TCREUR_Public/040811.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

           Wednesday, August 11, 2004, Vol. 5, No. 158

                            Headlines

F R A N C E

RHODIA SA: Closes Sale of Water Treatment Business to Feralco


G E R M A N Y

HEIDELBERGCEMENT AG: Confirms Upbeat Full-year Outlook
HEIDELBERGER DRUCKMASCHINEN: First-quarter Net Result Negative
LION BIOSCIENCE: Expects EUR11 Million Full-year Loss
WESTLB AG: May Sell Shareholding in Klockner & Co.

* Karner & Co. Auctions Several Assets of Bankrupt Firms


H U N G A R Y

DAM STEEL: Sold to Dunaferr for Less Than 50% Book Value


I T A L Y

FIAT SPA: S&P Doubts Fiat Auto's Turnaround
PARMALAT FINANZIARIA: Sues Deutsche Bank for EUR17 Million
STREGLIO SPA: Court Accepts Application for Insolvency


N E T H E R L A N D S

GETRONICS N.V.: Sells Part of Italian UNIT to Retalix
GETRONICS N.V.: Acquires Full Ownership of Getronics Japan
UGC INC.: Internet Services Sales Across Europe Up 40%


P O L A N D

STER-PROJEKT: President Piotr Smolski Is Staying, Says Board


R U S S I A

388 UNR: Undergoes Bankruptcy Supervision Procedure
ADYG-REM-TEKH-ENTERPRISE: Bankruptcy Proceedings Begin
AGRO-TEKH-MARKET: Declared Insolvent
KATUNSKAYA HYDROELECTRIC: Proofs of Claim Deadline August 19
NEFTEKAMSKY ELEVATOR: Deadline for Proofs of Claim August 19

RASSVET: Court Sets August 11 Hearing
REM-ELECTRO-MONTAZH: Deadline for Proofs of Claim August 18
ROAD BUILDING: Novosibirsk Court Appoints Insolvency Manager
STROY-MONTAZH-NALADKA: Proofs of Claim Deadline August 19
UST-LABINSK-AGRO-PROM-SNAB: Under Bankruptcy Supervision

VOZNESENSKOYE: Krasnodar Court Confirms Insolvency
YUKOS OIL: Court Reinstates Ruling Allowing Seizure of Assets
YUKOS OIL: Glancy Binkow & Goldberg Files Class Suit in S.D. NY
ZAP-SIB-STROY-MONTAZH: Declared Insolvent
ZEMLYANE: Appoints S. Olin Insolvency Manager


U K R A I N E

DILAND: Court Affirms Insolvency
GALLAK-SKLADSERVICE: Proofs of Claim Deadline August 15
INTERLIS: Bankruptcy Proceedings Introduced
SAKO: Court Appoints Insolvency Manager
TUNIS-METAL: Declared Insolvent
UKRIZRATRADE: Kyiv Court Appoints Liquidator


U N I T E D   K I N G D O M

ADVANCED METERING: Appoints Liquidator from Moore Stephens
AUSTIN HINKLEY: Sets Final General Meeting September 3
BABY DUX: Winding up Resolutions Passed
BAE SYSTEMS: Might Put Off Plans to Sell Shipbuilding Arm
BEASLEYS COMMERCIALS: May Appoint Liquidator Friday

BLUE JEMS: Hires Menzies Corporate Restructuring Liquidator
BOS 2 LIMITED: Appoints Liquidators from PricewaterhouseCoopers
B & P BUILDING: Names Joint Administrators from Baker Tilly
BURYMILL LIMITED: Names KPMG Liquidator
CARRICK SOLUTIONS: Members Pass Winding up Resolutions

CASPIAN HOLDINGS: Members General Meeting Set September 10
DANFOSS BAUER: Sets Members Final Meeting September 6
DWS CONSTRUCTION: Creditors Meeting August 24
HARTON LIMITED: Winding up Resolution Passed
HENLYS PLC: Continues to Ignore Ewing's US$150 Million Offer

HOLLINSEND FIRE: Extraordinary Winding up Resolution Passed
HOMEGUARD ALARMS: Creditors Meeting Set August 13
HOT SHOT: Calls in Liquidator
HURLEY JACOBS: Hires Liquidator from Cranfield Recovery Limited
ICON LABELS: HSBC Bank Appoints Robson Rhodes Receiver

INVENSYS PLC: Turkington Buys APV Baker for More than US$10 Bln
JAMES B BROWN: In Administrative Receivership
KENSINGTON IMPORTS: Creditors Meeting Friday
LASTMINUTE.COM PLC: Expects GBP31.7 Mln Full-year EBITDA
LAUREN MAY: Sets Creditors Meeting August 13

MEPC LIMITED: Debt on CreditWatch Due to Potential Subordination
MOLEC POWER: Hires DTE Leonard Curtis Administrator
P J GOODISON: Appoints Joint Administrators from Leonard Curtis
REGUS GROUP: Investors Approve Placing and Open Offer
SHAPLAND & PETTER: Sets Final General Meeting September 24

SHARP STRIKER: Members Final General Meeting Set September 23
SOUTER MARINE: Creditors Meeting August 26
TECNOGRAV WIGAN: Names Tomlinsons Administrator
VISION HR: Sets Meeting of Creditors August 13
WATERDORM NO.20: Final General Meeting September 24
WWW.JOB-OPPS.CO.UK: Hires Joint Administrators from Stoy Hayward


                            *********


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


RHODIA SA: Closes Sale of Water Treatment Business to Feralco
-------------------------------------------------------------
Rhodia S.A. has finalized the sale of its potable and wastewater
treatment business.  The company signed a letter of intent on
the deal with Feralco May 25.

Mainly targeting the European market, this business includes
aluminum salts and polyaluminum chloride products, used
primarily in the water treatment markets.  It generated sales in
2003 of EUR26.5 million.

Rhodia is a global specialty chemicals company recognized for
its strong technology positions in applications chemistry,
specialty materials & services and fine chemicals.  Partnering
with major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs.  Rhodia generated net sales of EUR5.4 billion
in 2003 and employs 23,000 people worldwide.  Rhodia is listed
on the Paris and New York stock exchanges.

Feralco AB manufactures and sells performance chemicals for the
water treatment and paper industries.  Feralco AB is based in
Sweden and generated net sales of EUR23 million in 2003.  This
transaction will enable Feralco to reinforce its positions in
continental Europe and in the water treatment market.

CONTACT:  RHODIA S.A.
          Press Relations
          Beverley Miles
          Phone: +33 1 55 38 40 25

          Investor Relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


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


HEIDELBERGCEMENT AG: Confirms Upbeat Full-year Outlook
------------------------------------------------------
Overview of Interim report January - June 2004

                                April -  June    Jan. -  June

EURm                            2003     2004    2003     2004


Turnover                       1.793    1.895   3.015    3.241

Operating income before
   depreciation (OIBD)           356      395     396      485

Operating income                 193      273      81      240

Additional ordinary result        33      -18      46       -1

Results from participations       32       30      29       32

Earnings before interest
  and income taxes (EBIT)        258      284     156      272

Profit before tax                207      204      44      121

Profit for the financial year    139      159      -4       99

Group share in profit            137      155      -3       96

Investments                      100      103     242      187

The upturn in the global economy has become even more pronounced
despite the increase in oil prices.  In the euro zone, the
economic recovery is still limited.  The new European Union
(E.U.) member countries are growing more dynamically than the
average.  The revival in the German economy is attributable in
particular to external economic factors.

In the first half of the year, Group turnover increased by 7.5%
to EUR3,241 million (previous year: 3,015).  Adjusted for
currency and consolidation effects, the increase in turnover
amounts to 4.1%.  The first-time consolidation of Indocement and
the weak dollar exchange rate are significant influential
factors.  The slightly declining turnover contribution from our
North America region, calculated in dollars, therefore
corresponds to an increase of almost 9%.

The Central Europe East and Central Europe West regions
generated the strongest increases in operating income before
depreciation (OIBD) and operating income.  This is a result of
the significantly improved margins in both regions and a welcome
increase in quantities in Central Europe East.  The expanded
consolidation scope in Asia, and the maxit Group, contributed to
the increase in OIBD to EUR485 million (previous year: 396).

Operating income rose to EUR240 million (previous year: 81).
Due to changes in the accounting standards (IFRS 3), regular
amortization for goodwill will no longer apply.  Like for like,
operating income improved by EUR77 million, a large part of
which was due to operative improvements in Central Europe West
and Central Europe East.

The additional ordinary result of -EUR1 million results
essentially from sales of participations and exceptional
depreciation (Impairment of Assets).  The results from
participations amounting to EUR32 million (previous year: 29)
are affected by positive market-related and seasonal factors as
well as consolidation effects.  The financial results decreased
by EUR39 million to -EUR150 million (previous year: -112).  As
the newly consolidated Indocement is financed in U.S. dollars
and Japanese yen for historical reasons, there were foreign
exchange losses of EUR40 million.

Before consolidation effects, we were able to reduce interest
expenses as a result of lower net indebtedness. The interest
expenses of Indocement were added to this figure.  Profit before
tax of HeidelbergCement increased by EUR77 million to EUR121
million (previous year: 44).  Taxes on income fell by EUR27
million to EUR22 million (previous year: 48) as a result of tax-
free earnings and reimbursement of taxes in the reporting year.
The negative tax effects from the previous year resulted from
non-tax-deductible expenses (amortization of goodwill) and
additional tax payments.

Changes in the Supervisory Board and Managing Board

At the end of the Annual General Meeting on 6 May 2004, the
period of office of all members of the Supervisory Board came to
an end.  There were changes in the representatives of both
shareholders and employees.  Dr. Bernd Scheifele was elected
Chairman of the Supervisory Board.

On 30 June 2004, Managing Board members Hakan Fernvik, in charge
of the Northern Europe region, and Paul Vanfrachem, in charge of
Western Europe, Africa-Asia-Turkey and HC Trading, went into
retirement.  Managing Board member Daniel Gauthier has taken
over the responsibilities of Paul Vanfrachem, in addition to the
Northern Europe region.  Managing Board member Andreas Kern is
still in charge of the Central Europe West region and the maxit
Group, and now also of the Central Europe East region.

International Emissions Trading Project

Indocement was one of the first companies worldwide to develop a
Clean Development Mechanism project: By introducing low-clinker
cements and strengthening the use of secondary fuels, more than
500,000 tons of CO2 emissions per year will be eliminated over
the next ten years.  The CO2 reduction certificates generated as
a result of this, will be sold to a fund managed by the World
Bank and will contribute towards financing investment measures.

Legal Action Against German Emissions Trading Act

At the end of July, HeidelbergCement instituted legal action
against the German laws on emissions trading.  HeidelbergCement
welcomes emissions trading.  However, the action is targeted
against the excessively burdensome implementation of this
legislation in Germany, which is unacceptable under the rule of
law.

Cement and Clinker Sales Volumes

In the first half of 2004, cement and clinker sales volumes
increased across the Group to 30.7 million tons (previous year:
23.8).  In particular, increases in sales volumes were achieved
in Central Europe East and North America.  However, the
fundamental reason for the 29% increase in sales volumes is the
first-time consolidation of Indocement.  Excluding consolidation
effects, sales volumes grew by 1.8% in the first six months.

Employees

In the first half of the year, HeidelbergCement employed 42,698
people (previous year: 37,389) across the Group.  The increase
of 5,309 employees in comparison with the previous year resulted
primarily from the consolidation of Indocement and our Chinese
participation China Century Cement.  This has more than
compensated for reductions in the number of employees in all
other regions due to disinvestments and restructuring measures.

Investments

In the first half of the year, cash relevant investments fell by
23% in comparison with the previous year to EUR187 million
(previous year: 242).  Of this figure, EUR169 million (previous
year: 156) was invested in tangible and intangible fixed assets
and EUR18 million (previous year: 86) in financial fixed assets.
Disinvestments of EUR65 million (previous year: 113) and
consolidation scope changes of EUR64 million (previous year: 3)
led to a cash flow from investing activities totaling -EUR58
million (previous year: -126).

Prospects

A positive macroeconomic environment will also favor our markets
in the second half of the year.  However, construction demand in
the euro zone remains behind the overall economic trend.  In
Germany, the economic recovery is linked to exports.  The
dynamic development in the U.S. is only partially reflected in
our Group's turnover and results figures, due to the weak dollar
exchange rate.  Strong and sustained impetus for growth is
expected in the second half of the year, particularly in Central
Europe East, Asia and Turkey.  With further increased revenues
and a lower cost structure, Germany is making a contribution to
the satisfactory development of the Group.  Our expectations for
a significant improvement in turnover and results for the whole
of 2004 have been confirmed by the progress in the second
quarter.

CONTACT:  HeidelbergCement AG
          Berliner Strasse 6
          69120 Heidelberg, Germany
          Phone: +49-6221-481-227
          Fax: +49-6221-481-217
          Web site: http://www.heidelbergcement.com


HEIDELBERGER DRUCKMASCHINEN: First-quarter Net Result Negative
--------------------------------------------------------------
Heidelberger Druckmaschinen AG (Heidelberg) (FWB: HDD) presents
figures for first quarter:

(a) High level of incoming orders thanks to drupa successes;

(b) Net sales excluding Web Systems and Digital in first quarter
    slightly up on previous year;

(c) Quarterly result without cost of trade show drupa better
    than previous year's quarter;

(d) Transfer of the Web System Division to Goss International
    concluded

In the first three months of fiscal 2004/2005 (April 1 to June
30), Heidelberger Druckmaschinen AG (Heidelberg) (FWB: HDD)
recorded sales of around EUR710 million (previous year: EUR741
million).  Incoming orders amounted to EUR1.286 million
(previous year: EUR783 million) and -- as reported frequently --
were influenced by the four-yearly drupa trade show held in
Dusseldorf in May 2004.

"Order levels from all regions were particularly favorable in
the first quarter thanks to drupa.  This will be reflected in
the sales figures for coming quarters," stated Bernhard
Schreier, CEO at Heidelberg.

In line with expectation, the operating result of the Heidelberg
Group was -EUR54 million (previous year: -EUR43 million).  The
operating result was burdened by the cost of the trade show
drupa and by the losses of the segments Digital and WebSystems
(-EUR33 million), which will cease in the future.

"The operating result of the Press Division was -EUR22 million
compared to -EUR14 million the previous year.  From an
operational point of view, however, the division has clearly
performed more favorably, as it bore most of the trade show
costs," stated Heidelberg CFO, Dr. Herbert Meyer.

The net result in the period under review was -EUR63 million
(previous year: EUR-77 million).

As of June 30, 2004, the Heidelberg Group had a workforce of
some 21,200 worldwide (previous year: 24,100).  During the
quarter, 1,396 employees in the Digital Division were
transferred to Kodak.

Developments in the Press and Postpress Divisions: High incoming
orders and first signs of sales and operating result recovery

The Press (Offset Printing) Division saw sales grow in the first
quarter to EUR513 million from EUR504 million in the previous
year.  Incoming orders climbed by around 82% to EUR1.024 billion
thanks to the drupa effect.  The operating result including the
cost of trade show for the Press Division was -EUR22 million
(previous year: -EUR14 million).

The Postpress Division experienced a slight increase in
quarterly sales to EUR70 million.  Incoming orders increased by
around 29 percent to EUR98 million as result of drupa.  The
operating result recovered slightly to -EUR8 million.

For the first time, Heidelberg showed the Financial Services
Division separately in its accounts.  The figure for the
previous year have been adapted accordingly.  The interest
received from customer financing and shown as net sales was
EUR19 million (previous year: EUR23 million).  This was down on
the previous year due to the decrease in the volume of the
customer-financing portfolio.

                Incoming orders from all regions
                   were particularly pleasing
                          due to drupa

Incoming orders in the first quarter showed substantial growth
in all regions due to drupa.  The average increase exceeded 64%.
Asia Pacific, Europe and Eastern Europe led the way.  In the
U.S.A., the industry is focusing on the Graph Expo trade show,
which will be held in Chicago in October 2004.

          Goss International Contract Comes Into Effect

The contract governing the sale of the Web Systems operations to
Goss International was concluded on August 6, 2004.  The
complete report for the first quarter of 2004/2005 is available
at http://www.heidelberg.com. Financial statements are
available free of charge at
http://bankrupt.com/misc/Heidelberger_1Q2004.htm.

CONTACT:  HEIDELBERGER DRUCKMASCHINEN AG
          Corporate Communications:
          Thomas Fichtl
          Phone: +49 6221 92 4747
          Mobile: +49 173 3186947
          E-mail: thomas.fichtl@heidelberg.com


LION BIOSCIENCE: Expects EUR11 Million Full-year Loss
-----------------------------------------------------
Lion bioscience (Nasdaq: LEON) announced Thursday total revenues
of EUR4 million in the three months ending June 30, 2004,
compared with EUR5.5 million for the same period in the last
year.  Net loss for the period was reduced to -EUR2.6 million
compared to -EUR4.5 million in Q1 of FY 2003/2004.  53% of the
Q1 revenues, or EUR2.1 million, were generated from Bayer
projects.

Total costs and expenses dropped by 32%, or EUR2.9 million, to
EUR6.3 million.  These costs include closure costs for the LBRI
project with Bayer of EUR0.3 million.  Lion's liquid assets, as
of June 30, 2004, equaled EUR39.0 million, down EUR4.1 million
for the three-month period.  The operational cash flow was
reduced to -EUR3.8 million compared to -EUR7.4 million in Q1 of
FY 2003/2004.

In this quarter, Lion launched a major release of the market
leading SRS software as planned.  SRS is now based on Web
Services and JavaServer Pages, today's state of the art IT
standards.  The enhancement of Web services to SRS reduces IT
infrastructure complexity, allowing for even more efficient and
flexible integration of SRS into different corporate
environments.

As of June 30, 2004, the order backlog for all service and
license contracts was EUR5.9 million, which is EUR3.0 million
less than at the end of Q4 FY2003/2004.  As anticipated, the
backlog from Bayer projects is decreasing.  In Q4 FY2003/2004,
Lion received four new SRS orders: Millennium Pharmaceuticals
Inc., Pioneer Hi-Bred, Memorial Sloan Kettering Cancer Center,
and Erasmus University Rotterdam.  In Q1 FY2004/2005, Lion
received three new orders for SRS, and a fourth new SRS customer
order, which was forecasted for the first quarter was delayed
into the first month of Q2 FY2004/2005.  That order has now been
received.  In addition, Lion received a new professional
services order in North America in the area of cheminformatics
in Q1 of FY2004/2005.

Outlook

Life science customers continue to invest cautiously, but there
has been an increase in customer activity, particularly in North
America.  Because of the increased level of inquiries from new
prospects and existing customers, and an increase in new
professional services business backlog for bio-informatics
customization and implementation assistance, we believe the
trend towards increased business will continue.  While this
recovery is expected to occur slowly, we expect the North
American markets to recover first, followed by Asia Pacific and
Europe.  We therefore anticipate a rising order volume in the
upcoming months, resulting in higher revenues in the next fiscal
year.

Lion therefore confirms its forecast for the current fiscal
year, expecting sales for fiscal year 2004/2005 to be around
EUR12-13 million.  LION anticipates sales in the second and
third quarter of FY 2004/2005 to be lower than in Q1, mainly due
to the expiration of the two existing agreements with Bayer A.G.
(LBRI, PIx).  We expect to realize a loss in fiscal year
2004/2005 of EUR10 million to EUR11 million, compared to EUR21.5
million in the previous fiscal year.  Lion plans total costs,
excluding depreciation, of less than EUR4.5 million in the
fourth quarter (Q1 FY 2004/2005: EUR6.3 million).  Rising
revenues and decreasing costs are expected to reduce cash burn
to zero in Q4.  Liquid assets should be more than EUR30 million
at the end of the current fiscal year.

For fiscal year 2005/2006, Lion expects double-digit revenue
growth rate based on the expansion of its bio-informatics
products into new markets, such as the clinical research market,
and to new products in cheminformatics.  The successful launch
of five new products or product versions (including SRS 8.0)
during the course of FY 2004/2005 is thus important. In order to
meet these launch goals and profitability, we will continue to
invest resources into our products and staff.  In addition,
LION's efforts to reduce cost in FY 2005/2006 could benefit from
a planned NASDAQ delisting and S.E.C. deregistration.

A full copy of the financial result is available free of charge
at: http://bankrupt.com/misc/lion_1q2004_2005.pdf

                            *   *   *

Lion bioscience (ISIN: DE0005043509, Reuters: LIOG, Bloomberg:
LIO, Nasdaq: LEON) provides proven information and knowledge
management solutions to significantly improve life science R&D
performance and productivity.  Since it was founded in 1997, the
company has become a recognized leader in the area of life
sciences informatics.  Lion has operations worldwide with its
headquarter in Heidelberg, Germany, and offices in Cambridge,
U.K. and Cambridge, MA, U.S.A.  CTC Systems in Japan and
DigiGenomics distribute Lion's products in Taiwan.

More than 27,000 researchers at 300 academic and industrial
customers globally use Lion's (http://www.lionbioscience.com)
solutions.  Lion's offerings include SRS for bio-informatics
data access, LION Target Engine for target identification and
validation, LION Lead Engine for lead identification and
optimization, iDEA pkEXPRESSa with analysis and prediction tools
for ADME, and LION SolutionCenter professional services.

CONTACT:  LION BIOSCIENCE A.G.
          Postfach 103780
          69027 Heidelberg
          Germany
          Phone: +49-(0)6221-4038-0
          Fax: +49-(0)6221-4038-101
          Web site: http://www.lionbioscience.com

          Julia Fritz
          Public Relations Officer
          Phone: +49 (0) 6221-4038 158
          E-mail: julia.fritz@lionbioscience.com


          Gunter Dielmann
          Vice President Investor Relations
          Phone: +49 (0) 6221-4038 249
          E-mail: guenter.dielmann@lionbioscience.com


WESTLB AG: May Sell Shareholding in Klockner & Co.
--------------------------------------------------
WestLB AG, in conjunction with a number of reputed investment
banks, is considering various strategic options for its holding
in Klockner & Co AG.  One option under consideration is for
WestLB to sell its shareholding of almost 95% either partly or
in full.  The process, which has been agreed with the Managing
Board of Klockner & Co AG, corresponds with WestLB's declared
objective of reducing its non-strategic industrial investments.

It is the stated aim of WestLB and Klockner & Co to enable the
company to achieve further growth.  Klockner is a sound company
with a strong market position and a positive earnings trend.
WestLB will complete its examination of the strategic options
for Klockner & Co as quickly as possible.  The Bank is under no
time pressure as far as implementation is concerned.

CONTACT:  Klockner & Co. AG
          Neudorfer Strasse 3-5
          D-47057 Duisburg, Germany
          Phone: +49-203-307-0
          Fax: +49-203-307-5000
          Web site: http://www.kloeckner.de


* Karner & Co. Auctions Several Assets of Bankrupt Firms
--------------------------------------------------------
Karner & Co. GmbH will offer these assets for collective
bankruptcy auction on August 12, 2004:

(a) ex-police cars

      (i) BMW Cabrio 318i (96),

     (ii) BMW 740i A (96),

    (iii) BMW 325 Touring (92),

     (iv) Mitsubishi Eclips GS Coupe (93),

      (v) 2 Mitsubishi Colts (90/91),

     (vi) Peugeot 605 (91),

    (vii) Hyundai Pony (92),

   (viii) Fiat Alfa Romeo (92),

     (ix) BMW 325 i (88), and

      (x) Daihatsu Charade (91)

(b) a large selection of tower Dell and Siemen PCs, monitors,
    printers and office furniture

(c) Furniture and medical equipment of a medical consulting
    firm

      (i) Kretz Technik two-phase-ultra sonic facility (95),

     (ii) Asepticus Sterilisator-Autoclav (85),

    (iii) Rodenstock viewing test equipment (77),

     (iv) PARI Master inhalation equipment, and

      (v) Couches, desk with file container, boards, ceiling
          lights, etc

(d) Company and assets of a clothing store

      (i) High-quality shop furniture metal/glass including
          Counters, presentation tables and exhibition dummies,
          and

     (ii) Assorted clothing products for men and women

(e) Engineering equipment

      (i) Oerlikon welding machines,

     (ii) Esab generator,

    (iii) Hinz radial drilling machine,

     (iv) Inotec precision cutting equipment for dam material

(f) accessories

      (i) 2 boxes of B&W

     (ii) Praktica camera, and

    (iii) gold jewelries

The auction will be at 10:00 a.m. at Werdauer Weg 23, 10829
Berlin, Germany.  Inspection of assets is on August 12, 2004
from 8:00 a.m. until 10:00 a.m.

CONTACT:  KARNER & CO. GMBH
          Phone: +49 (0) 30 773 263 0
          Fax: +49 (0) 30 773 263 20
          E-mail: contactberlin.karner@goindustry.com


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


DAM STEEL: Sold to Dunaferr for Less Than 50% Book Value
--------------------------------------------------------
DAM Steel Rt's liquidator, Matraholding Rt, has finally sold the
assets of the bankrupt steel manufacturer, Budapest Business
Journal reports.

The liquidator unloaded the Diosgyor-based company to Dunaferr
Rt after three failed attempts.  Matraholding CEO Janos Kovacs
did not reveal the financial details of the deal, but news
agency MTI reported that Dunaferr paid less than half of the
asking price for a promise to keep 700 jobs.

Matraholding previously offered to sell the whole business for
HUF5.3 million; none of the bids submitted met the demand.  On
the fourth try, Matraholding offered the company piecemeal.  The
offer values the firm's real estate at HUF2 billion and its
machinery at HUF1.75 billion, along with HUF200 million for a
66.6% stake in DAM Steel's power supplier, DAM Energy Kft.  The
price of the receivables was HUF830 million, and inventory
HUF540 million.

Dunaferr produces 80% of Hungary's steel.  It was sold for
EUR1.8 billion to a consortium of Donbass and Swiss steel firm
Duferco S.A. early in 2004.


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


FIAT SPA: S&P Doubts Fiat Auto's Turnaround
-------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Italian industrial group Fiat S.p.A. to negative from stable,
and at the same time also affirmed its 'BB-' long-term and 'B'
short-term corporate credit ratings on the group.

"The outlook revision reflects our concerns over the turnaround
of Fiat's automobile business in a difficult competitive
environment (now expected in 2006 instead of 2005), as well as
the group's growing refinancing risk beyond the next 12 months,"
said Standard & Poor's credit analyst Nicolas Baudouin.  "The
affirmation acknowledges the fact that the group's first-half
2004 results have shown a noticeable improvement."

Fiat's main industrial activities consist of 90%-owned Fiat
Auto; Iveco (not rated), a midsize commercial vehicle producer;
and CNH Global N.V. (CNH; BB-/Negative/--).  Despite the
cyclical rebound in the performance of Iveco and CNH and the
dramatic reduction of the losses of Fiat's automobile division,
the latter is still heavily loss-making (-EUR474 million at the
EBIT level in the first six months of 2004).  Standard & Poor's
estimates that Fiat Auto will continue to face challenging
market conditions: It will lack a new large-volume model until
late 2005 when the new Punto is launched, and the competitive
environment is tougher than ever.

The ratings on Fiat are constrained by the group's negative free
cash flow generation of the past several years and its weak
prospects for the near to medium term, owing to its continued
participation in the automobile sector where it currently
suffers from weak pricing and capacity utilization.

Fiat has little refinancing risk in the next 12 months, owing to
its large cash balance of EUR6.9 billion at June 30, 2004, and
to its committed EUR2 billion bank lines.  However, the majority
of its available bank line will mature in July 2005, while, in
the next 12 months, its operations will remain a drain on cash
and the redemption of a EUR2 billion capital market debt will
absorb cash.  Consequently, Fiat's refinancing risk could
markedly increase beyond the next 12 months.

"Should the recovery of Fiat's automobile division be further
delayed and/or refinancing risk further increase, the ratings on
the group could be lowered," added Mr. Baudouin.

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
          nicolas_baudouin@standardandpoors.com
          scott_sprinzen@standardandpoors.com
          bob_ukiah@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


PARMALAT FINANZIARIA: Sues Deutsche Bank for EUR17 Million
----------------------------------------------------------
Dr. Enrico Bondi, in his role as Extraordinary Commissioner of
both Parmalat Finance Corporation B.V. and Parmalat S.p.A.,
filed a claim with the Court of Parma against Deutsche Bank
S.p.A. in the form of a revocatory action under article 67 of
the Italian bankruptcy law.  The case is in connection with a
transaction carried out in December 2003 as a result of which
Deutsche Bank closed out an exposure to Parmalat S.p.A. of some
EUR17 million.  The amount being sought under this revocatory
action is EUR17 million plus interest.  Further, the
Extraordinary Commissioner has reserved the right to act
separately to recover damages from Deutsche Bank.

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


STREGLIO SPA: Court Accepts Application for Insolvency
------------------------------------------------------
Parmalat Finanziaria S.p.A., in Extraordinary Administration,
communicates that its subsidiary Streglio S.p.A. requested
insolvency status with the Civil Court in Parma on July 27,
2004.

The Court accepted the request on August 6, 2004 declaring
Streglio insolvent.  Streglio S.p.A. was admitted by decree of
the Minister of Production Activities on July 30, 2004 to the
Extraordinary Administration procedure and Enrico Bondi was
appointed Extraordinary Commissioner of this company.

                            *   *   *

Streglio's 2003 sales were US$12.25 million, according to Deal.
Its sales in 2002 were about US$12 million, according to
Candy Industry.

CONTACT:  STREGLIO & C. S.P.A.
          Sede e Stabilimento:
          Via Sestriere 116 - 10060 NONE (Torino)
          Phone: 011.9868311
          Fax 011.9864384
          Txl: 225468 STRENO I
          E-Mail: info@streglio.it
          Homepage: http://www.streglio.it/


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


GETRONICS N.V.: Sells Part of Italian UNIT to Retalix
-----------------------------------------------------
Retalix Ltd. acquired 51% of UNIT S.p.A., in a transaction that
was completed on August 6, 2004.

Founded in 1985 and headquartered in Bollengo, Italy, UNIT is a
fully owned subsidiary of Getronics S.p.A. since 1999.  UNIT
delivers specialized software and hardware solutions for the
food and petrol retail industries in Italy and Europe, and
employs a team of 59 staff based in four sites (branches are
located in Milan, Rome and Follonica).  For the twelve months
ended December 31, 2003, UNIT S.p.A. had revenues of
approximately EUR8 million.

Getronics and Retalix will combine the expertise of the two
companies in the areas of development, delivery, deployment and
support of advanced retail solutions as a joint venture,
focusing on the Italian and European food and fuel retail
markets.

Roberto Schisano, Chairman and Managing Director of Getronics
Italy S.p.A., commented: "Joining with Retalix strengthens both
companies and enables us to continue to deliver the Getronics
retail solutions, with our excellent service and support,
throughout Europe.  We have been following Retalix's growth and
successes and are confident that this joint venture is the right
move for our customers, employees and shareholders."

Commenting on the acquisition, Barry Shaked, President and CEO
of Retalix, said: "This is a significant acquisition for our
company.  Growing our international market and establishing
Retalix presence in Europe, and particularly in Italy, were an
important part of our goals in the past few years.  We are
confident that the combination of the innovative synchronized
retail solutions from Retalix with UNIT's retail expertise and
local experience, as well as a successful partnership with
Getronics, will enable a strong presence and significant growth
for both companies in the Italian and other European retail
markets."

About UNIT S.p.A.

Based in Bollengo, near Turin, UNIT S.p.A. has branches in
Milan, Rome and Follonica.  With years of experience, UNIT helps
businesses operating in Retail and Petrol to improve their sales
procedures and to achieve their goals, through innovative end-
to-end solutions.  UNIT manages all aspects of a project:
hardware and software infrastructure, solution design,
maintenance and post-sales support.  UNIT is also active in the
fields of networking consulting and installation, facility
management and outsourcing.

About Getronics

With approximately 22,000 employees in over 30 countries and
ongoing revenues of EUR2.6 billion in 2003, Getronics is one of
the world's leading providers of vendor independent Information
and Communication Technology (ICT) solutions and services.
Getronics designs, integrates and manages ICT infrastructures
and business solutions for many of the world's largest global
and local companies and organizations, helping them maximize the
value of their information technology investments.  Getronics is
ranked second worldwide in network and desktop outsourcing and
fourth worldwide in network consulting and integration (Source:
IDC 2002-2003).

Getronics headquarters are in Amsterdam, with regional offices
in Boston, Madrid and Singapore.  Getronics' shares are traded
on Euronext Amsterdam (GTN). Getronics today combines the
capabilities of the original Dutch company with those of Wang
Global, acquired in 1999, and of the systems and services
division of Olivetti.

About Retalix Ltd.

Retalix Ltd., with North American headquarters in Dallas, TX,
provides integrated enterprise-wide software solutions for the
global food and fuel retail industries, including supermarkets,
convenience stores, fuel stations and restaurants.  The Company
offers a full suite of software applications that support a food
retailer's essential retailing operations and enable retailers
to increase their operating efficiencies while improving
customer acquisition, retention and profitability.

With installations in more than 30,000 stores and across 44
countries, the Company markets its software solutions through
direct sales, distributors, local dealers and its various
subsidiaries.  For further information, please visit
http://www.retalix.com.

CONTACT:  RETALIX LTD.
          Barry Shaked, CEO
          Danny Moshaioff, CFO Israel
          Phone: +972 9 776 6677

          CCG Investor Relations
          Crocker Coulson
          Partner Sherman Oaks
          CA 91403 USA
          Phone: +1 818 789 0100
          E-mail: crocker.coulson@ccgir.com

          GETRONICS S.P.A.
          Corporate Media Relations
          Herbert van Zijl
          Phone: +31 20 586 1581
          Fax: +31 20 586
          E-mail: 1455media@getronics.com


GETRONICS N.V.: Acquires Full Ownership of Getronics Japan
----------------------------------------------------------
As part of its plan to enhance the company's presence in Japan
and to strengthen its market position, Getronics N.V. bought the
remaining 20% minority shareholding, which Toshiba Solution
Corporation held in its Japanese subsidiary.  As a result of
this cash transaction, Getronics Japan is now a wholly owned
subsidiary of Getronics N.V.

Getronics Japan (then Olivetti Japan) was established in 1961.
Toshiba Solution Corporation became a minority shareholder in
1985.

No financial details on the transaction will be disclosed.

About Getronics

With approximately 22,000 employees in over 30 countries and
ongoing revenues of EUR2.6 billion in 2003, Getronics is one of
the world's leading providers of vendor independent Information
and Communication Technology (ICT) solutions and services.
Getronics today combines the capabilities of the original Dutch
company with those of Wang Global, acquired in 1999, and of the
systems and services division of Olivetti.

Getronics is ranked second worldwide in network and desktop
outsourcing and fourth worldwide in network consulting and
integration (Source: IDC 2002-2003).

Getronics designs, integrates and manages ICT infrastructures
and business solutions for many of the world's largest global
and local companies and organizations, helping them maximize the
value of their information technology investments.  Getronics'
headquarters are in Amsterdam, with regional offices in Boston,
Madrid and Singapore.  Getronics' shares are traded on Euronext
Amsterdam (GTN".  For further information about Getronics, visit
http://www.getronics.com.

                            *   *   *

As reported by TCR-Europe on July 9, 2004, Standard & Poor's
Ratings Services assigned its 'B+' senior secured debt rating
and a recovery rating of '4' to the new EUR175 million (US$216
million) credit facilities of The Netherlands-based IT services
and products provider Getronics N.V. (B+/Positive/--).

The facilities comprise a EUR100 million revolving credit
facility and a EUR75 million acquisition facility, both maturing
in 2007.  The bank loan has been rated 'B+', the same level as
the corporate credit rating on the group because, despite the
loan's secured status, recovery expectations are less than 100%
in the event of default.

CONTACT:  GETRONICS N.V.
          Media Relations
          Phone:  +31 20 586 1982
          Fax: +31 20 586 1455
          E-mail: media@getronics.com

          Investor Relations
          Phone: +31 20 586 1581
          Fax:   +31 20 586 1455
          E-mail: investor.relations@getronics.com


UGC INC.: Internet Services Sales Across Europe Up 40%
------------------------------------------------------
UnitedGlobalCom, Inc. (UGC)[1] (NASDAQ: UCOMA), announces
operating and financial results for the second quarter ended
June 30, 2004.

Highlights for the second quarter compared to the same period in
the prior year include:

(a) Revenue growth of 17% to US$545 million
(b) Operating Cash Flow[2] growth of 30% to US$195 million

(c) Operating Cash Flow margin of 37% year-to-date, compared to
    30%
(d) 102,400 Net RGU[3] additions compared to 41,200

(e) Net loss of US$(95) million compared to net income of US$622
    million

(f) Free Cash Flow4 growth of 248% to US$87 million

Mike Fries, President and Chief Executive Officer of UGC said:
"Our second quarter results were strong across the board.  We
added 102,400 net new RGUs in the quarter, including 47,700
broadband Internet RGUs.  As a result, broadband Internet RGUs
now exceed 1.0 million in total -- an important milestone for
the Company.  We added 194,700 net new RGUs during the first six
months of the year which, given the seasonality of our business
and potential upside from new digital and voice products, puts
us on track to meet or exceed our full year guidance of 500,000
net new RGUs in 2004."

"Revenue growth on an organic basis was approximately 11% in the
quarter compared to the same period in the prior year, slightly
above our full year guidance of 10%.  Operating cash flow on an
organic (or local currency basis) grew 23% -- ahead of our 20%
guidance, but was down modestly in absolute terms from our first
quarter 2004 result due primarily to unfavorable foreign
currency movements, as well as higher marketing expenditures in
Europe to drive customer growth during the seasonally slower
summer months.

For the six months ended June 30, 2004, our organic operating
cash flow increased 33% compared to the same period in the prior
year.  We expect to see a meaningful improvement in our third
quarter operating cash flow and we believe there is upside to
our US$800 million guidance for the full year 2004 excluding the
acquisition of Noos.  Including the consolidation of Noos
beginning July 1, 2004, we expect to report full year Operating
Cash Flow of at least US$850 million[5]."
"We are also making solid progress on key strategic initiatives
across all of our product lines.  We are on track for commercial
launch of VoIP services in the Netherlands and Hungary during
the third quarter, and expect to be 100% VoIP ready across our
entire Dutch footprint of 2.6 million homes passed by the end of
the year.

In digital video, we are pleased with the continued success of
our new digital product in France and are looking at expanding
our digital footprint across Central and Eastern Europe using a
similar Headend-ln-The-Sky (HITS) strategy.  We have now agreed
to rate increases in all but a handful of our Dutch markets,
which will be phased in throughout the remainder of the year,
resulting in a harmonization of our analog cable television
rates across The Netherlands by the end of the year.  And
despite a relatively competitive market for broadband Internet
services across Europe, our sales are up over 40% from a year
ago and we continue to generate one of the highest ARPU's in the
industry.

As a result of these efforts, we believe we are well positioned
to meet or exceed all of our 2004 financial guidance targets and
we look forward to producing strong second half results."

Recent Events

UGC Stock Repurchase Program Announced: UGC's Board of Directors
has authorized a US$100 million share repurchase program.  UGC
expects such purchases to occur from time to time in the open
market or in private transactions, subject to market conditions.

European Bank Facility Refinancing: On June 29, 2004, we
announced the refinancing of over EUR1.0 billion of our EUR3.5
billion European bank credit facility, substantially improving
the interest rate, general covenant and funding flexibility of
the facility.  In addition, the refinancing facilitated the debt
funding required for our acquisition of Noos in France.  As a
result of the refinancing, we expect annual interest savings of
approximately EUR50 million and UGC's consolidated weighted
average cost of outstanding debt is currently below 5.0%.  In
addition, because a significant portion of our outstanding debt
is floating rate, we have purchased interest rate caps through
2006 to limit our exposure to rising interest rates.

Noos Acquisition Completed: On July 7, 2004, we announced the
completion by our French holding company (UPC Broadband France)
of the acquisition of Noos, the largest cable television
operator in France, from SUEZ.  SUEZ is currently a 19.9%
shareholder in UPC Broadband France, which includes UGC's
existing French cable television operation.  The transaction
valued Noos at approximately EUR615 million, or 7.25 times 2004
estimated Operating Cash Flow.  The final purchase price is
subject to a 90-day audit of Noos' financial information.

Consideration to SUEZ consisted of approximately EUR530 million
of cash funded in equal proportions out of cash on hand and
UGC's European bank facility, as well as the 19.9% equity
interest in the combined French operation.  As a result of the
transaction, UPC Broadband France now serves approximately 2.3
million RGUs.  The combined French businesses generate annual
revenue of approximately EUR400 million based on the 2003
results of Noos and UPC France.

Second Quarter 2004 Results

Our significant and consolidated operating subsidiaries in
Europe include UPC Broadband -- our cable television and
broadband division with operations in 11 countries, and
chellomedia -- our media and programming division, which also
includes our Competitive Local Exchange Carrier (CLEC), Priority
Telecom.  In Latin America, our primary operation is VTR
GlobalCom (VTR), our cable television and broadband provider in
Chile.  Please refer to the Financial Highlights and
Consolidated Financial Statements section at the end of this
press release for additional segment information.

Revenue

Revenue for the three months ended June 30, 2004 was US$545
million, an increase of 17% or US$80 million compared to the
same period in the prior year.  Excluding the impact of foreign
exchange rates, organic year-over-year revenue growth was
approximately 11% for the second quarter of 2004 driven by
higher average monthly revenue per subscriber (ARPU) and RGU
growth.  For the six months ended June 30, 2004, organic revenue
growth was approximately 10%, consistent with our 10% guidance
target for the full year.

Based on our expectation for continued revenue growth in the
second half, including the positive contribution from our recent
analog video rate increases in The Netherlands, we are
confirming our full year 10% growth target.

Operating Cash Flow

Operating Cash Flow for the three months ended June 30, 2004 was
US$195 million, an increase of 30% compared to the same period
in the prior year.  Excluding the impact of foreign exchange
rate fluctuations, our organic Operating Cash Flow growth was
approximately 23% for the period.  Our second quarter 2004 cash
flow result was down modestly from first quarter 2004 due
primarily to unfavorable foreign currency movements, as well as
higher marketing expenditures to drive customer growth in Europe
during the seasonally slower summer months.

We continue to benefit from organizational, operating, and
network efficiencies, as our consolidated Operating Cash Flow
margin improved to 37% for the first six months of 2004 compared
to 30% for the same period last year -- a year over year
improvement of approximately 640 basis points.  Based on our
Operating Cash Flow result for the first six months of 2004, we
confirm our full year guidance target of US$800 million[6],
which excludes the acquisition of Noos.  Because organic OCF
growth for the six months ended June 30, 2004 was approximately
33%, we believe there is upside to our guidance of 20% organic
growth.  Including the consolidation of Noos beginning July 1,
2004, we expect to report full year Operating Cash Flow of at
least US$850 million.

Net Income (Loss)

Net loss was US$(95) million for the three months ended June 30,
2004, which compares with a net income of US$622 million for the
same period in 2003.  The positive second quarter 2003 result
was primarily due to a one-time gain of US$569 million from the
completion of the reorganization of our Australian holding
company, United Australia Pacific, Inc.

Free Cash Flow and Capital Expenditures

Free Cash Flow for the three months ended June 30, 2004 was
US$87 million, a 248% improvement compared to the same period
last year.  The increase was driven by an 82% improvement in
cash flow from operating activities, offset by a 27% increase in
capital expenditures.  For the six months ended June 30, 2004,
Free Cash Flow was US$122 million, a 193% increase compared to
the same period last year.

Capital expenditures increased to US$96 million for the three
months ended June 30, 2004, compared to US$75 million for same
period last year.  The primary reason for the increase was
higher spending on customer premise equipment (CPE) due to the
significant increase in RGU growth in the second quarter 2004
compared to the same period last year.  For the six months ended
June 30, 2004, capital expenditures were US$176 million or 16%
of sales over the period and below our guidance target of 20% of
sales.  Based on our expectation for an increase in capital
expenditures during second half 2004, we confirm our guidance
target for full year 2004 capital expenditures at approximately
20% of sales.

Balance Sheet, Leverage Position and Liquidity

As of June 30, 2004, total debt was US$4.1 billion and we had
cash and cash equivalents (including short-term liquid
investments) of US$1.6 billion.  On a pro forma basis of the
Noos acquisition as of June 30, 2004, total debt was US$4.2
billion and cash and cash equivalents were US$1.1 billion.
Using these pro forma figures, net debt to annualized Operating
Cash Flow[7] was 3.6x compared to 3.2x for the second quarter on
an as reported basis.

In addition to our cash balances, we had approximately US$680
million of availability under Facility A of our European Credit
Facility (pro-forma for the Noos acquisition).  Together with
the market value of our interests in publicly traded securities
of SBS Broadcasting and Austar United, we had total liquidity of
approximately US$2.2 billion as of June 30, 2004.

Operating Statistics

As of June 30, 2004, total RGUs were 9,340,100, an increase of
5%, or 421,000 compared to the prior year.  For the three months
ended June 30, 2004, we added 102,400 net new RGUs compared to
41,200 during the same period last year. Since December 31,
2003, we have added 194,700 net new RGUs.  Due to the
seasonality of our business, we believe that our year-to-date
net gain in RGUs puts us on track to meet or exceed our guidance
of 500,000 net new RGUs in 2004, particularly with digital
additions running ahead of forecast and with commercial VoIP
launches planned in The Netherlands and Hungary in late summer.

About UnitedGlobalCom

UGC is the leading international broadband communications
provider of video, voice, and broadband Internet services with
operations in 14 countries.  Based on UGC's operating statistics
at June 30, 2004, the Company's networks reached approximately
12.3 million homes passed and served over 9.3 million RGUs,
including approximately 7.6 million video subscribers, 756,900
telephone subscribers and 1,032,000 broadband Internet
subscribers.

---------
Footnotes

[1] Also referred to us the "Company", "we, "us", "our", and
    similar terms.

[2] Please see page 8 and 9 of this press release for an
    explanation of Operating Cash Flow, detail on Operating Cash
    Flow by segment, and a reconciliation of Operating Cash Flow
    to Net Income (Loss).  Operating Cash Flow is also referred
    to as OCF.

[3] RGUs or Revenue Generating Units.  Please see page 12 for a
    definition.

[4] Please see page 9 of this press release for an explanation
    of Free Cash Flow and a reconciliation of Free Cash Flow to
    Net Cash Flows from operating activities.

[5] Based on the same foreign exchange rate of 1.20 U.S. dollars
    per Euro used to calculate our US$800 million guidance
    figure.

[6] Based on previously disclosed foreign exchange rate
    assumptions. Specifically, we have assumed for the full year
    a 1.20 average U.S. dollar/Euro exchange rate and 650
    Chilean Pesos to the U.S. dollar.

[7] Represents net debt/Operating Cash Flow annualized for the
    three months ended June 30, 2004.

                            *   *   *

In July, Standard & Poor's affirmed the existing ratings,
including the 'B' corporate credit rating, on UGC and its
European cable subsidiary, UGC Europe Inc.

CONTACT:  UNITED GLOBALCOM INC.
          Richard Abbott Bert Holtkamp
          Investor Relations
          E-mail: ir@unitedglobal.com

          DENVER CORPORATE COMMUNICATIONS - Europe
          Phone: (303) 220-6682 + 31 (0) 20 778 9447
          E-mail: communications@ugceurope.com


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


STER-PROJEKT: President Piotr Smolski Is Staying, Says Board
------------------------------------------------------------
Ster-Projekt denied rumors its president, Piotr Smolski, will be
sacked as reports emerged that the company has signed an
important deal with Telekomunikacja Polska S.A. (TP S.A.).

"The supervisory board has no such plans.  As it is clear that
he knows how to win new contracts and we only expect him to
present us with a restructuring plan," said Wojciech Grzybowski,
a member of the supervisory board.

Sources say Ster-Projekt and TP S.A., Poland's largest telecom
operator, have now signed a long-awaited deal to build a PLN70
million accounting center.  The contract is expected to help
improve shares in the company, which have lost value for the
past two quarters due to weak results, according to Warsaw
Business Journal.


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


388 UNR: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Kaliningrad region has commenced
bankruptcy supervision procedure on federal state unitary
enterprise 388 UNR (TIN 3900000591, KPP390401001).  The case is
docketed as A21-2400/04-S2.  Mr. I. Melnikov has been appointed
temporary insolvency manager.   Creditors are asked to submit
their proofs of claim to the temporary insolvency manager at
236008, Russia, Kalinigrad, Gogolya Str. 12.

CONTACT:  388 UNR
          236023, Russia,
          Kaliningrad, Krasnaya Str. 259a

          Mr. I. Melnikov
          Temporary Insolvency Manager
          236008, Russia,
          Kalinigrad, Gogolya Str. 12


ADYG-REM-TEKH-ENTERPRISE: Bankruptcy Proceedings Begin
------------------------------------------------------
The Arbitration Court of Adygeya republic has declared OJSC
Adyg-Rem-Tekh-Enterprise insolvent and introduced bankruptcy
proceedings.  The case is docketed as A01-1486-2002-11.  Mr. Kh.
Kotlyakov has been appointed insolvency manager.  Creditors are
asked to submit their proofs of claim to 385000, Russia, Adygeya
republic, Maykop, Kellermesskoye Shosse, 3.

CONTACT:  ADYG-REM-TEKH-ENTERPRISE
          Russia, Adygeya Republic,
          Maykop, Kellermesskoye Shosse, 3

          Mr. Kh. Kotlyakov
          Insolvency Manager
          385000, Russia,
          Adygeya Republic, Maykop,
          Kellermesskoye Shosse, 3
          Phone: 2-22-62; 8-916-420-02-95


AGRO-TEKH-MARKET: Declared Insolvent
------------------------------------
The Arbitration Court of Krasnodar region has declared LLC Agro-
Tekh-Market insolvent and introduced bankruptcy proceedings.
The case is docketed as A-32-6945/2004-38/44B.  Ms. O. Petunkina
has been appointed insolvency manager.  Creditors are asked to
submit their proofs of claim to 350063, Russia, Krasnodar-63,
Post User Box 4829.

CONTACT:  AGRO-TEKH-MARKET
          Russia, Krasnodar region,
          Kushevskaya, Pervomaysky Per. 104

          Ms. O. Petunkina
          Insolvency Manager
          350063, Russia,
          Krasnodar 63,
          Post User Box 4829


KATUNSKAYA HYDROELECTRIC: Proofs of Claim Deadline August 19
------------------------------------------------------------
The Arbitration Court of Altay republic has declared LLC
Katunskaya Hydroelectric Power Station (TIN 0411074231)
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A02-2894/03.  Mr. V. Epikhin has been appointed
insolvency manager.  Creditors have until August 19, 2004 to
submit their proofs of claim to 649000, Russia, Altay republic,
Gorno-Altaysk, Glavpochtamt, Post User Box 413.

CONTACT:  KATUNSKAYA HYDROELECTRIC POWER STATION
          649000, Russia,
          Altay Republic,
          Gorno-Altaysk,
          Sotsialisticheskaya Str. 3

          Mr. V. Epikhin
          Insolvency Manager
          649000, Russia,
          Altay Republic,
          Gorno-Altaysk, Glavpochtamt,
          Post User Box 413


NEFTEKAMSKY ELEVATOR: Deadline for Proofs of Claim August 19
------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has declared
municipal unitary enterprise Neftekamsky Elevator insolvent and
introduced bankruptcy proceedings.  The case is docketed as
A07/15543/03-A-ADM.  Mr. M. Mustafin has been appointed
insolvency manager.  Creditors have until August 19, 2004 to
submit their proofs of claim to the Arbitration Court of
Bashkortostan republic at Russia, Ufa, Oktyabrskoy Revolutsii
Str. 63a.

CONTACT:  NEFTEKAMSKY ELEVATOR
          Russia, Bashkortostan Republic,
          Neftekamsk, Vysokovoltnaya Str. 9

          The Arbitration Court of Bashkortostan Republic
          Russia, Ufa,
          Oktyabrskoy Revolutsii Str. 63a


RASSVET: Court Sets August 11 Hearing
-------------------------------------
The Arbitration Court of Altay region has declared agricultural
industrial cooperative collective farm Rassvet insolvent and
introduced bankruptcy proceedings.  The case is docketed as A03-
1623/04.  Ms. N. Zaeva has been appointed insolvency manager.

Creditors are asked to submit their proofs of claim to 658200,
Russia, Altay region, Rubtsovsk, Lenina Pr. 162-79.  A hearing
will take place on August 11, 2005, 10:00 a.m.

CONTACT:  RASSVET
          658239, Russia,
          Altay region, Rubtsovsky region,
          Saratovka, K. Marksa Str. 27

          Ms. N. Zaeva
          Insolvency Manager
          658200, Russia,
          Altay Region, Rubtsovsk,
          Lenina Pr. 162-79


REM-ELECTRO-MONTAZH: Deadline for Proofs of Claim August 18
-----------------------------------------------------------
The Arbitration Court of Kemerovo region has declared LLC Rem-
Electro-Montazh insolvent and introduced bankruptcy proceedings.
The case is docketed as A27-6833/2002-4.  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.

CONTACT:  REM-ELECTRO-MONTAZH
          652840, Russia,
          Kemerovo Region,
          Novokuznetsky Region, Kuzedeevo

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


ROAD BUILDING: Novosibirsk Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on LLC Factory of Road Building
Materials.  The case is docketed as A45-7757/04-SB/107.  Mr. V.
Ivanov has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 630099,
Russia, Novosibirsk, Potaninskaya Str. 3a, 48.  A hearing will
take place at Russia, Novosibirsk, Kirova Str. 3, Room 915 on
September 27, 2004, 10:30 a.m.

CONTACT:  FACTORY OF ROAD BUILDING MATERIALS
          630132, Russia,
          Novosibirsk, Sibirskaya Str. 48

          Mr. V. Ivanov
          Temporary Insolvency Manager
          630099, Russia,
          Novosibirsk, Potaninskaya Str. 3a, 48
          Phone: (383) 221-844


STROY-MONTAZH-NALADKA: Proofs of Claim Deadline August 19
---------------------------------------------------------
The Arbitration Court of Tatarstan republic has declared state
enterprise Stroy-Montazh-Naladka insolvent and introduced
bankruptcy proceedings.  The case is docketed as A65-4535/2001-
SA2-27.  Mr. I. Egorov has been appointed insolvency manager.
Creditors have until August 19, 2004 to submit their proofs of
claim to 420126, Russia, Tatarstan republic, Kazan, Post User
Box 115.

CONTACT:  STROY-MONTAZH-NALADKA
          Russia, Tatarstan Republic,
          Kazan, Zayni Sultana Str. 17a

          Mr. I. Egorov
          Insolvency Manager
          420126, Russia,
          Tatarstan Republic, Kazan,
          Post User Box 115


UST-LABINSK-AGRO-PROM-SNAB: Under Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on OJSC Ust-Labinsk-Agro-Prom-
Snab.  The case is docketed as A32-12613/2004-1/95B.  Ms. Y.
Chernenko has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 350030,
Russia, Krasnodar region, Krasnodar, 9th Tikhaya Str. 7/25.  A
hearing will take place on September 1, 2004.

CONTACT:  Ms. Y. Chernenko
          Temporary Insolvency Manager
          350030, Russia,
          Krasnodar Region, Krasnodar,
          9th Tikhaya Str. 7/25


VOZNESENSKOYE: Krasnodar Court Confirms Insolvency
--------------------------------------------------
The Arbitration Court of Krasnodar region has declared CJSC
Voznesenskoye insolvent and introduced bankruptcy proceedings.
The case is docketed as A-32-2185/2004-37/6-B.  Mr. V.
Chernobaev has been appointed insolvency manager.  Creditors
have until August 18, 2004 to submit their proofs of claim to
350002, Russia, Krasnodar, Sadovaya Str. 157, Apartment 6.

CONTACT:  VOZNESENSKOYE
          Russia, Krasnodar region

          Mr. V. Chernobaev
          Insolvency Manager
          350002, Russia,
          Krasnodar, Sadovaya Str. 157,
          Apartment 6


YUKOS OIL: Court Reinstates Ruling Allowing Seizure of Assets
-------------------------------------------------------------
Moscow Arbitration Court approved the Tax Ministry's decision to
arrest shares in one of Yukos Oil's operating subsidiaries.

Court bailiff seized the assets of Yuganskneftegaz,
Samaraneftegaz, and Tomskneft in July when the oil giant failed
to pay US$3.4 billion in taxes for 2000.  The court on Monday
said court bailiffs acted lawfully when it arrested shares in
Tomskneft.  Tax Ministry representatives stated that the arrest
was a necessary measure because the oil giant began paying back
taxes only after its subsidiaries were seized.

The court ruled the reasons valid despite Yukos' arguments that
the seizure goes contrary to the rule that in case of debt
monetary assets are arrested first, property not used in the
company's primary operations come second, and assets used in
primary operations, such as the three subsidiaries above, are
seized third.

Yukos successfully used the argument Friday to appeal the
seizure of shares in Yuganskneftegaz, its main oil-production
unit.  The court ruled the arrest illegal.  Yet on Monday,
bailiffs froze the asset anew saying Yukos did not have cash to
pay the bill.

The Tax Ministry said: "Under new circumstances -- due to the
lack of sufficient funds on the accounts of the debtor, the
Yukos Petroleum Company -- shares in OAO Yuganskneftegaz
belonging to [Yukos] were seized by order of a court bailiff as
property that is not part of the fixed assets (machine tools,
equipment, etc.) and, under the legislation on enforcement
procedure, belongs to the first group of confiscation."

The Samaraneftegaz seizure is scheduled for hearing on September
2.


YUKOS OIL: Glancy Binkow & Goldberg Files Class Suit in S.D. NY
---------------------------------------------------------------
Notice is hereby given by Glancy Binkow & Goldberg LLP that a
Class Action lawsuit was filed in the United States District
Court for the Southern District of New York on behalf of a class
consisting of all persons who purchased or otherwise acquired
securities of Yukos Oil Company (Pink Sheets:YUKOF) (Pink
Sheets:YUKOY) (Russia:YUKO) between February 13, 2003 and
October 25, 2003, inclusive.  Also included are all those who
acquired Yukos shares through its acquisitions of Sibneft,
Geoilbent, and Vostochnaya.

A copy of the Complaint is available from the court or from
Glancy Binkow & Goldberg LLP.  Please contact Glancy Binkow &
Goldberg LLP by phone to discuss this action or obtain a copy of
the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224,
by e-mail at info@glancylaw.com, or visit their Web site at
http://www.glancylaw.com.

The Complaint charges Yukos and certain of the Company's
executive officers with violations of federal securities laws.
Plaintiff claims that defendants' omissions and material
misrepresentations concerning Yukos' operations and financial
performance artificially inflated the Company's stock price,
inflicting damages on investors.  Yukos is a leading Russian
vertically-integrated oil company.  The complaint alleges that
defendants created a complex network of shell companies to evade
taxes on the production, refining and sale of oil and oil
products.  These shell companies were registered in territories
with preferential tax treatment in order to receive special tax
exemptions and minimize tax liability.  Because these shell
companies were not separate legal entities, Yukos was required
to recognize the full amount of the receipts associated with
these transactions for its own tax purposes and was not entitled
to the preferential tax treatment these shell companies were
granted.  Accordingly, Yukos' tax liability was materially
understated and its earnings were materially overstated.

In October 2003, it was revealed that Russian authorities had
arrested Yukos' CEO, on fraud, embezzlement and tax evasion
charges.  Authorities also announced that they would pursue
criminal prosecutions against other senior Yukos officials.
Ultimately, Yukos will be required to pay approximately US$3.3
billion for 2000 alone due to its understatement of tax
liability.  The Tax Ministry intends to audit Yukos for 2001-
2003 based upon the same charges, and Yukos could ultimately be
expected to pay upwards of US$10 billion to the Tax Ministry for
this illegal tax evasion scheme.

Plaintiff seeks to recover damages on behalf of Class members
and is represented by Glancy Binkow & Goldberg LLP, a law firm
with significant experience in prosecuting class actions, and
substantial expertise in actions involving corporate fraud.

If you are a member of the Class described above, you may move
the Court, not later than September 4, 2004, to serve as lead
plaintiff, however, you must meet certain legal requirements.
If you wish to discuss this action or have any questions
concerning this Notice or your rights or interests with respect
to these matters, please contact Michael Goldberg, Esquire, of
Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite
311, Los Angeles, California 90067, by telephone at (310) 201-
9150 or Toll Free at (888) 773-9224 or by e-mail to
info@glancylaw.com.

CONTACT:  GLANCY BINKOW & GOLDBERG LLP
          Los Angeles, CA
          Lionel Z. Glancy
          Michael Goldberg
          Phone: (310) 201-9150
                 (888) 773-9224
          E-mail: info@glancylaw.com
          Web site: http://www.glancylaw.com


ZAP-SIB-STROY-MONTAZH: Declared Insolvent
-----------------------------------------
The Arbitration Court of Altay republic has declared LLC Zap-
Sib-Stroy-Montazh insolvent and introduced bankruptcy
proceedings.  The case is docketed as L02-904/04.  Mr. N.
Akinshin has been appointed insolvency manager.   Creditors are
asked to submit their proofs of claim to 649000, Russia, Altay
republic, Altayskaya Str. 28-53.

CONTACT:  ZAP-SIB-STROY-MONTAZH
          Russia, Altay republic,
          Gorno-Altaysk,
          Chosor-Gurkina Str. 29

          Mr. N. Akinshin
          Insolvency Manager
          649000, Russia,
          Altay Republic,
          Altayskaya Str. 28-53


ZEMLYANE: Appoints S. Olin Insolvency Manager
---------------------------------------------
The Arbitration Court of Udmurtiya republic has declared OJSC
Zemlyane insolvent and introduced bankruptcy proceedings.  The
case is docketed as A71-50/2003-G21.  Mr. S. Olin has been
appointed insolvency manager.  Creditors have until August 18,
2004 to submit their proofs of claim to 426063, Russia,
Udmurtiya Republic, Izhevsk, K. Libknekhta Str. 65.

CONTACT:  ZEMLYANE
          427820, Russia,
          Udmurtiya Republic,
          Malopurginsky Region,
          Malaya Purga, Lesnaya Str. 8a

          Mr. S. Olin
          Insolvency Manager
          426063, Russia,
          Udmurtiya Republic, Izhevsk,
          K. Libknekhta Str. 65


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


DILAND: Court Affirms Insolvency
--------------------------------
The Economic Court of Kyiv region has declared LLC Diland (code
EDRPOU 30402528) insolvent and introduced bankruptcy
proceedings.  The case is docketed as 43/221.  Arbitral manager
Mrs. G. Vronska (License Number AA 484232 approved on February
17, 2003) has been appointed liquidator/insolvency manager.  The
company holds account number 260013257/810/840/978/980 at JSPPB
Aval, MFO 300335, and account number 26003301002363/980 at JSCB
Mriya, MFO 321767.

CONTACT:  DILAND
          01033, Ukraine, Kyiv region,
          I. Kudri Str. 30

          Mrs. G. Vronska
          Liquidator/Insolvency Manager
          Phone: 228-88-68

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


GALLAK-SKLADSERVICE: Proofs of Claim Deadline August 15
-------------------------------------------------------
The Economic Court of Lviv region declared LLC Gallak-
Skladservice (code EDRPOU 30615195) insolvent and introduced
bankruptcy proceedings on June 29, 2004.  The case is docketed
as 6/210-4/110.  Mr. Y. Onushkanich (License Number AA 484203
approved on February 4, 2003) has been appointed
liquidator/insolvency manager.

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

(a) GALLAK-SKLADSERVICE
    Ukraine, Lviv region,
    Borislav, Drogobitska Str. 721

(b) Mr. Y. Onushkanich
    Liquidator/Insolvency Manager
    79031, Ukraine, Lviv region,
    Strijska Str. 71 b/3

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


INTERLIS: Bankruptcy Proceedings Introduced
-------------------------------------------
The Economic Court of Kyiv region has declared LLC Interlis
(code EDRPOU 30635122) insolvent and introduced bankruptcy
proceedings.  The case is docketed as 43/207.  Arbitral manager
Mrs. G. Vronska (License Number AA 484232 approved on February
17, 2003) has been appointed liquidator/insolvency manager.  The
company holds account number 26003301301569/840978/980 at
Prominvestbank, Starokiyivske branch, MFO 322227.

CONTACT:  INTERLIS
          01023, Ukraine, Kyiv region,
          Mechnikov Str. 8/22

          01023, Ukraine, Kyiv region,
          Nechuj-Levitskij Str. 1

          Mrs. G. Vronska
          Liquidator/Insolvency Manager
          Phone: 228-88-68

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


SAKO: Court Appoints Insolvency Manager
---------------------------------------
The Economic Court of Kyiv region has declared LLC Sako (code
EDRPOU 24922632) insolvent and introduced bankruptcy
proceedings.  The case is docketed as 23/254-b.  Arbitral
manager Mrs. G. Vronska (License Number AA 484232 approved on
February 17, 2003) has been appointed liquidator/insolvency
manager.  The company holds account numbers 26007002000086 and
26008001000086/980 at OJSC Bank Big Energy, MFO 322603; and
account numbers 26000284002750 and 26007200012750 at JSCB
Ukrsocbank, MFO 322056.

CONTACT:  SAKO
          01042, Ukraine, Kyiv region,
          Novopecherskij lane, 19/3

          Mrs. G. Vronska
          Liquidator/Insolvency Manager
          Phone: 228-88-68

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


TUNIS-METAL: Declared Insolvent
--------------------------------
The Economic Court of Kyiv region has declared LLC Tunis-Metal
(code EDRPOU 30371453) insolvent and introduced bankruptcy
proceedings.  The case is docketed as 43/206.  Arbitral manager
Mrs. G. Vronska (License Number AA 484232 approved on February
17, 2003) has been appointed liquidator/insolvency manager.  The
company holds account numbers 26005303169050/840 and
26005303169001/980 at JSCB TAS-Komertsbank, MFO 300164.

CONTACT:  TUNIS-METAL
          01103, Ukraine, Kyiv region,
          Druzhbi Narodiv Boulevard, 10

          Mrs. G. Vronska
          Liquidator/Insolvency Manager
          Phone: 228-88-68

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


UKRIZRATRADE: Kyiv Court Appoints Liquidator
--------------------------------------------
The Economic Court of Kyiv region has declared LLC Ukrizratrade
(code EDRPOU 30114082) insolvent and introduced bankruptcy
proceedings.  The case is docketed as 43/205.  Arbitral manager
Mrs. G. Vronska (License Number AA 484232 approved on February
17, 2003) has been appointed liquidator/insolvency manager.  The
company holds account number 260073579/980 at OJSC State Saving
Bank of Ukraine, Solomyanske branch 5445 of Kyiv region, MFO
320423; account number 26006012817828/840 at OJSC State export-
import bank of Ukraine, MFO 322313; and account number
260081891/840/978/980 at JSPPB Aval, MFO 322506.

CONTACT:  UKRIZRATRADE
          01133, Ukraine, Kyiv region,
          L. Ukrayinki Boulevard, 34

          03061, Ukraine, Kyiv region,
          Tankistiv Str. 9

          Mrs. G. Vronska
          Liquidator/Insolvency Manager
          Phone: 228-88-68

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


ADVANCED METERING: Appoints Liquidator from Moore Stephens
----------------------------------------------------------
At an Extraordinary General Meeting of the Advanced Metering
Systems Limited Company on July 28, 2004 held at Moore Stephens
Corporate Recovery, Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB, the Ordinary and Extraordinary Resolutions to
wind up the company were passed.  Nigel Price of Moore Stephens
Corporate Recovery, Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB has been appointed Liquidator of the Company
for the purpose of the voluntary winding-up.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House
          94-96 Newhall Street,
          Birmingham B3 1PB
          Liquidator:
          Nigel Price
          Phone: 0121 233 2557
          E-mail: nigel.price@moorestephens.com
          Web site: http://www.moorestephens.co.uk


AUSTIN HINKLEY: Sets Final General Meeting September 3
------------------------------------------------------
Name of Companies:
Austin Hinkley Furniture Limited
Deltakraft Limited
Jenner Davey Limited
Kallikraft Limited
Q A Furniture Limited
Ready To Assemble Furniture Limited
R G Painter Limited
Sonnet Furniture Limited

The final general meetings of the members of these companies
will be on September 3, 2004 commencing at 10:15 a.m. and a 15-
minute interval thereafter.  It will be held at The Norton
Practice, 1 Wesley Gate, 70 Queens Road, Reading RG1 4AP.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the properties of the
Companies disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with The Norton Practice, 1 Wesley Gate, 70 Queens Road, Reading
RG1 4AP not later than 12:00 noon, September 2, 2004.

CONTACT:  THE NORTON PRACTICE
          1 Wesley Gate
          70 Queens Road,
          Reading RG1 4AP
          Liquidator:
          D W Tann


BABY DUX: Winding up Resolutions Passed
---------------------------------------
At an Extraordinary General Meeting of the Members of the Baby
Dux Limited Company on July 23, 2004 held at Elliot House, 151
Deansgate, Manchester M3 3BP, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Gordon Craig of
Begbies Traynor, 1 Winckley Court, Chapel Street, Preston,
Lancashire PR1 8BU has been appointed Liquidator of the Company
for the purpose of the voluntary winding-up.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street, Preston,
          Lancashire PR1 8BU
          Liquidator:
          Gordon Craig
          Phone: 01772 202000
          Fax:   01772 200099
          Web site: http://www.begbies.com


BAE SYSTEMS: Might Put Off Plans to Sell Shipbuilding Arm
---------------------------------------------------------
A major review of the shipbuilding industry might dissuade BAE
Systems plc to go ahead with a plan to unload its shipbuilding
business, a BAE insider told The Scotsman.

The source said: "The review is expected to produce a blueprint
for the future of shipbuilding and is exactly what BAE and
others have been pressing for to end the current boom-and-bust
cycle of defense procurement.

"Obviously, everything depends on the detail, but it would be
surprising if BAE were to press on with any sale before
directors at least have a chance to study its conclusions."

In April, BAE said it was reviewing options for its warship and
submarine division after receiving offers for its naval business
from several parties understood to include General Dynamics of
the U.S. and Britain's VT Group.

The business is unprofitable at an operating level despite an
annual turnover of GBP800 million.  Analysts estimated the
group's Scottish shipyards, together with its submarine
interests at Barrow-in-Furness to raise around GBP400 million.

This week, a BAE spokesman said no firm decision on a sale has
been taken. "We said in April that we were reviewing options and
that remains the case."  The group may make further news early
next month when the company produces its half-year trading
update, he said.

The review of the industry ordered by Defense Secretary Geoff
Hoon is expected to recommend a more orderly timing of future
big contracts.  It may also give the Ministry of Defense's
procurement team more say on projects.

The review is believed triggered by a recent dispute between the
government and BAE/ Thales over costs and design for two new
aircraft carriers for the Royal Navy.  The Ministry of Defense
is keen to ensure there are no further cost overruns in
contracts.


BEASLEYS COMMERCIALS: May Appoint Liquidator Friday
---------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

          IN THE MATTER OF Beasleys Commercials Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Beasleys Commercials
Ltd. will be held at Holiday Inn Bostocks Lane Sandiacre NG10
5NJ on August 30, 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)

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 The P&A Partnership, 93 Queen Street
Sheffield S1 1WF two business days prior to the meeting.

By Order of the Board.

P. Beasley, Director
July 23, 2004


BLUE JEMS: Hires Menzies Corporate Restructuring Liquidator
-----------------------------------------------------------
At an Extraordinary General Meeting of the Ble Jems Limited
Company (t/a Funkybuddha) on July 29, 2004 held at Menzies
Corporate Restructuring, 17-19 Foley Street, London W1W 6DW, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  Jason James Godefroy and Paul David Williams of
Menzies Corporate Restructuring, 17-19 Foley Street, London W1W
6DW have been appointed Joint Liquidators of the Company for the
purpose of the winding-up.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street,
          London W1W 6DW
          Liquidators:
          Jason James Goderoy
          Paul David Williams
          Phone: 020 7291 9750
          Fax:   020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk


BOS 2 LIMITED: Appoints Liquidators from PricewaterhouseCoopers
---------------------------------------------------------------
Name of Companies:
BOS 2 Limited
Capital Bank Mortgages Limited
Distinct Mortgages Limited
Leeds Permanent Financial Services Limited
Owen Owen Finance Limited
Zurich Personal Finance Limited

At an Extraordinary General Meeting of these Companies held on
July 23, 2004, the Special and Ordinary Resolutions to wind up
the companies were passed.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP have been appointed Joint Liquidators of the
Companies for the purpose of such windings-up.

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


B & P BUILDING: Names Joint Administrators from Baker Tilly
-----------------------------------------------------------
Lindsey J Coopers and Stephen M Quinn of Baker Tilly have been
appointed joint administrators for B & P Building Services
Limited.  The appointment was made July 29, 2004.

The company is engaged in general construction and civil
engineering.  Its registered office is c/o Baker Tilly,
Brazennose House, Lincoln Square, Manchester M2 5BL.

CONTACT:  BAKER TILLY
          Brazennose House,
          Lincoln Square,
          Manchester M2 5BL
          Joint Administrators:
          Lindsey J Cooper
          Stephen M Quinn
          (IP Nos 008931, 005761)
          Phone: 0161 834 5777
          Fax:   0161 835 3242
          Web site: http://www.bakertilly.co.uk


BURYMILL LIMITED: Names KPMG Liquidator
---------------------------------------
At an Extraordinary General Meeting of the Burymill Limited
Company on July 29, 2004 held at Garrick House, 2 Queen Street,
Lichfield, Staffordshire WS13 6QD, the Special and Ordinary
Resolutions to wind up the company were passed.  Mark Jeremy
Orton and Allan Watson Graham of KPMG Corporate Recovery, 2
Cornwall Street, Birmingham B3 2DL have been appointed Joint
Liquidators for the purpose of such winding-up.

CONTACT:  KPMG
          Corporate Recovery
          2 Cornwall Street,
          Birmingham B3 2DL
          Liquidators:
          Mark Jeremy Orton
          Allan Watson Graham
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


CARRICK SOLUTIONS: Members Pass Winding up Resolutions
------------------------------------------------------
At an Extraordinary General Meeting of the Carrick Solutions
Limited Company on July 30, 2004 held at the offices of Begbies
Traynor, No 1 Winckley Court, Chapel Street, Preston PR1 8BU,
the Special, Ordinary and Extraordinary Resolutions to wind up
the company were passed.  Steven John Williams of Begbies
Traynor is appointed Liquidator for the purpose of such winding-
up.

CONTACT:  BEGBIES TRAYNOR
          No 1 Winckley Court
          Chapel Street,
          Preston PR1 8BU
          Liquidator:
          Steven John Williams
          Phone: 01772 202000
          Fax:   01772 200099
          Web site: http://www.begbies.com


CASPIAN HOLDINGS: Members General Meeting Set September 10
----------------------------------------------------------
The general meeting of the members of Caspian Holdings (India)
Limited will be on September 10, 2004 commencing at 11:00 a.m.
It will be held at Athene Place, 66 Shoe Lane, London EC4A 3BQ.

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.


DANFOSS BAUER: Sets Members Final Meeting September 6
-----------------------------------------------------
The final meeting of the members of Danfoss Bauer Limited will
be on September 6, 2004 commencing at 10:00 a.m.  It will be
held at the offices of PricewaterhouseCoopers LLP, Benson House,
33 Wellington Street, Leeds LS1 4JP.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Benson House, 33 Wellington
Street, Leeds LS1 4JP not later than 12:00 noon, September 3,
2004.

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


DWS CONSTRUCTION: Creditors Meeting August 24
---------------------------------------------
Creditors of DWS Construction Limited will meet on August 24,
2004 at 12:00 noon.  It will be held at The Danum Hotel, High
Street, Doncaster DN1 1DN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Smith & Williamson Limited, First Floor, Holbrook
House, 72 Bank Street, Maidstone, Kent ME14 1SN not later than
12:00 noon, August 23, 2004.

CONTACT:  SMITH & WILLIAMSON LIMITED
          First Floor, Holbrook House,
          72 Bank Street, Maidstone,
          Kent ME14 1SN
          Joint Administrators:
          Neale Andrew Jackson
          Stephen John Tancock
          Phone: 01892 529922
          Fax:   01892 521225
          Web site: http://www.smith.williamson.co.uk


HARTON LIMITED: Winding up Resolution Passed
--------------------------------------------
At an Extraordinary General Meeting of the Harton Limited
Company on July 29, 2004 held at the offices of Unique Business
Finance Ltd, Unit 6, Lockside Office Park, Lockside Road,
Preston PR2 2YS, the Extraordinary Resolution to wind up the
company was passed.  Mark Prideaux of Unique Business Finance
Ltd, Unit 6 Lockside Office Park, Lockside Road, Preston PR2 2YS
has been appointed Liquidator for the purpose of such winding-
up.

CONTACT:  UNIQUE BUSINESS FINANCE LTD
          Unit 6 Lockside Office Park,
          Lockside Road,
          Preston PR2 2YS
          Liquidator:
          Mark Prideaux


HENLYS PLC: Continues to Ignore Ewing's US$150 Million Offer
------------------------------------------------------------
Henlys plc continues to reject an offer of up to US$150 million
(GBP89 million) from Ewing Management Group, the Financial Times
has learned.

Ewing Management Group Vice-president Steve Tagtmeier said in a
letter dated July 27 the firm is offering to buy all of the
assets of the company for US$120 million to US$140 million, on a
debt-free basis.  It said it would lift the offer to US$150
million, assuming lenders were willing to help finance the
purchase price by up to US$110 million.

But it claimed Henly Executive Chairman David James has
consistently rebuffed proposals put to the company over the past
12 months.

Mr. Tagtmeier said: "I first contacted the company through their
advisers in June 2003 with my interest, which was rebuffed and
have been regularly trying to get in the door since February of
this year when I wrote a letter to that effect to Allan Welsh
[the chief executive]."

Henly's issued four profit warnings in less than a year.  It de-
listed its shares in London Stock Exchange in early June saying
the stocks almost amounted to nothing.

It is seeking to restructure debts worth GBP275 million by
September last year.  It is also trying to negotiate the terms
of its US$326 million facility with banks.  It owes a group of
14 banks, led by Lloyds TSB and Royal Bank of Scotland, US$321
million.  It also owes Volvo, also one of its biggest
shareholders, US$150 million.

Henlys was forced to take a GBP71 million write down when
Transbus, its 30% joint venture with Mayflower was placed in
administration this year.  Its Blue Bird business, which makes
yellow school buses in the U.S., is mulling over a debt-for-
equity swap and negotiating more funds for working capital.  The
operation accounts for 80% of Henly's business.

Close Brothers is acting as financial adviser to Henlys.


HOLLINSEND FIRE: Extraordinary Winding up Resolution Passed
-----------------------------------------------------------
At an Extraordinary General Meeting of the Hollinsend Fire
Services Limited Company on July 28, 2004 held at 93 Queen
Street, Sheffield S1 1WF, the Extraordinary Resolutions to wind
up the company were passed.  John Russell and Andrew Philip Wood
of The P&A Partnership, 93 Queen Street, Sheffield S1 1WF,
Insolvency Practitioners duly qualified under the Insolvency Act
1986 have been appointed the Liquidators of the Company for the
purpose of such winding-up.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street,
          Sheffield S1 1WF
          Liquidators:
          John Russell
          Andrew Philip Wood
          Phone: (0114) 275 5033
          Confidential Helpline: 0800 542 3021
          Fax:   (0114) 276 8556
          Web site: http://www.thepandapartnership.coma


HOMEGUARD ALARMS: Creditors Meeting Set August 13
-------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

           IN THE MATTER OF Homeguard Alarms UK Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Homeguard Alarms UK
Ltd. will be held at 35 Ludgate Hill Birmingham B3 1EH August
13, 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)

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 35 Ludgate Hill
Birmingham B3 1EH 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
35 Ludgate Hill Birmingham B3 1EH before the Meeting, a
statement giving particulars of their security, the date when it
was given, and the value at which it is assessed.

A. Turpin of SPW Poppleton & Appleby 35 Ludgate Hill Birmingham
B3 1EH 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.

A. Millard, Director
July 30, 2004


HOT SHOT: Calls in Liquidator
-----------------------------
At an Extraordinary General Meeting of the Members of the Hot
Shot Beverages Limited Company on August 2, 2004 held at
Trafalgar House, Grenville Place, London NW7 3SA, the
Extraordinary Resolution to wind up the company was passed.
Jeffrey Brenner of B & C Associates, Trafalgar House, Grenville
Place, Mill Hill, London NW7 3SA has been appointed Liquidator
for the purpose of such winding-up.

CONTACT:  B & C ASSOCIATES
          Trafalgar House
          Grenville Place,
          Mill Hill,
          London NW7 3SA
          Liquidator:
          Jeffrey Brenner


HURLEY JACOBS: Hires Liquidator from Cranfield Recovery Limited
---------------------------------------------------------------
At an Extraordinary General Meeting of the Hurley Jacobs Limited
Company on July 23, 2004 held at 4 Castle Street, Warwick CV34
4BP, the Special and Extraordinary Resolutions to wind up the
company were passed.  Tony Mitchell of Cranfield Recovery
Limited, 4 Castle Street, Warwick CV34 4BP has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  CRANFIELD RECOVERY LIMITED
          4 Castle Street,
          Warwick CV34 4BP
          Liquidator:
          Tony Mitchell
          Phone: 01926 490390
          Fax:   01926 497128
          Web site: http://www.cranfieldrecovery.com


ICON LABELS: HSBC Bank Appoints Robson Rhodes Receiver
------------------------------------------------------
HSBC Bank plc called in M Dunham and C W A Escott of Robson
Rhodes as joint administrative receivers for Icon Labels Limited
(Reg No 02996524, Trade Classification: 2222).  The application
was filed July 28, 2004.

CONTACT:  RSM ROBSON RHODES LLP
          Colwyn Chambers,
          19 York Street,
          Manchester M2 3BA
          Joint Administrative Receivers:
          M Dunham
          C W A Escott
          (Office Holder Nos 8376, 8913)
          Phone: +44 (0) 161 236 3777
          Fax:   +44 (0) 161 455 3444
          Web site: http://www.robsonrhodes.co.uk


INVENSYS PLC: Turkington Buys APV Baker for More than US$10 Bln
---------------------------------------------------------------
Invensys plc agreed to sell APV Baker Goldsboro, its North
Carolina bread and bun equipment operation, to Turkington
Industries, for a total consideration in excess of US$10
million.  In the financial year 2003/04, the Goldsboro business
recorded sales of US$34 million.

A binding agreement has been signed and it is expected that
completion will take place by the end of the month.  The buyer's
newly formed company will trade initially as Turkingtons APV
USA.

Other elements of the APV Baker business -- including operations
in Grand Rapids, Michigan and Peterborough, U.K. -- are not
included in this transaction and will remain part of Invensys
until further notice.  APV Baker is an acknowledged leader in
the supply of unit machines and process systems for the
confectionery, bakery, biscuit, snack and breakfast cereal
sectors.

About Invensys

Invensys is a global automation, controls and process solutions
Group.  Our products, services, expertise and ongoing support
enable intelligent systems to monitor and control processes in
many different environments.  The businesses within Invensys
help customers in a variety of industries -- including
hydrocarbons, chemicals, oil and gas, power and utilities, rail,
telecommunications, paper, food and beverage, dairy,
pharmaceuticals and personal care -- to perform with greater
efficiency, safety and cost-effectiveness.

Process Systems provides products, services and solutions for
the automation and optimization of plant operation in the
process industries.  APV specializes in process equipment
engineered into systems and asset services for food, beverage,
personal care, pharmaceutical and chemical clients.  Eurotherm
is a leading supplier of control and measurement instrumentation
solutions and services to industrial and process customers.

Rail Systems is a multinational leader in the design,
manufacture, supply, installation, commissioning and maintenance
of safety-related rail signaling and control systems.  Climate
Controls is a major provider of the components, systems and
services used across the world to make commercial and
residential environments safer, more comfortable and more
efficient.  Appliance Controls has the broadest system and
component offering for the appliance industry worldwide.

The Invensys Group is headquartered in the U.K. and listed on
the London Stock Exchange.  With over 35,000 employees operating
in 60 countries, Invensys helps customers to improve their
performance and profitability, building value for end users and
shareholders alike.

About Turkington Industries

A diversified engineering group headquartered in Burnley.  A
leading global company in the design, manufacture and
development of sophisticated handling, conveying and process
systems for baking and food processing markets.  Leading
products in the bakery market include dough mixers, depanners,
specialized conveyors, spiral coolers, automatic tin stores plus
fully automated packaging equipment.  New product innovation is
central to its future strategy in maintaining global leadership.

CONTACT:  INVENSYS PLC
          Victoria Scarth
          Mike Davies
          Phone: + 44 (0) 20 7821 3755


JAMES B BROWN: In Administrative Receivership
---------------------------------------------
HSBC Bank Plc called in P Stanley ad D Bailey of Begbies Traynor
as joint administrative receivers for James B Brown
(Distributors) Limited (Reg No 02121783, Trade Classification:
5131).  The application was filed August 2, 2004.  The company
sells fruit and vegetables.

CONTACT:  BEGBIES TRAYNOR
          Elliot House,
          151 Deansgate,
          Manchester M3 3BP
          Joint Administrative Receivers:
          P Stanley
          D Bailey
          (Office Holder Nos 8123, 6739)
          Phone: 0121 200 8150
          Fax:   0121 200 8160
          Web site: http://www.begbies.com


KENSINGTON IMPORTS: Creditors Meeting Friday
--------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

            IN THE MATTER OF Kensington Imports Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Kensington Imports Ltd.
will be held at City Plaza Temple Row Birmingham B2 5AF on
August 13, 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)

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 City Plaza
Temple Row Birmingham B2 5AF 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
City Plaza Temple Row Birmingham B2 5AF 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 Baker Tilly, City Plaza Temple Row Birmingham
B2 5AF on two business days next before the meeting.

By Order of the Board.

M. McCannon, Director
July 21, 2004


LASTMINUTE.COM PLC: Expects GBP31.7 Mln Full-year EBITDA
--------------------------------------------------------
Lastminute.com plc, Europe's leading independent online travel
and leisure group, on Monday issues guidance on the financial
years to 30 September 2004 and 2005 to clarify and augment the
Quarter 3 results announcement made on 5 August 2004.  This
guidance is to ensure that the market has Company data on which
to make decisions.

As part of the Quarter 3 2004 results announcement the Company
guided investors towards the delivery of GBP400.0 million of TTV
(Total Transaction Value) during the key Quarter 4 and gross
margins of 18.0% for the financial year as a whole.

Following the July sales and margin performance, where we saw an
acceleration of pro-forma organic like-for-like TTV growth from
22.3% in Quarter 3 to 27.3% in July, we now clarify Quarter 4
2004 EBITDA (earnings before interest, taxation, depreciation
and amortization), pre exceptional items, of between GBP25.0 and
GBP30.0 million.  This will deliver EBITDA, pre exceptional
items, of between GBP26.7 and GBP31.7 million for the financial
year as a whole.

Having also further reviewed the financial year to 30 September
2005 in light of the anticipated cost savings from integration
of the acquired businesses, lastminute.com anticipates EBITDA
for that financial year to be in a range between GBP55.0 and
GBP65.0 million.

Lastminute.com also confirms that it has sufficient working
capital for the foreseeable future.  In the Quarter 3 results
announcement the Group had net cash of GBP65.4 million, before
the GBP16.0 million cash outflow associated with the acquisition
of lastminute.de and the cash exceptional items to be incurred
in Quarter 4.  In addition the Group has overdraft facilities of
a further GBP10.0 million.  Based on its current projections the
Group expects to generate a significant operating cash inflow
during Quarter 4 leading to a year-end cash balance of
approximately GBP70.0 million.  At the current time the Company
anticipates an operating cash outflow of approximately GBP20.0
million during the first quarter of the 2005 financial year, its
seasonally weakest quarter.

In addition there has been media speculation over the weekend
regarding the Clive Jacobs share sale.  Clive ceased to be an
Executive Director of the Company on 30 June 2004.  Clive
verbally informed the Company that he no longer had a notifiable
interest on Friday afternoon at which point an announcement was
made to the market.  Clive has since confirmed that he is still
a substantial holder of lastminute.com shares with just under
3.0% of the issued capital.

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

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


LAUREN MAY: Sets Creditors Meeting August 13
--------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

                IN THE MATTER OF Lauren May Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Lauren May Ltd. will be
held at Waters Edge Clarendon Dock Belfast BT1 3BH on August 13,
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 Grant Thornton, Waters Edge Clarendon Dock
Belfast BT1 3BH two business days prior to the meeting.

By Order of the Board.

D. Thomas, Director
July 22, 2004


MEPC LIMITED: Debt on CreditWatch Due to Potential Subordination
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' senior
unsecured debt ratings on U.K.-based property investment company
MEPC Ltd. on CreditWatch with negative implications, following
MEPC's intention to put in place secured bank debt that will
subordinate any unsecured debt.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating on the group and its 'CCC+' preferred stock rating
on related entity MEPC International Capital L.P. -- which is
guaranteed on a subordinated basis by MEPC.  The corporate
credit rating continues to have a negative outlook.

"MEPC's existing senior unsecured bonds will be legally
subordinated to the proposed GBP400 million of new three-to-five
years secured bank debt," said Standard & Poor's credit analyst
Kenneth Mak.  "The secured bank debt is likely to be secured by
way of a floating charge on all of the remaining GBP730 million
unencumbered property assets.  Depending on the actual amount of
secured debt raised, the group's ratio of priority liabilities
to total assets is expected to exceed 15%, the threshold for a
one-notch downgrade from the corporate credit ratings, but might
also exceed the 30% threshold for a two-notch downgrade."

Standard & Poor's will resolve the CreditWatch on the senior
unsecured bonds in the coming months when MEPC finalizes the
amounts and terms of the new bank debt with prospective lenders.

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
          kenneth_mak@standardandpoors.com
          tommy_trask@standardandpoors.com
          peter_tuving@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


MOLEC POWER: Hires DTE Leonard Curtis Administrator
---------------------------------------------------
J M Titley and A Poxon have been appointed joint administrators
for Molec Power Limited.  The appointment was made July 28,
2004.  The company is engaged in insulation work activities.

CONTACT:  DTE LEONARD CURTIS
          DTE House,
          Hollins Mount,
          Bury BL9 8AT
          Joint Administrators:
          J M Titley
          A Poxon
          (IP Nos 8617, 8620)
          Phone: 0161 767 1200
          Fax:   0161 767 1201
          Web site: http://www.dtegroup.com


P J GOODISON: Appoints Joint Administrators from Leonard Curtis
---------------------------------------------------------------
P J Goodison (Engineering) Limited has appointed J M Titley and
A Poxon as joint administrators.  The appointment was made July
30, 2004.  The company is engaged in other services.

CONTACT:  DTE LEONARD CURTIS
          DTE House,
          Hollins Mount,
          Bury BL9 8AT
          Joint Administrators:
          J M Titley
          A Poxon
          (IP Nos 8617, 8620)
          Phone: 0161 767 1200
          Fax:   0161 767 1201
          Web site: http://www.dtegroup.com


REGUS GROUP: Investors Approve Placing and Open Offer
-----------------------------------------------------
On 16 July 2004 Regus Group plc announced the agreement to
acquire the entire issued share capital of HQ Global Holdings,
Inc., and the Placing and Open Offer of up to 196,958,408 New
Ordinary Shares.

At the Extraordinary General Meeting of Regus, which took place
earlier Monday, all resolutions put to shareholders to effect
the Acquisition and the Placing and Open Offer were duly passed.

The Placing and Open Offer remains conditional upon, inter alia,
admission to listing on the Official List of the U.K. Listing
Authority and to trading on the London Stock Exchange's main
market for listed securities, expected to take place on 20
August 2004.  Completion of the acquisition is also expected to
take place on 20 August 2004.

                            *   *   *

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART
IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, FRANCE,
NEW ZEALAND, THE REPUBLIC OF IRELAND, THE NETHERLANDS, SOUTH
AFRICA OR SWITZERLAND

CONTACT:  REGUS GROUP PLC
          Stephen Jolly
          Phone:  01932 895135

          Dresdner Kleinwort Wasserstein
          Charles Batten
          Robert Petch
          Phone:  020 7623 8000

          KBC Peel Hunt
          David Davies
          Julian Blunt
          Phone:  020 7418 8900

          Financial Dynamics
          Richard Mountain
          Robert Gurner
          Phone:  020 7269 7121


SHAPLAND & PETTER: Sets Final General Meeting September 24
----------------------------------------------------------
The final general meeting of the members of Shapland & Petter
Limited will be on September 24, 2004 commencing at 11:00 a.m.
It will be held at the offices of Ernst & Young LLP, 100
Barbirolli Square, Manchester M2 3EY.

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 Ernst & Young LLP, 100 Barbirolli Square, Manchester M2 3EY
not later than 12:00 noon, September 23, 2004.

CONTACT:  ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Joint Liquidator:
          S Allport
          Phone: +44 [0] 161 333 3000
          Fax:   +44 [0] 161 333 3001
          Web site: http://www.ey.com


SHARP STRIKER: Members Final General Meeting Set September 23
-------------------------------------------------------------
The final general meeting of the members of Sharp Striker
Limited will be on September 23, 2004 commencing at 10:00 a.m.
It will be held at the offices of Ernst & Young LLP, 100
Barbirolli Square, Manchester M2 3EY.

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 Ernst & Young LLP, 100 Barbirolli Square, Manchester M2 3EY
not later than 12:00 noon, September 22, 2004.

CONTACT:  ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Joint Liquidator:
          S Allport
          Phone: +44 [0] 161 333 3000
          Fax:   +44 [0] 161 333 3001
          Web site: http://www.ey.com


SOUTER MARINE: Creditors Meeting August 26
------------------------------------------
The creditors of Souter Marine Limited will meet on August 26,
2004 commencing at 11:00 a.m.  It will be held at the Holiday
Inn, Herbert Walker Avenue, Southampton, Hampshire SO15 1HT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to CBA, 435 Lichfield Road, Aston, Birmingham B6 7SS
not later than 12:00 noon, August 25, 2004.

CONTACT:  CBA
          435 Lichfield Road,
          Aston, Birmingham B6 7SS
          Joint Administrators:
          G Robbins
          N Money


TECNOGRAV WIGAN: Names Tomlinsons Administrator
-----------------------------------------------
Printing company Technograv Wigan Limited has appointed A H
Tomlinson of Tomlinsons as administrator.  The appointment was
made July 21, 2004.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street,
          Manchester M3 3EL
          Administrator:
          A H Tomlinson
          (IP No 6585)
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


VISION HR: Sets Meeting of Creditors August 13
----------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

                IN THE MATTER OF Vision HR Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Vision HR Ltd. will be
held at St Alphage House 2 Fore Street London EC2Y 5DH on August
13, 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 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
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.

A. Cummings, Director
July 27, 2004


WATERDORM NO.20: Final General Meeting September 24
---------------------------------------------------
The final general meeting of the members of Waterdorm No.20
Limited will be on September 24, 2004 commencing at 10:00 a.m.
It will be held at the offices of Ernst & Young LLP, Barbirolli
Square, Manchester M2 3EY.

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 Ernst & Young LLP, 100 Barbirolli Square, Manchester M2 3EY
not later than 12:00 noon, September 23, 2004.

CONTACT:  ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Joint Liquidator:
          S Allport
          Phone: +44 [0] 161 333 3000
          Fax:   +44 [0] 161 333 3001
          Web site: http://www.ey.com


WWW.JOB-OPPS.CO.UK: Hires Joint Administrators from Stoy Hayward
----------------------------------------------------------------
Malcolm Cohen and Simon James Michaels of BDO Stoy Hayward have
been appointed as joint administrators for www.Job-
Opps.Co.Uk.Limited.  The appointment was made July 28, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Joint Administrators:
          Malcolm Cohen
          Simon James Michaels
          (IP Nos 6825/01, 8824/01)
          Phone: 020 7486 5888
          Fax:   020 7487 3686
          E-mail: london@bdo.co.uk
          Web Site: http://www.bdo.co.uk


                            ********


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

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

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

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