TCREUR_Public/040813.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

             Friday, August 13, 2004, Vol. 5, No. 160

                            Headlines

F R A N C E

ALSTOM SA: Mulls Delisting from Wall Street
LUSTUCRU RIZ: Workers Present Alternative Redundancy Plan


G E R M A N Y

AAP IMPLANTATE: Successfully Concludes Capital Increase
DAIMLERCHRYSLER AG: Earns Outlook Upgrade for Improved Results
JENOPTIK AG: First-half EBIT Remains Negative Although Up 36%


I R E L A N D

GALTEE MEATS: Dairygold to Abandon Slaughterhouse by Year's End
JSG FUNDING: Reports EUR20 Mln Second-quarter Pre-tax Profit


I T A L Y

PARMALAT FINANZIARIA: Preparing Lawsuit Versus Bank of America
PARMALAT FINANZIARIA: Bondi Refuses to Compensate Banks


P O L A N D

CZESTOCHOWA STEEL: Government Reopens Bidding Process
NETIA S.A.: Returns to Black in 1st-half with PLN70.7 Mln Profit


R U S S I A

AUTO-DOR-STROY: Tyumen Court Commences Bankruptcy Proceedings
CITY ELECTRICAL: Court Sets September 15 Hearing
CREDITTRUST: Moscow Court Affirms Bankruptcy
FENOR: Court Brings in Insolvency Manager
FERTILITY: Declared Insolvent

GUSEVSKAYA: Deadline for Proofs of Claim August 24
LES-PLAV-MASH: Arkhangelsk Court Sets Next Hearing October 6
MAKSATINSKY LES-PROM-KHOZ: Proofs of Claim Deadline August 24
NADEZHDA-93: Tyumen Arbitration Court Confirms Insolvency
NIVA-BOLKHOV: Gives Creditors Until August 24 to File Claims

PETROZAVODSKY GORTOPSBYT: Court Begins Bankruptcy Supervision
POSELSKOYE: Court Sets November 11 Hearing
PROM-KHIMIYA: Insolvency Manager Takes over Operation
RESPECT-OIL-PRODUCTS: Declared Insolvent
SAMARA-METRO-STROY: Deadline for Proofs of Claim August 18

STATE FARM-2: Proofs of Claim Deadline Expires Next Week
SULYAEVSKOYE PO: Insolvent Status Confirmed
SYRO-DEL: Undergoes Bankruptcy Supervision Procedure
URANBASH: Under Bankruptcy Supervision
YUKOS OIL: Receives Default Notice on US$1.6 Bln Facility

YUKOS OIL: Energy Agency to Ensure Production Is Not Disrupted
YUNONA: Kurgan Court Orders Bankruptcy Supervision
ZHELEZNOGORODSKY WOOD: Court Appoints Insolvency Manager
ZHIRNOVSK-GAS-STROY: Under Bankruptcy Supervision


S W I T Z E R L A N D

SAS GROUP: Reports Marginally Positive Earnings for 2nd Quarter


U K R A I N E

BILOGIRSKIJ MILK: Proofs of Claim Deadline August 20
BRATCHINA: Herson Court Grants Debt Moratorium
GORODOK' SUGAR: Court Affirms Insolvency
IMPEXENERGOMASH: Under Bankruptcy Supervision
KOLOS: Court Orders Debt Moratorium

KRIVIJ RIG': Brings in Liquidator
LEBEDINBUDDETAL: Declared Insolvent
MELITOPOLGAZ: Proofs of Claim Deadline August 21
RUBEZHANSKIJ METAL: Public Auction of Assets Set August 20
SK-BROKUS: Court Appoints Insolvency Manager

SKIF: Bankruptcy Supervision Starts
TEHSERVICE: Bankruptcy Proceedings Launched
TEKSTILNIK: Gives Creditors Until August 21 to File Claims
UKRAGROPRODUCT: Bankruptcy Proceedings Pending Before Sumi Court
VOVKIVSKE: Deadline for Proofs of Claim Expires August 20


U N I T E D   K I N G D O M

ACORN ENGINEERING: Sets General Meetings September 7
ADEPT DERBY: Hires Thompson Partnership Administrator
AIR TECH: Sets Creditors Meeting August 17
ALFRED ELLIS: Creditors Meeting August 27
ALPINE FURNITURE: Hires Liquidators from Begbies Traynor

ARMITAGE ENGINEERING: Sets Creditors Meeting August 17
AVELIN PRINTERS: Printing Business for Sale
BEXLEY COMMUNITY: Special Winding up Resolution Passed
BRADFORD & DISTRICT: Sets Members General Meeting September 30
BROCKFEST LIMITED: Creditors General Meeting September 20

BROWNRIDGE PLASTICS: Names Joint Administrators from P&A
BURTONWOOD PLASTICS: Members, Creditors Meetings September 9
DARVEL TEXTILES: Names Joint Administrators from PKF
DKR MANAGEMENT: Hires Liquidators from PricewaterhouseCoopers
ECLIPSE TECHNICAL: Members Pass Winding up Resolutions

FEDERAL-MOGUL: Hosts Meeting Regarding Pension Scheme Issues
G & B SHEETMETAL: Appoints BDO Stoy Hayward Administrator
HOME DELIVERY: Sets Members Final Meetings September 10
HOMESTYLE GROUP: Pre-tax Loss Shoots Up to GBP107.8 Million
ILFORD IMAGING: Members Final Meeting September 13

JARVIS PLC: Adjusted Results Reflect Higher Losses
KINDDEAL LIMITED: Names Administrator from Sargent & Company
KNIGHT CONTRACTS: In Administrative Receivership
KNOWLEDGE PROCESS: Names Benedict Mackenzie Administrator
LLANTRISANT TRADING: Members Final Meeting September 10

MAP 80: Appoints BDO Stoy Hayward Administrator
MIDLAND LIFTING: Winding up Resolutions Passed
POCKET STUDIOS: Creditors Meeting Set August 18
PORTFLAT LIMITED: Members General Meeting September 7
PROPAFLOR LIMITED: Raised Flooring Manufacturer for Sale

ROYAL & SUNALLIANCE: Board Member Bob Ayling Steps Down
ROYAL & SUNALLIANCE: Operating Profit Up 60% to GBP192 Million
STELEX LTD.: Creditors Meeting August 17
TJ REFRIGERATED: Appoints Baker Tilly Administrator
X-RAY FX: Meeting of Creditors Tuesday Next Week


                            *********


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


ALSTOM SA: Mulls Delisting from Wall Street
-------------------------------------------
French engineering group Alstom S.A. is considering delisting
its American Depositary Receipts (ADRs) from the New York Stock
Exchange, Le Figaro says.  Altom's shares recently fell below
the US$1 minimum price to continue listing on the bourse.  In
the event the French group cancels its shares, holders of its 30
million ADRs will have a year to exchange them for shares.

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

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


LUSTUCRU RIZ: Workers Present Alternative Redundancy Plan
---------------------------------------------------------
The meeting between management and the Arles plant works council
to discuss Lustucru Riz's redundancy plan was suspended Monday
after union representatives rejected the plan.

According to Le Figaro, workers have instead presented an
alternative proposal that includes a EUR200,000 severance
payment for each of the 146 employees to be affected by the
factory's closure.

Lustucru, which is owned by the French pasta group Panzani,
operates another factory in Marseille, France.

CONTACT:  LUSTUCRU RIZ
          4 Rue Boileau
       69006 Lyon 06
          Web site: http://lusturizvivra.free.fr


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


AAP IMPLANTATE: Successfully Concludes Capital Increase
-------------------------------------------------------
Aap Implantate AG, a medical technology group specializing in
fracture healing, joint replacement and biomaterials, brought to
a successful conclusion a capital increase and rights issue.
The capital increase was placed in full by the issue of
9,739,058 ordinary shares, of which around 1.4 million were
acquired by existing shareholders and the remainder by new
investors, employees and individuals associated with the
company.

After the successful placement and entry of the capital increase
in the commercial register at Berlin's Charlottenburg district
court, the company's capital stock will increase by EUR9,739,058
from the present EUR4,869,529 to EUR14,608,587, consisting of
14,608,587 ordinary shares.  The new shares will probably be
listed along with the existing shares on the Frankfurt stock
exchange in mid-September 2004.

The capital increase will result in a gross inflow of funds
amounting to around EUR9.7 million that is intended to be used
to redeem in full all outstanding loans and to repay trade
creditors and other liabilities.  The remaining funds are to be
used to boost sales and to develop and launch new products.

CONTACT:  AAP IMPLANTATE AG
          Nanette Hudepohl, Investor & Public Relations
          Phone: +49 (0) 30 - 750 19 - 133
          Fax: +49 (0) 30 - 750 19 - 290
          E-mail: ir@aap.de


DAIMLERCHRYSLER AG: Earns Outlook Upgrade for Improved Results
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on German
automaker DaimlerChrysler AG to stable from negative following
strong operating profit improvements at the Chrysler Group.  At
the same time, the 'BBB/A-2' corporate credit ratings on
DaimlerChrysler were affirmed.

"The outlook revision reflects Standard & Poor's expectation
that DaimlerChrysler will be able to meet its target to clearly
exceed the 2003 operating profit -- before one-time items --
based primarily on Chrysler's return to being a positive
contributor to earnings," said Standard & Poor's credit analyst
Maria Bissinger.  "It is also supported by the commercial
vehicle division's continued improvements and the ongoing stable
performance of the group's services division."

After an operating loss of EUR796 million in the first six
months of 2003, Chrysler posted a modest operating profit of
EUR814 million in the first six months of 2004.  Although we
maintain our view that Chrysler's operations may remain
vulnerable to difficult industry conditions in the longer term
-- including unrelenting price competition -- we believe that
full-year operating earnings could exceed EUR1 billion and that,
for now, Chrysler's situation has at least stabilized and there
is diminished risk that it could become a significant drain on
the company's resources.

The group's commercial vehicle division benefited from the
recovery in the North American and European truck markets, the
restructuring actions completed in recent years, and the first-
time consolidation of Mitsubishi Fuso Truck and Bus Corporation.
This led to operating profits of EUR736 million in the first six
months of 2004 (up from EUR269 million in the previous year's
first six months).  We expect this positive trend to continue
through 2004 and into 2005.  Operating profits in the group's
services division, although declining slightly to EUR693 million
in the first half of this year from EUR753 million in the first
half of 2003, are expected to remain a relatively stable
contributor to the group's earnings.

Standard & Poor's believes that these positive factors offset
the recent negative developments within the group, notably the
declining profitability of Mercedes Car Group.  This division is
facing rising costs to address quality issues, which contributed
to the decline in profitability to EUR1.3 billion in the first
six months of 2004 (down from EUR1.5 billion in the previous
year's first six months).

Other adverse factors affecting Mercedes Car Group's operating
performance included increased product-launch costs, a
deterioration in model mix, and negative foreign exchange rate
effects.  Disappointing sales of the two-seater smart were only
partly offset by the launch of the four-seater smart, which
received a positive initial market response.

A negative effect on the services division's operating profit
could come from TollCollect, the loss-making consortium in which
DaimlerChrysler holds a 45% stake, which is supposed to start a
toll-collection system for trucks in Germany on Jan. 1, 2005,
after being delayed repeatedly.  System tests are now reported
to be progressing according to schedule.

Furthermore, the group's fully consolidated Fuso gives cause for
concern: after apparent quality issues, Fuso recently announced
a sweeping vehicle recall.  The effects of this on operating
results and future sales cannot be quantified as yet.

"We expect DaimlerChrysler to be able to increase operating
profits in 2004 and to sustain the improved competitiveness of
Chrysler," said Standard & Poor's credit analyst Scott Sprinzen.
"We also expect that the quality issues at Mercedes Car Group
will be successfully addressed."


JENOPTIK AG: First-half EBIT Remains Negative Although Up 36%
-------------------------------------------------------------
The Jenoptik Group recorded increases in sales of 13.2% to
EUR752.9 million (1st half 2003: EUR665.3 million).  The Group
EBIT came to -EUR8.4 million, a rise, however, of EUR4.8 million
from the previous first half (1st half 2003: -EUR13.2 million).
This figure, moreover, included planned restructuring costs for
the Clean Systems business division, of which EUR9.0 million
were social plan costs.  Without these costs, the Jenoptik
operative result for the first half would have returned to
positive figures.

In addition to restructuring costs, the Group result for the
period was weighed down by EUR12.3 million in interest expense
(1st half 2003: EUR7.3 million) due to the bond issued in autumn
2003, and a EUR2.4 million-increase in tax burden from the
previous year.  The Group result for the period, at -EUR19.3
million, therefore reflected only a slight improvement from the
first half of 2003 (-EUR20.1 million).

The Jenoptik Group reported a positive cash flow from operating
activities for the first half of 2004 of EUR5.9 million (1st
half 2003: -EUR22.8 million).  The Jenoptik Group net debt fell
in the first half of 2004 by EUR28.4 million from EUR126.3
million on December 31, 2003 to EUR97.9 million as of June 30,
2004.  The Jenoptik Group order intake rose 17.6% to EUR1.40
billion (1st half 2003: EUR1.19 billion).  Order backlog rose
9.6% to EUR3.19 billion, well over the EUR3 billion-threshold.
The Group's order backlog now includes a much higher portion of
electronics orders than a year ago.

In the process of restructuring the Clean Systems business
division the Technical Facility unit (HVAC) was transformed into
an independent company as of July 1, 2004.

Based on first half results, the Jenoptik Group strengthened its
sales and income projections for the full fiscal year 2004.  As
was announced with the publication of the 2003 annual figures in
April, Jenoptik Group sales will clearly surpass EUR2 billion
for the year with operating income reaching between EUR45
million and EUR60 million.  This presupposes, however, that all
projects, particularly in the Clean Systems business division,
are fully paid and accounted for within deadlines.

(Figures in million euros) Group     Jan.-June 2004     Jan.-
June 2003
Sales                                752.9              665.3
Operating Income (EBIT)               -8.4              -13.2
Net income for period                -19.3              -20.1
Order intake                       1,402.6            1,190.2
Order backlog                      3,191.0            2,908.9

CONTACT:  JENOPTIK AG
          Investor Relations
          Cornelia Todt
          Phone/Fax: ++49(0) 3641-652290/2484

          PR
          Markus Wild
          Phone/Fax: +49(0) 3641-652255/2484
          Homepage: http://www.jenoptik.com


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


GALTEE MEATS: Dairygold to Abandon Slaughterhouse by Year's End
---------------------------------------------------------------
Dairygold will close its Galtee Meats pig slaughtering
operations in Mitchelstown, Cork by the end of the year,
according to Europe Intelligence Wire.  The operation employs
130 workers, who will all lose their jobs under the plan.

The report said processing costs at the plant are high by
industry standards.  The shutdown will enable Dairygold to
obtain its meat requirements from other sources at a lower cost.
Galtee, which opened in the 1960s, slaughters 9,000-10,000 pigs
a week.

Pig growers in the area are expected to oppose its closure.
Some of them met on Tuesday at the Firgrove Hotel in
Mitchelstown to discuss the situation.  They would be forced to
bring their animals for slaughtering to either Roscrea or
Edenderry where Glanbia has slaughtering facilities once the
Mitchelstown plant is closed.


JSG FUNDING: Reports EUR20 Mln Second-quarter Pre-tax Profit
------------------------------------------------------------
Results for the 3 months ended 30 June, 2004:

                       2Q '04 2Q '03 Change 2Q '04 1Q '04 Change
                       EUR  m EUR  m      % EUR  m EUR  m      %
                       ------ ------ ------ ------ ------ ------

Net sales              1,226  1,217     1%  1,226  1,200      2%

EBITDA(a)                158    176   (10%)   158    142     11%

EBITDA(a)Margin         12.9%  14.4%  (11%)  12.9%  11.8%     9%

Free cash flow            70     45     56%    70     13    438%

Pre-tax profit/(loss)     20     26   (22%)    20     (3)    NM

(a)Pre-exceptional EBITDA of subsidiaries only


                                            H1 '04 H1 '03 Change
                                            EUR  m EUR  m      %
                                            ------ ------ ------

Net sales                                   2,426  2,396      1%

EBITDA(a)                                     300    331    (9%)

EBITDA(a)Margin                              12.4%  13.8%  (10%)

Free cash flow                                 83     56     48%

Pre-tax profit/(loss)                          17     31   (46%)

(a)Pre-exceptional EBITDA of subsidiaries only

Second Quarter, 2004: Year-on-year performance

Second quarter net sales of EUR1,226 million increased 1%
against EUR1,217 million in the second quarter of 2003.
Excluding the effect of acquisitions, disposals and currency
movements, sales increased EUR21 million or 2% on the comparable
period in 2003.

Second quarter EBITDA, before exceptional items, of EUR158
million decreased 10% against EUR176 million in the second
quarter of 2003 representing a margin on net sales of 12.9% and
14.4% respectively.  Excluding the effect of acquisitions,
disposals, currency movements and the one-off gain on property
sales in the K Club in 2003, EBITDA, before exceptional items,
of EUR158 million increased over 1% on the comparable period in
2003.  This represents an EBITDA margin on net sales of 12.9%, a
slight improvement on the 2003 figure.

Second Quarter, 2004: Quarter-on-quarter Performance

Second quarter net sales of EUR1,226 million increased 2%
against EUR1,200 million in the first quarter of 2004.
Excluding the effect of currency movements, sales increased
EUR14 million or 1% on the first quarter of 2004.

Second quarter EBITDA, before exceptional items, of EUR158
million increased 11% against EUR142 million in the first
quarter of 2004 representing a margin on net sales of 12.9% and
11.8% respectively.  Excluding the effect of currency movements,
EBITDA, before exceptional items increased EUR14 million or 10%
on the first quarter of 2004.  There was no material acquisition
or disposal impact during the first or second quarter of 2004.

Second Quarter, 2004: Summary Cash Flows & Capital Structure

Free cash flow in the second quarter of EUR70 million compares
to EUR45 million in 2003.  Second quarter free cash flow
reflects a lower working capital outflow, lower capital
expenditure and receipts from property sales.  Net borrowing at
30 June, 2004 was EUR3,074 million (including EUR29 million
capital leases).  This is a reduction of EUR46 million from
March 2004 levels.  The relative weakening of the euro since
December 2003 has increased the value of non-euro denominated
debt and has resulted in a currency translation loss of EUR4
million in the quarter.  Net debt to capitalization was 78% at
30 June 2004.

First Half 2004: Year-on-year performance

Net sales for the first half of 2004 of EUR2,426 million
increased 1% against EUR2,396 million in the first half of 2003.
Excluding the effect of acquisitions, disposals and currency
movements, sales increased EUR21 million or 1% on the same
period in 2003.

EBITDA, before exceptional items, of EUR300 million for the
first half decreased 9% against EUR331 million in the first half
of 2003 representing a margin on net sales of 12.4% and 13.8%
respectively.  Excluding the effect of acquisitions, disposals,
currency movements and one-off gains, EBITDA, before exceptional
items, of EUR300 million decreased EUR15 million or 5% against
the comparable period in 2003.  This represents an EBITDA margin
on net sales of 12.4% and 13.1% respectively.

Product Market Overview: Europe

The second quarter again reflects a difficult operating
environment for our main businesses in Europe.  While overall
volumes (in recycled containerboard, kraftliner and corrugated)
increased during the quarter, there is currently a different
product price dynamic for recycled containerboard and
kraftliner.  Recycled containerboard prices increased EUR30 to
EUR40 per ton during the first quarter reflecting modest
increases in waste-fiber costs.  However, waste-fiber prices
started to decline during the second quarter, which contributed
to some margin recovery in containerboard.  Following the
decline in waste-fiber, recycled containerboard prices were
adjusted downwards by approximately EUR20 per ton at the
beginning of July.  Volumes of recycled containerboard increased
8% during the second quarter.  Excluding the effect of
acquisitions year-on-year, volumes increased 5%.

The global supply and demand balance for kraftliner has
improved.  JSG, as owner of the two largest kraftliner mills in
mainland Europe, is a beneficiary of this improvement.  A price
increase, announced for April, 2004 was partially implemented
during the second quarter and continued progress is being made.
A further price increase of EUR50 per ton has been announced for
1 September.  Despite a better pricing environment for
kraftliner, second quarter product prices were approximately
EUR40 per ton below the comparable period in 2003.  Kraftliner
volumes increased 9% year-on-year in the second quarter.

Corrugated prices did not increase during the second quarter to
reflect increasing containerboard prices.  This contributed to
margin erosion.  Current corrugated prices also remain below
2003 levels.  Corrugated volumes increased 1% on the comparable
period in 2003.  Excluding the effect of acquisitions year-on-
year, corrugated volumes increased 1%.

Our Munksjo Speciality operations had a good second quarter,
reflecting improving decor paper markets and improved pulp
prices.  Munksjo's financial performance represents a
significant improvement on prior years.  The Bag-in-Box business
is now growing strongly after a weak first quarter.  Sack kraft
prices declined in the first quarter; however, price increases
have been announced for the second half of 2004.  JSG's sack
business remains relatively stable.  The graphic board business,
while a relatively small component of JSG's European business,
is performing well following a recent restructuring.  2003
second quarter results benefited from the inclusion of the EUR18
million gain on property sales at the K Club.

Product Market Overview: Latin America

JSG's Latin American businesses continue to progress.  Factors
contributing to improving performance include a continuing
recovery in Mexico and a stable performance in Colombia and
Argentina.  Venezuela also continues to perform very well in an
environment of continued political and economic uncertainty.
Second quarter containerboard volumes, for the region, increased
7% year-on-year.  Corrugated volumes increased 5% year-on-year.

Internal restructuring initiatives together with an improving
domestic and U.S. economy are contributing to a good recovery in
Mexico.  Containerboard and corrugated volumes increased 9% and
2% respectively in the quarter.  JSG's Mexican operations are
experiencing some growth in the manufacturing sector in the
Maquiladora region.  In Colombia, second quarter volumes remain
unchanged.  However, despite a stronger than expected local
currency, Colombia achieved a modest improvement in performance
year-on-year.  In Argentina and Venezuela, volumes increased
year-on-year.  Second quarter volumes in paper increased 4% in
both countries; corrugated volumes increased 10% and 12%
respectively year-on-year.

JSG continues to grow its business in the developing Latin
American region and has now entered two new markets.  Building
on the strong management team and experience within the region,
JSG has expanded its sack business into Ecuador.  JSG is also
engaged in a cost-efficient entry (using currently owned
equipment) into the Chilean corrugated market.

Capital Expenditure, Cost Take-out & Disposals

Capital expenditure during the second quarter, including the
movement in capital creditors, was EUR48 million.  First half
capital expenditure was EUR94 million.  The capital expenditure
target for the full year remains approximately 80% of
depreciation.  This level of expenditure represents adequate
investment levels to sustain current and expected business
needs.  Capital expenditure is being applied where we can
achieve JSG's demanded rate of return.  Expenditure currently
includes a number of strategic projects -- at the Mengibar mill
in Spain and the Haupt mill in Germany.  These investments
enhance production capacity and the ability to serve market
demand for lighter basis weights and white-top containerboard.

JSG continues to focus on reducing costs across the
organization.  Operational cost take-out in the first half of
2004 is over EUR20 million.  JSG's centralized purchasing
program has resulted in achieving a further EUR5 million in
annualized savings year-to-date.  This will, in part, help
offset increasing input costs such as energy.

JSG continues to review all non-strategic and non-EBITDA
generating assets.  During the second quarter, JSG disposed of a
real estate site in Dublin and has also agreed to the sale of a
small communications and media business.  The SPV, established
at the time of the leveraged buy-out by Madison Dearborn, does
not fall within the scope of JSG's reported accounts or its
financial performance.  All of the debt associated with the SPV
(EUR125 million) has been repaid ahead of schedule and EUR11
million was transferred to JSG from the SPV during the first
quarter.  JSG will directly benefit from any sale of remaining
assets within the SPV.  Amongst the assets remaining are the
Pomona newsprint mill and our stake in Lecta.

Second Quarter, 2004: Cash Flows & Capital Structure

Free cash flow in the second quarter of EUR70 million increased
from EUR45 million in 2003 despite lower subsidiary profits.
The increase reflects a lower working capital outflow, lower
capital expenditure and disposal proceeds of EUR18 million
(primarily in relation to sale of a real estate site in Dublin).

Depreciation was higher year-on-year reflecting the acquisition
of SSCC's European packaging operations in 2003 and adjustments
to fixed assets following a fair value exercise.  Goodwill was
reduced year-on-year as part of the fair value exercise.
Capital expenditure was EUR48 million in the second quarter.
Working capital increased by EUR4 million in the quarter and was
EUR466 million at 30 June 2004.  This represented 9.6% of
annualized net sales compared to 10.5% at 30 June 2003.

Financing and investment outflows in the second quarter were
modest.  In the second quarter of 2003, investments included the
acquisition of Papelera Navarra (the payment of which was
deferred until the third quarter) as well as the buy-out of
JSG's joint venture partner in a Polish sack plant.

A EUR61 million surplus for the second quarter was offset by the
add-back of non-cash interest and currency, resulting in a
decrease in net borrowing of approximately EUR46 million.  The
euro weakened during the quarter relative to both the U.S.
dollar and sterling and the value of non-euro debt increased
resulting in a currency translation loss of EUR4 million.  In
total, net borrowing decreased by almost EUR46 million from
EUR3,091 million (EUR3,118 million including leases) at March
2004 to EUR3,045 million (EUR3,074 million including leases) at
June 2004.

Summary cash flows for the second quarter and first half of 2004
are set out in the following table.

                    3 months  3 months  6 months   6 months
                      to 30     to 30     to 30      to 30
                    Jun 2004  Jun 2003  Jun 2004  Jun 2003
                       EUR       EUR       EUR       EUR
                    Million   Million   Million   Million
                   Unaudited Unaudited Unaudited Unaudited


Profit before tax -
subsidiaries           17        22        11        26
Exceptional items      (15)        -       (15)        -
Depreciation and depletion
                        69        65       135       128
Goodwill amortization    9        11        21        21
Non cash interest expense
                        16        15        31        29
Working capital change  (4)      (19)      (17)      (42)
Capital expenditure    (42)      (47)      (81)      (79)
Change in capital creditors
                        (6)       (3)      (13)      (11)
Sales of fixed assets   18         -        22         1
Tax paid                (4)       (7)      (23)      (24)
Dividends from associates
                         3         -         3         -
Other                    9         8         9         7

Free cash flow          70        45        83        56

Investments             (4)       (6)       (5)      (94)
Sale of businesses and
investments            -         5         -        12
Dividends paid to minorities
                       (4)        -        (5)       (4)
Deferred debt issue costs
                        -         -         -        (8)
Transaction Fees       (1)        -        (2)      (12)
Transfer of cash from/(to)
affiliates
                       -         2        11        (2)
Net cash inflow/(outflow)
                       61        46        82       (52)

Net cash/(debt)
acquired/disposed      -        14         -        55
SSCC inter company debt repaid
                        -         -         -       (97)
Non-cash interest accrued
                      (12)      (10)      (22)      (20)
Currency translation
Adjustments           (4)       41       (32)       82

Decrease/(increase) in net
borrowing             EUR  45   EUR  91   EUR  28 EUR  (32)

A reconciliation of net profit to EBITDA, before exceptional
items, is set out in the following table.

                        3 months  3 months  6 months  6 months
                          to 30     to 30     to 30     to 30
                        Jun 2004  Jun 2003  Jun 2004  Jun 2003
                        EUR  000  EUR  000  EUR  000  EUR  000
                        Unaudited Unaudited Unaudited Unaudited

Retained profit / (net loss)
                         13,171     5,639   (13,675)  (18,678)
Equity minority interests 3,411     3,634     7,123     9,300
Taxation                  3,859    16,604    23,547    40,759
Share of associates' operating
profit                  (3,354)   (4,672)   (6,023)   (6,654)
Profit on sale of assets and
operations - subsidiaries(15,072)      -   (15,072)        -
Reorganization and
restructuring costs      5,655         -     5,655     5,346
Total net interest       72,958    78,029   142,863   151,950
Depreciation, depletion and
amortization            77,736    76,321   155,905   148,980

                           EUR       EUR       EUR       EUR
EBITDA before exceptional items
                        158,364   175,555   300,323   331,003

Performance Review and Outlook

Gary McGann, CEO commented: "These results reflect a reasonable
performance in a difficult operating environment for our
business.  As we consistently maintain, our objective is to
continue to actively manage the factors we can control which
will, in time, deliver improved performance at each point of the
industry cycle.

Business conditions in Europe continue to necessitate strong,
active management of the factors we can control.  This includes
a continued judicious approach to our capital programs and
addressing underperforming or non-cash generating businesses.
The ongoing progress in our Latin American businesses clearly
demonstrates both the growth potential of this region and the
quality of its management.

The expected economic recovery should translate into an improved
financial performance towards the end of the financial year.
This, together with other initiatives, will enhance our stated
financial priority of progressive debt paydown."

Web site Access to Reports

The Registrant's annual report on Form 20-F, current reports on
Form 6-K and all amendments to those reports are made available
free of charge at http://www.smurfit-group.comas soon as
practicable after such material is electronically filed with or
furnished to the Securities and Exchange Commission.

Financial statements are available free of charge at
http://bankrupt.com/misc/JSGFunding_3MoJune2004.htm.

CONTACT:  JEFFERSON SMURFIT GROUP
          Gary McGann, Chief Executive Officer
          Phone: +353 1 202 7000

          TONY SMURFIT, PRESIDENT & COO
          Phone: +353 1 202 7000

          Ian Curley, Finance Director
          Phone: +353 1 202 7000

          K CAPITAL SOURCE
          Mark Kenny
          Phone: +353 1 631 5500
          E-mail: smurfit@kcapitalsource.com


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


PARMALAT FINANZIARIA: Preparing Lawsuit Versus Bank of America
--------------------------------------------------------------
Enrico Bondi, the chairman of Parmalat Finanziaria S.p.A., might
sue the bank that arranged the firm's more than EUR1 billion
(US$1.2 billion) private placements before its demise last year.

Mr. Bondi accused U.S.'s third largest bank of "illicit
operations" when it raised the money for Parmalat in the late
90s, documents posted on a Web site of a court in Parma, Italy
reads.  "As a result, Bondi will likely sue Bank of America for
the damage that these operation produced."

The Italian dairy giant was left with more than EUR14 billion of
debt at the time of its bankruptcy in December.  It is suing
three other banks, Citigroup Inc. in the U.S., and UBS AG and
Deutsche Bank in Europe, to recover the loss.  Mr. Bondi has
rejected more than EUR1 billion in claims from the dairy's
biggest banks.

Bank of America is insisting it did not commit wrongdoing in the
matter.  It said it also lost millions of dollars on Parmalat
credits.  Bank of America said, in a statement, it believed
Parmalat was "a strong, honest, reputable investment-grade
company and also that these transactions served a legitimate
business purpose."

The deadline for the filing of creditor claims is September 18,
the dairy company said.


PARMALAT FINANZIARIA: Bondi Refuses to Compensate Banks
-------------------------------------------------------
Parmalat Chairman Enrico Bondi rejected more than EUR1 billion
(US$1.2 billion) in claims from creditors that helped the dairy
group arranged its previous refinancing transactions.

Documents posted on the Web site of the Parma court hearing the
bankruptcy case showed that Mr. Bondi denied more than EUR530
million in claims from Citigroup and its units, EUR240 million
from Bank of America Corporation, more than EUR96 million from
Deutsche Bank, and more than EUR51 million in claims from UBS
AG.  Deutsche Bank AG, Europe's third-largest bank, had EUR27
million of claims accepted for compensation.

Bank of America Corp., U.S.'s third largest bank, organized more
than EUR1 billion in private placements for Parmalat.  Citigroup
arranged a EUR288 million securitization through Citibank and
its units.

Mr. Bondi accused the banks of participating in more than a
decade of fraud committed by the previous management.  He is
suing Deutsche Bank, UBS, and Citigroup to recover the firm's
losses.  He is preparing to file the same lawsuit against Bank
of America.  He plans to return the money he will recover from
the banks to creditors who are currently being asked to swap
their debt for new shares.

Citigroup said in a statement it will pursue all opportunities
for appropriate redress of its own losses for the transaction it
arranged in behalf of Parmalat.


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


CZESTOCHOWA STEEL: Government Reopens Bidding Process
-----------------------------------------------------
The Treasury Ministry is stepping up efforts to privatize
Czestochowa Steel Mill.  Creditors have given the company until
the end of the year to settle debts.  It may go bankrupt if it
fails to find a buyer beyond this period.  Czestochowa Steel
owes creditors more than PLN800 million.

According to Puls Biznesu, the Ministry wants to invite LNM and
the Ukrainian Donbas to resubmit their bids.  The two were short
listed as potential investors at the beginning of the year.

Donbas lost in that process and has since lodged an appeal
against Czestochowa Steel's privatization procedure.  The
current bid invitation requires investors to sign an agreement
not to appeal any decision.  This means Donbas would have to
withdraw the motion it had already submitted to the court.
Donbas' representative Konstanty Litwinow said his company would
only do so if it receives the exclusive rights to negotiate with
the ministry.


NETIA S.A.: Returns to Black in 1st-half with PLN70.7 Mln Profit
----------------------------------------------------------------
Netia S.A. (WSE: NET), Poland's largest alternative provider of
fixed-line telecommunications services, announced its unaudited
consolidated financial results for the second quarter and six
months ended June 30, 2004.

Financial Highlights

(a) Revenues for H1 2004 were PLN434.2 million (US$115.9
    million), a year-on-year increase of 28%.  Revenues for Q2
    2004 were PLN222.3 million (US$59.3 million), a year-on-year
    increase of 25%.

(b) EBITDA for H1 2004 was PLN159.8 million (US$42.6 million),
    representing an EBITDA margin of 36.8% and a year-on-year
    increase of 70%.  EBITDA for Q2 2004 was PLN83.9 million
    (US$22.4 million), representing an EBITDA margin of 37.8%
    and a year-on-year increase of 66%.

(c) Profit from operations (EBIT) for H1 2004 was PLN44.6
    million (US$11.9 million), representing an EBIT margin of
    10.3%.  EBIT for Q2 2004 was PLN21.0 million (US$5.6
    million), representing an EBIT margin of 9.4%.

(d) Net profit for H1 2004 was PLN70.7 million (US$18.9
    million), representing a net profit margin of 16.3% and
    swinging from a net loss of PLN95.6 million a year ago.  Net
    profit for Q2 2004 was PLN38.4 million (US$10.2 million).
    Net profit for H1 2004 included PLN19.7 million (US$5.3
    million) of unrealized foreign exchange gains on license
    liabilities of El-Net.

(e) Cash at June 30, 2004 was PLN217.2 million (US$58.0 million)
    as compared to PLN185.0 million at March 31, 2004.

Operational Highlights

(a) Sales of telecommunications products other than traditional
    direct voice (including indirect voice, data transmission,
    interconnection revenues, wholesale, intelligent network and
    other telecom services) increased their share of total
    revenues from telecom services to 37% or PLN81.0 million
    (US$21.6 million) in Q2 2004 from 29% in Q2 2003 and to 36%
    or PLN152.7 million (US$40.7 million) in H1 2004 from 26% in
    H1 2003.

(b) Revenues from business customers accounted for 66% of total
    telecom revenues in both Q2 2004 and H1 2004.

(c) Subscriber lines (net of voluntary churn and disconnections)
    increased to 426,606 at June 30, 2004 from 351,295 at June
    30, 2003 and from 424,658 at March 31, 2004, a year-on-year
    increase of 21%.  Business customer lines increased 29%
    year-on-year to 143,167 and these now account for 34% of
    total subscriber lines.

(d) Average monthly revenue per line (with regard to direct
    voice services) decreased by 9% to PLN108 (US$29) in Q2 2004
    from PLN119 in Q2 2003 and by 4% from PLN113 in Q1 2004,
    reflecting the continued overall tariff reduction trends in
    the sector.

(e) Headcount of the Netia group was 1,340 at June 30, 2004,
    compared to 1,430 at June 30, 2003 and 1,393 at March 31,
    2004.

Wojciech Madalski, Netia's President and Chief Executive
Officer, commented: "One year ago, Netia completed its financial
restructuring and approved its new strategy for double-digit
growth and significantly improved profitability.  The results
again underscore the Company's resurgence.  Netia delivered
another quarter of on-plan performance, with strong increases in
revenues and profits driven by higher sales within strategically
targeted product segments, contributions from acquisitions and
efficiency gains.  As a result, we are pleased to report that
Netia has swung from a net loss in first half 2003 to a net
profit of PLN70.7 million for the year-to-date.

"Growth was led by sales of telecommunications products other
than traditional voice, especially indirect voice and data
transmission, and this segment accounted for 36% of total
revenues in first half 2004 compared to 26% a year ago.  Of the
28.4% increase in revenues over first half 2003, 12.9 percentage
points represented pure organic growth while 14.7 percentage
points was contributed by the acquisition of El-Net and the
balance by the consolidation of Cwiat Internet (former TDC
Internet Polska).  This consistent top-line progress has further
strengthened Netia's position as the leading alternative telecom
provider in Poland.

"EBITDA in first half 2004 increased by 70% year-on-year to
PLN159.8 million as we further improved efficiency.  El-Net's
integration costs were offset by enhanced cost control and
higher productivity, as quarterly revenue per Netia employee
increased by 36% year-on-year to nearly PLN166 thousand in Q2
2004.

"Our operating expenses in Q2 2004 represented 63.5% of total
revenues, being a substantial improvement from 73.2% and 79.7%
in Q1 2003 and Q1 2002, respectively.  The main contributors to
this change comparing Q2 2004 with Q1 2003 and Q1 2002 were:
interconnection charges (17.8% vs. 19.3% and 21.0%), salaries
and benefits (14.3% vs. 20.9% and 25.2%) and professional
services (1.8% vs. 3.0% and 3.6%).

"Consequently, our Q2 2004 EBITDA margin increased to 37.8%
compared to 35.8% in Q1 2004 and 28.5% in Q2 2003."

A full copy of the first-half results is available free of
charge at http://bankrupt.com/misc/Netia_1H2004.pdf.
A copy of the second-quarter results is available free of charge
at http://bankrupt.com/misc/Netia_2Q2004.pdf.

CONTACT:  NETIA S.A.
          Anna Kuchnio, Investor Relations
          Phone: +48-22-330-2061
          Jolanta Ciesielska (Media)
          Phone: +48-22-330-2407

          Mark Walter
          Taylor Rafferty, London
          Phone: +44-(0)20-7936-0400

          Abbas Qasim
          Taylor Rafferty, New York
          Phone: +1-212-889-4350


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


AUTO-DOR-STROY: Tyumen Court Commences Bankruptcy Proceedings
-------------------------------------------------------------
The Arbitration Court of Tyumen region has declared OJSC Auto-
Dor-Stroy insolvent and introduced bankruptcy proceedings.  The
case is docketed as A70-8137/3-2003.  Mr. V. Shaportov has been
appointed insolvency manager.   Creditors have until August 24,
2004 to submit their proofs of claim to 625003, Russia, Tyumen
region, Rozy Luksemburg Str. 12B.

CONTACT:  AUTO-DOR-STROY
          Russia, Tyumen region,
          Zavodoukovsk,
          Revolyutsionnaya Str. 94

          Mr. V. Shaportov
          Insolvency Manager
          625003, Russia,
          Tyumen Region,
          Rozy Luksemburg Str. 12B


CITY ELECTRICAL: Court Sets September 15 Hearing
------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on municipal unitary enterprise City
Electrical and Thermal Networks.  The case is docketed as A66-
8860-03.  Mr. G. Kharitonov has been appointed temporary
insolvency manager.

Creditors are asked to submit their proofs of claim to 248000,
Russia, Kaluga, Pochtamt, Post User Box 22.  A hearing will take
place at the Arbitration Court of Tver region on September 15,
2004, 10:30 a.m.

CONTACT:  CITY ELECTRICAL AND THERMAL NETWORKS
     171720, Russia,
          Tver region, Vesyegonsk,
          Svobodny Pr. 1A

          Mr. G. Kharitonov
          Temporary Insolvency Manager
          248000, Russia,
          Kaluga, Pochtamt,
          Post User Box 22


CREDITTRUST: Moscow Court Affirms Bankruptcy
--------------------------------------------
The Moscow Arbitration Court has officially declared CreditTrust
(also known as Kredittrast) bank bankrupt and appointed Valeriy
Togulev as official receiver, Interfax-AFI says.

The court also ordered management to surrender documents, seals
and stamps to the receiver.  In July, the Russian central bank
revoked CreditTrust's license after finding it guilty of serious
misrepresentation of financial reporting data.  The bank
subsequently went into voluntary liquidation after hordes of
depositors withdrew thief funds.

CreditTrust has around RUB350 million of liquid assets and no
property.  The bank has incurred around RUB3.65 billion of debt,
of which RUB405 million is owed to individual accountholders.

CONTACT:  CREDITTRUST
          Web site: http://www.credittrust.ru

          Sergey Mitreykin
          Director, International Relations
          Phone: +7 095 777 5154
          E-mail: smitreykin@credittrust.ru

          Pavel Polyakov
          Regional Manager
          Phone: + 7 095 7775151 ext. 593
          E-mail: polyakov@credittrust.ru


FENOR: Court Brings in Insolvency Manager
-----------------------------------------
The Arbitration Court of Moscow region has declared LLC Fenor
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A40-57003/03-74-41B.  Mr. V. Karnaukh has been
appointed insolvency manager.  Creditors have until August 18,
2004 to submit their proofs of claim to 127322, Russia, Moscow,
Post User Box 46.

CONTACT:  FENOR
          103460, Russia,
          Moscow, 3rd Zapadny Pr. 8

          Mr. V. Karnaukh
          Insolvency Manager
          127322, Russia,
          Moscow, Post User Box 46


FERTILITY: Declared Insolvent
-----------------------------
The Arbitration Court of Kaluga region has declared OJSC
Fertility insolvent and introduced bankruptcy proceedings.  The
case is docketed as A23-3661/03B-7-111.  Mr. V. Khansi has been
appointed insolvency manager.   Creditors are asked to submit
their proofs of claim to 248023, Russia, Kaluga, Tulskaya Str.
69, Apartment 68.

CONTACT:  FERTILITY
          Russia, Kaluga,
          Medyn, Sovetskaya Str. 26

          Mr. V. Khansi
          Insolvency Manager
          248023, Russia,
          Kaluga, Tulskaya Str. 69,
          Apartment 68


GUSEVSKAYA: Deadline for Proofs of Claim August 24
--------------------------------------------------
The Arbitration Court of Ryazan region has declared OJSC
industrial municipal complex Gusevskaya insolvent and introduced
bankruptcy proceedings.  The case is docketed as A54-4730/03-S1.
Mr. N. Komkov has been appointed insolvency manager.

Creditors have until August 24, 2004 to submit their proofs of
claim to:

(a) Mr. N. Komkov
    Insolvency Manager
    391302, Russia,
    Ryazan region, Kasimov,
    Sadovaya Str. 3;

(b) The Arbitration Court of Ryazan region
    390000, Russia,
    Ryazan, Pochtovaya Str. 44/43

(c) Gusevskaya
    Russia, Ryazan region,
    Kasimovsky region


LES-PLAV-MASH: Arkhangelsk Court Sets Next Hearing October 6
------------------------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy supervision procedure on OJSC maymaksansky factory
Les-Plav-Mash.  The case is docketed as A05-5200/04-21.  Mr. S.
Tifanov has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 163061,
Russia, Arkhangelsk, Volodarskogo Str. 36A.  A hearing will take
place on October 6, 2004, 2:30 p.m.

CONTACT:  LES-PLAV-MASH
     Russia, Arkhangelsk,
          Gertsena, 12, Building 1

          Mr. S. Tifanov
          Temporary Insolvency Manager
          163061, Russia,
          Arkhangelsk, Volodarskogo Str. 36A


MAKSATINSKY LES-PROM-KHOZ: Proofs of Claim Deadline August 24
-------------------------------------------------------------
The Arbitration Court of Tver region has declared LLC
MAKSATINSKY LES-PROM-KHOZ insolvent and introduced bankruptcy
proceedings.  The case is docketed as A66-7688-03.  Mr. A.
Maltabar has been appointed insolvency manager.  Creditors have
until August 24, 2004 to submit their proofs of claim to 170000,
Russia, Tver region, Novotorzhskaya Str. 8.

CONTACT:  MAKSATINSKY LES-PROM-KHOZ
          Russia, Tver region,
          Maksatikha, Stroiteley Pr. 5a

          Mr. A. Maltabar
          Insolvency Manager
          170000, Russia,
          Tver Region,
          Novotorzhskaya Str. 8


NADEZHDA-93: Tyumen Arbitration Court Confirms Insolvency
---------------------------------------------------------
The Arbitration Court of Tyumen region has declared LLC wood
processing company Nadezhda-93 insolvent and introduced
bankruptcy proceedings.  The case is docketed as A70-8851/3-
2003.  Ms. N. Belyakova has been appointed insolvency manager.
Creditors have until August 24, 2004 to submit their proofs of
claim to 625003, Russia, Tyumen, R. Liksemburg Str. 12B.

CONTACT:  NADEZHDA-93
          Russia, Tyumen region,
          Kommunisticheskaya Str. 70

          Ms. N. Belyakova
          Insolvency Manager
          625003, Russia,
          Tyumen, R. Liksemburg Str. 12B


NIVA-BOLKHOV: Gives Creditors Until August 24 to File Claims
------------------------------------------------------------
The Arbitration Court of Orel region has declared OJSC Niva-
Bolkhov (TIN 5704003800) insolvent and introduced bankruptcy
proceedings.  The case is docketed as L48-463/04-16b.  Mr. V.
Kucherov has been appointed insolvency manager.  Creditors have
until August 24, 2004 to submit their proofs of claim to 302010,
Russia, Orel, Aviatsionnaya Str. 5.

CONTACT:  NIVA-BOLKHOV
          Russia, Orel region,
          Bolkhov, Lenina Str. 45

          Mr. V. Kucherov
          Insolvency Manager
          302010, Russia,
          Orel, Aviatsionnaya Str. 5


PETROZAVODSKY GORTOPSBYT: Court Begins Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy supervision procedure on state unitary enterprise
Petrozavodsky Gortopsbyt.  The case is docketed as A26-2767/04-
18.  Mr. V. Tyulyunov has been appointed temporary insolvency
manager.

Creditors are asked to submit their proofs of claim to 185014,
Russia, Kareliya republic, Petrozavodsk, Post User Box 317.  A
hearing will take place at the Arbitration Court of Kareliya
republic at Russia, Petrozavodsk, Krasnoarmeyskaya Str. 24A,
Hall 1 on September 29, 2004, 2:20 p.m.

CONTACT:  PETROZAVODSKY GORTOPSBYT
          185000, Russia,
          Kareliya republic, Petrozavodsk,
          Varkausa Str. 10

          Mr. V. Tyulyunov
          Temporary Insolvency Manager
          185014, Russia,
          Kareliya Republic, Petrozavodsk,
          Post User Box 317

          The Arbitration Court of Kareliya republic
          Russia, Petrozavodsk,
          Krasnoarmeyskaya Str. 24A


POSELSKOYE: Court Sets November 11 Hearing
------------------------------------------
The Arbitration Court of Penza region has commenced bankruptcy
supervision procedure on CJSC agricultural enterprise
Poselskoye.  The case is docketed as A49-3126/04-64B/10.  Ms. E.
Meshenkova has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to Russia,
Penza region, Kuznetsky region, Poselki.  A hearing will take
place on November 11, 2004.

CONTACT:  POSELSKOYE
          Russia, Penza region,
          Kuznetsky region, Poselki

          Ms. E. Meshenkova
          Temporary Insolvency Manager
          Russia, Penza region,
          Kuznetsky region, Poselki


PROM-KHIMIYA: Insolvency Manager Takes over Operation
-----------------------------------------------------
The Arbitration Court of Kalmykiya republic has declared
industrial chemical company CJSC Prom-Khimiya (TIN 0814076136)
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A22-1060.04/8-70.  Mr. V. Borongushev has been
appointed insolvency manager.  Creditors are asked to submit
their proofs of claim to 358000, Russia, Kalmykiya republic,
Elista, Glavpochtamt, Post User Box 38.

CONTACT:  PROM-KHIMIYA
          Russia, Kalmykiya republic,
          Ketchenery, Muchkaeva Str. 20

          Mr. V. Borongushev
          Insolvency Manager
          358000, Russia,
          Kalmykiya Republic, Elista,
          Glavpochtamt,
          Post User Box 38


RESPECT-OIL-PRODUCTS: Declared Insolvent
----------------------------------------
The Arbitration Court of Penza region has declared LLC Respect-
Oil-Products insolvent and introduced bankruptcy proceedings.
The case is docketed as A49-3182/04-65B/26.  Mr. V. Vasilyev has
been appointed insolvency manager.  Creditors are asked to
submit their proofs of claim to 440034, Russia, Penza,
Metallistov Str. 5.

CONTACT:  RESPECT-OIL-PRODUCTS
     Russia, Penza region,
          N. Lomov, Dachnaya Str. 1

          Mr. V. Vasilyev
          Insolvency Manager
          440034, Russia,
          Penza, Metallistov Str. 5


SAMARA-METRO-STROY: Deadline for Proofs of Claim August 18
----------------------------------------------------------
The Arbitration Court of Samara region has declared OJSC Samara-
Metro-Stroy insolvent and introduced bankruptcy proceedings.
The case is docketed as A55-16592/03-42.  Mr. A. Bobrov has been
appointed insolvency manager.  Creditors have until August 18,
2004 to submit their proofs of claim to 443013, Russia, Samara,
Kievskaya Str. 5.

CONTACT:  Mr. A. Bobrov
          Insolvency Manager
          443017, Russia,
          Samara, Yassky per. 10-A


STATE FARM-2: Proofs of Claim Deadline Expires Next Week
--------------------------------------------------------
The Arbitration Court of Rostov region has declared OJSC State
Farm-2 insolvent and introduced bankruptcy proceedings.  The
case is docketed as A53-16567/03-S2-8.  Mr. N. Lemaev has been
appointed insolvency manager.  Creditors have until August 18,
2004 to submit their proofs of claim to 344002, Russia, Rostov-
na-Donu, Gazetny per. 34, Office 323.

CONTACT:  STATE FARM-2
          346067, Russia,
          Rostov Region, Tarasovsky Region,
          Izumrudny

          Mr. N. Lemaev
          Insolvency Manager
          344002, Russia,
          Rostov-na-Donu, Gazetny per. 34,
          Office 323


SULYAEVSKOYE PO: Insolvent Status Confirmed
-------------------------------------------
The Arbitration Court of Volgograd region has declared
Sulyaevskoye Po insolvent and introduced bankruptcy proceedings.
The case is docketed as A02-2894/03.  Mr. P. Zhdankov has been
appointed insolvency manager.   Creditors have until August 18,
2004 to submit their proofs of claim to 400001, Russia,
Volgograd region, Klinskaya Str. 38-2.

CONTACT:  SULYAEVSKOYE PO
          Russia, Volgograd region,
          Kumelzhensky region, Sulyaevsky

          Mr. P. Zhdankov
          Insolvency Manager
          400001, Russia,
          Volgograd Region,
          Klinskaya Str. 38-2
          Phone: (8442) 94-25-76


SYRO-DEL: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------
The Arbitration Court of Stavtopol region has commenced
bankruptcy supervision procedure on OJSC Syro-Del.  The case is
docketed as A63-91/20040S5.  Mr. N. Tikhonov has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 355012,
Russia, Stavtopol region, Stavropol, Goleneva Str. 73, Room 518.
A hearing took place on August 8, 2004.

CONTACT:  SYRO-DEL
     Russia, Stavtopol region,
          Krasnogvardeysky region,
          Krasnogvardeyskoye,
          Yarmorochnaya Str. 13

          Mr. N. Tikhonov
          Temporary Insolvency Manager
          355012, Russia,
          Stavtopol Region,
          Stavropol, Goleneva Str. 73,
          Room 518
          Phone: (8652) 26-08-96


URANBASH: Under Bankruptcy Supervision
--------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision procedure on collective farm Uranbash.
The case is docketed as A47-4331/2004-MGK.  Mr. V. Kirzhaev has
been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 460000,
Russia, Orenburg, Gaya Str. 23A.  A hearing will take place at
the Arbitration Court of Orenburg region on September 14, 2004

CONTACT:  URANBASH
          Russia, Orenburg region,
          Oktyabrsky region, Uranbash

          Mr. V. Kirzhaev
          Temporary Insolvency Manager
          460000, Russia,
          Orenburg, Gaya Str. 23A
          Phone/Fax: 78-38-45


YUKOS OIL: Receives Default Notice on US$1.6 Bln Facility
---------------------------------------------------------
Yukos Oil Company received a notice dated 6 August 2004 from the
facility agent under the Yukos US$1.6 billion pre-export
facility secured term loan stating that the lender under that
facility considers that an event of default has occurred as a
result of recent well publicized events and their actual or
potential impact on YUKOS' business and assets.

On 5 July 2004 Yukos announced that it received a notice from
the facility agent under YUKOS' US$1.0 billion pre-export
facility stating that the lenders considered one or more events
of default to have occurred under that facility.

The notice under the US$1.6 billion facility stated that
following the event of default the loan was payable on the
demand of the facility agent.

Yukos has also been notified by the lenders under both of its
pre-export facility term loans that the lenders have used and
will use the provisions of the loan documentation in order to be
fully or partially repaid from the proceeds of export sales of
crude oil securing the facilities.

CONTACT:  YUKOS OIL COMPANY
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

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

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


YUKOS OIL: Energy Agency to Ensure Production Is Not Disrupted
--------------------------------------------------------------
Sergey Koudryashov, chief executive of Yuganskneftegaz, Yukos'
main production unit, warned of possible stoppage in operation
after court bailiffs froze the firm's bank accounts.

"If they don't decide soon [on releasing the account], either we
have to cut down on our production or violate contracts," the
head of Yukos' largest Siberian unit said.  The government froze
the company's bank accounts in an effort to collect US$3.4
billion in back taxes.

Yuganskneftegaz is delayed in paying suppliers and has only paid
workers through Tuesday, he told Bloomberg News.  The firm's
suppliers include Schlumberger Ltd., based in New York and the
world's second-largest oilfield-services company.  Yukos stands
to lose 1.06 million barrels of daily output if production in
the unit is shut down.  It will disrupt exports to customers
such as PetroChina Co., PKN Orlen S.A. of Poland, Mol Rt. of
Hungary and AB Mazeikiu Nafta of Lithuania.

Russia's Federal Energy Agency said on Wednesday it will ask
court bailiffs to unblock the accounts to ensure Yukos continue
supplying customers.

"It is not possible for a big company to exist without financing
for its operations," agency head Sergei Oganesyan told
reporters.  Schlumberger has been paid only 70% of bills.  The
rest of August's payments depend on access to the Yukos
accounts, he said.


YUNONA: Kurgan Court Orders Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Kurgan region has commenced bankruptcy
supervision procedure on OJSC kurganskaya spinning knitwork
factory Yunona (TIN 4501019680).  The case is docketed as A34-
1173/04-s27.  Mr. A. Smetanin has been appointed temporary
insolvency manager.

Creditors are asked to submit their proofs of claim to Russia,
Kurgan, Promyshlennaya Str. 33.  A hearing will take place on
August 25, 2004.

CONTACT:  YUNONA
     Russia, Kurgan,
          Promyshlennaya Str. 33

          Mr. A. Smetanin
          Temporary Insolvency Manager
          Russia, Kurgan,
          Promyshlennaya Str. 33


ZHELEZNOGORODSKY WOOD: Court Appoints Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on LLC Zheleznogorodsky Wood
Proceeding Factory (TIN 245008320/24501001).  The case is
docketed as A33-7088/04-s4.  Mr. S. Khizhnenko has been
appointed temporary insolvency manager.

CONTACT:  ZHELEZNOGORODSKY WOOD PROCEEDING FACTORY
          662990, Russia,
          Krasnoyarsk region,
          Zheleznogorsk, Lenina Str. 39


ZHIRNOVSK-GAS-STROY: Under Bankruptcy Supervision
-------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on LLC Zhirnovsk-Gas-Story (TIN
3407008697).  The case is docketed as A12-12763/04-s57.  Mr. E.
Slushkin has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 400123,
Russia, Volgograd region, Post User Box 1948.

CONTACT:  ZHIRNOVSK-GAS-STORY
          403791, Russia,
          Volgograd Region, Zhirnovsk,
          Gubkina Str. 26

          Mr. E. Slushkin
          Temporary Insolvency Manager
          400123, Russia,
          Volgograd Region,
          Post User Box 1948


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


SAS GROUP: Reports Marginally Positive Earnings for 2nd Quarter
---------------------------------------------------------------
Highlights of second-quarter results

(a) Operating revenue for the first half of the year amounted to
    SEK27.710 million (SEK29.010 million), a decrease of 4.5%.
    For comparable units, operating revenue for the period fell
    4.2% or SEK1.216 million

(b) Traffic growth was good for all the Group's airlines.  The
    SAS Group's total passenger traffic (RPK) increased by 11.1%
    for the half year and by 14.3% for the second quarter.

(c) Income before depreciation and leasing costs for aircraft
   (EBITDAR) amounted to SEK1.449 million (SEK1.210 million) for
    the first half of the year.  EBITDAR for the second quarter
    was SEK1.493 million (SEK1.608 million).

(d) Income before capital gains and nonrecurring items improved
    by SEK300 million and amounted to -SEK1.622 million
    (-SEK1.922 million) for the period.  Adjusted for currency
    effects, income improved by SEK415 million.   The result for
    the second quarter was marginally positive at SEK9 million
    (-SEK13 million).

(e) Income after financial items amounted to -SEK1.583 million
    (-SEK1.789 million), and was SEK0 (SEK87 million) in the
    second quarter.

(f) Income after tax amounted to -SEK1.304 million (-SEK1.533
    million), and was SEK98 million (SEK66 million) in the
    second quarter.

(g) CFROI for the 12-month period July 2003-June 2004 was 8%
    (8%).

(h) Earnings per share for the SAS Group in the first half of
    the year amounted to -SEK7.93 (-SEK9.32).  Equity per share
    amounted to SEK72.14 (SEK80.42).

(i) Income after financial items for the Group's largest units
    in January-June amounted to -SEK1.283 million (-SEK1.281
    million) for Scandinavian Airlines, -SEK221 million (-SEK283
    million) for Spanair and SEK241 million (-SEK19 million) for
    Braathens.  The result for the second quarter was
    Scandinavian Airlines -SEK238 million (-SEK30 million),
    Spanair SEK71 million (SEK86 million) and Braathens SEK200
    million (SEK73 million).

(j) Currency-adjusted unit cost for Scandinavian Airlines
    decreased by 14% in the first half of the year and by 12% in
    the second quarter.  Adjusted for increased jet fuel prices,
    the unit cost decreased by 15% in the second quarter.

(k) On June 23, the SAS Group announced that due to development
    in January to May, and the uncertainty about the future
    yield trend and the competitive situation, the Board and
    Management's previously expressed aim of positive earnings
    before tax, capital gains and nonrecurring items is not
    expected to be met.


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


BILOGIRSKIJ MILK: Proofs of Claim Deadline August 20
----------------------------------------------------
The Economic Court of Hmenitskij region commenced bankruptcy
supervision procedure on OJSC Bilogirskij Milk Products Plant
(code EDRPOU 14173477) on June 15, 2004.  The case is docketed
as 2/154-B.  Mr. Mikola Dejneka (License Number AA 047739
approved on October 2, 2003) has been appointed temporary
insolvency manager.

Creditors have until August 20, 2004 to submit their proofs of
claim to:

(a) BILOGIRSKIJ MILK PRODUCTS PLANT
    30200, Ukraine, Hmelnitskij region,
    Bilogirya, Miru Str. 3

(b) Mr. Mikola Dejneka
    Temporary Insolvency Manager
    29000, Ukraine, Hmelnitskij region,
    Hotovitskij Str. 8/120

(c) ECONOMIC COURT OF HMELNITSKIJ REGION
    29000, Ukraine, Hmelnitskij region,
    Nezalezhnosti square, 1


BRATCHINA: Herson Court Grants Debt Moratorium
----------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on Agricultural LLC Bratchina (code EDRPOU
30981609) and ordered a moratorium on satisfaction of creditors'
claims on March 24, 2004.  The case is docketed as 12/115-B.
Arbitral manager Mrs. Oksana Andrushenko (License Number AA
315496 approved on August 18, 2002) has been appointed temporary
insolvency manager.

Creditors have until August 20, 2004 to submit their proofs of
claim to:

(a) AGRICULTURAL BRATCHINA
    75360, Ukraine, Herson region,
    Novotroitskij district, Sivashivka

(b) ECONOMIC COURT OF HERSON REGION
    73000, Ukraine, Herson region,
    Gorkij Str. 18


GORODOK' SUGAR: Court Affirms Insolvency
----------------------------------------
The Economic Court of Hmelnitskij region declared OJSC Gorodok'
Sugar Plant (code EDRPOU 00373379) insolvent and introduced
bankruptcy proceedings on June 21, 2004.   Arbitral manager Mrs.
Irina Kovalchuk (License Number AA 719840 approved on February
23, 2004) has been appointed liquidator/insolvency manager.  The
company holds account number 26008889106301 at JSCB Ukrsocbank,
Hmelnitskij regional branch, MFO 315018.

CONTACT:  GORODOK' SUGAR PLANT
          32000, Ukraine, Hmelnitskij region,
          Gorodok, Zavodska square., 7

          Mrs. Irina Kovalchuk
          Liquidator/Insolvency Manager
          Ukraine, Hmelnitskij region,
          Teatralna Str. 54, office 307, 309

          ECONOMIC COURT OF HMELNITSKIJ REGION
          29000, Ukraine, Hmelnitskij region,
          Nezalezhnosti square, 1


IMPEXENERGOMASH: Under Bankruptcy Supervision
---------------------------------------------
The Economic Court of Rivne region has commenced bankruptcy
supervision procedure on LLC Impexenergomash (code EDRPOU
13976079) and ordered a moratorium on satisfaction of creditors'
claims.  The case is docketed as 8/27.  Mrs. Larisa Maslyanchuk
(License Number AA 783047 approved on March 29, 2004) has been
appointed temporary insolvency manager.  The company holds
account number 26006000025001 at JSC Ukrinbank, Rivne branch,
MFO 333216.

Creditors have until August 21, 2004 to submit their proofs of
claim to:

(a) IMPEXENERGOMASH
    33000, Ukraine, Rivne region,
    Soborna Str. 181

(b) Mrs. Larisa Maslyanchuk
    Temporary Insolvency Manager
    33000, Ukraine, Rivne region,
    Dragomanov Str. 27

(c) ECONOMIC COURT OF RIVNE REGION
    33001, Ukraine, Rivne region,
    Yavornitski Str. 59


KOLOS: Court Orders Debt Moratorium
-----------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on Farmer Enterprise Kolos (code EDRPOU
21392441) on July 13, 2004 and subsequently ordered a moratorium
on satisfaction of creditors' claims.  The case is docketed as
4/132 B.  Arbitral manager Mr. S. Gorbach (License Number AA
630134 approved on January 12, 2004) has been appointed
temporary insolvency manager.  The company holds account number
26009300195 at Oshadbank, Bobrovitsya branch, MFO 343024.

Creditors have until August 21, 2004 to submit their proofs of
claim to:

(a) FARMER ENTERPRISE KOLOS
    Ukraine, Chernigiv region,
    Bobrovitsya, Karnouhov Str. 2

(b) Mr. S. Gorbach
    Temporary Insolvency Manager
    Ukraine, Chernigiv region,
    Miru Avenue, 136, office 30

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


KRIVIJ RIG': Brings in Liquidator
---------------------------------
The Economic Court of Dnipropetrovsk region declared OJSC Krivij
Rig' Granite Quarry (code EDRPOU 00293700) insolvent and
introduced bankruptcy proceedings on July 6, 2004.  The case is
docketed as B 24/229/02.  Mr. U. Tsibulskij (License Number AA
047623) has been appointed liquidator/insolvency manager.  The
company holds account number 26007063780001 at JSCIB Ukrsibbank,
Krivij Rig branch, MFO 306834.

CONTACT:  KRIVIJ RIG' GRANITE QUARRY
          50070, Ukraine, Dnipropetrovsk region,
          Krivij Rig, Kamenedrobilna Str. 21

          Mr. U. Tsibulskij
          Temporary Insolvency Manager
          50027, Ukraine, Dnipropetrovsk region,
          Krivij Rig, a/b 1221

          ECONOMIC COURT OF DNIPROPETROVSK REGION
          49600, Ukraine, Dnipropetrovsk region,
          Kujbishev Str. 1a


LEBEDINBUDDETAL: Declared Insolvent
-----------------------------------
The Economic Court of Sumi region declared LLC Lebedinbuddetal
(code EDRPOU 23999874) insolvent and introduced bankruptcy
proceedings on July 1, 2004.  The case is docketed as 12/30-04.
Arbitral manager Mr. Andrij Sisoyev (License Number AA 485260
approved on April 9, 2003) has been appointed
liquidator/insolvency manager.  The company holds account number
26003275916001 at CB Privatbank, Lebedin branch, MFO 337546.

CONTACT:  LEBEDINBUDDETAL
          Ukraine, Sumi region,
          Lebedin, Gastello Str. 74

          Mr. Andrij Sisoyev
          Liquidator/Insolvency Manager
          40022, Ukraine, Sumi region,
          Psilska Str. 4, office 9
          Phone: 22-19-78 21-84-21

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


MELITOPOLGAZ: Proofs of Claim Deadline August 21
------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on OJSC Melitopolgaz (code EDRPOU
05535349) on June 30, 2004.  The case is docketed as 25/55.
Mrs. N. Chursina (License Number AA 783018) has been appointed
temporary insolvency manager.  The company holds account number
26007301280853 at Prominvestbank, Melitopol branch, MFO 313043.

Creditors have until August 21, 2004 to submit their proofs of
claim to:

(a) MELITOPOLGAZ
    72318, Ukraine, Zaporizhya region,
    Melitopol, Chkalov Str. 47-a

(b) ECONOMIC COURT OF ZAPORIZHYA REGION
    69001, Ukraine, Zaporizhya region,
    Tulenin Str. 21


RUBEZHANSKIJ METAL: Public Auction of Assets Set August 20
----------------------------------------------------------
The liquidator sets for public auction the properties of OJSC
Rubezhanskij Plant of Reinforced Metal Constructions on August
20, 2004, 11:30 a.m. at Ukraine, Lugansk region, Rubizhne,
Zavodska Str. 18.

The properties for sale are:

(a) shop for production of reinforced metal plates with an area
    of 5,421 square meters,

(b) armature shop with an area of 1,605 square meters,

(c) administrative building with an area of 1,251 square meters,

(d) other production and consumer buildings with an area of
    3,647 square meters,

(e) land territory with an area of 13,000 square meters, and

(f) a system of engineering infrastructure and fence.

Starting price of the assets for sale is UAH367,830 (inclusive
of UAH61,305 VAT.  To participate, bidders must deposit an
amount equivalent to 5% of the value of the property being sold
and pay a registration fee of UAH17 until August 17, 2004.  The
amount must be deposited to account number 26000301100394 at
Prominvestbank, Rubezhanskij branch, MFO 304653, EDRPOU
01235805.

Participants must submit competitive propositions on or before
August 17, 2004 to 93400, Ukraine, Lugansk region,
Severodonetsk, Kurchatov Str. 7-a/146.

CONTACT:  RUBEZHANSKIJ PLANT OF REINFORCED METAL CONSTRUCTIONS
          Ukraine, Lugansk region,
          Rubizhne, Zavodska Str. 18
          Phone: 8 (06452) 2-34-29, (06253) 9-50-41
          Fax (06452) 5-30-30
          E-mail: discont@sed.lg.ua


SK-BROKUS: Court Appoints Insolvency Manager
--------------------------------------------
The Economic Court of Kyiv region declared LLC SK-Brokus (code
EDRPOU 25291381) insolvent and introduced bankruptcy proceedings
on July 15, 2004.  Mr. A. Vodzinskij has been appointed
liquidator/insolvency manager.

Creditors have until August 20, 2004 to submit their proofs of
claim.  For more information, call 8-050-177-44-17.

CONTACT:  SK-BROKUS
          Ukraine, Kyiv region,
          B. Hmelnitskij Str. 51

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


SKIF: Bankruptcy Supervision Starts
-----------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure on Commercial Enterprise Skif
(code EDRPOU 19433575).  The case is docketed as B 15/52/04.
Mr. U. Tsibulskij (License Number AA 047623) has been appointed
temporary insolvency manager.  The company holds account number
26008100283001 at JSCB Ukrsocbank, Krivij Rig branch, MFO
305619.

Creditors have until August 20, 2004 to submit their proofs of
claim to:

(a) COMMERCIAL ENTERPRISE SKIF
    50005, Ukraine, Dnipropetrovsk region,
    Krivij Rig, Domobudivelna Str. 25

(b) Mr. U. Tsibulskij
    Temporary Insolvency Manager
    50027, Ukraine, Dnipropetrovsk region,
    Krivij Rig, Yesenin Str. 1

(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
    49600, Ukraine, Dnipropetrovsk region,
    Kujbishev Str. 1a


TEHSERVICE: Bankruptcy Proceedings Launched
-------------------------------------------
The Economic Court of Kyiv region declared LLC Tehservice (code
EDRPOU 32490307) insolvent and introduced bankruptcy proceedings
on July 15, 2004.  Mr. O. Yarmolenko has been appointed
liquidator/insolvency manager.

Creditors have until August 20, 2004 to submit their proofs of
claim.  For more information, call 247-13-92.

CONTACT:  TEHSERVICE
          Ukraine, Kyiv region,
          Volodimirskij Uzviz, 4-V

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


TEKSTILNIK: Gives Creditors Until August 21 to File Claims
----------------------------------------------------------
The Economic Court of Chernigiv region declared LLC Tekstilnik
(code EDRPOU 14238248) insolvent and introduced bankruptcy
proceedings on June 1, 2004. The case is docketed as 9/104 B.
Arbitral manager Mr. S. Gorbach (License Number AA 630134
approved on January 12, 2004) has been appointed
liquidator/insolvency manager.  The company holds account number
2600901170260 at JSCB Praveks-Bank, Chernigiv branch, MFO
353360.

Creditors have until August 21, 2004 to submit their proofs of
claim to:

(a) TEKSTILNIK
    14000, Ukraine, Chernigiv region, Shors Str. 66

(b) Mr. S. Gorbach
    Liquidator/Insolvency Manager
    Ukraine, Chernigiv region,
    Miru Avenue, 136, office 30
    Phone: 8 (067) 220-42-93

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


UKRAGROPRODUCT: Bankruptcy Proceedings Pending Before Sumi Court
----------------------------------------------------------------
The Economic Court of Sumi region declared LLC Ukragroproduct
(code EDRPOU 30914773) insolvent and introduced bankruptcy
proceedings on June 21, 2004.  The case is docketed as 7/29-04.
Arbitral manager Mr. Vadim Zakopko (License Number AA 719836
approved on February 19, 2004) has been appointed
liquidator/insolvency manager.

CONTACT:  UKRAGROPRODUCT
          42200, Ukraine, Sumi region,
          Lebedin, K. Marks Str. 11

          Mr. Vadim Zakopko
          Liquidator/Insolvency Manager
          40030, Ukraine, Sumi region,
          Proletarska Str. 69, 2nd floor

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


VOVKIVSKE: Deadline for Proofs of Claim Expires August 20
---------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Vovkivske (code EDRPOU 30827665) on
May 26, 2004.  The case is docketed as 12/40-04.  Arbitral
manager Mr. Vadim Zakopko (License Number AA 719836 approved on
February 19, 2004) has been appointed temporary insolvency
manager.  The company holds account number 26004277549801 at CB
Privatbank, Sumi branch, MFO 337546.

Creditors have until August 21, 2004 to submit their proofs of
claim to:

(a) VOVKIVSKE
    42022, Ukraine, Sumi region,
    Romenskij district, Vovkivtsi,
    Shkilna Str. 12

(b) Mr. Vadim Zakopko
    Temporary Insolvency Manager
    Ukraine, Sumi region,
    Kirov Str. 25
    Phone: (0542) 34-51-73

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


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


ACORN ENGINEERING: Sets General Meetings September 7
----------------------------------------------------
The general meetings of the members and creditors of Acorn
Engineering Services (UK) Limited will be on September 7, 2004
commencing at 11:00 a.m. and 11:30 a.m. respectively.  It will
be held at the offices of HKM LLP, 73-75 Aston Road North,
Waterlinks, Birmingham B6 4DA.

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 HKM LLP, 73-75 Aston Road North, Waterlinks,
Birmingham B6 4DA not later than 12:00 noon, September 6, 2004.

CONTACT:  HKM LLP
          73-75 Aston Road North,
          Waterlinks, Birmingham B6 4DA
          Joint Liquidator:
          J P W Harlow
          Phone: +44(0) 121 333 7300
          Fax: +44(0) 121 333 7301
          Web site: http://www.hkm.co.uk


ADEPT DERBY: Hires Thompson Partnership Administrator
-----------------------------------------------------
Jeremy Frost, Andrew Thompson and Daniel Hennessy have been
appointed joint administrators for Adept (Derby) Limited.  The
application was filed August 3, 2004.  The company is engaged in
adult and other education.

CONTACT:  THE THOMPSON PARTNERSHIP
          The Old Halsall Arms,
          2 Summerwood Lane, Halsall,
          Lancashire L39 8RJ
          Joint Administrators:
          Jeremy Frost
          Andrew Thompson
          Daniel Hennessy
          (IP Nos 9091, 5807, 1388)


AIR TECH: Sets Creditors Meeting August 17
------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

    IN THE MATTER OF Air Tech Environmental (Midlands) Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Air Tech Environmental
(Midlands) Ltd. will be held at No 1 St Swithin Street Worcester
WR1 2PY on August 17, 2004 at 10:30 a.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Smith & Williamson, No 1 St. Swithin Street
Worcester WR1 2PY two business days prior to the meeting.

By Order of the Board.

J. E. Thompson, Director
July 26, 2004

CONTACT:  SMITH & WILLIAMSON
          No. 1 St. Swithin Street
          Worcester WR1 2PY
          Phone: 01905 730100
          Fax: 01905 723502
          Web site: http://www.smith.williamson.co.uk


ALFRED ELLIS: Creditors Meeting August 27
-----------------------------------------
The creditors of Alfred Ellis & Sons Limited will meet on August
27, 2004 commencing at 10:30 a.m.  It will be held at Cedar
Court Hotel, Denby Dale Road, Calder Grove, Wakefield, West
Yorkshire WF4 3QZ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Deloitte & Touche LLP, 1 City Square, Leeds, West
Yorkshire LS1 2AL not later than 12:00 noon, August 26, 2004.

CONTACT:  DELOITTE & TOUCHE LLP
          1 City Square, Leeds,
          West Yorkshire LS1 2AL
          Joint Administrative Receivers:
          A M Martin
          I Brown
          Phone: +44 (0) 113 243 9021
          Fax:   +44 (0) 113 244 5580
          Web site: http://www.deloitte.com


ALPINE FURNITURE: Hires Liquidators from Begbies Traynor
--------------------------------------------------------
At an Extraordinary Meeting of the Members of the Alpine
Furniture (Manufacturing) Limited Company on July 22, 2004 held
at Begbies Traynor, 21 The Ropewalk, Nottingham, the Ordinary
and Extraordinary Resolutions to wind up the company were
passed.  Peter A Blair and Richard A B Saville of Begbies
Traynor, Regency House, 21 The Ropewalk, Nottingham NG1 5DU have
been appointed Joint Liquidators for the purpose of such
winding-up.

CONTACT:  BEGBIES TRAYNOR
          Regency House
          21 The Ropewalk
          Nottingham NG1 5DU
          Liquidators:
          Peter A Blair
          Richard A B Saville
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


ARMITAGE ENGINEERING: Sets Creditors Meeting August 17
------------------------------------------------------
The creditors of Armitage Engineering Limited will meet on
August 17, 2004 commencing at 10:30 a.m.  It will be held at the
offices of Robson Laidler LLP, Fernwood House, Fernwood Road,
Jesmond, Newcastle upon Tyne NE2 1TJ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Robson Laidler LLP, Fernwood House, Fernwood
Road, Jesmond, Newcastle upon Tyne NE2 1TJ not later than 12:00
noon, August 16, 2004.

CONTACT:  ROBSON LAIDLER LLP
          Fernwood House,
          Fernwood Road, Jesmond,
          Newcastle upon Tyne NE2 1TJ
          Phone:  0191 281 8191
          Fax:    0191 281 6279
          Web site: http://www.robson-laidler.co.uk


AVELIN PRINTERS: Printing Business for Sale
-------------------------------------------
The Joint Administrators, R. W. L. Horton and H. A. Shinners
offer for sale the business and assets of Javelin Printers U.K.
Limited.

Avelin Printers, which is a Liverpool-based printing business
established in 1984, has excellent design, reprographic and
finishing facilities utilizing high specification presses.  The
company generated a turnover of around GBP4.5 million for the
year ended April 2004.  Avelin Printers specializes in fast-
response, high quality print business.

CONTACT:  SMITH & WILLIAMSON
          No. 1 Riding House Street
          London W1A 3AS

          Sarah Jarvis
          Phone: 020 7612 8608
          Fax: 020 7323 5683
          E-mail: sjj@smith.williamson.co.uk


BEXLEY COMMUNITY: Special Winding up Resolution Passed
------------------------------------------------------
At a Special General Meeting of the Bexley Community Leisure
Limited on April 16, 2004, the Special Resolution to wind up the
company was passed.  Andrew Tate and John Ariel of Baker Tilly,
12 Gleneagles Court, Brighton Road, Crawley, West Sussex RH10
6AD have been appointed Joint Liquidators for the purposes of
such winding-up.

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


BRADFORD & DISTRICT: Sets Members General Meeting September 30
--------------------------------------------------------------
The general meeting of the members of Bradford & District
Business Link Limited will be on September 30, 2004 commencing
at 11:00 a.m.  It will be held at KPMG, Quayside House,
Newcastle upon Tyne NE1 3DX.

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 KPMG, Quayside House, Newcastle upon Tyne NE1 3DX not later
than 12:00 noon, September 29, 2004.

CONTACT:  KPMG
          Quayside House,
          Newcastle upon Tyne NE1 3DX
          Liquidator:
          J R Whale
          Phone: (0191) 401 3700
          Fax:   (0191) 401 3750
          Web site: http://www.kpmg.co.uk


BROCKFEST LIMITED: Creditors General Meeting September 20
---------------------------------------------------------
The general meetings of the contributories and creditors of
Brockfest Limited will be on September 20, 2004 at 10:00 a.m.
and 10:30 a.m. respectively.  It will be held at the offices of
Tenon Recovery, Sherlock House, 73 Baker Street, London W1U 6RD.

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.  Any contributories or creditors who
want to be represented at the meeting may appoint proxies.
Proxy forms must be lodged with Tenon Recovery, Sherlock House,
73 Baker Street, London W1U 6RD not later than 12:00 noon,
September 17, 2004.

CONTACT:  TENON RECOVERY
          Sherlock House,
          73 Baker Street,
          London W1U 6RD
          Joint Liquidator:
          S R Thomas
          Phone: 020 7935 5566
          Fax:   020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


BROWNRIDGE PLASTICS: Names Joint Administrators from P&A
--------------------------------------------------------
M T Coyne and M D Hardy of Poppleton & Appleby have been
appointed joint administrators.  The appointment was made July
3, 2004.

The company moulds and manufactures plastic products.  Its
registered office is c/o Poppleton & Appleby, 35 Ludgate Hill,
Birmingham B3 1EH.

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


BURTONWOOD PLASTICS: Members, Creditors Meetings September 9
------------------------------------------------------------
The final meetings of the members and creditors of Burtonwood
Plastics Engineering Company Limited will be on September 9,
2004 commencing at 10:00 a.m. and 10:15 a.m. respectively.  It
will be held at PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP not later than 12:00 noon,
September 8, 2004.

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


DARVEL TEXTILES: Names Joint Administrators from PKF
----------------------------------------------------
Edward T Kerr of PKF has been appointed joint administrator for
Darvel Textiles Limited.  The appointment was made July 22,
2004.  The company manufactures made-up textiles not apparel.

CONTACT:  PKF
          Pannell House,
          159 Charles Street,
          Leicester LE1 1LD
          Joint Administrator:
          Edward T Kerr
          (IP No 9020)
          Phone: 0116 2504400
          Fax:   0116 2854651
          E-mail: info.leicester@uk.pkf.com
          Web site: http://www.pkf.co.uk

          PKF
          78 Carlton Place,
          Glasgow G5 9TH
          Joint Administrator:
          Bryan A Jackson
          (IP No 00115)
          Phone: 0141 4295900
          Fax:   0141 4295901
          E-mail: info.glasgow@uk.pkf.com
          Web site: http://www.pkf.co.uk


DKR MANAGEMENT: Hires Liquidators from PricewaterhouseCoopers
-------------------------------------------------------------
At a meeting of the members of DKR Management Company (UK)
Limited on July 30, 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


ECLIPSE TECHNICAL: Members Pass Winding up Resolutions
------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Eclipse Technical Solutions Limited Company on July 29, 2004
held at 16 Nile Street, Sunderland, Tyne & Wear SR1 1EY, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  William Paxton of Robson Laidler LLP, Fernwood
House, Fernwood Road, Jesmond, Newcastle upon Tyne NE2 1TJ has
been appointed Liquidator of the Company.

CONTACT:  ROBSON LAIDLER LLP
          Fernwood House
          Fernwood Road, Jesmond
          Newcastle upon Tyne NE2 1TJ
          Liquidator:
          William Paxton
          Phone:  0191 281 8191
          Fax:    0191 281 6279
          Web site: http://www.robson-laidler.co.uk


FEDERAL-MOGUL: Hosts Meeting Regarding Pension Scheme Issues
------------------------------------------------------------
Federal-Mogul (FMO) hosted on Wednesday a meeting among
representatives of its U.K. workforce, the Creditors Committee,
the Company, the U.K. Administrators, the Trustee of the T&N
Pension Scheme and Carl Icahn with the goal of resolving the
remaining Pension Scheme issues.

The Company believes that much progress was made toward airing
the open issues and, with the assistance of Mr. Icahn,
attempting to find solutions that would be satisfactory to all
parties.

Mr. Icahn said: "We presented a proposal that we believe will
save jobs of FMO's U.K. workforce and avoid a wind-up of the
Pension Scheme.

About Federal Mogul

Federal-Mogul is a leading global supplier offering a
comprehensive portfolio of quality products, trusted brands and
creative solutions to the automotive and other industries.  The

Company utilizes its engineering and materials expertise,
proprietary and innovative technology, manufacturing skill,
distribution flexibility and marketing power to create value for
its stakeholders.  The Company's principal customers include
many of the world's foremost original equipment manufacturers of
vehicles and industrial products, and aftermarket retailers and
wholesalers

Headquartered in Southfield, Michigan, Federal-Mogul's rich
heritage began in Detroit, Michigan in 1899.  Today, Federal-
Mogul employs more than 45,000 people in 29 countries.  On
October 1, 2001, Federal-Mogul decided to separate its asbestos
liabilities from its true operating potential by voluntarily
filing for financial restructuring under Chapter 11 of the
Bankruptcy Code in the United States and Administration in the
United Kingdom.  For more information on Federal-Mogul, visit
http://www.federal-mogul.com.

CONTACT:  FEDRAL-MOGUL
          Alex Woolfall
          Phone: +44 (0) 207-413-3150


G & B SHEETMETAL: Appoints BDO Stoy Hayward Administrator
---------------------------------------------------------
The G & B Sheetmetal Work And Fabrication Limited has appointed
Martha H Thompson and David H Gilbert of BDO Stoy Hayward as
joint administrators.  The appointment was made August 2, 2004.
The company is engaged in sheetmetal work and fabrication.

CONTACT:  BDO STOY HAYWARD LLP
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Joint Administrator:
          Martha H Thompson
          (IP No 8678/01)
          Phone: 0118 925 4400
          Fax:   0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdo.co.uk

          BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Joint Administrator:
          David H Gilbert
          (IP No 2376/01)
          Phone: 020 7486 5888
          Fax:   020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdo.co.uk


HOME DELIVERY: Sets Members Final Meetings September 10
-------------------------------------------------------
Name of Companies:
Home Delivery Services Limited
Lis (U.K.) Limited
Littlewoods Of England Limited
Littlewoods 2000 Limited
Littlewoods 4 Limited

The final meetings of the members of these companies will be on
September 10, 2004 commencing at 10:00 a.m. and a 15-minute
interval thereafter.   It will be held at PricewaterhouseCoopers
LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Benson House, 33 Wellington
Street, Leeds LS1 4JP not later than 12:00 noon, September 9,
2004.

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


HOMESTYLE GROUP: Pre-tax Loss Shoots Up to GBP107.8 Million
-----------------------------------------------------------
Homestyle Group, which operates from 481 stores in the U.K.
specializing in retailing furniture and beds, reported unaudited
preliminary results for the 53 weeks to 1 May 2004:

Highlights of Results

(a) Turnover from continuing businesses GBP379.5 million (2003 -
    60 weeks: GBP428.4 million)

(b) Profit before interest, exceptional items and goodwill
    amortization of GBP18.3 million (2003 - 60 weeks: GBP35.1
    million)

(c) Loss on ordinary activities before tax of GBP107.8 million
    (2003: loss of GBP9.8 million restated)

Restructuring and Refinancing

(a) New executive Board completes financial review

(b) Successful disposal of Rosebys in May

(c) Good progress made in Harveys recovery

(d) Proposed sale of Beds Division

Commenting on the results David Brock, Executive Chairman, said:
"Homestyle is undergoing a period of significant change with the
new management team focused on reducing debt and improving the
performance of the Harveys furniture business.  Since my
appointment in January, we have disposed of the Rosebys
business, recruited a strengthened team into Harveys and are
conducting a thorough review of all elements of our operations.
In July we were pleased to complete the new management team with
the appointment of Tim Kowalski as Group Finance Director.

Financials

Turnover for the 53 weeks to 1st May 2004 was GBP588.7 million
(2003 - 60 weeks: GBP732.4 million) with turnover on continuing
operations at GBP379.5 million (2003; GBP428.4 million).  Like
for like sales[*1] within our continuing businesses were down
1.6% over the prior year.  Operating profit before exceptional
items (of GBP45.0 million: 2003:  GBP23.7 million) and goodwill
amortization (of GBP9.5 million:  2003 GBP12.3 million) was
GBP18.3 million (2003 - 60 weeks: GBP35.1 million).  The net
interest charge for the period was GBP6.6 million before
exceptional finance costs of GBP4.3 million (2003 - 60 weeks:
GBP6.6 million).

Profit before tax, goodwill amortization (of GBP9.5 million:
2003 GBP12.3 million), exceptional items (of GBP49.4 million:
2003: GBP23.7 million) provisions for loss on sale of operations
(of GBP58.2 million: 2003: GBP07. million) and loss on sale of
properties (of GBP2.4 million: 2003: GBP1.6 million) was GBP11.7
million (2003 - 60 weeks: GBP28.5 million).

In preparing the year end figures the financial review has been
carried out giving rise to a number of exceptional items.  At
the operating level exceptional items of GBP49.4 million
includes a GBP36.6 million impairment charge on the carrying
value of Harveys goodwill.  At the non-operating level
exceptional items of GBP60.6 million include GBP54 million
arising from the disposal of Rosebys, our textile division.

The loss before tax after these exceptional items and after
goodwill amortization was GBP107.8 million (2003 - 60 weeks:
GBP9.8 million).  Basic loss per share was 156.2p (2003 - 60
weeks: 22.1 p) and the earnings per share adjusted for
exceptional items and goodwill amortization was 12.4p (2003 - 60
weeks: 29.8p).  We are not proposing to pay a final dividend.

----------
[*1] Like for like sales are sales from stores open throughout
the period from the start of the previous financial year

Disposal of Rosebys

On 28 May we completed the disposal of our textiles operations
to Lloyds TSB Development Capital Limited for a total
consideration of GBP51 million, excluding costs and working
capital adjustments.  This disposal significantly reduced
Group indebtedness and removed the requirement to make the major
investment necessary to develop the Division's out of town
presence.

Review of continuing businesses

Furniture Division (Harveys)

Total sales were GBP240.6 million (2003 - 60 weeks: GBP304.8
million) with a 4% decrease in overall like for like sales,
although core furniture sales were level.  The Division withdrew
from textiles and transferred its bed operations to the Beds
Division.  The transfer of this space was accomplished on time
and to budget with the anticipated sales uplifts in core
furniture being delivered.  The operating loss before tax was
GBP2.6 million (2003 - 60 weeks: GBP17.4 million operating
profit).

The performance of the Division over the year was
unsatisfactory.  The strengthened management team who have been
newly appointed are now conducting a full strategic review to
identify changes necessary to improve on this performance.  In
the short term a renewed emphasis on retail disciplines is being
implemented to enhance the presentation of the offer.  This is
underpinned by our focus on furniture only, following the
withdrawal from Harveys of textiles and transfer of beds to the
Beds Division completed in June 2004.  We are already exploring
the opportunity this presents with improved ranging and in-store
marketing, although it will take time working with suppliers to
complete the introduction of a more compelling offer.  It is
early days, but we are already beginning to see the expected
sales benefits from these initiatives.

Over the longer term there is a major opportunity to
significantly close the gap between our performance and the
market share that our 172 Harveys stores should be capable of
delivering.  The scale of the opportunity is demonstrated by the
fact that sales per square foot during the year were only GBP124
per sq. ft. versus sales densities of well over GBP175 per
sq.ft. being achieved by our direct competitors.  The vast
majority of our stores are well located to generate satisfactory
returns giving us a good platform on which to build this step
change in performance.

To achieve this longer-term opportunity, our immediate priority
in January was to strengthen and re-structure the management
team.  Neil Allan was appointed Managing Director in March 2004.
He has extensive experience of furniture retailing having
previously been the Managing Director of PowerHouse and the
Sales and Operation Director of MFI for some years.  We
subsequently simplified the management structure to create a
much sharper sales focus throughout the organization whilst
building efficient and effective support functions.  A number of
additional senior appointments were made including the
appointment of a Commercial Director with overall responsibility
for buying, merchandising, stock control and customer services.
In addition, we have strengthened the marketing function and
combined responsibility for logistics, IT, branch services, risk
management and administration under an IT and Distribution
Director.

The support and supply chain functions will need to be
fundamentally re-engineered to ensure we operate effectively and
efficiently.  To this end the new management team is conducting
a review of operations including buying, merchandising, IT,
marketing, supply chain management and human resource
development.  Key to enhancing longer-term performance will be
the development of a truly customer focused business and a sales
orientated culture.

Addressing weaknesses in all these areas will involve
significant change throughout the organization and will take
time.  However, we have a stable business with significant
opportunities to enhance performance as we address these issues.

Beds Division (Bensons Beds, Sleepmasters and Bed Shed)

The Division has achieved another record performance this year
and continues to be the U.K.'s leading specialist bed retailer.
Total sales increased by 18.7% (year on year) to GBP150.3
million (2003 - 60 weeks: GBP143.8 million) with operating
profits rising by 15.7% to GBP13.5 million (2003 - 60 weeks :
GBP11.7 million).  Like for like sales rose by 4.7% over the
prior year accompanied by good margin enhancement and cash
generation.

The Division re-enforced its market leading position during the
year through strong trading, innovation and the transfer of the
Harveys beds business to the Division.  The Division now trades
from 1.1 million sq. ft of retail space within 428 sites across
the U.K.  This includes the transfer of the Harveys beds
business, which added a further 235,000 sq. ft of high quality
trading space and 94 sites to the Division and was accomplished
without significant disruption to the business.  The step change
in total sales reflects this transfer of space as well as good
underlying like for like sales growth.  Another year of
excellent performance reflects our strong market position and
the proven management team in place.

In addition to the sales uplift achieved as a result of the
transfer of the Harveys' bed business, our expansion plans also
made good progress with 44 new outlets opened over the period.
Our leadership position in the U.K. bed market continues to be
underpinned by the quality of our product ranges, innovation
with popular new bed frames and the high levels of marketing
spend and buying power that our scale supports.

Balance Sheet

The Group has adopted FRS 17 and provided for the deficit on its
pension funds.

Following the adoption of FRS 17, the Harveys goodwill
impairment charge and the provision for loss on the disposal of
Rosebys, the Group net assets are GBP13.2 million (2003:
GBP114.6 million).  Net debt of GBP85.6 million as at 1 May 2004
is prior to the impact of the Rosebys disposal and resulting net
sales proceeds.  At the end of July, following the disposal,
Group net debt was GBP55.1 million.

The Group does not possess sufficient distributable reserves at
present out of which to pay a final dividend as well as wishing
to further invest in the business.  This situation is not
expected to be corrected through trading activities in the
foreseeable future subject to the disposal of the Beds Division.

Banking

The Group's debt level remains relatively high in the context of
its seasonal borrowing requirements and it continues to explore
the various alternative ways of reducing debt levels further as
part of an ongoing financial review.

The Group's businesses continue to trade above expectations.
However, the Group has entered into a new group facilities
agreement for an additional GBP20 million, over and above the
Group's current GBP67 million facility, agreed at the time of
the disposal of Rosebys.  This has arisen primarily owing to a
shortfall in the expected proceeds from the Rosebys disposal, a
higher amount of capital expenditure to fund further expansion
and an increased level of working capital to fund the
development of the business.

As part of this new arrangement share warrants with an aggregate
nominal value of 5% of the issued share capital have been issued
to the three banks that provided the banking facilities and
financial covenants are to be agreed with the banks by 13 August
2004.  Whilst these terms are at a less favorable rate than the
previous arrangement the facilities provide a secure financial
platform for growth over the next 15 months and will support the
various trading initiatives that we intend to implement in the
future.

HM customs & excise claim

As previously stated, the Group has received legal and taxation
advice that the maximum potential exposure to pay VAT remains at
approximately GBP27.3 million (excluding interest) and would be
expected to be offset by the recovery of approximately GBP7.5
million of insurance premium tax paid on the sale of extended
structural guarantees, and by corporation tax relief, indicating
a potential net exposure of GBP15 million after corporation tax.
The Board keeps this matter under regular review in conjunction
with its expert advisors and retains this assessment of the
situation.

Board

David Brock was appointed Executive Chairman of the Group on 21
January 2004 with Sir Gordon Hourston stepping down at that time
after 7 years with the Group and Carolyn Simons the Group
Managing Director left in February.

Following the disposal of Rosebys, we announced in July that
Michael Rosenblatt would be stepping down as Chief Executive,
after 25 years with the Group, and will be leaving the Board at
the AGM.  Also in July we announced the appointment of Tim
Kowalski as the new Group Finance Director and that Jim Cribb
will remain on the Board until 31 August 2004.

Sarah Grunewald and Martin Towers joined the Board as non-
executive directors during the earlier part of the year.

Outlook

The trading environment is highly competitive and recent
interest rate rises will impact our home-related markets.
Against this background, total sales at our continuing business
are up by 10.8% for the 14 weeks to 7 August 2004.
Within this, the Beds Division continues to make good progress.
Furniture Division sales are on a more positive trend, with
total sales ahead of last year despite the withdrawal from
textiles and the transfer of Harveys beds business to our Beds
Division.  Like for like comparisons are not relevant because of
the significant restructuring of space between the Divisions
implemented over the period.

The Beds Division is well placed to continue its development as
a market leader delivering an excellent offer supported by first
class customer support, logistics and marketing functions.  We
have agreed as a Board to progress the sale of the Bed Division
by Spring 2005 to reduce the Group's borrowings.  We have now
completed the strengthening and restructuring of the Harveys
management team and the business is stable with many
opportunities to re-invigorate retail disciplines and improve
its sales and operational effectiveness.  We are confident that
we can progressively reverse its under performance in the
foreseeable future.

CONTACT:  HOMESTYLE GROUP PLC
          David Brock, Chairman
          Michael Sandler/Nick Lyon/James Hill
          Tim Kowalski, Finance Director
          Phone: 01925 647 200
          Homepage: http://www.homestylegroup.com

          GCG HUDSON SANDLER
          Phone: 020 7796 4133


ILFORD IMAGING: Members Final Meeting September 13
--------------------------------------------------
Name of Companies:
Ilford Imaging (French Property) Limited
Snow Holdings
Snow Investments Limited

The final meetings of the members of these companies will be on
September 13, 2004 commencing at 10:00 a.m. and a 15-minute
interval thereafter.  It will be held at the offices of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Benson House, 33 Wellington
Street, Leeds LS1 4JP not later than 12:00 noon, September 10,
2004.

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


JARVIS PLC: Adjusted Results Reflect Higher Losses
--------------------------------------------------
The financial statements and the audit of Jarvis plc's report
for the year ended 31 March 2004 have now been completed.  These
audited financial statements confirm the unaudited results for
the year announced with the agreement of its auditors on 30 July
2004, save for certain items relating principally to the
accounting treatment of two UPP and PFI joint venture
transactions.

Following the preliminary announcement, the Board has concluded
that it should adopt the accounting treatment recommended by the
auditors for the sale of the economic interests in many of the
Group's UPP and PFI projects.  Accordingly, the auditors' report
is not qualified.  The auditors' report continues to refer to
the fundamental uncertainties summarized in the preliminary
announcement.

As a result of the timing of recognition of these transactions,
certain items will no longer appear in the audited accounts for
the period ended 31 March 2004, but will now be recognized in
the current financial year and as such have no material impact
on the group.

The impact of adjusting for these items is:

Profit and Loss Account

There will be a reversal of exceptional income of GBP3.5 million
and a loss on disposal of GBP0.9 million.  In addition, the
application of accounting standards requires that an impairment
provision of GBP6.0 million be made in respect of certain of the
joint ventures held at the balance sheet date, whilst profits of
GBP5.1 million on other joint ventures will be recognized in the
current financial year.  Having accounted for other reductions
to turnover of GBP0.4 million, the net effect is to increase the
reported loss before tax in respect of the UPP and PFI joint
venture transactions by GBP9.0 million in the year ended 31
March 2004.  The income arising will now be recognized in the
current financial year.

Balance Sheet

Adjustments to be reflected in the audited balance sheet include
a decrease in the provisions for losses in construction of
GBP10.4 million and a decrease in the accrual for deferred
income of GBP4.6 million.  In addition, the linked presentation
of non-recourse gross assets and liabilities of GBP484.4 million
and GBP489.2 million respectively will be included on the
balance sheet as at 31 March 2004.  Net debt at the financial
year-end will be increased by the reversal of receipts under the
transactions of some GBP23.1 million, although these amounts
were received shortly after the financial year-end.

Jarvis plc's audited abridged financial statements are set out
below.  The auditors have reviewed this announcement and have
given the Board their written consent for its release.

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

CONTACT:  JARVIS PLC
          Jonathan Haslam
          Phone: 0207 462 4646

          TULCHAN COMMUNICATIONS
          David Trenchard
          Phone: 0207 353 4200


KINDDEAL LIMITED: Names Administrator from Sargent & Company
------------------------------------------------------------
Peter Sargent has been appointed administrator for Kinddeal
Limited.  The appointment was made August 4, 2004.

The company is engaged in ductwork contractors.  Its registered
office address is located at Carlton Villa, 15-17 Carlton
Street, Halifax HX1 2AL.

CONTACT:  SARGENT & COMPANY LIMITED
          36 Clare Road,
          Halifax HX1 2HX
          Administrator:
          Peter Sargent
          (IP No 8636)


KNIGHT CONTRACTS: In Administrative Receivership
------------------------------------------------
HSBC Bank Plc called in David Paul Hudson and Paul Davis of
Begbies Traynor as joint administrative receivers for Knight
Contracts Limited (Reg No 03227816, Trade Classification: 4521).
The application was filed July 27, 2004.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange,
          234 Southchurch Road,
          Southend-on-Sea,
          Essex SS1 2EG
          Joint Administrative Receivers:
          David Paul Hudson
          Paul Davis
          (Office Holder Nos 008977, 007805)
          Phone: 01702 467255
          Fax:   01702 467201
          Web site: http://www.begbies.com

          BEGBIES TRAYNOR
          32 Cornhill,
          London EC3V 3LJ
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


KNOWLEDGE PROCESS: Names Benedict Mackenzie Administrator
---------------------------------------------------------
Malcolm Peter Fillmore and Ranjit Bajjon have been appointed
administrators for Knowledge Process Software Plc.  The
appointment was made August 3, 2004.  The holding company is
engaged in computer services.

CONTACT:  BENEDICT MACKENZIE LLP
          3-4 The Courtyard,
          East Park, Crawley,
          West Sussex RH10 6AG
          Administrators:
          Malcolm Peter Fillmore
          Ranjit Bajjon
          (IP Nos 6525, 8756)
          Phone: 01293 447 799 / 410 333
          Fax:   01293 447 800 / 428 530
          Web site: http://www.benemack.com


LLANTRISANT TRADING: Members Final Meeting September 10
-------------------------------------------------------
The final meeting of the members of Llantrisant Trading Limited
will be on September 10, 2004 commencing at 10:00 a.m.  It will
be held at the offices of PricewaterhouseCoopers LLP, Cornwall
Court, 19 Cornwall Street, Birmingham B3 2DT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall
Street, Birmingham B3 2DT not later than 12:00 noon, September
9, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court,
          19 Cornwall Street,
          Birmingham B3 2DT
          Joint Liquidator:
          J P Considine
          Phone: [44] (121) 200 3000
          Fax:   [44] (121) 200 2464
          Web site: http://www.pwc.com


MAP 80: Appoints BDO Stoy Hayward Administrator
-----------------------------------------------
Name of Companies:
Map 80 Systems Limited
Map 80 Systems (East) Limited
Prisym Limited

Martha H Thompson and Shay Bannon of BDO Stoy Hayward have been
appointed as administrator for these companies.  The appointment
was made August 2, 2004.  The companies are engaged in software
consultancy and supply.

CONTACT:  BDO STOY HAYWARD LLP
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Administrator:
          Martha H Thompson
          (IP No 8678/01)
          Phone: 0118 925 4400
          Fax:   0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdo.co.uk

          BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Administrator:
          Shay Bannon
          (IP No 5694/01)
          Phone: 020 7486 5888
          Fax:   020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdo.co.uk


MIDLAND LIFTING: Winding up Resolutions Passed
----------------------------------------------
At an Extraordinary General Meeting of the Midland Lifting Gear
Limited Company on July 23, 2004 held at 5 Centre Court,
Halesowen, West Midlands B63 3EB, the Special, Ordinary and
Extraordinary Resolutions to wind up the company were passed.
David Reynolds of Higgs & Sons, Blythe House, 134 High Street,
Brierley Hill, West Midlands DY5 3BG has been appointed as
Liquidator for the purpose of such winding-up.

CONTACT:  HIGGS & SONS
          Blythe House
          134 High Street,
          Brierley Hill,
          West Midlands DY5 3BG
          Liquidator:
          David Reynolds


POCKET STUDIOS: Creditors Meeting Set August 18
-----------------------------------------------
The creditors of Pocket Studios Limited will meet on August 18,
2004 commencing at 2:00 p.m.  It will be held at Rothman Pantall
& Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Rothman Pantall & Co, Clareville House, 26-27
Oxendon Street, London SW1Y 4EP not later than 12:00 noon,
August 17, 2004.

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


PORTFLAT LIMITED: Members General Meeting September 7
-----------------------------------------------------
The general meeting of the members of Portflat Limited will be
on September 7, 2004 commencing at 10:00 a.m.  It will be held
at Baker Tilly, 1st Floor, 46 Clarendon Road, Watford,
Hertfordshire WD1 1JJ.

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, 1st Floor, 46 Clarendon Road, Watford,
Hertfordshire WD1 1JJ not later than 12:00 noon, September 6,
2004.

CONTACT:  BAKER TILLY
          1st Floor,
          46 Clarendon Road, Watford,
          Hertfordshire WD1 1JJ
          Joint Liquidator:
          M J Wilson
          Phone: 01923 816400
          Fax:   01923 253402
          Web site: http://www.bakertilly.co.uk


PROPAFLOR LIMITED: Raised Flooring Manufacturer for Sale
--------------------------------------------------------
The joint administrators, Jeremy French and Glyn Mummery of
Vantis Redhead French offer for sale the business and assets of
Propaflor Limited.

Propaflor Limited manufactures, supplies, installs and services
raised flooring for commercial market.  The company has annual
turnover of GBP6 million and enjoys a 12% market share.  The
company also owns an extensive range of plant and machinery and
employs skilled workforce.  Propaflor Limited boasts of its
extensive U.K. customer base.


CONTACT:  VANTIS REDHEAD FRENCH
          43/45 Butts Green Road
          Hornchurch
          Essex RM11 2JX
          Phone: 01708 458211
          Fax: 01708 442308

          Glyn Mummery
          E-mail: glyn.mummery@vantisredheadfrench.co.uk

          Nigel Strike
          E-mail: nigel.strike@vantisredheadfrench.co.uk


ROYAL & SUNALLIANCE: Board Member Bob Ayling Steps Down
-------------------------------------------------------
Bob Ayling retired from the Board of Royal & SunAlliance with
immediate effect.  The company appointed David Paige as Group
Risk Director and executive Board member.

Commenting on Bob Ayling's retirement, John Napier, Royal &
SunAlliance's Chairman said: "Bob has served Royal & SunAlliance
for 11 years and deferred his retirement at my request last
year.  In the relatively short time that we have worked together
he has provided excellent continuity, advice and support in
making the comprehensive Board and management changes at the
Group.  As a major contributor to the Company and boardroom
colleague he will be missed."

David Paige's appointment follows the retirement of Rick Hudson,
who has retired after 30 years with the Group.  David, age 53,
joins from Aviva, where he has led the transformation of its
global finance function.  Prior to that he was Aviva's Group
Business Risk Director, and also held key risk and finance posts
at Zurich and NatWest after spending 14 years as a partner with
PWC.  His appointment is subject to regulatory approval and he
will join the Company on a date to be determined.

Andy Haste, Group Chief Executive of Royal & SunAlliance, said:
"I am delighted that David has agreed to join us.  He has a
well-established track record in risk management across
financial services.   His appointment will strengthen the
management and Board of the Company in this key area."

David Paige

David was appointed as Global Finance Transformation Director at
Aviva in 2003 and prior to that was Group Business Risk
Director.  At Zurich Financial, David was the head of group
risk/internal audit between 2000 and 2001.

At National Westminster Bank, David served as the Chief
Financial Officer of the Retail Business from 1999 to 2000 and
before that was Director of Global Group Audit, from 1997.
David worked at Coopers & Lybrand between 1979 and 1997 in both
London and Toronto.

David was educated at Canterbury University and is married with
two children.

His salary will be GBP330,000 and he will be employed on a
standard 12 month contract.

Bob Ayling

Bob, age 57 has been a Director of the Group since April 1993.
He is a Director of Dyson Limited and Chairman of Holidaybreak
plc.  Previous roles include: Chief Executive of British
Airways, Chairman of the New Millennium Experience Company and
Under Secretary at the Department of Trade.

CONTACT:  ROYAL AND SUNALLIANCE INSURANCE GROUP
          Analysts
          Helen Pickford
          Phone: +44 (0) 20 7569 6212

          Press
          Phil Wilson-Brown
          Phone: +44 (0) 20 7569 4027


ROYAL & SUNALLIANCE: Operating Profit Up 60% to GBP192 Million
--------------------------------------------------------------
Good results
(a) Group combined operating ratio (COR) 99.7%

(b) Ongoing business[5] COR 93.6%

(c) Group operating result[1] GBP301 million

(d) Group operating profit[1] GBP192 million -- up over 60%

Strong performance from ongoing operations

(a) U.K. business COR 93.5% -- strong commercial result and
    further improvement in personal

(b) Strong performance in Scandinavia COR 92.9%

(c) International (including Canada) continues to produce
    excellent result with COR of 96.0%

(d) Continued improvement in Canada COR 97.8%

Strategy in action

(a) Focus on general insurance with announced sales of U.K. and
    Scandinavian Life operations; clean exit achieved removing
    balance sheet risk

(b) A balanced portfolio of general insurance businesses with
    strong market positions Codan approaches reviewed and will
    not be pursued -- we remain committed to the market
    U.S. transition remains on track -- results as expected

Capital position

(a) Actions since beginning of year have improved group level
    regulatory solvency by GBP1.6 billion

(b) Optimization of debt capital structure actioned

(c) Remain confident of complying with new regulatory capital
    regime

                                              Restated[6}
                                        6 Months    6 Months
                                          2004        2003
Revenue

General business net premiums written    GBP2,488m    GBP3,654m
Combined Ratios
- Ongoing operations[5]                       93.6%       -
- Overall                                     99.7%      99.3%
Group operating result (based on LTIR)[1]   GBP301m    GBP351m
Group operating profit (based on LTIR)[1,2] GBP192m    GBP119m
Interim dividend per ordinary share
(after adjusting for rights issue)           1.65p      1.62p
Balance sheet Restated[6]

                                          30 June   31 December
                                            2004        2003
Shareholders' funds                      GBP2,814m   GBP2,986m
Net asset value per share [3,4]              101p       107p

Andy Haste, Chief Executive of Royal & Sun Alliance Insurance
Group plc commented: "We've made strong progress on executing
our strategy during the half while producing another set of good
results from our ongoing businesses.  With the successful sale
of U.K. and Scandinavian Life we will have completed our long-
term goal of exiting life business to focus on general
insurance.  This is a major step forward and will significantly
derisk our balance sheet.  Together with the work to optimize
our debt structure it will also strengthen our capital position
and gives us confidence of complying with the new regulatory
regime."

----------
[1] For more details on longer-term investment return see note 2
    on page 9 of the full copy of the financial results
    available at: http://bankrupt.com/misc/RSA_Interim2004.pdf
[2] For more details on Group operating profit see page 5
[3] For more details on net asset value per share calculation
    see page 8
[4] Adding back equalisation provisions net of tax
[5] For more details on ongoing operations see page S9
[6] See note 1 on page 9

CONTACT:  ROYAL & SUNALLIANCE
          Analysts
          Helen Pickford
          Phone: +44 (0) 20 7569 6212
          Mobile: +44 (0) 7834 005589

          Press
          Phil Wilson-Brown
          Phone: +44 (0) 20 7569 4027
          Mobile: +44 (0) 7834 005605

          Julius Duncan (Finsbury)
          Phone: +44 (0) 20 7251 3801
          Mobile: +44 (0) 7970 407394


STELEX LTD.: Creditors Meeting August 17
----------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

                IN THE MATTER OF Stelex Ltd.

Notice is hereby given that a Meeting of Creditors of Stelex
Ltd. is to be held at Holiday Inn Wrexham Road Chester CH4 9DL
on August 17, 2004 at 1:30 p.m. to consider proposals under
section 23(1) of the Insolvency Act 1986, and to consider
establishing a Creditors' Committee.

A person is entitled to vote at the Meeting only if he has
submitted details of his claim to the Administrator at DTE House
Hollins Mount Bury BL9 8AT not later than 12:00 noon the
business day before the meeting.  A proxy form should be
completed and returned by the date of the Meeting, if you cannot
attend the Meeting and wish to be represented.

A copy of the proposals is available, on written request, to the
Administrator DTE House Hollins Mount Bury BL9 8AT.

A. Poxon, Joint Administrator
July 30, 2004

CONTACT:  DTE LEONARD CURTIS
          DTE House
          Hollins Mount
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


TJ REFRIGERATED: Appoints Baker Tilly Administrator
---------------------------------------------------
Adrian David Allen and Nigel Millar of Baker Tilly have been
appointed administrators for TJ Refrigerated Transport Limited.
The appointment was made July 29, 2004.  The company is engaged
in freight transport by road.

CONTACT:  BAKER TILLY
          Garrick House,
          76-80 High Street,
          Old Fletton, Peterborough,
          Cambridgeshire PE2 8ST
          Administrator:
          Adrian David Allen
          (IP No 8740)
          Phone: 01733 342444
          Fax:   01733 554704
          Web site: http://www.bakertilly.co.uk

          BAKER TILLY
          7 The Close,
          Norwich, Norfolk NR1 4DD
          Administrator:
          Nigel Millar
          (IP No 7896)
          Phone: 01603 610181
          Fax:   01603 633618
          Web site: http://www.bakertilly.co.uk


X-RAY FX: Meeting of Creditors Tuesday Next Week
------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

                IN THE MATTER OF X-Ray FX Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of X-Ray FX Ltd. will be
held at Holiday Inn 1 Kings Cross Road London WC1X 9HX on August
17, 2004 at 12:15 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 The P&A Partnership, 93 Queen Street
Sheffield S1 1WF two business days prior to the meeting.

By Order of the Board.

V. F. Riva, Director
July 23, 2004

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street
          Sheffield S1 1WF
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


                            *********


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

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