONAL: Expands Flight Destinations


U K R A I N E

AJDAR-PTAHA: Under Bankruptcy Supervision
BABAYI' AUTO: Bankruptcy Supervision Begins
FALCON: Court Appoints Temporary Insolvency Manager
IDILIYA: Zaporizhya Court Commences Bankruptcy Proceedings
LENA: Deadline for Proofs of Claim Expires Next Week

LIPTSI: Proofs of Claim Deadline August 13
RAJAGROHIM: Under Bankruptcy Supervision
REZERV: Declared Insolvent
STRONG-KRIVBAS: Kyiv Court Grants Debt Moratorium


U N I T E D   K I N G D O M

ALAN DOYLE: Hearing of Creditor's Winding up Petition August 17
A & M TRANSPORT: Court to Hear Winding up Petition August 18
ARA ELECTRONICS: Appoints PwC Administrative Receivers
ASPHALTIC CONTRACTS: Creditors Meeting August 10
BARROWLODGE LTD.: Hearing of Winding up Petition Set August 18

B & L CONSTRUCTION: Customs Commissioner Files Wind-up Petition
CARLISLE'S GARDEN: Hires Liquidator from Begbies Traynor
CHELLOW MOUNT: Gives Creditors Until August 16 to File Claims
CONSTANTIA CONSULTING: Members Final Meeting September 24
CPG INTERNATIONAL: Calls in Liquidator

CROWN BEVERAGE: Hires Liquidator from KPMG Corporate Recovery
CT BOWRING: Sets Annual Members Meeting August 20
DEC LIMITED: Final Members Meeting September 10
EASTBOURNE GLASS: Deadline for Proofs of Claim August 23
EGG PLC: Prudential Shelves Plan to Divest 79% Shareholding

EGG PLC: Welcomes Prudential's Decision to Retain Majority Stake
EGG PLC: Ratings off Watch Evolving; Outlook Stable
EQUITABLE LIFE: E&Y, Accountants Face Disciplinary Actions
ESSO MARINE: Creditors Have Until September 30 to File Claims
EURO-COMPUTER SUPPLIES: Brings in Liquidators

EXECUTIVE REMUNERATION: Liquidator to Give Update September 24
FILTRONIC PLC: Admits Breaching Certain Financial Covenants
FINEST FOODS: Court Appoints Liquidator from Martin Aitken & Co.
HALLCO 1019: Gives Creditors Until September 27 to File Claims
HALL & RICE: Members Final Meeting September 20

HEART OF MIDLOTHIAN: Lenders Agree to Increase Credit Facility
HOLLINGER INC.: Supreme Court Sustains Chancery Court Ruling
HOWICK FINE: In Voluntary Liquidation
JJ LTD.: Opts to Voluntarily Wind up Business
J J PLASTICS: Applies for Voluntary Liquidation

KALEIDOSCOPE DIGITAL: Deadline for Proofs of Claim August 23
L. BARNETT: Creditors Have Until September 10 to File Claims
LIBERTY FLEX: Sets General Meeting September 1
MITSUI LIFE: Meeting to Approve Liquidator's Report September 2
MOSS BROS: Returns to Black in First Half

ORGANIC INTERMEDIATES: May Appoint Liquidator August 10
PPL THERAPEUTICS: Court Okays Scheme of Arrangement
PXP INTERNATIONAL: Deadline for Filing Claims August 30
QUEENS MOAT: Recommends Whitehall 2001 Offer
ROYAL & SUNALLIANCE: U.K. Life Disposal Great Move, Says Moody's
ROYAL & SUNALLIANCE: Names Mark Chambers General Counsel

* City Regulator Declares 20 Investment Firms in Default


                            *********


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


ALSTOM SA: Wins EUR144.6 Mln Vehicle Orders from Madrid
-------------------------------------------------------
Mintra (Madrid, Infraestructuras del Transporte), the public
company responsible for transport infrastructure in the Spanish
capital, has chosen Alstom to build 70 CITADIS vehicles for the
city's new light rail network.  The contract, worth EUR144.6
million, is expected to be finalized in September.

The order comes as Madrid expands its public transport network
to municipalities in the north and west, building 31 kilometers
of light rail lines.  The CITADIS vehicles will offer service on
this network, which is planned to open in 2007.  ALSTOM will
build the vehicles at its facilities in Spain; delivery is
planned to start in 2006 and be complete by June 2007.

Antonio Oporto, President of Alstom Spain, said the new order
"shows Alstom's leadership in this market and its commitment to
infrastructure development in the region of Madrid."

Including this new order from Madrid, CITADIS has been chosen by
20 cities around the world, which represents more than 700
vehicles.  More than 300 CITADIS are in service and have carried
500 million passengers over more than 35 million kilometers.

CONTACT:  ALSTOM S.A.
          Press relations:
          S. Gagneraud
          Phone: +33 1 47 55 25 87
          E-mail: Internet.press@chq.alstom.com

          Investor Relations
          E. Chatelain
          Phone: +33 1 47 55 25 33
          E-mail: Investor.relations@chq.alstom.com


VFT FRANCE: To Close Forbach Plant Mid-November
-----------------------------------------------
The French division of Rutgers Chemicals, VFT France, will close
its coal-tar distillery in Forbach mid-November, Les Echos says.

VFT France announced the closure Friday and said the site's
orders are to be redistributed among Rutgers Chemicals' three
other European plants.  VFT cites the strong competition for its
flagship product, bitumen, from Eastern European and Asian
countries as reason for the plant's closure.  The company is
also set to negotiate a redundancy plan later in the year.

CONTACT:  VFT FRANCE S.A.
          Parc d'Activites de Forbach-Ouest
          Rue Jacques Callot
          B.P. 70184
          F-57603 Forbach-Cedex
          Phone: +33-3 87-84 99 01
          Fax: +33-3 87-88 46 11
          Web site: http://www.ruetgers-chemicals.de


VIVENDI UNIVERSAL: E.U. Commission Approves Sale of Editis
----------------------------------------------------------
The European Union Commission has approved Wendel Investissement
as buyer of all the assets of Editis, formerly Vivendi Universal
Publishing (VUP), being divested by Lagardere.  In January 2004,
when the Commission was vetting Lagardere's plan to take over
the old publishing arm of Vivendi Universal, Lagardere undertook
to sell off VUP's publishing houses and its distribution and
marketing services with the exception of certain named assets.

The Commission takes the view that Wendel has the necessary
independence, viability and capacity to offer effective
competition on the relevant markets as the buyer of the new,
reorganized Editis.

Lagardere had planned to take over the entire assets of the old
VUP, but on 7 January the Commission authorized it to retain
only a part, most notably the publishing houses Larousse,
Dalloz, Dunod, and the Spanish group Anaya.

In order to preserve competition on the markets in French-
language publishing in Europe, the rest of the assets,
comprising most of the publishing houses, the main distribution
center (Interforum in Malesherbes, France), and the marketing
organizations, including La DIL, were to be sold.

Wendel is a French company listed on the Paris stock exchange;
its capital is shared between family shareholders (who hold a
majority of the voting rights), institutions, and the market.

Lagardere asked the Commission to approve Wendel as the buyer of
the new Editis organization.  The Commission had then to
consider whether Wendel had the independence, viability,
capacity and economic incentive to offer effective competition
on the relevant markets.

The Commission's enquiries have confirmed that Wendel satisfies
all these tests.  The Commission wanted to be sure that the
assets being sold off formed a coherent and independent unit
that would be able to exert effective competition.  The new
Editis is already the second largest French-language publisher.
It is a solid player with substantial resources at its command,
and is able and willing to develop its business.

Wendel has not previously operated in publishing, so that its
own purchase of the assets does not raise any competition
concerns.


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


MG TECHNOLOGIES: Sells Standardkessel Group for Undisclosed Sum
---------------------------------------------------------------
Mg technologies AG sold its Duisburg-based Standardkessel Group
to the Dutch industrial holding company H.T.P. Investments B.V.,
Venlo, with effect from August 31 this year.  The parties to the
deal have agreed not to reveal the purchase price.  This
disposal is subject to approval by the relevant antitrust
authorities.

Mg's Executive Board decided at the end of last year to sell the
Boiler Plant business.  As a result of this disposal, mg will
incur a loss on the disposal of net assets of tens of millions
of euros on its discontinued operations in the second quarter of
2004.  Standardkessel reported a pre-tax loss of around EUR28
million for 2003.

"The disposal of the Standardkessel Group represents another
major step towards the restructuring of the mg Group.  By
reorganizing these operations, we aim to relieve the downward
pressure on earnings and stem the outflow of cash in our 'Other
companies' segment," states Udo Stark, the Chairman of mg's
Executive Board.

The Standardkessel Group comprises Lurgi Lentjes Standardkessel
AG (Duisburg), Standardkessel Lentjes GmbH (Duisburg), Standard
Fasel Lentjes B.V. (Utrecht, Netherlands), Baumgarte Boiler
Systems & Services GmbH (Bielefeld, Germany), and Lurgi Lentjes
Service GmbH (Duisburg); in 2003, it generated sales of
approximately EUR300 million and employed around 700 people.

Standardkessel focuses on the engineering, planning, and
construction of turnkey power plants and components for biomass
incineration plants, direct-fired boilers, boilers for waste-to-
energy plants, and waste-heat recovery boilers.  In addition, it
offers services in each of these segments.

One of the companies owned by the buyer H.T.P. Investments B.V.
is NEM B.V., a global market leader in the field of boilers
behind gas turbines, which in 2003 generated sales of around
EUR200 million and employed approximately 490 people.

Mg technologies AG is an international technology group that
focuses on specialty mechanical engineering -- especially
process engineering and components -- and plant engineering.
The company generated sales of roughly EUR6.4 billion excluding
discontinued operations in 2003.  At the end of 2003 the company
employed around 29,000 people and 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
          Homepage: http://www.mg-technologies.com


MG TECHNOLOGIES: Buys back EUR160.3 Million Notes
-------------------------------------------------
Mg technologies finance B.V. announces the end of the tender
period on 2 August 2004 at 5 p.m. (Frankfurt time) with respect
to its offer to purchase its EUR300,000,000 6.75% Notes due 25
July 2005 (ISIN: DE0005057053) which was announced on 30 June
2004.

By the end of the tender period, EUR160,822,000 of the aggregate
principal amount of the notes were repurchased.  This highly
successful transaction demonstrates mg technologies' active
balance sheet management in paying down debt when it is
economically advisable.  The transaction is consistent with mg
technologies' plan to reduce gross debt.  The transaction will
be settled today, 5 August 2004.

ABN AMRO Bank N.V. and Dresdner Bank AG acted as the Dealer
Managers in this transaction, while Dresdner Bank AG acted as
Tender Agent.

CONTACT:  ABN AMRO BANK N.V.
          Dealer Manager
          250 Bishopsgate
          London EC2M 4AA
          Phone: +44 207 678 7701
          Fax: +44 207 857 9360
          E-mail: Liability.Management@abnamro.com
          Attn: Liability Management Group

          DRESDNER BANK AG
          Jurgen-Ponto-Platz 1
          60301 Frankfurt am Main
          Phone: +44 207 444 9159
          Fax: +44 207 475 5843
          E-mail: Liability.Management@drkw.com
          Attn: Liability Management Group

          DRESDNER BANK AG
          Tender Agent
          Jurgen-Ponto-Platz 1
          60301 Frankfurt am Main
          Phone: +49 69 263 59729
          Fax: +49 69 263 58159
          Attn: GB TB WPS DFA2A

          MG TECHNOLOGIES AG
          Kommunikation
          Bockenheimer Landstrasse 73-77
          D-60325 Frankfurt am Main
          Phone: +49-69-7 11 99-241
          Fax: +49-69-7 11 99-112
          E-mail: info.mg@mg-technologies.com
          Homepage: http://www.mg-technologies.com


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


AN POST: Union Urges NIB to Probe Abandonment of SDS Service
------------------------------------------------------------
The Communications Workers' Union plans to call the attention of
National Implementation Body (NIB) regarding An Post's decision
to close its SDS parcel and courier service.  An Post said last
week the closure is the best possible decision after considering
all options.  The move will affect 270 jobs.

The union said the decision is a "most serious breach" of the
Sustaining Progress partnership agreement, which binds the
government to actively participate in securing the future of
commercial semi-State companies.  Breaches of Sustaining
Progress can be investigated by the NIB.

An Post said SDS lost EUR20 million over past two years.  The
company is seeking 270 voluntary redundancies among its 450
staff with a plan of transferring the remaining employees to
other positions within the firm.  The union argues that up to
400 additional staff could also be affected by the closure.  An
Post denied the claim.


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


AZZURRA AIR: Declared Bankrupt
------------------------------
A court in Busto Arsizio, a town close to Milan, has declared
Azzurra Air bankrupt, according to Independent Online.  The
report said one factor that led to the collapse of the carrier
is the non-delivery of the promised capital injection by its
majority shareholder.

Air Malta is among the founding members of Azzurra Air.  It
maintains a minority shareholding at the company, although it
has stopped participating in management decision since December.
In September, Air Malta scaled down its involvement in line with
its strategy.  In December, it pulled out its appointed
directors.  Azzurra Air was founded in 1995 with a small fleet
of 92-seater AI(R) Avro RJ85s.


===================
L U X E M B O U R G
===================


MILLICOM INTERNATIONAL: Second-quarter Revenues Up 50%
------------------------------------------------------
Highlights of results for the period ended June 30, 2004:

(a) Record quarterly total subscriber increase for Q2 04 of
    474,996 *(i)

(b) 50% increase in revenues for Q2 04 to US$216.0 million (Q2
    03:US$143.9 million)*

(c) 47% increase in EBITDA for Q2 04 to US$107.7 million (Q2
    03:US$73.4 million)*

(d) Profit for Q2 04 of US$14.8 million (2003: US$176.0 million)

(e) Profit per common share of US$0.17 for Q2 04 (Q2 03:US$2.70)

(f) 52% increase in revenues for the first half of 2004
    to US$429.9 million (2003:US$282.6 million)*

(g) 51% increase in EBITDA for the first half of 2004
    to US$214.5 million (2003: US$142.4 million)*

(h) Profit for the first half of 2004 of US$29.5 million
   (2003:US$202.3 million)

(i) Profit per common share of US$0.39 for the first half of
    2004 (2003:US$3.11)

Millicom International Cellular S.A. (Nasdaq Stock Market: MICC,
Stockholmsb0rsen and Luxembourg Stock Exchange: MIC), the global
telecommunications investor, announces results for the quarter
and six months ended June 30, 2004.

Financial summary for the quarters ended June 30, 2004 and 2003*

                               June 30      June 30      Change
                                 2004        2003
Worldwide subscribers (i)
- proportional cellular (ii) 4,421,185    3,083,955       43%
- total cellular             6,372,367    4,471,835       43%

US$ '000
Revenues                       216,049      143,862       50%
Operating profit before
interest, taxes,
depreciation and
amortization, EBITDA(iii)     107,705       73,403       47%
EBITDA margin                       50%          51%
Profit for the quarter          14,786      176,035
Basic profit per common share
(US$)                            0.17         2.70
Diluted profit per common share
(US$)                            0.17         2.58
Weighted average number of shares
(thousands)                     86,094       65,138
Weighted average number of shares and dilutive
potential shares (thousands)   89,601       68,655

     (i) Subscriber figures represent the worldwide total number
         of subscribers of cellular systems in which MIC has an
         ownership interest.

         Subscriber figures exclude divested operations.

    (ii) Proportional subscribers are calculated as the sum of
         MIC's percentage ownership of subscribers in each
         operation.

   (iii) EBITDA; operating profit before interest, taxation,
         depreciation and amortization, is derived by deducting
         cost of sales, sales and marketing costs, and general
         and administrative costs from revenues.

* Due to local issues in El Salvador, MIC discontinued
consolidating El Salvador on a proportional basis from May 2001
to September 2003.

Figures for 2003 in this press release therefore exclude
divested operations and El Salvador in respect to subscribers
and for financial results, down to and including EBITDA.
Figures for 2004 include El Salvador and exclude divested
operations for subscribers and financial results, down to and
including EBITDA.

Marc Beuls, MIC's President and Chief Executive Officer stated:
"MIC has built on the buoyant start of 2004 by producing revenue
growth of over 50% whilst keeping the EBITDA margin at 50% in
the second quarter of 2004.  MIC added 474,996 net new total
cellular subscribers in the second quarter of 2004, the highest
quarterly absolute increase in subscribers excluding El Salvador
and divested operations on record, bringing the total
subscribers for the Group to almost 6.4 million at the end of
June 2004.

"The accelerated subscriber growth is driven by the increase in
capex spent since the third quarter of 2003 but does not yet
include the impact of our recent investment in four GSM networks
in Latin America, which will all be launched by the end of
August 2004.

"Paktel, one of our operations in Pakistan, has finalized phase
one of the build-out of its GSM network and has asked permission
from the PTA (the Pakistan regulator) to launch the service
nationwide.  Paktel's license was modified in 2002 to allow the
company to market GSM services, subject to Paktel committing to
invest US$150 million within 3 years, paying Rs200 million in
administrative fees and lowering existing tariffs by at least
20%.

"Despite being in compliance with the modified license terms and
conditions however, Paktel has been prevented from launching its
GSM network and has been ordered by the PTA to pay an additional
US$38.8 million in order to launch its GSM network.  Paktel
fundamentally disagrees with the order and has, in line with the
prescribed process, launched an appeal in the Pakistan High
Court.

"In the light of the planned GSM migration, both Paktel and
Pakcom stopped investments in the TDMA network in the beginning
of 2004, which impacted revenues slightly in the second quarter.

"As I indicated last quarter, revenues in Vietnam were impacted
by the tariff reduction introduced on May 1st and by changes in
the interconnect terms.  We noticed, however, increases of 11
and 8 percent in minutes of use respectively for the prepaid and
postpaid market in June from the previous month and expect that
revenues will again be at the April level in July.  It confirms
once more the price elasticity in the mobile industry in the
emerging markets.  New tariff reductions have been decided by
the VNPT starting August 1.  We expect to see a similar impact
in Q3 as we experienced in Q2.

"The benefits of further investment in GSM networks saw MIC
Africa perform particularly strongly, producing year-on-year
quarterly growth in revenues and EBITDA of 91% and 68%
respectively.  Growth in our West African operation Ghana has
been particularly strong since the beginning of this year.

"Our operations in Central America continue to show good growth
and, in South America, both Bolivia and Paraguay produced their
highest quarterly revenue increases for several years, giving us
confidence that the Latin American markets will continue to
improve, fuelled by the GSM migration in Paraguay, Guatemala, El
Salvador and Honduras under the common Tigo brand.  Telemovil,
our operation in El Salvador has been improving its
profitability over the quarter and is approaching the MIC
average."

FINANCIAL AND OPERATING SUMMARY*

(a) Subscriber growth:

     (i) An annual increase in total cellular subscribers of 43%
         to 6,372,367 at June 30, 2004

    (ii) 32% underlying annual growth in total cellular
         subscribers excluding El Salvador

   (iii) An annual increase in proportional cellular subscribers
         of 43% to 4,421,185 at June 30, 2004

    (iv) 28% underlying annual growth in proportional
         subscribers excluding El Salvador

     (v) In the second quarter of 2004 MIC added 474,996 net new
         total cellular subscribers

    (vi) Proportional prepaid subscribers increased to 3,915,886
         from 2,764,099 at June 30, 2003

(b) Financial highlights:

     (i) Revenues for the second quarter of 2004 were US$216.0
         million, an increase of 50% from the second quarter of
         2003.  Excluding El Salvador the increase was 26%.

     (ii) EBITDA increased by 47% in the second quarter of 2004
          to US$107.7 million, from US$73.4 million for the
          second quarter of 2003.  Excluding El Salvador, the
          increase was 24%.

   (iii) Total shareholders' equity at June 30, 2004 was (US$4.3
         million) compared to (US$85.2 million) at December 31,
         2003.

     (iv) Profit for the second quarter of 2004 was US$14.8
          million, compared toUS$176.0 million for the second
          quarter of 2003.  The profit for the second quarter of
          2003 included an amount of US$161.2 million relating
          to the gain and valuation movement on investment in
          securities and the gain on debt restructuring.

     (v) Capital expenditure for the three months ended June 30,
         2004 was US$42.0 million and for the six months ended
         June 30, 2004 wasUS$103.3 million.

(c) Total cellular minutes increased by 48% for the three months
    ended June 30, 2004 from the same quarter in 2003 and
    increased by 32% excluding El Salvador.  Prepaid minutes
    increased by 57% in the same period and by 47% excluding El
    Salvador.

(d) On April 26, 2004 Millicom called the entire outstanding
    amount of its 2% Senior Convertible PIK Notes Due 2006 for
    redemption in cash in accordance with the terms of the
    Indenture covering the 2% Notes.  A total of US$63,371,000
    of the 2% Notes was converted into shares of MIC common
    stock, with a par value ofUS$1.50 each from the initial
    amount of US$63,531,000.

(e) Subsequent events:

     (i) On July 1, 2004, Telecel S.A., Millicom's operation in
         Paraguay, launched GSM services in the 850MHz
         frequency, covering 95 cities and towns, under the
         brand name of Tigo.

A full copy of the results is available free of charge at:
http://bankrupt.com/misc/MIC_Q22004.pdf


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


HAGEMEYER N.V.: Names Alexander Wouterse to Executive Committee
---------------------------------------------------------------
Alexander Wouterse has been appointed member of Hagemeyer's
Executive Committee, effective August 1, 2004.  Mr. Wouterse
will focus on the execution of the company's plans for
operational improvement in the various regions, particularly in
North America, the United Kingdom and Germany.  He will also be
responsible for managing Hagemeyer's central procurement
activities.

Mr. Wouterse joins Hagemeyer from Bain & Company, where he was a
partner and headed the company's private equity practice in the
Benelux.


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


GDYNIA SHIPYARD: E.U. Defers Decision on Restructuring Plan
-----------------------------------------------------------
More trouble will hit the ailing Gdynia Shipyard after the E.U.
Commission delayed approval of its restructuring plan.

According to Warsaw Business Journal, the company does not know
as to when the approval will be decided.  Two of its remedial
programs have already been junked.  Jerzy Lewandowski, president
of Gdynia Shipyard, says if the company fails to receive the
Treasury warrant, it cannot organize production and build ships.


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


21 LENSKY: Court Names Insolvency Manager
-----------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has declared OJSC Department Store 21 Lensky insolvent
and introduced bankruptcy proceedings.  The case is docketed as
A56-28968/02.  Mr. E. Sunko has been appointed insolvency
manager.  Creditors must submit their proofs of claim to 194355,
Russia, Saint-Petersburg, Post User Box 26.

CONTACT:  DEPARTMENT STORE 21 LENSKY
          195298, Russia, Saint-Petersburg,
          Lenskaya Str. 18

          Mr. E. Sunko
          Insolvency Manager
          194355, Russia, Saint-Petersburg,
          Post User Box 26


CENTRAL AGRO: Proofs of Claim Deadline Expires August 18
--------------------------------------------------------
The Arbitration Court of Belgorod region has declared CJSC
Central Agro-Prom-Dor insolvent and introduced bankruptcy
proceedings.  The case is docketed as A72-2858/04-21/17-B.
Mr. E. Ponomarev has been appointed insolvency manager.

Creditors have until August 18, 2004 to submit their proofs of
claim to Russia, Belgorod region, Post Office-34, Post User Box
99, or to the Arbitration Court of Belgorod region.

CONTACT:  CENTRAL AGRO-PROM-DOR
          308015, Russia, Belgorod region,
          Pushkina Str. 47

          Mr. E. Ponomarev
          Insolvency Manager
          Russia, Belgorod region,
          Post Office-34, Post User Box 99


CIGARETTE FACTORY: Succumbs to Bankruptcy
-----------------------------------------
The Arbitration Court of Kurgan region declared LLC Cigarette
Factory insolvent and introduced bankruptcy proceedings.  The
case is docketed as A34-8268/03-S11.  Mr. A. Bogdanov has been
appointed insolvency manager.

Creditors have until August 18, 2004 to submit their proofs of
claim to 641800, Russia, Kurgan region, Shadrinsk, Lomonosova
Str. 30.

CONTACT:  CIGARETTE FACTORY
          641800, Russia, Kurgan region,
          Shadrinsk, Lomonosova Str. 30

          Mr. A. Bogdanov
          Insolvency Manager
          641800, Russia, Kurgan region,
          Shadrinsk, Lomonosova Str. 30


GORNAYA POLYANA: Volgograd Court Affirms Insolvency
---------------------------------------------------
The Arbitration Court of Volgograd region declared Federal State
Unitary Enterprise Experimental Farm Gornaya Polyana of State
Educational Company of Volgograd State Agricultural Academy (TIN
3446003710) insolvent and introduced bankruptcy proceedings.
The case is docketed as A12-10646/03-S50.  Mr. Y. Nelyubov has
been appointed insolvency manager.  Creditors have until August
18, 2004 to submit their proofs of claim to 400062, Russia,
Volgograd, Bogdanova Str. 1/3, apartment 116.

CONTACT:  FEDERAL STATE UNITARY ENTERPRISE EXPERIMENTAL FARM
          GORNAYA POLYANA OF STATE EDUCATIONAL COMPANY OF
          VOLGOGRAD STATE AGRICULTURAL ACADEMY
          400076, Russia, Volgograd region,
          Gorny, Sovetsky.

          Mr. Y. Nelyubov
          Insolvency Manager
          400062, Russia, Volgograd region,
          Bogdanova Str. 1/3, apartment 116.


LYASKELYA: Deadline for Proofs of Claim August 19
-------------------------------------------------
The Arbitration Court of Kareliya republic declared LLC
Industrial-Trade Company Lyaskelya insolvent and introduced
bankruptcy proceedings.  The case is docketed as A26-7918/03-18.
Mr. N. Skachkov has been appointed insolvency manager.

Creditors have until August 19, 2004 to submit their proofs of
claim to:

(a) INDUSTRIAL-TRADE COMPANY LYASKELYA

(b) Mr. N. Skachkov
    Insolvency Manager
    185031, Russia, Kareliya republic,
    Zaytseva Str. 65

(c) ARBITRATION COURT OF KARELIYA REPUBLIC


PLODORODIYE: Under Bankruptcy Supervision
-----------------------------------------
The Arbitration Court of Smolensk region has commenced
bankruptcy supervision procedure on Subsidiary Enterprise OJSC
Plodorodiye.  The case is docketed as A62-594-H/04.  Ms. T.
Savina has been appointed temporary insolvency manager.
Creditors must submit their proofs of claim to the temporary
insolvency manager at 214018, Russia, Smolensk, Post User Box
11.

CONTACT: PLODORODIYE
         Russia, Smolensk region, Pochinok,


         Ms. T. Savina
         Temporary Insolvency Manager
         214018, Russia, Smolensk region,
         Post User Box 11
         Phone: 8 (081) 265-95-78


SHEMYSHEYKA-AGRO: Declared Insolvent
------------------------------------
The Arbitration Court of Penza region declared State Unitary
Enterprise Shemysheyka-Agro-Snab (TIN 5833000815) insolvent and
introduced bankruptcy proceedings.  The case is docketed as A49-
2626/04-55B/26.  Ms. L. Goryunova has been appointed insolvency
manager.  Creditors must submit their proofs of claim to 440066,
Russia, Penza region, Borodina Str. 10, apartment 1.

CONTACT:  STATE UNITARY ENTERPRISE SHEMYSHEYKA-AGRO-SNAB
          Russia, Penza region, Shemysheyka,
          Montazhnaya Str. 54

     Ms. L. Goryunova
          Insolvency Manager
          440066, Russia, Penza region,
          Borodina Str. 10, apartment 1


SILIKAT: Proofs of Claim Deadline August 18
-------------------------------------------
The Arbitration Court of Ulyanovsk region declared OJSC Silikat
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A72-8874/03/-R9-B.  Mr. S. Pelevin has been
appointed insolvency manager.  Creditors have until August 18,
2004 to submit their proofs of claim to 433870, Russia,
Ulyanovsk region, Gagarina Str. 25.

CONTACT:  SILIKAT
          433870, Russia, Ulyanovsk region,
          Novospasskoye, Zavodskaya Str. 57

          Mr. S. Pelevin
          Insolvency Manager
          433870, Russia, Ulyanovsk region,
          Gagarina Str. 25


TORZHOKSKY ALCOHOLIC: Bankruptcy Proceedings Begin
--------------------------------------------------
The Arbitration Court of Tver region declared LLC Torzhoksky
Alcoholic Drinks Plant insolvent and introduced bankruptcy
proceedings.  The case is docketed as A66-10133-03.  Mr. N.
Petrov has been appointed insolvency manager.  Creditors have
until August 18, 2004 to submit their proofs of claim to 170011,
Russia, Tver region, 1st Str. za liniey OZhD, 2.

CONTACT:  TORZHOKSKY ALCOHOLIC DRINKS PLANT
          172060, Russia, Tver region,
          Torzhok, Kalininskoye Shosse, 10A

          Mr. N. Petrov
          Insolvency Manager
          170011, Russia, Tver region,
          1st Str. za liniey OZhD, 2

          THE ARBITRATION COURT OF TVER REGION
          170000, Russia, Tver region,
          Sovetskaya Str. 23 B


===================================
S E R B I A  &  M O N T E N E G R O
===================================


JUGOBANKA A.D.: U.S. Federal Court Allows Repatriation of Assets
----------------------------------------------------------------
Jugobanka A.D. won an appeal seeking the reversal of a U.S.
Bankruptcy Court ruling that prohibited it from repatriating its
U.S. assets to Serbia.

Licensed to operate in New York, the bank closed shop in 1993
and filed for bankruptcy in its home country in 2002.  In an
attempt to centralize all the assets in the bankruptcy case, the
bank petitioned U.S. Bankruptcy Court Judge Cornelius Blackshear
to repatriate its remaining U.S. assets.  Citing lack of
standing and jurisdiction, the bankruptcy court denied the
petition, forcing the bank to elevate the case to U.S. District
Court Judge Jed Rakoff in New York, who promptly reversed the
assailed decision.

According to Austin Business Journal, this legal row traces its
beginnings from a simple US$4 million landlord-tenant dispute
between Sage Realty Corp. and Jugobanka.  The case eventually
evolved into a dispute over the practice of "ring-fencing,"
which requires state-licensed, foreign-owned banks to maintain
sufficient capital to cover liabilities in case of insolvency.

Now, banking regulators from all over the U.S. are urging Judge
Rakoff to reconsider his decision.  The Conference of State
Banking Supervisors, along with the top banking regulators in
Texas, New York, Connecticut, Illinois, California, Georgia and
Florida, are seeking to intervene in the case, claiming the
ruling threatens the ability of states to regulate foreign-owned
banks.  In addition, it legitimizes Jugobanka's attempt to take
those assets offshore to Yugoslavia, beyond the reach of state
banking laws and regulators.

In a letter to Judge Rakoff, Gayle Griffin, Texas' deputy
banking commissioner, said the entire banking regulatory
structure "would be undermined" if the ruling stands.

"Ring-fencing a bank's assets for the benefit of its creditors
represents the longstanding and well-established approach to
bank liquidation followed at the federal level and in many
foreign countries," she said.

Sage manages more than 3 million square feet of offices in New
York City.

CONTACT:  Jugobanka A.D.
          Kralja Petra 19-21
          11000 Beograd
          Yugoslavia
          Phone: 381.11.63.00.22
          Fax: 381.11.63.69.10


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


CONCORDIA BUS: Ratings Lowered to 'CCC' on Liquidity Concerns
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Sweden-based bus-services provider
Concordia Bus AB (Concordia) to 'CCC' from 'B-' due to concerns
over the group's ability to maintain adequate liquidity to meet
its debt-servicing commitments.  The outlook is negative.

At the same time, Standard & Poor's lowered its subordinated
debt rating on Concordia's EUR160 million (US$193 million) bond,
due 2010, to 'CC' from 'CCC' and its senior secured debt rating
on subsidiary Concordia Bus Nordic AB's EUR130 million bond, due
2009, to 'CCC-' from 'CCC+'.  Concordia is the indirect parent
of Concordia Bus Nordic and guarantor of the EUR130 million
bond.

The downgrade reflects Concordia's weakening cash position
during the first quarter of fiscal year ending Feb. 28, 2005.
Given the group's poor track record in improving operating
performance, Concordia will find it increasingly challenging to
improve financial performance to the extent required to maintain
adequate liquidity following the coupon payments of about SKR135
million (US$18 million) in August 2004.

"Concordia is dependent on a strengthening of its profitability
and cash flow generation in financial 2005 to achieve a broadly
cash-neutral position," said Standard & Poor's credit analyst
Leigh Bailey.  "Should Concordia fail to deliver a higher level
of profitability and cash flow in fiscal 2005, it is likely that
the group will fail to make its debt-servicing commitments in
February 2005."

Concordia has very limited liquidity, continued difficult
operating environment, and need for an immediate improvement in
performance to ensure that debt-servicing commitments are
honored.  Given the group's poor operating track record,
Standard & Poor's is concerned at Concordia's ability to
maintain sufficient liquidity.

CONTACT:  CONCORDIA BUS AB
          Solna Strandvag 78
          17154 Solna, Sweden
          Phone: +46-854630000


LM ERICSSON: Outlook Revised to Stable on Improved Performance
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Sweden-based wireless telecommunications infrastructure supplier
Ericsson Telefonaktiebolaget L.M. (Ericsson) to stable from
negative following publication by the group of its second-
quarter 2004 results, which show an improved group performance.

At the same time, Standard & Poor's affirmed its 'BB/B'
corporate credit ratings and 'BB' senior unsecured debt ratings
on Ericsson.  In addition, Standard & Poor's assigned its 'BB'
long-term rating to Ericsson's US$1 billion senior unsecured
credit facility, which was amended on June 22, 2004.  At June
30, 2004, Ericsson had gross debt of SKR46.3 billion (about
US$6.1 billion), including bond obligations of about SKR30.5
billion.

"The outlook revision reflects Ericsson's improved revenue
levels and firm order books registered in the second quarter of
2004, which -- given the group's lower breakeven point -- have
translated into healthy and sustainable levels of profitability
and free cash flow generation," said Standard & Poor's director
and credit analyst Leandro de Torres Zabala.  "Ericsson's strong
cash reserves further underpin the group's credit quality and
liquidity."

The ratings factor in expectations that the wireless
infrastructure industry will grow at least at single digit rates
at constant exchange rates over the medium term and that
Ericsson will leverage its achieved lighter cost structure to
sustain positive profitability and free cash flow generation.
Ericsson is also expected to preserve a strong cash position to
mitigate the industry's still-modest medium-term visibility,
overcapacity, strong price competition, and technology risks.


SKANDIA INSURANCE: To Discuss Second-quarter Results August 13
--------------------------------------------------------------
Skandia's second quarter results will be presented to the press
and analysts in London on 13 August

We are pleased to invite you to a presentation of Skandia's
results for the second quarter of 2004.

Skandia's CEO Hans-Erik Andersson and members of group
management will comment on the report.  After the initial
presentation, there will be an opportunity to ask questions.

Please note that there will be a recording of the presentation
available via Web cast at http://www.skandia.comfollowing the
event.

Time: Friday 13 August 11:00 - 13:00 CET
Venue: City Presentation Centre, 4 Chiswell Street,
       London EC1Y 4UP

Please notify your attendance to Heidi Gibb at Citigate Dewe
Rogerson (Email: heidi.gibb@citigatedr.co.uk Fax number: +44 0
20 7256 7563)

A teleconference will be held at 16:00 (CET), dial +44 (0) 20
7162 0195 and ask to be connected to the Skandia teleconference.
You can also call later and listen to a recorded version.  The
lines will be open until 20 August 2004.

Dial 44 (0) 20 8288 4459 and enter access code 102192.  A
recorded version as well as a slide presentation will be
available at http://www.skandia.com

CONTACT: SKANDIA INSURANCE
         Gunilla Svensson
         Press Manager
         Phone: +46 8 788 42 97

         Angelica Wiklund, Investor Relations
         Phone: +46 8 788 30 53


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


SWISS INTERNATIONAL: Expands Flight Destinations
------------------------------------------------
Alicante and Salzburg are the latest cities to join the Swiss
route network.  In addition, Swiss will soon operate flights
between Geneva and London-City again.  An additional mid-day
flight will connect Venice more effectively to the full route
network.  And as of the next winter timetable period SWISS
passengers will have five daily flights to Prague to choose
from.

Swiss is expanding its product in Spain with flights to the
popular holiday region of Costa Blanca.  As of September 4 SWISS
will operate flights on Saturday and Sunday between Zurich and
Alicante with an Avro RJ100.

As of September 20 Swiss and Styrian Spirit will add a third
attractive destination in Austria.  Flights between Salzburg and
Zurich will operate three times daily during the week and once
daily on weekends.  These codeshare flights will be performed by
Styrian Spirit, which already serves Graz and Krakow in
partnership with Swiss.

Re-opening of Geneva-London-City route

As of October 31, Swiss will reintroduce flights between Geneva
and London City Airport, with four weekday and two weekend
flights with Avro RJ85/RJ100 aircraft.  London City Airport is
conveniently located for quick access to all parts of London.

More frequencies to Venice and Prague

Swiss partner Denim Air will increase service between Zurich and
Venice as of August 30 with a mid-day flight that brings service
on this route to thrice daily.  Partners Swiss and Denim Air
have been serving Venice and Florence from Zurich since June 1.

From the end of October Swiss and Czech Airlines will expand
their joint product between Zurich and Prague from three to five
attractively scheduled flights daily.  Swiss will operate three
of these flights itself with Avro RJ100 equipment.

All of these new flights have already been placed in
reservations systems and can now be booked through the usual
channels.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com
          Homepage: http://www.swiss.com


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


AJDAR-PTAHA: Under Bankruptcy Supervision
-----------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on LLC Ajdar-Ptaha (code EDRPOU 31931810).
The case is docketed as 10/40 B.  Mr. Oleksandr Roj (License
Number AA 250489) has been appointed temporary insolvency
manager.  The company holds account number 260003010210 at
Oshadbank, Novoajdar branch 3127.

Creditors have until August 13, 2004 to submit their proofs of
claim to:

(a) AJDAR-PTAHA
    93500, Ukraine, Lugansk region,
    Novoajdar, 40 Rokiv Peremogi Str. 16

(b) Mr. Oleksandr Roj
    Temporary Insolvency Manager
    Ukraine, Lugansk region,
    Novoajdar district, Rajgorodka,
    Radyanska Str. 7
    Phone: (06445) 9-65-11

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


BABAYI' AUTO: Bankruptcy Supervision Begins
-------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on CJSC Babayi' Auto Repair Plant (code
EDRPOU 05461545) on July 1, 2004.  The case is docketed as B-
24/56-04.  Arbitral manager Mr. Vitalij Lipchanskij (License
Number AA 487987 approved on April 30, 2003) has been appointed
temporary insolvency manager.

Creditors have until August 13, 2004 to submit their proofs of
claim to:

(a) BABAYI' AUTO REPAIR PLANT
    Ukraine, Harkiv region, Babayi

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


FALCON: Court Appoints Temporary Insolvency Manager
---------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on CJSC Falcon on May 28, 2004.  The case
is docketed as 9/111 B.  Arbitral manager Mrs. Irina Stuk
(License Number AA 485235 approved on March 14, 2004) has been
appointed temporary insolvency manager.

Creditors have until August 13, 2004 to submit their proofs of
claim to:

(a) FALCON
    14000, Ukraine, Chernigiv region,
    Pyatnitska Str. 11a/10

(b) Mrs. Irina Stuk
    Temporary Insolvency Manager
    14008, Ukraine, Chernigiv region,
    Nahimov lane, 50

(c) ECONOMIC COURT OF CHERNIGIV REGION
    14000, Ukraine, Chernigiv region,
    Miru Avenue, 20


IDILIYA: Zaporizhya Court Commences Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Zaporizhya region declared LLC Idiliya
(code EDRPOU 25222724) insolvent and introduced bankruptcy
proceedings on June 24, 2004.  The case is docketed as 25/39.
Mr. Yurij Kononchenko (License Number AA 630085) has been
appointed liquidator/insolvency manager.  Idiliya holds account
number 26006302910099 at CB Privatbank, Zaporizhya regional
branch, MFO 313399.

CONTACT:  IDILIYA
          69097, Ukraine, Zaporizhya region,
          Zadniprovska Str. 44/95

          Mr. Yurij Kononchenko
          Liquidator/Insolvency Manager
          69095, Ukraine, Zaporizhya region,
          Lenin Avenue, 105
          Phone: (0612) 13-02-08
          Fax: (0612) 13-02-08

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


LENA: Deadline for Proofs of Claim Expires Next Week
----------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on LLC Lena (code EDRPOU 03771666) on June
24, 2004.  The case is docketed as 7/100.  Mr. O. Zayichenko
(License Number AA 250351 approved on February 20, 2004) has
been appointed temporary insolvency manager.

Creditors have until August 13, 2004 to submit their proofs of
claim to:

(a) LENA
    Ukraine, Poltava region,
    Globinskij district, Kupyevate

(b) Mr. O. Zayichenko
    Temporary Insolvency Manager
    39600, Ukraine, Poltava region,
    Kremenchuk, Zhovtneva Str. 7/80
    Phone: (05366) 3-26-53

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


LIPTSI: Proofs of Claim Deadline August 13
------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Liptsi (code EDRPOU 00850460) on
June 23, 2004.  The case is docketed as B-39/80-04.  Arbitral
manager Mr. O. Tkachov (License Number AA 719868 of March 2,
2004) has been appointed temporary insolvency manager.  Liptsi
holds account number 26004010667980 at bank Finances and Credit,
MFO 350697.

Creditors have until August 13, 2004 to submit their proofs of
claim to:

(a) LIPTSI
    Ukraine, Harkiv region,
    Harkiv district, Vesele

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


RAJAGROHIM: Under Bankruptcy Supervision
----------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Rajagrohim (code EDRPOU 05499097)
on July 1, 2004.  The case is docketed as B-39/73-04.  Mrs. V.
Nazirova (License Number AA 249730 approved on October 19, 2001)
has been appointed temporary insolvency manager.  Rajagrohim
holds account number 26007301750211 at JSCB National Credit,
Balakliye branch, MFO 350705.

The court is set to hear creditors' claims on September 15, 2004
at Ukraine, Harkiv region, Svobodi square, 5, Derzhprom, 8th
entrance, room 20.

CONTACT:  RAJAGROHIM
          Ukraine, Harkiv region,
          Harkiv district, Balakliye

          Mrs. V. Nazirova
          Temporary Insolvency Manager
          Ukraine, Harkiv region,
          Lenin Avenue, 5, HTB

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


REZERV: Declared Insolvent
--------------------------
The Economic Court of Lugansk region declared JSCCT Rezerv (code
EDRPOU 13382983) insolvent and introduced bankruptcy
proceedings.  The case is docketed as 9/27 B.  Arbitral manager
Mr. Oleksandr Prosolupov (License Number AA 630090 of December
11, 2003) has been appointed liquidator/insolvency manager.

CONTACT:  REZERV
          93100, Ukraine, Lugansk region,
          Lisichansk, Lenin Avenue, 157

          Mr. Oleksandr Prosolupov
          Liquidator/Insolvency Manager
          Ukraine, Lugansk region,
          Ushakov Str. 9 a

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


STRONG-KRIVBAS: Kyiv Court Grants Debt Moratorium
-------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Strong-Krivbas (code EDRPOU
30499706) on June 11, 2004 and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as
58/14 B-04.  Arbitral manager Mr. A. Permyakov (License Number
AA 419201 approved on September 20, 2002) has been appointed
temporary insolvency manager.  Strong-Krivbas holds account
numbers 26008301141689 and 26007302141689 at Prominvestbank,
Dnipropetrovsk central branch, MFO 305493, and account number
26003031677001 at JSCB Interbank, Kyiv branch, MFO 300216.

Creditors have until August 13, 2004 to submit their proofs of
claim to:

(a) STRONG-KRIVBAS
    Ukraine, Kyiv region,
    Glevaha, Kyivska Str. 78

(b) Mr. A. Permyakov
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    I. Lepse Str. 34 b/6

(c) ECONOMIC COURT OF KYIV REGION
    01033, Ukraine, Kyiv region,
    Zhelyanska Str. 58 b


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


ALAN DOYLE: Hearing of Creditor's Winding up Petition August 17
---------------------------------------------------------------
A Petition to wind up Alan Doyle Electrical Accessories Limited
will be heard at Leeds District Registry, The Courthouse, 1
Oxford Row, Leeds LS1 3BG, on 17 August 2004, at 10:30 a.m.  The
petition was presented on 21 June 2004 by the Commissioners of
Customs and Excise, claiming to be a creditor of the company.

Any person intending to appear at the hearing of the Petition
(whether in support or opposition) must give notice of intention
to do so to the Petitioner or their Solicitor in accordance with
Rule 4.16 of the Insolvency Rules 1986 by 4:00 p.m. on 16 August
2004.

The Petitioner's Solicitor is DLA LLP of Arndale House, Charles
Street, Bradford BD1 1UN.

CONTACT:  ALAN DOYLE ELECTRICAL ACCESSORIES LIMITED
          Unit 11, Hither Green Industrial Estate, Clevedon,
          North Somerset BS21 6XU

          COMMISSIONERS OF CUSTOMS AND EXCISE
          Civil Recovery Unit, HM Customs and Excise
          3NW Queens Dock, Liverpool L74 4BJ


A & M TRANSPORT: Court to Hear Winding up Petition August 18
------------------------------------------------------------
A Petition to wind up A & M Transport (March) Limited will be
heard at the Royal Courts of Justice, Strand, London WC2A 2LL,
on Wednesday 18 August 2004 at 10:30 a.m.  The petition was
presented on 12 July 2004 by the Secretary of State for Trade
and Industry.

Any person intending to appear at the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitors in accordance with
Rule 4.16 by 4:00 p.m. on 17 August 2004.

The Petitioner's Solicitor is the Treasury Solicitor of Queen
Anne's Chambers, 28 Broadway, London SW1H 9JS.

CONTACT:  A & M TRANSPORT (MARCH) LIMITED
          21 Wolseley Road, Mitcham
          Surrey CR4 4JR

          TRADE AND INDUSTRY
          Treasury Solicitor
          Queen Anne's Chambers
          28 Broadway, London SW1H 9JS


ARA ELECTRONICS: Appoints PwC Administrative Receivers
------------------------------------------------------
The Governor and Company of The Bank of Scotland called in
administrative receivers for ARA Electronics Limited (Reg. No.
01530442) on July 23, 2004.

The Instrument conferring power to appoint is a debenture dated
16 May 2002.  The receivers are S M Oldfield and R J Hunt
(Office Holder Nos. 9010 and 8597), both of
PricewaterhouseCoopers LLP.

ARA Electronics Limited is formerly ARA Manufacturing Limited.
It is involved in electronic sub-assembly and manufacture.  Its
trade classifications are: 3330, 3230 and 3320.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Abacus House, Castle Park
          Gloucester Street, Cambridge CB3 0AN
          Contact: S M Oldfield and R J Hunt, Receivers


ASPHALTIC CONTRACTS: Creditors Meeting August 10
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

            IN THE MATTER OF Asphaltic Contracts Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Asphaltic Contracts
Ltd. will be held at 4 Dancastle Court 14 Arcadia Avenue London
N3 2HS on August 10, 2004 at 10:00 a.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Valentine & Co, 4 Dancastle Court 14 Arcadia
Avenue London N3 2HS two business days prior to the meeting.

By Order of the Board.

L. O'Connor , Director
July 9, 2004

CONTACT:  VALENTINE & CO
          4 Dancastle Court
          14 Arcadia Avenue
          London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


BARROWLODGE LTD.: Hearing of Winding up Petition Set August 18
--------------------------------------------------------------
A Petition to wind up Barrowlodge Ltd. will be heard at the
Royal Courts of Justice, Strand, London WC2 on Wednesday 18
August 2004 at 10:30 a.m.  The petition was presented on 2 July
2004 by Premium Credit Ltd., claiming to be a creditor of the
company.

Any person intending to appear at the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitor in accordance with
Rule 4.16 by 4:00 p.m. on Tuesday 17 August 2004.

The Petitioner's Solicitors are Lovetts PLC of Chertsey Court,
56-58 Chertsey Street, Guildford, Surrey GU1 4HL.
27 July 2004.

CONTACT:  BARROWLODGE LTD.
          3 Picture House Mews
          Sherwood Road, Tideswell
          Derbyshire SK17 8LH

          PREMIUM CREDIT LTD.
          Premium Credit House
          60 East Street, Epsom
          Surrey KT17 1HB


B & L CONSTRUCTION: Customs Commissioner Files Wind-up Petition
---------------------------------------------------------------
A Petition to wind up B & L Construction Limited will be heard
at Leeds District Registry, The Courthouse, 1 Oxford Row, Leeds
LS1 3BG, on 17 August 2004, at 10:30 a.m.  The petition was
presented on 8 June 2004 by the Commissioners of Customs and
Excise, claiming to be a Creditor of the Company.

Any person intending to appear at the hearing of the Petition
(whether in support or opposition) must give notice of intention
to do so to the Petitioner or their Solicitor in accordance with
Rule 4.16 of the Insolvency Rules 1986 by 4:00 p.m. on 16 August
2004.

The Petitioner's Solicitor is DLA LLP, Arndale House, Charles
Street, Bradford BD1 1UN.

CONTACT:  B & l CONSTRUCTION LIMITED
          Suites 2 and 4 Dudley House
          High Street, Bracknell
          Berkshire RG12 1LL

          COMMISSIONERS OF CUSTOMS AND EXCISE
          Civil Recovery Unit
          HM Customs and Excise
          3NW Queens Dock, Liverpool L74 4BJ


CARLISLE'S GARDEN: Hires Liquidator from Begbies Traynor
--------------------------------------------------------
At an Extraordinary General Meeting of the Members of Carlisle's
Garden Center Limited on 19 July 2004 at 2:00 p.m., the
Extraordinary and Ordinary Resolutions to wind up the company
were passed.  Ian E Walker and Simon Haskew, of Begbies Traynor,
Balliol House, Southernhay Gardens, Exeter, Devon, were
appointed Liquidator.

R Carlisle, Chairman


CHELLOW MOUNT: Gives Creditors Until August 16 to File Claims
-------------------------------------------------------------
Creditors of Chellow Mount Nursing Home Limited are required, on
or before Monday 16 August 2004, to send in their full names and
addresses, full particulars of their claims, and the names and
addresses of their Solicitors (if any), to Philip Andrew Revell,
of The P&A Partnership, 93 Queen Street, Sheffield S1 1WF, Joint
Liquidator.


CONSTANTIA CONSULTING: Members Final Meeting September 24
---------------------------------------------------------
The Final Meeting of the Members of Constantia Consulting (U.K.)
Limited will be held at the offices of Smith & Williamson
Limited, 1 Riding House Street, London W1A 3AS, on 24 September
2004, at 11:00 a.m.

The meeting is convened for the purposes of: (a) having an
account laid before them, and of receiving a report of the
Liquidator showing how the winding-up of the Company has been
conducted, and its property disposed of, and (b) of hearing any
explanation that may be given by the Liquidator.

A Member entitled to attend and vote at either of the above
Meetings may appoint a proxy to attend and vote instead of him.
A proxy need not be a Member of the Company.  Proxies to be used
at the Meetings must be lodged with the Liquidator no later than
12:00 noon on the business day preceding the Meeting.

A C Spicer, Liquidator


CPG INTERNATIONAL: Calls in Liquidator
--------------------------------------
At an Extraordinary Meeting of the Members of CPG International
(U.K.) Limited at the offices of David Rubin & Partners, 1st
Floor, 26-28 Bedford Row, London WC1R 4HE, on 23 July 2004, an
Extraordinary Resolution to wind up the company was passed.

Paul Appleton, of David Rubin & Partners, 1st Floor, 26-28
Bedford Row, London WC1R 4HE, was appointed Liquidator.

G Warren, Chairman


CROWN BEVERAGE: Hires Liquidator from KPMG Corporate Recovery
-------------------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

      The Crown Beverage Company Limited (In Liquidation)

I, Blair Carnegie Nimmo, Chartered Accountant, Saltire Court, 20
Castle Terrace, Edinburgh, EH1 2EG, United Kingdom, hereby give
notice that on July 22 2004 I was appointed Liquidator of the
above named Company by Resolution of the first Meeting of
Creditors.  No Liquidation Committee was established.

Accordingly, I do not intend to summon a further meeting for the
purpose of establishing a Liquidation Committee unless one-
tenth, in value, of the creditors require it in terms of Section
142(3) of the Insolvency Act 1986.

B. C. Nimmo, Liquidator

CONTACT:  KPMG CORPORATE RECOVERY
          Saltire Court
          20 Castle Terrace
          Edinburgh
          EH1 2EG
          Phone: (0131) 222 2000
          Fax: (0131) 527 6666
          Web site: http://www.kpmg.co.uk


CT BOWRING: Sets Annual Members Meeting August 20
-------------------------------------------------
The Annual Meeting of the Members of CT Bowring & Co.
(Insurance) Limited will be held at the offices of Grant
Thornton U.K. LLP, Carlton Crescent, Southampton SO15 2EW, on 20
August 2004, at 10:30 a.m.  The purpose of the meeting is to
receive an account of the Liquidator's acts and dealings and of
the conduct of the winding-up to 23 May 2004.

A Member entitled to attend and vote at the above Meeting may
appoint a proxy to attend and vote in his place.  It is not
necessary for the proxy to be a Member.  Proxy forms must be
returned to the offices of Grant Thornton U.K. LLP, 31 Carlton
Crescent, Southampton SO15 2EW, not later than 12:00 noon on 19
August 2004.

R Welsby, Liquidator


DEC LIMITED: Final Members Meeting September 10
-----------------------------------------------
A Final Meeting of Members of DEC (Newport) Limited, DEC (Ocean
Park) Limited, and DEC (Worcester) Limited will be held
concurrently at the offices of JonesGiles, The Maltings, East
Tyndall Street, Cardiff CF24 5EA, on Friday 10 September 2004,
at 11:00 a.m.

The meeting is convened for the purpose of (a) having accounts
laid before the Members showing how the liquidations have been
conducted, the property of the Companies disposed of, (b)
hearing any explanations that may be given by the Liquidator,
(c) and agreeing arrangements for the destruction of the books
and records.  A Member entitled to attend and vote at the
Meeting may appoint a proxy, who need not be a Member, to attend
and vote instead of him.

R I B Jones, Liquidator


EASTBOURNE GLASS: Deadline for Proofs of Claim August 23
--------------------------------------------------------
Creditors of Eastbourne Glass & Glazing Limited, which is being
voluntarily wound up, are required, on or before 23 August 2004,
to send in their names and addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to Mark Newman, of Smith
& Williamson Limited, The Meeting House, Little Mount Sion,
Tunbridge Wells, Kent TN1 1YS, the Liquidator of the company.


EGG PLC: Prudential Shelves Plan to Divest 79% Shareholding
-----------------------------------------------------------
Prudential plc is no longer in discussions regarding a possible
transaction with respect to its approximately 79% shareholding
in Egg plc.  This completes an extensive process precipitated by
expressions of interest in Egg received from a number of
potential purchasers.  The Board of Prudential has concluded
that retention of its 79% stake offers better value to its
shareholders than the sale of Prudential's interest.

Prudential supports the steps that Egg has announced separately
which include:

(a) refocusing the business on its highly successful profitable
    core U.K. operations; and

(b) taking the necessary actions to close its business in
    France.

Egg has established an outstanding track record of growth and
profitability in the U.K.  It is the U.K.'s leading on-line
financial services business with a fast growing customer base
currently standing at 3.5 million.  It has established a unique
and powerful brand and has proven ability to attract and retain
profitable customers.  It is well positioned for further
success.

Jonathan Bloomer, Group Chief Executive of Prudential plc said:
"We had an obligation to explore all the options for the
business following the approaches we received.  Our objective is
to ensure that our shareholders benefit in full from the value
inherent in Egg and we have concluded shareholders' interests
are best served by retaining our Egg holding.  Egg has brought
significant change to the market, with a track record of
delivering innovative products and services to customers.  It is
a very successful business in the U.K. with significant
potential to grow in value."

                            *   *   *

On 22 October 2003 Egg plc announced that the execution of its
French business plan would take longer and require a greater
level of investment than Egg was prepared to undertake on a
standalone basis.  At that time, Egg considered forming an
alliance with a strategic partner and, to that end, entered into
negotiations, which might have led to a joint venture.  These
conversations led to other options being presented by various
parties and as a result, Prudential announced on 14 January 2004
that it was in preliminary discussions regarding a possible
transaction with respect to its 79% shareholding in Egg.  On 26
January Prudential announced that, while discussions were
continuing, it had received unsolicited indications of interest
from a number of parties, which may or may not have led to a
transaction.

CONTACT:  PRUDENTIAL PLC
          Media
          Geraldine Davies
          Phone: 020 7548 3911

          Investors/Analysts
          Andrew Crossley
          Phone: 020 7548 3166
          Marina Lee-Steere
          Phone: 020 7548 3511


EGG PLC: Welcomes Prudential's Decision to Retain Majority Stake
----------------------------------------------------------------
Egg plc notes the announcement from Prudential plc that
Prudential is no longer in discussions regarding a possible
transaction with respect to its approximately 79% shareholding
in Egg.

Egg announced its interim results for the half year to 30 June
2004 recently (22nd July) at which time it updated the market on
Egg's performance and outlined its plans to develop its U.K.
strategy and to continue profitably growing the business.  Egg
has previously announced that it has begun to take the necessary
steps to withdraw from the French market.[1]

Paul Gratton, Egg's Chief Executive, said: "Egg has progressed
quickly to build a profitable U.K. business with over 3.5
million customers.  We have secured a unique and powerful brand
positioning in the U.K. with a proven ability to attract and
retain an impressive, high-quality customer base.  We have
established a track record in market-leading products and
services that improve people's understanding and management of
their money.

"Now that the situation regarding our majority shareholder has
been clarified, we remain confident that Egg is well-positioned
to execute our business plan successfully and deliver value to
shareholders."

---------
Footnote:

[1] We announced on 13th July that: "In October 2003, we
announced that our French management team had developed a
revised business plan, which we considered to be a strong,
value-creating business plan, but which required a level of
investment greater than Egg was prepared to take on a stand
alone-basis.  We also announced therefore that we were in
negotiations with potential partners that may have led to a
joint venture or similar transaction.  The search for a
strategic partner was then superseded by Prudential announcing
in January 2004 that it was considering proposals for its
approximately 79% shareholding in Egg.  When it became clear
that there was no potential purchaser who valued the option in
France, Egg announced that it intended to take the necessary
steps to withdraw from the French market."

About Egg

Egg plc is the world's largest pure online bank, providing
financial services products through its Internet site and other
distribution channels.  It floated on 12 June 2000 and is listed
on the London Stock Exchange.  Prudential plc holds
approximately 79% of the share capital.

CONTACT:  EGG PLC
          Media
          Emma Byrne
          Phone: 020 7526 2600 / 07775 657 241

          Analysts/Investors:
          Kieran Coleman
          Phone: 020 7526 2648 / 07711 717 358


EGG PLC: Ratings off Watch Evolving; Outlook Stable
---------------------------------------------------
Fitch Ratings affirmed Egg's Long-term 'A+' and Short-term 'F1'
ratings and removed them from Rating Watch Evolving, following
an announcement from main shareholder Prudential plc (rated 'AA-
') that it is no longer in discussions to sell its 79% stake in
Egg.  Egg's Individual 'C' and Support '1' ratings are also
affirmed.  The Outlook is Stable.

"[The] announcement removes the uncertainty over Egg's immediate
future which had resulted, among other things, in the need to
pay retention bonuses to its 2,000 staff of circa GBP3 million.
Fitch also believes this will allow Egg to concentrate on its
profitable core U.K. operations in order to repair the short-
term cost of closing down its French operation," said Robert
Thursfield, Associate Director in Fitch's Bank Group.

Egg's Long-term, Short-term and Support ratings are based on the
extremely high probability of support from Prudential, should it
ever be required and Fitch believes this remains the case
following the end of the auction process announced.  Egg's
Individual rating is based on the profitability of its U.K.
operations, adequate capitalization and liquidity and increasing
diversification of its income and funding.  The Individual
rating also takes into account the impact of the cost of circa
EUR170 million, as recently announced, in exiting the French
operations over the next 18-24 months.

Egg is a U.K.-based bank operating mainly via the internet
offering credit cards, unsecured loans, mortgages and deposit
accounts.  The bank has succeeded in creating a strong brand and
a profitable operation in the U.K., despite a short operating
history.  Expansion of the model into France in 2003 proved
disastrous and loss-making, prompting the bank's announcement of
its withdrawal from this market in July 2004.

CONTACT:  FITCH RATINGS
          Robert Thursfield, London
          Phone: +44 20 7417 3548
          Alison Leveridge
          Phone: +44 20 7417 4305

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


EQUITABLE LIFE: E&Y, Accountants Face Disciplinary Actions
----------------------------------------------------------
Ernst & Young accountants who audited Equitable Life prior to
its near collapse four years ago risk losing their license if
found negligent in their duties, The Scotsman says.

The Joint Disciplinary Scheme (JDS), Britain's accountancy
watchdog, is reportedly preparing to charge Ernst & Young with
"general audit failure."  The charge sheet, according to The
Scotsman, also names two partners, including Paul McNamara who
took the lead on the Equitable account.

Upon filing of the complaint, the JDS will form a tribunal,
usually chaired by an independent senior lawyer with two
chartered accountants as members, the report says.  The tribunal
can impose penalties ranging from a simple reprimand to a multi-
million-pound fine or even cancellation of a firm's
registration.  Individuals may be slapped with censure,
unlimited fines, and possible exclusion from his professional
body.  The tribunal is expected to be convened later this month.

The complaint is the product of a two-year struggle to force
Ernst & Young to answer questions that policyholders have been
asking since the mutual life insurer closed business in 2000.
Policyholders have accused the accounting firm of negligence for
failing to advise the board about the nature of the insurer's
guaranteed annuity contracts.  Attached to policies issued in
the 1950s, these contracts promised holders pension benefits in
the form of an annuity at a guaranteed annuity rate.
Unfortunately, market annuity rates fell below this guaranteed
rate during the 1990s and it became clear that keeping the
promise would prove costly.  Equitable tried to break the
agreement by declaring lower final bonus rates, but
policyholders challenged this before the High Court, which
eventually ruled against the insurer.  Faced with a GBP1.5
billion bill following this defeat, the company was forced to
close to new business.

Since then, Equitable's board has pursued a GBP2 billion claim
against Ernst & Young for failing to realize that the insurer's
guaranteed contracts were too expensive.   This trial is
scheduled to reach London's High Court in April 2005.

"We believe that the allegations are misguided and we will
vigorously defend them," E&Y director of communications, Kevin
Russell, told The Scotsman when asked to comment on the JDS
complaint.

Liz Kwantes, coordinator of Equitable Life Members Support
Group, which is seeking compensation for policyholders, welcomed
the JDS' move.  "It's another step on the path to achieving our
goal of recompense for all the dreadful things that have
happened to us."


ESSO MARINE: Creditors Have Until September 30 to File Claims
-------------------------------------------------------------
Andrew White, of Baker Tilly, International House, Queens Road,
Brighton BN1 3XE, was appointed Liquidator of Esso Marine U.K.
Limited following an Extraordinary General Meeting of the
Company on 22 July 2004.

The Liquidator gives notice pursuant to Rule 4.182(A) of the
Insolvency Rules 1986, that the Creditors of the Company must
send details in writing of any claim against the Company to the
Liquidator at Baker Tilly, International House, Queens Road,
Brighton BN1 3XE by 30 September 2004.

No further public advertisement of invitation to prove debts
will be given.  It should be noted that the Directors of the
Company have made a Statutory Declaration that they have made a
full inquiry into the affairs of the Company and that they are
of the opinion that the Company will be able to pay its debts in
full within a period of 12 months from the commencement of the
winding-up.

A White, Liquidator

NOTE. All known Creditors have been paid in full.


EURO-COMPUTER SUPPLIES: Brings in Liquidators
---------------------------------------------
At an Extraordinary General Meeting of Euro-Computer Supplies
Limited at 43 Pall Mall, London SW1, on 23 July 2004,
Extraordinary and Ordinary Resolutions to voluntarily wind up
the company were passed.

Paul Barrett and Carl Derek Faulds, of Portland Business &
Financial Solutions Ltd., 1640 Parkway, Solent Business Park,
Whiteley, Fareham, Hampshire, were appointed Joint Liquidators.

D J Goodwin, Director


EXECUTIVE REMUNERATION: Liquidator to Give Update September 24
--------------------------------------------------------------
Final Meetings of the Members of Executive Remuneration Review
Limited Company will be held at the offices of Smith &
Williamson Limited, 1 Riding House Street, London W1A 3AS, on 24
September 2004, at 11:30 a.m.

The meeting is convened for the purposes of: (a) having an
account laid before them, and of receiving a report of the
Liquidator showing how the winding-up of the Company has been
conducted, and its property disposed of, and (b) of hearing any
explanation that may be given by the Liquidator.

A Member entitled to attend and vote at either of the above
Meetings may appoint a proxy to attend and vote instead of him.
A proxy need not be a Member of the Company.  Proxies to be used
at the Meetings must be lodged with the Liquidator no later than
12:00 noon on the business day preceding the Meeting.

A C Spicer, Liquidator


FILTRONIC PLC: Admits Breaching Certain Financial Covenants
-----------------------------------------------------------
Filtronic plc, a leading global designer and manufacturer of
customized microwave electronic subsystems for the wireless
telecommunications and defense industries, announces its
Preliminary Results for the year ended 31 May 2004.  Worldwide
sites are in the U.K. (North of England, Yorkshire, Midlands,
Scotland), U.S.A., Finland, China and Australia.

Both major businesses, Wireless Infrastructure and Handset
Products, produced the majority of sales and all of the
operating profits, as in the previous financial year.  Filtronic
is one of the world's leading independent suppliers of transmit
receive modules for base stations and the world's leading
manufacturer of mobile handset antennas.

Professor J. David Rhodes CBE FRS FREng Chairman says: "The
impact of the weak U.S. dollar against budgeted exchange rates
reduced sales and operating profit in the core wireless
infrastructure business.  We have accelerated manufacturing of
our wireless infrastructure transmit/receive modules to China.
The reorganization of our business segments at the Interim
stage, with a broad range of new products, including power
amplifiers, better positions Filtronic."

Financial Highlights

(a) Group sales of GBP237.2 million (2003: GBP241.3 million);

(b) Operating profit of GBP3.7 million (2003: GBP6.7 million);

(c) Net interest and financing costs were GBP8.6 million (2003:
    GBP2.9 million) - Primarily due to early repayment of 10%
    Senior Notes;

(d) Pre-tax loss of GBP409,000 (2003: GBP3.8 million);

(e) Loss per share of 4.04p (2003: basic EPS of 1.46p);

(f) Final dividend maintained at 1.80p (2003: 1.80p), payable 1
    November 2004, for 2.7p total (2002: 2.7p);

(g) Net gearing unchanged at 51%.

Operational Highlights

(a) Wireless Infrastructure: Production contracts secured with
    all major OEMs.

     (i) Transmit/receive modules to benefit from lower cost
         Chinese manufacturing.

    (ii) Growth to mainly occur in China for transmit/receive
         modules towards end December, start of 2005.

   (iii) U.K. to focus on new product introductions for
         transmit/receivers and power amplifiers.

    (iv) Handset Products: Supply of internal antennas with
         higher levels of mechanical integration.

     (v) Second half operating margins approximately 15% to
         remain at this level.

    (vi) Growth expected, new products to consolidate market
         leadership.

(b) Integrated Products: Increasing compound semiconductor sales
    reduces losses, expected to continue.

      (i) Past investment in Newton Aycliffe creating strong
          upside potential.

     (ii) Major market opportunity for compound semiconductors
          in Power Amplifiers for 3G base stations.

     (iii) Own supply of low cost, higher efficiency GaAs
           transistors offers significant advantages.

(c) Capital expenditure of GBP18 million in 2005, approximately
    50% more than in 2003/4.

(d) Strategic alliance with BAE Systems: producing sales;
    forward growth potential for radar surveillance.

(e) New Chief Executive Officer Professor John Roulston joins 6
    September 2004.

Outlook

Professor J. David Rhodes says: "We are now delivering
production quantities of wireless infrastructure products to all
major OEMs.  Filtronic is well placed for growth in 2004/2005
financial year as it continues to gain market share in
transmit/receive modules for base stations, introduces new
compound semiconductor based products across a broad range of
markets, and commences the supply of integrated power amplifiers
for 3G WCDMA Networks."

Chairman's Statement
Financial results

Sales for the year ended 31 May 2004 were GBP237.2 million (2003
GBP241.3 million), and operating profit was GBP3.7 million (2003
GBP6.7 million).  An exceptional profit on disposal of a
business was GBP4.5 million.  Net interest and financing costs
were GBP8.6 million (2003 GBP2.9 million).  This change was
primarily due to the early repayment of the 10% Senior Notes.
This resulted in a loss before tax of GBP0.4 million (2003
GBP3.8 million profit), and a loss after tax of GBP3.0 million
(2003 GBP1.1 million profit).  Basic and diluted loss per share
was 4.04p (2003 1.46p basic earnings, 1.45p diluted earnings).

Dividend

The Board is proposing to maintain the final dividend of 1.80p
(2003 1.80p) payable on 1 November 2004 to shareholders on
register at 13 August 2004.

Foreign Currency and Trading Factors

Two consecutive years in which sterling has appreciated at
greater than 10% against the U.S. dollar inevitably creates
pressure for our U.K.-based operations.

The Board has accelerated the transition of manufacturing to
China such that transmit/receive modules in Wireless
Infrastructure are now manufactured there in quantities
exceeding U.K. output.  Future expansion in this market will
benefit from the lower cost of Chinese manufacturing and will
provide a natural hedge against the strength of sterling.

Since our Handset Products group operates in dollar/euro
economies, the percentage margins earned are independent of the
strength of sterling.  Absolute value of sales and the profit
delivered suffered when translated into sterling.

Most of the operations of the Integrated Products group are
located in the U.K. while the majority of its output operates in
a market priced in dollars.  This has resulted in pressure on
margins in this business segment.

The global nature of the business implies exposure to currency
movement.  This has contributed a loss in the year as the euro,
like the dollar, moved against sterling for a sustained
interval.  The Board will conduct a review of procedures and
policy with the intention of introducing improvements in the
finance and accounting areas during the year.

Operations

As advised in the interim statement, the Board implemented a
management and reporting reorganization of the business
segments.  This was done so that Filtronic is better positioned
to address the challenges of moving from the development stage
into production with a broad range of new products, including
power amplifiers.  Accordingly, the segmental analysis of the
operating results is:

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                                       Sales
Operating profit

Year ended 31 May          2004      2003       2004       2003
                           GBPm      GBPm       GBPm       GBPm

Wireless Infrastructure (WI) 140.9   151.7    10.4     20.9
Handset Products (HP)        57.4     51.2    10.4     10.8
Integrated Products* (IP)    37.8     37.5   (13.3)   (19.3)
Central Services (CS)         3.6      1.8    (3.8)    (5.7)
Inter segment                (2.5)    (0.9)      -       -
                             -------     ---------    ----------
                             237.2   241.3    3.7        6.7
                             -------     ---------    ----------

* Includes the Filtronic Solid State Electronic Warfare
business, which was sold on 31 December 2003.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Wireless Infrastructure

This business includes the traditional transmit/receive modules
and new integrated power amplifiers for mobile base stations.
The company is now delivering production quantities of WI
products to all major original equipment manufacturers (OEMs).
Additional investments were made during the second half of the
year in both aspects of the business.  In the transmit/receive
module business, the decision to expand in China to meet the
increasing demands of our existing customers and the production
ramp for a new major OEM customer required additional funding.
A decision was made to continue to procure materials in the
U.K. in order to provide cover against any delays in ramping up
the Chinese production.  Following successful ramp-up in China,
the U.K. operation will now focus on new product introduction
for transmit/receive modules and integrated power amplifiers.

It became apparent earlier in this calendar year that the
company's market opportunity in power amplifiers was for the
supply of higher value integrated power amplifiers rather than
power amplifier modules.  Consequently, additional resources
were deployed in the U.K. to establish a production facility for
this complex integrated product and this involved an additional
GBP2 million of investment.  In the full year, the cost,
including this GBP2m has totaled GBP5 million and following the
year-end the first production contract has been secured.

Handset Products

The supply of internal antennas with higher levels of mechanical
integration has dominated this year's performance.  Since the
proportion of our added value has decreased, the margins have
fallen in line.

Taking into account the retranslation of the first half with
respect to the end of year exchange rates, the effective
operating margins in the second half were approximately 15% and
are likely to remain at this level with the current level of
product integration.

Integrated Products

Increasing sales in compound semiconductor devices have enabled
the whole group to reduce losses.  This trend is expected to
continue.  Fully automated assembly systems are now operational
for incorporating high power transistors into modules for the
integrated power amplifiers in WI.  Operational improvements
within the defense component of the business have allowed
profitable operation for the year in the U.S. and U.K..

Central R&D

In addition to creating sales for DSP (Digital Signal
Processing) subsystems for both commercial and defense
applications, a considerable advance has been made on the
development of digital predistortion techniques for 3G
integrated power amplifiers.

Finance

As advised in the interim statement, the outstanding 10% Senior
Notes were re-financed with a GBP50 million term loan.  The
trading conditions prevailing in the latter part of the
financial year and the appreciation of sterling against the
dollar have led to certain breaches of the financial covenants
associated with the term loan.  The group's lending banks have
confirmed their continuing support, including the waiving of the
covenant breaches, whilst reserving their rights.  Future
covenant tests will be set to a suitable level based on
prevailing trading conditions.  The group's overdraft facility
has been renewed at GBP9 million until July 2005.

Capital investment

The growth in demand from both our existing and new customers
for wireless infrastructure transmit/receive modules caused us
to commit further capital expenditure for test equipment and
facilitization, mainly in China.  This investment, together with
new generic manufacturing equipment and processes to service the
integrated handset antenna product line with new foil technology
and automated test equipment for production of integrated power
amplifiers for 3G WCDMA networks will result in capital
expenditure of GBP18 million, approximately 50% more than in the
2003/4 financial year.

Outlook

In WI, production contracts have now been secured with all major
OEMs.  Growth will mainly occur in China for our
transmit/receive modules towards the end of this calendar year
and the beginning of 2005.  A similar time frame also exists for
the production in the U.K. for the first integrated power
amplifiers, where production requirements are larger than
initially anticipated.  Start-up costs will lead to a loss of
approximately GBP6 million before a positive contribution is
achieved by the year-end.

In HP, the addition of our new foil technology and the
utilization of our impact extrusion expertise should consolidate
our world leading position.

IP will grow primarily due to the increase in sales of compound
semiconductors and in particular, the growth in RF switch
products for mobile handsets.  Further growth will also be
achieved in supplying the high yield large power transistors
mounted in the high efficiency module units for the integrated
power amplifiers.
Past investment at the compound semiconductor foundry in Newton
Aycliffe has equipped the Integrated Products segment with the
capacity to react rapidly to increasing market demand creating
strong upside potential.

By far the largest market opportunity for the company is the
supply of integrated power amplifiers for 3G base stations.
Uniquely in this market, Filtronic controls its own supply of
GaAs transistors, which are lower cost per watt of power
compared to silicon LDMOS, the technology used by our
competitors.  Using feed-forward linearisation, GaAs units are
more efficient than LDMOS units and with the state-of-the-art
digital predistortion both techniques result in lower cost and
higher efficiency.

Whilst GaAs units are more difficult to linearize  digitally,
full UMTS specifications have been met by Filtronic for both
constant and pulse power conditions.  The company believes that
LDMOS amplifiers, linearized through digital predistortion will
have difficulty in meeting this critical specification under
practical pulsed-power conditions.

Hence, it is likely that our technology offers a significant
advantage over competing solutions particularly for multicarrier
and HSDPA (high speed data packet access) applications.

The strategic alliance with BAE SYSTEMS is producing sales, at
development level, with growth potential as BAE SYSTEMS moves to
production with its Seaspray 7000 series of active array radars
for the surveillance market.

Potential exists for expansion of the agreement as a result of
the proposed merger of Gallileo Avionica, part of Finmeccanica,
and the Avionics Group of BAE SYSTEMS.  The experience of the
alliance indicates increased scope for business in the sub-
system arena coupled with benefits of high reliability
manufacturing at low cost.  Increased emphasis and budget
allocation for European homeland security projects offers
additional scope for supply of infrastructure elements,
including airborne active antennas for satellite communications.

Company Directors

Last year a decision was made to split the roles of Chairman and
CEO.  Earlier this year, the position of CEO was offered to
Professor John Roulston.  Professor Roulston resigned from the
Board of BAE Systems Avionics Limited in June and by agreement
with his previous employer will take up his position at
Filtronic on 6 September 2004.

Professor Christopher Snowden has accepted the prestigious
position as Vice-Chancellor at the University of Surrey but will
stay as a director with the company until April 2005, after
which he will remain as a technical consultant in the area of
compound semiconductors.

John Samuel resigned as Finance Director at the beginning of
June.  Christopher Schofield resigned as Company Secretary and
executive director to concentrate on the Law practice, Schofield
Sweeney, which he co-founded. Dr Maura Moynihan, a qualified
solicitor specializing in intellectual property and a PhD
graduate in biochemistry, joined Filtronic two years ago with
the remit to become Company Secretary to which position she has
now been appointed.

Professor J David Rhodes CBE FRS FREng
Chairman
2 August 2004

Financial statements are available free of charge at
http://bankrupt.com/misc/Filtronic_2004.htm

CONTACT:  FILTRONIC PLC
          Professor J. David Rhodes, Chairman
          Phone: 020 7786 9600 (Mon/ Thurs)

          Professor Chris Snowden, Director
          Phone: 07887651822

          BINNS & CO PR LTD.
          Peter Binns
          Paul McManus
          Phone: 020 7786 9600
                 07980 541 893


FINEST FOODS: Court Appoints Liquidator from Martin Aitken & Co.
----------------------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

IN THE MATTER OF Finest Foods Anywhere Limited (In Liquidation)

I, Graham Cameron Tough, CA, Martin Aitken & Co., Caledonia
House, 89 Seaward Street, Glasgow hereby give notice that on
July 22, 2004 I was appointed Liquidator of Finest Foods
Anywhere Limited by an order of the court in terms of Section
138(5) of the Insolvency Act 1986.  No Liquidation Committee was
established.

Accordingly, I do not intend to summon a further meeting for the
purpose of establishing a Liquidation Committee unless one-tenth
in value of the creditors require it in terms of Section 142(3)
of the Insolvency Act 1986.

Graham Cameron Tough CA, Liquidator

CONTACT:  MARTIN AITKEN & CO.
          Caledonia House
          89 Seaward Street
          Glasgow G41 1HJ
          Phone: 0141 332 0488
          Fax: 0141 272 0011
          E-mail: ca@maco.co.uk
          Web site: http://www.maco.co.uk


HALLCO 1019: Gives Creditors Until September 27 to File Claims
--------------------------------------------------------------
Notice is hereby given that the Creditors of Hallco 1019
Limited, which is being voluntarily wound up, are required, on
or before 27 September 2004, to send in their names and
addresses, with particulars of their debts or claims, to the
undersigned, Lindsey Jane Cooper, of Baker Tilly, Brazennose
House, Lincoln Square, Manchester M2 5BL, the Joint Liquidator
of the Company, and, if so required by notice in writing to
prove their said debts or claims at such time and place as shall
be specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proven.

L J Cooper, Joint Liquidator


HALL & RICE: Members Final Meeting September 20
-----------------------------------------------
The Final General Meeting of the Members of Hall & Rice Limited
will be held at the offices of BDO Stoy Hayward LLP, 125 Colmore
Row, Birmingham B3 3SD, on 20 September 2004, at 10:00 a.m.

The meeting is convened for the purposes of: (a) having an
account laid before the Meeting and to receive the Liquidator's
report showing how the winding-up of the Company has been
conducted and its property disposed of, and (b) of hearing any
explanation that may be given by the Liquidator.  Any Member
entitled to attend and vote at the above-mentioned Meeting is
entitled to appoint a proxy to attend and vote instead of him
and such proxy need not also be a Member.

A J Galloway, Liquidator


HEART OF MIDLOTHIAN: Lenders Agree to Increase Credit Facility
--------------------------------------------------------------
Within the interim results statement released on 29 April 2004,
the Board of Hearts explained that the company was examining
options in respect of the sale of Tynecastle Stadium.  The Board
further explained that under this strategy, the company had
support from its lenders in providing the necessary working
capital until 31 July 2004 at which point the future funding
facilities of the company would need to be agreed.

The Board of Hearts announces that it has on 29 July 2004 agreed
with its lenders to extend the review date of the company's
existing bank facility to 31 August 2004.  In addition the
company has agreed terms with its lenders for the provision of a
revised and increased bank facility with effect from 1 September
2004.  The availability of the Revised Facility is subject to
certain pre-conditions, principally the execution on or before
31 August 2004 of an agreement for the sale by Hearts of
Tynecastle Stadium.

A further announcement will be made when appropriate.

CONTACT:  HEART OF MIDLOTHIAN PLC
          Chris Robinson
          Phone: 0131 200 7245


HOLLINGER INC.: Supreme Court Sustains Chancery Court Ruling
------------------------------------------------------------
The Delaware Supreme Court denied Hollinger Inc.'s (TSX:HLG.C)
(TSX:HLG.PR.B) appeal of the ruling issued on July 29 by the
Delaware Chancery Court regarding the sale of Hollinger
International Inc.'s U.K. assets.  As publicly disclosed earlier
Friday, Hollinger International Inc. completed the sale of the
Telegraph Group, whose assets include The Daily Telegraph, The
Sunday Telegraph and The Spectator and Apollo magazines in Great
Britain, to a company controlled by the Barclay brothers.

Hollinger co-Chief Operating Officer, Peter G. White, said:
"While we are disappointed that the Courts failed to provide
Hollinger International shareholders the opportunity to
determine if a sale of the Telegraph was in their best interest,
we wish the new owners of the Telegraph Group well in their
stewardship of these world-class media properties.  The Barclays
recognized the substantial value that Lord Black and his
management team created over the years at the Telegraph Group by
paying a price approximately 30 times what the Telegraph was
purchased for in 1986.  We are confident that the Barclays will
continue to successfully build on that legacy in their
leadership of the Telegraph properties."

Hollinger, as do all other shareholders of Hollinger
International, looks forward to the decision of Hollinger
International's board as to its plans for the proceeds of the
sale as soon as possible.

Hollinger's principal asset is its approximately 68.0% voting
and 18.2% equity interest in Hollinger International.  Hollinger
International is an international newspaper publisher with
English-language newspapers in the United States and Israel.
Its assets include the Chicago Sun-Times and a large number of
community newspapers in the Chicago area, The Jerusalem Post and
The International Jerusalem Post in Israel, a portfolio of new
media investments and a variety of other assets.


HOWICK FINE: In Voluntary Liquidation
-------------------------------------
At an Extraordinary General Meeting of Howick Fine Arts Limited
at the office of Unique Business Finance Ltd., 6 Lockside Office
Park, Lockside Road, Preston PR2 2YS, on 27 July 2004, an
Extraordinary Resolution to voluntarily wind up the company was
passed.

Mark Prideaux, of Unique Business Finance Ltd., 6 Lockside
Office Park, Lockside Road, Preston PR2 2YS, was appointed
Liquidator.

C W Tidy


JJ LTD.: Opts to Voluntarily Wind up Business
---------------------------------------------
At an Extraordinary General Meeting of the Members of JJ Ltd. at
9 Wimpole Street, London W1G 9SR, on 23 July 2004, an
Extraordinary Resolution to voluntarily wind up the company was
passed.  Kevin Thomas Brown, of Kevin Brown & Associates, 30
Harts Grove, Woodford Green, Essex IG8 0BN, was appointed
liquidator.

B Fletcher, Director


J J PLASTICS: Applies for Voluntary Liquidation
-----------------------------------------------
At an Extraordinary General Meeting of J J Plastics Limited at
the office of Parkin S. Booth & Co, 2 City Road, Chester CH1
3AE, on 27 July 2004, a subjoined Extraordinary Resolution to
voluntarily wind up the company was passed.

Ian C Brown, of Parkin S Booth & Co, 2 City Road, Chester CH1
3AE, was appointed liquidator.

P L Rendle-Barnes, Director


KALEIDOSCOPE DIGITAL: Deadline for Proofs of Claim August 23
------------------------------------------------------------
Creditors of Kaleidoscope Digital Imaging Limited, which is
being voluntarily wound up, are required, on or before 23 August
2004, to send in their names and addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to Mark Newman, of Smith
& Williamson Limited, The Meeting House, Little Mount Sion,
Tunbridge Wells, Kent TN1 1YS, the Liquidator of the Company.


L. BARNETT: Creditors Have Until September 10 to File Claims
------------------------------------------------------------
Richard Frank Simms, of F A Simms & Partners Plc, Insol House,
39 Station Road, Lutterworth, Leicestershire LE17 4AP, was
appointed Liquidator of L. Barnett European Limited on 26 July
2004.

Creditors of the company are required, on or before 10 September
2004, to send their names and addresses, particulars of their
debts or claims, and the names and addresses of their Solicitor
(if any) to Richard Frank Simms, of F A Simms & Partners Plc,
Insol House, 39 Station Road, Lutterworth, Leicestershire LE17
4AP, the Joint Liquidator of the said Company.

R F Simms, Liquidator


LIBERTY FLEX: Sets General Meeting September 1
----------------------------------------------
A General Meeting of Liberty Flex Holdings Limited will be held
at 66 Shoe Lane, London EC4A 3WA, on 1 September 2004, at 10:00
a.m., to consider, and if thought fit, to pass these
Resolutions, as an Ordinary Resolution and as an Extraordinary
Resolution respectively:

"That the Liquidators' statement of account for the period of
the liquidation be approved, and that the books, accounts and
documents of the Company and of the Liquidator be disposed of as
the Liquidator sees fit, subject to any legal requirements
governing the period of retention."

A Member entitled to attend and vote at the above Meeting may
appoint a proxy to attend and vote instead of him or her.

J R D Smith, Joint Liquidator


MITSUI LIFE: Meeting to Approve Liquidator's Report September 2
---------------------------------------------------------------
A General Meeting of Mitsui Life International London Limited
will be held at Athene Place, 66 Shoe Lane, London EC4A 3WA, on
2 September 2004, at 10:00 a.m., to consider, and if thought
fit, to pass the following Resolutions, as an Ordinary
Resolution and as an Extraordinary Resolution respectively:

"That the remuneration of the Liquidators be approved, that the
Liquidators' statement of account for the period of the
liquidation be approved, and that the books, accounts and
documents of the Company and of the Liquidator be disposed of as
the Liquidator sees fit, subject to any legal requirements
governing the period of retention."

A Member entitled to attend and vote at the above Meeting may
appoint a proxy to attend and vote instead of him or her.

J R D Smith, Joint Liquidator


MOSS BROS: Returns to Black in First Half
-----------------------------------------
Moss Bros Group Plc, the U.K. menswear retailer, reports on
trading ahead of entering the close period for the half year
ended 31 July 2004.

(a) The company has returned to profit in the first half, for
    the first time in five years, with profit not less than
    GBP0.5 million (2003 first half GBP1.8 million loss).

(b) Like for like sales for the 26 weeks are 8% up on last year,
    with suit sales up 14% on last year.

(c) Total gross margin for the half is up 10% like for like with
    gross margin percentage in excess of 51.5% against 50.0%
    last year.

Philip Mountford, Chief Executive, commented: "The company is
back in profit in the first half for the first time in five
years.  Like for like sales growth of 8% is encouraging with all
three core fascia (Moss, Cecil Gee and Boss) showing sales
growth.  Suit sales have been particularly strong up 14%, with
continued success for our strategy of selling quality branded
suits at good prices.

Gross margin percentage continues to strengthen reflecting
improvements made in product ranges, improved buying, supply
chain efficiencies and more effective sales promotions.

We have made a good start but there remains considerable work to
do to realize the full potential of the business."

The announcement of the Company's half-year results will be made
on 7 October 2004.

CONTACT:  MOSS BROS GROUP PLC
          Philip Mountford
          Roddy Murray
          Phone: 020 7447 7200

          Tulchan Communications
          Alexia Latham
          Phone: 020 7353 4200


ORGANIC INTERMEDIATES: May Appoint Liquidator August 10
-------------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

          IN THE MATTER OF Organic Intermediates Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Organic Intermediates
Ltd. will be held at Jarvis Piccadilly Hotel Portland Street
Manchester M1 4PH on August 10, 2004 at 11:30 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

In accordance with section 98 (2) Insolvency Act 1986 a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Lewis Alexander & Collins, 103 Portland
Street Manchester M1 6DF two business days prior to the meeting.

By Order of the Board.

C. Stott, Director
July 7, 2004

CONTACT:  LEWIS ALEXANDER & COLLINS
          103 Portland Street
          Manchester M1 6DF
          Phone: 0161 2365175


PPL THERAPEUTICS: Court Okays Scheme of Arrangement
---------------------------------------------------
PPL Therapeutics announces that the Court sanctioned the Scheme
at the Court Hearing on 28 July 2004 and confirmed the Reduction
of Capital at the Court Hearing on 29 July 2004.  Following the
filing and registration of the relevant Court orders in relation
to the Scheme and the Reduction of Capital, the Scheme and the
Reduction of Capital will become effective and PPL will be a
wholly owned subsidiary of Innovation Development.

PPL Shares delisted at 7:30 a.m. on 30 July 2004.

The latest date for the dispatch of checks to Scheme
Shareholders is 13 August 2004.

Note: the defined words and terms used in this announcement
shall have the meanings given to them in the scheme documents.

This announcement does not constitute, or form part of, an offer
or an invitation to purchase any securities.

KPMG Corporate Finance, a division of KPMG LLP, which is
authorized and regulated by the Financial Services Authority for
investment business activities, is acting for the Company as
financial adviser in relation to the Proposal and is not acting
for any other person in relation to such Proposal.  KPMG
Corporate Finance will not be responsible to anyone other than
the Company for providing the protections afforded to its
clients or for providing advice in relation to the contents of
this announcement or any proposal or arrangement referred to
herein.

McBrides, which is authorized by the Institute of Chartered
Accountants in England & Wales, is acting for Innovation
Development Limited as financial advisor in connection with the
Proposal and is not acting for any other person in relation to
the Proposal.  McBrides will not be responsible to anyone other
than Innovation Development Limited for providing the
protections afforded to clients of McBrides or for providing
advice in relation to the contents of this announcement or any
proposal or arrangement referred to herein.

CONTACT:  PPL THERAPEUTICS PLC
          Chris Greig, Chairman
          Phone: 0131 440 4777
          Lindsay Dunsmuir, Chief Financial Officer
          Phone: 0131 440 4777

          KPMG CORPORATE FINANCE
          (financial advisers to the Company)
          David McCorquodale, Partner
          Phone: 020 7311 8493

          INNOVATION DEVELOPMENT LIMITED
          Neil Muttock, Managing Director
          Phone: 020 7704 9997

          MCBRIDES
          (financial advisers to Innovation Development Limited)
          Peter McBride, Partner
          Phone: 020 7467 1700

          DEUTSCHE BANK
          (corporate broker to the Company)
          Phil Cowdy, Director
          Phone: 020 7547 6936

          HUDSON SANDLER
          (PR advisers to the Company)
          Alistair Mackinnon-Musson
          Phone: 020 7796 4133
          E-mail: ppl@hspr.co.uk


PXP INTERNATIONAL: Deadline for Filing Claims August 30
-------------------------------------------------------
Phillip Rodney Sykes, of Moore Stephens, 1 Snow Hill, London
EC1A 2EN, the Joint Liquidator of PXP International Limited
intends to make a first and final distribution to Creditors.

Creditors are required to send their names and addresses and
particulars of their claim to the Joint Liquidator on or before
30 August 2004, the last date for proving.  Thereafter, the
distribution may be made without regard to the claim of any
person whose debt has not been proved by that date.  It should
be noted that the majority of the Directors of the Company have
made a Statutory Declaration that they have made a full inquiry
into the affairs of the Company and that they are of the opinion
that the Company will be able to pay its debts in full within a
period of 12 months from the date of Liquidation.

P R Sykes, Joint Liquidator


QUEENS MOAT: Recommends Whitehall 2001 Offer
--------------------------------------------
Summary

Whitehall 2001 and Queens Moat are pleased to announce the terms
of a Restructuring of Queens Moat, including the proposed
recommended Acquisition by the Whitehall Funds Offeror, a
special purpose vehicle wholly owned by Whitehall 2001, of the
entire issued share capital of Queens Moat as enlarged by the
conversion of the Junior Convertible Debt.

As part of the Restructuring:

(a) Shareholders will receive 1 penny in cash for each Share if
    the Scheme becomes effective;

(b) The Junior Convertible Debt will be converted into Shares
    and holders of the Junior Convertible Debt will receive 1
    penny in cash for each Share if the Scheme becomes
    effective.

Goldman Sachs Credit Partners LP, a subsidiary of The Goldman
Sachs Group, Inc. (GSCP), has offered to acquire the Junior Term
Debt for a consideration of approximately 90% of the principal
sums outstanding under the Junior Term Debt plus 100% of the
accrued interest to 30 June 2004 and 100% of certain secured
components of the Junior Term Debt.

As at the date of this announcement, GSCP has entered into
conditional agreements with JTD Holders to acquire Junior Term
Debt representing approximately 41% by value of the principal
sums outstanding under the Junior Term Debt, which together with
the Junior Term Debt currently held by Whitehall 2001, its
Affiliates and parties acting in concert with Whitehall 2001,
represents approximately 75% by value of the principal sums
outstanding under the Junior Term Debt.

The Scheme will only be implemented if the Pre-Condition has
been satisfied (or waived) by 16 August 2004 (or such later date
as may be notified, being no later than 31 August 2004).  The
Pre-Condition will only be satisfied if, inter alia, (i) holders
of the Junior Term Debt representing at least 98% by value of
the Junior Term Debt (or such lesser percentage as GSCP may
decide with the consent of the JTD Steering Committee), less
proprietary interests held on behalf of certain Affiliates of
Whitehall 2001 and The Goldman Sachs Group, Inc., have entered
into debt purchase agreements in the agreed form with GSCP and

(ii) the Junior Convertible Debt has been converted into Shares.

The Queens Moat Board believes the Acquisition is the best
option available to the company and is recommending it to its
Shareholders.  The Restructuring also provides a significant
recovery for JTD Holders.

As at the date of this announcement, Whitehall 2001, its
Affiliates and parties acting in concert with Whitehall 2001
own:

(a) 37.4% by value of the principal sums outstanding under the
    Junior Convertible Debt;

(b) 29.6% of the Shares currently in issue (with an option to
    acquire further Shares representing approximately 6.1% of
    the existing issued share capital of the Company); and

(c) approximately 34% by value of the principal sums outstanding
    under the Junior Term Debt.

Following the issue of the JCD Shares, Whitehall 2001, its
Affiliates and parties acting in concert with Whitehall 2001
will own 32.4% of the enlarged issued share capital of the
Company (with an option to acquire an additional 3.9% of the
enlarged issued share capital of the Company).  Whitehall 2001
has received irrevocable undertakings to vote in favor of the
Scheme from those members of the Board who hold Shares
representing in aggregate 0.04% of the Shares currently in issue
(or 0.03% of the enlarged issued share capital of the company
following the issue of the JCD Shares).

Steven Marshall, Chairman of Queens Moat, said: "The Board is
recommending the acquisition of Queens Moat by Whitehall 2001 to
Shareholders as the best outcome from the strategic review for
the Company.  Whitehall 2001's ability to invest new capital in
the Queens Moat Group should provide a more solid platform for
the business and its customers going forward.  The Restructuring
provides a significant return to JTD Holders and also provides
some return for all of the Company's stakeholders."

                            *   *   *

Not for release into the United States, Canada, Australia and
Japan.

CONTACT:  GOLDMAN SACHS INTERNATIONAL
          (Financial adviser to Whitehall 2001)
          Richard Campbell-Breeden
          Basil Geoghegan
          Phone: +44 (0) 20 7774 1000

          MORGAN STANLEY
          (Financial adviser to Queens Moat)
          Brian Magnus
          Phone: +44 (0) 20 7425 8000

          COLLEGE HILL ASSOCIATES
          (Financial public relations advisor to Queens Moat)
          Mark Garraway
          Crawford Burden
          Phone: +44 (0) 20 7457 2020


ROYAL & SUNALLIANCE: U.K. Life Disposal Great Move, Says Moody's
----------------------------------------------------------------
Moody's Investors Service is planning to lift the negative
outlook on the ratings of Royal & SunAlliance Insurance Group
plc.

The rating agency cites the Group's plan to sell its U.K. life
insurance business to Resolution Life for GBP850 million.  The
two have already reached an agreement that sets the completion
of the transaction in October.  Moody's notes that, although the
sale relative to book value will result in a small net loss for
Royal & SunAlliance, its overall impact on the Group will be
profound.

"[I]n terms of regulatory (Solvency 1 / IGD) capital and
internal risk-based capital, the transaction will release
significant volumes of surplus, through crystallization of in-
force value and release of regulatory surplus," a Moody's
statement said last week.

According to Moody's, one of the reasons for its negative
outlook is the nagging doubt about the Group's ability to meet
U.K. regulatory capital requirements.

"Given the capital release that would be achieved through the
sale, Moody's would, in the absence of adverse developments in
other areas, remove the negative outlook on the Group's ratings
on completion of the transaction," the statement adds.

Headquartered in London, Royal & Sun Alliance Group booked total
assets of GBP53.5 billion at end of March 2004.  Moody's rates
its long-term debt Ba2 and assigns the group a Baa2 Financial
Strength rating.

CONTACT:  ROYAL & SUN ALLIANCE INSURANCE GROUP PLC
          30 Berkeley Square, London W1J 6EW
          Phone: +44 (0) 20 7569 6136

          Helen Pickford, Head of Investor Relations
          Phone: +44 (0) 20 7569 6134
          E-mail: groupcommunications@gcc.royalsun.com
          Web site: http://www.royalsunalliance.com/


ROYAL & SUNALLIANCE: Names Mark Chambers General Counsel
--------------------------------------------------------
Royal & SunAlliance appointed Mark Chambers as General Counsel
and Group Company Secretary with effect from October 2004.  His
appointment will follow the retirement of Jan Miller as Group
Company Secretary later in the year after 34 years with the
Group.

Mr. Chambers, age 41, joins from American Express where he was
Managing Counsel for Europe, Middle East & Africa from January
2003. Prior to that he spent seven years with GE, starting in
1996, holding a number of senior positions within the consumer
finance and insurance businesses including Company Secretary of
GE Capital Bank Limited.  Mr. Chambers worked for Slaughter and
May between 1988 and 1996 both in London and New York before
joining GE.

At GE, Mr. Chambers was General Counsel for GE Insurance
Holdings from 2000 to 2003, having served as Legal Director and
Company Secretary for GE Capital Global Consumer Finance between
1998 and 2000 and Senior Legal Counsel between 1996 and 1998.

Andy Haste, Group Chief Executive of Royal & SunAlliance, said:
"I am pleased to welcome Mark, who brings 15 years of legal
expertise and a wealth of international experience to the role.
I would like to thank Jan for his support since my arrival and
express the Board's appreciation and best wishes for his
retirement."

Mr. Chambers was educated at Oxford University and is married
with two children.

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


* City Regulator Declares 20 Investment Firms in Default
--------------------------------------------------------
The Financial Services Compensation Scheme (FSCS) is encouraging
consumers who may have lost money as a result of their dealings
with any one of 20 firms recently declared in default by the
Scheme to get in touch.

Declaring a firm in default opens the way for anyone who has
lost money, as a result of dealings with such a firm, to make a
claim for compensation to FSCS.  The limit for investment
compensation is GBP48,000.  Consumers who believe they may have
a claim, should contact the Scheme on 020 7892 7300.  The
service is free to consumers.

"FSCS' role is to protect customers of financial services firms.
It is important for people to know that there is an organization
that can help if they have lost money and the firm can't pay,"
says Ron Devlin, Interim Chief Executive of the FSCS.

The declaration of default is the final part of a process
whereby a regulated firm (for example, an independent financial
adviser) is deemed by FSCS to be unable to pay claims for
compensation against it.  This is usually because it has
insufficient assets, for example, because it has ceased trading
or is insolvent.

FSCS is the U.K.'s statutory single compensation scheme covering
investments, deposits and insurance.  It provides a safety net
for consumers who have claims against regulated firms that are
unable to pay them.

A list of the 20 investment firms is attached, and a list
containing the full address of each of the firms is available at
http://www.fscs.org.uk. Consumers can also use the default
database on the Web site to check to see if a firm they have
dealt with previously has already been declared in default.

FSCS became the single compensation scheme in the financial
services sector on December 1, 2001, when the Financial Services
and Markets Act came into force.  All previous compensation
schemes, including the Investors Compensation Scheme, ceased to
operate at this time.

Default Declarations by FSCS (August 3, 2004)

(a) East

      (i) Anthony Buckley trading as Carrington & Co Financial
          Consultants.  Milton Keynes MK2 2BQ

     (ii) Tony Lawford Financial Services Limited formerly
          Matthews, Harris & Associates (Pensions & Investments)
          Limited.  Milton Keynes MK11 1BN

(b) Midlands

      (i) James Blenkin (Financial Services) Limited.  Leicester
          LE1 6AF

     (ii) Oughtred & Harrison Insurance Brokers (Midlands)
          Limited.  Grimsby DN31 1DZ

(c) North West

      (i) Hankey Richmond Financial Services Limited.  Chorley
          PR7 3DX

     (ii) Marsh Ward (Insurances) Limited (in liquidation).
          Blackburn BB2 1UL

    (iii) Raffles Credit Union.  Carlisle CA2 7LD

(c) Northern Ireland

      (i) North Down Insurance Brokers.  Bangor BT20 4NR

(d)South East

      (i) Bennetts Group Limited.  Newbury RG14 5DD

     (ii) David John Cotton (Deceased) trading as David Cotton &
          Company.  Tunbridge Wells TN2 3LN

    (iii) Dunbar Boyle & Kingsley Limited.  London W1Y 1PD

     (iv) Insurance & Financial Services Limited.  Ringwood BH24
          2EF

      (v) Keith Anthony Pearson trading as Pearson Buckingham
          Mortgage & Insurance Consultants.  Alton GU34 1AG

     (vi) Maidstone Mortgage Centre Limited (in liquidation)
          trading as I E Direct.  Maidstone ME14 5DY

    (vii) Paul Sanderson & Peter William Harris trading as
          Sanderson Harris Associates.  Twickenham TW2 5QE

(e) South West

      (i) Coombe Insurance (Services) Limited.  Wotton-Under-
          Edge GL12 7NG

     (ii) M J Palfrey & Co Limited.  Frome BA11 1BE

    (iii) Roger Smith formerly trading as Thornbury Insurance
    Services.  Bristol BS6 5AR

(f) Wales

      (i) T W Financial Services Limited.  Cardiff CF1 1NG

(g) Yorkshire & Humberside

      (i) John Beardmore and Nicholas Taylor trading as
          Beardmore Taylor Financial Services.  Leeds LS8 4BA


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

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

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

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