TCREUR_Public/040810.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, August 10, 2004, Vol. 5, No. 157

                            Headlines

A U S T R I A

HEINRICH EDER: Public Auction of Assets August 13


F I N L A N D

M-REAL CORPORATION: Consolidates Ownership of Kemiart Liners
M-REAL CORPORATION: Selling Price & Pierce to Gould Paper


F R A N C E

TATI: Vetura Edges Asiatex with EUR14.5 Million Bid


G E R M A N Y

CELANESE AG: BCP Crystal Takeover to Become Official October 1
DRESDNER BANK: Financial Strength Outlook Revised to Positive
LEO PFISTER: Public Auction of Assets August 16


I T A L Y

CIRIO DE RICA: Three Bidders Advance to Final Stage
CIRIO FINANZIARIA: Faces Probe in Relation to Bombril's Case
PARMA ASSOCIAZIONE: Rejects Unsolicited Offer for Star Player
PARMALAT FINANZIARIA: Local Antitrust Authority Launches Probe
PARMALAT FINANZIARIA: Initiates Revocatory Action Against UBS


N E T H E R L A N D S

AKER KVAERNER: Wins US$59 Mln Contract in Latin America
ASM INTERNATIONAL: Rating Revised to Stable on Improved Results
ASM INTERNATIONAL: Buys Korean Semiconductor Equipment Supplier
ASM INTERNATIONAL: Clarifies Guidance Statement
ISPAT INTERNATIONAL: Net Income Surges to US$325 Million
ISPAT INTERNATIONAL: Rating Raised to 'B' on Improved Results


N O R W A Y

DNO ASA: Expects to Report Profit for Last Six Months


P O L A N D

AGORA SA: Majority of Operations Losing Money
ELEKTROWNIA TUROW: Potential Event of Default May be Deferred


R U S S I A

AGRO-PROM-SNAB: Altay Court Appoints Insolvency Manager
CHEREMKHOVSKAYA SEED: Bankruptcy Case Pending in Irkutsk Court
DECORATIVE CULTURES: Deadline for Proofs of Claim August 19
GORNAYA SHORIYA: Undergoes Bankruptcy Supervision Procedure
KISELEVSKY BREAD: Proofs of Claim Deadline Expires Next Week

NOVOTEKH: Court Sets September 16 Hearing
OSINOVOLES: Gives Creditors Until August 18 to File Claims
PIT KAZSKY: Kemerovo Court Confirms Insolvency
PRIMORSK: Deadline for Proofs of Claim August 19
PROKOPYEVSKY: Court Schedules Next Hearing November 11

SENEY: B. Volik Appointed Insolvency Manager
SIBERIA: Succumbs to Bankruptcy
TASHGOLSKOYE GAS: Declared Insolvent
YUKOS OIL: Seizure of Yuganskneftegaz Illegal, Says Court
YUKOS OIL: Banks Offer US$450 Million for Rospan


U K R A I N E

COMPUTER TECHNOLOGIES: Bankruptcy Proceedings Ongoing
DAF-PRODTORG: Court Brings in Liquidator
GIRNICHO-PROHIDNITSKIJ: Donetsk Court Confirms Insolvency
HDL-STYLE: Deadline for Proofs of Claim Expires August 15
KOVELMYASOPRODUKT: Declared Insolvent

NADIYA: Court Starts Bankruptcy Supervision
NOVEKOM: Proofs of Claim Deadline August 15
PROMRESURS: Court Affirms Insolvency
UKRAGROPROMTORG: Under Bankruptcy Supervision
UKRSAJVES: Kyiv Court Commences Bankruptcy Proceedings


U N I T E D   K I N G D O M

101 DATA: Members, Creditors Final Meetings August 19
ABBEY NATIONAL: Preferred Bidder Expected to Increase Offer
AEM ENGINEERING: Winding up Resolution Passed
ALFA-MEGA: Sets Final Meeting September 15
APPLICADO LIMITED: Final Meeting Set August 31

AUM 2000: Calls in Liquidator
BERKELEY APPLEGATE: Members, Creditors Final Meeting September 2
BRITISH AIRWAYS: Reverses Last Year's First-quarter Loss
BRITISH ENERGY: Restructuring Not a Matter of Choice
BRITISH SKY: Suing IT Provider for Defective Call Center System

BROOKFIELD DEVELOPMENTS: Special Winding up Resolution Passed
BUSINESS RADIO: Creditors Meeting Set August 12
BYRTRADE LIMITED: Extraordinary Winding up Resolution Passed
CABLE & WIRELESS: May Sell Real Estate Properties
CAMROD MOTORS: General Meeting Set September 3

CAPAZ CONSULTANCY: Hires Liquidators from Baker Tilly
CONIFERS LEISURE: Brings in Administrators
CORPORATE TRAVEL: Sets Creditors Meeting August 19
CUAN OYSTERS: Winding up Resolutions Passed
CYBERES PLC: Creditors Meeting Set August 19

DERBYSHIRE DRY: Hires Joint Administrators from Kroll Limited
EFFORSENRAB 28: Calls in Liquidator
EIDOS PLC: French Rival Offering GBP215 Million, Says Report
EQUITABLE LIFE: E&Y May Go Bust if it Loses Equitable Claim
EYEHOUSE LIMITED: Hires KPMG Administrators

FENNELL & ROBERTS: Sets Final Meeting September 13
H R AIR: Names Liquidator from Ernst & Young
INTEGRITY DEVELOPMENTS: Hires Liquidator from Benedict Mackenzie
J H J CONSULTING: Names DTE Leonard Curtis Administrator
LANECLOUD LIMITED: Contributories Meeting September 22

LOCATION WORKS: Sets Creditors Meeting August 12
MARCONI CORPORATION: Reduces Adjusted Operating Loss to GBP3 Mln
NATIONAL 24: Hires Tenon Recovery Administrator
NEMUR LTD.: Creditors to Meet Thursday
NICHOLLS & HENNESSY: Final General Meeting Set September 20

RAMCO ENERGY: Results of Seven Heads Review Out Soon
ROBERTS & PARTNERS: In Administrative Receivership
STELEX LIMITED: Sets Creditors Meeting August 17
UNILOCK DESIGN: May Appoint Liquidator August 12
URACO INVESTMENTS: Hires Liquidators from Baker Tilly

* Large Companies with Insolvent Balance Sheets


                            *********


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


HEINRICH EDER: Public Auction of Assets August 13
-------------------------------------------------
Herbert Karner Industrieauktionen GmbH will auction the assets
of Heinrich Eder GmbH & Co. KG on August 13, 2004, 1:00 p.m. at
Porschestrabe 23, A-3100 St. Polten, Austria.  Around 190 truck
and car workshop equipment are up for sale.

Inspection of assets is on August 13, 2004 from 8:00 a.m. until
12:45 p.m.  Clearance of assets is set on August 16 and 17, 2004
from 8:00 a.m. until 5:00 p.m. (by appointment).  Small objects
can be cleared on the day of the auction.

CONTACT:  HERBERT KARNER INDUSTRIEAUKTIONEN GMBH
          Phone: +43 (0) 3622 55 287
          Fax: +43 (0) 3622 54 768
          E-mail: contactaustria.karner@goindustry.com


=============
F I N L A N D
=============


M-REAL CORPORATION: Consolidates Ownership of Kemiart Liners
------------------------------------------------------------
M-real Corporation acquires Metsaliitto Cooperative's and UPM-
Kymmene's 53% stake in Kemiart Liners Oy.  The purchase price of
the shares is about EUR13 million and additionally M-real's
interest-bearing net debt will increase by about EUR23 million.
As a result, Kemiart Liners will become wholly owned by M-real.
The arrangement is expected to marginally enhance M-real's
earnings per share for 2004.

Oy Metsa Botnia Ab's Kemiart Liners business was formed into a
company in April 2002 under the ownership of M-real (47%), UMP-
Kymmene (47%) and Metsaliitto Cooperative (6%).  At the time,
the shareholders agreed to work out the final ownership
structure for Kemiart Liners by the end of 2004.

Kemiart Liners is the world's leading producer of coated white-
top kraftliner.  Its full ownership will strengthen M-real's
Cartons business.  The mill has an annual capacity of 340,000
tons and it employs approximately 150 people.

CONTACT:  M-REAL CORPORATION
          Corporate communications
          Juhani POhO, Senior Vice President and CFO
          Phone: +358 10 469 5283
          Hannu Kottonen
          Senior Vice President and General manager, Cartons
          business
          Phone: +358 10 469 4900


M-REAL CORPORATION: Selling Price & Pierce to Gould Paper
---------------------------------------------------------
M-real Corporation signed a Letter of Intent to sell Price &
Price Group to Gould Paper Corporation.  It is anticipated that
the transaction will be completed by the end of September 2004.

M-real acquired Price & Pierce Group in 1998.  It is a trading
house specialized in paperboard, paper and pulp trading
operations.  The estimated net sales of Price & Pierce Group in
2004 is EUR100 million.  The intended sale is part of M-real's
action plan to divest its non-core assets.  According to current
estimate, the sale will not have material financial impact to M-
real.

CONTACT:  M-REAL CORPORATION
          Corporate communications
          Juhani Poho, Senior Vice President and CFO
          Phone: +358 10 469 5283


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


TATI: Vetura Edges Asiatex with EUR14.5 Million Bid
---------------------------------------------------
The Paris commercial court on Thursday picked Vetura as the
winning bidder for discount retail chain Tati, Agence France-
Presse says.

The court chose Vetura, owner of the Fabio Lucci brand, over
local textile group Asiatex.  Vetura offered EUR14.5 million to
acquire 23 of Tati's 29 stores and promised to retain 667 of its
nearly 1,000 employees.

Blaming stiff competition in the fashion sector, Tati filed a
declaration of suspension of payments in August 2003 and was
placed in receivership a month later.  It posted a net loss of
EUR14 million on turnover of EUR106 million for the fiscal year
ended June 30, 2004.  Vetura and Asiatex emerged as the most
serious contenders for Tati from a field of 12 bidders.

Lucien Urano, who jointly owns Vetura with shoe company Eram,
says, "I am very proud to take over a brand as emblematic as
Tati.  From tomorrow we will start working to ensure that Tati's
difficulties are quickly forgotten."

Of the six stores not included in Vetura's acquisition, five
have been allowed by the court to continue operating until a
buyer is found.  The other store has been sold to an unnamed
buyer.

"From now we have two months to continue this activity and try
to sell these stores to other buyers," Tati lawyer Bertrand
Biette told AFP.

CONTACT:  Tati
          4 Boulevard Rochechouart
      75018 PARIS 18
          Phones: 01 55 29 50 00
                  01 58 22 28 90
                  01 56 80 06 80
                  01 53 80 97 70
                  01 53 01 24 90
          E-mail: contact@tati.fr
          Web site: http://www.tati.fr/

          Fabio Lucci Vetura
          81, Rue Cartier Bresson 93697 PANTIN Cedex
          Phone: 01 48 44 90 90
          Fax: 01 48 43 40 34
          Web site: http://www.vetura.fr/


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


CELANESE AG: BCP Crystal Takeover to Become Official October 1
--------------------------------------------------------------
The domination and profit and loss transfer agreement between
Celanese AG and BCP Crystal Acquisition GmbH & Co. KG was
entered into the Commercial Register and can therefore become
effective as of October 1, 2004.  The agreement was approved by
the necessary majority at the Extraordinary General Meeting on
July 30/31, 2004.  BCP is controlled by private equity funds
advised by The Blackstone Group.

As part of the domination and profit transfer agreement, BCP
will be offering cash compensation to shareholders to purchase
their shares for EUR41.92 per registered share.  Shareholders
may accept this offer from the beginning of the new business
year on October 1, 2004.  The domination agreement gives
shareholders at least three months to accept the offer.

BCP guarantees those shareholders who wish to retain their
shares in Celanese AG a dividend in form of a cash payment of
EUR2.89 per registered share for each full business year under
effectiveness of the domination and profit and loss transfer
agreement.

Furthermore, the great majority of shareholders approved the
change in the business year, and this change was also entered
into the Commercial Register.  Thus, from September 30, 2004,
onwards, the Celanese business year will begin on October 1 of a
particular year and end on September 30 of the following year.
A shortened business year will run from January 1, 2004 until
September 30, 2004.

Celanese AG is a global chemicals company with leading positions
in its key products and world-class process technology.  The
Celanese portfolio consists of four main businesses: Chemical
Products, Acetate Products, Technical Polymers Ticona and
Performance Products.  The Performance Products business
consists of Nutrinova sweeteners and food ingredients.

In 2003, Celanese generated sales of around EUR4.1 billion with
about 9,500 employees.  The company has 24 production plants and
six research centers in 10 countries mainly in North America,
Europe and Asia.  For further information, please visit
http://www.celanese.com.

At the time the offer of cash compensation (Offer) described in
this document is made available to Celanese AG shareholders,
assuming the U.S. tender offer rules apply to the transaction,
BCP Crystal Acquisition GmbH & Co. KG (BCP) will file a tender
offer statement with the U.S. Securities and Exchange Commission
(S.E.C.) with respect to the Offer and Celanese AG will file a
solicitation/recommendation statement on Schedule 14D-9 with
respect to the Offer.

Celanese AG shareholders are strongly advised to read the tender
offer statement, the solicitation/recommendation statement on
schedule 14D-9 and other relevant documents regarding the Offer
filed by BCP or Celanese AG, as the case may be, with the S.E.C.
when they become available because they will contain important
information.  Celanese AG shareholders will be able to receive
these documents, when they become available, free of charge at
http://www.sec.gov.

Celanese AG shareholders will also be able to obtain documents
filed by BCP in connection with the Offer free of charge from
BCP and documents filed by Celanese AG in connection with the
Offer free of charge from Celanese AG.  This announcement is
neither an offer to purchase nor a solicitation of an offer to
sell securities of Celanese AG.

                            *   *   *

As reported on May 24, 2004 by TCR-Europe, Standard & Poor's
Ratings Services lowered its corporate credit rating on
Frankfurt, Germany-based Celanese AG to 'B+' from 'BBB'.
Ratings remain on CreditWatch with negative implications
awaiting the approval by shareholders of the domination
agreement and profit and loss transfer agreement, and for the
domination agreement to become effective.  The corporate credit
rating on CNA Holdings Inc. was also lowered to 'B+' from 'BBB'.

With the completion of the Blackstone Group's tender offer for
Celanese shares (shareholders owning 84% of the outstanding
shares have accepted the tender offer), Celanese has begun the
process of entering into domination and profit and loss transfer
agreements, which will allow Blackstone to control the
management and share in the profits and losses of Celanese and
provide for minority shares to receive a dividend or cash
compensation for their shares.  Upon receiving the necessary
approvals, the ratings would be affirmed and removed from
CreditWatch where they were placed on December 16, 2003.

"The downgrade reflects the sharp increase in debt at Celanese
to fund the Blackstone Group's tender offer for the shares of
this specialty chemical company in a transaction valued at about
US$3.5 billion," said Standard & Poor's credit analyst Wesley E.
Chinn.


DRESDNER BANK: Financial Strength Outlook Revised to Positive
-------------------------------------------------------------
Moody's changed from stable to positive the outlook on Dresdner
Bank's C-financial strength rating, reflecting the progress of
the firm's restructuring process for the last 18 months.

It said Dresdner was able to achieve considerable cost reduction
and advance the implementation of new risk management processes.
It was also able to address portfolio concentrations and
underwriting standards.  This as the pressure for German banks
to provide specific loan loss provisions eases up.

Moody's may upgrade the ratings depending on Dresdner Bank's
ability to further stabilize its earnings in its strategic
businesses, and on keeping the strain on the financial
fundamentals from the Institutional Restructuring Unit at an
acceptable level.  Dresdner Bank's A1 long-term debt and deposit
ratings remain unchanged with a stable outlook in line with
Allianz's ratings outlook.


LEO PFISTER: Public Auction of Assets August 16
-----------------------------------------------
Karner & Co. GMBH will auction the assets of Leo Pfister GmbH
Glasbearbeitung on August 16, 2004, 9:00 a.m. at Reitweg 10,
Gewerbegebiet, 90587 Veitsbronn-Siegelsdorf, Germany.

The assets for sale are: facette grinding unit with 3 stations
y.o.m. 94 (for wall mirrors); packet grinding machine y.o.m. 99;
glass cutting machine; saw ILISTRA; drilling machine GOTHA; tool
boards; turning lathes; milling machine: e-welding units;
workbenches; e-hand tools; lawn-mowers; pumps; chaff-cutter, and
a set of office furniture which includes desks, chairs,
computers, printers, fax machines and copiers.

Inspection of assets is on August 16, 2004 from 9:00 a.m. until
the end of the sale.

CONTACT:  KARNER & CO. GMBH
          Phone: +49 (0) 6136 7544 0
          Fax: +49 (0) 6136 7544 29
          E-mail: contact.karner@goindustry.com


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


CIRIO DE RICA: Three Bidders Advance to Final Stage
---------------------------------------------------
The receivers of troubled Italian food manufacturer Cirio De
Rica started Friday their review of the offers from three
bidders, Il Sole 24 Ore says.

The bids came from Italian food groups Conserve Italia and
Divella and a consortium of local entrepreneurs called Stif.
Another group, La Doria, had previously submitted a bid, but
withdrew it recently.  The receivers intend to sell Cirio De
Rica for more than its present turnover of EUR150 million to
reflect future turnover prospects.

Receivers have also received offers from Heinz, Fresh Del Monte,
and the Filipino food giant San Miguel Corporation to acquire
40% of subsidiary, Del Monte Pacific.  The receivers plan to
sell the Philippine-based company for more than its stock market
value of US$120 million.  After the sale, the receivers plan to
repay Cirio's bondholders with 20% to 80% of their principal
investments, worth around EUR1.125 billion.

CONTACT:  Cirio Del Monte Italia S.p.A.
          Legal Address:
          Via Augusto Valenziani,
          10 - 00187 Rome
          Phone: 06 421761
          Fax: 06 42176230

          Administrative Address:
          Strada Provinciale per Podenzano,
          10 - 29010 San Polo di Podenzano
          Phone: 0523 536123
          Fax: 0523 379257
          Web site: http://www.cirio.it

          Cirio Finanziaria S.p.A.
          Phone: +39 06 4145700
          Fax: +39 06 4145729
          Web site: http://www.cirio.it


CIRIO FINANZIARIA: Faces Probe in Relation to Bombril's Case
------------------------------------------------------------
Magistrates in Rome directed the country's financial watchdog to
investigate a case lodged against Cirio Finanziaria by Brazilian
Bombril S.A., a former unit of the company, according to Agenzia
Giornalista Italia.

Bombril is suing the company to recover money related to the
sale of the Italian food group several years ago.  It did not
say how much it is seeking from the motion, but the report noted
that earlier this year it took provisions worth BRL3 billion
(US$988 million) as a result of the unpaid debts when Cirio
Holding was sold to Bombril International about six years ago.
The company is also suing Bombril Cirio International S.A.,
Capitalia S.p.A., Banca di Roma S.p.A., Cragnotti & Partners
Capital Investment N.V., C&P Overseas Ltd., and Cirio's former
boss, Sergio Cragnotti.

Bombril, a leading maker of household cleaning products in the
country, has been under the control of the local court since
July 2003.  Its former Brazilian owner, Ronaldo Sampaio
Ferreira, is contesting for control of the firm with Cirio.  He
won the latest court trial, but a final decision remains
pending.  Cirio was declared insolvent August last year after
defaulting on more than EUR1 billion of bonds in late 2002.


PARMA ASSOCIAZIONE: Rejects Unsolicited Offer for Star Player
-------------------------------------------------------------
Serie A club Parma Associazione Calcio rules out a sale of its
famous striker Alberto Gilardino after reports emerged that
first division rival AS Roma is interested in buying the player.

Parma director Luca Baraldi said: "I repeat what I said a few
weeks ago -- Gilardino is not for sale and there is no room for
negotiation.  The player is staying at Parma, even if somebody
offers us EUR50 million (US$60 million)."

Mr. Gilardino scored 23 league goals last season.  Parma was
declared insolvent by the Civil Court of Parma in April.  Citing
a report by the Italian news agency Ansa, the Associated Press
said Parma has debts of EUR309.6 million (US$366 million),
liquid assets of EUR400,000 and EUR41 million credit lines
available.

CONTACT:  PARMALAT FINANZIARIA
          Sede legale: 43044 Collecchio (Pr)
          Via Oreste Grassi, 26
          Codice fiscale e iscrizione nel Registro delle
          Imprese di Parma 00175250471
          Partita I.V.A. 01938950340
          R.E.A. Parma n. 188325 - U.I.C. n. 730
          Sede amministrativa: 20122 Milano -
          Piazza Erculea, 9
          Phone: (39) 02 8068801
          Fax: (39) 02.8693863
          E-mail: x_affari_societari_it@parmalat.net


PARMALAT FINANZIARIA: Local Antitrust Authority Launches Probe
--------------------------------------------------------------
Parmalat Finanziaria S.p.A., in Extraordinary Administration,
communicates that the Antitrust Authority initiated two
investigations on 22 July 2004 with regard to Parmalat.
Parmalat was informed of the probe on July 27, 2004.

The first contends that Parmalat did not respect the conditions
imposed by the Antitrust Authority in 1999 relating to the
authorization of the acquisition of Eurolat from the Cirio
Group, and specifically its failure to divest, Newlat to which
certain brands and facilities had been transferred.  The second
cites the failure to communicate in advance to the Authorities
the acquisition of a controlling position in Carnini.

The actions that are the subject of the Antitrust Authority's
investigation, in which the current Extraordinary Administration
of Parmalat had no role whatsoever, are entirely attributable to
the previous management of Parmalat.  The initiations of these
steps by the Antitrust Authority were preceded by a request for
information by the Authority to Parmalat Finanziaria S.p.A. in
Extraordinary Administration which the latter fulfilled
providing all the relevant information in its possession and
cooperating fully in the preliminary phases of the Authority's
inquiries.

Parmalat Finanziaria S.p.A. in Extraordinary Administration does
not currently manage either Newlat or Carnini.  On the basis of
information in his possession or which has been reported in the
press, Extraordinary Commissioner, Dr. Enrico Bondi, took the
limited but prudent step, in the interest of all the creditors,
of recognizing in March 2004 ownership of the holdings in Newlat
and Carnini.

CONTACT:  PARMALAT FINANZIARIA S.P.A.
          Sede legale: 43044 Collecchio (Pr)
          Via Oreste Grassi, 26
          Codice fiscale e iscrizione
          nel Registro delle Imprese
          di Parma 00175250471
          Partita I.V.A. 01938950340 - R.E.A.
          Parma n. 188325 - U.I.C. n. 730
          Sede amministrativa:
          20122 Milano - Piazza Erculea, 9
          Phone: (39) 02.8068801
          Fax: (39) 02.8693863
          E-mail: x_affari_societari_it@parmalat.net


PARMALAT FINANZIARIA: Initiates Revocatory Action Against UBS
-------------------------------------------------------------
Parmalat Finanziaria S.p.A., in Extraordinary Administration,
communicates that Dr. Enrico Bondi, in his role as Extraordinary
Commissioner of Parmalat Finance Corporation B.V. filed a claim
with the Court of Parma against UBS Limited, in the form of a
revocatory action under article 67 of the Italian bankruptcy
law.

The case is in connection to the transaction carried out in July
2003 which saw the issue of two bonds for a total nominal value
of EUR420 million in the context of which Parmalat B.V. acquired
from UBS EUR290 million in bonds from Banco Totta & Acores S.A.
The latter were Credit Linked Notes that were underwritten by
UBS by way of protection against a default risk of the Parmalat
Group.

The amount being sought under this revocatory action is EUR290
million plus interest.  Further, the Extraordinary Commissioner
has reserved the right to act separately to recover damages from
UBS.

CONTACT:  PARMALAT FINANZIARIA S.P.A.
          Sede legale: 43044 Collecchio (Pr)
          Via Oreste Grassi, 26
          Codice fiscale e iscrizione
          nel Registro delle Imprese
          di Parma 00175250471
          Partita I.V.A. 01938950340 - R.E.A.
          Parma n. 188325 - U.I.C. n. 730
          Sede amministrativa:
          20122 Milano - Piazza Erculea, 9
          Phone: (39) 02.8068801
          Fax: (39) 02.8693863
          E-mail: x_affari_societari_it@parmalat.net


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


AKER KVAERNER: Wins US$59 Mln Contract in Latin America
-------------------------------------------------------
The Chemetics division of Aker Kvaerner Canada Inc. (Chemetics)
and Kvaerner Peru S.A. (KPSA) were awarded the contracts by
Southern Peru Copper Corporation (SPCC) to build the second
sulfuric acid plant and effluent treatment plant at its copper
smelter in Ilo Peru.  The lump sum contracts which are valued at
approximately US$59 million include the complete design, supply,
erection, and commissioning of the plant.

SPCC is 54.2% owned by Grupo Mexico, the world's third largest
copper producer.  The new acid plant, which has a capacity of
3760 metric tons per day, is required to capture the off-gases
from the smelter, which is also being modernized as part of the
Ilo site's overall environmental compliance with Peruvian plant
emission regulations.

The project will be managed from Chemetics' office in Vancouver,
Canada, where it will also carry out the majority of the
engineering.  Chemetics will be supported by other Aker Kvaerner
companies including KPSA and Aker Kvaerner Industrial
Constructors (AKIC), who will manage site construction.

Following a rigorous tendering process that included competition
from the world's leading acid plant contractors, SPCC selected
Chemetics to supply the acid plant, based on evaluated technical
and commercial merits, plus the excellent working relationship
that has existed between the two companies, ever since Chemetics
supplied the first acid plant at the Ilo site in 1995.

AKER KVAERNER ASA, through its subsidiaries and affiliates, is a
leading global provider of engineering and construction
services, technology products and integrated solutions.  The
business within Aker Kvaerner span a number of industries,
including Oil & Gas production, Refining & Chemicals, Mining &
Metals, Pharmaceuticals & Biotechnology, Power Generation and
Pulp & Paper.  Aker Kvaerner has aggregated annual revenues of
approximately US$4.5 billion and employs around 21,000 employees
in more than 30 countries.

Oil, Gas, Process & Energy executes technology development,
engineering and construction services for industries as diverse
as Oil & Gas Onshore and Offshore Developments, Chemicals &
Polymers, Pharmaceuticals, Government Services, and Mining &
Metals.  With an annual turnover of US$1.14 billion, Oil, Gas,
Process & Energy (OGPE) business area of Aker Kvaerner employs
more than 5,400 people operating worldwide.

Chemetics is a process technology company offering engineered
systems, proprietary equipment, and complete turnkey plants, to
the chemical, water treatment, fertilizer, pulp and paper and
non-ferrous metals industries worldwide.  We provide innovative
processes that enhance performance and productivity while
protecting the environment.  Our cost-effective solutions result
in plants that are safe, reliable, efficient and environmentally
acceptable.  To maintain our leadership position, we are
constantly refining our technologies and developing our know-how
through significant R&D expenditures to ensure that our products
and services continue to meet the needs of the customers and
industries we serve.

                            *   *   *

In April, Fitch Ratings assigned a rating of 'BB' to the Aker
Kvaerner AS EUR260 million second priority lien notes issue
guaranteed by Aker Kvaerner O&G Group AS (AK O&G).  This follows
a review of final documentation on the basis of which Fitch
confirms the expected rating assigned to these notes on March
12, 2004.  The agency's Senior Unsecured rating for AK O&G is
'BB' with a Stable Outlook.

The 'BB' rating assigned to the notes, at the same level as the
Senior Unsecured rating, reflects the agency's view of the
potential recovery prospects of the notes, based on the pro-
forma capital structure of the group.  Although the notes are
contractually subordinated to a EUR150 million senior secured
credit facility, and contractually and structurally subordinated
to a EUR6.8 million (NOK57 million) project financing loan and
bonding facilities in excess of EUR400 million (NOK3 billion),
the value within the business should ensure substantial recovery
for the note holders.

The notes mature on June 15, 2011 and will accrue interest at a
rate of 8.375% per annum.  The issuer may redeem some or all of
the notes from June 15, 2007.  This three-year non-call period
is shorter than the average that Fitch has typically seen in the
market.  Subject to covenants being met, the notes are subject
to a EUR160 million carve-out for additional indebtedness.
Current ratings do not assume a need for additional
indebtedness.

The net proceeds from the issue of the notes will be held in an
escrow account until the new EUR150 million senior secured
credit facility is fully in place and bonding facilities have
been amended.  This is partly conditional upon the completion of
the initial public offering of shares by Aker Kvaerner ASA, the
new holding company of AK O&G and the Kvaerner Group's
engineering and construction businesses.  Once all conditions
have been fulfilled, proceeds from the notes will be used to
repay certain inter-company indebtedness owed to companies
outside of AK O&G.

CONTACT:  AKER KVAERNER
          Media:
          Doug Shaw
          Phone: (Direct Line) (+1) 604 737-4483
          Sales Director, Acid Technology, Chemetics

          Investor relations:
          Lasse Torkildsen
          Vice President, Group Comms
          Phone: +47 67 51 30 39


ASM INTERNATIONAL: Rating Revised to Stable on Improved Results
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Netherlands-based semiconductor equipment manufacturer ASM
International N.V. to stable from negative, following steady
improvements in the company's 100%-owned front-end operations
and the strengthening of the company's financial profile.

At the same time, Standard & Poor's affirmed its ratings on the
company, including its 'B+' long-term corporate credit ratings
and all related debt ratings.

"ASM's first-half 2004 results and outlook for the rest of the
year indicate that the company's front-end equipment operations
will report positive EBITDA for 2004 after three years of weak
profitability," said Standard & Poor's credit analyst Olli
Rouhiainen.  "The company's 54%-owned Hong Kong-based subsidiary
ASM Pacific Technology Ltd. (ASMPT) also performed strongly,
helping ASM to improve its financial profile and liquidity
position."

The company had sales of EUR719 million (US$875 million) and
EBITDA of EUR73 million in the 12 months to June 30, 2004.  At
June 30, 2004, ASM had total debt of EUR210 million, and net
debt of EUR38 million.

ASM's liquidity should be adequate to finance capital
expenditure needs over the coming 24 months, and the company's
debt protection measures are now in line with the rating
category.  The company is expected to continue to gradually
improve profitability in its front-end operations.

Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. It can also be found
on Standard & Poor's public Web site at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk (44)
20-7176-7400; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com.

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


ASM INTERNATIONAL: Buys Korean Semiconductor Equipment Supplier
---------------------------------------------------------------
ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam:
ASM) completed the acquisition of Genitech, Inc., a privately-
held semiconductor equipment supplier based in South Korea, for
US$5.2 million in cash and US$4 million in ASMI common shares.
The number of shares issued at the closing was 247,638.  The
total value of the consideration remained unchanged, but the
portion of the consideration paid in ASMI common shares
decreased compared to our earlier announcement.

As indicated in the April 26 announcement of the terms of the
pending acquisition, ASM will also pay up to US$9.2 million in
cash over the next five years, depending upon the achievement of
performance targets.

In making the announcement, Arthur del Prado, President and CEO
of ASMI stated: "[W]e are delighted that, in completing our
acquisition of Genitech, ASMI has taken the final step in the
consolidation of our leading edge interconnect platform -- 3G
Interconnect -- and cleared the path toward commercialization of
these truly ground-breaking technologies for copper
metallization.

"Genitech's Plasma Enhanced Atomic Layer Deposition (PEALD(TM)),
provides complementary solutions to ASMI's own pioneering Atomic
Layer Chemical Vapor Deposition (ALCVD(TM)) technology, and
Genitech's Cu Superfill CVD(TM) addresses the need for atomic
controlof copper deposition without PVD, which will be critical
for smallerdevice geometries, 45nm and beyond.  In addition, we
believe ALD barriers and Cu Superfill CVD(TM) offer the ideal
surface preparation for recently-acquired NuTool ECMD(TM)
technology on our Aurora(R) low-k film.  With ASMI's global
presence, we see great potential for this suite of proprietary
technologies to further penetrate the copper interconnect
market."

About Genitech and ASM

Founded in 1996 by researchers formerly with the Electronics &
Telecommunications Research Institute (ETRI), Genitech, Ltd. is
an innovative, dynamic, and privately held company, located in
Korea, developing and manufacturing next generation
semiconductor processing equipment for thin film deposition and
copper metallization.  Genitech has developed thin film
deposition tools for PEALD(TM) (Plasma Enhanced Atomic Layer
Deposition) of dielectric or metallic films and for Cu Superfill
CVD(TM) of copper films for next generation metallization and
interconnections.  For more information, visit Genitech's Web
site at http://www.genitech.co.kr. Genitech is a trademark of
Genitech, Ltd.

ASM International N.V., headquartered in Bilthoven, the
Netherlands, is a global company servicing one of the most
important and demanding industries in the world.  The company
and its subsidiaries design and manufacture equipment and
materials used to produce semiconductor devices, including
production solutions for wafer processing (Front-end segment)
and assembly and packaging (Back-end segment).  The company
possesses a strong technology base, state-of-the-art
manufacturing facilities in the United States, Europe, Japan and
Asia, a competent and qualified workforce and a highly trained,
strategically distributed support network.  ASM International's
common stock trades on NASDAQ (symbol ASMI) and the Euronext
Amsterdam Stock Exchange (symbol ASM).  For more information,
visit http://www.asm.com.

ASM is a registered trademark of ASM International N.V.

CONTACT:  ASM INTERNATIONAL N.V.
          Robert de Bakker
          Phone: +31 30 229 8540

          Mary Jo Dieckhaus
          Phone: +1 212 986 2900


ASM INTERNATIONAL: Clarifies Guidance Statement
-----------------------------------------------
ASM International N.V. (ASMI) (Euronext Amsterdam: ASM) said
that, because of an apparent misunderstanding of several
statements made during its Second Quarter 2004 conference call
on July 28, 2004, concerning the future profitability of its
Front-End or wafer processing operations, the company is issuing
the following clarification.

ASM International anticipates continued growth for its Front-end
semiconductor equipment operations through the second half of
2004 with a further acceleration in 2005, based in part on the
anticipated continued industry expansion, but more specifically
on the strength of ASMI's recent technology wins across a broad
range of product and process offerings, as well as customer
spending plans outlined for next generation technology nodes.
Based on these industry and customer roadmaps, ASM reiterated
that its Front-end business segment is expected to achieve
positive earnings from operations in 2005.

ASM's Back-end operations, represented by its 54% ownership in
ASM Pacific Technology Ltd. (ASMPT), the world's largest
manufacturer of assembly and packaging equipment for the
semiconductor industry, have consistently achieved profitability
every year since ASMPT was founded in Hong Kong, in 1976.

About ASM

ASM International N.V. headquartered in Bilthoven, the
Netherlands, is a global company servicing one of the most
important and demanding industries in the world.  The Company
possesses a strong technology base, state-of-the-art
manufacturing facilities, a competent and qualified workforce
and a highly trained, strategically distributed support network.
ASM International and its subsidiaries design and manufacture
equipment and materials used to produce semiconductor devices.
ASM International and its subsidiaries provide production
solutions for wafer processing (Front-end segment) as well as
assembly and packaging (Back-end segment) through facilities in
the United States, Europe, Japan and Asia.  ASM International's
common stock trades on NASDAQ (symbol ASMI) and Euronext
Amsterdam Stock Exchange (symbol ASM).  For more information,
visit http://www.asm.com.

ASM is a registered trademark of ASM International.

CONTACT:  ASM INTERNATIONAL N.V.

          Robert de Bakker
          Chief Financial Officer
          Phone: +31 30 229 8540

          Erik Kamerbeek
          Director Investor Relations
          Phone: +31 30 229 8500

          Mary Jo Dieckhaus
          U.S. Investor Relations
          Phone: +1 212 986 2900


ISPAT INTERNATIONAL: Net Income Surges to US$325 Million
--------------------------------------------------------
Ispat International N.V. (NYSE: IST; AEX: IST NA) reported a
record net income of US$325 million or US$2.75 per share for the
second quarter of 2004 as compared to a net income of US$14
million or US$0.11 per share for the second quarter of 2003.  In
the first quarter of 2004, the net income was US$102 million or
US$0.85 per share.  The results for this quarter, in fact,
exceeded the best ever annual results achieved so far.

Consolidated sales and operating income for the second quarter
were US$2.1 billion and US$426 million, respectively, as
compared to US$1.4 billion and US$58 million, respectively, for
the second quarter of 2003; and US$1.8 billion and US$158
million respectively for the first quarter of 2004.

Total steel shipments were approximately 4.1 million tons[1],
which represented an increase of approximately 2% over the
second quarter of 2003 and a decrease of approximately 4% over
the first quarter of 2004.

For the six-month period January-June 2004, Ispat International
N.V.'s net income was US$427 million or US$3.60 per share as
compared to net income of US$65 million or US$0.52 per share for
the six-month period January-June 2003.

Consolidated sales and operating income for the six month period
January-June 2004 were US$3.9 billion and US$584 million
respectively, compared to US$2.7 billion and US$133 million
respectively for the six-month period January-June 2003.

Total steel shipments for the six-month period January-June 2004
were 8.3 million tons, an increase of 6% compared to the six-
month period January-June 2003.

The improved earnings were primarily due to strong demand for
our products across all markets.  Our average price realization
in the second quarter 2004 improved by 43% compared to the
second quarter of 2003 and by 25% compared to the first quarter
of 2004, driven by higher base selling prices, raw material
surcharges and improved product mix.  For the six-month period
January-June 2004, average price realization was 30% higher than
the corresponding period of 2003.

The situation with respect to availability and procurement
prices of key raw materials such as iron ore, scrap, coke and
natural gas continued to remain challenging.  However, Ispat
International was able to manage the situation successfully,
thereby maintaining shipments and customer service levels.
Overall, cost per ton during the quarter was higher by 23% as
compared to the second quarter of 2003 and by 9% compared to the
first quarter of 2004.  Cost per ton during the six-month period
January-June 2004 was higher by 18% compared to the
corresponding period of 2003.

There were no material unusual or one-time items during the
quarter.  Selling, general and administrative expenses were
marginally higher due to higher levels of sales activity, as
well as higher costs of logistics.  Other income included a gain
from the sale of environmental credits at Ispat Inland.  Net
interest expense was higher mainly due to the costs related to
the issue of bonds by Ispat Inland to refinance the previous
term loan.

--------
Footnote

[1] The term "ton" means a short ton (ST).  One short ton is
equal to 2,000 pounds.

Details of Shipments, Sales and Operating Income at our main
operating subsidiaries were as follows:

    Shipments
    Subsidiary           Q2 2004      Q2 2003       Q1 2004
                        000'Tons      000'Tons      000'Tons
    US and Canadian        1,801        1,785        1,825
    Operating
    Subsidiaries
    Ispat Europe Group     1,000          940        1,125
    Other Subsidiaries     1,256        1,235        1,274



    Sales
    Subsidiary            Q2 2004       Q2 2003      Q1 2004
                        US$ Million      US$ Million    US$
Million
    US and Canadian         1,010         714            853
    Operating
    Subsidiaries
    Ispat Europe Group        509         373            496
    Other Subsidiaries        590         323            406



    Operating Income
    Subsidiary            Q2 2004        Q2 2003      Q1 2004
                        US$ Million       US$ Million    US$
Million
    US and Canadian           167          (20)           95
    Operating
    Subsidiaries
    Ispat Europe Group         54           15             5
    Other Subsidiaries        205           63            58


    For the six month period January - June:

    Shipments
    Subsidiary             Six Months         Six Months
                             2004                2003
                           000'Tons            000'Tons
    US and Canadian         3,627               3,433
    Operating
    Subsidiaries
    Ispat Europe Group      2,126               1,941
    Other Subsidiaries      2,528               2,418



    Sales
    Subsidiary             Six Months         Six Months
                             2004                2003
                           000'Tons            000'Tons
                          US$ Million           US$ Million
    US and Canadian          1,862              1,410
    Operating
    Subsidiaries
    Ispat Europe Group        1006                731
    Other Subsidiaries         996                597



    Operating Income
    Subsidiary             Six Months         Six Months
                             2004                2003
                           000'Tons            000'Tons
                          US$ Million           US$ Million

    US and Canadian            262                 31
    Operating
    Subsidiaries
    Ispat Europe Group          60                 26
    Other Subsidiaries         262                 76

Liquidity continues to improve.  During the second quarter of
2004, working capital increased by US$117 million, mainly due to
higher levels of inventories and receivables driven by higher
levels of costs and selling prices.  The underlying physical
levels (represented by number of days' working capital) remained
largely unchanged.  During the six month period January-June
2004, working capital increased by US$275 million.

Capital expenditure during the quarter was US$35 million and
during the six months of 2004 was US$56 million.

As at June 30, 2004, the Company's cash and cash equivalents
were US$143 million ($80 million at December 31, 2003 and US$104
million at March 31, 2004).  In addition, the Company's
operating subsidiaries had available borrowing capacity of
US$223 million as at June 30, 2004.  The comparable number was
US$236 million as at March 31, 2004 and US$143 million as at
December 31,
2003.

During the second quarter 2004, the Company reduced net debt by
US$248 million, consisting of reduction of borrowings by US$209
million, largely by prepaying long-term debt at its
subsidiaries, and increase of US$39 million in cash and cash
equivalents.  During the six-month period January-June 2004,
borrowings was reduced by US$160 million and net debt was
reduced by US$223 million.

Total debt at the end of the quarter -- which includes both long
and short-term debt, as well as borrowings under working capital
credit facilities -- was US$2.1 billion, as compared to US$2.3
billion at the end of the first quarter of 2004.

During the quarter, the Company purchased 2 million of its own
shares from the market under the previously announced share buy
back program at an average price of US$12 per share.  During the
six-month period January-June 2004, the number of its own shares
purchased under this program was 5.3 million and the average
price was US$10.25 per share.

Outlook for third quarter 2004

The Company expects continued strong demand in all its principal
markets.  However, third quarter shipments are traditionally
lower due to seasonal factors.  The Company expects improved
selling prices across all product segments and flat to somewhat
reduced shipments compared to second quarter.

On the other hand, there is likely to be continued pressure on
availability and cost of all major inputs.

Working capital is expected to increase due to increases in
input prices and sales.  Capital expenditure is expected to be
slightly higher in the third quarter than in the second.  A key
milestone during the third quarter will be the pre-commissioning
trials at the new degasser facility in Mexico.

Ispat Inland's labor contract has been extended until August 15,
2004 by mutual agreement between Ispat Inland and the United
Steelworkers of America (U.S.W.A.).  The contract was originally
scheduled to expire on July 31, 2004.  The Company is hopeful
that Ispat Inland will be able to finalize a new agreement with
the U.S.W.A.  However, if such agreement does not take place,
the existing agreement contains provisions for recourse to
binding interest arbitration, without any disruption to
operations.

Overall, the Company expects to benefit from strong market
conditions for its products.  The third quarter is expected to
be a better quarter than the second.

The summary consolidated financial and other information,
including accounts of Ispat International N.V. and its
consolidating subsidiaries are prepared in accordance with U.S.
GAAP.  All material inter-company balances and transactions have
been eliminated.  Quantitative information on total shipments of
steel products includes inter-company shipments.

Ispat International N.V. is one of the largest and most global
steel producers, with major steel-making operations in the
United States, Canada, Mexico, Trinidad, Germany and France.
The Company produces a broad range of flat and long products
sold mainly in the North American Free Trade Agreement
participating countries and the European Union countries.  Ispat
International N.V. is a member of the LNM Group.

For further information visit http://www.ispat.com.

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


ISPAT INTERNATIONAL: Rating Raised to 'B' on Improved Results
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Dutch-registered steel consortium
Ispat International N.V. to 'B' from 'B-'.  The outlook is
positive.

At the same time, Standard & Poor's raised its ratings on
Ispat's subsidiaries, Ispat Inland Inc., Ispat Inland L.P.,
Ispat Europe Group S.A., Ispat Mexicana S.A de C.V., and Ispat
Sidbec Inc.  The outlook is positive.

"The rating actions follow a continued positive outlook for the
steel market, which has resulted in good cash flow generation
and debt reduction at Ispat," said Standard & Poor's credit
analyst Tommy Trask.  "The positive outlook reflects the
potential for a further ratings upgrade if present favorable
market conditions persist, and Ispat continues to devote free
cash flows toward debt reduction and strengthen its liquidity
position."

Ispat reported a stellar performance in the second quarter of
2004, with an operating margin of 22.5%, at the high end of
Western steel producers.

Present market conditions favor Ispat's business model, given
its meaningful backward integration into iron ore and its
ability to switch between steel scrap and direct reduced iron in
the steel making process.   Despite some continued build-up in
working capital, Ispat was able to repay US$208 million of debt
in the quarter.  Given that the third and fourth quarters are
likely to be equally strong, and that the company's chairman has
reiterated that debt reduction continues to be a high priority
for Ispat, Standard & Poor's expects significant debt reduction
for the remainder of 2004.

The key negative credit factors for the Ispat group are: (i)
weakness in the group's financing structure, with dividend
restrictions preventing cash from moving from stronger to weaker
entities; (ii) weak liquidity, given the increase in cash tied
up in working capital and restrictive debt covenants; and (iii)
high legacy costs (pension and medical liabilities).

Given that most of the group's rated debt, excluding bank debt
at Ispat Sidbec, is guaranteed by Ispat and includes cross-
default provisions, the default probability of the different
legal entities is interlinked.

Consequently, Standard & Poor's analysis for the ratings on
Ispat and its subsidiaries reflects an element of the weakest
link approach.  It is Ispat's policy to apply free cash flow
generation at the subsidiary level for debt amortization at the
local level.

These factors more than offset the benefit to the company from
its meaningful backward integration, geographical
diversification, and scale advantages (e.g. in sourcing raw
materials) of the Ispat and LNM groups.

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system at http://www.ratingsdirect.com. All ratings affected by
this rating action can be found on Standard & Poor's public Web
site at http://www.standardandpoors.com.

CONTACT:  STANDARD AND POOR'S RATINGS SERVICES
          Analyst E-mail Addresses
          tommy_trask@standardandpoors.com
          olivier_beroud@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


===========
N O R W A Y
===========


DNO ASA: Expects to Report Profit for Last Six Months
-----------------------------------------------------
As previously announced, DNO A.S.A. will be presenting its
results for the second quarter and first half of 2004 on 18
August 2004.

The group's profit and loss statements for these periods will
among other things be affected by:

(a) Net sales gain resulting from the sale of certain Norwegian
    assets to Lundin Petroleum AB (see stock exchange notice of
    18 June 2004) amounts to approximately NOK100 million.

(b) In keeping with the company's revised strategy, DNO's
    exploration and development activity remained high also in
    the second quarter.   According to DNO's accounting
    principles for the company's oil and gas activities
    (Successful Efforts), investments in exploration projects,
    including seismic activity, field studies and dry wells, are
    expensed.

(c) In the second quarter, a little over NOK50 million were
    expensed as exploration costs, including NOK13 million that
    were refunded in connection with the sale of Norwegian
    assets to Lundin and NOK20 million relating to investment in
    exploration projects with a significant future value
    potential.

Based on the above, DNO's Board of Directors expects the net
profit for the second quarter to be about NOK100 million.

CONTACT:  DNO A.S.A.
          Helge Eide, Managing Director
          Phone: (+47) 55 22 47 00 / (+47) 23 23 84 80
          Homepage: http://www.dno.no


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


AGORA SA: Majority of Operations Losing Money
---------------------------------------------
The magazine, radio and outdoor advertising subsidiaries of
Poland's leading media group, Agora S.A., have continued to
absorb mounting losses, Warsaw Business Journal reports.

The company's remaining profitable business is its Gazet
Wyborcza, Poland's largest newspaper.  "Agora's [overall]
results are better than expected.  Gazeta Wyborcza is the
company's sole pulling engine, while the other ventures are in
need of deep sales and cost restructuring," said DM Millenium
brokerage analyst Katarzyna Perzak.

Agora reported year-on-year increase in consolidated revenues in
first half of this year.  For the second quarter, the company
recorded a net profit of PLN21.1 million, a 62.3% increase over
the previous year.

The company owns outdoor advertising leader AMS S.A.  It has
been an active player in the local radio stations market since
1996.  Now its local radio group comprises 29 stations
(including 2 associated) and 1 super-regional.  It publishes 14
magazine titles.  The company operates Internet portal,
Gazeta.pl and advertising service Aaaby.pl.


ELEKTROWNIA TUROW: Potential Event of Default May be Deferred
-------------------------------------------------------------
Fitch Ratings affirmed Elektrownia Turow S.A.'s Senior Secured
'B-' rating and removed it from Rating Watch Negative (RWN).  At
the same time, the agency has also affirmed the Long-term 'B-'
rating on Elektrownia Turow's debt secured by Power Purchase
Agreement- (PPA) backed revenues, including Elektrownia Turow
B.V.'s EUR270 million guaranteed secured bonds maturing in 2011
and removed it from RWN.  The Outlook of the rating is Negative.

The rating actions follow a review of recent developments and
reflect Fitch's expectations of extended delays to the
government's plan to cancel PPAs beyond the 3-6 month term
normally associated with Rating Watch.  The rating was
downgraded from 'BB' and put on RWN on 12 September 2003 to
reflect the increasing probability that Elektrownia Turow's PPA
will be unilaterally cancelled as part of the restructuring of
the Polish power sector.

Required procedural changes following Poland's E.U. accession on
1 May 2004 mean it is unlikely that PPAs will be cancelled
before 4Q05 at the earliest.  Reviewed draft legislation is now
being prepared by the government before entering a period of
industry consultation in the coming weeks.  Parliamentary
approval of the PPA cancellation, which could be viewed as a
potential event of default, is highly unlikely before 2Q05.

While Fitch does not have specific details, it understands from
its discussions with representatives of the Ministry of Economy
that certain principles will need to be changed to ensure the
plan to cancel PPAs and compensate for any associated stranded
costs is acceptable to the anti-monopoly office and European
Commission.

The concept of legal expropriation (for subsequent compensation)
is not an option now, and the plan (due to be submitted by the
Polish government later this year) may be challenged by those
parties involved.  Additionally, the concept of one-off
compensation appears to have been abandoned in the face of EC's
fears of over-compensation.  Expectations now are that initial
payments will be made covering the majority of stranded costs
(as defined by the regulator on grounds acceptable to E.C.) and
any subsequent installments will be based on actual performance
(prices and volumes) in later years.

While the delay in the plan is credit positive for Elektrownia
Turow, giving it time to partially de-leverage and complete its
modernization program (the last turbine unit is scheduled to be
re-commissioned in February 2005), the policy changes will have
mixed results.  Until more details are known, Fitch will
continue to base Elektrownia Turow's rating on the prospective
cancellation of its PPA, potentially triggering an event of
default and/or forcing a financial restructuring.  While
generally viewed positively, Fitch does not currently believe
the new holding structure (BOT group) will materially mitigate
the risk of economic loss of Elektrownia Turow bondholders prior
to or on completion of the restructuring.

Gross debt peaked at more than PLN4 billion at FYE03.  Debt
service coverage ratio for 2003 stood at 1.8x against original
projections of 1.4x and a covenanted 1.2x, achieved as a result
of marginal growth in cash generation, cost controls and FX
effects.  Any remaining capital expenditure relating to the
modernization program (c.PLN300 million) will be funded from
organic cash flows.  Scheduled debt servicing costs for 2H04
total c.PLN80 million compared to PLN199 million of cash at 30
June 2004.  The agency will monitor the situation closely.

CONTACT:  FITCH RATINGS
          Josef Pospisil, London
          Phone: +44 (0) 20 7417 4266

          Arkadiusz Wicik, Warsaw
          Phone: +48 22 433 6600

          Laurence Monnier
          Phone: +44 (0) 20 7417 3546

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


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


AGRO-PROM-SNAB: Altay Court Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Altay region has declared OJSC Agro-
Prom-Snab insolvent and introduced bankruptcy proceedings.  The
case is docketed as A03-10108/03-B.  Mr. Y. Shelyagin has been
appointed insolvency manager.  Creditors have until August 18,
2004 to submit their proofs of claim to 656065, Russia, Altay
region, Barnaul, A. Petrova Str. 233, Apartment 135.

CONTACT:  AGRO-PROM-SNAB
          658860, Russia,
          Altay Region, Tabunovsky region,
          Tabuny, Veteranov Str. 71

          Mr. Y. Shelyagin
          Insolvency Manager
          656065, Russia,
          Altay Region, Barnaul,
          A. Petrova Str. 233,
          Apartment 135


CHEREMKHOVSKAYA SEED: Bankruptcy Case Pending in Irkutsk Court
--------------------------------------------------------------
The Arbitration Court of Irkutsk region has declared state
unitary enterprise Cheremkhovskaya Seed Growing Station on the
Herb insolvent and introduced bankruptcy proceedings.  The case
is docketed as A19-15807/03-49.  Mr. V. Leskov has been
appointed insolvency manager.

Creditors are asked to submit their proofs of claim to 665415,
Russia, Irkutsk region, Cheremokhovo, Post User Box 9.

CONTACT:  CHEREMKHOVSKAYA SEED GROWING STATION ON THE HERB
          665407, Russia,
          Irkutsk region, Cheremkhovo,
          Vostochniy

          Mr. V. Leskov
          Insolvency Manager
          665415, Russia,
          Irkutsk Region, Cheremokhovo,
          Post User Box 9

          The Arbitration Court of Irkutsk Region
          664025, Russia,
          Irkutsk, Gagarina Str. 70


DECORATIVE CULTURES: Deadline for Proofs of Claim August 19
-----------------------------------------------------------
The Arbitration Court of Omsk region has declared CJSC
Decorative Cultures (Tin 5508000031) insolvent and introduced
bankruptcy proceedings.  The case is docketed as AK/E-1/04.  Mr.
A. Budelev has been appointed insolvency manager.  Creditors
have until August 19, 2004 to submit their proofs of claim to
644018, Russia, Omsk, 5th Konkordnaya Str. 65B.

CONTACT:  DECORATIVE CULTURES
     644033, Russia,
          Omsk region,
          Krasny Put Str. 86

          Mr. A. Budelev
          Insolvency Manager
          644018, Russia,
          Omsk, 5th Konkordnaya Str. 65B


GORNAYA SHORIYA: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy supervision procedure on OJSC corporation of material
- technical supply Gornaya Shoriya.  The case is docketed as
A27-7243/2004-4.  Mr. V. Fedotkin has been appointed temporary
insolvency manager.

Creditors are asked to submit their proofs of claim to 652992,
Russia, Kemerovo region, Tashtagol, Pospelova Str. 20.  A
hearing will take place on September 29, 2004, 3:00 p.m.

CONTACT:  GORNAYA SHORIYA
          652992, Russia,
          Kemerovo Region, Tashtagol,
          Pospelova Str. 20

          Mr. V. Fedotkin
          Temporary Insolvency Manager
          652992, Russia,
          Kemerovo Region, Tashtagol,
          Pospelova Str. 20


KISELEVSKY BREAD: Proofs of Claim Deadline Expires Next Week
------------------------------------------------------------
The Arbitration Court of Kemerovo region has declared OJSC
Kiselevsky Bread Baking Combine insolvent and introduced
bankruptcy proceedings.  The case is docketed as A27-15774/03-4.
Mr. S. Vlasov has been appointed insolvency manager.

Creditors have until August 18, 2004 to submit their proofs of
claim to 654018, Russia, Kemerovo region, Novokuznetsk, Kirova
Str. 64-68.  A hearing will take place on May 26, 2005, 3:00
p.m.

CONTACT:  KISELEVSKY BREAD BAKING COMBINE
          652700, Russia,
          Kemerovo region, Kiselevsk,
          Mostovaya Str. 10

          Mr. S. Vlasov
          Insolvency Manager
          654018, Russia,
          Kemerovo Region, Novokuznetsk,
          Kirova Str. 64-68


NOVOTEKH: Court Sets September 16 Hearing
-----------------------------------------
The Arbitration Court of Kemerovo region has declared municipal
industrial enterprise Novotekh (TIN 4220007859) insolvent and
introduced bankruptcy proceedings.  The case is docketed as A27-
13319/2003-4.  Mr. E. Buryak has been appointed insolvency
manager.

Creditors are asked to submit their proofs of claim to 652515,
Russia, Kemerovo region, Leninsk-Kuznetsky, Zvarygina Str. 18-a,
office 214-a.  A hearing will take place on September 16, 2004.

CONTACT:  NOVOTEKH
          Russia, Kemerovo Region,
          Novokuznetsk, Lazo Str. 6

          Mr. E. Buryak
          Insolvency Manager
          652515, Russia,
          Kemerovo Region, Leninsk-Kuznetsky,
          Zvarygina Str. 18a,
          Office 214a


OSINOVOLES: Gives Creditors Until August 18 to File Claims
----------------------------------------------------------
The Arbitration Court of Krasnoyarsk region declared OJSC
Osinovoles insolvent and introduced bankruptcy proceedings.  The
case is docketed as A33-18700/03-s4.  Mr. S. Makhov has been
appointed insolvency manager.   Creditors have until August 18,
2004 to submit their proofs of claim to 660043, Russia,
Krasnoyarsk, Vodyannikova Str. 2 A-15, Post User Box 910.

CONTACT:  OSINOVOLES
          663991, Russia,
          Krasnoyarsk Region,
          Boguchansky region, Osinovy Mys

          Mr. S. Makhov
          Insolvency Manager
          660043, Russia,
          Krasnoyarsk,
          Vodyannikova Str. 2 A-15


PIT KAZSKY: Kemerovo Court Confirms Insolvency
----------------------------------------------
The Arbitration Court of Kemerovo region has declared small
enterprise Pit Kazsky insolvent and introduced bankruptcy
proceedings.  The case is docketed as A27-13503/2003-4.  Mr. V.
Fedotkin has been appointed insolvency manager.  Creditors have
until August 18, 2004 to submit their proofs of claim to 652930,
Russia, Kemerovo region, Tashtagolsky region, KAZ, Lenina Str.
12-31.

CONTACT:  PIT KAZSKY
          652930, Russia,
          Kemerovo region,
          Tashtagolsky region,
          Kaz, Lenina Str. 12-31

          Mr. V. Fedotkin
          Insolvency Manager
          652930, Russia,
          Kemerovo Region,
          Tashtagolsky Region,
          Kaz, Lenina Str. 12-31


PRIMORSK: Deadline for Proofs of Claim August 19
------------------------------------------------
The Arbitration Court of Irkutsk region has declared OJSC
Primorsk insolvent and introduced bankruptcy proceedings.  The
case is docketed as A19-4489/04-38.  Mr. S. Fedorenko has been
appointed insolvency manager.   Creditors have until August 19,
2004 to submit their proofs of claim to 664011, Russia, Irkutsk,
Sverdlova Str. 35.

CONTACT:  PRIMORSK
     666337, Russia,
          Irkutsk region,
          Ust-Ordynsky Buryatsky autonomous region,
          Osinsky region, Primorsk,
          Oktyabrskaya Str.

          Mr. S. Fedorenko
          Insolvency Manager
          664011, Russia,
          Irkutsk, Sverdlova Str. 35


PROKOPYEVSKY: Court Schedules Next Hearing November 11
------------------------------------------------------
The Arbitration Court of Kemerovo region has declared state
enterprise collective farm Prokopyevsky insolvent and introduced
bankruptcy proceedings.  The case is docketed as A27-7244/2004-
4.  Mr. A. Zakharov has been appointed insolvency manager.

Creditors have until August 18, 2004 to submit their proofs of
claim to 653052, Russia, Kemerovo region, Prokopyevsk, Location
10 Str. 13-16.  A hearing will take place on November 11, 2004,
2:30 p.m.

CONTACT:  PROKOPYEVSKY
          653813, Russia,
          Kemerovo Region,
          Prokofyev Region, Verkh-Egos

          Mr. A. Zakharov
          Insolvency Manager:
          653052, Russia,
          Kemerovo Region, Prokopyevsk,
          Location 10 Str. 13-16


SENEY: B. Volik Appointed Insolvency Manager
--------------------------------------------
The Arbitration Court of Kemerovo region has declared CJSC Seney
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A27-10224/2003-4.  Mr. B. Volik has been appointed
insolvency manager.

Creditors have until August 18, 2004 to submit their proofs of
claim to:

(a) Insolvency Manager
    652506, Russia,
    Kemerovo, Leninsk-Kuznetsky,
    Osinniki Str. 16;

(b) Seney
    652842, Russia,
    Kemerovo region,
    Myski, block 8, 5-14

(c) The Arbitration Court
    of Kemerovo region


SIBERIA: Succumbs to Bankruptcy
-------------------------------
The Arbitration Court of Irkutsk region has declared MKTZP
Siberia insolvent and introduced bankruptcy proceedings.  The
case is docketed as A19-5445/04-49.  Mr. P. Zhdanov has been
appointed insolvency manager.  Creditors are asked to submit
their proofs of claim to 665458, Russia, Irkutsk region, Usolye-
Sibirskoye, Post Office 8, Post User Box 16.

CONTACT:  SIBERIA
          Russia, Irkutsk region,
          Bratsk, Mira Str. 43

          Mr. P. Zhdanov
          Insolvency Manager
          665458, Russia,
          Irkutsk Region, Usolye-Sibirskoye,
          Post Office 8, Post User Box 16


TASHGOLSKOYE GAS: Declared Insolvent
------------------------------------
The Arbitration Court of Kemerovo region has declared municipal
unitary enterprise Tashgolskoye Gas Farm insolvent and
introduced bankruptcy proceedings.  The case is docketed as A27-
12351/2003-4.  Mr. E. Besedin has been appointed insolvency
manager.  Creditors have until August 18, 2004 to submit their
proofs of claim to 653052, Russia, Kemerovo region, Prokopyevsk,
Location 10 Str. 13-16.

CONTACT:  TASHGOLSKOYE GAS FARM
          652993, Russia,
          Kemerovo Region,
          Tashtagol-3,
          Kislorodnaya Str. 1

          Mr. E. Besedin
          Insolvency Manager
          650065, Russia,
          Kemerovo Region,
          Lenina Pr. 164-272


YUKOS OIL: Seizure of Yuganskneftegaz Illegal, Says Court
---------------------------------------------------------
Moscow's Arbitration Court on Friday lifted an order to seize
shares in Yukos' largest oil-producing unit, Yuganskneftegaz,
reports say.

The court said the confiscation of the assets by bailiffs was
illegal.  The government had the assets frozen last month when
Yukos failed to meet a deadline to pay US$3.4 billion in tax for
2000.  Shares in its two other oil units, Tomskneft and
Samaraneftegaz, have also been suspended.  Yukos spokesman,
Alexander Shadrin said they are still waiting for the decision
on the appeal.

The ruling came after the reversal of an order made on Thursday
giving Yukos access to its bank accounts, which were frozen in
relation to the investigation lodged against it on charges of
fraud and tax evasion.

Yukos shares have lost about three-fourths of their value since
April, when the government said the company must pay the US$3.4
billion tax fine for 2000.


YUKOS OIL: Banks Offer US$450 Million for Rospan
------------------------------------------------
Russian investment banks forming Alfa Services group are
offering to buy Yukos' 56% stake in Rospan International
Overseas Ltd. for US$450 million, reports say.

The proposal follows reports the oil giant is in talks to sell
its shareholding in the Cyprus-registered company to partner
Anglo-Russian oil company TNK-BP.  TNK-BP said it was willing to
buy out the multinational gas joint venture for US$357 million.

Yukos said the money raised from a sale will help it pay its
EUR3.4 billion tax bill.  It has since insisted it does not have
cash to pay the amount, and that court orders are preventing it
from selling assets.  Yukos has until the end of the month to
settle the bill.

According to Moscow Times, Yukos lawyer Dmitry Gololobov in a
letter to the justice ministry argued the stake sale is
technically beyond the scope of the ministry's freeze order,
which only covers Yukos' assets in Russia.

Alfa Services has no relation to Alfa Group, which co-owns TNK-
BP, according to Dow Jones Newswires.


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


COMPUTER TECHNOLOGIES: Bankruptcy Proceedings Ongoing
-----------------------------------------------------
The Economic Court of Kyiv region has declared LLC Computer
Technologies (code EDRPOU 31111026) insolvent and introduced
bankruptcy proceedings.  The case is docketed as 23/282.
Arbitral manager Mr. V. Krikun (License Number AA 669678) has
been appointed liquidator/insolvency manager.  The company holds
account number 26001301231697/980 at Prominvestbank, Zhovtneve
branch in Kyiv region, MFO 322067.

CONTACT:  COMPUTER TECHNOLOGIES
          01021, Ukraine, Kyiv region,
          Grushevskij Str. 28/2

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

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


DAF-PRODTORG: Court Brings in Liquidator
----------------------------------------
The Economic Court of Volinska region declared LLC Daf-Prodtorg
(code EDRPOU 20144407) insolvent and introduced bankruptcy
proceedings on June 16, 2004.  The case is docketed as 1/47-B.
Arbitral manager Mr. V. Temchishin (License Number AA 630072
approved on November 25, 2003) has been appointed
liquidator/insolvency manager.

CONTACT:  DAF-PRODTORG
          Ukraine, Volinska region,
          Volodimir-Volinskij O
          Hohol Str. 22

          Mr. V. Temchishin
          Liquidator/Insolvency Manager
          Ukraine, Lutsk, Svitla Str. 5/3

          ECONOMIC COURT OF VOLINSKA REGION
          43010, Ukraine, Lutsk,
          Voli Avenue, 54-a


GIRNICHO-PROHIDNITSKIJ: Donetsk Court Confirms Insolvency
---------------------------------------------------------
The Economic Court of Donetsk region declared LLC Girnicho-
Prohidnitskij Enterprise Shahtostroj (code EDRPOU 21996529)
insolvent and introduced bankruptcy proceedings on June 23,
2004.  The case is docketed as 15/45 B.  Arbitral manager Mr. O.
Samsonov (License Number 249558) has been appointed
liquidator/insolvency manager.  The company holds account number
26004302570430 at Prominvestbank, Dobropillya branch, MFO
334118.

CONTACT:  GIRNICHO-PROHIDNITSKIJ ENTERPRISE SHAHTOSTROJ
          85000, Ukraine, Donetsk region,
          Dobropillya, Zaliznichne

          Mr. O. Samsonov
          Liquidator/Insolvency Manager
          85030, Ukraine, Donetsk region,
          Dobropillya district, Krivirizhya,
          Komsomolska Str. 62
          Phone: (06277) 24-00-6

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


HDL-STYLE: Deadline for Proofs of Claim Expires August 15
---------------------------------------------------------
The Economic Court of Lviv region declared LLC Joint Ukrainian-
Polish Enterprise HDL-Style (code EDRPOU 20017586) insolvent and
introduced bankruptcy proceedings on June 22, 2004.  The case is
docketed as 6/46-7/22.  Mr. V. Vinnikov (License Number AA
668279 approved on September 26, 2003) has been appointed
liquidator/insolvency manager.

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

(a) JOINT-UKRAINIAN-POLISH ENTERPRISE HDL-STYLE
    Ukraine, Lviv region,
    B. Kotika Str. 4

(b) ECONOMIC COURT OF LVIV REGION
    79010, Ukraine, Lviv region,
    Lichakivska Str. 81


KOVELMYASOPRODUKT: Declared Insolvent
-------------------------------------
The Economic Court of Volinska region declared LLC
Kovelmyasoprodukt (code EDRPOU 30007100) insolvent and
introduced bankruptcy proceedings on June 9, 2004.  The case is
docketed as 1/49-B.  Arbitral manager Mr. V. Temchishin (License
Number AA 630072 approved on November 25, 2003) has been
appointed liquidator/insolvency manager.

CONTACT:  KOVELMYASOPRODUKT
          Ukraine, Volinska region,
          Kovel, Volodimirska Str. 156

          Mr. V. Temchishin
          Liquidator/Insolvency Manager
          Ukraine, Lutsk, Svitla Str. 5/3

          ECONOMIC COURT OF VOLINSKA REGION
          43010, Ukraine, Lutsk,
          Voli Avenue, 54-a


NADIYA: Court Starts Bankruptcy Supervision
-------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on Agricultural LLC Nadiya (code EDRPOU
03796057).  The case is docketed as 9/119 B.  Arbitral manager
Mr. Andrij Fedorenko (License Number AA 630136 approved on
January 9, 2004) has been appointed temporary insolvency
manager.  The company holds account number 260004584 at
JSPPB Aval, Chernigiv regional branch, MFO 353348.

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

(a) AGRICULTURAL NADIYA
    16450, Ukraine, Chernigiv region,
    Borznyanskij district,
    Velika Zagorivka, Lenin Str. 59-a

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


NOVEKOM: Proofs of Claim Deadline August 15
-------------------------------------------
The Economic Court of Lviv region declared LLC Joint Ukrainian-
Canadian Enterprise Novekom (code EDRPOU 23886684) insolvent and
introduced bankruptcy proceedings on June 15, 2004.  The case is
docketed as 6/58-7/26.  Mr. V. Vinnikov (License Number AA
668279 approved on September 26, 2003) has been appointed
liquidator/insolvency manager.

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

(a) JOINT UKRAINIAN-CANADIAN ENTERPRISE NOVEKOM
    Ukraine, Lviv region,
    Ruska Str. 11/18

(b) ECONOMIC COURT OF LVIV REGION
    79010, Ukraine, Lviv region,
    Lichakivska Str. 81


PROMRESURS: Court Affirms Insolvency
------------------------------------
The Economic Court of Kyiv region declared LLC Promresurs (code
EDRPOU 30112043) insolvent and introduced bankruptcy
proceedings.  The case is docketed as 23/66.  Arbitral manager
Mr. V. Krikun (License Number AA 669678) has been appointed
liquidator/insolvency manager.  The company holds account number
26003573/980 at JSCB MT-Bank, Kyiv branch, MFO 320962, and
account number 26005301000629/980 at JSCB Transbank, Kyiv branch
1, MFO 322896.

CONTACT:  PROMRESURS
          01133, Ukraine, Kyiv region,
          Shors Str. 44

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

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


UKRAGROPROMTORG: Under Bankruptcy Supervision
---------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on LLC Production-Commercial Company
Ukragropromtorg (code EDRPOU 30601638) on May 21, 2004.  The
case is docketed as 10/85.  Arbitral manager Mr. F. Lazaryev
(License Number AA 250286 approved on January 24, 2002) has been
appointed temporary insolvency manager.  The company holds
account number 2600420000167 at CB Praveks-Bank, Poltava branch,
MFO 331735.

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

(a) PRODUCTION-COMMERCIAL COMPANY UKRAGROPROMTORG
    Ukraine, Poltava region,
    Rozi Luksenburg Str. 3

(b) Mr. F. Lazaryev
    Temporary Insolvency Manager
    Ukraine, Poltava region,
    Matrosov Str. 27
    Phone: (05322) 3-04-37, 7-37-55

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


UKRSAJVES: Kyiv Court Commences Bankruptcy Proceedings
------------------------------------------------------
The Economic Court of Kyiv has declared LLC Ukrsajves (code
EDRPOU 20075709) insolvent and introduced bankruptcy
proceedings.  The case is docketed as 23/64-B.  Arbitral manager
Mr. V. Krikun (License Number AA 669678) has been appointed
liquidator/insolvency manager.  The company holds account number
2602630301289/980 at OJSC Oshadbank, MFO 300465.

CONTACT:  UKRSAJVES
          01010, Ukraine, Kyiv region,
          Arsenalna square, 1 B

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

          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
===========================


101 DATA: Members, Creditors Final Meetings August 19
-----------------------------------------------------
The final meeting of the creditors and the members of 101 Data
Ltd. will be on August 19, 2004 at 2:15 p.m. and 2:30 p.m.
respectively.  It will be held at Kingswood Court, 1 Hemlock
Close, Kingswood, Surrey KT20 5QW.

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 or Members who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Kingswood Court, 1 Hemlock Close, Kingswood,
Surrey KT20 6QW not later than 12:00 noon, August 18, 2004.


ABBEY NATIONAL: Preferred Bidder Expected to Increase Offer
-----------------------------------------------------------
Banco Santander is reportedly raising its offer for mortgage
bank Abbey National to put off potential counter bids, The
Telegraph reports.

Abbey has recommended the Santander's GBP8.15 billion cash and
paper offer, but rumors of potential rival bids that could mean
lengthy anti-trust investigations is worrying the Spanish bank.
Considered Spain's biggest bank, Santander wants to avoid
uncertainties that could destabilize Abbey's business.

A source close to Santander said: "They are very aware that a
lengthy inquiry would unsettle Abbey substantially, and they are
not going to run back to Spain at the first hint of a counter-
bid."  It may likely improve its offer or increase proportion of
cash.

HBOS, Britain's biggest mortgage lender, is expected to bid next
month.  Lloyds TSB is set to appoint an adviser regarding a
possible transaction this week.  It has not come up with a
specific decision, but is understood ready to lodge an offer
once HBOS makes its move.  Barclays and HSBC are also considered
potential bidders.

Competition issues will surely be raised over the combination of
Abbey and any high-street bank since a merger would create a
dominant position in at least one market.  Job cuts would be
necessary, potentially deeply if the buyer is a domestic rival.
A full-blown auction could see the price for Abbey shoot to
close to GBP9 billion, sources told the Telegraph.


AEM ENGINEERING: Winding up Resolution Passed
---------------------------------------------
At an Extraordinary General Meeting of the AEM Engineering
Limited Company on July 29, 2004 held at the offices of Clarke
Bell, Parsonage Chambers, 3 The Parsonage, Manchester M3 2HW,
the Resolution to wind up the company was passed.  John Paul
Bell of Clarke Bell, Parsonage Chambers, 3 The Parsonage,
Manchester M3 2HW has been appointed Liquidator for the purpose
of such a winding-up.

CONTACT:  CLARKE BELL
          Parsonage Chambers
          3 The Parsonage
          Manchester M3 2HW
          Liquidator:
          John Paul Bell


ALFA-MEGA: Sets Final Meeting September 15
------------------------------------------
The final meetings of the contributories and creditors of Alfa-
Mega Limited will be on September 15, 2004 at 11:00 a.m. and
11:30 a.m. respectively.  It will be held at the offices of
Begbies Traynor, 4th Floor, Riverside House, 31 Cathedral Road,
Cardiff CF11 9HB.

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 and contributories who want
to be represented at the meeting may appoint proxies.  Proxy
forms must be lodged with Begbies Traynor, 4th Floor, Riverside
House, 31 Cathedral Road, Cardiff CF11 9HB not later than 12:00
noon, September 14, 2004.

CONTACT:  BEGBIES TRAYNOR
          4th Floor,
          Riverside House,
          31 Cathedral Road,
          Cardiff CF11 9HB
          Joint Liquidator
          J W Davies
          Phone: 029 2022 5022
          Fax:   029 2022 4523
          Web site: http://www.begbies.com


APPLICADO LIMITED: Final Meeting Set August 31
----------------------------------------------
The final meeting of the members and the creditors of Applicado
Limited will be on August 31, 2004 at 10:00 a.m. and 10:15 a.m.
respectively.  It will be held at Tomlinsons, 2 AC Court, High
Street, Thames Ditton, Surrey KT7 0SR.

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 or Creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must lodged with St John's Court, 72 Gartside Street, Manchester
M3 3EL not later than 12:00 noon, August 30, 2004.


AUM 2000: Calls in Liquidator
-----------------------------
At an Extraordinary General Meeting of the Members of the AUM
2000 Limited Company on July 27, 2004 held at The Old Mill, 9
Soar Lane, Leicester LE3 5DE, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Kirankumar
Mistry and John Phillip Walter Harlow have been appointed Joint
Liquidators for the purpose of such winding-up.


BERKELEY APPLEGATE: Members, Creditors Final Meeting September 2
----------------------------------------------------------------
The final meetings of the members and creditors of Berkeley
Applegate (Investment Consultants) Limited will be on September
2, 2004 at 10:15 a.m. and 10:30 a.m. respectively.  It will be
held at the offices of KPMG Plym House, 3 Longbridge Road,
Plymouth PL6 8LT.

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 of Creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with KPMG Corporate Recovery, Plym House, 3
Longbridge Road, Plymouth PL6 8LT not later than 4:00 p.m.,
August 31, 2004.

CONTACT:  KPMG
          Corporate Recovery,
          Plym House,
          3 Longbridge Road,
          Plymouth PL6 8LT
          Liquidator:
          R J Hill
          Phone: (01752) 632100
          Fax: (01752) 632110
          Web site: http://www.kpmg.co.uk


BRITISH AIRWAYS: Reverses Last Year's First-quarter Loss
--------------------------------------------------------
British Airways posted a pre-tax profit of GBP115 million (2003:
GBP45 million loss reflecting the full impact of the war in Iraq
and SARS) for the first quarter to June 30, 2004.  The operating
profit for the first quarter was GBP150 million (2003: GBP40
million profit) delivering an operating margin of 7.8%.

Rod Eddington, British Airways' chief executive, said: "These
are reasonable results but currently fuel and employee costs
remain our biggest challenges.  The price of crude oil has
soared and we now expect our fuel bill to be GBP225 million
higher than last year.  As a result we will increase our fuel
surcharge on all long-haul sectors.

"In addition, the higher pension contributions of GBP133 million
a year continue to drive a significant increase in employee
costs.

"We continue to improve our products for customers.  More than
100,000 customers a month now check-in on ba.com and many can
also print their own boarding passes at home.  We have installed
new wireless technology in our airport lounges at Heathrow and
Gatwick."

Martin Broughton, British Airways' chairman, said: "Market
conditions remain unchanged since our last report.  Long-haul
premium volumes are recovering steadily, while short-haul
premium travel remains at lower levels.  The non-premium markets
are very price sensitive.

"We continue to forecast a revenue improvement of 2-3% in the
current year.  Yield declines over the full year are expected to
be more than offset by increased volume.  Strategies to curb
controllable costs remain the key to achieving long-term,
sustainable profitability."

Passenger capacity, measured in available seat kilometers
(ASKs), increased by 3.4% for the quarter and revenue passenger
kilometers (RPKs) were up 7.9%.  Seat factor was up 3.1 points
at 74.9% in the quarter.

Yield measured as pence per RPK deteriorated by 4.5% -- driven
largely by foreign exchange movements.

Cargo volumes, measured in cargo ton kilometers (CTKs), were up
15.1% compared with last year, with yields down 9.3%.  Overall
load factor was up 2.3 points at 69.2%.

Total costs were down by 0.9% Selling costs, down 14.2% due to
travel agents' commission restructuring and renegotiations in
distribution contracts.  Unit costs improved by 9.1% in the same
period driven largely by foreign exchange movements and capacity
increases.  Fuel costs were up 12.7% to GBP258 million due to
increases in fuel price net of hedging, and employee costs rose
4.4%.  Revenue in the quarter, at GBP1,925 million, was up 5.1%.
Net debt was GBP3,824 million, down GBP334 million since the
start of the financial year.

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/BritishAirways_Q12004.pdf.


BRITISH ENERGY: Restructuring Not a Matter of Choice
----------------------------------------------------
The board of British Energy insisted Friday the restructuring
plan it had entered into with the government and bondholders is
binding.

At the annual general meeting in Edinburgh last week, Chairman
Adrian Montague said: "Although this is still a bitter pill to
swallow, I am satisfied we could not have achieved more for
shareholders when these arrangements were concluded last
October."

He is referring to the proposed restructuring plan that will
give shareholders 2.5% of the restructured group with options on
another 5%.  Polygon Investments, which holds a 5.6% stake,
opposes this plan and intends to rally shareholders into
injecting fresh capital into the company.  This alternative plan
will see them owning 30% of the restructured group, Europe
Intelligence Wires says.

British Energy avoided administration in October 2003 after
banks and stockholders agreed to swap around GBP1.3 billion of
debt for equity.

CONTACT:  BRITISH ENERGY PLC
          3 Redwood Crescent
          Peel Park
          East Kilbride
          G74 5PR
          U.K.
          Phone: (+44/0) 1355 262000
          Web site: http://www.british-energy.com/

          Investor Relations
          Paul Heward, Director
          Phone: 01355 262 201
          Fax: 01355 262 568
          E-mail: Paul.Heward@British-Energy.com
                  or Investor.Relations@British-Energy.com


BRITISH SKY: Suing IT Provider for Defective Call Center System
---------------------------------------------------------------
American information technology giant, EDS, can expect a lawsuit
from British Sky Broadcasting soon, which is incensed by the
performance of a service that failed to live up to expectations.

In its annual results last week, BSkyB said: "The group
anticipates issuing and serving a claim in the near future for a
material amount against an information technology solutions
provider, which has provided services to the group as part of
the group's investment in customer relationship management (CRM)
software and infrastructure."

The satellite TV company contracted EDS in late 2000 as part of
a GBP170 million investment in CRM.  EDS was tasked to provide
and set up systems to help BSkyB handle call center inquiries.
When the contract ended in December 2002, the company decided to
carry out the work itself, spending a further GBP50 million
improving CRM functions over the next few years, the Telegraph
says.  The size of its claim against EDS is not clear, but it
will likely reflect the amount BSkyB invested in the system.

BSkyB is not the first to complain about EDS' systems lately.  A
GBP456 million computer system it provided the government's
Child Support Agency (CSA) has been beset with problems and led
to some families being deprived of welfare payments.  Doug
Smith, the chief executive of CSA, told MPs last year: "EDS has
not lived up to its own expectations to get this system working
effectively, as we would have hoped.  There are serious issues
about performance and delivery."

A system supplied to the Inland Revenue to handle tax credits
also caused chaos in April 2003, according to the Telegraph.  In
December Sir Nicholas Montagu, then the chairman of the Inland
Revenue, told MPs: "The failure of the IT system and the
responsibility for the system not being stable enough for
dealing with tax credits lies with EDS as our IT provider."

EDS declined to comment when reached by the Telegraph.

CONTACT:  BRITISH SKY BROADCASTING GROUP
          Grant Way
          Isleworth, TW7 5QD
          Web site: http://www.corporate-ir.net/

          Investor Relations
          Phone: (44) 020 7705 3000
          E-mail: investor-relations@bskyb.com

          Corporate Communications
          Phone: (44) 020 7705 3000

          Corporate Affairs
          Phone: (44) 020 7705 3000
          E-mail: corp.affairs@bskyb.com


BROOKFIELD DEVELOPMENTS: Special Winding up Resolution Passed
-------------------------------------------------------------
At an Extraordinary General Meeting of the Brookfield
Developments (2001) Ltd. Company on July 21, 2004 held at St
George's Court, 1 Albion Street, Birmingham B1 3AH, the
subjoined Special Resolution to wind up the company was passed.
Anthony John Galloway of BDO Stoy Hayward LLP, 125 Colmore Row,
Birmingham B3 3SD has been appointed Liquidator for the purpose
of such winding-up.

CONTACT:  BDO STOY HAYWARD LLP
          125 Colmore Row
          Birmingham B3 3SD
          Liquidator:
          Anthony John Galloway
          Phone:  0121 200 4600
          Fax:  0121 200 4650
          E-mail: birmingham@bdo.co.uk
          Web site: http://www.bdo.co.uk


BUSINESS RADIO: Creditors Meeting Set August 12
-----------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

       IN THE MATTER OF Business Radio Communications Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Business Radio
Communications Ltd. will be held at St. Alphage House 2 Fore
Street London EC2Y 5DH on August 12, 2004 at 10:30 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee.  (Sections
99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at St. Alphage
House 2 Fore Street London EC2Y 5DH not later that 12:00 noon on
the business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
St Alphage House 2 Fore Street London EC2Y 5DH before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at UHY Hacker Young, St. Alphage House 2 Fore
Street London EC2Y 5DH two business days prior to the meeting.

By Order of the Board.

M. Vadon, Director


BYRTRADE LIMITED: Extraordinary Winding up Resolution Passed
------------------------------------------------------------
At an Extraordinary General Meeting of the Byrtrade Limited
Company on July 29, 2004 held at Soar Lane, Leicester LE3 5DE,
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


CABLE & WIRELESS: May Sell Real Estate Properties
-------------------------------------------------
Cable & Wireless is conducting a strategic review of its U.K.
property portfolio, The Telegraph reported citing a company
spokesman.  "We are looking at a range of options to improve our
cost base and optimize our flexibility," the source said.

The telecoms company is considering a sale and a leaseback of
its assets.  It is also thinking of entering into partnership
with property outsourcing companies that provides facilities
management services.  Cable & Wireless is understood to have met
with interested parties, thought to include GE Capital and
Goldman Sachs' Whitehall Fund.

Chairman Richard Lapthorne is restructuring the group, and has
previously thought of reducing its portfolio, but continues to
hold on to its 180 freehold and leasehold properties.  A deal
could force it out of its London head office in Theobalds Road.
The firm is aiming to raise more than GBP200 million.  The
amount will help the company make up for a fall in revenues.
Cable & Wireless reported first-quarter revenues of GBP798
million.  Last year's figure was GBP869 million.

CONTACT:  Cable and Wireless plc
          124 Theobalds Rd.
          London WC1X 8RX, United Kingdom
          Phone: +44-20-7315-4000
          Fax: +44-20-7315-5198
          Web site: http://www.cwplc.com


CAMROD MOTORS: General Meeting Set September 3
----------------------------------------------
The general meetings of the members and creditors of Camrod
Motors Ltd. will be on September 3, 2004 at 11:00 a.m. and 11:15
a.m. respectively.  It will be held at the offices of Elliot,
Woolfe & Rose, 1st Floor, Equity House, 128-136 High Street,
Edgware, Middlesex HA8 7TT.

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 and creditors who want to be
represented at the meeting may appoint proxies.


CAPAZ CONSULTANCY: Hires Liquidators from Baker Tilly
-----------------------------------------------------
At an Extraordinary General Meeting of the Capaz Consultancy
Services Limited Company on July 20, 2004 held at Baker Tilly,
Lancaster House, 7 Elmfield Road, Bromley, Kent BR1 1LT, the
Extraordinary Resolution to wind up the company was passed.
Andrew John Tate and John David Ariel of Baker Tilly, 12
Gleneagles Court, Brighton Road, Crawley, West Sussex RH10 6AD
have been appointed Liquidators of the Company for the purpose
of such winding-up.

CONTACT:  BAKER TILLY
          12 Gleneagles Court
          Brighton Road, Crawley,
          West Sussex RH10 6AD
          Liquidators:
          Andrew John Tate
          John David Ariel
          Phone: 01293 565165
          Fax:   01293 532695
          Web site: http://www.bakertilly.co.uk


CONIFERS LEISURE: Brings in Administrators
------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

        IN THE MATTER OF Conifers Leisure Park Limited

The notice of appointment lodged in the Court of Session
appointed Gordon Craig of Begbies Traynor, 1 Winckley Court,
Chapel Street, Preston PR1 8BU and Kenneth W. Pattullo of
Begbies Traynor, 4th Floor, 78 St Vincent Street, Glasgow G2 5UB
as administrators of Conifers Leisure Park Limited on July 16,
2004.


CORPORATE TRAVEL: Sets Creditors Meeting August 19
--------------------------------------------------
The creditors of Corporate Travel International Limited will
meet on August 19, 2004 at 10:00 a.m.  It will be held at Crowne
Plaza Hotel, Wellington Street, Leeds.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP not later than 12:00 noon,
August 18, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street,
          Leeds LS1 4JP
          Joint Administrators:
          S A Ellis
          I D Stokoe
          Phone: [44] (113) 289 4000
          Fax:   [44] (113) 289 4460
          Web site: http://www.pwc.com


CUAN OYSTERS: Winding up Resolutions Passed
-------------------------------------------
At an Extraordinary General Meeting of the Members of the Cuan
Oysters Limited Company on July 29, 2004 held at 43 Pall Mall,
London SW1, the Ordinary and Extraordinary Resolutions to wind
up the company were passed.  Paul Barrett and Carl Derek Faulds
of Portland Business & Financial Solutions Ltd., 1640 Parkway,
Solent Business Park, Whiteley, Fareham, Hampshire has been
appointed Joint Liquidators of the Company.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway
          Solent Business Park, Whiteley,
          Fareham, Hampshire
          Liquidator:
          Paul Barrett
          Carl Derek Faulds


CYBERES PLC: Creditors Meeting Set August 19
--------------------------------------------
Name of Companies:
Cyberes Plc
Cyberes Systems Limited

The creditors of these companies will meet on August 19, 2004 at
11:30 a.m. and 12:30 p.m.  It will be held at Crowne Plaza
Hotel, Wellington Street, Leeds.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP not later than 12:00 noon,
August 18, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street,
          Leeds LS1 4JP
          Joint Administrators:
          S A Ellis
          I D Stokoe
          Phone: [44] (113) 289 4000
          Fax:   [44] (113) 289 4460
          Web site: http://www.pwc.com


DERBYSHIRE DRY: Hires Joint Administrators from Kroll Limited
-------------------------------------------------------------
David Whitehouse and Simon Wilson have been appointed joint
administrators for Derbyshire Dry Lining Co. Limited.  The
appointment was made July 30, 2004.

CONTACT:  KROLL LIMITED
          1 Oxford Court,
          Bishopsgate,
          Manchester M2 3WR
          Joint Administrators:
          David Whitehouse
          Simon Wilson
          (IP Nos 8699, 8963)


EFFORSENRAB 28: Calls in Liquidator
-----------------------------------
Name of Companies:
Efforsenrab (28) Limited
Efforsenrab (29) Limited

At an Extraordinary General Meeting of these companies on July
29, 2004 held at 43-45 Butts Green Road, Hornchurch, Essex RM11
2JX, the Special and Ordinary Resolutions to wind up the company
were passed.  Jeremy Stuart French of Vantis Redhead French
Limited, 43-45 Butts Green Road, Hornchurch, Essex RM11 2JX has
been appointed Liquidator for the purpose of such winding-up.

CONTACT:  VANTIS REDHEAD FRENCH LIMITED
          43-45 Butts Green Road,
          Hornchurch,
          Essex RM11 2JX
          Liquidator:
          Jeremy Stuart French


EIDOS PLC: French Rival Offering GBP215 Million, Says Report
------------------------------------------------------------
U.K. games publisher Eidos plc is in takeover talks with French
rival Ubisoft, The Scotsman reports.  Analysts believe the
transaction could be worth more than GBP215 million, or around
150 a share.

Eidos, the creator of the successful Tom Raider series, 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.  Microsoft, Sony and THQ
are also believed potential buyers for the company.  The company
earlier delayed the release of upcoming Vietnam War game,
Shellshock: 'Nam 67, to September.


EQUITABLE LIFE: E&Y May Go Bust if it Loses Equitable Claim
-----------------------------------------------------------
Troubles at insurer Equitable Life is threatening to pull down
the society's former accountant, Ernst & Young, as well.

Ernst & Young faces GBP2 billion in claims from Equitable Life,
which blames the accounting firm for not properly advising it on
the extent of its guaranteed contracts.  Equitable Life was left
with a GBP1.5 billion bill after losing a House of Lords ruling
on its guaranteed annuity rates in 2000.

Industry observers say the auditor could go bankrupt if it loses
the case.  According to The Scotsman, Ernst & Young Chairman
Nick Land himself has warned that the accounting firm could go
bust because it lacks adequate insurance to cover existing
negligence claims.

CONTACT:  Equitable Life Assurance Society
          Walton Street, Aylesbury,
          Buckinghamshire HP21 7QW
          Phone: 0870 901 0052
          Fax: 01296 386383
          Web site: http://www.equitable.co.uk


EYEHOUSE LIMITED: Hires KPMG Administrators
-------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

               IN THE MATTER OF Eyehouse Limited

The notice of appointment lodged in the Court of Session
appointed Gordon Craig of Begbies Traynor, 1 Winckley Court,
Chapel Street, Preston PR1 8BU and Kenneth W. Pattullo of
Begbies Traynor, 4th Floor, 78 St Vincent Street, Glasgow G2 5UB
as administrators of Eyehouse Limited on July 16, 2004.


FENNELL & ROBERTS: Sets Final Meeting September 13
--------------------------------------------------
The final meeting of the members of Fennell & Roberts Ltd. will
be on September 11, 2004 at 11:00 a.m.  It will be held at the
offices of Begbies Traynor (Incorporating Taylor Gotham & Fry),
The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex
SS1 2EG.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Begbies Traynor (Incorporating Taylor Gotham & Fry), The
Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1
2EG not later than 12:00 noon, September 10, 2004.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange,
          234 Southchurch Road,
          Southend-on-Sea,
          Essex SS1 2EG
          Liquidator:
          M R Fry


H R AIR: Names Liquidator from Ernst & Young
--------------------------------------------
At an Extraordinary General Meeting of the H R Air Services
Limited Company on July 28, 2004 held at 9 Victoria Road,
Romford, Essex RM1 2JT, the Special Resolutions to wind up the
company were passed.  Ian Best of Ernst & Young LLP, One
Bridewell Street, Bristol BS1 2AA has been appointed Liquidator
for the purpose of such winding-up.

CONTACT:  ERNST & YOUNG LLP
          One Bridewell Street,
          Bristol BS1 2AA
          Liquidator:
          Ian Best
          Phone: +44 [0] 117 981 2050
          Fax:   +44 [0] 117 981 2051
          Web site: http://www.ey.com


INTEGRITY DEVELOPMENTS: Hires Liquidator from Benedict Mackenzie
----------------------------------------------------------------
At an Extraordinary General Meeting of the Integrity
Developments Limited Company on July 29, 2004 held at 62 Wilson
Street, London EC2A 2BU, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Ian Donald
Williams of Benedict Mackenzie LLP, 62 Wilson Street, London
EC2A 2BU has been appointed Liquidator of the Company for the
purpose of the voluntary winding-up.

CONTACT:  BENEDICT MACKENZIE LLP
          62 Wilson Street,
          London EC2A 2BU
          Liquidator:
          Ian Donald Williams
          Phone: 020 7247 1174
          Fax:   020 7247 3494
          Web site: http://www.benemack.com


J H J CONSULTING: Names DTE Leonard Curtis Administrator
--------------------------------------------------------
J M Titley and A Poxon of Leonard Curtis have been appointed
joint administrators for J H J Consulting Limited.  The
appointment was made July 22, 2004.  The company is engaged in
other business services.

CONTACT:  DTE LEONARD CURTIS
          DTE House,
          Hollins Mount,
          Bury BL9 8AT
          Joint Administrators:
          J M Titley
          A Poxon
          (IP Nos 8617, 8620)


LANECLOUD LIMITED: Contributories Meeting September 22
------------------------------------------------------
The meeting of the contributories of the Lanecloud Limited will
be on September 22, 2004 at 11:00 a.m.  It will be held at Baker
Tilly, 140 London Road, Guildford, Surrey GU1 1UW.

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.  Proxy forms must be lodged with Baker
Tilly, 140 London Road, Guildford, Surrey GU1 1UW not later than
4:00 p.m., September 21, 2004.

CONTACT:  BAKER TILLY
          140 London Road,
          Guildford,
          Surrey GU1 1UW
          Liquidator:
          G L Carton-Kelly
          Phone: 01483 307000
          Fax:   01483 569 281
          Web site: http://www.bakertilly.co.uk


LOCATION WORKS: Sets Creditors Meeting August 12
------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

              IN THE MATTER OF Location Works Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Location Works Ltd.
will be held at The Bonnington Hotel 92 Southampton Row London
WC1B 4BM on August 12, 2004 at 11:30 a.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at The Old Exchange
234 Southchurch Road Southend-on-Sea SS1 2EG not later than
12:00 noon on the business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG
before the Meeting, a statement giving particulars of their
security, the date when it was given, and the value at which it
is assessed.

Lloyd Biscoe of Begbies Traynor The Old Exchange 234 Southchurch
Road Southend-on-Sea SS1 2EG is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.

By Order of the Board.

W. Gatherer, Director
July 27, 2004


MARCONI CORPORATION: Reduces Adjusted Operating Loss to GBP3 Mln
----------------------------------------------------------------
First-quarter results for the three months ended 30 June 2004

Operational Performance

Ongoing Operations (excluding Outside Plant & Power)

(a) Sales GBP289 million (FY04 Q1 GBP291 million; Q4 GBP329
million)
     (i) in line with typical seasonal spending profile of major
         customers
    (ii) market stability confirmed by 3% sales growth at
         constant currency compared to first quarter of previous
         year

(b) Adjusted gross margin[1] 32.2% (FY04 Q1 25.4%; Q4 34.3%)
     (i) seasonally lower production volumes and business mix
         influence quarter on quarter movement

    (ii) significant improvement year on year driven by ongoing
         cost reduction and efficiency improvement initiatives

(c) Adjusted operating loss[2] GBP3 million (FY04 Q1 GBP45
    million loss; Q4 GBP14 million adjusted operating profit)

(d) Continued focus on operating cash generation, GBP15 million
    before exceptional cash costs of GBP26 million

See tables below for Group results and reconciliations to U.K.
GAAP

Outside Plant & Power Disposal

(a) Good progress towards completion; now expected by end August

(b) US$375 million (GBP207 million) cash proceeds to be applied
    to pay down Senior Notes at 110% par value

(c) Pro forma net cash[3] GBP376 million at 30 June 2004
    (reflecting disposal before tax and transaction costs)

Increased Financial Disclosure for Ongoing Operations

(a) Gross Margin and Operating Profit/(Loss) analysis by 3 new
    segments: Optical & Access Networks, Broadband Routing &
    Switching, Network Services

Outlook

(a) Q1 sales performance gives confidence in full year outlook;
    guidance maintained for low single digit sales growth (at
    constant currency)

(b) Next generation product and service offering creates medium-
    term growth opportunities

(c) Adjusted gross margin guidance revised up 1 percentage point
    to reflect impact of OPP disposal; new FY05 target 34%

Marconi Corporation plc (MONI) provided results for the three
months ended 30 June 2004.

Commenting on the results, Mike Parton, Chief Executive, said:
"We see more opportunities for sales of our next generation
equipment and services than at any time in the last three years,
which gives us confidence in our medium-term growth prospects.
We remain on track to meet our full year sales and margin
targets.'

---------
Footnotes

[1] stated after cost reclassifications and before exceptional
    items

[2] stated before share option costs, exceptional items and
    goodwill amortization

[3] stated after cash proceeds from OPP disposal have been
    utilized to fund a further mandatory redemption at 110% par
    value before the impact of tax and transaction costs
    (GBP188 million reduction in principal amount of Senior
    Notes and GBP19 million redemption

Important Notice

This news release should be read in conjunction with Marconi
Corporation Group Non-statutory Accounts and related Notes and
Operating and Financial Review (OFR) for the three months ended
30 June 2004.

Sales (GBPm)


Segment                                Q1 FY05          Q1 FY04
Optical & Access Networks                  137              141
Broadband Routing & Switching               38               43
Network Services                           114              107
Ongoing Operations                         289              291
OPP                                         50               51
Continuing Operations                      339              342
Discontinued Operations                     -               25
Group                                      339              367

(a) Steady demand for Optical Networks equipment across Europe;
    lower volumes in APAC

(b) Continued strong demand for fixed wireless access drives
    growth in Access Networks

(c) BBRS sales impacted by adverse foreign exchange; US$ sales
    up 1%

(d) Network Services growth due to increased Installation,
    Commissioning & Maintenance activity in Italy and Germany

(d) See OFR pages 9 to 12 for full sales analysis by product
    area and geographic destination

GROSS MARGIN

Segment                    Q1 FY05          Q4 FY04      Q1 FY04
                                          Pro forma    Pro forma
                             GBPm   %      GBPm    %   GBPm    %
Optical & Access Networks     46   33.6     53   31.7   33  23.4
Broadband Routing & Switching 24   63.2     30   65.2   26  60.5
Network Services              23   20.2     30   25.9   15  14.0
Ongoing Operations            93   32.2    113   34.3   74  25.4
OPP                            9   18.0     13   26.5    9  17.6
Continuing Operations        102   30.1    126   33.3   83  24.3
Discontinued Operations        -     -       5   31.2    6  24.0
Adjusted Gross Margin        102   30.1    131   33.2   89  24.3
Exceptional Items              1    n/a     -     n/a    5   n/a
Group                        103   30.4    131   33.2   94  25.6

(a) FY04 pro forma reflects cost reclassification - see OFR p13

(b) Significant year on year improvement in adjusted gross
    margin from Ongoing Operations driven by cost reduction
    initiatives

(c) Sequential margin performance from Ongoing Operations
    impacted by lower production volumes, higher proportion of
    lower margin Network Services sales and other segment-
    specific factors:

     (i) Optical & Access Networks: lower volumes more than
         offset by reduced support costs and higher proportion
         of higher margin optical sales

    (ii) BBRS: adverse foreign exchange movement further
         compounded by higher proportion of lower margin service
         sales
   (iii) Network Services: more typical margin profile after
         particularly strong Q4 with high margin wireless
         software license sale and improved profitability on
         certain contracts nearing completion

    (iv) See OFR pages 14 to 17 for further segmental analysis

Operating Profit/(Loss) (GBPm)

Segment                                   Q1 FY05       Q1 FY04
Optical & Access Networks                 (8)          (33)
Broadband Routing & Switching              8             9
Network Services                           5            (6)
Central Costs                             (8)          (10)
Other (disposed businesses)                -            (5)
Adjusted - Ongoing Operations             (3)          (45)
OPP                                        1             2
Adjusted - Continuing Operations          (2)          (43)
Operating Exceptional Items                1           (19)
Share Option Costs                         (10)           (1)
Goodwill Amortization                      (23)          (24)
Operating Loss - Continuing Operations     (34)          (87)
Discontinued Operations                                   --
Operating Loss - Group                     (34)          (87)

Group Profit & Loss (GBPm)

                                          Q1 FY05     Q1 FY04
Sales                                        339         367
Operating loss                               (34)        (87)
Non-operating exceptional items                -           3
Joint ventures and associates                  -          (8)
Amounts written off investments                -           1
Gain on waiver of balance payable to M(2003)   -          25
Net interest payable                          (2)         (4)
Net finance expenditure                       (3)        (35)
Loss before taxation                         (39)       (105)
Tax                                            3          17
Loss after taxation                          (36)        (88)
Basic and diluted loss per share (pence)    (18.0p)     (22.2p)
Basic adjusted loss per share (pence)        (7.0p)     (11.1p)

Group Cash Flow (GBPm)

                                                     Q1 FY05
EBITDA (before share options and exceptional items)     7
Change in working capital                               7
Operating cash flow (before exceptional items)         14
Operating exceptionals - restructuring                (14)
Operating exceptionals - litigation settlement        (12)
Returns on investment and servicing of finance         (5)
Tax                                                    (2)
Net capital expenditure                                (4)
Acquisitions and disposal                              (4)
Group cash flow
(before use of liquid resources and financing)        (27)
Management of liquid resources
(performance bond cash releases)                      11
Financing (Notes redemptions and repurchases)         (23)
Group cash flow                                       (39)

About Marconi Corporation plc

Marconi Corporation plc is a global telecommunications
equipment, services and solutions company.  The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access
technologies and services.  The company's customer base includes
many of the world's largest telecommunications operators.

The company is listed on the London Stock Exchange under the
symbol MONI and on Nasdaq under the symbol MRCIY.

Additional information about Marconi Corporation can be found at
http://www.marconi.com

CONTACT:  MARCONI CORPORATION PLC
          Press enquiries:
          David Beck
          Phone: 0207 306 1490
          E-mail: david.beck@marconi.com
          Investor enquiries:
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com


NATIONAL 24: Hires Tenon Recovery Administrator
-----------------------------------------------
Duncan Robert Beat of Tenon Recovery has been appointed
administrator for National 24 Limited.  The appointment was made
July 23, 2004.  The company installs electrical wiring and other
building completion.

CONTACT:  TENON RECOVERY
          Salisbury House,
          31 Finsbury Circus,
          London EC2M 5SQ
          Administrator:
          Duncan Robert Beat
          (IP No 8161)
          Phone: 020 7628 2040
          Fax:   020 7628 7531
          E-mail: finsburycircus@tenongroup.com
          Web site: http://www.tenongroup.com


NEMUR LTD.: Creditors to Meet Thursday
--------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

                 IN THE MATTER OF Nemur Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Nemur Ltd. will be held
at One Great Cumberland Place London W1H 7LW on July 8, 2004 at
2:00 p.m. for the purpose of having a full statement of the
position of the Company's affairs, together with a list of the
Creditors of the Company and the estimated amount of their
claims, laid before them, and for the purpose, if thought fit,
of nominating a Liquidator and of appointing a Liquidation
Committee.  (Sections 99-101 of the said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Leonard Curtis, One Great Cumberland Place
London W1H 7LW two business days prior to the meeting.

By Order of the Board.

D. H. Wade, Director
July 30, 2004

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


NICHOLLS & HENNESSY: Final General Meeting Set September 20
-----------------------------------------------------------
The final general meeting of the members of Nicholls & Hennessy
(Group) Limited will be on September 20, 2004 at 2:00 p.m.  It
will be held at the offices of BDO Stoy Hayward LLP, 125 Colmore
Row, Birmingham B3 3SD.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD
not later than 12:00 noon, September 17, 2004.

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


RAMCO ENERGY: Results of Seven Heads Review Out Soon
----------------------------------------------------
Ramco Energy plc, the Aberdeen based exploration and production
company, announces an update for the Seven Heads Gas Field in
the Celtic Sea.  Ramco Seven Heads Limited (RSHL), a wholly
owned subsidiary of Ramco, is Operator of the gas field.

Technical Review

The technical review of the gas field is nearing completion and
will shortly be ready for presentation to partners, banks and
the Petroleum Affairs Division in Ireland.  After discussion
with these parties Ramco expects to make an announcement
summarizing the findings of the review and detailing the agreed
future plans for the field.  Ramco anticipates it will not be in
a position to publish any new information on the field before
the end of August 2004.

Current Production and Trading

Field production continues to be constrained to allow
optimization of the back up transportation facilities and to
enhance data acquisition, which remains a priority.  The average
daily production from the field during July was 20.3 mmscf/d.

As confirmed in previous announcements, gas sales nominations
under the Gas Sales Agreement can be reset from October 1st
2004.

Banking

Discussions with the Group's bankers as well as third parties
interested in participation in the project are continuing but
will not reach a conclusion until the technical review has been
completed and future plans have been agreed.

Impairment Provision

The impairment provision announced previously and reflected in
Ramco's 2003 results effectively wrote off the Group's interest
in the field, reducing its carrying value to the same level as
the non-recourse finance associated with the development, i.e.
GBP56.6 million.  The outcome of the technical review is not
expected to increase the carrying value of the Group's interest
in the field.

AGM

Peter Everett, Senior Non-executive Director will chair the AGM
next week as Steve Remp, Ramco's Executive Chairman, is
currently recovering from recent surgery to remove a cancerous
tumor.  Ramco has been advised that the surgeon completed fully
curative surgery.  At this time Ramco expects Mr. Remp to return
to work during October.  During his absence Mr. Everett is
acting Chairman and Daniel Stover, Chief Operating Officer, is
acting Chief Executive Officer.

The Seven Heads partners are RSHL (Operator) 82.5%, Northern
Exploration Limited (a wholly owned subsidiary of Ramco) 4%,
Lundin Ireland Limited 12.5% and Sunningdale Oils (Ireland)
Limited 1.0%.

                            *   *   *

Exploration group Ramco says it is currently trying to negotiate
the rescheduling of its debts with lenders after encountering
problems with a major project.  The company had to take
exceptional charge of GBP93 million last year, largely due to
troubles at its Seven Heads field off the Cork coast.  As a
result, the company registered a GBP104.1 million pre-tax loss
for 2003.

Uncertainty over the level of gas reserves at the field in
January lowered shares in the company to less than 10% of their
pre-disclosure level.  The glitch prevented the company from
filing its report in April.  It was only able to submit the
accounts this week.

CONTACT:  RAMCO ENERGY PLC
          Aberdeen
          Steven Bertram, Group Financial Director
          Phone: 01224 352200

          Fleishman-Hillard Saunders - Dublin
          Michael Parker
          Phone: 00353 1 618 8450

          COLLEGE HILL ASSOCIATES
          London
          Nick Elwes
          Phone: 0207 457 2020

          RAMCO ENERGY PLC
          62 Queen's Road
          Aberdeen
          AB15 4YE
          United Kingdom
          Phone: +44 1224 352 200
          Fax: +44 1224 352 211


ROBERTS & PARTNERS: In Administrative Receivership
--------------------------------------------------
Lloyds TSB Bank Plc called in Richard John Hill and David John
Crawshaw of KPMG as joint administrative receivers for
engineering company Roberts & Partners (International) Limited
(Reg No 03576281, Trade Classification: 7420).  The application
was filed July 29, 2004.

CONTACT:  KPMG
          Corporate Recovery,
          Arlington Business Park,
          Theale, Reading RG7 4SD
          Joint Administrative Receivers:
          Richard John Hill
          David John Crawshaw
          (Office Holder Nos 8027, 8814)
          Phone: (0118) 9642000
          Fax:   (0118) 9642222
          Web site: http://www.kpmg.co.uk


STELEX LIMITED: Sets Creditors Meeting August 17
------------------------------------------------
The creditors of Stelex Limited will meet on August 17, 2004 at
1:30 p.m.  It will be held at Holiday Inn Chester, Wrexham Road,
Chester, Cheshire CH4 9DL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to DTE Leonard Curtis, DTE House, Hollins Mount,
Bury BL9 8AT not later than 12:00 noon, August 16, 2004.

CONTACT:  DTE LEONARD CURTIS
          DTE House
          Hollins Mount,
          Bury BL9 8AT
          Joint Administrators:
          A Poxon
          J M Titley
          Phone: 0161 767 1200
          Fax:   0161 767 1201
          Web site: http://www.dtegroup.com


UNILOCK DESIGN: May Appoint Liquidator August 12
------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

         IN THE MATTER OF Unilock Design & Build Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Unilock Design & Build
Ltd. will be held at Hilton Birmingham Metropole N E C
Birmingham B4 on August 12, 2004 at 11:00 a.m. for the purpose
of having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at SPW Poppleton & Appleby, Gable House 239
Regents Park Road London N3 3LF two business days prior to the
meeting.

By Order of the Board.

D. Gupp, Director
July 26, 2004


URACO INVESTMENTS: Hires Liquidators from Baker Tilly
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of the Uraco
Investments (UK) Limited Company on July 15, 2004 held at 30
Marsiling Industrial Estate Road 8 Singapore 739193, the Special
Resolution to wind up the company was passed.  Andrew Tate and
John David Ariel of Baker Tilly, 9-12 Gleneagles Court, Brighton
Road, Crawley, West Sussex have been appointed Liquidators for
the purpose of such winding-up.

CONTACT:  BAKER TILLY
          9-12 Gleneagles Court
          Brighton Road, Crawley,
          West Sussex
          Liquidators:
          Andrew Tate
          John David Ariel
          Phone: 01293 565165
          Fax:   01293 532695
          Web site: http://www.bakertilly.co.uk


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

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


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


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


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


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


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


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


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


NORWAY
------
Pan Fish ASA                                      513     (330)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Animex S.A.               ANX         (1)         108      (86)
Exbud Skanska S.A.        EXBUF       (9)         315     (330)
Media Capital                                     399      (85)


RUSSIA
------
Zil Auto                                          333  (10,769)


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


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


TURKEY
------
Dyo Boya Fabrika                                  106        6
Nergis Holding                                    125   (2,248)
Yasarbank                                         622      N.A.


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

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


                            *********


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

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

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

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

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

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


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