TCREUR_Public/040812.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, August 12, 2004, Vol. 5, No. 159

                            Headlines

B U L G A R I A

KREMIKOVTSKI: Court to Hear Insolvency Petition September 27


C Z E C H   R E P U B L I C

SAZKA A.S.: Gets 'BB-' Long-term Rating; Outlook Stable


F I N L A N D

DONE SOLUTIONS: Narrows First-half Operating Loss


F R A N C E

ALCATEL: Chunghwa Telecom Pays EUR4.75 Mln for IPTV Services
BULL SA: Second-quarter Sales Down 12% Year-on-year


G E R M A N Y

MG TECHNOLOGIES: Reiterates Positive Forecast for 2004


H U N G A R Y

MALEV AIRLINES: Hainan Airlines Admits Eyeing Local Carrier


I T A L Y

PARMALAT BRAZIL: Secures Creditor Protection
PARMALAT FINANZIARIA: Bondi Sues Citigroup for Fraud
TATI: Vetura Aims to Grab Lead in Discount Textile Market


K Y R G Y Z S T A N

ALTIS: Bankruptcy Supervision Starts
ARSY SEM: Court Appoints Temporary Insolvency Manager
JURA LTD: Under Bankruptcy Supervision
KAINDY PLANT: Public Auction of Assets August 31
KYRGYZSHANPAN: General Creditors Meeting Set August 24
ROSK-IMPEKS: Creditors Meeting August 20
SAFFRON FLOWERS: Under Bankruptcy Supervision
SHOOLA: Creditors Meeting Set August 24


L U X E M B O U R G

BCP CAYLUX: Ratings Affirmed at 'B+'; Off CreditWatch


N E T H E R L A N D S

BUHRMANN N.V.: Net Profit from Ordinary Operation Up in 2nd Qtr.


R U S S I A

BESSER-BLOK: R. Ayupov Named Insolvency Manager
LENINOGORSKY DAIRY: Undergoes Bankruptcy Supervision Procedure
NABEREZHNOCHELNINSKY EXPERIMENTAL: Court Sets October 14 Hearing
NIZHNEKAMSKY BREWERY: Declared Insolvent
PESTRECHINSKAYA PMK: Tatarstan Court Appoints Insolvency Manager

PROM-TRADE: Under Bankruptcy Supervision
SARAPUL COMMUNAL: Undergoes Bankruptcy Supervision Procedure
SHABERDINSKOYE: Court Appoints Insolvency Manager
STAROBURYANSKOYE: Samara Court Commences Bankruptcy Procedure
STROY-SERVICE: Court Set September 7 Hearing


U K R A I N E

AGRICULTURAL ZORYA: Court Orders Debt Moratorium
ATLANT-HOLDING: AR Krym Court Commences Bankruptcy Proceedings
KONOTOP' DIESEL: Proofs of Claim Deadline Expires August 17
OLEKSANDRIYA' 13506: Bankruptcy Proceedings Ongoing
SHAHTOBUD: Under Bankruptcy Supervision
SHOMBURG: Deadline for Proofs of Claim Expires Next Week


U N I T E D   K I N G D O M

A BEAM: Calls in Liquidator
ALUDEL LIMITED: Fitness Business for Sale
AMSONS IMPORTS: Sets Final Meetings September 10
ANGLO COURIER: Extraordinary Winding up Resolutions Passed
APW FINANCE: Hires Liquidators from BDO Stoy Hayward

ASCONEX INTERNATIONAL: Final Meetings Set September 9
BLAIR PLANT: Hires Ideal Corporate Solutions Administrator
BOYD NAPIER: Tenon Called in as Liquidator
BRADBURY & BROWN: May Name Liquidator August 16
C C M MOTORCYCLES: Extraordinary Winding up Resolution Passed

CELTIC COURT: Sets Final Meetings September 17
CITRUS VALLEY: Hires PricewaterhouseCoopers Liquidator
DAR-TON INSULATION: Appoints CRG Administrator
DAVE TYERMAN: General and Final Meeting September 14
DIVE DECK: Members, Creditors Final Meetings September 24

EBBW FACH: Meeting of Creditors August 13
EICOM PLC: Extends Voluntary Arrangement
FLEXOGRAPHIC PRINTING: Final Meeting Set September 7
HERALD ELECTRONICS: Lloyds TSB Brings in Receiver
INTERNATIONAL POWER: Moody's Reviewing Effects of Buyout Plans

JOHN TURNBULL: Hires Kroll Limited Administrator
KINDER INDUSTRIAL: Sets General and Final Meetings September 9
KITCHEN EXPRESSIONS: Creditors Meeting August 13
LEOFRIC CAR: Final Meeting Set September 10
LEWAR LIMITED: Special Winding up Resolution Passed

MCFEN ENGINEERING: Sets General Meetings September 7
MERANT LIMITED: Hires Ernst & Young Liquidator
MG ROVER: Considers Slashing Price of CityRovers
PCF SUPPLIES: Appoints Auker Rhodes Administrator
RATHO ADVENTURE: Receivers Bring in Corporate Troubleshooter

REDLAND FUNDING: Winding up Resolutions Passed
R L RUGGLES: Hires Numerica Administrator
STOCK GAYLARD: Appoints Liquidators from Baker Tilly
TRACE ASSOCIATES: Calls in Liquidator
TRATTORIA LA RUGA: Creditors Meeting Set Monday

USHIDA FINDLAY: In Voluntary Liquidation
VINYL RECORDS: Files for Receivership
VIRGIN ENTERTAINMENT: Hit by Losses in U.K. Operation


                            *********


===============
B U L G A R I A
===============


KREMIKOVTSKI: Court to Hear Insolvency Petition September 27
------------------------------------------------------------
Stroikomplekt, a supplier of metallurgical company Kremikovtsi,
has requested insolvency proceedings for the company due to non-
payment of debt.

Sofia City Court Judge Lilia Ilieva will hear the petition on
September 27.  Until then, the parties may settle the matter
since the court has not yet officially assumed jurisdiction of
the case.   The court may, however, initiate insolvency
procedures if Kremikovtsi has failed to service debts for more
than 60 days.  Kremikovtsi is expected to appeal.

Meanwhile, the government has authorized the Sofia District
Court to appoint experts to audit the firm's books.  It has also
given Finance Minister Milen Velchev the task of collecting the
state's receivables from Kremikovtsi.

According to Sofia Echo, the firm owes National Social Security
Institute BGL100 million.  It further owes the government over
US$30 million in penalties and interest rate arrears for failing
to implement post-privatization commitments.  The firm's other
creditors include the Bulgarian State Railways and Bulgargaz.
The debt to Stroikomplekt was not specified.

In separate development, Indian ISPAT is reportedly reviewing
the possibility of taking over part of the management of the
factory.  Under the plan, Alok Gupta from ISPAT, who was
officially presented at a managerial session on July 27, will be
appointed to the company's board of directors.  The problem is
the transfer of company shares is currently being blocked by the
court on request by the Post-privatization Control Agency.


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


SAZKA A.S.: Gets 'BB-' Long-term Rating; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to the Czech Republic-based gaming
company SAZKA a.s.  The outlook is stable.

At the same time, Standard & Poor's assigned its 'BB-' long-term
rating to SAZKA's EUR175 million (US$215 million) senior secured
bond maturing in 2014.  The rating is the same as the corporate
credit rating on the company, reflecting the senior secured
position of the bond, which should allow it to rank ahead of
unsecured claims in an event of insolvency.

"The ratings reflect SAZKA's aggressive financial leverage,
after the company has funded the construction of SAZKA Arena --
an 18,000 seat sports and entertainment complex in Prague," said
Standard & Poor's credit analyst Anna Overton.  "The ratings are
supported, however, by the sustainable, cash-generative nature
of SAZKA's well-established lottery business in the Czech
Republic, where it is the market leader with a share of more
than 80% of the lottery market."

The SAZKA Arena is now fully operational and is expected to
reach an operating break-even level within the next 12 months.
Nevertheless, in the absence of an operating track record from
the arena, rating assumptions do not rely on the arena's
operating cash flows being available to service the EUR175
million amortizing bond.  Standard & Poor's will assign a
recovery rating in accordance with its normal practice, once the
security charge over the arena has been formalized.

SAZKA is expected to continue to benefit from its stable and
mature lottery business, and remain committed to reducing its
financial leverage progressively through the amortizing bond
structure.  The operations of SAZKA Arena are expected to be
self-funding from 2005 onward, as outlined in SAZKA Arena's
business plan.

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
          anna_overton@standardandpoors.com
          trevor_pritchard@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


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


DONE SOLUTIONS: Narrows First-half Operating Loss
-------------------------------------------------
Logistics and information solutions provider Done Solutions
Corporations reported an operating loss of EUR0.2 million for
the financial period January to June 2004.  The result is an
improvement from an operating loss of EUR1.0 million in the same
period a year ago.

Net sales of the company decreased to EUR9.9 million from
EUR12.3 million in 2003.  The company said it expects full-year
2004 net sales to be lower than in 2003, while the operating
result would be a loss.

CEO Kari Akman, who implemented an extensive reorganization to
revive the company, is scheduled to leave by the end of
September.   Done Solutions said it would start looking for a
new CEO in August.

A copy of Done's financial result is available free of charge at
http://bankrupt.com/misc/DoneSolutions_InterimQ1Q2.htm.


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


ALCATEL: Chunghwa Telecom Pays EUR4.75 Mln for IPTV Services
------------------------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) won a contract from
Taiwan's incumbent Chunghwa Telecom (CHT) with Acer and Ambit
(recently merged with Foxconn) to deploy IPTV services.  The
EU4.75 million contract marks one of the largest commercial IPTV
deployment projects in the APAC region to date.  The IP-based
television services will use Alcatel's Open Media Suite of
solutions to help enrich CHT's recently launched services.

The winning solution includes Alcatel's IPTV Open Media Platform
and Open Video Server, and server and cutting-edge STB (set top
box) hardware technologies from Acer and Ambit.

The large scale of the IPTV services contract demonstrates CHT's
commitment to making its Multimedia-on-demand (MOD) a success.
MOD services in Taiwan face regulatory issues among other market
realities, such as multilateral negotiations to resolve
copyrights and payment mechanisms, before the core concern of
digital content and its distribution can be managed.  Chunghwa
Telecom therefore recognizes Alcatel's IPTV solution as being a
powerful tool to address the situation, while paving the way
toward subscriber growth.

Chunghwa Telecom operates domestic and international telecom
services in Taiwan.  With approximately three million ADSL
subscribers, the company is ideally positioned to offer IP-based
services such as Video-On-Demand, Karaoke-on-Demand, and an
Electronic Program Guide for broadcast TV.  As the fastest
growing IPTV service provider in Taiwan, Chunghwa Telecom
currently has 30,000 IPTV subscribers.  With the deployment of
Alcatel's Open Media Suite consisting of the 5950 Open Media
Platform and 5959 Open Video Server, Chunghwa Telecom projects
continued growth and anticipates having approximately 100,000
subscribers in the first year and one million subscribers within
three years.

The Alcatel 5950 Open Media Platform, through its comprehensive
customization and integration capabilities enabled by the
platform's software development kit, gives Chunghwa Telecom the
flexibility to meet unique local application requirements.
Furthermore, its openness and flexibility enable seamless
integration with their preferred set-top box vendor.  Alcatel's
Open Media Suite delivers not only a software platform for IPTV,
but also an end-to-end solution that is fully integrated with
the customer's network.

"With Alcatel's Open Media Suite of software products we will
have the ability to strengthen our leadership position in the
telecom industry in Taiwan," said Chian-chin Yen, Managing
Director of Multimedia Department, Chunghwa Telecom. "Deploying
IPTV services for our customers with an end user experience that
is exactly tuned to the local media culture gives us the unique
advantage we need to stay ahead of the competition.  Alcatel's
Open Media products also allow us to investigate new and
interesting service offerings to retain and grow our customer
base."

"Deploying a leading IPTV service requires a set of locally
relevant applications on a scaleable and carrier grade
industrial platform," said Alan Mottram, President of Alcatel's
fixed solutions activities.  "With the largest IPTV customer
base and a world wide presence, Alcatel provides the end to end
IPTV software solution, system integration and services required
for a successful broadband IPTV experience."

About Chunghwa Telecom

CHT completed its corporatization on 1 July 1996 under the
direction of the Ministry of Transportation and Communications
according to the Telecommunication Act and Memorandum of
Chunghwa Telecom Corporation.

Incorporated with a registered capital at NT$96.477 billion, CHT
chiefly provides telecommunication and information-related
services.  Its scope of services covers city call, long-distance
calls, international calls, GSM, data communication, Internet
services, broadband networking, satellite communication,
intelligent network, mobile data and multimedia broadband.

As the most experienced and largest integrated telecommunication
operator in Taiwan, CHT is one of the most important partners
for international telecommunication cooperation, with
distinctive achievements in promoting global real-time
communication, improvement social life, and enhancing economic
efficiency.

About Alcatel

Alcatel provides communications solutions to telecommunication
carriers, Internet service providers and enterprises for
delivery of voice, data and video applications to their
customers or to their employees.  Alcatel leverages its leading
position in fixed and mobile broadband networks, applications
and services to bring value to its customers in the framework of
a broadband world.  With sales of EUR12.5 billion in 2003,
Alcatel operates in more than 130 countries.

About Alcatel's Open Media Suite

The Alcatel Open Media Suite is an end-to-end portfolio of
products and professional services. The portfolio encompasses
user interface customization, integration with third party
equipment such as set top boxes and digital video head ends, as
well as the facilitation of negotiations with content owners and
suppliers.  Products include the 5950 Open Media Platform and
Applications and the 5959 Open Media Content Management and
Delivery system, including the 5959 Open Video Server.

The openness and flexibility of these products as well as the
software development kits ensure that customers and third
parties can easily develop new applications.  The Open Media
Suite is designed to allow service providers to fully profit
from the investment in their broadband access networks.
With its flexible non-proprietary architecture, advances in
technology can be adopted quickly, thus increasing network
efficiency and overall profitability.


BULL SA: Second-quarter Sales Down 12% Year-on-year
---------------------------------------------------
French server and services company Bull S.A. reported second-
quarter sales of GBP202 million, down 12% from a year ago,
according to The Scotsman.

In a report filed with the French government's official Balo
gazette, it said first-half sales fell to GBP376 million from
GBP427 million for the same period in 2003.  The fall is
attributed to a persistently sluggish demand for services.  The
figure is slightly lower than Bull's sales projection of around
GBP380 million for the six-month period.

The Louveciennes-based company maintained profit guidance for
first-half of 2004.  Previously, it forecasted earnings before
interest and taxes (EBIT) of GBP11 million for the six months to
end-June.  EBIT last year was GBP13 million.  Turnover was
GBP843 million.

Last month, Standard & Poor's Ratings Services lowered its ADEF
short-term rating on Bull to 'T4' from 'T3', reflecting the
exchange of 95.5% of the group's bonds into equity.  The rating
agency said the transaction is tantamount to a default.

Bull is in the middle of a financial restructuring, which
includes a EUR491 million loan from the French state, and a
EUR44.3 million equity injection by a group of existing
shareholders and new investors.

Financial results (in French) are available free of charge at
http://bankrupt.com/misc/BullQ2.pdf.


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


MG TECHNOLOGIES: Reiterates Positive Forecast for 2004
------------------------------------------------------
In the second quarter of 2004, mg technologies AG implemented
key stages of the Group's reorganization by selling its
Chemicals division and the Standardkessel business.  As a result
of the encouraging signs coming from its core operating
businesses, particularly GEA, the company is sticking to the
positive targets for 2004 that it announced in May of this year.

"In the first half of 2004, mg implemented the restructuring it
began last year and continued to perform well in its core
businesses.  Our targets for 2004 and 2005 remain unchanged",
stressed Udo Stark, the chairman of mg's Executive Board.  "As
already announced, the portfolio adjustments we have made have
distorted our quarterly results and, in the second quarter,
significantly depressed the earnings of our discontinued
operations.  However, the substantial gains on the disposal of
the Chemicals division will not impact positively on our
earnings until the third quarter."

New reporting structure

The Dynamit Nobel businesses sold with effect from July 31, 2004
were reported as discontinued operations (DOPs) for the first
time in the second quarter of this year.  Consequently, Dynamit
Nobel's figures are no longer included in the mg Group's 2004
second-quarter sales and earnings.  The first quarter of 2004
and the first two quarters of 2003 have been retroactively
adjusted in order to ensure the comparability of these figures.

solvadis, the Boiler Plant business, and some of the non-core
activities of GEA and Dynamit Nobel were already reported as
discontinued operations at December 31, 2003.

mg Group Raises First-half Sales

The mg Group raised its sales by EUR37.2 million to EUR1,869.3
million in the first half of 2004.  On an adjusted basis,
second-quarter sales of EUR978.2 million were in line with last
year's EUR981.6 million.

GEA's business improved significantly in the first half, its
sales rising by more than five percent to EUR1,300.5 million.
Its second-quarter sales grew by over eight percent to EUR720.3
million.  First-half sales in the Industrial Plant Engineering
division totaled EUR476.3 million, a EUR23.9 million decrease on
the same period of last year.  On a six-month comparison, Lurgi
Lentjes and Zimmer performed better than last year, while
Lurgi's performance was weaker.

Between April and June, sales in Industrial Plant Engineering
fell, as expected, from EUR266.2 million to EUR210.9 million.
Whereas Lurgi Lentjes increased its sales during the quarter
under review, sales at Lurgi and Zimmer decreased due to the
timing of their order invoicing.

First-half Pre-tax Earnings Significantly Improved

In the first half of 2004, the mg Group incurred a pre-tax loss
of EUR39.4 million on its continuing operations, an improvement
of EUR57.3 million.  In the second quarter, the Group improved
its pre-tax results by EUR53.5 million to report a loss of
EUR26.2 million.  The main reasons for this first-half loss,
which was expected, were the situation in the Industrial Plant
Engineering business, the lack of interest income on the
positive net cash position and one-off charges in the holding
company structure.

Adjusted for restructuring costs and exchange rate movements,
the pre-tax loss reported by the mg Group's continuing
operations for the first half of the year came to EUR33.5
million, following a loss of EUR43.6 million in the first six
months of 2003.  In the second quarter of 2004, the mg Group
reported an adjusted pre-tax loss of EUR25.5 million compared to
a loss of EUR29.3 million last year.

GEA Increases Pre-tax Earnings

In the first six months of the current year, GEA raised its pre-
tax earnings from EUR68.7 million to EUR73.7 million.  It
reported second-quarter pre-tax earnings of EUR50.2 million,
EUR11.8 million -- or roughly 31% -- more than in the same
period of last year.

Varying performances within Industrial Plant Engineering
The performances of the companies comprising the Industrial
Plant Engineering division varied.  Zimmer continues to be both
profitable and successful.  In the first six months, this
subgroup raised its pre-tax earnings by EUR3.8 million to EUR7.3
million.  Due to the timing of its order invoicing, Zimmer's
second-quarter pre-tax earnings of EUR1.0 million were EUR2.3
million down on the same quarter of last year.  In the first six
months of 2004, Lurgi Lentjes improved its pre-tax results by
EUR7.2 million to report a loss of EUR4.9 million.  Because of
the way in which plant engineering projects are typically
processed, this subgroup reported a second-quarter pre-tax loss
of EUR5.0 million (2003: loss of EUR3.9 million), as expected.

Lurgi once again failed to meet its targets.  The losses of
EUR22.6 million it had incurred at mid-year (2003: loss of
EUR21.6 million) were largely attributable to delays in new
orders from last year and the resultant low capacity
utilization.  The situation was compounded by a deterioration in
certain projects.  Its second-quarter pre-tax loss of EUR13.1
million represented a rise of EUR4.8 million on the same period
of last year.  However, demand has picked up noticeably since
the second quarter.  The current level of new orders is well
above last year's, and Lurgi has several major projects lined up
for the second half of the year.

At the end of the first half of 2004, the Industrial Plant
Engineering business as a whole had improved its pre-tax results
by EUR10.0 million to report a loss of EUR20.2 million.  In the
second quarter, it reduced its overall pre-tax loss from EUR18.5
million to EUR17.1 million.

Restructuring Hits Earnings of Discontinued Operations

The second-quarter figures reported by mg's discontinued
operations (DOPs) were depressed by huge one-off charges due to
the timing of deconsolidations and the realization of gains and
losses on disposals.  U.S. GAAP accounting rules require that
the earnings generated by the Dynamit Nobel Group in the first
three months of this year had to be excluded in the second
quarter.

The disposal of the loss-making Standardkessel Group, which was
sealed by a contractual agreement in July 2004, incurred a loss
of EUR66 million, which was recognized under mg's discontinued
operations in the second quarter.  The disposal of solvadis'
chemical distribution activities incurred a book loss of a
similar amount during the quarter under review.  Taken together
with other charges -- such as the transaction cost of the
disposal of Dynamit Nobel -- mg's discontinued operations
therefore posted a loss of EUR114 million at mid-year.  The
realization of the proceeds from the disposal of the Dynamit
Nobel Group will generate a substantial non-operating profit in
the third quarter of the year.

Strong Growth in Volume of New Orders

mg's level of new orders demonstrates that the company is on the
right track.  In the first half of the year, the Group's volume
of new orders grew by more than 20% to EUR2,197.5 million.  The
mg Group increased its new orders in the second quarter by
approximately 10% to EUR1,019.4 million.  In the first half, its
volume of new plant engineering orders came to EUR729.1 million,
a rise of roughly 59% on the same period of last year.  Lurgi's
recent performance is particularly encouraging.  In its highly
promising methanol-plants business, it raised its level of new
orders by 115% in the first half of the year to EUR198.8
million; in the second quarter, it increased its new orders by
over 150% to EUR142.9 million.

Outlook for 2004: Continued Confidence for the Year as a Whole

The outlook for 2004 as a whole remains confident.  The gains on
mg's disposal of Dynamit Nobel will be realized in the second
half of the year.  This will make a considerable contribution to
its non-operating profits.  GEA's business traditionally picks
up markedly in the third and, particularly, fourth quarters of
the year.  For 2004 we expect to see an improvement on the pre-
tax earnings it reported last year as well as a higher return on
sales.  Zimmer should easily improve on the pre-tax earnings it
reported last year, Lurgi will probably not break even until the
fourth quarter, and Lurgi Lentjes should continue to turn its
business around in the second half of the year.  The target for
our plant engineering business is to break even.

mg anticipates that the continuing operations will generate
sales of around EUR4.2 billion and stable pre-tax earnings in
the mid tens of millions this year.  The overall results will
also include gains on disposals.

Organic Growth and Growth by Acquisition

"In addition to significant organic growth, we will also draw on
the financial resources at our disposal to grow by acquisition.
But we are not under any pressure to make acquisitions.
We will make minor acquisitions selectively in order to optimize
our portfolio, but we will also execute bigger deals if any
suitable candidates offering the potential to rapidly add value
present themselves," explained Mr. Stark.

mg technologies AGis an international technology group that
focuses on specialty mechanical engineering -- especially
process engineering and components -- and plant engineering.
The company generated sales of roughly EUR4.1 billion excluding
Dynamit Nobel and other discontinued operations in 2003.  As
June 30, 2004, the company employed around 17,000 people and is
one of the world's market and technology leaders in 90% of its
businesses.

A copy of the financial report is available free of charge at
http://bankrupt.com/misc/MGTechnologies_Q2.pdf.

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


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


MALEV AIRLINES: Hainan Airlines Admits Eyeing Local Carrier
-----------------------------------------------------------
China's Hainan Airlines intends to acquire the unprofitable
Malev Hungarian Airlines Rt. as part of its overseas expansion,
Budapest Business Journal says.

Hainan Airlines Spokesman Song Chenliang confirmed the two
carriers are currently holding preliminary talks but refused to
give further details.  Hainan Airlines has been adding overseas
routes to compete with bigger rivals Air China and China
Southern Airlines.  Hainan is China's fourth largest airline and
has George Soros as its largest shareholder.

The Hungarian government is set to offer 99.9% of Malev Airlines
in a single round tender.  The buyer is expected to inject fresh
capital into the carrier and assume its HUF36 billion debt.

CONTACT:  Malev Hungarian Airlines Rt.
          Web site: http://www.malev.hu/bp/eng/index.asp

          Hainan Airlines
          Web site: http://www.hnair.com/en/default.htm


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


PARMALAT BRAZIL: Secures Creditor Protection
--------------------------------------------
A Sao Paulo city court granted bankruptcy protection to two
Brazilian subsidiaries of Italian dairy giant Parmalat
Finanziaria.

Parmalat Participacoes holding company and Parmalat Brasil
Industria de Alimentos, Parmalat's main operating unit in
Brazil, were given two years to settle debt estimated at BRL1.3
billion (US$429 million), Parmalat said.

Nelson Bastos, the president of Parmalat Brasil Industria de
Alimentos, told Reuters the plan is to turn its bank credits
into shares in the company.  He is expecting an answer from
creditors by the end of the year after presenting the proposal
to 17 creditor banks in Brazil a month ago.

The Brazilian units were unable to pay suppliers and creditors
after their Italian parent company went bust early in the year.
In December, Parmalat admitted the US$5 billion (EUR4 billion)
it had claimed was in a Bank of America account was non-
existent.  It subsequently filed for bankruptcy protection.


PARMALAT FINANZIARIA: Bondi Sues Citigroup for Fraud
----------------------------------------------------
Parmalat Finanziaria S.p.A., in Extraordinary Administration,
communicates that Dr. Enrico Bondi, Parmalat's Extraordinary
Commissioner, filed an action in the Superior Court of New
Jersey to recover damages from Citigroup and certain of its
subsidiaries.

The action is part of a process through which the Extraordinary
Commissioner, following the approval of Parmalat's Industrial
and Financial Restructuring Plan, will seek recovery from third
parties believed to have played a role in Parmalat's collapse.

Parmalat's Industrial and Financial Restructuring Plan
contemplates the distribution to its future shareholders of at
least 50% of Parmalat's distributable profits arising from the
next 15 years' annual results, including any eventual proceeds
derived from revocatory actions or actions for damages.

             Citibank Manipulated Parmalat's Financials

Representing Dr. Enrico Bondi, Michael R. Cole, Esq., at
DeCotiis, Fitzpatrick, Cole & Wisler, LLP in Teaneck, New
Jersey, tells the Superior Court of New Jersey, Bergen County
Law Division, that Citigroup, Inc., its investment services arm,
Citibank, N.A., and three Citibank special purpose entities
played crucial parts in the manipulations of Parmalat's reported
financial results to cover up Parmalat's true financial picture
and mask the systematic looting of the company.

Mr. Cole relates that Parmalat's expansion was not funded by the
sale of equity.  Parmalat sold billions of dollars in debt
securities through bonds or notes to raise funds for its
expansion.  Over US$1,500,000,000 of the debt securities was
sold to U.S. investors, including well-known financial
institutions that have a significant presence in New Jersey:

    (1) Allstate Life Insurance Corp.
    (2) Bear, Stearns & Co, Inc.
    (3) CIGNA Retirement & Investment Services
    (4) Guardian Life Insurance Company of America
    (5) Hartford Life Insurance Company
    (6) Metropolitan Life Insurance Company
    (7) Nationwide Life Insurance Company
    (8) New York Life Insurance Company
    (9) Prudential Life Insurance Company

Since maintaining an investment grade credit rating was crucial
to Parmalat's ability to continue to obtain ongoing financing,
Citigroup designed transactions by which Parmalat raised
hundreds of millions of dollars by:

(a) high-interest financing disguised as equity; and

(b) securitizing non-existing assets.

Citigroup knew that the true nature of the transactions was not
disclosed or reflected in Parmalat's financial statements or
otherwise disclosed to the public.

Citigroup continued to arrange for hundreds of millions of
dollars in financing for Parmalat long after the company had
become insolvent, reaping tens of millions of dollars in fees
and commissions for itself.  Citigroup also facilitated the
Parmalat insiders' fraudulent schemes by allowing Parmalat's
bank accounts in the U.S. and elsewhere to be used by Parmalat's
corrupt managers and consultants to move money they had
misappropriated.

With Citigroup's active assistance, Mr. Cole reports that around
US$8,000,000,000 has been lost, stolen or wasted by the Parmalat
insiders.

                      Special Purpose Entities

The three Citibank special purpose entities are:

(a) Buconero, LLC, a Delaware limited liability company formed
    by Citibank in December 1999 and based in New York.
    Buconero's operations are overseen by Citibank Overseas
    Investment Corporation  Buconero is controlled by Citibank
    and is the alter ego of Citibank.  Buconero does not have
    separate offices or staff from Citibank;

(b) Vialattea, LLC, another Delaware limited liability company
    based in New York.  Vialattea is a wholly owned subsidiary
    of Citibank Overseas and is the direct parent of Buconero.
    Vialattea is controlled by Citibank and is the alter ego of
    Citibank.  Vialattea shares the same office and staff with
    Citibank;

(c) Eureka, plc, a United Kingdom public liability company
    based in England.  Eureka shares offices with Citibank,
    London Branch, and is managed by Citibank as part of its
    global securitization business.  Citibank and Citigroup,
    Inc., also provide credit lines and financial services to
    Eureka.

                Structure of Securitization Program

Under a 1995 securitization agreement designed by Citibank,
Parmalat and its subsidiary, Giglio S.p.A., could sell
receivables up to 150,000,000 lire, about US$93,000,000, to
Archimede Securitization S.r.l., a wholly owned Italian
subsidiary of Eureka, on a revolving basis.  Archimede would
purchase the receivables using funds raised by Eureka, and then
use the invoices as collateral for the sale of securities to
private investors.

                    1995 Securitization Program
                                             ____________
                                            |            |
                                            |  Citibank  |
                                            |____________|
                                                   |
                                             ______|_____
                                            |            |
                                            |   Eureka   |
                                            |____________|
                                               |   |
                                          (A)  |   |
                                               |   |   100%
                ____________                 __V___|_____
               |            |      (B)      |            |
               |  Parmalat  |<--------------|  Archimede |
               |____________|               |____________|

           (A) Eureka raises funds on the market for itself and
               for Archimede.

           (B) Archimede purchases Parmalat's Italian
               receivables.

Parmalat and Citibank worked out to expand the program to
include receivables from Parmalat operations in Canada and the
United States, and to add five more Italian subsidiaries to the
program.

Parmalat's Canadian subsidiaries Parmalat Dairy & Bakery, Inc.,
and Parmalat Food, Inc., were also added in March 2000.
Farmland Dairies, LLC, and Milk Products of Alabama, LLC, joined
the program in November 2000.

Under the 2000 agreement, Parmalat sold receivables from its
U.S. and Canadian operations to Eureka, and from its Italian
operations to Archimede.

Curcastle Corporation, N.V., a Parmalat subsidiary in
Netherlands Antilles, purchased subordinated notes issued by
Eureka as a partial guarantee for the securitized receivables.
The subordinated notes served as a form of credit enhancement to
improve the creditworthiness of the securitized portfolio.  The
credit enhancement was necessary to maintain Eureka's credit
rating.  The subordinated notes were issued proportionately to
the amount of receivables transferred to Eureka.  The notes were
repayable only when all of the receivables sold by Parmalat had
been repaid, including expenses and interest.

The 2000 agreement was initially subject to a US$300,000,000
global maximum.  In December 2001, U.S. entities Mother's Cake
and Cookies Co. and Archway Cookies, LLC were added to the
program, and the global maximum was increased to US$340,000,000.

                    2000 Securitization Program

                         ____________              ____________
                        |            |            |            |
        ________________|  Curcastle |--------    |  Citibank  |
       |                |____________|        \   |____________|
       |                                       \         |
       |                                    (D) \        |
       |                                         \       |
  _____|_____         ___________________         V______|_____
|           |       |                   |        |            |
| Parmalat  |_______|      Parmalat     |<-------|   Eureka   |
|  Group    |       | (U.S. and Canada) |  (C)   |____________|
|___________|       |___________________|            |   |
       |                                        (A)  |   |
       |                                             |   |
100%
       |                  __ _________             __V___|_____
       |                 |            |     (B)   |            |
       |_________________|  Parmalat  |<----------|  Archimede |
                         |  (Italy)   |           |____________|
                         |____________|

           (A) Eureka raises funds on the market for itself and
               for Archimede.

           (B) Archimede purchases Parmalat's Italian
               receivables.

           (C) Eureka purchases Parmalat's U.S. and Canadian
               receivables.

           (D) Curcastle purchases subordinated notes issued by
               Eureka as a partial guarantee for the securitized
               receivables.  The notes are issued
               proportionately to the amount of receivables
               purchased.

Based on Parmalat's billing system, Citibank should have sold
supermarket invoices together with the dealer invoices it
purchased only after deducting the credit notes to the dealers.
Instead, Citibank sold to investors the supermarket invoices and
the entire dealer invoices as if they were separate invoices for
separate goods, even though Parmalat was entitled to receive
money from just one set of invoices.  Citibank, therefore,
double counted the invoices, and defrauded investors into
thinking that they were acquiring the rights to a revenue stream
that was nearly twice as high as it was in reality.

The securitization program was intended to and did create the
false impression that Parmalat was generating nearly twice as
much cash flow from its operations and, therefore, mislead the
markets about Parmalat's real financial situation.

Citibank, on behalf of Eureka, sold US$348,000,000 of
securities, backed in substantial part by the phantom
receivables.  For its part in the securitization program,
Citibank received US$35,000,000 in fees.

Citibank knew that it and its special purpose vehicles,
Archimede and Eureka, had no credit risk because all of the risk
was passed to the purchasers of the securities.

                       Buconero Transactions

In December 1995, Gestione Centrale Latte S.r.l., a Parmalat
subsidiary, and Citibank International plc entered into a joint
venture, wherein Citibank International would "invest" in the
joint venture.  As part of the joint venture, Parmalat set up a
branch of Geslat in Lugano, Switzerland, whose purpose was to
obtain funds in Switzerland from the international financial
markets and then invest the funds in other companies of the
Parmalat group.

Citibank "invested" 750,000,000 lire, about US$491,604, in
Geslat.  In return, Citibank was to receive 48.75% of the
distributable after tax profits from Geslat.  Citibank also
entered into a put option agreement with Parmalat that allowed
Citibank to put its interest in Geslat back to Parmalat.  The
put guaranteed that Citibank would receive a return on its
investment.

In 1999, Citibank proposed a new arrangement.  Instead of
Citibank partnering directly with Geslat, two Citibank
subsidiaries, Vialattea and Buconero, would become the members
of the joint venture.  Both subsidiaries were formed for the
sole purpose of entering into the transaction.

Buconero is Italian for black hole.

Under the 1999 agreement, Parmalat, as a "partner," made a
US$60,000,000 contribution to Geslat's Swiss branch.  On the
same day, Parmalat transferred its interest to Buconero for the
same amount.

The Swiss branch was supposed to lend the US$60,000,000 it
received to other companies in the Parmalat group.  Buconero, as
a "joining partner," was to share the profits of the Swiss
branch based on a preset formula and would share the Swiss
branch's losses up to the amount of Buconero's investment.

Vialattea also "contributed" US$208,000 to Geslat -- 2% of
Geslat's capital.

For structuring the transaction, Parmalat paid Citibank a
US$1,000,000 structuring fee.

Under the 1999 agreement, Geslat's Swiss branch would "endeavor
to earn a pre-tax return on its invested capital of no less than
5.68% per [year] net all of the costs and expenses (the 'Minimum
Investment Return')."

In December 2000, the joint venture agreement was amended.
Among other modifications, the provisions regarding the
calculation of compensation due to Buconero were changed and the
Minimum Investment Return was increased to 5.86%.  For this
Parmalat paid Citibank another US$3,270,000 structuring fee.

The joint venture agreement was modified again on July 31, 2001.
As part of the amendment, Buconero "invested" an additional
US$50,000,000 in Geslat's Swiss branch and Vialattea "invested"
an additional US$2,400,000 in Geslat, raising its share of
Geslat's capital to 2.044%.  For this, Parmalat paid Citibank
another US$2,800,000 structuring fee.

                     "Joint Venture" Structure
       _________________                           ____________
      |                 |                         |            |
      | Parmalat Group  |                         |  Citibank  |
      |_________________|                         |____________|
               |                                         |
               |                                         |  100%
               |                                   ______|_____
               |   98%                  2%        |            |
               |                __________________| Vialattea  |
               |               |                  |____________|
               |               |       (A)               |
               |      _________|_________                |
100%
               |     |                   |         ______|_____
               |_____|      Geslat       |        |            |
                     |___________________|------->|  Buconero  |
                               |                  |____________|
                               |             (C)         |
                      _________|_________                |
                     |                   |               |
                     |    Swiss Brach    |<--------------   (B)
                     |___________________|
                                                 US$137,000,000

           (A) Vialattea purchases a 2% ownership interest in
               Geslat.

           (B) Buconero "invests" US$137,000,000 in Geslat's
               Swiss branch.

           (C) Buconero receives a percentage of Geslat's
               profits as a return on its "investment."

Parmalat's insiders recorded each of the "investments" from
Buconero as equity on the company's consolidated financial
statements.  The interest payments on the loans from Buconero
were recorded as "minority interest payments."

However, Mr. Cole tells the New Jersey Court that the Buconero
"investments" were actually disguised loans, not equity:

    a) The joint venture agreement guaranteed that Citibank
       would receive a minimum fixed rate of return of 5.68% --
       later increased to 5.86%;

    b) Citibank would not lose any money from the joint venture
       because Buconero would pay for losses only when the
       losses exceeded the contributions of Geslat's other
       members and the dividends previously paid to the other
       members of the joint venture; and

    c) Before Geslat's losses could consume the other members'
       contributions, Citibank could terminate the joint
       venture.

       Citibank could "dismantle" the joint venture and require
       the repayment of its exposure in case of "events
       indicative of deterioration of the value of the credit to
       [Parmalat Group]" or in case of a decline in the Swiss
       branch's performance.

Citibank knew and intended that Parmalat would and did use the
Buconero arrangement to:

    (a) make it appear that Parmalat was "partnering" with a
        "major" international group; and

    (b) improve its financial statements by appearing to have
        lower amounts of debt than it actually had.

Mr. Cole maintains that Citibank had a direct interest in the
mischaracterization of the Buconero transactions on Parmalat's
financial statements because Citibank reaped a number of
considerable tax benefits.

As a result of the Buconero arrangement, Parmalat's:

       (i) debt was understated by US$137,000,000;

      (ii) equity was overstated by US$137,000,000; and

     (iii) income statements understated its interest expense.

Citibank received US$5,000,000 to US$6,000,000 annually in
returns from Geslat as a result of the Buconero arrangement.
Citibank received US$7,000,000 more in fees from Geslat --
approximately US$1,000,000 for structuring the 1999 deal,
US$3,270,000 for structuring the 2000 amendment, and
US$2,800,000 for structuring the 2001 amendment.

             Citibank's "Investment" in Parmalat Canada

In separate transactions, Parmalat purchased Dairy & Bakery,
Inc., formerly known as Beatrice Foods, Inc., for CN$420,000,000
and Ault Foods, Ltd., for CN$412,000,000.  To finance the
purchases, Parmalat borrowed US$70,000,000 from Citibank.
Rather than calling the US$70,000,000 payment a loan, Citibank
structured it to appear as an equity investment.  Citibank
"purchased" a 24.9% stake in Parmalat Canada by making capital
contributions to Parmalat Canada totaling CN$97,000,000 in April
and July 1997.  Citibank made a third contribution for
CN$24,900,000 in October 1997.

Citibank used the same scheme when Parmalat acquired Astro Dairy
Products, Ltd. in 1998 for CN$483,000,000.  As part of the
transaction, Citibank made an additional CN$50,000,000 "capital
contribution" to Parmalat Canada in November 1998.

Each time Citibank made a "capital contribution," Dairies
Holding International B.V., the direct parent of Parmalat
Canada, would make a contribution to Parmalat Canada that
amounted to 75.1% of the total increase in capital.

On the surface, Citibank appeared to obtain a 24.9% ownership
interest in Parmalat Canada.  This percentage was used because,
under Canadian tax law, there is no capital gains tax on share
interests of less than 25%.

In reality, the Citibank "investments" were high interest loans.
Citigroup never intended to take any risk by becoming a minority
shareholder.  Citigroup protected its Parmalat "investments"
from any loss by requiring Parmalat to enter into a secret put
agreement that guaranteed that Citibank would receive a return
on its investment.  The put agreement was never disclosed to
Parmalat's regulators, shareholders and creditors.  The put
agreement allowed Citibank to sell back to Parmalat its
ownership interest in Parmalat Canada at a set price.  The first
put agreement was entered into as part of an April 10, 1997
capital increase.  The exercise price for the put was
CN$70,000,000.

From 1997 until 2001, Citibank increased the put price by
amending the put agreement with each new transaction.  In April
2001, Parmalat and Citibank made a final amendment to the put
option, increasing the exercise price to CN$182,300,000 as of
December 31, 2001.

In January 2002, Citibank exercised the put option.  In the
process, Citibank received a CN$47,820,000 tax-free profit.

Mr. Cole asserts that Citibank knew from the inception about
Parmalat's deteriorating financial condition, but designed the
transactions to help Parmalat maintain the facade of a lower
debt-to-equity ratio.  In return, Citibank received CN$1,300,000
in subscription fees from Parmalat Canada and CN$5,600,000 in
financial advisor fees, in addition to its net tax-free gain.

              Citibank Ignored Questionable Transfers

Between January 2002 and August 2003, at least US$27,000,000 was
transferred from the foreign bank accounts of two Parmalat
subsidiaries -- Parmalat Capital Finance, Ltd., and Parmalat
Trading Limited Malta -- to the Citibank accounts of Gian Paolo
Zini, Parmalat's outside counsel.  Mr. Zini maintained an escrow
account and other accounts at Citibank.

Of that amount, US$18,000,000 was transferred directly to one of
Zini's Citibank accounts.  Another US$9,900,000 was transferred
to Zini's Citibank account by way of Citibank London.

Based on the nature and size of the transfers, Citigroup knew or
should have known that Mr. Zini's accounts were being used for
money-laundering and other irregular transactions.  However,
Citibank took no steps to prevent Mr. Zini and other Parmalat
insiders from using those accounts to transfer funds among some
very dubious entities into and out of Citibank bank accounts and
into and out of bank accounts in financial secrecy havens
throughout the world.

          Citigroup Top Level Execs Approved Transactions

The fraudulent activities were perpetuated with the direct
knowledge, participation and involvement of Citibank employees.
The transactions were all approved at the top levels of
Citigroup and required the coordination of different groups at
Citigroup throughout the world, from New York to New Jersey to
England and Italy itself.

Citigroup's relationship with Parmalat was initially managed by
Alberto Ferraris, then vice-president of Citibank's Milan
office.

Mr. Ferraris was involved in many of the transactions.  In 1997,
Mr. Ferraris left Citibank to join Parmalat.  He later became
Parmalat's Chief Financial Officer.

From 1997 to 2000, the relationship was managed by Citibank
employee Filippo Sabatini.  Since 2000, Citibank employee Paolo
Botta has managed the relationship.

Citibank employee Donna Carville was a key person in setting up
and managing the Buconero "joint venture."  Citibank managing
director Richard Simmons and employees Peter Davies and Drew
Riethnuller were involved with setting up the securitization
program.

                  Virtually Worthless Investments

The scam resulted in billions of dollars of losses to Parmalat
and to the thousands of innocent shareholders and creditors in
the United States and elsewhere.  The scam rendered the
investments virtually worthless.

                Parmalat's Claims Against Citigroup

Dr. Bondi asks the Superior Court to find that:

       (i) the Citigroup transactions were fraudulent.
           Citigroup continued to arrange financing for Parmalat
           without telling Parmalat's regulators, market
           analysts and others that:

           -- the transactions were other than what Citigroup
              and Parmalat had made them seem to be; and

           -- their financial reality was not reflected on
              Parmalat's financial statements.

      (ii) Citigroup aided and abetted in constructive fraud and
           in breach of fiduciary duty.  Citigroup gave
           substantial assistance to the Parmalat insiders:

           * Calisto Tanzi, former Parmalat CEO and President;

           * Fausto Tonna, former Parmalat CFO;

           * Luciano Del Soldato, former member of Parmalat's
             finance staff and for a time Parmalat's CFO;

           * Alberto Ferraris, formerly with Citibank and then
             the CFO of Parmalat;

           * Gianfranco Bocchi, former member of the finance
             department;

           * Franco Gorreri, a former company officer;

           * Claudio Pessina, a former company officer; and

           * Gian Paolo Zini, Parmalat's outside counsel,

           in breaching their fiduciary duty to act at all times
           with the utmost good faith and fair dealing in the
           best interest of Parmalat and its stakeholders.

     (iii) Citigroup made negligent misrepresentations.
           Investors relied on the reported nature of Parmalat's
           contracts, transactions and arrangements with
           Citigroup, and Parmalat's financial statements,
           audits and other reports that were prepared and
           disseminated based on the Citigroup transactions.

      (iv) Citigroup was an active, willing and knowing
           participant in the unlawful diversion and re-
           channeling of corporate funds or assets to purposes
           other than proper corporate purposes.

       (v) Citigroup was unjustly enriched.

      (vi) Citigroup aided and abetted in fraudulent transfers
           and creditor fraud.

     (vii) Citigroup willfully and knowingly aided and assisted
           Parmalat's culpable insiders in continuing to borrow
           billions of dollars of money and at the same time
           concealing their wrongful conduct.  As a result,
           Parmalat went further into debt and became incapable
           of surviving without going into bankruptcy.

    (viii) Citigroup was an active, knowing participant in the
           conspiracy of the Parmalat insiders.

      (ix) Citigroup engaged in a pattern of racketeering
           activity in violation of the New Jersey RICO
           (Racketeer Influenced and Corrupt Organizations) Act,
           N.J.S.A. 2C:41-1, et seq.  Citigroup, among others,
           falsified and aided and abetted the falsification of
           records and the commission of theft and deception.
           Citigroup engaged in money laundering and in
           transactions with money derived from unlawful
           activity in violation of N.J.S.A. 2C:21-25 and 2C:2-
           6, and 18 U.S.C. Sections 1956 and 1957.  The
           violations of Citigroup and the Parmalat insiders
           caused Parmalat to suffer direct injury to its
           business and property through the more than
           US$10,000,000,000 that was taken from it over the
           course of years beginning at least in 1998 and
           continuing to late 2003.

       (x) Citigroup, along with the Parmalat insiders, operated
           and controlled an "enterprise" consisting of Parmalat
           Finanziaria, S.p.A., Parmalat S.p.A., and their
           subsidiaries and affiliates within the meaning of
           N.J.S.A. 2C:41-1(c).  Citigroup conducted the affairs
           of the "Parmalat Enterprise" through a pattern of
           racketeering activity.

Dr. Bondi seeks an award of damages, among others:

(a) for all losses Parmalat incurred as a result of Citigroup's
    acts; and

(b) to compensate Parmalat for the losses Parmalat's
    bondholders, noteholders and other lenders as well as
    Parmalat's shareholders have incurred as a result of
    Citigroup's acts.

Dr. Bondi also seeks the establishment of a constructive trust
for Parmalat's benefit to be placed on any identifiable funds
and assets that were stolen or fraudulently transferred from
Parmalat, as well as on any identified assets that those funds
or assets were used to acquire. (Parmalat Bankruptcy News, Issue
No. 27; Bankruptcy Creditors' Service, Inc., 215/945-7000)


TATI: Vetura Aims to Grab Lead in Discount Textile Market
---------------------------------------------------------
Clothing retailer Vetura, which was recently picked to acquire
Tati, disclosed Monday its plans for the troubled discount
clothing retailer, Les Echos reports.

Vetura Chairman Lucien Urano aims to make Tati the leader of the
French hard-discount textile market within two to four years.
Mr. Urano also said 80% of Tati clothing will be made available
at Vetura and Fabio Lucci stores beginning this winter.  He
added Vetura might retain more than the 667 jobs promised in its
offer for the struggling retailer.

Meanwhile, the CFTC trade union said many aspects of Tati's
redundancy plan have not been agreed.  It also warned of a
protest if Vetura attempts to get rid of existing benefits such
as the one-month extra salary a year.

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

          FABIO LUCCI VETURA
          81, Rue Cartier Bresson 93697 Pantin Cedex
          Phone: 01 48 44 90 90
          Fax: 01 48 43 40 34
          Web site: http://www.vetura.fr


===================
K Y R G Y Z S T A N
===================


ALTIS: Bankruptcy Supervision Starts
------------------------------------
The Bishkek Inter-District Court has commenced bankruptcy
supervision procedure on LLC Altis.  The case is docketed as 03-
189/04-c2.  Mr. Turganaly Ismailov (License 0327) was appointed
temporary insolvency manager on July 26, 2004.  The meeting of
creditors is set on August 20, 2004, 10:00 a.m. at Bishkek,
Fatyanov St. 1.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.

CONTACT:  (0-312) 42-37-96


ARSY SEM: Court Appoints Temporary Insolvency Manager
-----------------------------------------------------
The Bishkek Inter-District Court has commenced bankruptcy
supervision procedure on Joint Enterprise Arsy Sem Tsvetov.
The case is docketed as 03-125/M04-c9.  Mr. Turganaly Ismailov
(License 0334) was appointed temporary insolvency manager on
August 2, 2004.  The meeting of creditors is set on August 19,
2004, 2:00 p.m. at Bishkek, Erkindik Avenue 57, room 101.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.

CONTACT:  (0-312) 53-06-49
                  53-06-43
                  59-14-59


JURA LTD: Under Bankruptcy Supervision
--------------------------------------
The Arbitration Court of Bishkek has commenced bankruptcy
supervision procedure on LLC Jura Ltd.  The case is docketed as
01-501/c4-01.  Mr. Turganaly Ismailov (License 0327) was
appointed temporary insolvency manager on July 26, 2004. The
meeting of creditors is set on August 20, 2004, 11:00 a.m. at
Bishkek, Fatyanov St. 1.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.

CONTACT:  (0-312) 42-37-96


KAINDY PLANT: Public Auction of Assets August 31
------------------------------------------------
Chui-Bishkek-Talas territorial administration of State Committee
of the Kyrgyz Republic on State Management Property sets for
investment tender the 40% stake of JSC Kaindy Plant of the
Construction Materials on August 31, 2004, 10:00 a.m. at
Bishkek, Moskovskaya Str. 172, 5th floor.

Kaindy Plant of the Construction Materials is located at Kaindy,
Trudovaya Str. 33.  Staring price is KSM3,383,360.

The condition of company as of January 1, 2004:

(a) Fixed assets -- KSM8,170,300

(b) Receivable -- KSM273,800

(c) Debt -- KSM289,800

(d) Loss -- KSM326,600

The company's building and constructions are in satisfactory
condition.  Kaindy Plant of the Construction Materials employs
around 100 persons.

Proposals must include:

(a) volume and period of investment,

(b) proposed price,

(c) social program in terms of salary and level of employment,

(d) program for competitive products and export-oriented
    products,

(e) environment protection liability

Legal and physical persons must present necessary documents to
participate in the investment tender, which undergoes two
stages.

The stages are:

(a) A review of the business-plans and investment liabilities
    by the commission.

(b) Invitation of qualified bidders.

The winning bidder must pay a commission equivalent to 10% of
the sale.  Documents must be submitted on or before August 30,
5:00 p.m. to Bishkek, Moskovskaya Str. 172, 5th floor, room 1.

CONTACT: (0-312) 21-88-36


KYRGYZSHANPAN: General Creditors Meeting Set August 24
------------------------------------------------------
The temporary insolvency manager of JSC Kyrgyzshanpan will host
the creditors meeting on August 24, 2004, 10:00 a.m. at Bishkek,
Mira Str. 48.

Agenda:

(a) report of the temporary insolvency manager,

(b) term extension of the supervision procedure,

(c) writing down of accounts receivable and non-liquid assets,

(d) expenses of the temporary insolvency manager,

(e) fee of the specialists, and

(f) Others

Participants must pre-register on August 24, 2004, 9:30 a.m. at
Bishkek, Mira Str. 48.  Participants must bring an identity card
and proxies must bring a letter of attorney.

CONTACT:  (0-312) 54-15-78


ROSK-IMPEKS: Creditors Meeting August 20
----------------------------------------
The Bishkek Inter-District Court has commenced bankruptcy
supervision procedure on Rosk-Impeks Ltd.  The case is docketed
as 01-191/-048.  Mr. Zamirbek Toksonaliev (License 0335) was
appointed temporary insolvency manager on August 2, 2004.  The
meeting of creditors is set on August 20, 2004, 2:00 p.m. at
Bishkek, Fatyanov St. 1.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.

CONTACT:  (0-312) 42-37-96


SAFFRON FLOWERS: Under Bankruptcy Supervision
---------------------------------------------
The Bishkek Inter-District Court has commenced bankruptcy
supervision procedure on Small-Scale Enterprise Saffron Flowers
Co.  The case is docketed as 01-38/c8-03.  Mr. Vladislav Ten
(License 0337) was appointed temporary insolvency manager on
August 2, 2004.  The meeting of creditors is set on August 24,
2004, 10:00 a.m. at Bishkek, Erkindik Avenue 57, room 101.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.

CONTACT:  (0-312) 62-68-29


SHOOLA: Creditors Meeting Set August 24
---------------------------------------
The Department of the Bankruptcy Issues under the State
Committee of the Kyrgyz Republic on State Property Committee and
Attracting of Investment commenced bankruptcy supervision
procedure on LLC SHOOLA and appointed Mr. Vladislav Ten (License
0337) as temporary insolvency manager on August 2, 2004.  The
meeting of creditors is set on August 24, 2004, 10:00 a.m. at
Bishkek, Erkindik Avenue 57, room 101.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.

CONTACT:  (0-312) 62-68-29


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


BCP CAYLUX: Ratings Affirmed at 'B+'; Off CreditWatch
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit ratings on BCP Caylux Holdings Luxembourg S.C.A. and its
Frankfurt, Germany-based Celanese AG subsidiary and removed them
from CreditWatch where they were placed with negative
implications on Dec. 16, 2003.  The outlook is stable.

The affirmation reflects shareholders' approval of the
domination and profit and loss transfer agreement, and the
domination agreement becoming effective on October 1, 2004.

"These agreements are important to BCP Caylux's credit quality
because they enable the company to control the management and
share in the profits and losses of Celanese.  BCP Caylux
currently owns 84% of the ordinary shares of Celanese," said
Standard & Poor's credit analyst Wesley E. Chinn.

At the same time, Standard & Poor's lowered its ratings on the
senior unsecured industrial revenue bonds of CNA Holdings Inc.,
a wholly owned U.S. subsidiary of Celanese, to 'B-' from 'B' and
removed from CreditWatch.  The lower rating reflects the
disadvantaged position of that unsecured debt, versus the
revolving credit facility, term loan, and floating-rate term
loan, all of which are secured.  Standard & Poor's also affirmed
the 'B+' corporate credit rating on CNA Holdings and removed it
from CreditWatch.

BCP Caylux, a recently formed holding company, is limited in its
ability to exercise managerial control over Celanese, including
the payment of dividends and other distributions by Celanese to
BCP Caylux until the domination agreement becomes effective.
Likewise, until that agreement takes effect, Celanese is not an
obligor on BCP Caylux's recently issued senior subordinated
notes.

The credit quality of BCP Caylux incorporates a considerable
debt burden as a result of a sharp increase in borrowings to
fund the Blackstone Group's tender offer for the shares of
Celanese -- a transaction valued at about US$3.4 billion -- and
very aggressive financial policies of the equity sponsor.  These
weaknesses are only partially offset by the company's solid
business profile as an integrated producer of diverse commodity
and industrial chemicals, prospects for improving cash flow
generation, and reasonable liquidity.  Significant product
market shares and competitive cost structures support good
competitive positions in its major products, and a diverse
product portfolio that includes a balance of commodity,
intermediate, and more specialized industrial chemical products
serving a wide range of end markets.

With an annual revenue of approximately US$4.7 billion, Celanese
ranks among the larger and more diversified global chemical
businesses.  Broad product diversity and a revenue and asset
base distributed across North America, Europe, and Asia tend to
mitigate the adverse effects of a cyclical downturn in any one
sector of the chemical industry.

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


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


BUHRMANN N.V.: Net Profit from Ordinary Operation Up in 2nd Qtr.
----------------------------------------------------------------
Key Figures

x EUR million    Q2 2004   Q2 2003  Change         Change
                                    in EUR    at constant rates

Net sales        1,421.6   2,135.6  -33.4%       -31.2%
EBITAE**            49.8      56.7  -12.1         -9.2%
Net profit*         35.9       7.3
Net result          15.3       1.9
Net profit* per
ordinary share
(fully diluted) in
  euro              0.18      0.03

x EUR million    Q2 2004   Q2 2003  Change         Change
                                    in EUR    at constant rates

Net sales      1,421.6    1,477.0   -3.8%         -0.6%
EBITAE**          49.8       44.2   12.6%         16.6%

Net profit*
per ordinary share
(fully diluted)
in EUR            0.18      0.03

----------
* Net profit on ordinary operations before amortization of
goodwill and exceptional items
** Earnings Before Interest, Tax, and Amortization (of goodwill)
and Exceptional items (see also remarks under Accounting
Policies)

CEO's STATEMENT

Commenting on second quarter performance, Buhrmann President and
CEO Frans Koffrie said: "As a result of actions taken we are
succeeding in generating higher added value margins in all
divisions.  Driven by our strategic initiatives, operating
profit from our office products operations and overall net
result have risen strongly.  The overall performance of the
European Division was still disappointing.  Corporate Express
Australia continued its strong sales and earnings performance.
In North America, our largest market, the continued reduction of
the Division's cost base, good margin management and
productivity improvements gave rise to an 18% increase in
operating profit at constant rates.  This strengthens our
financial position and confirms our strategy of delivering
sustainable profitable growth."

LOOKING AHEAD

While market conditions in North America are slowly improving,
trading conditions in most of our major markets in Europe remain
difficult.

Measures to enhance added value margins, improve productivity,
and reduce costs are yielding positive results.  Going forward,
we anticipate a growing proportion of higher margin private
brand sales and volume growth from product lines that have
recently been added to our offering.

We have completed our warehouse consolidation program, the bulk
of systems integrations and major restructurings.  As a result
we now have in place a highly efficient logistical organization
and sophisticated infrastructure. Our operational leverage --
the capability of handling larger order flows with our existing
infrastructure --  will boost our earnings once business volumes
increase.  To achieve this we will focus even more strongly on
marketing and sales initiatives.

After the successful refinancing of our debt portfolio,
financing costs will be lower going forward.  Excluding new
funding initiatives, we expect financing costs excluding
exceptional items to be within the range of EUR65 million to
EUR70 million for 2004 (2003: EUR161 million).

We will continue to focus on cash generation and further debt
reduction, maintaining a disciplined approach to working capital
management.  We reiterate our expectation that available cash
flow for the full year will be positive.

HIGHLIGHTS SECOND QUARTER

(a) Net sales amounted to EUR 1,422 million, with organic sales
    up 1% compared to the second quarter of 2003.  Currency
    exchange rate movements had a negative effect of 3.2%.

(b) As is reflected in the increase in operating profit (EBITAE)
    excluding Paper Merchanting to EUR49.8 million, we are
    unlocking value primarily as a result of the successful
    marketing of our private brand product offering, the
    benefits of sourcing products in larger quantities from
    preferred suppliers, and productivity improvements.

(c) The increase in net result includes a negative effect of
    EUR9.2 million in total from the inclusion of exceptional
    items due to the debt restructuring, reduced costs of
    divestments, and the related tax effects.

(d) In the second quarter we recorded a net tax benefit of
    EUR6.9 million, which includes an EUR8 million release of
    provisions after the finalization of tax audits for the year
    1997.

FINANCIAL CONSIDERATIONS
At the current exchange rates, we expect amortization of
goodwill of about EUR45 million, and depreciation of about EUR85
million for the full year.  The effective tax rate for 2004 on
earnings before tax, amortization of goodwill and exceptional
items is expected to be below 10%.  Capital expenditure will be
no greater than EUR75 million for 2004.

A full copy of the report is available free of charge at:
http://bankrupt.com/misc/BuhrmanNV_2Q2004.pdf


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


BESSER-BLOK: R. Ayupov Named Insolvency Manager
-----------------------------------------------
The Arbitration Court of Bashkortostan republic has declared
OJSC Besser-Blok insolvent and introduced bankruptcy
proceedings.  Mr. R. Ayupov has been appointed insolvency
manager.

CONTACT:  BESSER-BLOK
          453200, Russia,
          Bashkortostan Republic, Salavat,
          Severnaya Promzona

          Mr. R. Ayupov
          Insolvency Manager
          603000, Russia,
          Nizhny Novgorod,
          Gorkogo Square,
          Post User Box 115

          The Arbitration Court of Bashkortostan Republic
          450048, Russia,
          Ufa, Oktyabrskoy Revolutsii Str. 63a


LENINOGORSKY DAIRY: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on OJSC Leninogorsky Butter and
Cheese Dairy.  The case is docketed as A65-2764/2004-SG4-27.
Mr. V. Yarmolenko has been appointed temporary insolvency
manager.  Creditors are asked to submit their proofs of claim to
423802, Russia, Tatarstan republic, Naberezhnye Chelny, Post
User Box 120.

CONTACT:  LENINOGORSKY BUTTER AND CHEESE DAIRY
          423802, Russia,
          Tatarstan republic,
          Naberezhnye Chelny, BSI-2,
          Post User Box 35

          Mr. V. Yarmolenko
          Temporary Insolvency Manager
          423802, Russia,
          Tatarstan Republic, Naberezhnye Chelny,
          Post User Box 120


NABEREZHNOCHELNINSKY EXPERIMENTAL: Court Sets October 14 Hearing
----------------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on OJSC Naberezhnochelninsky
Experimental Repair-Mechanical Plant.  The case is docketed as
A65-9170/2004-SG4-21.  Mr. B. Surov has been appointed temporary
insolvency manager.

Creditors are asked to submit their proofs of claim to 420126,
Russia, Tatarstan republic, Kazan, Post User Box 28.  A hearing
will take place on October 14, 2004.

CONTACT:  NABEREZHNOCHELNINSKY EXPERIMENTAL
          REPAIR-MECHANICAL PLANT
          423802, Russia,
          Tatarstan Republic, Naberezhnye Chelny,
          BSI-2, Post User Box 35

          Mr. B. Surov
          Temporary Insolvency Manager
          420126, Russia,
          Tatarstan Republic, Kazan,
          Post User Box 28


NIZHNEKAMSKY BREWERY: Declared Insolvent
----------------------------------------
The Arbitration Court of Tatarstan republic has declared OJSC
Nizhnekamsky Brewery insolvent and introduced bankruptcy
proceedings.  The case is docketed as A65-4643/2004- SG4-31.
Mr. S. Kondratyev has been appointed insolvency manager.
Creditors are asked to submit their proofs of claim to 420126,
Russia, Tatarstan republic, Kazan, Post User Box 188.

CONTACT:  NIZHNEKAMSKY BREWERY
          423570, Russia,
          Tatarstan republic,
          Nizhnekamsk, Pervoprokhodtsev Str. 7

          Mr. S. Kondratyev
          Insolvency Manager
          420126, Russia,
          Tatarstan Republic, Kazan,
          Post User Box 188.

          The Arbitration Court of Tatarstan Republic
          420014, Russia,
          Tatarstan Republic,
          Kazan, Kreml


PESTRECHINSKAYA PMK: Tatarstan Court Appoints Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on OJSC Pestrechinskaya Pmk
Melioration.  The case is docketed as A65-7729/2004-SG4-21.  Mr.
R. Ibragimov has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 422540,
Russia, Tatarstan republic, Zelenodolsk, Frunze Str. 9.

CONTACT:  PESTRECHINSKAYA PMK MELIORATION
          Russia, Tatarstan Republic,
          Pestrechinsky Region, Pestretsy,
          Osipova Str. 60

          Mr. R. Ibragimov
          Temporary Insolvency Manager
          422540, Russia,
          Tatarstan Republic, Zelenodolsk,
          Frunze Str. 9


PROM-TRADE: Under Bankruptcy Supervision
----------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure LLC Prom-Trade.  The case is
docketed as A07-15511/03-A-PAV.  Mr. R. Ayupov has been
appointed temporary insolvency manager.

CONTACT:  Mr. R. Ayupov
          Temporary Insolvency Manager
          603000, Russia,
          Nizhny Novgorod, Gorkogo Square,
          Post User Box 115

          The Arbitration Court of Bashkortostan Republic
          450048, Russia,
          Ufa, Oktyabrskoy Revolutsii Str. 63a


SARAPUL COMMUNAL: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Sarapul Communal Thermal Networks.  The case is docketed as A71-
30/2004-G21.  Mr. S. Zaytsev has been appointed temporary
insolvency manager.   Creditors are asked to submit their proofs
of claim to Russia, Udmurtiya republic, Sarapul, Gogolya Str.
78.

CONTACT:  SARAPUL COMMUNAL THERMAL NETWORKS
          Russia, Udmurtiya Republic,
          Sarapul, Gogolya Str. 78

          Mr. S. Zaytsev
          Temporary Insolvency Manager
          Russia, Udmurtiya Republic,
          Sarapul, Gogolya Str. 78


SHABERDINSKOYE: Court Appoints Insolvency Manager
-------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on OJSC Shaberdinskoye.  The
case is docketed as A71-37/2004-G21.  Mr. S. Zaytsev has been
appointed temporary insolvency manager.  Creditors are asked to
submit their proofs of claim to Shaberdinskoye at Russia,
Udmurtiya republic, Zavyalovsky region, Shaberdino.

CONTACT:  SHABERDINSKOYE
          Russia, Udmurtiya Republic,
          Zavyalovsky Region, Shaberdino.

          Mr. S. Zaytsev
          Temporary Insolvency Manager
          Russia, Udmurtiya Republic,
          Zavyalovsky Region, Shaberdino


STAROBURYANSKOYE: Samara Court Commences Bankruptcy Procedure
-------------------------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision procedure on OJSC Staroburyanskoye.  The case is
docketed as A55-3234/04-33.  Mr. N. Aldebenev has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 443100,
Russia, Samara, Galaktionovskaya Str. 132, Office 418.  A
hearing took place on July 14, 2004.

CONTACT:  STAROBURYANSKOYE
          Russia, Samara Region,
          Krasnoyarsky Region, Stary Buyan

          Mr. N. Aldebenev
          Temporary Insolvency Manager
          443100, Russia,
          Samara, Galaktionovskaya Str. 132,
          Office 418


STROY-SERVICE: Court Set September 7 Hearing
--------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure LLC Stroy-Service (TIN
0261008276).  The case is docketed as A07-11647/04-G-ADM.  Mr.
A. Almukhametov has been appointed temporary insolvency manager.
A hearing will take place at Russia, Ufa, Oktyabrskoy revolutsii
Str. 63a, Room 115 on September 7, 2004, 10:00 a.m.

CONTACT:  STROY-SERVICE
          Russia, Bashkortostan Republic,
          Ishimbay, Industrialnoye Shosse, 1

          Mr. A. Almukhametov
          Temporary Insolvency Manager
          450057, Russia,
          Bashkortostan Republic,
          Ufa-57, Post User Box 4841

          The Arbitration Court of Bashkortostan Republic
          450048, Russia,
          Ufa, Oktyabrskoy Revolutsii Str. 63a


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


AGRICULTURAL ZORYA: Court Orders Debt Moratorium
------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on LLC Agricultural Firm Zorya (code
EDRPOU 30744872) and ordered a moratorium on satisfaction of
creditors' claims on May 27, 2004.  The case is docketed as
9/39.  Mr. Oleksandr Mamrukov has been appointed temporary
insolvency manager.  Agricultural Firm Zorya holds account
number 260040000161980 at CB Finances and credit, Lugansk
branch, MFO 304717.

CONTACT:  AGRICULTURAL FIRM ZORYA
          92812, Ukraine, Lugansk region,
          Bilovodskij district, Limarivka

          Mr. Oleksandr Mamrukov
          Temporary Insolvency Manager
          91000, Ukraine, Lugansk region,
          Cheluskintsi Str. 143-a, 76

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


ATLANT-HOLDING: AR Krym Court Commences Bankruptcy Proceedings
--------------------------------------------------------------
The Economic Court of AR Krym region declared JSCCT Atlant-
Holding (code EDRPOU 23894879) insolvent and introduced
bankruptcy proceedings on July 8, 2004.  The case is docketed as
2-8/161-2004.  Arbitral manager Mrs. Svitlana Meteleva (License
Number AA 047900 approved on October 17, 2001) has been
appointed liquidator/insolvency manager.

CONTACT:  ATLANT-HOLDING
          Ukraine, AR Krym region,
          Simferopol, airport Simferopol

          Mrs. Svitlana Meteleva
          Liquidator/Insolvency Manager
          95050, Ukraine, AR Krym region,
          Simferopol, Vishneva Str. 60
          Phone: (0652) 22-02-66
          Fax: (0652) 22-02-66

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


KONOTOP' DIESEL: Proofs of Claim Deadline Expires August 17
-----------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on OJSC Konotop' Diesel Trains Repair
Plant (code EDRPOU 30640216) on June 29, 2004.  Arbitral manager
Mr. Konstantin Paniotov (License Number 63002 approved on
December 1, 2003) has been appointed temporary insolvency
manager.  Konotop' Diesel Trains Repair Plant holds account
number 26000103763 at CB Ekspobank, Kyiv branch, MFO 322294.

Creditors have until August 17, 2004 to submit their proofs of
claim to:

(a) KONOTOP' DIESEL TRAINS REPAIR PLANT
    41600, Ukraine, Sumi region,
    Konotop, Novikov square, 2

(b) Mr. Konstantin Paniotov
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    Lyatoshinskij, 2/100

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


OLEKSANDRIYA' 13506: Bankruptcy Proceedings Ongoing
---------------------------------------------------
The Economic Court of Kirovograd region has commenced bankruptcy
supervision procedure on OJSC Oleksandriya' Auto Transport
Enterprise 13506 (code EDRPOU 03117375).  The case is docketed
as 14/40.  Mr. Serdyuk (License Number AA 630105 approved on
December 17, 2003) has been appointed temporary insolvency
manager.

CONTACT:  OLEKSANDRIYA' AUTO TRANSPORT ENTERPRISE 13506
          28000, Ukraine, Kirovograd region,
          Oleksandriya, Sverdlov Str. 43

          Mr. Oleksandr Serdyuk
          Temporary Insolvency Manager
          28000, Ukraine, Kirovograd region,
          Oleksandriya, Chervonogo Kozatstva Str. 42/2

          THE ECONOMIC COURT OF KIROVOGRAD REGION
          25022, Ukraine, Kirovograd region,
          Lunacharski str. 29


SHAHTOBUD: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Lugansk region declared LLC Shahtobud
(code EDRPOU 30339116) insolvent and introduced bankruptcy
proceedings on May 21, 2004.  The case is docketed as 9/183 b.
Arbitral manager Mr. Roman Rachok (License Number AA 520132
approved on July 1, 2003) has been appointed
liquidator/insolvency manager.  Shahtobud holds account number
26001196386001 at CB Praveksbank, Lugansk branch, MFO
304795.

CONTACT:  SHAHTOBUD
          91000, Ukraine, Lugansk region,
          Sverdlov Str. 115

          Mr. Roman Rachok
          Liquidator/Insolvency Manager
          91033, Ukraine, Lugansk region,
          Oboronna Str. 24

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


SHOMBURG: Deadline for Proofs of Claim Expires Next Week
--------------------------------------------------------
The Economic Court of Lviv region declared LLC Shomburg (code
EDRPOU 31011468) insolvent and introduced bankruptcy proceedings
on June 24, 2004.  The case is docketed as 6/207-4/107.
Arbitral manager Mr. Volodimir Romanko (License Number AA 484208
approved on February 3, 2003) has been appointed
liquidator/insolvency manager.  Shomburg holds account number
260063001500 at JSB VABank, Lviv branch, MFO 325763.

Creditors have until August 17, 2004 to submit their proofs of
claim to:

(a) SHOMBURG
    7900, Ukraine, Lviv region,
    Lisenko Str. 14/12

(b) Mr. Volodimir Romanko
    Liquidator/Insolvency Manager
    80750, Ukraine, Lviv region,
    Zolochiv, Sadova Str. 4/51

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


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


A BEAM: Calls in Liquidator
---------------------------
At an Extraordinary General Meeting of the Members of the a Beam
Scaffolding Limited Company on July 30, 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


ALUDEL LIMITED: Fitness Business for Sale
-----------------------------------------
The joint administrative receivers, Michael Oldham and Kevin
Hellard, offer for sale the business and assets of Aludel
Limited, which also trades as Reviva Health and Fitness Clubs.

Aludel Limited has 15 fully equipped and operational ladies-only
health club gymnasiums, which are operated from leasehold
premises located in the Midlands and in the North.  The company
has around 13,000 members registered in its clubs, generating an
annual turnover of around GBP4 million.  Aludel employs around
140 full and part-time staff.

CONTACT:  ROBSON RHODES LLP
          186 City Road
          London EC1V 2NU
          Contact:
          Lisa Mann
          Phone: 020 7251 1644
          Fax: 020 750 4629
          E-mail: lisa.mann@rsmi.co.uk
          Web site: http://rsmi.co.uk


AMSONS IMPORTS: Sets Final Meetings September 10
------------------------------------------------
The final meetings of the members and creditors of the Amsons
Imports Limited will be on September 10, 2004 commencing at 2:00
p.m. and 2:15 p.m. respectively.  It will be held at the offices
of CBA, Lichfield Place, 435 Lichfield Road, Aston, Birmingham
B6 7SS.

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.

CONTACT:  CBA
          Lichfield Place
          435 Lichfield Road
          Aston, Birmingham B6 7SS
          Liquidator:
          N Money


ANGLO COURIER: Extraordinary Winding up Resolutions Passed
----------------------------------------------------------
At an Extraordinary General Meeting of the Members of the Anglo
Courier Services Limited Company on August 3, 2004 held at
Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB,
the Extraordinary Resolution to wind up the company was passed.
Alex Kachani of Crawfords, Stanton House, 41 Blackfriars Road,
Salford, Manchester M3 7DB has been nominated Liquidator for the
purpose of the winding-up.

CONTACT:  CRAWFORDS
          Stanton House
          41 Blackfriars Road,
          Salford, Manchester M3 7DB
          Liquidator:
          Alex Kachani


APW FINANCE: Hires Liquidators from BDO Stoy Hayward
----------------------------------------------------
At an Extraordinary General Meeting of the Apw Finance Limited
Company on July 29, 2004 held at BDO Stoy Hayward LLP, Park
House, 102-108 Above Bar, Southampton SO14 7NH, the subjoined
Extraordinary Resolution to wind up the company was passed.  A J
Galloway and CK Rayment of BDO Stoy Hayward LLP, 125 Colmore
Row, Birmingham B3 3SD have been appointed Liquidators for the
purpose of such winding-up.

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


ASCONEX INTERNATIONAL: Final Meetings Set September 9
-----------------------------------------------------
The final meetings of the members and creditors of the Asconex
International Freight Ltd will be on September 9, 2004
commencing at 2:00 p.m. and 2:15 p.m. respectively.  It will be
held at BRI Business Recovery and Insolvency, 102-104 St James
Road, Northampton NN5 5LF.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with BRI Business Recovery and Insolvency, 102-
104 St James Road, Northampton NN5 5LF not later than 12:00
noon, September 8, 2004.

CONTACT:  BRI BUSINESS RECOVERY AND INSOLVENCY
          102-104 St James Road,
          Northampton NN5 5LF
          Joint Liquidator:
          P J Windatt
          Phone: 01604 754352
          Fax:   01604 751660


BLAIR PLANT: Hires Ideal Corporate Solutions Administrator
----------------------------------------------------------
Andrew David Rosler has been appointed administrator for Blair
Plant & Civil Engineers Limited.  The appointment was made July
30, 2004.  The company is engaged in civil engineering.

CONTACT:  IDEAL CORPORATE SOLUTIONS LIMITED
          Tarleton House,
          112A/116 Chorley New Road, Bolton,
          Lancashire BL1 4DH
          Administrator:
          Andrew David Rosler
          (IP No 9151)


BOYD NAPIER: Tenon Called in as Liquidator
------------------------------------------
Boyd Napier LLP has gone into liquidation after amassing what is
believed a substantial six-figure debt.  The law firm's
liquidator is Tenon corporate recovery.

Majority of the firm's 110 staff in Edinburgh, Glasgow,
Cumbernauld, Dumbarton, Kilwinning and Dalry have been made
redundant.

The liquidator is now assessing the value of the firm's assets
and preparing to sell the constituent businesses, according to
the Herald.  Teneon assured they are trying to ensure client's
interests are not prejudiced by the collapse.

Boyd Napier is U.K.'s first legal firm to have gone into
liquidation as an LLP.  Its failure is raising concerns about a
growing crisis among mid-sized full-service practices.

Tenon corporate recovery directors Tom MacLennan and Iain are
expected to detail Boyd's troubles at a creditors' meeting in
the latter part of next month.


BRADBURY & BROWN: May Name Liquidator August 16
-----------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

        IN THE MATTER OF Bradbury & Brown (Garages) Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Bradbury & Brown
(Garages) Ltd. will be held at Chamber of Commerce, Commerce
House Festival Park Stoke-on-Trent ST1 5BE on August 16, 2004 at
12:30 p.m. for the purpose of having a full statement of the
position of the Company's affairs, together with a list of the
Creditors of the Company and the estimated amount of their
claims, laid before them, and for the purpose, if thought fit,
of nominating a Liquidator and of appointing a Liquidation
Committee.  (Sections 99-101 of the said Act)

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 1 The Embankment
Neville Street Leeds LS1 4DW 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 1
The Embankment Neville Street Leeds LS1 4DW 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 KPMG LLP, 1 The Embankment Neville Street
Leeds LS1 4DW two business days prior to the meeting.

By Order of the Board.

J. Smith, Director

July 21, 2004

CONTACT:  KPMG LLP
          1 The Embankment
          Neville Street
          Leeds LS1 4DW
          Phone: (0113) 231 3000
          Fax: (0113) 231 3200
          Web site: http://www.kpmg.co.uk


C C M MOTORCYCLES: Extraordinary Winding up Resolution Passed
-------------------------------------------------------------
At an Extraordinary General Meeting of the C C M Motorcycles
Limited Company on July 28, 2004 held at Commercial Buildings,
11-15 Cross Street, Manchester, the subjoined Extraordinary
Resolution to wind up the company was passed.  Dermot Justin
Power and David Swaden of BDO Stoy Hayward LLP, Commercial
Buildings, 11-15 Cross Street, Manchester M2 1BD have been
appointed Joint Liquidators for the purpose of such winding-up.

CONTACT:  BDO STOY HAYWARD LLP
          Commercial Buildings
          11-15 Cross Street,
          Manchester M2 1BD
          Liquidators:
          Dermot Justin Power
          David Swaden
          Phone: 0161 817 3700
          Fax:   0161 817 3711
          E-mail: manchester@bdo.co.uk
          Web site: http://www.bdo.co.uk


CELTIC COURT: Sets Final Meetings September 17
----------------------------------------------
The final meetings of the members and creditors of Celtic Court
Hotel Limited will be on September 17, 2004 commencing at 10:00
a.m. and 10:15 a.m. respectively.  It will be held at the
offices of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3
1EH.

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 Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH not
later than 12:00 noon, September 16, 2004.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Liquidator:
          M T Coyne
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


CITRUS VALLEY: Hires PricewaterhouseCoopers Liquidator
------------------------------------------------------
At an Extraordinary General Meeting of Citrus Valley Holdings
Limited on August 3, 2004, the Special and Ordinary Resolutions
to wind up the company were passed.  Richard Setchim and
Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree Court,
London EC4A 4HT have been appointed Joint Liquidators of the
Company for the purpose of such winding-up.

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


DAR-TON INSULATION: Appoints CRG Administrator
----------------------------------------------
Charles Howard Ranby-Gorwood has been appointed administrator
for Dar-Ton Insulation Ltd.  The appointment was made July 28,
2004.

The company installs food store.  Its registered office is
located at Alexandra Dock Business Centre, Fisherman's Wharf,
Grimsby DN31 1UL.

CONTACT:  CRG
          Insolvency & Financial Recovery
          Alexandra Dock Business Centre,
          Fisherman's Wharf,
          Grimsby DN31 1UL
          Administrator:
          Charles Howard Ranby-Gorwood
          (IP No 9129)


DAVE TYERMAN: General and Final Meeting September 14
----------------------------------------------------
The general meeting of the members and the final meeting of the
creditors of Dave Tyerman Transport Limited will be on September
14, 2004 commencing at 10:00 a.m. and 10:15 a.m. respectively.
It will be held at Baker Tilly, City Plaza, Temple Row,
Birmingham B2 5AF.

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 Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF nit
later than 12:00 noon, September 13, 2004.

CONTACT:  BAKER TILLY
          City Plaza,
          Temple Row,
          Birmingham B2 5AF
          Joint Liquidator:
          P H Allen
          Phone: 0121 214 3100
          Fax:   0121 214 3101
          Web site: http://www.bakertilly.co.uk


DIVE DECK: Members, Creditors Final Meetings September 24
---------------------------------------------------------
The final meetings of the members and creditors of Dive Deck
Limited will be on September 24, 2004 commencing at 10:00 a.m.
and 10:15 a.m. respectively.  It will be held at the offices of
Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Poppleton & Appleby, 35 Ludgate Hill,
Birmingham B3 1EH not later than 12:00 noon, September 23, 2004.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Liquidator:
          M T Coyne
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


EBBW FACH: Meeting of Creditors August 13
-----------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

        IN THE MATTER OF Ebbw Fach Development Trust Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Ebbw Fach Development
Trust Ltd. will be held at Nantyglo Institute New Road Blaenau
NP23 4JT on August 18, 2004 at 3:00 p.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Grant Thornton, 11-13 Penhill Road Cardiff
CF11 9UP two business days prior to the meeting.

By Order of the Board.

D. Hillman, Director
July 22, 2004

CONTACT:  GRANT THORNTON
          11-13 Penhill Road
          Cardiff CF11 9UP
          Phone: 029 2023 5591
          Fax: 029 2038 3803
          Web site: http://www.grant-thornton.co.uk


EICOM PLC: Extends Voluntary Arrangement
----------------------------------------
Eicom plc announces that the Company Voluntary Arrangement
entered into on 30 January 2004 has continued beyond the
proposed completion date of 22 June 2004.  The delay has been
caused by outstanding taxation issues that are outside the
control of the Company.

A further announcement will be made in due course.

                            *   *   *

The U.K. media company operates ETV Worldwide, a science and
technology television channel in Germany and Switzerland.  The
firm also produces entertainment television shows, provides
consulting services, and holds the exclusive rights to the
Classical World Chess Championship.

CONTACT:  EICOM PLC
          1 Clerkenwell Green
          London
          EC1R 0DR, United Kingdom
          Phone: +44-20-7074-3900
          Fax: +44-20-7336-8050
          Homepage: http://www.eicom.co.uk


FLEXOGRAPHIC PRINTING: Final Meeting Set September 7
----------------------------------------------------
The final meetings of the members and creditors of Flexographic
Printing Plates Limited will be on September 7, 2004 commencing
at 10:00 a.m. and 10:15 a.m. respectively.  It will be held at
93 Queen Street, Sheffield S1 1WF.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Poppleton & Appleby 93 Queen Street,
Sheffield S1 1WF not later than 12:00 noon, September 6, 2004.

CONTACT:  POPPLETON & APPLEBY
          93 Queen Street,
          Sheffield S1 1WF
          Joint Liquidator:
          A Cooper
          Phone: (0114) 275 5033
          Confidential Helpline: 0800 542 3021
          Fax:   (0114) 276 8556
          Web site: http://www.thepandapartnership.com


HERALD ELECTRONICS: Lloyds TSB Brings in Receiver
-------------------------------------------------
Lloyds TSB Commercial Finance Limited called in M J C Oldham and
J N Whitfield as joint administrative receivers for Herald
Electronics Limited (Reg No 03944606, Trade Classification:
3162).   The application was filed July 29, 2004.  The company
manufactures electronic products.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Joint Administrative Receivers:
          M J C Oldham
          J N Whitfield
          (Office Holder Nos 7817, 9131)
          Phone: +44 (0) 20 7251 1644
          Fax:   +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


INTERNATIONAL POWER: Moody's Reviewing Effects of Buyout Plans
--------------------------------------------------------------
Moody's placed under review for downgrade the Ba2 senior implied
and B1 issuer rating of International Power after the company
agreed to purchase several power generation assets.

International Power is buying the international power generation
portfolio of Edison Mission Energy for US$2.2 billion in a 70:30
partnership with Mitsui.  The deal is subject to shareholder
consent.  The company also agreed to purchase 75% of the
Turbogas project in Portugal through corporate cash.

The company will buy the EME assets through IPM Eagle LLP.  The
transaction will be financed with non-recourse debt, preference
shares to be purchased by Mitsui, and common equity.  The
shareholders expect to refinance a US$950 million bridge loan at
IPM Eagle LLP with a longer-term facility.

In addition, Moody's took note that International Power started
a regular dividend program, which starts at 2.5p per share in
2005.  It said the move changes the company's policy established
at flotation in 2000.

The review will focus on:

(a) the business profile and consolidated financial profile of
    International Power upon conclusion of the transactions,
    including any possible disposals;

(b) the expected terms of long term financing at IPM Eagle LLP,
    and the terms of the Preference Shares;

(c) the parent funding strategy, including the terms of any
    additional debt that International Power may raise;

(d) the impact of the acquisitions and any additional parent
    debt on subordination at the parent;

(e) the new business development strategy, including revisions
   to ongoing investment following the dividend announcement.


JOHN TURNBULL: Hires Kroll Limited Administrator
------------------------------------------------
Michael Joseph Moore and Charles Peter Holder have been
appointed administrators for John Turnbill (Hull) Limited.  The
appointment was made July 30, 2004.

CONTACT:  KROLL LIMITED
          5th Floor,
          Airedale House,
          77 Albion Street,
          Leeds 5AP
          Administrators:
          Michael Joseph Moore
          Charles Peter Holder
          (IP Nos 5562, 9093)


KINDER INDUSTRIAL: Sets General and Final Meetings September 9
--------------------------------------------------------------
The general meeting of the members and the final meeting of the
creditors of Kinder Industrial Systems Limited will be on
September 9, 2004 commencing at 10:00 a.m. and 10:15 a.m.
respectively.  It will be held at Baker Tilly, Brazennose House,
Lincoln Square, Manchester M2 5BL.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Baker Tilly, Brazennose House, Lincoln
Square, Manchester M2 5BL not later than 12:00 noon, September
8, 2004.

CONTACT:  BAKER TILLY
          Brazennose House,
          Lincoln Square,
          Manchester M2 5BL
          Liquidator:
          S M Quinn
          Phone: 0161 834 5777
          Fax:   0161 835 3242
          Web site: http://www.bakertilly.co.uk


KITCHEN EXPRESSIONS: Creditors Meeting August 13
------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

           IN THE MATTER OF Kitchen Expressions Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Kitchen Expressions
Ltd. will be held at Elliot House 151 Deansgate Manchester M3
3BP on August 16, 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 Elliot House 151
Deansgate Manchester M3 3BP 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
Elliot House 151 Deansgate Manchester M3 3BP 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 Begbies Traynor, Elliot House 151 Deansgate
Manchester M3 3BP two business days prior to the meeting.

By Order of the Board.

T. Johnson, Director
July 21, 2004

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
     Phone: 0161 839 0900
          Fax: 0161 832 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


LEOFRIC CAR: Final Meeting Set September 10
-------------------------------------------
The final meetings of the members and creditors of Leofric Car
Sales Limited will be on September 10, 2004 commencing at 10:00
a.m. and 10:15 a.m. respectively.  It will be held at the
offices of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3
1EH.

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 Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH not
later than 12:00 noon, September 9, 2004.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Liquidator:
          M T Coyne
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


LEWAR LIMITED: Special Winding up Resolution Passed
---------------------------------------------------
At an Extraordinary General Meeting of the Lewar Limited Company
on August 3, 2004 held at 24 Bevis Marks, London EC3A 7NR, the
subjoined Special Resolution to wind up the company was passed.
Beth Rees and Roderick John Weston of Mazars, 24 Bevis Marks,
London EC3A 7NR have been appointed Joint Liquidators for the
purpose of such winding-up.

CONTACT:  MAZARS
          24 Bevis Marks,
          London EC3A 7NR
          Liquidators:
          Beth Rees
          Roderick John Weston
          Phone: (44) 20 73 77 10 00
          Fax:   (44) 20 73 77 89 31
          Web site: http://www.mazars.com


MCFEN ENGINEERING: Sets General Meetings September 7
----------------------------------------------------
The general meetings of the members and creditors of McFen
Engineering G.B. Limited will be on September 7, 2004 commencing
at 10:00 a.m. and 10:15 a.m. respectively.  It will be held at
the offices of Haines Watts, 3rd Floor, 70-74 City Road, London
EC1Y 2BJ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members of creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Haines Watts, 3rd Floor, 70-74 City Road,
London EC1Y 2BJ not later than 12:00 noon, September 6, 2004.

CONTACT:  HAINES WATTS
          3rd Floor,
          70-74 City Road,
          London EC1Y 2BJ
          Joint Liquidator:
          P Forsey
          Phone: 020 7608 7700
          Fax:   020 7608 7755
          Web site: http://www.hwca.com


MERANT LIMITED: Hires Ernst & Young Liquidator
----------------------------------------------
At an Extraordinary General Meeting of the Merant Limited
Company (formerly Merant Plc) on July 29, 2004 held at 2755
Campus Drive, 3rd Floor, San Mateo CA 94403-2538,California,
USA, the Special Resolutions to wind up the company were passed.
Ian Best of Ernst & Young LLP, One Bridewell Street, Bristol BS1
2AA has been appointed Liquidator for the purpose of such
winding-up.

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


MG ROVER: Considers Slashing Price of CityRovers
------------------------------------------------
MG Rover and its Indian partner Tata Motors are discussing ways
to improve sales of CityRovers, the latest car model MG
introduced in the U.K.

The Telegraph says one option being considered is slashing the
price of the vehicle by GBP1,000 to attract more buyers.  The
talks came after sales in CityRovers during the first half fell
off sharply from the target set by MG Rovers.  The carmaker
aimed at selling 20,000 CityRovers a year.  For the last six
months, it only managed to dispose 4,600.

The CityRover is available in four versions costing GBP6,495 to
GBP8,895 on the road.  A slash in the price could eat profit
margins on the vehicle.  Tata's Indica cars face stiff
competition in the U.K. from other "super-mini" cars like the
Toyota Yaris and the cheaper Fiat Panda.

Professor Garel Rhys, director of automotive research at Cardiff
Business School said the car was expensive.  He said the
cheapest model must come at GBP5,500 to be competitive.

The company confirmed at the weekend that price was one factor
in a "package of things" being considered to boost sales.  A
spokesman said: "It is a competitive market place.  MG Rover is
always looking at ways to give customers a better deal."

Tata could not be reached for comment directly, but a spokesman
was quoted in the Indian press suggesting it would not be
unusual if the partners discuss business plans to improve sales
given their five-year plan to sell big volume of cars in the
U.K. and Europe.


PCF SUPPLIES: Appoints Auker Rhodes Administrator
-------------------------------------------------
John Paul Sugden of Auker Rhodes has been appointed
administrator for PCF Supplies Limited.  The appointment was
made July 28, 2004.

The company supplies industrial products.  Its registered office
address is located at Unit 7, Alfred Way Industrial Estate,
Barking Essex IG11 0AS.

CONTACT:  AUKER RHODES
          Royd House,
          286 Manningham Lane,
          Bradford BD8 7BP
          Administrator:
          John Paul Sugden
          (IP No 8064)


RATHO ADVENTURE: Receivers Bring in Corporate Troubleshooter
------------------------------------------------------------
Receivers Deloitte & Touche has appointed businessman Alastair
Ritchie to manage Scotland's troubled national climbing hub, the
Ratho Adventure Centre.

Mr. Ritchie, who specializes in restructuring troubled firms, is
set to spend his next few weeks drafting a full recovery plan
for the GBP20 million climbing center.  The centre, which houses
the national indoor climbing center and the Scottish judo
headquarters, was placed into receivership in March after
developer Ratho Quarry Company failed to contain the initial
cost of operating the centre.  Opening in October 2003, Ratho
racked up expenses that went GBP8 million over the initial
budget of GBP12 million.  Halifax Bank of Scotland, which
together with national sports agency sportscotland backed Ratho
Quarry Company, is reportedly keen on seeing the center
continue.

Mr. Ritchie says Ratho Adventure Centre will continue its normal
operations, pending his rescue plan.  "I will be spending this
week assessing the needs of the center and will be in a position
to provide further information in around seven days time," he
told the Wire.

"Unfortunately I cannot say much more at the minute because I
haven't been up to the center to see the situation for myself.
But I am confident that we can turn the center around," adds Mr.
Ritchie who manages Edinburgh-based Dowansbrae.  He used to run
the company that owns Deep Sea World in North Queensferry.

CONTACT:  THE ADVENTURE CENTRE RATHO
          South Platt Hill
          Ratho
          Newbridge
          Edinburgh EH28 8AA
          Phone: +44 (0) 131 333 6333
          Fax: +44 (0) 131 333 6330
          E-mail: info@adventurescotland.com
          Web site: http://ratho.ezoneinteractive.net


REDLAND FUNDING: Winding up Resolutions Passed
----------------------------------------------
Name of Companies:
Redland Funding Plc
Redland Overseas Holdings Limited
Redland Preferred Stock Plc
Redland U.S. Funding plc

At an Extraordinary General Meeting of these Companies on July
30, 2004, the Special and Ordinary Resolutions to wind up the
companies were passed.  Richard Setchim and Jonathan Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed Joint Liquidators of the Companies for the
purpose of such windings-up.

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


R L RUGGLES: Hires Numerica Administrator
-----------------------------------------
Nicholas Hugh O'Reilly and Colin Ian Vickers of Numerica have
been appointed administrators for R L Ruggies & Sons Limited.
The appointment was made August 2, 2004.  The company is engaged
on painting and decorating.

CONTACT:  NUMERICA
          PO Box 2653,
          66 Wigmore Street,
          London W1A 3RT
          Administrators:
          Nicholas Hugh O'Reilly
          Colin Ian Vickers
          (IP Nos 8309, 8953)
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.numerica.biz


STOCK GAYLARD: Appoints Liquidators from Baker Tilly
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the Stock
Gaylard Estate Company on July 28, 2004 held at 11 Cheap Street,
Sherborne, Dorset, the Special Resolutions to wind up the
company were passed.  Cedric Marsden Clapp and Andrew Martin
Sheridan of Baker Tilly, 1 Georges Square, Bristol BS1 6BP have
been appointed Joint Liquidators for the purpose of such
winding-up.

CONTACT:  BAKER TILLY
          1 Georges Square
          Bristol BS1 6BP
          Liquidators:
          Cedric Marsden Clapp
          Andrew Martin Sheridan
          Phone: 0117 945 2000
          Fax:   0117 945 2001
          Web site: http://www.bakertilly.co.uk


TRACE ASSOCIATES: Calls in Liquidator
-------------------------------------
At an Extraordinary General Meeting of the Members of Trace
Associates Limited Company on July 30, 2004 held at the offices
of Jacksons Jolliffe Cork, 33 George Street, Wakefield WF1 1LX,
the Special and Extraordinary Resolutions to wind up the company
were passed.  M C Bowker of Jacksons Jolliffe Cork, 33 George
Street, Wakefield WF1 1LX has been appointed Liquidator for the
purpose of such winding-up.

CONTACT:  JACKSONS JOLLIFFE CORK
          33 George Street,
          Wakefield WF1 1LX
          Liquidator:
          M C Bowker
          Phone: 01904 652100
          Fax:   01904 635349
          Web site: http://www.jjcork.co.uk


TRATTORIA LA RUGA: Creditors Meeting Set Monday
-----------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

            IN THE MATTER OF Trattoria La Ruga Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Trattoria La Ruga Ltd.
will be held at The Old Exchange 234 Southchurch Road Southend-
on-Sea SS1 2EG on August 16, 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 The Old Exchange
234 Southchurch Road Southend-on-Sea SS1 2EG not later than
12:00 noon on the business day before the Meeting.

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

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

By Order of the Board.

P. Georgiou, Director
July 21, 2004

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange
          234 Southchurch Road
          Southend-on-Sea
          SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


USHIDA FINDLAY: In Voluntary Liquidation
----------------------------------------
The Royal Institute of British Architects confirmed that world-
famous Scottish architectural firm Ushida Findlay had gone into
voluntary liquidation.

The Herald learned from the Companies House that an
extraordinary resolution to wind up the business was made in
June.  A liquidator was appointed last month.

The collapse means subcontractors working on Ushida Findlay
projects in Qatar are to lose substantial earnings, the report
said.  The firm encountered delays and cash-flow problems with
three major projects in Doha.

In the U.K., two other Ushida Findlay's projects are left in
limbo.  Future plans for Maggie's Centers, a cancer charity in
Wishaw, Lanarkshire, and the Stade Maritime Landmark project in
Hastings, West Sussex, remained unclear until this past few
days.

Ushida Findlay became first known for its ultra-modern design of
town houses in Tokyo.  It was founded in 1987 by Kathryn Findlay
and her husband, Eisaku Ushida, a Japanese architect.

In 2002 the firm won the Royal Institute of British Architects
competition for the unique starfish plan for Grafton New Hall, a
proposed English country home in Cheshire.  The project's
developer plans to use the design, but it will hire another
architect.


VINYL RECORDS: Files for Receivership
-------------------------------------
Receivers from Menzies Corporate Restructuring have been called
in for vinyl records businesses Vinyl Magic and Alpha Magic in
the U.K.

The firms import music from Belgium and Germany, which were then
played and mixed by professional DJs.  Their songs are sold
through big British chains such as HMV and dance music stores in
U.S.

There used to be a number of such businesses in the U.K., but
popularity of Internet song downloads, have slowly killed most
of them.  With the collapse of Vinyl and Alpha, the market is
now left with only six companies making vinyl records in the
U.K.

Vinyl Magic and Alpha Magic were set up by former Lola motor
racing team director Stephen Taylor and music producer Jerry
Hempstead.


VIRGIN ENTERTAINMENT: Hit by Losses in U.K. Operation
-----------------------------------------------------
The U.K. operation of Virgin Entertainment Asia, one of Sir
Richard Branson's holding companies, lost GBP129 million in the
year to January 2003, according to The Scotsman.

The loss in the U.K. entertainment business drove the company
into the red last year to the tune of GBP145.3 million.  A
Virgin spokesman said the loss relates to a write down of VOP
Holdings, the holding company of Our Price, which was later put
into member's voluntary liquidation.

The U.K. operation owns Virgin Megastores.  In contrast, the
high-street chain made an GBP8.5 million operating profit in the
year.  Virgin's Japanese cinema business makes a profit of
GBP6.3 million

Most of Virgin's subsidiaries operate in U.K. and Ireland.  It
does not control retail and cinema operations in Hong Kong,
China and Japan.


                            *********


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

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

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

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

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

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


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