TCREUR_Public/040809.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

             Monday, August 9, 2004, Vol. 5, No. 156

                            Headlines

C Z E C H   R E P U B L I C

CZECH AIRLINES: Returns to Black in First Half


D E N M A R K

MAERSK AIR: Stops Servicing Faroe Islands Route


F R A N C E

VRAU: Oldest Thread Maker in France Falls into Administration


G E R M A N Y

KARSTADTQUELLE AG: Local Bank Adopts Wait-and-see Attitude
MARBERT HOLDING: Sells Marbert Brand for EUR23 Million
MERO GMBH: Management Fails to Avert Insolvency
TRANSTEC AG: Ends First-half with EUR5.9 Million Pre-tax Loss


H U N G A R Y

BORSODCHEM RT: Extraordinary General Meeting September 8


I T A L Y

ALITALIA SPA: CEO Revamps Procurement System to Save EUR225 Mln
CAPITALIA SPA: Faces EUR500 Mln Potential Payout to Bipop Owners
FINMATICA SPA: Liquidation Looms as Banks Refuse to Extend Loan
FINMATICA SPA: Fitch Downgrades Rating to 'C'
OLCESE SPA: Axes Jobs Across Plants


N E T H E R L A N D S

ROYAL SHELL: Reviews Options in BASF Joint Venture


R U S S I A

AGRO-PROM-ENERGO: Yaroslavl Court Appoints Insolvency Manager
ARTEL STARATELEY: Court Initiates Bankruptcy Procedure
ASTRAKHAN-TARA: Court Sets September 13 Hearing
BOILER AND THERMAL: Undergoes Bankruptcy Supervision Procedure
BSK-30: Deadline for Proofs of Claim August 18

CHOKURDAKH: Undergoes Bankruptcy Supervision Procedure
DAL-IN-TORG: Under Bankruptcy Supervision
DALNEVOSTOCHNAYA WOOD: Succumbs to Bankruptcy
DOMO-STROY: Gives Creditors Until August 18 to File Claims
ELEKTROUGLI: Deadline for Proofs of Claim Expires Next Week

KHVALOVSKOYE: Undergoes Bankruptcy Supervision Procedure
KOMI-ENERGO-DOR-STROY: Court Sets November 10 Hearing
MARTEMYANOVO: Bankruptcy Case Pending Before Tula Court
MEAT COMBINE: Auctions 118 Properties
SAKHALIN: Deadline for Proofs of Claim August 18

SEVER-INVEST: Proofs of Claim Expires Next Week
SPETS-MYASO-MOL-MONTAZH-1: Court Appoints Insolvency Manager
VERITAS: Kamchatka Court Confirms Insolvent Status
YUKOS OIL: Seeking Clearance for US$357 Mln Rospan Stake Sale
YUKOS OIL: Government Takes back 'Permission' to Access Accounts
YUKOS OIL: Federal Court Affirms RUB99.3 Bln Tax Claim


S L O V A K   R E P U B L I C

ZSR: Government Pays Up More than SKK1 Billion Loan


S W E D E N

SKANDIA INSURANCE: External Factors to Hit Second-quarter Result


U K R A I N E

AUTO 10913: Deadline for Proofs of Claim Expires August 15
DONBASSANTEHKOMPLEKTATSIYA: Proofs of Claim Deadline August 15
ELITAPLEMSERVICE: Under Bankruptcy Supervision
GALICHSUGAR: Bankruptcy Supervision Begins
GOLD LAGOON: Proofs of Claim Deadline August 15

KIA-INFORM: Undergoes Bankruptcy Supervision Procedure
KRIPENSKE: Bankruptcy Supervision Begins
LIPOVODOLINSKE AGROTEHSERVICE: Bankruptcy Supervision Ongoing
SAPFIR: Court Appoints Temporary Insolvency Manager
TEHNOSERVICE: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

24/7 COURIERS: Hires Joint Administrators from Rothman Pantall
4AM DISTRIBUTION: Sets Creditors Meeting August 18
ABBEY NATIONAL: Final Members Meeting September 30
ABBEY NATIONAL: HBOS Downplays Rumored Job Losses in its Offer
ABC FIRE: Sets Members and Creditors Meeting September 2

ACFIELD LIMITED: Hires Liquidator from Marks Bloom
AE MARSDEN: Calls in Liquidator
ALEXANDERS RESIDENTIAL: Sets Final Meetings September 6
ALLMEY & LAYFIELD: Names Liquidators from PricewaterhouseCoopers
ALLOY WHEELS: Members Pass Winding up Resolutions

ARCANA TRADING: Hires Liquidator from Elwell Watchorn & Saxton
ARCHIMEDES FINANCE: Members Final Meeting Set September 6
ARIES METAL: Winding up Resolution Passed
BABIES WISHWORLD: Hires Liquidator from Wilson Field
BRITISH ENERGY: Chair to Wrap up Restructuring by January 2005

BRITISH ENERGY: Long-time Board Member Resigns
BUCKINGHAM ESTATE: Calls in Liquidator
CLOSE FTSE: Names Ernst & Young Liquidator
COASTALSTATE LIMITED: Sets Final Meeting September 10
COURTS PLC: Secures GBP20 Million Additional Credit Facility

ED + LIMITED: Appoints Poppleton & Appleby Administrator
EGG PLC: Unidentified Shareholder Unloads Stakes
EIDOS PLC: Admits Takeover Talks, but Denies Getting Firm Offer
EMEIA SERVICES: Sets Members General Meeting August 20
FOUBERTS PLACE: Special Winding up Resolution Passed

GW 446: Hires Joint Administrators from Poppleton & Appleby
HEART OF MIDLOTHIAN: Clarifies Bank Facility Announcement
LASTMINUTE.COM PLC: 3rd-qtr Net Loss Balloons to GBP17 Million
MG ROVER: Sales Continue to Slip; July Figures Down 32%
OLYMPIC REMOVALS: In Administrative Receivership

PRIMESTOCK LIMITED: Names Ernst & Young Administrators
RASNA LIMITED: Members Pass Winding up Resolutions
ROBERTSON HOLDINGS: Sets Final Meeting September 6
SUPREME ALUSHIELD: Hires Administrator from UHY Hacker Young
THORNTONS PLC: To Discuss Preliminary Results September 7
XEROX CAPITAL: Ratings Affirmed; Outlook Stable


                            *********


===========================
C Z E C H   R E P U B L I C
===========================


CZECH AIRLINES: Returns to Black in First Half
----------------------------------------------
CSA Czech Airlines booked a CZK270.4 million (US$10.2 million)
profit for the period January-June, its best first-half results
in a decade.  The carrier reported a loss of CZK292.5 million
(US$11 million) for the same period a year ago.

The impressive result, according to the state-owned company, was
partly caused by a 27% increase in passenger uptake.  It flew
1.95 million passengers during the period, as tourists and
business travelers, particularly in Prague, one of the hottest
tourist spots in Europe; increased.  It warns, however, that the
rising price of oil globally could hurt profits in the rest of
the year.

A Sky Team alliance member, the airline is the biggest from the
10 mostly eastern European countries that joined the European
Union in May.


=============
D E N M A R K
=============


MAERSK AIR: Stops Servicing Faroe Islands Route
-----------------------------------------------
From the start of the winter program on 31 October 2004, Maersk
Air stops its routes between the Faroe Islands and
Copenhagen/Billund.

At the same time Maersk Air enters codesharing with Atlantic
Airways on the routes between the Faroe Islands and
Copenhagen/Billund for onwards transport on Maersk Airs
international routes out of Denmark.  In the future, this
agreement will enable travelers to and from the Faroe Islands to
use the Maersk Air "Fly as you like" concept with low fares and
flexible tickets to all destinations out of Copenhagen/Billund.

This means that in the future there will be connection between
the Faroe Islands and all Maersk Air's international
destinations (cf. http://www.maersk-air.com)via Copenhagen or
Billund.

President in Maersk Air Finn Oelund says: "There are three main
reasons for this decision.  Routes to the Faroe Islands are not
subject to the free market forces in E.U., therefore the routes
do not fit into the new strategy of Maersk Air, where dynamic
capacity and price adjustments to the market are important
factors.  In addition to this we will also focus on traffic
going south from Denmark and enter agreements with others to
feed from the north into our network.  Finally, Maersk Air wants
to have only one type of aircraft using Boeing 737-700 or
similar, and the runway at Vagar is too short for these
aircraft."

He adds: "After many good years on the Faroe Islands we have
consequently decided to pull out and replace our own flights
with a codeshare agreement with Atlantic Airways.  Therefore we
do not say goodbye to the Faroe Islands, because we hope that
this agreement means that we see many of our good customers from
the Faroe Islands again on our routes out of Copenhagen and
Billund."

All customers holding tickets or reservations for Maersk Air
flights per 31 October 2004 will automatically be transferred to
Atlantic Airways flights and contacted by Maersk Air with
information about new departure time.

                            *   *   *

In April, Maersk Air blamed two extraordinary expenditures for
its DKK622 million net loss for 2003.  The first was a DKK476
million write-down of the value of its aircraft, components and
spare parts primarily due to the fall of dollar exchange rate
during the year.  The second was DKK246 million in connection
with the sale of Maersk Air Ltd (U.K.).


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


VRAU: Oldest Thread Maker in France Falls into Administration
-------------------------------------------------------------
A commercial court in Lille placed French textile group Vrau
into administration after it suspended debt payments at the end
of July, Les Echos reports.

Vrau's turnover has fallen 25% since April, according to the
report.  Recently, it lost a major client, which accounts for
10% of its annual turnover, to a Turkey-based company.  In
recent years, Vrau has attempted to offset its waning turnover
through acquisitions.  This strategy helped the company balance
its books the past four years, but was not enough to prevent the
suspension of payments.

Established in 1816, Vrau is France's oldest sewing thread
maker.  Employing around 160 people, it manufactures the Fil au
Chinois brand.

CONTACT:  VRAU
          BP 42 59010
          Lille cedex
          France
          Phone: +33 (0) 3 20 12 11 80
          Fax: +33 (0) 3 20 12 11 81
          E-mail: contact@vrau.com
          Web site: http://www.vrau.com/


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


KARSTADTQUELLE AG: Local Bank Adopts Wait-and-see Attitude
----------------------------------------------------------
German bank Landesbank Baden-Wurttemberg has downgraded the
shares of German department store and mail order group
KarstadtQuelle from "buy" to "hold", Borsen Zeitung says.

The bank cites KarstadtQuelle's revised forecasts for 2004 and
an impending major restructuring program for the downgrade.  It
advises investors to wait until September, when the retailer's
management will detail said restructuring plan.

CONTACT:  KarstadtQuelle AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49 - 201 - 727 - 1
          Fax: +49 - 201 - 727 - 5216
          Web site: http://www.karstadtquelle.com/

          Investor Relations
          Fax: +49 - 201 - 727 - 9854
          E-mail: investors@karstadtquelle.com

          Detlef Neveling
          Phone: +49 - 201 - 727 - 9817
          E-mail: detlef.neveling@karstadtquelle.com

          Jurgen Koch
          Phone: +49 - 201 - 727 - 9836
          E-mail: juergen.koch@karstadtquelle.com

          Volker Moege
          Phone: +49 - 201 - 727 - 7124
          E-mail: volker.moege@karstadtquelle.com


MARBERT HOLDING: Sells Marbert Brand for EUR23 Million
------------------------------------------------------
German cosmetics and retail holding company, MARBERT Holding AG,
has sold its MARBERT brand name to Essence Trademarks for
EUR22.9 million, Borsen Zeitung says.  The group has also sold
its 51% stake in Fragrance Factory.

The proceeds of these sales should reduce MARBERT Holding's bank
debts from EUR61 million to EUR15 million.  Both divestments are
a direct response to an observation by Ernst & Young that it may
face severe liquidity problems.  The accountancy firm, which
audited MARBERT's 2003 accounts, added its survival hinges on
the repayment of a EUR46.8 million bank loan.

MARBERT posted in 2003 a negative EBIT of EUR36.4 million and a
negative equity of EUR7.9 million, despite a turnover of
EUR151.7 million.  A copy of MARBERT's 2003 annual report is
available free of charge at
http://bankrupt.com/misc/marbert_holding.pdf

CONTACT:  MARBERT Holding AG
          Bonner Strasse 155
          D-40589 Dusseldorf, Germany
          Phone: +49 (0) 211 79 53 - 0
          E-mail: info@marbert.de
          Web site: http://marbertdb.de/deutsch/startnav.htm


MERO GMBH: Management Fails to Avert Insolvency
-----------------------------------------------
German building materials company Mero GmbH & Co. KG has
reportedly declared insolvency after negotiations with investors
failed, Suddeutsche Zeitung says.

According to the report, the company intends to continue under
its own management, but appointed insolvency administrator Frank
Nikolaus chairman of the management board.  Mero has an annual
turnover of EUR150 million and employs around 550 people
scattered over three main sites.   The company's order books are
said to be full, although this still needs confirmation,
according to the report.

CONTACT:  MERO GMBH & CO. KG
          Max-Mengeringhausen-Str. 5
          97084 Wurzburg
          Phone: +49 (0) 931 66 70 0
          Fax: +49 (0) 931 66 70 216
          E-mail: info@mero.de
          Web site: http://www.mero.de/


TRANSTEC AG: Ends First-half with EUR5.9 Million Pre-tax Loss
-------------------------------------------------------------
German IT hardware specialist transtec AG posted a pre-tax loss
of EUR5.9 million for the first half of 2004, Borsen Zeitung
says.  The management blames the loss to extraordinary costs
related to recent job cuts, declining prices for IT hardware and
sluggish demand.

At its annual general meeting on June 23, management warned it
might close 2004 with a pre-tax loss, in contrast to last year's
pre-tax profit of EUR0.2 million.

CONTACT:  transtec AG
          Waldhornlestrasse 18
          72772 Tubingen
          Phone: 07071/703-400
          Fax: 07071/703-230
          E-mail: transtec@transtec.de
          Web site: http://www.transtec.de

          Investor Relations
          Inge Vinzenz
          Phone: +49-(0)7071 / 703-412
          Fax: +49-(0)7071 / 703-90-212
          E-mail: IR-PR@transtec.de


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


BORSODCHEM RT: Extraordinary General Meeting September 8
--------------------------------------------------------
The Board of Directors of BorsodChem Rt. (3702 Kazincbarcika,
Bolyai ter 1.,) notifies shareholders that the Extraordinary
General Meeting of the company will be held at 9:00 a.m. on 8
(Wednesday) September 2004.

Place of the General Meeting: Arpad Room, Hotel Marriott
(Budapest, Apaczai Csere Janos utca 4.).

In case a quorum has not been achieved at the General Meeting
the repeated General Meeting will be held at the same place with
the same agenda at 9:30 a.m. on 8 September 2004.

Agenda of the General Meeting:

(a) Approval of the 2004 first half-year non-consolidated,
audited interim accounts of the Company prepared in accordance
with the Hungarian accounting act.

(b) Decision on the issue of employee shares.

Method of the capital increase    issuance of employee shares by
                                  private capital increase
                                  capitalizing the capital
                                  reserves (share premium
                                  reserve) of the Company - the
                                  employees shall receive the
                                  employee shares for no
                                  consideration

Amount of the Capital increase    HUF 1,281,902,100 (that is one
                                  billion - two hundred and
                                  eighty one million- nine
                                  hundred and two thousand- one
                                  hundred Hungarian forints)

The draft of the amendments to the Company's Articles of
Association necessitated by the capital increase is attached to
this invitation.

(c) Amendment of the Company's Articles of Association with
special regard to the corporate governance recommendations
issued by the Budapest Stock Exchange and the ongoing review of
the Company's capital structure.

(d) Election to the Board of Directors.

(e) Removal from the Board of Directors.

(f) Decision on the remuneration of the members of the Board of
    Directors.

(g) Election to the Supervisory Board.

(h) Removal from Supervisory Board.

Approval of the resolutions relating to Items 2 and 3 on the
agenda will require that a minimum of three fourths of the votes
cast be cast for the approval of the resolutions.

The proposals of the Board of Directors and all other documents
relating to the items on the agenda may be inspected at the
registered seat of the Company (3702 Kazincbarcika, Bolyai ter
1.) and in the Budapest office of the Company (Budapest,
District V., Vaci u. 55) from 3 September until 7 September 2004
on working days from 8 a.m. until 3 p.m. and from 8 a.m. 3
September 2004 at http://www.bet.huand http://www.borsodchem.hu

Only those shareholders will be allowed to attend the General
Meeting and to exercise their voting rights, who will be duly
registered into the Share Register of the Company prior to the
General Meeting.

Shareholders may exercise their shareholders' rights at the
General Meeting either in person or through a duly authorized
proxy.

At the place and on the day of the General Meeting between 8.00
a.m. and 8.45 a.m. the shareholder or his/her/its duly
authorized proxy after certifying his/her identity and his/her
right for representation and concurrently with signing the
attendance sheet may request the voting-cards or voting device,
which will entitle him/her to attend and vote at the General
Meeting.

In the case of proxies, the authorization has to be set out in a
public document or a private document of full probative effect
and it has to be handed over (together with the documents
necessary for identification) not later than the time of
registration for the General Meeting.  The authorization will
also be valid for the repeated General Meeting in case a quorum
was not achieved at the original General Meeting and for the
continued General Meeting.

In the case of an authorization contained in a public document
or a private document of full probative effect executed outside
Hungary the document has to comply with the superlegalization
requirements applicable to  documents to be used abroad.

Conditions for the attendance at the repeated General Meeting in
case a quorum was not achieved at the original General Meeting
will be the same as the conditions for the attendance at the
original General Meeting.  The repeated General Meeting will
have a quorum on the issues of the agenda irrespective of the
number of shares with voting rights represented at the repeated
General Meeting.

We kindly suggest to our shareholders to discuss with their
investment service provider keeping their securities account the
tasks and deadlines required for the participation in the
identification of shareholders by KELER Rt.if they wish to
attend the General Meeting.

Kazincbarcika, 5 August 2004
Board of Directors
BorsodChem Rt.

Schedule

The drafts of the amendments to the Articles of Association
relating to the capital increase are:

4.(S) 1.: 'The registered capital of the Company is
HUF16,670.221.700 (sixteen billion, six hundred and seventy
million, two hundred and twenty-one thousand seven hundred
Hungarian forints), consisting of:

(a) 76,179,800 (seventy-six million, one hundred and seventy-
    nine thousand, eight hundred) dematerialized ordinary shares
    with HUF202 (two hundred and two Hungarian forints) par
    value each, which shares constitute a separate class of
    shares, and

(b) 6,346,050 (six million, three hundred and forty-six thousand
    fifty) dematerialized employee shares with HUF202 (two
    hundred and two Hungarian forints) par value each, which
    shares constitute  a separate class of shares.

4.(S) 2.: to be deleted

5.(S) 1.: 'The owner of the ordinary shares may transfer its
shares to legal persons, economic associations without legal
personality as well as to natural persons -- both Hungarians and
foreigners -- without any limitation.

Employee shares may only be transferred to the employees of the
Company, or to persons whose employment relationship is
terminated due to retirement.  In the event of the death of an
employee or the termination of his employment relationship,
excluding the case of retirement, his heir or the former
employee shall have a right to transfer the employee shares in
question to other employees of the Company within a period of
six months.  In the event that this deadline expires without
success, at the first meeting of the general meeting thereafter,
the Company shall withdraw the employee shares in question with
a corresponding reduction of its share capital, or shall decide
to sell such shares after transforming such into ordinary
shares, or preference or interest-bearing shares.

In the event of inheritance, the six months deadline set forth
in the preceding sentence shall be calculated:

(a) from the death of the testator, if no probate is held,

(b) from the date when the order of distribution providing for
    transfer of the inheritance with full effect becomes final,
    if a probate is held,

(c) from the date when the judgment of the court becomes final,
    in the event of inheritance litigation.

In the event of the withdrawal of shares or the transfer of
shares following the transformation thereof, the face value of
the shares shall be due to the former employee or his heir,
which shall be disbursed, for heirs, within a period of thirty
days, and for former employees, within a period of one year,
respectively, following the withdrawal or transfer of the
shares.

13.(S) 4. 'The employee shares issued by the Company shall be
compulsorily withdrawn in two equal installments on the second
and third anniversary of the production of such shares.  For the
withdrawal of such shares as well as for the related decrease of
the Company's registered capital neither a resolution by the
Company's general meeting nor approval by the affected class of
shares in accordance with 13.(S) 2. shall be necessary.  The
implementation of the mandatory withdrawal of the employee
shares shall be the responsibility of the Board of Directors.'

                            *   *   *

In April 27, 2004, Standard & Poor's Ratings Services assigned
its 'BB' long-term corporate credit rating to BorsodChem Rt, a
chemicals group based in Hungary, reflecting the group's
position in various segments of the Central and Eastern European
chemicals market.  The outlook is stable.

"The rating is constrained by BorsodChem's limited scale in each
of its competing markets, its exposure to the cyclical
construction industry, and to the very cyclical polyvinyl
chloride and caustic soda markets," said Standard & Poor's
credit analyst Christine Hoarau.  These negative rating factors
are partially offset by the group's leading positions in the
polyvinyl chloride, toluene di-isocyanate, and methylene di-
para-phenylene isocyanate markets in the Central and Eastern
European markets, its good profitability and presence in the
growing toluene di-isocyanate and methylene di-para-phenylene
isocyanate markets, and its solid financial profile.

CONTACT:  BORSODCHEM RT
          Gabor Hegyi
          Capital Communications
          Phone:      +36 1 266 0199

          Laszlo F. Kovacs
          Chief Executive Officer


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


ALITALIA SPA: CEO Revamps Procurement System to Save EUR225 Mln
---------------------------------------------------------------
Alitalia's CEO Giancarlo Cimoli hopes to derive some EUR225
million in savings from a new procurement plan.  According to La
Stampa, the savings will be felt beginning 2005, and by 2006,
the airline hopes to save another EUR250 million through greater
efficiencies in its commercial operations.

These initiatives are part of Mr. Cimoli's business plan for
2005-2008, which includes increasing flight services by 10
percent in 2005-2006 and by 16 percent between 2007 and 2008.
The plan also calls for the improvement of the carrier's online
ticketing, the reorganization of the group's cargo division and
the overhaul of its fare structure to make it more flexible and
competitive to those offered by low-cost airlines.

The carrier also hopes to recapture 15% to 16% of its national
market share in the next two years to bring back its share to
the 2000 level of 59%.  The airline currently holds 43% to 44%
of the market.

Trade unions welcome Mr. Cimoli's proposals, which they perceive
as more focused on business development, in contrast to his
predecessor's obsession to restructure the company.  Management
and workers have yet to discuss aspects of the business plan
concerning job reductions and outsourcing.

CONTACT:  ALITALIA S.p.A.
          Linee Aeree Italiane S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39-06-6562-2151
          Fax: +39-06-6562-4733
          Primary U.S. Office
          Homepage: http://www.alitalia.it


CAPITALIA SPA: Faces EUR500 Mln Potential Payout to Bipop Owners
----------------------------------------------------------------
An Italian court has assigned a technical consultant to review
valuations in the merger that created Italian banking group
Capitalia, Il Sole 24 Ore says.

This came after a group of former shareholders of Bipop, the
group that merged with Banca di Roma, contends their shares were
undervalued in the merger.  The group claims due diligence prior
to the 2002 merger was inadequate and the valuations favored
Banca di Roma's forecast earnings.  The shareholders claim that
at the time of the merger, Bipop shares should have been valued
at EUR3.53 apiece, not EUR1.42.  Bipop shares then had an
exchange value of 0.345 Banca di Roma shares.

The court is expected to make a ruling at least a year from the
filing of the complaint.  Capitalia could pay up to EUR500
million as compensation for the discrepancy should the court
rule in favor of the complainants.

CONTACT:  CAPITALIA S.p.A.
          Via Minghetti, 17
          00187 Roma
          Phone: +39 06 6707 1
          Web site: http://www.capitalia.it

          Information and General Communications
          E-mail: info@capitalia.it

          Press Bureau
          E-mail: ufficiostampa@capitalia.it

          Media Relations
          Mario Calderoni
          Phone: +39 06.6707.0713
          E-mail: mario.calderoni@capitalia.it


FINMATICA SPA: Liquidation Looms as Banks Refuse to Extend Loan
---------------------------------------------------------------
Italian software group Finmatica has called for an extraordinary
shareholders meeting to either approve a EUR250 million rights
issue or put the firm into liquidation, Il Sole 24 Ore says.

The call came after Finmatica's chief executive, Massimo
Brunelli, failed to secure additional funding from creditor
banks, which were not impressed of his restructuring plan.
Finmatica has net debt of EUR237 million and, after registering
trading losses in the first six months, negative equity of at
least EUR20 million.

Finmatica's financial software, Trend, which is used by a
majority of Italian banks, is most likely to draw interest,
whether the group goes into liquidation or restructures its
business.  The Italian market regulator Consob on Wednesday
indefinitely suspended trading of Finmatica's shares.

CONTACTS: FINMATICA S.p.A.
          Via Cannizzaro
          83/A 00156 Roma
          Phone: +39 06/439911
          Fax: +39 06/43991259
          Web site: http://www.finmatica.com


FINMATICA SPA: Fitch Downgrades Rating to 'C'
---------------------------------------------
[This announcement corrects the version issued previously, which
incorrectly stated in the third paragraph that the potential
rights issue amount was up to EUR280 million.]

Fitch Ratings on Thursday downgraded Finmatica S.p.A.'s Senior
Unsecured rating to 'C' from 'CC' to signal imminent default.
The rating is removed from Watch Negative on which it was placed
on 21 January 2004.

The downgrade reflects Fitch's concerns over the apparent lack
of progress in Finmatica's restructuring process, in relation to
obtaining the support of the relationship banks and a suitable
renegotiation of the terms and conditions of its financial debt
as well as additional short-term financing crucial for the
continuity of the operations.  Recent reports suggest that the
company could be facing a liquidity crisis, which could put at
risk the payment of upcoming salary commitments.

Finmatica is expected to hold a shareholders' meeting in mid-
September to approve a potential rights issue up to EUR250
million that would likely entail a partial debt-equity swap from
the banks participating in the restructuring.  Progress to date
of the industrial restructuring plan announced in May 2004
includes the announcement of the closing of the operations in
Milan, Salerno, Rome and Bari involving 162 employees to realign
Finmatica's current heavy fixed and corporate cost base.  Fitch
will continue to closely monitor the developments for any
potential impact on Finmatica's current 'C' rating.

Finmatica is a quoted Italian independent software vendor with a
current share float of 44%.  Pier Luigi Crudele, the company's
founder, is the key shareholder who directly and indirectly
holds 56%.  Revenues (EUR71 million in FY03) stem from its
finance (40% of FY03 revenues), supply chain
management/transport management system (34%), security (11%) and
other (15%) divisions.

CONTACT:  FITCH RATINGS
          Elisabetta Zorzi, Milan
          Phone: +39 02 8790 87213

          Albert Hofman, London
          Phone: +44(0) 20 7417 4282

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


OLCESE SPA: Axes Jobs Across Plants
-----------------------------------
Olcese S.p.A., the yarn and fabric maker, will close down plants
and cut jobs across its facilities, just-style.com reports.

The company will shut down plants in Trieste, Longarone and
Conegliano, which employ 256 people.  It will cut jobs further
at its plant in Sondrio.  The factory in Cogno, meanwhile, will
continue to operate.

Olcese had a loss of EUR19.2 million in 2003 for a turnover of
EUR79.2 million.  Turnover in 2002 was EUR126.4 million.  Yarns
accounted for 95% of 2001 revenues and other, 5%.  The company's
principal activity is the production of cotton and wool spinning
and weaving yarns.  Its main divisions include: production of
yarns for fashion materials; manufacture of special and
patterned yarns; manufacture of raw cotton yarns. Other
activities include property management through the Olcese
Immobiliare S.r.l.  In 2001 it acquired Caulliez group (France).

CONTACT:  OLCESE S.p.A.
          Via Piranesi 44/A
          20137 Milano
          Italy
          Phone: +39-02-77228-1
                 +39 02 752 601
          Fax: +39-02-7526-0302
          Homepage: http://www.olcese.it/
          Contact:
          Paolo A. Mettel, Chairman & Managing Director
          Silvano Storer, Vice Chairman


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


ROYAL SHELL: Reviews Options in BASF Joint Venture
--------------------------------------------------
Shell and BASF are reviewing strategic alternatives regarding
their joint venture Basell, a global leader in polyolefins, in
which they both hold a 50% equity interest.  The options being
reviewed by the shareholders include the sale of their stakes
and an equity market transaction.  During the review process,
the shareholders remain committed to supporting Basell's
strategic and operational goals and its ongoing financial
progress.  Credit Suisse First Boston (CSFB) and Lazard have
been retained to assist in assessing the feasibility and
attractiveness of these options.

"Merging our polyolefins activities with those of Shell in
Basell was a beneficial strategic decision.  As an independent
company, Basell has integrated and consolidated its businesses
in all parts of the world with great success and is now
established as a global industry leader.  This is the right time
to assess the next step", said Dr. John Feldmann, member of the
Board of Executive Directors of BASF AG, responsible for the
Plastics segment.  "BASF, one of the leading global plastics
suppliers, will continue to focus its strategic position on
styrenics, performance polymers, polyurethanes and their related
value chains.  The review of options regarding Basell fits well
into that strategy."

"Basell has been an important part of the Shell Chemicals
portfolio and we have valued our partnership with BASF in this
joint venture, " said Fran Keeth, Executive Vice President,
Customer Fulfillment and Product Business Units, Shell
Chemicals.  "In a relatively short period of time, Basell has
successfully integrated a valuable set of global assets and
achieved economies of scale and other benefits not available to
either shareholder separately.  Now that Basell has become a
global industry leader and is positioned well to compete in a
dynamic market environment, it is an appropriate time for us to
look at Basell within the context of Shell's long-term portfolio
aspirations and to review strategic alternatives to deliver
enhanced shareholder value."

BASF

BASF is the world's leading chemical company.  Our goal is to
grow profitably and further increase the value of our company.
We help our customers to be more successful through intelligent
system solutions and high-quality products.  BASF's portfolio
ranges from chemicals, plastics, performance products,
agricultural products and fine chemicals to crude oil and
natural gas.  Through new technologies we can tap into
additional market opportunities.  We conduct our business in
accordance with the principles of sustainable development.  In
2003, BASF had sales of more than EUR33 billion (circa US$42
billion) and over 87,000 employees worldwide.  BASF shares are
traded on the stock exchanges in Frankfurt (BAS), London (BFA),
New York (BF), Paris (BA) and Zurich (AN).  Further information
on BASF is available at http://www.basf.com

Shell

Shell Chemicals collectively refers to the companies of the
Royal Dutch/Shell Group engaged in the chemicals business.
Shell chemicals companies manufacture and deliver petrochemical
building blocks and polyolefins to industrial customers.  These
products are widely used in plastics, coatings and detergents.
For further information visit
http://www.shell.com/chemicals/news


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


AGRO-PROM-ENERGO: Yaroslavl Court Appoints Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Yaroslavl region has commenced
bankruptcy supervision procedure on LLC Agro-Prom-Energo.  The
case is docketed as A82-2080/04-43-B/6.  Mr. V. Kondratyev has
been appointed temporary insolvency manager.  Creditors are
asked to submit their proofs of claim to 152360, Russia,
Yaroslavl region, Bolsheselsky region, Bolshoye Selo, Usyskina
Str. 25V.

CONTACT:  AGRO-PROM-ENERGO
          152360, Russia,
          Yaroslavl Region,
          Bolsheselsky Region,
          Bolshoye Selo, Usyskina Str. 25V
          Phone/Fax: (0855) 267096


ARTEL STARATELEY: Court Initiates Bankruptcy Procedure
------------------------------------------------------
The Arbitration Court of Magadan region has commenced bankruptcy
supervision procedure on Artel Starateley Vostok.  The case is
docketed as A37-1107/04-5b.  Mr. K. Myrza has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to:

(a) Artel Starateley Vostok
    685000, Russia,
    Magadan region, Proletarskaya Str. 12,
    Room 8;

(b) Temporary Insolvency Manager
    685000, Russia,
    Magadan, Glavpoichtamt,
    Post User Box 58;

(c) The Arbitration Court of Magadan region
    685000, Russia,
    Magadan, K. Marksa Pr. 62

A hearing will take place at the Arbitration Court of Magadan
region on August 19, 2004, 2:00 p.m.


ASTRAKHAN-TARA: Court Sets September 13 Hearing
-----------------------------------------------
The Arbitration Court of Astrakhan region has commenced
bankruptcy supervision procedure on CJSC Astrakhan-Tara.  The
case is docketed as A06-1086-b/3-18k/04.  Mr. V. Trapeznikov has
been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 414042,
Russia, Astrakhan, Post User Box 36.  A hearing will take place
at Russia, Astrakhan, Molodezhny pr., 6a on September 13, 2004.

CONTACT:  ASTRAKHAN-TARA
          414042, Russia,
          Astrakhan Region,
          Mosina Str. 1.

          Mr. V. Trapeznikov
          Temporary Insolvency Manager
          414042, Russia,
          Astrakhan, Post User Box 36


BOILER AND THERMAL: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Vologda region has commenced bankruptcy
supervision procedure on municipal enterprise Boiler and Thermal
Circuit.  The case is docketed as A13-5280/04-17.  Mr. S. Tikhov
has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at 162600, Russia, Vologda region,
Cherepovets, Komarova Str. 11, office 31.  A hearing will take
place on October 26, 2004.

CONTACT:  BOILER AND THERMAL CIRCUIT
          Russia, Vologda region,
          Sokolovsky region, Kadnikov,
          K. Marksa Str. 14

          Mr. S. Tikhov
          Temporary Insolvency Manager
          162600, Russia,
          Vologda Region, Cherepovets,
          Komarova Str. 11,
          Office 31
          Phone: (8202) 57-41-51


BSK-30: Deadline for Proofs of Claim August 18
----------------------------------------------
The Arbitration Court of Amur region declared LLC management of
mechanization of building BSK-30 (TIN 2828006936) insolvent and
introduced bankruptcy proceedings.  The case is docketed as A04-
237/04-10/15 B.  Mr. A. Bolbot has been appointed insolvency
manager.   Creditors have until August 18, 2004 to submit their
proofs of claim to 675000, Russia, Amur region, Blagoveshensk,
Shimanovskogo Str. 46/2.

CONTACT:  BSK-30
     676260, Russia,
          Amur region, Tyndensky region,
          Pervomayskoye

          Mr. A. Bolbot
          Insolvency Manager
          675000, Russia,
          Amur region, Blagoveshensk,
          Shimanovskogo Str. 46/2


CHOKURDAKH: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Sakha republic (Yakutiya) has commenced
bankruptcy supervision procedure on state unitary enterprise
airport Chokurdakh.  The case is docketed as A58-1825/04.  Mr.
A. Lebedev has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to:

(a) Temporary Insolvency Manager
    677015, Russia,
    Sakha republic (Yakutiya),
    8th of March Str. 65;

(b) Chokurdakh
    Russia,
    Sakha republic (Yakutiya),
    Chokurdakh, Aylaykhovsky ulus;

(c) The Arbitration Court
    of Sakha republic (Yakutiya)

A hearing will take place on October 26, 2004.


DAL-IN-TORG: Under Bankruptcy Supervision
-----------------------------------------
The Arbitration Court of Kamchatka region has commenced
bankruptcy supervision procedure on LLC trade-industrial company
Dal-In-Torg (TIN 4102008627).  The case is docketed as A24-
1128/04-08.  Mr. A. Lelchuk has been appointed temporary
insolvency manager.

Creditors are asked to submit their proofs of claim to 683024,
Russia, Petropavlovsk-Kamchatsky, 50 years of October Pr. 10,
Apartment 1.   A hearing will take place on October 29, 2004.

CONTACT:  DAL-IN-TORG
          Russia,
          Kamchatka Region,
          Ustbolsheretsk

          Mr. A. Lelchuk
          Temporary Insolvency Manager
          683024, Russia,
          Petropavlovsk-Kamchatsky,
          50 years of October Pr. 10,
          Apartment 1.
          Phone/Fax: (4152) 111-359; 111-364


DALNEVOSTOCHNAYA WOOD: Succumbs to Bankruptcy
---------------------------------------------
The Arbitration Court of Khabarovsk region declared CJSC
Dalnevostochnaya Wood Trade Company insolvent and introduced
bankruptcy proceedings.  The case is docketed as A73-1753/2004-
37.  Mr. A. Staroverov has been appointed insolvency manager.
Creditors are asked to submit their proofs of claim to 681005,
Russia, Komsomolsk-na-Amure, Zavodskaya Str. 1.

CONTACT:  DALNEVOSTOCHNAYA WOOD TRADE COMPANY
          681016, Russia,
          Komsomolsk-na-Amure,
          Pionerskaya Str. 11

          Mr. A. Staroverov
          Insolvency Manager
          681005, Russia,
          Komsomolsk-na-Amure,
          Zavodskaya Str. 1
          Phone/Fax: 54-52-34


DOMO-STROY: Gives Creditors Until August 18 to File Claims
----------------------------------------------------------
The Arbitration Court of Kemerovo region has declared building
company CJSC Domo-Stroy insolvent and introduced bankruptcy
proceedings.  The case is docketed as A27-4610/2002-4.  Mr. V.
Melnikov has been appointed insolvency manager.  Creditors have
until August 18, 2004 to submit their proofs of claim to 654000,
Russia, Kemerovo region, Novokuznetsk, Post User Box 545.

CONTACT:  DOMO-STROY
          654080, Russia,
          Kemerovo Region, Novokuznetsk,
          Zaporozhskaya Str. 3

          Mr. V. Melnikov
          Insolvency Manager
          654000, Russia,
          Kemerovo Region,
          Novokuznetsk, Post User Box 545


ELEKTROUGLI: Deadline for Proofs of Claim Expires Next Week
-----------------------------------------------------------
The Arbitration Court of Moscow region declared state unitary
enterprise kudinovsky factory Elektrougli insolvent and
introduced bankruptcy proceedings.  The case is docketed as A41-
K1-10803/97.  Mr. S. Blinnik has been appointed insolvency
manager.   Creditors have until August 19, 2004 to submit their
proofs of claim to 142455, Russia, Moscow region, Noginsky
region, Elektrougli, Tsentralnaya Str. 110.

CONTACT:  ELEKTROUGLI
          142455, Russia,
          Moscow Region, Noginsky region,
          Elektrougli, Tsentralnaya Str. 110

          Mr. S. Blinnik
          Insolvency Manager
          127018, Russia,
          Moscow, Polkovaya Str. 17,
          Building 3


KHVALOVSKOYE: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has commenced bankruptcy supervision procedure on CJSC
Khvalovskoye.  The case is docketed as A56-16645/04.  Mr. V.
Bychenkov has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 190121,
Russia, Saint-Petersburg, Angliysku Pr., 3, Office 205.  A
hearing will take place on November 18, 2004.

CONTACT:  KHVALOVSKOYE
          187435, Russia,
          The Leningrad Region,
          Volkhivsky Region, Khvalovo

          Mr. V. Bychenkov
          Temporary Insolvency Manager
          190121, Russia,
          Saint-Petersburg,
          Angliysku Pr., 3,
          Office 205


KOMI-ENERGO-DOR-STROY: Court Sets November 10 Hearing
-----------------------------------------------------
The Arbitration Court of Komi republic has commenced bankruptcy
supervision procedure on OJSV Komi-Energo-Dor-Stroy.  The case
is docketed as A29-3368/04-3B.  Mr. S. Maslovsky has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 169600,
Russia, Komi republic, Pechora, Rusanova Str. 12.  A hearing
will take place on November 10, 2004.

CONTACT:  KOMI-ENERGO-DOR-STROY
          Russia, Komi republic,
          Pechora, Stroiploshadka, Gres.

          Mr. S. Maslovsky
          Temporary Insolvency Manager
          169600, Russia,
          Komi Republic, Pechora,
          Rusanova Str. 12
          Phone/Fax: 8-(82142)5-13-16


MARTEMYANOVO: Bankruptcy Case Pending Before Tula Court
-------------------------------------------------------
The Arbitration Court of Tula region declared OJSC Martemyanovo
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A68-64/B-03.  Mr. D. Zubanov has been appointed
insolvency manager.  Creditors have until August 18, 2004 to
submit their proofs of claim to 300041, Russia, Tula, Frunze
Str. 7, office 1.

CONTACT:  MARTEMYANOVO
          Russia, Tula,
          Venevsky region, Mordves,
          Pochtovaya Str. 15A

          Mr. D. Zubanov
          Insolvency Manager
          300041, Russia,
          Tula, Frunze Str. 7,
          Office 1


MEAT COMBINE: Auctions 118 Properties
-------------------------------------
The state unitary enterprise industrial experimental Meat
Combine is selling 15 immovable properties and 103 movable
properties located at Russia, Yaroslavl region, Uglich,
Rybinskoye Shosse, 36.  The list of documents for participants
is available at 152930, Russia, Yaroslavl region, Rybinsk, Post
User Box 13 - Ryndenko E.  For more information, call: (0855)
289034 or 89106658548 or 89109728186.

CONTACT:  MEAT COMBINE
     Russia, Yaroslavl region,
          Uglich, Rybinskoye Shosse, 36


SAKHALIN: Deadline for Proofs of Claim August 18
------------------------------------------------
The Arbitration Court of Sakhalin region has declared CJSC
dalnevostochny fishing commerce fleet Sakhalin insolvent and
introduced bankruptcy proceedings.  The case is docketed as A59-
658/04-S22.  Ms. L. Lazareva has been appointed insolvency
manager.   Creditors have until August 18, 2004 to submit their
proofs of claim to 693001, Russia, Yuzhno-Sakhalinsk, Bumazhnaya
Str. 24-b.

CONTACT:  SAKHALIN
          445007, Russia,
          Sakhalin region

          Ms. L. Lazareva
          Insolvency Manager
          693001, Russia,
          Yuzhno-Sakhalinsk,
          Bumazhnaya Str. 24-b


SEVER-INVEST: Proofs of Claim Expires Next Week
-----------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
supervision procedure on LLC Sever-Invest.  The case is docketed
as A04-1583/04-4/71 b.  Mr. R. Savostin has been appointed
temporary insolvency manager.

Creditors have until August 18, 2004 to submit their proofs of
claim to 680030, Russia,Khabarovsk, Dzerzhinskogo Pr. 3a, 68.  A
hearing will take place on October 4, 2004, 8:30 a.m.

CONTACT:  SEVER-INVEST
          676372, Russia,
          Amur Region, Fevralsk,
          Sayanskaya Str. 4B

          Mr. R. Savostin
          Temporary Insolvency Manager:
          680030, Russia,
          Khabarovsk, Dzerzhinskogo Pr. 3a, 68


SPETS-MYASO-MOL-MONTAZH-1: Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Yaroslavl region has commenced
bankruptcy supervision procedure on state unitary enterprise
Spets-Myaso-Mol-Montazh-1.  The case is docketed as A82-2327/04-
56-B/9.  Mr. R. Zalilov has been appointed temporary insolvency
manager.

Creditors are asked to submit their proofs of claim to 152903,
Russia, Rybinsk, Post User Box 36.  A hearing will take place at
the Arbitration Court of Yaroslavl region on August 31, 2004.

CONTACT:  SPETS-MYASO-MOL-MONTAZH-1
          152620, Russia,
          Yaroslavl region, Uglich,
          Severnaya Str. 1

          Mr. R. Zalilov
          Temporary Insolvency Manager
          152903, Russia,
          Rybinsk, Post User Box 36


VERITAS: Kamchatka Court Confirms Insolvent Status
--------------------------------------------------
The Arbitration Court of Kamchatka region declared LLC Veritas
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A24-2481/03-03.  Mr. I. Zorin has been appointed
insolvency manager.  Creditors are asked to submit their proofs
of claim to 683000, Russia, Petropavlovsk-Kamchatsky, Leninskaya
Str. 56, Dalsvyaz, Post User Box 272.

CONTACT:  VERITAS
          684090, Russia,
          Kamchatka Region, Vilyuchinsk,
          Tsentralny location, 23,
          Apartment 21

          Mr. I. Zorin
          Insolvency Manager
          683000, Russia,
          Petropavlovsk-Kamchatsky,
          Leninskaya Str. 56,
          Dalsvyaz, Post User Box 272


YUKOS OIL: Seeking Clearance for US$357 Mln Rospan Stake Sale
-------------------------------------------------------------
Yukos Oil is selling its 56% stake in Cyprus-registered Rospan
International Overseas Ltd. to TNK-BP for US$357 million, the
Moscow Times says.  The company holds the stake in the Siberian
gas producer through Cyprus-based subsidiary Hedgerow Ltd.
Rizben Enterprises Ltd., an offshore subsidiary of TNK-BP, owns
the other 44% stake.

In a letter to the justice ministry, Yukos lawyer Dmitry
Gololobov argued the stake sale is technically beyond the scope
of the ministry's freeze order, which only covers Yukos' assets
in Russia.  He adds the sale will enable the company to pay the
US$3.4 billion tax bill the government had assessed against it.

Yukos has until the end of the month to settle the bill.  The
government has threatened to sell Yuganskneftegaz, the company's
core production unit that accounts for nearly two-thirds of its
output, if it fails to pay.  Although Yukos accounts for nearly
2% of the world's oil production and is perfectly capable of
paying the tax arrears, the government has denied it access to
its bank accounts.  Without cash to fund daily operation, Yukos
production could grind to a halt soon.  CEO Steven Theede
recently warned the company would run out of cash and
consequently go bankrupt by mid-August.

TNK-BP Spokeswoman Marina Dracheva on Wednesday confirmed
negotiations were underway for Rizben Enterprises to acquire the
56 percent stake.  "Of course the finalization of the deal is
subject to approval by the relevant Russian authorities," she
told Moscow Times.

Andrei Belyakov, chief of the justice ministry's Court Marshals
Service, refused to comment on Yukos' request, claiming he had
not yet received the letter.  "Give us some time, we have to
look into it," he told the Times by telephone Wednesday evening.

According to the report, Rospan International controls estimated
reserves that include 950 billion cubic meters of gas reserves,
180 million tons of gas condensate and 30 million tons of crude
oil.

In other developments, the Prosecutor General's Office raided
last week the offices of software company Sibintek, which is
controlled by Group Menatep, which in turn owns over 50% of
Yukos.  Prosecutors say they were looking for computer databases
of Yukos oil traded by a firm called Fargoil.  They believe
Sibintek helped Yukos embezzled proceeds of oil sales.

Meanwhile, the Russian government has set a minimum price of
RUB36.76 billion (GBP691 million) for Yukos' 7.5% stake in
Lukoil, a 28% discount off its market value.  According to the
Times, the government intends to auction the stake as early as
next month.  One of the frontrunners to buy the stake is
American oil giant Conoco Phillips, which already has joint
ventures with Lukoil.

                            *   *   *

ZAO Rospan International is one of Yukos' newest gas production
assets.  Rospan was formed in 1994.  Yukos acquired a 100% stake
in the financially troubled company through a series of
arrangements through intermediaries starting in late December
2001 and continuing into the early part of 2002.  In May 2002,
44% of Rospan was sold to the Tyumen Oil Company (TNK).  Yukos
remains the principal shareholder, while TNK is the operator of
Rospan's gas assets.

Rospan International holds geological research and production
licenses for the Yesetinskoye, East Urengoyskoye, North
Yesetinskoye, Urengoyskoye, and Yevo-Yakhinskoye fields, all
located in the general vicinity of the city of Urengoy in the
Yamal Nenetsk Autonomous District, in the far northwestern
corner of Siberia.  Rospan also holds a hydrocarbons
prospecting, evaluation, exploration, and production license for
the Medvedetzko-Karamishskoye sub-surface sector in Saratov
Oblast, on the lower Volga River.

Rospan has 2.832 billion barrels of oil equivalent in proved,
probable and possible oil and gas reserves (SPE basis, DeGolyer
& MacNaughton, December 31, 2003).  In 2003 Rospan produced 0.2
million tons of oil equivalent (1.462 million barrels).

CONTACT:  YUKOS OIL COMPANY
          International Information Department
          Hugo Erikssen
          Phone: + 7 095 540-63-13
          E-mail: inter@yukos.ru

          Company Press Service
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

          Investor Relations
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


YUKOS OIL: Government Takes back 'Permission' to Access Accounts
----------------------------------------------------------------
A day after allowing Yukos Oil to access its account to finance
operation, the justice ministry came out with a statement,
denying such permission was ever given.

According to the bailiff service of the ministry, the justice
official who gave that permission had acted illegally: "All
funds that have been transferred and will be transferred to the
company's accounts will be confiscated by the bailiffs and
forwarded to the [federal] budget for debt payments."

On Wednesday, Yukos Oil announced it has received written
permission to withdraw cash from its accounts to fund current
oil production.  The oil giant pumps 1.7 barrels of oil a day
and transports a quarter of these by rail.  Yukos CEO Steven
Theede had recently warned the company would run out of cash by
mid-August if the government continues to freeze its accounts.

News of the reversal impacted oil prices on the world markets.
Crude futures on the New York Mercantile Exchange rose sharply
on Thursday, with September futures up US$1.57 to US$44.40 a
barrel by early afternoon, according to The Wall Street Journal.

"The contract hit a new intraday high of US$44.45 at midday, the
highest in the 21 years the contract has traded on the Nymex,"
the Journal adds.

Yukos shares fell as low as 116.01 rubles, a 7.5 percent
intraday decline, and traded 2.4 percent down at RUB123 as of
6:30 p.m. in Moscow, Bloomberg News in a separate report on
Thursday said.

"This could remove 500,000 barrels a day from world markets, so
you could see oil prices spike even higher given tight supply,"
Bloomberg quoted Tim McCarthy, who manages about US$500 million
in Russian assets at Moscow-based Troika Dialog Asset
Management.

The bailiff service has already collected RUB22 billion (US$753
million) from Yukos, the justice ministry said in an e-mailed
statement to Bloomberg.  The ministry has also confiscated Yukos
assets in Russia's 20 regions and asked 11 banks to send money
from Yukos accounts as soon as it arrives in those accounts.
The ministry also plans to sell Yuganskneftegaz, Yukos' largest
oil production unit, as payment for the company's alleged tax
debt.

The government has assessed Yukos a tax debt of US$3.4 billion
for 2000, and a similar amount for 2001.  It is currently
auditing company accounts to determine the tax arrears for the
years 2002 and 2003.


YUKOS OIL: Federal Court Affirms RUB99.3 Bln Tax Claim
------------------------------------------------------
The Federal Arbitration Court for Moscow District sustained last
week a lower court decision that allows the government to
recover RUB99.3 billion in tax arrears from Yukos.  Yukos first
appealed the decision, handed on June 29, to the court of
appeals before elevating it to the federal arbitration court,
according to Interfax.


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


ZSR: Government Pays Up More than SKK1 Billion Loan
---------------------------------------------------
Slovakia's privatization agency National Property Fund has
settled almost SKK1.3 billion worth of installments for
government-guaranteed loans provided to Slovakian railway
network operator Zeleznice Slovenskej Republiky (ZSR),
Hospodarske Noviny reports.

The amount includes SKK75 million in principal and SKK1.225
billion in interest, according to the Finance Ministry.  ZSR
posted SKK852.4 million loss for the first six months of 2004,
down by SKK424.1 million from the same period last year.  The
amount is SKK841 million lower than had been forecasted.

CONTACT:  ZELEZNICE SLOVENSKEJ REPUBLIKY
          Klemensova 8
          813 61 Bratislava
          E-mail: gro160@zsr.sk
          Web site: http://www.zsr.sk


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


SKANDIA INSURANCE: External Factors to Hit Second-quarter Result
----------------------------------------------------------------
Skandia Insurance's result is affected by external factors such
as changes in the stock market and interest rates.  Future
revenues, which are based on fund values, increase or decrease
as a result of these factors.

According to information presented in conjunction with the
interim report for the first quarter of 2004, a 1% increase in
the stock market would have a one-time effect on the operating
result of +SEK82 million and a 1% decrease would have a one-time
effect on the operating result of -SEK99 million.

Financial effects during the first quarter of 2004 were positive
in the amount of SEK481 million.  During the second quarter of
2004, financial effects are expected to be negative and are
estimated to be in the range of -SEK200 million to -SEK300
million.

Discontinued operations

To facilitate comparisons, figures in the group overview will be
reported excluding discontinued operations.  This means that the
capital gain from the sale of the Japanese operation is not
included in the operating result.

Comparison figures

In connection with the reporting for the first quarter of 2004,
all tables with a geographic breakdown are adapted to the new
organizational structure that was presented in a press release
on 16 April 2004.

Skandia's interim report for the second quarter of 2004 will be
released on 13 August 2004.

A full copy of this press release is available free of charge
at: http://bankrupt.com/misc/Skandia_PR2004.pdf.

CONTACT:  SKANDIA INSURANCE
          Harry Vos
          Head of Investor Relations
          Phone: +46-8-788 3643

          Corporate Communications
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788 10 00
          Fax:   +46-8-788 23 80
          Web site: http://www.skandia.com

          Office:
          Sveavagen 44


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


AUTO 10913: Deadline for Proofs of Claim Expires August 15
----------------------------------------------------------
The Economic Court of Lugansk region has commenced bankruptcy
supervision procedure on OJSC Auto Transport Enterprise 10913
(code EDRPOU 03113221).  The case is docketed as 10/41 B.  Mr.
Mikola Hajlo (License Number AA 719797 approved on February 9,
2004) has been appointed temporary insolvency manager.  The
company holds account number 260085852 at JSPPB Aval, Lugansk
regional branch, MFO 3040071.

Creditors have until August 15, 2004 to submit their proofs of
claim to:

(a) AUTO TRANSPORT ENTERPRISE 10913
    94850, Ukraine, Lugansk region,
    Sverdlovsk, Lutugin Str. 13

(b) Mr. Mikola Hajlo
    Temporary Insolvency Manager
    Ukraine, Lugansk region,
    Stahanov, Karbishev Str. 12

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


DONBASSANTEHKOMPLEKTATSIYA: Proofs of Claim Deadline August 15
--------------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Commercial-Production Firm
Donbassantehkomplektatsiya (code EDRPOU 30534876) on June 21,
2004.  The case is docketed as 15/123 B.  Mr. O. Nesterenko
(License Number 668350) has been appointed temporary insolvency
manager.  The company holds account number 26009000195001 at
JSCB Nadra, Makiyivka branch, MFO 335355.

Creditors have until August 15, 2004 to submit their proofs of
claim to:

(a) COMMERCIAL-PRODUCTION FIRM DONBASSANTEHKOMPLEKTATSIYA
    86125, Ukraine, Donetsk region,
    Makiyivka, Koltsova Str. 43

(b) Mr. O. Nesterenko
    Temporary Insolvency Manager
    83110, Ukraine, Donetsk region,
    Makiyivka, Deputatska Str. 166/61

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


ELITAPLEMSERVICE: Under Bankruptcy Supervision
----------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Elitaplemservice (code EDRPOU
24003109) on May 27, 2004.  The case is docketed as 7/80-04.
Mr. Valentin Sklyar (License Number AA 487780 approved on April
30, 2003) has been appointed temporary insolvency manager.  The
company holds account number 260083403 at JSPPB Aval, Sumi
regional branch, MFO 337483.

Creditors have until August 15, 2004 to submit their proofs of
claim to:

(a) ELITAPLEMSERVICE
    42343, Ukraine, Sumi region,
    Sumi district, Sad,
    Selektsijna Str. 1

(b) Mr. Valentin Sklyar
    Temporary Insolvency Manager
    40011, Ukraine, Sumi region,
    Shevchenko Avenue, 10, office 107

(c) ECONOMIC COURT OF SUMI REGION
    40477, Ukraine, Sumi region,
    Ribalko Str. 2


GALICHSUGAR: Bankruptcy Supervision Begins
------------------------------------------
The Economic Court of Ivano-Frankivsk region has commenced
bankruptcy supervision procedure on LLC Galichsugar (code EDRPOU
32068054).  The case is docketed as B-16/130.  Mr. Igor
Kovalskij (License Number AA 249768 approved on October 19,
2001) has been appointed temporary insolvency manager.  The
company holds account number 2600001544469 at OJSC State export-
import bank of Ukraine, MFO 336688.

Creditors have until August 15, 2004 to submit their proofs of
claim to:

(a) GALICHSUGAR
    Ukraine, Ivano-Frankivsk region,
    Galitskij district, Zadnistryansk,
    Bandera Str. 1

(b) Mr. Igor Kovalskij
    Temporary Insolvency Manager
    Ukraine, Ivano-Frankivsk region,
    Kalush district, Pijlo

(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
    76000, Ukraine, Ivano-Frankivsk region,
    Grunvaldska Str. 11


GOLD LAGOON: Proofs of Claim Deadline August 15
-----------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Gold Lagoon (code EDRPOU 24094017).
The case is docketed as 23/217.  Arbitral manager Mr. V. Krikun
(License Number AA 669678) has been appointed temporary
insolvency manager.  The company holds account number
26008030242001/980 at JSCB Interbank, Kyiv branch, MFO 300216,
and account number 26004143732/980 at CJSC Inprombank, Kyiv
branch, MFO 322863.

Creditors have until August 15, 2004 to submit their proofs of
claim to:

(a) GOLD LAGOON
    01042, Ukraine, Kyiv region,
    Chigirin Str. 12

(b) Mr. V. Krikun
    Temporary Insolvency Manager
    Phone: 234-47-55

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


KIA-INFORM: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Kia-Inform (code EDRPOU 30781893)
The case is docketed as 23/219-B.  Arbitral manager Mr. V.
Krikun (License Number AA 669678) has been appointed temporary
insolvency manager.  The company holds account numbers
26001001037001/980 and 26006001037501/840 at OJSC CB Nadra, MFO
321024, and account number 2600600150184/980 at CJSC Commercial
bank NRB-Ukraine, MFO 3320627.

Creditors have until August 15, 2004 to submit their proofs of
claim to:

(a) KIA-INFORM
    01010, Ukraine, Kyiv region,
    Moskovska Str. 7

(b) Mr. V. Krikun
    Temporary Insolvency Manager
    Phone: 234-47-55

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


KRIPENSKE: Bankruptcy Supervision Begins
----------------------------------------
The Economic Court of Lugansk region has commenced bankruptcy
supervision procedure on LLC Kripenske (code EDRPOU 03739533)
The case is docketed as 9/37 B.  Mr. Irina Zhezherya (License
Number AA 630100 approved on December 15, 2003) has been
appointed temporary insolvency manager.  The company holds
account number 26005301198007 at CB Privatbank, Lugansk branch,
MFO 304795.

Creditors have until August 15, 2004 to submit their proofs of
claim to:

(a) KRIPENSKE
    94868, Ukraine, Lugansk region,
    Sverdlovsk district, Karpovo-Kripenske,
    Yuvilejna Str. 1

(b) Mr. Irina Zhezherya
    Temporary Insolvency Manager
    91493, Ukraine, Lugansk region,
    Yuvilejne, Zaporozhchenko quarter, 4/79

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


LIPOVODOLINSKE AGROTEHSERVICE: Bankruptcy Supervision Ongoing
-------------------------------------------------------------
The Economic Court of Sumi region has commenced bankruptcy
supervision procedure on OJSC Lipovodolinske Enterprise
Agrotehservice (code EDRPOU 14000021).  The case is docketed as
12/41-04.  Arbitral manager Mr. Stanislav Chzhen (License Number
250088 approved on November 30, 2001) has been appointed
temporary insolvency manager.  The company holds account number
26005351 at Oshadbank, Lipovodolinske branch, MFO 337698.

Creditors have until August 15, 2004 to submit their proofs of
claim to:

(a) LIPOVODOLINSKE AGROTEHSERVICE
    42500, Ukraine, Sumi region,
    Lipova Dolina, Romenska Str. 51

(b) Mr. Stanislav Chzhen
    Temporary Insolvency Manager
    42238, Ukraine, Sumi region,
    Lebedinskij district,
    Budilka, Kosmonavtiv Str. 5
    Phone: (05445) 33-3-41

(c) ECONOMIC COURT OF SUMI REGION
    40011, Ukraine, Sumi region,
    Ribalka Str. 2


SAPFIR: Court Appoints Temporary Insolvency Manager
---------------------------------------------------
The Economic Court of Ivano-Frankivsk region has commenced
bankruptcy supervision procedure on LLC Sapfir (code EDRPOU
22191503).  The case is docketed as B-7/82.  Arbitral manager
Mr. I. Kovalskij (License Number AA 249768 approved on October
19, 2001) has been appointed temporary insolvency manager.

Creditors have until August 15, 2004 to submit their proofs of
claim to:

(a) SAPFIR
    77300, Ukraine, Ivano-Frankivsk region,
    Kalush, S. Bandera Str. 18

(b) Mr. I. Kovalskij
    Temporary Insolvency Manager
    77344, Ukraine, Ivano-Frankivsk region,
    Kalush district, Pijlo, Lvivska Str. 18
    Phone: 8 (050) 373-48-05

(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
    76000, Ukraine, Ivano-Frankivsk,
    Grunvaldska Str. 11


TEHNOSERVICE: Under Bankruptcy Supervision
------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Tehnoservice (code EDRPOU
31867143).  The case is docketed as 23/256.  Arbitral manager
Mrs. G. Vronska (License Number AA 484232 approved on February
17, 2003) has been appointed temporary insolvency manager.  The
company holds account number 26001301232298/980 at
Prominvestbank, Zhovtneve branch in Kyiv region, MFO 322067.

Creditors have until August 15, 2004 to submit their proofs of
claim to:

(a) TEHNOSERVICE
    01023, Ukraine, Kyiv region,
    Pervomajskij Str. 11

(b) Mrs. G. Vronska
    Temporary Insolvency Manager
    Phone: 228-88-68

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


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


24/7 COURIERS: Hires Joint Administrators from Rothman Pantall
--------------------------------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman of Rothman
Pantall & Co have been appointed joint administrators for 24/7
Couriers Limited Company.  The appointment was made July 28,
2004.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Joint Administrators:
          Robert Derek Smailes
          Stephen Blandford Ryman
          (IP Nos 8975, 4731)
          Phone: +44 (0) 20 7930 7272
          Fax:   +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


4AM DISTRIBUTION: Sets Creditors Meeting August 18
--------------------------------------------------
Name of Companies:
4AM Distribution Limited
Beechwood Music Limited
Beechwood Music Publishing Limited
Flute Worldwide Limited
Planet Multimedia Limited

The creditors of these companies will meet on August 18, 2004 at
10:00 a.m., 11:30 a.m., 2:00 p.m., 3:30 p.m. and 4:00 p.m.
respectively.  It will be held at The Shepperton Moat House,
Felix Lane, Shepperton, Middlesex TW17 8NP.  Creditors who want
to be represented at the meeting may appoint proxies.


ABBEY NATIONAL: Final Members Meeting September 30
--------------------------------------------------
Name of Companies:
Abbey National Independent Financial Consultants Limited
Bridford Financial Services Limited
Bridford Life And Pensions Limited
Crossley & Partners Limited
HMC Mortgage Notes 102 Plc
Kontax Pensions (Midlands) Limited
N & P Trustees Limited
W F Systems Limited
Whiting Pension Services Limited

The final meeting of the members of these companies will be on
September 30, 2004 at 10:00 a.m.  It will be held at the offices
of Griffins, Russell Square House, 10-12 Russell Square, London,
WC1B 5EH.

The purpose of the meeting is to receive the account showing
how the winding-up have been conducted and the properties of the
Companies disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Griffins, Russell Square House, 10-12 Russell Square,
London WC1B 5EH not later than 12:00 noon, September 29, 2004.

CONTACT:  GRIFFINS
          Russell Square House
          10-12 Russell Square
          London WC1B 5EH
          Liquidator:
          M Freeman


ABBEY NATIONAL: HBOS Downplays Rumored Job Losses in its Offer
--------------------------------------------------------------
Spanish bank Santander claims a rival offer from HBOS for Abbey
National will likely involve substantial job-cuts and major
branch closures.  It said up to 10,000 jobs could go considering
the widespread presence of the bank's branches in the high-
street, The Telegraph reports.

HBOS confirmed last week it is considering an alternative bid to
Santander's GBP8.1 billion recommended offer.  Santander's offer
also includes job losses, but it expects the number to be lower,
may be less than 10% of Abbey's 25,000 U.K. staff, which will be
shed gradually over four years.  It also intends to maintain
Abbey's 741-strong branch network.  It will take much of its
savings -- around GBP300 million -- in technology and processing
operations.

HBOS Spokesman Shane O' Riordain says the bank's planned offer
is still at a preliminary stage.  He assured an offer will try
to find the "right balance" for the benefit of shareholders,
customers and colleagues.  "This is one of the key issues we are
considering at this early stage so it would be inappropriate to
comment on pure speculation from a biased source."


ABC FIRE: Sets Members and Creditors Meeting September 2
--------------------------------------------------------
The final meeting of the company and the creditors of ABC Fire &
Security UK Limited will be on September 2, 2004 at 2:30 p.m.
and 3:30 p.m. respectively.  It will be held at Numerica LLP,
Crown House, 37-41 Prince Street, Bristol BS1 4PS.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Creditors who want to be represented
at the meeting may appoint proxies.  Proxy forms must be lodged
with Numerica LLP, Crown House, 37-41 Prince Street, Bristol BS1
4PS not later than 12:00 noon, September 1, 2004.

CONTACT:  NUMERICA LLP
          Crown House
          37-41 Prince Street
          Bristol BS1 4PS
          Joint Liquidator:
          G Randall
          Phone: 0117 934 2800
            or   0117 970 1265
          Web site: http://www.numerica.biz


ACFIELD LIMITED: Hires Liquidator from Marks Bloom
--------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Acfield Limited Company on July 29, 2004 held at 60-62 Old
London Road, Kingston upon Thames, Surrey, the Extraordinary
Resolution to wind up the company was passed.  Philip Weinberg
of Marks Bloom, 60-62 Old London Road, Kingston upon Thames KT2
6QZ has been nominated Liquidator for the purpose of the
winding-up.

CONTACT:  MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames KT2 6QZ
          Liquidator:
          Philip Weinberg
          Phone: +44 (0) 20-85499951
          Fax:   +44 (0) 20-85496218
          Web site: http://www.marksbloom.co.uk


AE MARSDEN: Calls in Liquidator
-------------------------------
At an Extraordinary General Meeting of the Members of the AE
Marsden & Sons (Contractors) Ltd Company on July 28, 2004 held
at The Tickled Trout Hotel, Preston New Road, Preston PR5 0UJ,
the Ordinary and Extraordinary Resolutions to wind up the
company were passed.  Clive Morris has been appointed Liquidator
for the purpose of such winding-up.


ALEXANDERS RESIDENTIAL: Sets Final Meetings September 6
-------------------------------------------------------
The final meeting of the members and creditors of Alexanders
Residential Limited will be on September 6, 2004 at 10:00 a.m.
It will be held at the offices of Harris Lipman, 2 Mountview
Court, 310 Friern Barnet Lane, Whetstone, London N20 0YZ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.


ALLMEY & LAYFIELD: Names Liquidators from PricewaterhouseCoopers
----------------------------------------------------------------
Name of Companies:
Allmey & Layfield Limited
Brandway Limited
Jacksons Foods Limited
Renshaw Scott Chocolates Limited
T Collinsons & Sons Limited

At an Extraordinary General Meeting of these Companies on July
28, 2004, the Special and Ordinary Resolutions to wind up the
company were passed.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, 33 Wellington Street, Leeds LS1 4JP
have been appointed Joint Liquidators of the Companies for the
purpose of such windings-up.

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


ALLOY WHEELS: Members Pass Winding up Resolutions
-------------------------------------------------
At an Extraordinary General Meeting of the Alloy Wheels and
Tyres Direct Limited Company on July 28, 2004 held at the
offices of Valentine & Co., 4 Dan castle Court, 14 Arcadia
Avenue, London N3 2HS, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Robert
Valentine of 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS
has been appointed Liquidator for the purpose of such winding-
up.

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


ARCANA TRADING: Hires Liquidator from Elwell Watchorn & Saxton
--------------------------------------------------------------
At an Extraordinary General Meeting of the Arcana Trading
Limited Company on July 30, 2004 held at 109 Swan Street,
Sileby, Leicestershire LE12 7NN, the subjoined Extraordinary
Resolution to wind up the company was passed.  Richard John
Elwell of Elwell Watchorn & Saxton, 109 Swan Street, Sileby,
Leicestershire LE12 7NN has been appointed Liquidator for the
purpose of such winding-up.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street, Sileby,
          Leicestershire LE12 7NN
          Liquidator:
          Richard John Elwell
          Phone: (+44) 01509 815150
          Fax:   (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


ARCHIMEDES FINANCE: Members Final Meeting Set September 6
---------------------------------------------------------
The final meeting of the members of Archimedes Finance Limited
Company will be on September 6, 2004 at 10:30 a.m.  It will be
held at the offices of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, September 3, 2004.

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


ARIES METAL: Winding up Resolution Passed
-----------------------------------------
At a reconvened Extraordinary General Meeting of the Areis Metal
Treatments Limited Company on July 14, 2004 held at the offices
of Clarke Bell, Parsonage Chambers, Manchester, the Resolution
to wind up the company was passed.  John Paul Bell of Clarke
Bell has been appointed Liquidator for the purpose of such
winding-up.


BABIES WISHWORLD: Hires Liquidator from Wilson Field
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the Babies
Wishworld Limited Company on July 29, 2004 held at The Annexe,
The Manor House, 260 Ecclesall Road South, Sheffield S11 9UZ,
the Ordinary and Extraordinary Resolutions to wind up the
company were passed.  Lisa Hogg and David Field of Wilson Field,
The Annexe, The Manor House, 260 Ecclesall Road South, Sheffield
S11 9UZ have been appointed Joint Liquidators for the purpose of
such winding-up.

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


BRITISH ENERGY: Chair to Wrap up Restructuring by January 2005
--------------------------------------------------------------
At British Energy's AGM, Adrian Montague, Chairman, said: "Those
of you who were here last year will recall that I explained the
difficult steps that the company was taking in the face of its
need to restructure.  Much work remains to be done, but over the
past 12 months we have made considerable progress both in
agreeing and implementing our restructuring proposals.

"In the last financial year, we had a small U.K. operating
profit of GBP57 million and a total group operating profit for
continuing activities of GBP340 million.  This compared to a
loss of GBP3.9 billion in the prior financial year following a
GBP3.7 billion write down of our U.K. generating plant.  The
improvement in our results over the year is due in part to the
partial reversal of that write down, which in turn reflects the
improvement in the U.K. generation market.

"We take some satisfaction from these results, but there is a
great deal more to accomplish before any of us will be content.
It has been a turbulent 12 months in the power market.  There
seems little doubt that prices have turned and the era of cheap
energy has ended, at least for now, as the market moves to a
period of structurally higher prices.  Our ability to benefit
from the rise in prices is heavily conditional upon the
reliability of our plant, which we are seeking to sustain and
improve through our Performance Improvement Program (or PiP, as
it is known in the Company).

"In all circumstances, safety is our number one priority.
British Energy seeks to operate to world-class safety standards.
So it is disappointing to have to record that, during last year,
our performance against key industrial safety indicators
declined slightly.  As you would expect, this is being addressed
as an important part of the Performance Improvement Program'.
"Many of you will have seen our announcement last week reducing
our target output for the current year from 64.5 TWh to 61.5
TWh.  We all know that British Energy has to change.

"In my judgment, everyone at British Energy is ready to embrace
the change we need if British Energy is to re-establish itself
as a safe, profitable and proud generator of emissions-free
power.

"But, inevitably, much of the last year has been preoccupied
with our restructuring, and I would now like to give you an
update as to where we are in that process.

"As I am sure you know, we reached agreement with our major
creditors, BNFL and with the Government on the plan for the
proposed restructuring, and the formal agreements were entered
into last October.  Last December, we sold our interest in
AmerGen, and that satisfied a major condition for the
Government's support of the plan.  However, other important
conditions remain to be fulfilled.

"Prominent among these is approval by the European Commission of
the Restructuring Plan.  We understand from the Government that
their discussions with Brussels are making steady progress and
that it now expects the Commission to reach its conclusion early
in the Autumn.

"The restructuring agreements are also conditional on our
satisfying the Secretary of State that the company will be
viable in the future without access to additional financing.
And we also need to finalize the mountain of documents with our
creditors, obtain court approval and complete the successful
listing of the new shares and bonds.  Altogether, there is a
huge volume of work to be undertaken in order that we can
complete the restructuring by 31 January 2005, at the latest.

"With this January deadline in mind, we expect that the public
documentation -- in particular listing particulars for the re-
listing of the Company, and the circular convening general
meetings of shareholders and bondholders -- will be published in
mid-Autumn.

"So what does the formal restructuring plan mean to you, our
shareholders? Firstly, and as I have mentioned before, it will
mean a very significant dilution of your share interests.  Under
the agreed proposals, certain of our major creditors have agreed
to extinguish their unsecured claims against the group amounting
to GBP1.3bn in total, in exchange for: GBP425 million of new
bonds, at least 97.5% of the issued ordinary shares of the
restructured group, and (in the case of creditors with claims
relating to our Eggborough subsidiary) an option to purchase the
Eggborough coal plant in 2010.

"If you, our shareholders, approve the implementation of the
restructuring plan in one of the ways explained in our
announcement last October, shareholders will receive new
ordinary shares equal to 2.5% of the capital of the restructured
group, together with warrants to subscribe for a further 5% of
the share capital, or just the warrants, depending on the level
of support achieved.  This is rather complicated territory,
which I will mention only briefly, but which we will explore at
length at the EGM that we'll convene later in the year to give
final effect to the restructuring.

"We all have to recognize that last October the company was kept
alive by the Government and its creditors because we had
committed ourselves to the restructuring plan.  But for the
restructuring plan agreed then, I believe the company would
already be in administration, and shareholders would then
receive nothing.  In reality, Ladies and Gentlemen, the
restructuring plan secured the company's survival.  We would not
be here unless we had signed up last October.

"We took the negotiations to the wire.  In fact, the existing
shareholders' retained interest was the last point to be settled
after many hours of fraught discussion as, right to the end,
several of our creditors resisted fiercely the notion of
shareholders getting any shares at all in the company going
forward.

"The FT caught the flavor of the discussions when, in the Lex
column for 2 October, it said 'British Energy's bondholders are
grumbling that shareholders have got more than they should'.
Just shows how things can change in a few, short months, doesn't
it?  In fact, you will find that what we achieved compares well
with other restructurings in the London market recently.  So,
although this is still a bitter pill to swallow, I am satisfied
that we could not have achieved more for shareholders when these
arrangements were concluded last October.

"At this point, I think it is appropriate to address two other
issues that have become the subject of some discussion recently.

"First of all, there has been speculation that a change to the
listing rules of the U.K. Listing Authority might mean that the
Company would be required to seek the consent of shareholders in
order to de-list its existing shares, if that was necessary to
complete the restructuring.  I would like to say a few words on
this topic.

"In our announcement on 1 October last year, we explained that
the Restructuring could proceed by one of three routes depending
on the level of support from existing shareholders.  The third
of those routes, which we refer to as the De-listing Route,
requires no support by way of a shareholder vote, relying on the
present form of the Listing Rules, which simply provides for 20
business days notice of de-listing.  Recent consultation papers
published by the UKLA have proposed the amendment of the Rules
to introduce a requirement for shareholder approval before a
company's shares can be de-listed.  And, in a statement issued a
few days ago on 30 July, the UKLA said it was considering
whether transitional arrangements would be appropriate for
companies that had already announced that they planned to de-
list, but had not actually de-listed before any new rule took
effect.

"In our announcement of 17 June, we stated that our belief that
the timescale for the introduction of any new rule would not
prevent the implementation of the restructuring.  In any event,
if any rule change is accompanied by transitional arrangements
of the type referred by the UKLA in its statement last week, we
believe that the requisite advance warning has already been
given by British Energy, having regard to the several statements
we have already made stating our intention, if necessary, to
delist to complete the restructuring.

"If the rule change were to threaten to prevent implementation
of the restructuring, the Company would have little choice but
to consider de-listing its shares in advance of the rule change
becoming effective.  To fail to do so could imperil the existing
restructuring, and might expose the company to further claims
from its creditors.  Of course, the Board is aware of the impact
that de-listing would have on our shareholders, and we will not
take that course lightly.   If we do need to delist early,
shareholders will nonetheless be offered the opportunity to
approve the members' scheme and the disposal and, if approved,
to receive the proposed returns for shareholders provided for in
those cases.

"That brings me to the second issue I would like to discuss.
There has been speculation that the restructuring will not, or
perhaps ought not, proceed in the form that I have outlined.

"First, will the restructuring proceed?

"As we have made clear throughout the restructuring process, and
as I have again made clear, the restructuring itself is subject
to a number of significant uncertainties and important
conditions.  But we should place this in its proper context.  Of
course, there remain some very significant steps to overcome,
but we have made, and are continuing to make, good progress.  I
cannot tell you for certain that everything will go smoothly, as
there are risks at every stage that could prevent the proposed
restructuring going ahead, but I should say that the company
intends to take all the steps open to it to bring the present
deal to fruition.

"Next, should the restructuring proceed in its present form?

"In the last few weeks, new shareholders have emerged who are
contending that the terms of the restructuring should be
revisited.  They say that the recent increase in power prices
has or ought to have made the company more valuable, and
therefore our creditors are getting a better deal than they
fairly should.

"As I said earlier, a marked contrast to where things were ten
months ago!

"I have to tell you that the company simply cannot pursue this
line of argument.

"The restructuring agreements we entered into with creditors,
BNFL and the Government are binding.  We do not have a choice
whether we wish to give effect to them or not.  There's simply
no other viable course open to us.  We entered into these
binding agreements in October 2003 -- in return for keeping the
company afloat -- when no other viable option was available.
Those agreements provided the very best that could be negotiated
for shareholders at the time.

"The only alternative was administration, and then shareholders
would get no shares at all.   And the restructuring agreements
require the Company to make all reasonable efforts to implement
the restructuring.  As a result, the Company is in no position
to choose not to restructure on these terms, and we can't help
those who want to challenge the deal.  We simply have to press
on.

"That concludes what I wanted to say to you by way of
introduction.  I'm sorry if I've been very direct, but I felt
that it was important that I told you clearly how I see things.
Of course, the Restructuring Plan is not before you for a
decision.  We won't be asking you to vote on it until later in
the year.  But the points I have discussed are clearly the
issues of the day."

CONTACT:  BRITISH ENERGY
          John Searles, Investor Relations
          Phone: 01355 262202


BRITISH ENERGY: Long-time Board Member Resigns
----------------------------------------------
David Gilchrist resigned from the Board of British Energy plc
with immediate effect.  Mr. Gilchrist has been with the company
since 1991 and was appointed MD of the nuclear generation
business in 2002.  Upon the appointment of Roy Anderson as Chief
Nuclear Officer (CNO), Mr. Gilchrist was due to take up the
position of Technical Director.

Mike Alexander, CEO commented: "David has worked in a number of
positions in technical, financial and general management.  He is
a strong supporter of the Company's Performance Improvement
Program including the appointment of a CNO and he now wishes to
seek a new challenge outside British Energy.  We thank him for
his past contribution and wish him well for the future."

The Company will now commence the process to seek a replacement
Technical Director.

CONTACT:  BRITISH ENERGY
          John Searles
          Phone: 01355 262000

          FINANCIAL DYNAMICS
          Andrew Dowler
          Phone: 020 7831 3113


BUCKINGHAM ESTATE: Calls in Liquidator
--------------------------------------
At an Extraordinary General Meeting of the Members of the
Buckingham Estate Management Limited Company on July 23, 2004
held at MWB Business Exchange, 2 Gayton Road, Harrow, Middlesex
HA1 2XU, the Ordinary and Extraordinary Resolutions to wind up
the company were passed.  I D Holland has been appointed
Liquidator for the purpose of such winding-up.


CLOSE FTSE: Names Ernst & Young Liquidator
------------------------------------------
At an Extraordinary General Meeting of Close FTSE 100 Trust Plc
on July 21, 2004, the Special Resolution to wind up the company
was passed.  Patrick Joseph Brazzill and Margaret Elizabeth
Mills, both of Ernst & Young LLP, 1 More London Place, London
SE1 2AF have been appointed Joint Liquidators for the purpose of
such winding-up.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place,
          London SE1 2AF
          Liquidators:
          Patrick Joseph Brazzill
          Margaret Elizabeth Mills
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


COASTALSTATE LIMITED: Sets Final Meeting September 10
-----------------------------------------------------
The final meeting of Coastalstate Limited will be on September
10, 2004 at 2:00 p.m.  It will be held at 66 Shoe Lane, London
EC4A 3WA.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.


COURTS PLC: Secures GBP20 Million Additional Credit Facility
------------------------------------------------------------
Group Financing

Courts Plc, the international retail group, signed with its
Syndicate Banks an agreement to increase its Revolving Credit
Facilities by GBP20 million to GBP280 million, on the basis set
out in the Group's preliminary results announcement on 15 June
2004.  The facilities are secured on the Group's U.K. assets and
its overseas shareholdings and will become effective forthwith
on the satisfaction of documentary conditions precedent.

The initiatives to localize the financing of the Caribbean
businesses and to create a regional organization in South East
Asia are continuing.

Dividends

As announced in June, the Board recommends that no final
dividend be paid in respect of the year ended March 2004.  The
Board does not anticipate resuming the payment of dividends
until the refinancing program is significantly more advanced and
the profitability and financial position of the company is
restored.  The preference share dividend due on 30 September
will not be paid.

Board Team

These changes to the Board have been made with effect from
Wednesday:

(a) To reflect his full time commitment to the business, Leo
    McKee has been appointed Executive Chairman of the Group.

(b) David Caddy, a Non-Executive Director since July 2003, has
    become non-executive Deputy Chairman and is designated as
    senior independent Non-Executive Director.  He will continue
    to chair the Audit Committee.

(c) Jeff Warren has joined the Board as an independent Director.
    Jeff was formerly Group Chief Development Officer at the
    Bank of Ireland and, prior to its acquisition by the Bank of
    Ireland, Chief Executive Officer of the Bristol and West
    Building Society

(d) Howard Cohen leaves the Board as scheduled.  In
    addition Chris Lee, who joined the Board on 1 July, has been
    appointed Regional Director Asia/Pacific.

Corporate Advisers

The Board has appointed Close Brothers Corporate Finance Limited
to act as financial adviser to the Company.

Annual Accounts/AGM



The 2003/04 annual accounts are due to be approved by the Board
at its meeting in August and the AGM for the Company is expected
to be held on 24 September.

Leo McKee, Executive Chairman of the Group, commented: "The
signing of the increased banking facilities represents an
important milestone in the Group's progress.  It helps to
stabilize the Group's financial position and allows us to
concentrate on trading as we approach the busy Christmas period.
We will continue to pursue our refinancing activities in our
overseas businesses.

"I am very pleased to welcome Jeff Warren, an experienced
consumer financier, onto the Courts Board and wish to thank
Howard Cohen for his contribution to the development of the
Company."

CONTACT:  COURTS PLC
          Gcg Hudson Sandler
          Phone: 020 7796 4133
          Jessica Rouleau


ED + LIMITED: Appoints Poppleton & Appleby Administrator
--------------------------------------------------------
Employment training company Ed + Limited has appointed M D Hardy
and M T Coyne of Poppleton & Appleby as joint administrators.
The appointment was made July 23, 2004.  The company is engaged
in employment training.  For more information, contact Poppleton
& Appleby, 35 Ludgate Hill, Birmingham B3 1EH.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Joint Administrators:
          M D Hardy
          M T Coyne
          (IP Nos 9160, 6575)
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


EGG PLC: Unidentified Shareholder Unloads Stakes
------------------------------------------------
An unnamed investor in Egg plc sold GBP42.6 million worth of
stock in the Internet bank after efforts to sell the firm
failed.  Broker Cazenove refused to reveal who mandated the sale
of 45.3 million Egg shares at 94 pence each to financial
institutions, according to Reuters.

Prudential holds 79% of Egg.  Newton Management has 22.6 million
shares, Invesco Asset Management 14.6 million, and Threadneedle
Asset Management 13.21 million, Reuters' research reveals.

"We do not think it was Prudential selling the stakes and if the
placing was initiated by a combination of the top funds then
that is quite a statement about their view on the price," one
merger arbitrage trader told Reuters.  Prudential admitted
Tuesday it did not find a buyer for Egg these past seven months.

"However, Egg is now trading on a cheap valuation," the source
added.  Egg is trading on a slightly lower forward price
earnings ratio than the average of the DJ Stoxx banking index
.SX7P.

Egg, Newton and Threadneedle declined to comment.  While Invesco
was not immediately available for comment, according to Reuters.


EIDOS PLC: Admits Takeover Talks, but Denies Getting Firm Offer
---------------------------------------------------------------
U.K. games publisher Eidos plc confirmed it is in discussion
with a number of parties regarding a takeover of the company.
Accordingly, talks are "at a preliminary stage" and could easily
end without "offer being made for the company."  It refused to
reveal names, and indicated it does not intend to make further
comments on the process ahead of its annual financial results
early in September.

Eidos put itself up for sale after two profit warnings earlier
this summer.  The company remains financially sound but is
considered too small for the market.  The company was previously
forced to delay release of upcoming Vietnam War game Shellshock:
'Nam 67, to September.  It means that the game's revenue will be
recorded in current financial year.


EMEIA SERVICES: Sets Members General Meeting August 20
------------------------------------------------------
The general meeting of the members of Emeia Services (U.K.)
Limited will be on August 20, 2004 at 10:00 a.m.  It will be
held at the 2nd Floor, Titchfield House, 69-85 Tabernacle
Street, London EC2A 4RR.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.


FOUBERTS PLACE: Special Winding up Resolution Passed
----------------------------------------------------
At an Extraordinary General Meeting of the Fouberts Place
Subsidiary Number 3 Limited Company on July 28, 2004 held at 8th
Floor, Buchanan House, 3 St James's Square, London SW1Y 4JU, the
Special Resolution to wind up the company was passed.  S D
Swaden of Leonard Curtis & Co, One Great Cumberland Place,
Marble Arch, London W1H 7LW has been appointed the Liquidator of
the Company for the purpose of such winding-up.

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


GW 446: Hires Joint Administrators from Poppleton & Appleby
-----------------------------------------------------------
M D Hardy and M T Coyne have been appointed joint administrators
for GW 446 Limited (formerly Strictly Education Limited).  The
appointment was made July 23, 2004.  The company is engaged in
labor recruitment.  Its registered office is located at 35
Ludgate Hill, Birmingham B3 1EH.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Joint Administrators:
          M D Hardy
          M T Coyne
          (IP Nos 9160, 6575)
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


HEART OF MIDLOTHIAN: Clarifies Bank Facility Announcement
---------------------------------------------------------
The Board of Heart of Midlothian plc wishes to clarify the
circumstances surrounding the release on Tuesday evening, 3
August 2004, of the statement regarding the continuing
availability of bank facilities to the company.  The statement
was released in full consultation with the Company's financial
adviser, Brewin Dolphin Securities Limited.

The Adviser confirmed on Tuesday afternoon and has subsequently
reconfirmed that the Board of Hearts was under an obligation to
release a statement in relation to the continuing availability
of bank facilities, and to release such statement without delay
pursuant to Chapter 9 of the Listing Rules of the U.K. Listing
Authority (Continuing Obligations), following expiry of the
Company's previous bank facilities on 31 July 2004.

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


LASTMINUTE.COM PLC: 3rd-qtr Net Loss Balloons to GBP17 Million
--------------------------------------------------------------
Internet travel agent Lastminute.com plc revealed job cuts as it
reported an increase in bottom-line losses.  The company said it
will cut 350 jobs in the coming months in an effort to cut cost
by 10% in the next financial year.  The number is a tenth of the
firm's 2,400 workforce.  It will affect 10 of its 25 offices
including six in Britain.

For the third quarter, the company said its net loss increased
to GBP17 million from GBP12.2 million for the same period last
year.  It admitted quarter was a "challenging" time for the
travel industry.  It posted a 5% rise in third quarter core
earnings, but said the outlook for the rest of its financial
year remains challenging.

Lastminute.com made a string of acquisitions over the past year.
The shopping spree drove its operating costs from GBP25.3
million to GBP41.9 million.

Financial statements are available free of charge at
http://bankrupt.com/misc/Lastminute_9Months2004.htm.

CONTACT:  LASTMINUTE.COM PLC
          Phone: +44 (0) 20 7802 4498
          Brent Hoberman, Chief Executive Officer
          David Howell, Chief Financial Officer

          THE MAITLAND CONSULTANCY
          Phone: +44 (0) 20 7379 5151
          Brian Hudspith
          Emma Burdett


MG ROVER: Sales Continue to Slip; July Figures Down 32%
-------------------------------------------------------
Sales in car manufacturer MG Rover Group Ltd. continued to slide
in July, Bloomberg News reports citing London-based Times.

The company sold 2,900 Rover cars in July, a 36% reduction
compared with last year.  MG brand cars sales fell 27% to 2,270
units.  Rover sales for June fell by 42%; MG by 19%.  This as
the company's old models struggled in the market.

In June, a MG Rover spokesman attributed the slowdown on the
"transition period for models" and on the cut on non-profitable
sales.  The company has been giving its current models a
facelift, most of which was completed early this year.  In May,
Chief Executive Kevin Howe ruled out a profit for MG Rover
before 2006, when the medium-sized car it is developing to
replace the Rover 45 hits the road.  The company has spent about
GBP100 million on the project, Mr. Howe says.

MG Rover has no immediate plans to curb production despite the
fall in sales, the Times cited an unidentified company
spokeswoman.


OLYMPIC REMOVALS: In Administrative Receivership
------------------------------------------------
HSBC Bank plc called in J J Schapira and N A Bennett of Leonard
Curtis & Co as joint administrative receivers for Olympic
Removals Limited.  The appointment was made July 27, 2004.  The
company is engaged in storage and warehousing.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place
          Marble Arch,
          London W1H 7LW
          Joint Administrative Receivers:
          J J Schapira
          N A Bennett
          (Office Holder Nos 5784, 9083)
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


PRIMESTOCK LIMITED: Names Ernst & Young Administrators
------------------------------------------------------
Simon Allport and Garry Wilson of Ernst & Young have been
appointed joint administrators for Primestock (Manchester)
Limited.  The appointment was made July 29, 2004.  The company
is engaged in frozen meat packaging.

CONTACT:  ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Joint Administrators:
          Simon Allport
          Garry Wilson
          (IP Nos 8763, 9062)
          Phone: +44 [0] 161 333 3000
          Fax:   +44 [0] 161 333 3001
          Web site: http://www.ey.com


RASNA LIMITED: Members Pass Winding up Resolutions
--------------------------------------------------
At an Extraordinary General Meeting of Rasna U.K. Limited on
July 27, 2004, the Special, Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Richard Setchim
and Jonathan Sisson, of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT have been appointed Joint Liquidators of
the Company for the purpose of such winding-up.

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


ROBERTSON HOLDINGS: Sets Final Meeting September 6
--------------------------------------------------
The final meeting of the members of Robertson Holdings (UK)
Limited will be on September 6, 2004 at 10:00 a.m.  It will be
held at Prospect House, 2 Athenaeum Road, London N20 9YU.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.   Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Prospect House, 2 Athenaeum Road, London N20 9YU not later
than 12:00 noon, September 3, 2004.


SUPREME ALUSHIELD: Hires Administrator from UHY Hacker Young
------------------------------------------------------------
Andrew Andronikou and Ladislav Homan have been appointed
administrators for Supreme Alushield Limited.  The appointment
was made July 5, 2004.  The company's registered office is
located at Supreme Alushield Limited, Pitt Farm, Hunscote Lane,
Wellesbourne, Warwickshire CV35 9EX.

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street,
          London EC2Y 5DH
          Administrators:
          Andrew Andronikou
          Ladislav Homan
          (IP Nos 1253, 2059)
          Phone: 020 7216 4600
          Fax:   020 7638 2159
          E-mail: london@uhy-uk.com
          Web site: http://www.uhy-uk.com


THORNTONS PLC: To Discuss Preliminary Results September 7
---------------------------------------------------------
Thorntons PLC, the manufacturer, retailer and distributor of
high quality confectionery and other sweet foods, will announce
preliminary results for the year ended 26 June 2004 on Tuesday,
7 September 2004.  An analysts' briefing will be held at 8:30
a.m. followed by a press briefing at 10:00 a.m., both at
Buchanan Communications, 107 Cheapside, London EC2V 6DN.

CONTACT:  BUCHANAN COMMUNICATIONS
          Charles Ryland/Catherine Miles
          Phone: 0207 466 5000


XEROX CAPITAL: Ratings Affirmed; Outlook Stable
-----------------------------------------------
Fitch assigned a 'BB' rating to Xerox Corporations' (Xerox)
proposed US$400 million senior unsecured debt offering due 2011.
The notes are being issued under the company's US$2.5 billion
shelf registration statement and proceeds are for general
corporate purposes.  Xerox and its subsidiaries' 'BBB-' senior
secured bank credit facility, 'BB' senior unsecured debt, and
'B' convertible trust preferred securities are affirmed.  The
Rating Outlook is Stable.  Approximately US$6 billion of
securities are affected by Fitch's action.

Xerox's ratings reflect the company's improved credit protection
measures and adequate liquidity profile, stabilized financial
performance, and simplified capital structure.  Xerox continues
to execute its operating strategy and significant cost reduction
programs, and Fitch believes stable operating performance will
continue despite challenging prospects for growth in the near
term.  Fitch continues to focus on the increasingly competitive
nature of the printing equipment manufacturing industry and the
need for Xerox to grow equipment revenues, uncertain liabilities
concerning outstanding litigation and potential pension
obligations, and significant core debt maturities over the next
few years.

Credit protection measures for the latest 12 months ending June
30, 2004 continue to show sequential improvement.  Xerox's
leverage, measured by total debt to total EBITDA, is estimated
to be approximately 4.8 times (x), compared with 5.0x and 5.9x
for 2003 and 2002, respectively.  Similarly, Xerox's core
leverage (defined as non-financing debt divided by non-financing
EBITDA) has remained flat for the same time period at
approximately 2x, compared with 3.4x for 2002, respectively.

In addition, Xerox's overall interest coverage ratio (including
the financing segment) was nearly 3x, while core interest
coverage (defined as core EBITDA divided by core interest
expense) was approximately 3.8x, compared with a Fitch-estimated
3.0x and 5.2x for 2003 and 2002, respectively.  Fitch
anticipates overall and core credit protection measures will
remain stable and should gradually improve as a result of higher
operational EBITDA and the expectation that Xerox will use free
cash flow to reduce core debt levels in the next few years.

Xerox has maintained adequate liquidity and has been successful
in securitizing its finance receivables, as well as improving
its working capital metrics.  The company's current liquidity
consists of more than US$2.5 billion of cash, consistent annual
free cash flow above US$1 billion, an undrawn US$700 million
bank facility revolver expiring September 2008, and access to
US$5.0 billion of funding from an eight-year agreement expiring
October 2010 from General Electric Vendor Financial Services for
continued securitization of U.S. finance receivables.  As of
June 30, 2004, approximately US$2.6 billion has been utilized
from this funding source.  In addition, in June 2004, Xerox
arranged a three-year US$400 million revolving credit facility
secured by U.S. accounts receivable with General Electric
Capital Corporation; as of June 30, 2004, US$187 million was
drawn from this facility.

As of June 30, 2004, total debt was US$10.3 billion, not
considering the US$889 million of mandatorily convertible
preferred stock and US$1.1 billion of convertible trust
preferred securities, of which the latter is callable/puttable
in December 2004 at a strike price of US$9.125 for Xerox's
common stock and the put can be settled in either stock or cash
at the option of Xerox.  More than US$4.0 billion of total debt
is secured by various finance receivables, and Fitch believes
this will remain consistent while core debt (non-financing
operations) should be reduced.

Debt maturities for the second one-half of 2004 are estimated at
US$2.3 billion, of which US$1.1 billion is from securitizations,
and approximately US$2.6 billion of debt matures in 2005, of
which US$1.5 billion is from securitizations.  Maturing finance
receivables exceed the securitizations maturity amounts for 2004
and 2005.  Fitch believes free cash flow, along with a strong
cash balance will enable the company to manage debt maturities
and other obligations.  Additional cash outlays of approximately
US$250 million in the first one-half of 2004 were made for
Xerox's worldwide underfunded pensions (more than US$900 million
underfunded on an accumulated benefit obligation basis as of
Dec. 31, 2003), as well as minimal remaining cash charges for
previous restructuring charges, mostly for severance payments.

In addition to Xerox Corporation, the ratings affected are:
Xerox Credit Corporation and Xerox Capital (Europe) PLC's rated
senior debt and Xerox Corporation's US$1.0 billion senior
secured bank credit facility, which is also available to Xerox
Canada Capital Limited and Xerox Capital (Europe) PLC.

CONTACT:  FITCH RATINGS
          Nick P. Nilarp, CFA
          Phone: 212-908-0649
          Brendan Buckley
          Phone: 212-908-0640

          XEROX CREDIT CORPORATION
          Matthew Gallino
          Phone: 212-908-0218
          Philip S. Walker, Jr., CFA
          Phone: 212-908-0624
          Brian Bertsch
          Phone: 212-908-0549 (Media Contact)
          Kenneth Reed
          Phone: 212-908-0540 (Media Relations)


                            *********


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

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

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

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

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

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


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