TCREUR_Public/040816.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, August 16, 2004, Vol. 5, No. 161

                            Headlines

C Z E C H   R E P U B L I C

MASNA STUDENA: Investors Shoot down Proposal to Dissolve Company
ROSTROJ ROUSINOV: Brno Court Confirms Bankruptcy
UNION BANKA: Creditors to Recover Up to 35% of Claims
UNION BANKA: J&T Banka Assumes CZK18 Mln Claim Against Esmo


F R A N C E

ALSTOM SA: Raises EUR1.748 Billion in New Capital
CIT VOYAGES: Court Puts Tour Operator Under 2-month Observation
FRANCE-SOIR: Owner Implementing Cost-cutting to Avoid Insolvency


G E R M A N Y

MWG BIOTECH: Maintains Forecast Despite Weak Q2 Turnover
PFLEIDERER AG: Key First-half Figures Up Year-on-year


I T A L Y

ALITALIA SPA: Low-cost Airline Group Condemns Govt-backed Loan
ALITALIA SPA: BA Equally Guilty of Anti-competitive Practice
CAPITALIA SPA: First-quarter Credit Recovery Up to EUR32 Mln
PARMALAT FINANZIARIA: Court Unblocks Bonds
PARMALAT FINANZIARIA: Selling Latin American Assets


N E T H E R L A N D S

HEAD N.V.: First-half Operating Loss Down to US$11.4 Million
NUMICO N.V.: Books Record Sales in First Half
PETROPLUS N.V.: Expects EUR2.8 Million Second-quarter Net Income
ROYAL SHELL: Owners Agree to Merge Separate Boards
ROYAL SHELL: Gives Walter van de Vijver EUR3.8 Mln Severance Pay


N O R W A Y

AKER KVAERNER: To Present Second-quarter Results August 23


P O L A N D

NETIA S.A.: Millennium-led Group Files for Bankruptcy


R U S S I A

AGRO-SNAB: Smolensk Court Prescribes Bankruptcy Supervision
BOKSITOGORSK-AGRO-PROM-TEKHNIKA: Court Sets October 7 Hearing
DIALOG-OPTIM: Central Bank Appoints Provisional Administrator
ISKRA: S. Sirotkin Named Insolvency Manager
LIGHT: Undergoes Bankruptcy Supervision Procedure

MIXED FODDER: Court Commences Bankruptcy Procedure
NEFTE-YUGANSK-ZHIL-STROY: Proofs of Claim Deadline August 24
PECHOR-TRANS-STROY-PROM: Under Bankruptcy Supervision
PERVOMAYSKAYA: Deadline for Proofs of Claim August 24
PUT ILYICHA: Orenburg Court Appoints Insolvency Manager

RAEVSKY POULTRY: Insolvent Status Confirmed
SPETS-DOR-MOST: Bankruptcy Proceedings Ongoing
STROY-VAGON-TRANS K: Court Sets Next Hearing October 28
VOLGOPROM: Bankruptcy Proceedings Begin
YUKOS OIL: 'CC' Ratings Remain on CreditWatch Negative
YUKOS OIL: Govt Hires Dresdner Kleinwort to Evaluate Asset


S P A I N

MAJORICA S.A.: Cuts Workforce by 44%


U K R A I N E

DOMPROMSTROJ: Donetsk Court Commences Bankruptcy Proceedings
DRUZHBA: Deadline for Proofs of Claim August 22
INTAS: Proofs of Claim Deadline Expires Sunday
KORNINSKE: Court Appoints Temporary Insolvency Manager
MECHTA: Donetsk Court Commences Bankruptcy Proceedings

MICROGRAPH: Yurij Moiseyev Named Insolvency Manager
PIDVOLOCHISKE HLIBOPRIJMALNE: Under Bankruptcy Supervision
VELIKIJ LUG: Bankruptcy Proceedings Begin
ZHOVTNEVE: Kirovograd Court Brings in Liquidator


U N I T E D   K I N G D O M

AARDVARK REMOVALS: Sets General Meeting September 16
ABBEY NATIONAL: Domestic Bid Now More Likely, Fitch Says
ADVANCED MANUFACTURING: Bank of Scotland Appoints Receivers
ALEX NEIL: Names Joint Administrators from Rothman Pantall
ALL TRADES: Creditors Meeting Set August 18

ANATOMIE LIMITED: Hires Joint Administrators from Leonard Curtis
ATR MANUFACTURING: Hires Deloitte & Touche Liquidator
AXIS LASER: Sets Creditors Meeting August 25
BAE SYSTEMS: E.U. Commission Approves Acquisition of Alvis
BAY WINDOWS: General Meetings Set August 27

BEECHWOOD MUSIC: Sets Creditors Meeting August 18
BELMONT PLASTICS: Creditors and Members Meeting September 14
BHD GROUP: Appoints Administrative Receivers
BRANDGATE LIMITED: Sets Final Meeting September 14
BRIMLEY ELECTRICAL: Names Parkin S. Booth & Co Administrator

BRITISH ENERGY: U.S. Hedge Fund Guru Emerges as Largest Investor
CAPITAL PROJECT: Hires KPMG Administrator
DESIGN RESEARCH: Names Leonard Curtis & Co Administrator
DRAINAGE MANAGEMENT: Brings in Liquidator from Begbies Traynor
EDIFY DEVELOPMENTS: Hires Adrian Allen Receiver

ERNST & YOUNG: Members Final Meetings September 17
FAMOUS BRAND: Members Pass Winding up Resolutions
FLUTE WORLDWIDE: Administrator to Present Proposal Wednesday
GAMMA NELSON: Winding up Resolutions Passed
HORN CONSTRUCTION: Names HKM Administrator

IAN BUXTON: Final Meeting of Members September 3
ICHRIS LTD.: Creditors to Meet August 18
ICP COATINGS: Creditors Meeting Set August 23
KENMOR CONSTRUCTION: In Administrative Receivership
LIONTECH LIMITED: Names Liquidator from Jackson Jolliffe Cork

NEWCASTLE AND GATESHEAD: Sets Members Final Meeting September 17
ROYAL & SUNALLIANCE: Drops Plan to Sell Scandinavian Operations
S K GLOBAL: Appoints Liquidator from Grant Thornton
SPEEDY DESPATCH: Hires Joint Administrators from CBA
SUFFOLK WATER: Sets Members Final Meeting September 17


                            *********


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


MASNA STUDENA: Investors Shoot down Proposal to Dissolve Company
----------------------------------------------------------------
Shareholders of South Bohemian meat processor Masna Studena, one
of the largest in the Czech Republic, rejected the proposal of
Ales Hodina to dissolve the company, Czech Happenings reports.
Mr. Hodina, who holds a 3.4% stake in the company, was the sole
shareholder who voted in favor of the dissolution at the
extraordinary meeting last week.  Masna Studena posted a loss of
CZK11.4 million in 2003.

CONTACT:  Masna Studena a.s.
          Masna 480
          378 56 Studena
          Phone: 384 455 111
          Fax: 384 490 008
          E-mail: info@masna-studena.cz
          Web site: http://www.masna-studena.cz


ROSTROJ ROUSINOV: Brno Court Confirms Bankruptcy
------------------------------------------------
The Brno regional court on Wednesday declared Czech engineering
firm Rostroj Rousinov bankrupt and appointed Frantisek Mozga
bankruptcy administrator, says Czech Happenings.

                            *   *   *

As reported on July 23 by Troubled Company Reporter-Europe,
around 80 bankruptcy petitions have been filed against the
company, mostly by employees whose wages have not been paid
since March.  Rostroj employs 91 workers and is considered an
important regional employer in the Vyskov region.

CONTACT:  Rostroj Rousinov a.s.
          Mlekarska 1
          683 01 Rousinov
          Phone: 517 305 111
                 517 305 118
                 517 305 152
          Fax:  517 305 119
                517 305 153
          E-mail: info@rostroj.cz
                  obchod@rostroj.cz
          Web site: http://www.rostroj.cz


UNION BANKA: Creditors to Recover Up to 35% of Claims
-----------------------------------------------------
The receiver of bankrupt Union Banka expects to return a
surprisingly sizeable amount of money to creditors after
receiving payments from debtors.

"We have over CZK6 billion on the account now, so creditors will
be quite certainly paid more than 30% of their claims.  But it
definitely will not be more than 40%.  It looks like some 34% to
35% at the moment," Union banka receiver Michaela Huserova told
daily Hospodarske noviny.  Creditors usually just get 5-8% of
the assets of a bankrupt company.

Ms. Huserova said the amount comes mostly from debtors: "We have
obtained nearly CZK5 billion this way."  She herself will get
0.5% of the value of property exacted, or over CZK30 million
before cost deduction and taxes.  The cash distribution still
needs court approval, but people familiar with the case are
confident the court will not oppose it.

"We expect it towards the end of the year," says Pavel Trnka of
the Deposit Insurance Fund, the bank's largest creditor.  The
Fund should get around CZK2 billion.

Union banka closed its branches in February 2003 and was
liquidated in May.

CONTACT:  Union Banka a.s.
          ul. 30 dubna c. 35
          70200 Ostrava
          Phone: 596108111
          Fax: 596120134
          E-mail: union@union.cz
          Web site: http://www.union.cz


UNION BANKA: J&T Banka Assumes CZK18 Mln Claim Against Esmo
-----------------------------------------------------------
The receiver of Union Banka has sold the CZK18 million debt of
local heating utility, Esmo, to J&T Banka, Czech Happenings
says, citing Union Banka spokesman Oldrich Babicky.  Union Banka
had earlier attempted to recover the amount by suing Esmo and
the Mohelnice municipal government, which had guaranteed the
loan.

CONTACT:  Union Banka a.s.
          ul. 30 dubna c. 35
          70200 Ostrava
          Phone: 596108111
          Fax: 596120134
          E-mail: union@union.cz
          Web site: http://www.union.cz


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


ALSTOM SA: Raises EUR1.748 Billion in New Capital
-------------------------------------------------
On 13 July 2004, Alstom launched two concurrent capital
increases: one with preferential subscription rights, with
3,655,265,768 shares available for subscription for cash or by
debt for equity set-off; and two, a debt for equity swap,
reserved for certain Alstom creditors.

The capital increase with preferential subscription rights was
oversubscribed: total subscription requests amounted to
approximately 115% of shares.

(a) 3,320,066,218 shares were subscribed to on an irreducible
    basis, of which 3,107,677,120 shares were subscribed for
    cash and 212,389,098 shares by debt for equity set-off.

(b) 872,760,689 shares were subscribed to, on a reducible basis
    and by allocation of shares remaining following the exercise
    of subscription rights, of which 85,149,787 shares were
    subscribed for cash and 787,610,902 shares by debt for
    equity set-off.  All shareholders were fully served.  CFDI,
    a French State-owned entity and an Alstom creditor in an
    amount of EUR300 million had intended to subscribe
    600,000,000 shares through debt for equity set-off.

However, due to the success of the transaction, CFDI could not
be fully served and will receive an allocation of only
62,438,861 shares, that is 10.4% of the number requested.
This capital increase with preferential subscription rights
totals EUR1,508,350,193, of which EUR1,277,130,762 in cash and
EUR231,219,430 through debt for equity set-off.

The second capital increase was reserved for Alstom creditors,
which were offered the opportunity to swap their debt into
equity at a price of EUR0.50 per share.  Approximately 38% of
the capital increase was subscribed, with 480,000,000 shares
having been subscribed out of 1,275,787,385 shares, for an
amount of EUR240,000,000 by debt for equity swap.

The overall amount of these two concurrent capital increases
comes to EUR1,748,350,193.  Following payment and delivery of
the shares on 13 August 2004, Alstom's share capital will be
made up of 5,440,717,829 shares.  The French State, including
CFDI, will now hold 1,162,049,763 shares, which amounts to 21.4%
of the capital.  The number of ORAs (bonds mandatorily
reimbursable with shares) in circulation is 99,936,967.

If these transactions had been finalized at 31 March 2004,
Alstom's share capital would then have amounted to EUR2,146
million and its economic debt would have been EUR1,651 million,
i.e. a debt to equity ratio of 77%.

CONTACT:  ALSTOM S.A.
          Press Information:
          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

          M: Communications
          M. Forrest
          Phone: +44 20 7153 1531
          E-mail: forrest@mcomgroup.com


CIT VOYAGES: Court Puts Tour Operator Under 2-month Observation
---------------------------------------------------------------
The commercial court in Paris has placed the French unit of
Italian tour operator Compagnia Italiana Turismo (CIT) into
administration, Il Sole 24 Ore says.

Gianvittorio Gandolfi, CIT's vice-chairman and majority
shareholder, attributed the collapse of CIT Voyages to a cash
shortfall, which resulted from problems in the credit factoring
undertaken on CIT Voyages' behalf by the factoring company
Eurofactor.  The French unit will be under observation for two
months.

CIT managed to cut its bank debt by 36% to EUR60 million and
decrease its first-half loss from EUR73 million in 2003 to EUR44
million this year.

CONTACT:  COMPAGNIA ITALIANA TURISMO VOYAGES
          45 rue de Paradis
          75010 Paris
          Phone: 0810 00 70 70
          Fax: 01 55 77 27 37
          E-mail: citvd@citevasion.com
          Web site: http://www.citvoyages.com


FRANCE-SOIR: Owner Implementing Cost-cutting to Avoid Insolvency
----------------------------------------------------------------
Local newspaper group, Presse Alliance, owner of troubled daily
France-Soir, is planning to implement a cost-cutting plan this
October after talks to sell a stake in the firm failed.  The
cost-saving scheme will focus on the distribution part of the
business, according to Europe Intelligence Wire.

Italian parent Poligrafici Editoriale had earlier negotiated
with property developer Jean-Pierre Brunois to sell 51% of
Presse Alliance's capital, but talks ended without an agreement.
Poligrafici is now demanding EUR500,000 from Mr. Brunois, as
penalty for failing to go ahead with the sale.  Mr. Brunois had
reportedly offered EUR7 million for the stake.

Meanwhile, unions representing France Soir employees have called
on Prime Minister Jean-Pierre Raffarin to help save the daily by
arranging a financial aid.  They fear more redundancies are in
the offing, or worse, the company may file for insolvency.


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


MWG BIOTECH: Maintains Forecast Despite Weak Q2 Turnover
--------------------------------------------------------
The turnover of MWG Biotech AG (WKN: 730010), Ebersberg, in the
second quarter was below the respective turnover in 2003.  The
turnover of the first six months of 2004 was EUR17.6 million
after EUR22.6 million in the same period 2003.

The 22.2% decline is, among other reasons, due to the fact that
the restructuring of the company's marketing and sales
organization -- as was to be expected -- did not yet contribute
positively to turnover.  Nevertheless, the first half of 2004
was characterized by a continuous line of positive announcements
about new products and services, cooperations and distribution
agreements, which, however, did not yet contribute to turnover.

Due to this positive news flow and an increasingly well-filled
pipeline of international projects, the Management Board of MWG
Biotech AG maintains that the targets communicated for 2004
(moderate turnover growth, balanced EBITDA and balanced cash
flow) can still be reached.

To achieve this, however, it is important that there will be now
major time lags in the conclusion and realization of also larger
projects, which in turn would impact the turnover relevance of
these projects until year end, and thus also negatively
influence the other target values.

Due to the lower turnover, and the lower margins resulting in
part from it, and despite considerable reductions in the costs,
the EBITDA (earnings before interest, tax, and depreciation) was
-EUR3.3 million on June 30, 2004, and thus below the EBITDA
after the first six months in 2003 of -EUR0.3 million.  The net
loss of -EUR6.5 million was on the same level as after the first
two quarters in 2003 (-EUR6.4 million), the result in 2003 being
impaired by negative currency influences.

The consumption of liquid funds of EUR7.4 million in the first
half of the year resulted mainly from the operative business
(EUR5.2 million) mainly due to the still unsatisfying turnover
development, and from scheduled investments (EUR2.2 million).
On June 30, 2004, liquid funds were EUR9.3 million (1 hy. 2003:
EUR16.5 million).

Publication of the 6 months report will be on August 17.

CONTACT:  MWG-BIOTECH AG
          Anzinger Strasse 7a
          85560 Edersberg, Germany
          Phone: +49 8092 82890
          Fax:   +49 8092 21084
          Web site: http://www.mwgbiotech.com


PFLEIDERER AG: Key First-half Figures Up Year-on-year
-----------------------------------------------------
SDAX-listed Pfleiderer AG (ISIN DE0006764749) is continuing to
develop positively, in line with the first three months already
reported for this year.  Cumulative figures for the first six
months of 2004 show that both sales and earnings are higher than
the figures for the same period last year.

Sales rose to EUR479.4 million (2003: EUR442.0 million), an
improvement of 8.5% on 2003.  Of this, the Business Segment
Engineered Wood accounted for EUR378.0 million, while the
Business Segment Infrastructure Technology added a further
EUR101.3 million to Group sales.

EBITDA exceeded last year's figure by 27.3%, reaching EUR44.3
million for the first six months of 2004 (2003: EUR34.8
million).  EBIT has increased by 90.1% to EUR27.0 million (2003:
EUR14.2 million).

Earnings from discontinued activities for the first half of 2004
came to EUR26.0 million.  This was largely due to the sale of
the operations of Newmark International, Inc. in the USA, as
well as the wind tower production operations in Leipzig, both
measures having been announced this spring.  These transactions,
together with current expenses for discontinued activities,
resulted in an income of EUR26.0 million.  Net corporate
indebtedness fell to EUR198.2 million.  The equity ratio
increased from 17.9% (Dec. 31, 2003) to 22.9% as of June 30,
2004.

Overall earnings before taxes (EBT) came to EUR44.7 million
(2003: EUR0.4 million).  The pre-tax margin of the continued
operations improved to 3.9%.  Earnings per share came to EUR0.77
for the first half of 2004, compared to -EUR0.17 for the first
half of 2003.

Looking at fiscal 2004 as a whole, based on developments to date
Pfleiderer's Board of Management is optimistic that end-of-year
figures will exceed those of the previous year.  However, a
major part in this depends on how business for Engineered Wood
Germany develops during the usually slack summer months of 2004.

Pfleiderer AG in Brief

Now focused on its Engineered Wood and Infrastructure Technology
Business Segments, SDAX listed Pfleiderer AG (ISIN DE0006764749)
is one of Europe's leading system suppliers of engineered woods,
surface finished panels, rail sleeper technology and a vast
range of poles and towers.  The Company employs 5,000 people at
17 sites spread over six countries, and has sales in excess of
EUR920 million.

Financial statements are available free of charge at
http://bankrupt.com/misc/Pfleiderer_1H2004.pdf.

                            *   *   *

Fitch rates Pfleiderer's short-term credit 'B'.

CONTACT:  PFLEIDERER AG
          Neumarkt
          Corporate Communication
          Alexandra Klemme
          Phone: + 49 (0) 91 81 / 28 - 80 44
          Fax: + 49 (0) 91 81 / 28 - 6 06
          E-mail: alexandra.klemme@pfleiderer.com


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


ALITALIA SPA: Low-cost Airline Group Condemns Govt-backed Loan
--------------------------------------------------------------
The European Low Fares Airlines Association (ELFAA) criticized
Italy's move to help struggling national flag carrier Alitalia,
Reuters says.

In its letter to European Commissioner Loyola de Palacio, ELFAA
said the EUR400 million bridging loan to Alitalia was a mistake
because it would hurt competition and disrupt the Italian
aviation market.   The group adds Italy would benefit if
Alitalia was left to die.  ELFAA questioned the ability of
Alitalia to repay the loan considering its financial problems.

CONTACT:  Alitalia S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax:   +39 06 6562 4733
          Web site: http://www.alitalia.it


ALITALIA SPA: BA Equally Guilty of Anti-competitive Practice
------------------------------------------------------------
Alitalia lashed back at British Airways (BA) for complaining to
the European Commission (EC) about a practice that it was
equally guilty of perpetuating.

An Alitalia spokesman, according to Il Sole 24 Ore, claimed
recently that in April 2002 and in July 2004, the airline
complied with the request of U.K.'s Civil Aviation Authority to
adjust its fares because they were lower than those charged by
BA on the same route.  The routes involved were between London
to Caracas via Milan and London to Japan, India and Africa via
Milan.  The spokesman lamented BA's move, which accordingly
strayed from the common industry practice to resolve disputes
without going to the EC.

There is a possibility that the Italian competition authority
would review the complaint, which cites the bilateral agreements
between airlines that no third party may offer lower fare on
same routes.  The European Commission has asked all members of
the European Union to provide details of all such agreements in
force in their territory.


CAPITALIA SPA: First-quarter Credit Recovery Up to EUR32 Mln
------------------------------------------------------------
Collections related to credit recovery activity of Trevi Finance
3 confirm the positive trend demonstrated by the reported
performance of Trevi Finance and Trevi Finance 2.  This is the
result of the independent report on the activity undertaken
during the first six months by Capitalia's securitization
vehicle Trevi Finance 3.

The report is available at http://www.securitsation-
services.com, which is administered by Finanziaria
Internazionale Securitization Group.

The credit recovery activity of the Trevi vehicles is managed by
Capitalia Service JV, a joint venture established a year ago by
Capitalia (51%) and Archon Group Italia (49%), the latter
considered a world leader in the sector and belonging 100% to
Goldman Sachs Group.

Activities data of Trevi Finance 3 that reflect the growing
operational performance of CSJV during the first semester are
summarized as:

(a) collections totaled EUR50.7 million, of which EUR17.8
    million in the 1st quarter and EUR32.9 million in the 2nd
    quarter;

(b) during the first six months the real estate trading vehicle
    related to Trevi 3 has taken part in 30 auctions, of which 9
    in the 1st quarter and 21 in the 2nd quarter;

(c) Furthermore, 173 extra-judicial agreements (Discounted Pay-
    Offs) have been reached, of which 58 in the 1st quarter and
    115 in the 2nd quarter.


PARMALAT FINANZIARIA: Court Unblocks Bonds
------------------------------------------
All bonds, which have been blocked pursuant to the claim filing
procedures announced by the Court of Parma, are hereby declared
to be unblocked.

Financial intermediaries, banks and clearing systems, which have
maintained blocking procedures, should now discontinue them.
All bonds should be made available to their beneficial owners.
This unblocking notice is universal to all bonds and to all
blocking procedures -- including those originally announced on
20 March 2004 and 14 June 2004.

Pursuant to the Law of Italy of 5 July 2004 (number 166), the
rights to become creditors of the companies admitted to the
Extraordinary Administration Procedure are now secure for all
bondowners, irrespective of whether individual claims have been
filed -- or bonds blocked.  This is based on the total nominal
amount of each issue.

As previously communicated, the Parmalat Group Restructuring
Program has been approved by the Production Activity Minister in
agreement with the Agricultural and Forest Politics Minister.
By decree of the appointed Judge the procedures to define the
final list of creditors to be entered into the proceedings have
been initiated and have been published Wednesday.

CONTACT:  PARMALAT FINANZIARIA SPA
          Sede legale: 43044 Collecchio (Pr) - Via Oreste
          Grassi, 26 Codice fiscale e iscrizione nel Registro
          delle Imprese di Parma 00175250471 - Partita I.V.A.
          01938950340 - R.E.A. Parma n. 188325 - U.I.C. n. 730

          Sede amministrativa: 20122 Milano
          Piazza Erculea, 9
          Phone: (39) 02.8068801
          Fax (39) 02.8693863
          E-mail: x_affari_societari_it@parmalat.net


PARMALAT FINANZIARIA: Selling Latin American Assets
---------------------------------------------------
Italian dairy giant Parmalat is considering the sale of some
assets belonging to its Latin American subsidiaries, as part of
its restructuring, Europe Intelligence Wire reports.

Parmalat is opting to sell its inactive facilities in Tenio and
Paipa, Colombia; its land in Colombia; and four inactive
factories in Venezuela.  The company may also sell its powdered
milk factories in Venezuela owned through its local arm
Industria Lactea Venezolana.  The dairy is also considering the
sale of properties held by its Spanish subsidiaries Letona and
Clesa.  Parmalat considers Clesa, as well as Venezuelan brands
Frico and La Campina, as "local jewels" and these brands are
"particularly strong in terms of market share, image,
profitability and staying power for the group."

Parmalat considers Latin America as a region that is
"historically very complex and risky."  The company announced
the sale of Parmalat Argentina in March.  Special administrator
Enrico Bondi aims to cut Parmalat's liability from EUR14.8
billion (US$18.1 billion) to less than EUR500 million (US$612
million) at the end of 2007.

CONTACT:  Parmalat Finanziaria S.p.A.
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

          Administrative Seat
          20122 Milan
          Piazza Erculea, 9
          Phone: +39 02 806 8801
          Fax: +39 02 869 3863
          Web site: http://www.parmalat.net


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


HEAD N.V.: First-half Operating Loss Down to US$11.4 Million
------------------------------------------------------------
Head N.V. (NYSE: HED; VSX: HEAD), a leading global manufacturer
and marketer of sports equipment, announced results for three
months ended 30 June 2004 and six months ended 30 June 2004.

For the three months ended 30 June 2004 (compared to the three
months ended 30 June 2003):

(a) Net revenues increased by 5% to US$83.2 million;

(b) Operating loss before restructuring costs decreased by
    US$3.4 million to a US$5.7 million loss;

(c) Operating loss after restructuring costs decreased by US$2.4
    million to a US$6.7 million loss.

For the six months ended 30 June 2004 compared to the six months
ended 30 June 2003:

(a) Net revenues increased by 16% to US$177.6 million;

(b) Operating loss before restructuring costs decreased by
    US$7.4 million to US$10.1 million loss;

(c) Operating loss after restructuring costs decreased by US$6.6
    million to a US$11.4 million loss.

Johan Eliasch, Chairman and CEO, commented: "The second quarter
of 2004 showed a continued steady improvement by the Group in
both top line growth and profitability.

"Our restructuring projects are on target and, as can be seen in
the results, have started to positively impact our financials.

"During the quarter, the success of the Liquidmetal tennis
racquet range was demonstrated by our dominance in the top-
seller list.  In the U.S.A. (Pro/Speciality), Germany and
France, I am pleased to reveal that the latest data shows Head
was the top selling racquet, and also took six out of the top
eight positions.

"The second half of the year will be key for our Winter Sports
business, but bookings data to date are encouraging.

"Overall I am pleased to reiterate our previous guidance that,
whilst the sporting goods market remains tough, the full year
2004 operating profit should be ahead of that achieved in 2003."

Revenues

                For the Three Months        For the Six Months
                   Ended 30 June,             Ended 30 June,
                 2003      2004              2003    2004

Product
category:

Winter Sports US$ 5,956    US$ 7,321      US$ 22,407  US$ 29,402
Racquet Sports   44,688     46,902              87,112    96,415
Diving           26,091     25,967              38,535    45,881
Licensing         2,450      3,011               4,731     5,902

Total RevenuesUS$79,185    US$83,201     US$152,785   US$177,600

Winter Sports

Winter Sports revenues for the three months ended June 30, 2004
increased by US$1.4 million, or 22.9%, to US$7.3 million from
US$6.0 million in the comparable 2003 period.  For the six
months ended June 30, 2004, Winter Sports revenues increased by
US$7.0 million, or 31.2%, to US$29.4 million from US$22.4
million in the comparable 2003 period.  This increase was due to
the strengthening of the euro against the U.S. dollar, higher
sales volumes and better prices for bindings and a better
product mix for skis and ski boots.

Racquet Sports

Racquet Sports revenues for the three months ended June 30, 2004
increased by US$2.2 million, or 5.0%, to US$46.9 million from
US$44.7 million in the comparable 2003 period.  For the six
months ended June 30, 2004, Racquet Sports revenues increased by
US$9.3 million, or 10.7%, to US$96.4 million from US$87.1
million in the comparable 2003 period.  This mainly resulted
from improved sales prices in tennis racquets, higher sales
volumes in balls and the strengthening of the euro against the
U.S.  dollar.

Diving

Diving revenues for the three months ended June 30, 2004
decreased by US$0.1 million, or 0.5%, to US$26.0 million from
US$26.1 million in the comparable 2003 period.  This decrease
resulted mainly from earlier shipments during the three months
ended March 31, 2004 with a reversal effect during the three
months ended June 30, 2004.  For the six months ended June 30,
2004, Diving product revenues increased by US$7.3 million, or
19.1%, to US$45.9 million from US$38.5 million in the comparable
2003 period.  This results mainly from increased sales volumes
due to better product availability and the strengthening of the
euro against the U.S. dollar.

Licensing

Licensing revenues for the three months ended June 30, 2004
increased by US$0.6 million, or 22.9%, to US$3.0 million from
US$2.5 million in the comparable 2003 period.  For the six
months ended June 30, 2004, licensing revenues increased by
US$1.2 million, or 24.8%, to US$5.9 million from US$4.7 million
in the comparable 2003 period due to increased revenues from
existing contracts and from new licensing agreements as well as
timing differences.

Profitability

For the three months ended June 30, 2004, gross profit increased
by US$4.2 million, or 14.8%, to US$33.0 million from US$28.7
million in the comparable 2003 period.  Gross margin increased
to 39.6% in this period from 36.3% in the comparable 2003
period.  For the six months ended June 30, 2004, gross profit
increased by US$14.0 million, or 25.3%, to US$69.5 million from
US$55.5 million in the comparable 2003 period.  Gross margin
increased to 39.1% in this period from 36.3% in the comparable
2003 period due to improved operating performance and product
mix sales.

For the three months ended June 30, 2004, selling and marketing
expenses remained stable at US$28.4 million compared to the
comparable 2003 period.  For the six months ended June 30, 2004,
selling and marketing expenses increased by US$3.8 million, or
7.0%, to US$58.5 million from US$54.7 million in the comparable
2003 period.  The increase was due to the strengthening of the
euro against the U.S. dollar, which adversely impacted our
predominantly euro denominated costs.

For the three months ended June 30, 2004, general and
administrative expenses increased by US$0.9 million, or 9.2%, to
US$10.2 million from US$9.3 million in the comparable 2003
period.  For the six months ended June 30, 2004, general and
administrative expenses increased by US$2.9 million, or 16.1%,
to US$20.9 million from US$18.0 million in the comparable 2003
period.  The increase was mainly due to the strengthening of the
euro against the U.S. dollar, which adversely impacted our
predominantly euro denominated costs and increased
administrative costs.

We also recorded a non-cash compensation expense of US$0.1
million and US$0.2 million for the three months ended June 30,
2004 and 2003, respectively, and US$0.3 million and US$0.3
million for the six months ended June 30, 2004 and 2003,
respectively, due to the grant of stock options under our stock
option plans of 1998 and 2001 and the resulting amortization
expense.

In addition, in the six months ended June 30, 2004 we recorded
restructuring costs of US$1.3 million consisting of dismissal
and transfer costs in connection with the closing of our
production facility in Mullingar, Ireland and our plant in
Tallinn, Estonia.  In comparison, in the six months ended June
30, 2003 we incurred restructuring costs of US$0.5 million
consisting of severance payments, stay bonuses and excess rent
due to the movement of our US winter sports organization to our
US headquarters.

As a result of the foregoing factors, operating loss for the
three months ended June 30, 2004 decreased by US$2.4 million to
US$6.7 million from US$9.1 million in the comparable 2003
period.  For the six months ended June 30, 2004, operating loss
decreased by US$6.6 million to US$11.4 million from US$18.0
million in the comparable 2003 period.

For the three months ended June 30, 2004, interest expense
increased by US$0.9 million, or 27.7%, to US$4.4 million from
US$3.4 million in the comparable 2003 period.  This increase is
due to higher interest expenses (denominated in euro) on our
newly issued 8.5% senior notes, further adversely impacted by
the strength of the euro against the U.S. dollar, partially
offset by reduced interest expense of short-term borrowings.
For the six months ended June 30, 2004, interest expense
increased by US$10.4 million, or 153.5%, to US$17.2 million from
US$6.8 million in the comparable 2003 period.  This increase was
mainly due to the following: write-off of the capitalized debt
issuance costs of US$3.2 million relating to our former 10.75%
senior notes, which were repaid with proceeds from our new 8.5%
senior notes in January 2004; the premium of US$4.4 million for
the early redemption of the 10,75% senior notes; the higher
interest expenses due to higher debt of the group.  The strength
of the euro against the U.S. dollar further impacted these
predominantly in euro denominated expenses.

For the three months ended June 30, 2004, interest income
increased by US$0.3 million, or 92.3%, to US$0.6 million from
US$0.3 million in the comparable 2003 period.  For the six
months ended June 30, 2004, interest income increased by US$0.4
million, or 73.8%, to US$1.0 million from US$0.6 million in the
comparable 2003 period.  This increase was due to higher cash on
hand as well as due to the strengthening of the euro against the
U.S. dollar.

For the three months ended June 30, 2004, we had a foreign
currency exchange gain of US$0.4 million, compared to a gain of
US$0.3 million in the comparable 2003 period.  For the six
months ended June 30, 2004, the foreign currency exchange gain
was US$0.5 million compared to a gain of US$0.3 million in the
comparable 2003 period.

For the three months and six months ended June 30, 2004, other
income (expense), net remained stable compared to the comparable
2003 period.

For the three months ended June 30, 2004, income tax expense was
US$20.6 million compared to income tax benefit of US$3.0 million
in the comparable 2003 period.  For the six months ended June
30, 2004, income tax expense was US$18.0 million compared to
income tax benefit of US$5.1 million for the comparable 2003
period.  This increase in income tax expense is mainly due to a
reduction in Austrian tax rate which led to a decrease in
deferred tax asset resulting from tax losses carried forward of
US$24.9 million, partially offset by an increase of deferred tax
assets due to a higher loss before income taxes.

As a result of the foregoing factors, for the three months ended
June 30, 2004, we had a net loss of US$30.7 million compared to
a net loss of US$8.9 million in the comparable 2003 period.  For
the six months ended June 30, 2004, the net loss increased to
US$45.1 million from US$18.8 million in the comparable 2003
period.

2004 Outlook

In terms of guidance for the remainder of 2004, we reiterate the
guidance we gave in February at the time of our 2003 results
announcement.  This is that whilst we do not expect conditions
in the sporting goods market to improve dramatically during
2004, we believe the signs are that there will be some growth in
demand in our product categories, although we are currently
seeing an increase in oil prices that may impact our raw
material prices and therefore our margins.

We intend to continue to launch innovative products to help
stimulate market demand and also to grow our market share.

We also expect to largely complete our restructuring program
during 2004 and the benefits of this will be felt from 2004
onwards.

In conclusion, we expect reported revenues and operating
profits, excluding one-time charges, for 2004 to be ahead of the
levels achieved in 2003.

Net income will of course be lower than in 2003 due to the one
time, non-cash impact of the change in Austrian tax rates as
detailed above.

Consolidated Results

                   For the Three Months      For the Six Months
                       Ended 30 June,          Ended 30 June,

                      2003    2004              2003   2004
REVENUES
Total revenues     US$79,185   US$83,201  US$152,785  US$177,600
Cost of sales       50,458    50,234           97,306   108,086
Gross profit        28,727    32,967           55,479    69,515
Gross margin         36.3%     39.6%            36.3%     39.1%
Selling &
marketing expense   28,368    28,379           54,655    58,460
General &
administrative expense
(excl.  non-cash
compensation
expense)             9,340    10,197           17,998    20,902
Non-cash
compensation
expense                164       139              327       277
Restructuring costs    (45)      981              485     1,252
Operating loss      (9,099)   (6,728)         (17,987)  (11,377)
Interest expense    (3,415)   (4,362)          (6,797)  (17,233)
Interest income        295       566              558       970
Foreign exchange gain  316       387              313       466
Other income
(expense), net        (44)        39              (18)       33
Loss from
operations before
income taxes       (11,948)  (10,097)         (23,931)  (27,140)
Income tax
benefit
(expense)        3,015      (20,638)         5,144      (17,990)
Net loss     US$(8,934)  US$(30,735)    US$(18,787)  US$(45,129)

About Head

Head N.V. is a leading global manufacturer and marketer of
premium sports equipment.  Its ordinary shares are listed on the
New York Stock Exchange ("HED") and the Vienna Stock Exchange
("HEAD").

The firm's business is organized into four divisions: Winter
Sports, Racquet Sports, Diving and Licensing.   We sell products
under the Head (tennis, squash and racquetball racquets, alpine
skis and ski boots, snowboards, bindings and boots), Penn
(tennis and racquetball balls), Tyrolia (ski bindings), and
Mares/Dacor (diving equipment) brands.

We hold leading positions in all of our product markets and our
products are endorsed by some of the world's top athletes
including Andre Agassi, Gustavo Kuerten, Marat Safin, Hannes
Trinkl and Maria Riesch.

For more information, please visit http://www.head.com.

CONTACT:  HEAD N.V.
          Clare Vincent
          Investor Relations
          Phone: +44 207 499 7800
          Fax: +44 207 629 4399
          E-mail: htmcv@aol.com

          Ralf Bernhart
          Chief Financial Officer
          Phone: +43 1 70 179 354
          Fax +43 1 707 8940


NUMICO N.V.: Books Record Sales in First Half
---------------------------------------------
Highlights first half 2004 (on a comparable basis)[1]

(a) Total net sales up 9.2%; EBITA margin at 20.5%

(b) Nutricia Baby net sales up 7.8%; EBITA margin at 20.2%

(c) Nutricia Clinical net sales up 12.1%; EBITA margin at 28.5%

(d) Net result at EUR97 million compared to -EUR88 million in H1
    03

(e) Net debt position at EUR1,048 million; Shareholders' Equity
    improved by EUR91 million to -EUR378 million

Highlights second quarter 2004 (on a comparable basis)1

(a) Total net sales up 9.7%; EBITA margin at 20.4%

(b) Nutricia Baby net sales up 8.9%; EBITA margin at 19.9%

(c) Nutricia Clinical net sales up 11.2%; EBITA margin at 29.0%

(d) Net result at EUR49 million compared to -EUR104 million in
Q2
    03

CEO's Statement

"Numico's performance in the first half 2004 shows the strength
of the people and the potential of the new Numico, fully focused
on the growth of its core businesses, Baby Food and Clinical
Nutrition.

"Numico's 9.7% sales growth in Q2 2004 reflects the turnaround
momentum of the last 18 months and makes us confident to raise
our overall net sales growth target for 2004 to 7-9%.

"Both divisions contributed equally to achieve this result.
Baby Food grew by 8.9%, driven by very strong performance in the
U.K., combined with continued growth in our developing markets.
In Clinical Nutrition, we saw our second consecutive quarter of
double-digit growth, fueled by accelerated growth in the
Southern European markets, as well as the increased momentum of
our disease-specific products."

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Consolidated key figures second quarter and first half 2004

(EUR mln)  Second quarter % change   First half year  % change
            2004  2003  comp.1 actual  2004  2003  comp1. actual
Net sales    435   881    8.9% (50.6%)  837 1,744  8.4% (52.0%)
Net sales
continued
  business   427   389    9.7%   9.6%   820   761  9.2%   7.8%
EBITA*        86    26                  167   100
Net result    49  (104)                  97   (88)
Cash earnings 49   (88)                  98   (53)
Cash EPS (EUR)0.30 (0.53)              0.59 (0.32)
Free cash flow  25   (12)                29  232

* Operating result before amortization and including
  exceptional items.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Outlook 2004

Based on the strong growth performance in the first half of
2004, the overall organic net sales growth target for 2004 has
been raised from 6-8% to 7-9%.  This is driven by a net sales
growth in Baby Food of 6-8% (previously: 5-7%) and in Clinical
Nutrition of 10-12% (previously: 8-12%).  The company reiterates
that EBITA is expected to grow -- on a comparable basis -- by
approximately 10%, taking into account this year's higher
marketing spend as well as slightly higher non-allocated costs
compared to 2003.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
        Review By Segment (on a comparable basis[2])

Baby Food

  Second Quarter (EUR mln)                     First half year
     2004 2003* change2                       2004 2003* change2
     276  256     8.9%       Sales             532  504    7.8%
      55   49    17.8%       EBITA             108   96   14.4%
    19.9 19.0     140 bps    EBITA             20.2 19.1 120 bps
                             as a % of sales
       7    6                Sales              12   13
                             discontinued**
      (1)  (1)               EBITA discontinued (2)  (1)
     283  262    9.0%        Total sales       544   517   7.4%
      54   48   17.3%        Total EBITA       106    95  14.2%
    19.2 18.4    130 bps     EBITA             19.5 18.4 120 bps
                             as a % of sales

* At actual rate
** Discontinued primarily consists of South Africa and the third
party manufacturing plant in Kampen which were sold in H1'04
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

As a result of strategic and operational initiatives, the Baby
Food division is starting to deliver very positive results.  Net
sales in Baby Food increased 7.8% to EUR532 million in the first
half of 2004.  This strong growth performance was driven by a
positive trend in our key Western European markets, resulting in
growth of 2.3% for the first half of 2004.  In addition, the
markets outside Western Europe grew by 16%, driven by strong
performance in Russia, Indonesia, Turkey and the Middle East.

The U.K., which is Numico's largest Western European market,
delivered excellent results, with growth of 7.2% in the first
half of 2004, supported by a very strong second quarter of 9.2%.
This performance is driven by improved overall execution, strong
improvements in sales capabilities and category management, as
well as the introduction of pre-biotics in the Infant Milk
Formula (IMF) brands.

In the first half of 2004, EBITA of the Baby Food division
increased 14.4% to EUR108 million despite an increase in
marketing spend of 28%.  In the second quarter, the Baby Food
division increased EBITA by 17.8% to EUR55 million.  These
increases were driven by a favorable product and geographic mix,
coupled with a slightly lower fixed cost base.

The EBITA margin improved 120 bps to 20.2% in the first half of
the year, compared to the same period last year.  Similarly in
the second quarter, the EBITA margin improved 140 bps to 19.9%,
notwithstanding an increase of 34% in marketing spend.

Acquisition of Valio's Baby Food brands in Finland
On 24 May 2004, Numico agreed to acquire the leading Finnish
baby food brands 'Tutteli' (IMF) and 'Muksu' (cereals) from
Valio Group for EUR57 million in cash.  This add-on acquisition
represents an excellent fit with Numico's overall strategic
objective and delivers the two noted brands, which combined with
Numico's leading position in the Finnish baby food specialities
category, offer market leading positions and significant growth
potential in a relatively underdeveloped market.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Clinical Nutrition
Second Quarter              (EUR mln)          First half year
  2004 2003* change3                         2004 2003* change3
   151  133    11.2%              Sales       288  257   12.1%
    44   42     2.1%              EBITA        82   75    7.9%
  29.0 31.9   (250) bps           EBITA      28.5 29.4 (110) bps
                            as a % of sales
   -      3               Sales discontinued    2    4
   -      -               EBITA discontinued    -    -
  151   136    9.4%          Total sales      290   261    11.0%
   44    42    2.3%          Total EBITA       82    75     8.1%
28.8  31.1   (200) bps            EBITA     28.3  28.9 (70) bps
                             as a % of sales
* At actual rate
** Discontinued is related to the Clinical Nutrition brands in
Taiwan which were sold in H1'04
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Net sales in Clinical Nutrition grew by 12.1% to EUR288 million
in the first half of 2004.  The Northern European countries
continued their growth trend at 9.4% in the first half 2004.
The Southern European countries built upon this performance with
an accelerated growth rate of 16.6%.  In the second quarter
2004, the Clinical Nutrition division increased net sales by
11.2% to EUR151 million.  From a product perspective, the
General Malnutrition segment showed improvement, with a growth
of 10.5% in the first half of 2004, compared to 9.7% in 2003.
In addition, the Disease-Specific products continued to build
momentum, delivering growth of 13.8% in the first half of 2004,
surpassing 2003 growth rate of 10.5%.
Due to a favorable shift in the mix of products and channels,
EBITA of Clinical Nutrition grew by 7.9% to EUR82 million.  In
the second quarter, EBITA was able to surpass the exceptionally
strong performance of 2003 by 2.1%, resulting in a 29% EBITA
margin.

            Financial Review (on a comparable basis[3])

First half 2004

The performance of the Baby Food and Clinical Nutrition
divisions in the first half of 2004 is a clear indicator that
Numico's overall growth strategy is well on track.  On the back
of 7.8% organic net sales growth for Baby Food and 12.1% for
Clinical Nutrition, Numico's overall net sales, excluding the
discontinued business, grew by 9.2%.

The overall gross margin remained stable.  This is mainly due to
a change in product and geographic mix and continuous efforts to
reduce the variable cost base through project Booster.  Changes
in commodity prices did not impact the company's performance.

Total EBITA increased 6.7% to EUR167 million, despite an overall
increase in marketing spend in Baby Food and Clinical Nutrition
of 23%.

The tax charge was 28.6% and net result increased to EUR97
million helped by significantly lower financial income and
expenses and amortization.  Cash earnings and cash earnings per
share for the first half year are EUR98 million and EUR0.59,
respectively.

Second quarter 2004

Total net sales were EUR435 million, an 8.9% increase compared
to the second quarter of 2003.  Both Baby Food and Clinical
Nutrition contributed to this healthy performance.  Excluding
the discontinued business, total net sales grew by 9.7%.

Total EBITA increased 5.0% to EUR86 million, despite an overall
increase in marketing spend of 30%.  Net result increased to
EUR49 million.  Given the low level of amortization, cash
earnings and (cash) earnings per share for the quarter are EUR49
million and EUR0.30, respectively.

                     Other Financial Information

Trade Working Capital

Numico aims to reduce the level of trade working capital to
12.5% of net sales in 2004.  At 30 June 2004, trade working
capital was at 16.4% of net sales, an improvement of 160 bps
compared to a year ago.  The increase since December 2003 can
mainly be explained by a build-up prior to the general
production slow-down during the summer period as well as the
current work in progress related to project Focus.  Given the
planned plant reductions and transfer of production lines,
Numico remains confident that it will reach the 12.5% target by
the end of the year.

Cash Flow (at actual rates)

Net cash flow from operations and free cash flow amounted to
EUR52 million and EUR29 million, respectively, in the first half
of 2004.  In the second quarter, net cash flow from operations
and free cash flow were EUR40 million and EUR25 million,
respectively.  As anticipated, free cash flow was adversely
impacted by the temporary increase in trade working capital in
the first two quarters of 2004.

Capital expenditure was EUR26 million, or 3.2% of net sales, in
the first half of 2004, of which EUR16 million, or 4.0% of net
sales in the second quarter.  Although capital expenditure is
below the target of 5% of net sales, the company still expects
capital expenditure to be approximately 5% of net sales for the
year.

Debt position

In the first half of 2004, the net debt position improved to
EUR1,048 million compared to EUR1,069 million at 31 December
2003.  In the second quarter, the level of outstanding
subordinated convertible bonds remained unchanged.  The total
amount of outstanding subordinated convertible bonds stood at
EUR 1,332 million at the end of the second quarter.  The current
cash balance, the future cash flows expected in the remainder of
2004 and 2005 and the undrawn new bank loan facility of EUR850
million will be adequate to fully repay the outstanding
convertible bonds of EUR354 million (EUR314 million nominal) in
September 2004 and EUR627 million in June 2005.

Shareholders' Equity (Capital & Reserves) (at actual rates)

Shareholders' equity amounted to -EUR378 million at 30 June
2004, compared to -EUR414 million at 31 March 2004.  The
improvement was driven by retained earnings of EUR49 mln, which
was slightly offset by a negative currency translation effect of
-EUR6 million, mainly caused by the Indonesian rupiah.

Given the historical and expected future retained earnings,
Numico is confident that it will be able to sufficiently
strengthen its shareholders' equity through retained earnings
within 2 years.  Moreover, it is to be reiterated that negative
shareholders' equity has no impact on Numico's operations,
access to funding or stock exchange listing.

Dividend

Numico's current negative shareholders' equity position prevents
Numico from paying a dividend.

Numico is confident that it will be able to restore
shareholders' equity within 2 years through retained earnings.
Once the level of shareholders' equity has been sufficiently
restored, Numico intends to resume dividend payments based on a
dividend payout policy that will be aligned with the (growth)
profile of the company and with relevant peers.

                Update On Various Initiatives

Corporate Governance

Numico has made a number of substantial changes to its corporate
governance structure in the first half of 2004 of which these
are the most notable:

(a) Abolishment of the depositary receipts and the related
    foundation 'Stichting Administratiekantoor';

(b) Limitation of the time period in which preference shares can
    be issued to six months;

(c) Amendment of the Articles of Association to protect
    shareholders from a party taking 'creeping' control without
    needing to pay a premium;

(d) Alteration of the existing contracts of Executive Board
    members and alignment of the remuneration policy with long-
    term shareholders' interests.

By doing so, Numico is now in full compliance with the Dutch
Corporate Governance Code.

Divestiture Program

Over the last 12 to 18 months, Numico sold or closed various
businesses that did not fulfill the company's high-growth, high-
margin criteria.  In the second quarter of 2004, Numico sold its
Baby Food operations in South Africa as well as its Clinical
Nutrition brands in Taiwan.

Project Focus

Project Focus, which is aimed at substantially improving the
effectiveness and efficiency of the production platform of Baby
Food in Western Europe, is well on track.  In the first half of
2004, the company successfully concluded the transfer of the
entire production of IMF, well ahead of schedule.  In the next
six to twelve months, the transfer of the production of jars and
cereals to Deva (Czech Rep.), Opole (Poland) and Benavente
(Portugal) will be concluded.

The plant reduction program is also well underway.  In the
second quarter, the factory in Kampen (The Netherlands), which
mainly manufactures for third parties, was sold.  Two additional
plants are scheduled to be sold or closed in the second half of
the year and the remaining two factories will be sold or closed
in 2005.

Project Booster

Project Booster, aimed at continuously improving the efficiency
of the variable cost base of the supply chain, is targeted to
achieve cost savings of EUR20 million in 2004.  In addition to
EUR6 million of cost savings in the first quarter, another EUR5
million has been achieved in the second quarter.  These savings
are primarily achieved in the areas of packaging, supply
management and procurement.

Implementation IFRS

Numico is well on track to be in full compliance with IFRS
standards as from 1 January 2005.  Current analysis shows that
the transition to IFRS will not have a material overall impact
on shareholders' equity for the opening balance sheet on 1
January 2004.  The market value of the company's off-balance
sheet items, the interest rate swaps and forward contracts is
-EUR13 million at 30 June 2004.

In addition, the different accounting treatments of share based
payments (IFRS 2), employee benefits (IAS 19) as well as
provisions and contingent liabilities (IAS 37) are each expected
to have a nonmaterial (less than EUR5 million on average) impact
on the P&L 2004 accounts.  It is to be noted that IAS 32 and IAS
39 have not yet been taken into account and thus have not yet
been quantified.  Any other material impact on the P&L or
Balance Sheet is not expected as it stands.

Ephedra Litigation

Numico assumed the litigation risk related to ephedra-containing
products of Rexall Sundown and GNC.

The number of claims filed per month continues to reflect a
stable trend.  Since the beginning of May 2004, the number of
active cases at GNC at Rexall Sundown increased by 30 and 14
respectively.  It is to be noted the number of cases filed
against GNC include 10 older cases which could only be
officially filed in July due to the bankruptcy of the related
manufacturer.

Numico has adequate insurance in the form of an occurrence-based
policy, to cover the ephedra litigation risk and all related
administrative and legal costs.

A full copy of these results is available free of charge at
http://bankrupt.com/misc/Numico_1H2004.pdf.

---------
Footnotes

[1] Comparable basis is at constant scope of consolidation and
    constant exchange rates.

[2] Comparable basis is at constant scope of consolidation and
    constant exchange rates.

[3] Comparable basis is at constant scope of consolidation and
    constant exchange rates.


PETROPLUS N.V.: Expects EUR2.8 Million Second-quarter Net Income
----------------------------------------------------------------
Petroplus International N.V. announces that its net profit after
taxes for the second quarter 2004 will amount to EUR2.8 million.
Petroplus' Refining Division benefited from strong refining
margins in the quarter however total refining capacity was
constrained in June due to planned maintenance at the Teesside
refinery.  The implementation of the restructuring at the
Antwerp refinery is progressing according to plan.  Earnings in
the Marketing Division and Logistics Division were under
pressure as a consequence of limited demand, which in turn was
fuelled by the high oil product prices and backwardation in the
market.

Petroplus will publish its full semi-annual earnings on 20
August 2004.  A presentation of the 2004 semi-annual results by
the co-chairmen of the Petroplus' Executive Board will be Web-
casted live at 10:00 CET on 20 August 2004.  The presentation
can be accessed at http://www.petroplusinternational.com.

Petroplus International N.V. (rated B+/Negative/-- by Standard &
Poor's) was established 10 years ago and has since developed
into a leading player in the European midstream oil market.  The
midstream sector encompasses refining, marketing and logistics
(predominantly tank storage).

Petroplus is the owner of refineries in Antwerp (Belgium),
Cressier (Switzerland) and Teesside (United Kingdom) with a
total capacity of 240,000 barrels per day including the Antwerp
desulphurization capacity.  Petroplus has a sales volume in
excess of 23 million tons a year of oil products and a storage
capacity of almost 5 million m3 throughout Western Europe.

Petroplus, with its head office in Rotterdam and regional head
offices in Zug and Hamburg, has branch offices in more than 20
countries and employs approximately 1000 employees.  Petroplus
International N.V. has been listed on the Official Market of
Euronext Amsterdam since 14 July 1998.

CONTACT:  PETROPLUS INTERNATIONAL N.V.
          P.O. Box 85002 3009 MA Rotterdam
          The Netherlands
          Phone: +31 (0)10 242 5900
          Fax: +31 (0)10 242 6052
          E-mail: IR@petroplus.nl
          Homepage: http://www.petroplusinternational.com

          Marcel van Poecke, Co-chairman
          Willem Willemstein Co-chairman
          Paul van Poecke
          Theo Zwijnenberg
          Executive Board

          Martijn Schuttevaer, Investor Relations Manager
          Phone: +31 10 242 5900


ROYAL SHELL: Owners Agree to Merge Separate Boards
--------------------------------------------------
Board members of Royal Dutch/Shell have reached a preliminary
agreement to unify the two governing bodies of the Anglo-Dutch
energy group, according to the Financial Times.

The company is under pressure from investors to restructure
after it restated oil reserves by 20% in January.  A committee
is currently reviewing the business to improve exploration
performance and restore credibility.  Investors expect at least
the unification of the boards of its holding companies.

Royal Dutch/Shell is made up of Royal Dutch, the Dutch holding
company controlling 60%, and "Shell" Transport and Trading, the
U.K. side controlling the remaining 40%.  The two have separate
stock listing in Amsterdam and London.

The report said some important members of Shell's steering
committee are pushing for a more thorough restructuring
including full merger.  Yet, some legal experts say the firm
could benefit more from a closer alignment than a full merger.

Advocates of the reform say a reorganization could take three to
five years to complete.  The company could make its plan public
in November, according to the report.


ROYAL SHELL: Gives Walter van de Vijver EUR3.8 Mln Severance Pay
----------------------------------------------------------------
Following Walter van de Vijver's earlier resignation as a
director of the Royal Dutch Petroleum Company and the companies
of the Royal Dutch/Shell Group in March 2004, agreement has now
been reached on the termination of his employment with effect
from 1 September 2004.

Mr. Van de Vijver will receive a total severance amount of
EUR3,800,000.  This amount is payable in installments and
subject to continuing co-operation with and review by relevant
authorities, amongst other conditions.  The amount is based on
his 25 years of service with the Group and had it not been for
this termination the otherwise remaining years of service until
normal retirement date.  Mr. Van de Vijver will not receive a
performance-related annual bonus or stock options in respect of
2004.

These terms apply to Mr. Van de Vijver's Royal Dutch share
options and grants:

(a) All 20,000 performance-linked stock options over Royal Dutch
    shares granted to Mr. Van de Vijver in March 2001 lapsed
    without any realized value in March 2004.

(b) The conditional award of 43,956 Royal Dutch shares made to
    Mr. Van de Vijver in August 2003 under the Long Term
    Incentive Plan will lapse without any realized value on 1
    September 2004.

(c) The exercise term of Mr. Van de Vijver's remaining 271,500
    stock options has been shortened, so that they expire five
    years after the termination of his employment, on 31 August
    2009, or earlier if the original expiry date was prior to 31
    August 2009.  This adjustment is consistent with the Group's
    general practice of allowing employees to continue to hold
    options after leaving employment by mutual agreement.

(d) Half of the 75,000 stock options granted in 2002 remain
    subject to further performance conditions and may lapse.
    The remaining outstanding options currently offer no
    exercisable value (at the 11 August 2004 closing price of
    EUR40.5).

The schedule for the remainder of Mr. Van de Vijver's stock
options is disclosed in the Remuneration Report of the 2003
Annual Report and Accounts of Royal Dutch.

From 30 June 2015 Mr. Van de Vijver has the legal right to a
deferred pension of EUR385,388 per annum under the Stichting
Shell Pensioenfonds pension scheme to which he has contributed
over the past 25 years.


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


AKER KVAERNER: To Present Second-quarter Results August 23
----------------------------------------------------------
The Aker Kvaerner Group will present its Second-quarter results
on Monday 23 August 2004 at about 8:45 a.m. Central European
Time.

A Web cast presentation by CEO Mr. Inge K. Hansen will be
available at http://www.akerkvaerner.comat 9:30 a.m. CET.

A conference call will take place on Monday 23 August 2004 at 4
p.m. CET.  The dial-in number is +44 (0) 20 7162 0186, password
"Aker Kvaerner."

The material will be available at http://www.newsweb.noand
http://www.akerkvaerner.comthe same morning.

Yours Sincerely,
for Aker Kvaerner

Lasse Torkildsen
Vice President Investor Relations

                            *   *   *

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

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

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

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

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

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


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


NETIA S.A.: Millennium-led Group Files for Bankruptcy
-----------------------------------------------------
Netia S.A., Poland's largest alternative provider of fixed-line
telecommunications services, announced that Millennium
Communications S.A., Newman Finance Corporation (NFC), its sole
shareholder, and Genesis sp. z o.o., its subsidiary, filed
motions for the declaration of bankruptcy of Netia with the
District Court for the Capital City of Warsaw, XVII Commercial
Division for bankruptcy and restructuring matters in Warsaw, on
July 16, 2004, July 21, 2004 and July 27, 2004, respectively.
The motions for declaration of Netia's bankruptcy are based on
these grounds:

(a) NFC's Motion (ref: sygn. akt XVII GU 703/04).
    NFC filed an unsatisfied claim of PLN45,431,788.40 (say:
    forty five million, four hundred and thirty-one thousand,
    seven hundred and eighty-eight and 40/100) with respect to:

     (i) damages for seizure of Millennium shares owned by NFC;
         and

    (ii) reimbursement of incurred costs of proceedings.

(b) Millennium's Motion (ref: sygn. akt XVII GU 721/04).
    Millennium filed an unsatisfied claim of PLN10,802,634 (say:
    ten million, eight hundred and two thousand, six hundred and
    thirty-four) with respect to:

     (i) payment for the telecommunication network, which was
         constructed at the instructions of Netia; and

    (ii) reimbursement of the costs of proceedings, if any.

(c) Genesis' Motion (ref: sygn. akt XVII 736/04).
    Genesis filed an unsatisfied motion for PLN1,466,874.43
    (say: one million four hundred and sixty-six thousand, eight
    hundred and seventy-four, and 43/100) as damages for
    interruption of delivery of services in 2003.

Netia's Management Board believes the above motions for
declaration of bankruptcy are totally groundless.  Irrespective
of the above, in view of Netia's financial situation, as
indicated in the stand-alone financial statements prepared in
accordance with the Polish Accounting Act for the first half of
2004, given the aggregate value of the filed claims and the
strength of Netia's balance sheet (Netia's total assets exceed
its total liabilities by PLN2,176 million, and the total value
of cash and cash equivalents amounts to PLN196 million), the
Management Board is of the opinion that there is no doubt
whatsoever as to Netia's solvency.

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
===========


AGRO-SNAB: Smolensk Court Prescribes Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Smolensk region has commenced
bankruptcy supervision procedure on LLC Agro-Snab.  The case is
docketed as A62-596-N/04.  Ms. T. Savina has been appointed
temporary insolvency manager.  Creditors are asked to submit
their proofs of claim to 214018, Russia, Smolensk, Post User Box
11.

CONTACT:  AGRO-SNAB
          Russia, Smolensk Region,
          Pochinok, Pobedy Str. 6

          Ms. T. Savina
          Temporary Insolvency Manager
          214018, Russia,
          Smolensk,
          Post User Box 11
          Phone/Fax: 8-081-265-95-78


BOKSITOGORSK-AGRO-PROM-TEKHNIKA: Court Sets October 7 Hearing
-------------------------------------------------------------
The Arbitration Court of the Leningrad region has commenced
bankruptcy supervision procedure on OJSC Boksitogorsk-Agro-Prom-
Tekhnika.  The case is docketed as A56-14529/04.  Mr. A. Korobov
has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 191119,
Russia, Saint-Petersburg, Marata Str. 92, office 315.  A hearing
will take place at Russia, Saint-Petersburg, Suvorovsky Pr.,
50/52 on October 7, 2004, 11:00 a.m.

CONTACT:  BOKSITOGORSK-AGRO-PROM-TEKHNIKA
          187642, Russia,
          The Leningrad region,
          Boksitogorsky region,
          Selkhoztekhnika

          Mr. A. Korobov
          Temporary Insolvency Manager
          191119, Russia,
          Saint-Petersburg, Marata Str. 92,
          Office 315


DIALOG-OPTIM: Central Bank Appoints Provisional Administrator
-------------------------------------------------------------
Russia's Central Bank on Tuesday recalled the license of Dialog-
Optim due to faulty financial reports and inability to pay back
debt, MosNews reports.  It appointed a provisional administrator
to manage the affairs of the bank.

The central bank said Dialog-Optim's finances deteriorated
because of lack of assets and the unbalanced relationship
between long-term investments and short-term loans.  Dialog-
Optim had previously been rated in the top hundred Russian banks
by a number of Russian business publications.

Last month, it said assets fell by almost 25% year-on-year from
RUB12.074 billion in the first half of 2003 to RUB8.66 billion
in the same period this year.  The volume of funds it attracted
fell almost 40% from RUB9.882 billion at the start of the year
to RUB6.275 billion rubles.

Credits account for 80.1% of total assets.  Of this share, 59%
are credits to corporate clients and private individuals, 21%
are discounted bills and 0.1% - interbank credits.  State and
corporate debt account for 4.5% of balance sheet assets.

The bank's equity capital increased by almost RUB200 million to
RUB1.64 billion.  Its charter capital amounts to RUB1.155
billion.

It was unable to meet scheduled payments after a confidence
crisis on the part of clients and depositors in June and July of
this year.


ISKRA: S. Sirotkin Named Insolvency Manager
-------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on CJSC Iskra.  The case is
docketed as A32-12208/2004-44/94B.  Mr. S. Sirotkin has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 302040,
Russia, Orel, Leskova Str. 19.  A hearing will take place on
November 22, 2004, 11:00 a.m.

CONTACT:  ISKRA
          353135, Russia,
          Krasnodar Region, Vyselkovsky region,
          Balkovskaya, Krasnaya Str. 23

          Mr. S. Sirotkin
          Temporary Insolvency Manager
          302040, Russia,
          Orel, Leskova Str. 19


LIGHT: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Arbitration Court of Vladimir region has commenced
bankruptcy supervision procedure on OJSC decorative weaving
company Light.  The case is docketed as A11-4315/2004-K1-40B.
Mr. V. Tikhonov has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 600022,
Russia, Vladimir, Zavadskogo Str. 11V, apartment 16.   A hearing
will take place on October 26, 2004, 1:30 p.m.

CONTACT:  LIGHT
          601423, Russia,
          Vladimir region,
          Voznikovsky region, Serkovo

          Mr. V. Tikhonov
          Temporary Insolvency Manager
          600022, Russia,
          Vladimir, Zavadskogo Str. 11V,
          Apartment 16
          Phone/Fax: (0922) 24-35-12


MIXED FODDER: Court Commences Bankruptcy Procedure
--------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on LLC Saratovsky factory on Mixed Fodder
Production.  The case is docketed as A57-104B/04-23.  Mr. M.
Budnyatsky has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 410015,
Russia, Saratov, Fabrichnaya Str. 1.

CONTACT:  MIXED FODDER PRODUCTION
          410015, Russia,
          Saratov, Fabrichnaya Str. 1

          Mr. M. Budnyatsky
          Temporary Insolvency Manager
          410015, Russia,
          Saratov, Fabrichnaya Str. 1


NEFTE-YUGANSK-ZHIL-STROY: Proofs of Claim Deadline August 24
------------------------------------------------------------
The Arbitration Court of Khanty-Mansiysky autonomous region has
declared OJSC Nefte-Yugansk-Zhil-Stroy insolvent and introduced
bankruptcy proceedings.  The case is docketed as A75-155B/04.
Mr. I. Nuriev has been appointed insolvency manager.

Creditors have until August 24, 2004 to submit their proofs of
claim to 628307, Russia, Khanty-Mansiysky autonomous region,
Tyumen region, Nefteyugansk, 8th location, 15, Apartment 18.

CONTACT:  NEFTE-YUGANSK-ZHIL-STROY
          628305, Russia,
          Khanty-Mansiysky autonomous region,
          Tyumen Region, Nefteyugansk,
          Promzona, Xhilaya Str. 11th location

          Mr. I. Nuriev
          Insolvency Manager
          628307, Russia,
          Khanty-Mansiysky autonomous region,
          Tyumen Region, Nefteyugansk,
          8th location, 15, Apartment 18


PECHOR-TRANS-STROY-PROM: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Komi republic has commenced bankruptcy
supervision procedure on LLC Pechor-Trans-Stroy-Prom.  The case
is docketed as A29-3839/04-3B.  Mr. M. Gimranov has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 167031,
Russia, Komi republic, Syktyvkar, Engelsa Str. 134.  A hearing
will take place on October 19, 2004, 9:15 a.m.

CONTACT:  PECHOR-TRANS-STROY-PROM
          169600, Russia,
          Komi Republic, Pechora,
          Sovetskaya Str. 37

          Mr. M. Gimranov
          Temporary Insolvency Manager
          167031, Russia,
          Komi Republic, Syktyvkar,
          Engelsa Str. 134
          Phone/Fax: (8212) 22-32-51

          The Arbitration Court of Komi Republic
          Russia, Komi republic,
          Syktyvkar, Ordzhonikidze Str. 49A,
          4th Floor, Room 407


PERVOMAYSKAYA: Deadline for Proofs of Claim August 24
-----------------------------------------------------
The Arbitration Court of Kursk region has declared OJSC tribal
poultry farm Pervomayskaya insolvent and introduced bankruptcy
proceedings.  The case is docketed as A35-567/03.  Mr. L.
Shkilev has been appointed insolvency manager.  Creditors have
until August 24, 2004 to submit their proofs of claim to 305035,
Russia, Kursk, Krasnoy Armii Str. 71A.

CONTACT:  PERVOMAYSKAYA
          Russia,
          Kurchatovsky Region, Ivanovo

          Mr. L. Shkilev
          Insolvency Manager
          305035, Russia,
          Kursk, Krasnoy Armii Str. 71A


PUT ILYICHA: Orenburg Court Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision procedure on collective farm Put Ilyicha.
The case is docketed as A47-4860B/2004-14GK.  Mr. V. Dzyuban 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 on
September 21, 2004, 10:00 a.m.

CONTACT:  PUT ILYICHA
          Russia, Orenburg region,
          Aleksandrovsky region,
          Zelenaya Rosha

          Mr. V. Dzyuban
          Temporary Insolvency Manager
          460000, Russia,
          Orenburg, Gaya Str. 23A
          Phone/Fax: (3532) 77-14-23


RAEVSKY POULTRY: Insolvent Status Confirmed
-------------------------------------------
The Arbitration Court of Krasnodar region has declared LLC
Raevsky Poultry Farm insolvent and introduced bankruptcy
proceedings.  The case is docketed as A32-20161/2003-37/180B.
Mr. V. Permyakov has been appointed insolvency manager.
Creditors are asked to submit their proofs of claim to 353440,
Russia, Anapa, Glavpochtamt, Post User Box 106.

CONTACT:  RAEVSKY POULTRY FARM
          Russia, Novorossiysk

          Mr. V. Permyakov
          Insolvency Manager
          353440, Russia,
          Anapa, Glavpochtamt,
          Post User Box 106


SPETS-DOR-MOST: Bankruptcy Proceedings Ongoing
----------------------------------------------
The Arbitration Court of Orenburg region has declared municipal
unitary enterprise Spets-Dor-Most insolvent and introduced
bankruptcy proceedings.  The case is docketed as A47-5954/2004-
14GK.  Mr. A. Cherkizov has been appointed insolvency manager.
Creditors are asked to submit their proofs of claim to 460001,
Russia, Orenburg, Post User Box 3167.

CONTACT:  SPETS-DOR-MOST
     460000, Russia,
          Orenburg region,
          Br. Cherepanovykh Str. 7

          Mr. A. Cherkizov
          Insolvency Manager
          460001, Russia,
          Orenburg, Post User Box 3167


STROY-VAGON-TRANS K: Court Sets Next Hearing October 28
-------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on LLC Stroy-Vagon-Trans K.  The case is
docketed as A40-19176/04-71-15B.  Mr. A. Tarasov has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 109153,
Russia, Moscow, Post User Box 36.  A hearing will take place at
107996, Russia, Moscow, Novaya Basmannaya Str. 10, Hall 734,
Floor 7 on October 28, 2004, 10:00 a.m.

CONTACT:  STROY-VAGON-TRANS K
          111395, Russia, Moscow,
          Yunosti Str. 5/1, building B

          Mr. A. Tarasov
          Temporary Insolvency Manager
          109153, Russia,
          Moscow, Post User Box 36


VOLGOPROM: Bankruptcy Proceedings Begin
---------------------------------------
The Arbitration Court of Saratov region has declared CJSC
Volgoprom (TIN 6439017604) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A57-253B/02-12.  Mr. A.
Baskakov has been appointed insolvency manager.  Creditors have
until August 24, 2004 to submit their proofs of claim to 413853,
Russia, Saratov region, Balakovo, AkZhukova Str. 27.

CONTACT:  VOLGOPROM
          Russia,
          Saratov region, Balakovo

          Mr. A. Baskakov
          Insolvency Manager
          413853, Russia,
          Saratov Region, Balakovo,
          AkZhukova Str. 27


YUKOS OIL: 'CC' Ratings Remain on CreditWatch Negative
------------------------------------------------------
Standard & Poor's Ratings Services kept its 'CC' long-term
corporate credit and bank loan ratings on Russian oil company
OAO NK Yukos on CreditWatch with negative implications,
following a default notice on the company's financial debt.

The ratings were placed on CreditWatch with negative
implications on April 27, 2004, following an announcement by the
company's creditors of a potential event of default on the
company's US$1 billion loan.

On August 11, Yukos announced it received a notice of default on
its US$1.6 billion facility that is backed by its core
shareholder, Group Menatep.  In July, similar notice was
received on the company's US$1 billion syndicated bank facility.

"The default notices enable creditors to enforce the security
package and effectively get the loans redeemed through export
proceeds," said Standard & Poor's credit analyst Elena Anankina.
"Our definition of payment default, however, refers to the fact
of payments missed, which has not happened yet for Yukos."

The 'CC' ratings do, however, signal the company's current high
vulnerability to default.  Standard & Poor's is concerned about
the risk of a liquidity crisis at Yukos, caused by the freeze of
the company's bank accounts in Russia, mounting tax claims,
legal constraints on the company's ability to raise cash by
selling assets, and the threat of financial debt acceleration.

Yukos' future prospects and the recovery prospects on the
company's US$2.6 billion debt are difficult to predict, as they
will be dependent on future actions by various arms of the
Russian government.  Yukos has so far faced a particularly
unpredictable judicial system and adverse political environment.

"Standard & Poor's will focus on whether the company will decide
to file for bankruptcy itself, be forced to file or to sell its
core cash-generating assets by the government, or reach a
negotiated agreement, and whether the company will be allowed to
sell its assets to repay debt and taxes," added Ms. Anankina.

"We will also closely monitor whether the creditors will
accelerate debt repayments and whether the company will legally
be able to continue debt payments and perform under the export
contracts pledged."

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

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analyst E-mail Addresses
          elena_anankina@standardandpoors.com
          eric_tanguy@standardandpoors.com
          emmanuel_dubois-pelerin@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


YUKOS OIL: Govt Hires Dresdner Kleinwort to Evaluate Asset
----------------------------------------------------------
The Ministry of Justice last week appointed investment bank
Dresdner Kleinwort Wasserstein to assess the value of Yukos
Oil's main production unit in preparation for a sale.

The government seized OAO Yuganskneftgaz in Siberia after the
oil giant missed a deadline to pay US$3.4 billion in tax bill
for 2000 in July.  The Telegraph says Russian bailiffs are
considering the value of Yuganskneftgaz, if it can be sold to
pay down debts.  Yuganskneftgaz accounts for 60% of Yukos'
output.  Yukos accounts for 2% of the world's oil supplies.

Russia froze the company's accounts in relation to an
investigation of fraud and tax evasion in the company.  There
are fears it could be forced to halt production without needed
cash.  The company's monthly operation cost is US$1.65 billion.
The freezing of its assets means it only has US$900 million to
spend.


=========
S P A I N
=========


MAJORICA S.A.: Cuts Workforce by 44%
------------------------------------
Spanish jeweler Majorica started to implement Wednesday its
workforce reduction plan, El Pais reports.

The plan, which was agreed upon by Majorica, trade unions and
the Balearic Islands government, entails the dismissal of 176 of
the jeweler's 403 employees.  The job cut will be largely done
at Majorica's jewelry plant and its sales center.

The company is also set to relocate in September its pearl
factory from the center of Manacor to the city outskirts.
Majorica was forced to sell its current premises to pay its
million-euro debt to banks and suppliers.

CONTACT:  MAJORICA S.A.
          Via Majorica 48
          07500 Manacor
          Beleares Spain
          E-mail: info@majorica.com
          Web site: http://www.majorica.com


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


DOMPROMSTROJ: Donetsk Court Commences Bankruptcy Proceedings
------------------------------------------------------------
The Economic Court of Donetsk region declared LLC Dompromstroj
(code EDRPOU 30736023) insolvent and introduced bankruptcy
proceedings on June 25, 2004.  The case is docketed as 15/122 B.
Chief of liquidation commission Mrs. Lubov Chikina has been
appointed liquidator/insolvency manager.  The company holds
account number 26007215060291 at Ukrsocbank, Mariupol branch,
MFO 334185.

Creditors have until August 22, 2004 to submit their proofs of
claim to:

(a) DOMPROMSTROJ
    87532, Ukraine, Donetsk region,
    Mariupol, Lenin Avenue, 5/7

(b) Mrs. Lubov Chikina
    Liquidator/Insolvency Manager
    87532, Ukraine, Donetsk region,
    Mariupol, Lenin Avenue, 5/7

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


DRUZHBA: Deadline for Proofs of Claim August 22
-----------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on Agricultural LLC Druzhba (code EDRPOU
30835208) on July 1, 2004 and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as
42/98 B.  Arbitral manager Mrs. Svitlana Afanasyeva (License
Number AA 783031) has been appointed temporary insolvency
manager.  The company holds account number 26005300324 at
Oshadbank, Velikonovoselkivskij branch 3227, MFO 394482.

Creditors have until August 22, 2004 to submit their proofs of
claim to:

(a) AGRICULTURAL DRUZHBA
    85525, Ukraine, Donetsk region,
    Velikonovoselkivskij district,
    Zelene Pole, Lenin Str. 1

(b) Mrs. Svitlana Afanasyeva
    Temporary Insolvency Manager
    Ukraine, Donetsk region,
    Arktiki Str. 21/11

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


INTAS: Proofs of Claim Deadline Expires Sunday
----------------------------------------------
The Economic Court of Zaporizhya region declared LLC Intas (code
EDRPOU 31458550) insolvent and introduced bankruptcy proceedings
on July 1, 2004.  The case is docketed as 19/97(97).  Mr.
Oleksandr Osipenko (License Number AA 783079) has been appointed
liquidator/insolvency manager.

Creditors have until August 22, 2004 to submit their proofs of
claim to:

(a) INTAS
    71100, Ukraine, Zaporizhya region,
    Berdyansk, Gorkij Str. 39/13

(b) Mr. Oleksandr Osipenko
    Liquidator/Insolvency Manager
    72100, Ukraine, Zaporizhya region,
    Primorsk, Shevchenko Str. 76

(c) ECONOMIC COURT OF ZAPORIZHYA REGION
    69001, Ukraine, Zaporizhya region,
    Shaumyana Str. 4


KORNINSKE: Court Appoints Temporary Insolvency Manager
------------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on OJSC Korninske (code EDRPOU 00385744)
on June 8, 2004.  The case is docketed as 7/102B.  Mr. Viktor
Goruk (License Number AA  630028 approved on November 13, 2003)
has been appointed temporary insolvency manager.  The company
holds account number 260083010768 at JSPPB Aval, MFO 311528.

Creditors have until August 22, 2004 to submit their proofs of
claim to:

(a) KORNINSKE
    13514, Ukraine, Zhitomir region,
    Popilnyanskij district, Kornin

(b) Mr. Viktor Goruk
    Temporary Insolvency Manager
    10014, Ukraine, Zhitomir region,
    Shevchenko Str. 37/145
    Phone: (0412) 34-41-91
           (067) 727-44-90

(c) ECONOMIC COURT OF ZHITOMIR REGION
    10002, Ukraine, Zhitomir region,
    Putyatinski square, 3/65


MECHTA: Donetsk Court Commences Bankruptcy Proceedings
------------------------------------------------------
The Economic Court of Donetsk region declared LLC Mechta (code
EDRPOU 24163698) insolvent and introduced bankruptcy proceedings
on April 1, 2004.

CONTACT:  MECHTA
          87600, Ukraine, Donetsk region,
          Novoazovsk, 60 Rokiv SRSR Str. 113

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


MICROGRAPH: Yurij Moiseyev Named Insolvency Manager
---------------------------------------------------
The Economic Court of Zaporizhya region declared LLC Micrograph
(code EDRPOU 24513187) insolvent and introduced bankruptcy
proceedings on July 1, 2004.  The case is docketed as 19/103
(04).  Mr. Yurij Moiseyev (License Number AA  419459) has been
appointed liquidator/insolvency manager.

Creditors have until August 22, 2004 to submit their proofs of
claim to:

(a) MICROGRAPH
    72319, Ukraine, Zaporizhya region,
    Melitopol, 8 Bereznya Str. 8

(b) Mr. Yurij Moiseyev
    Liquidator/Insolvency Manager
    Ukraine, Zaporizhya region,
    Melitpol, third lane Malugi, 13, a/b 103

(c) ECONOMIC COURT OF ZAPORIZHYA REGION
    69001, Ukraine, Zaporizhya region,
    Shaumyana Str. 4


PIDVOLOCHISKE HLIBOPRIJMALNE: Under Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Ternopil region has commenced bankruptcy
supervision procedure on OJSC Pidvolochiske Hliboprijmalne
Enterprise (code EDRPOU 14056458).  The case is docketed as 1/B-
457.  Mr. Didich Volodimir (License Number AA 047819 approved on
October 15, 2001) has been appointed temporary insolvency
manager.  The company holds account number 260013385 at JSPPB
Aval, Ternopil regional branch, MFO 338501.

CONTACT:  PIDVOLOCHISKE HLIBOPRIJMALNE ENTERPRISE
          47800, Ukraine, Ternopil region,
          Pidvolochisk, B. Hmelnitskij Str. 18

          Mr. Volodimir Didich
          Temporary Insolvency Manager
          46000, Ukraine, Ternopil region,
          Kopernik Str. 3

          ECONOMIC COURT OF TERNOPIL REGION
          46000, Ukraine, Ternopil region,
          Ostrozski Str. 14a


VELIKIJ LUG: Bankruptcy Proceedings Begin
-----------------------------------------
The Economic Court of Zaporizhya region declared LLC Velikij Lug
(code EDRPOU 30896283) insolvent and introduced bankruptcy
proceedings on June 30, 2004.  The case is docketed as 19/95.
Mr. Oleksandr Osipenko (License Number AA 783079) has been
appointed liquidator/insolvency manager.

Creditors have until August 22, 2004 to submit their proofs of
claim to:

(a) VELIKIJ LUG
    Ukraine, Zaporizhya region,
    Kujbishevo, Miru Str. 17 a

(b) Mr. Oleksandr Osipenko
    Liquidator/Insolvency Manager
    72100, Ukraine, Zaporizhya region,
    Primorsk, Shevchenko Str. 76

(c) ECONOMIC COURT OF ZAPORIZHYA REGION
    69001, Ukraine, Zaporizhya region,
    Shaumyana Str. 4


ZHOVTNEVE: Kirovograd Court Brings in Liquidator
------------------------------------------------
The Economic Court of Kirovograd region declared LLC JS Firm
Zhovtneve (code EDRPOU 30798514) insolvent and introduced
bankruptcy proceedings.  The case is docketed as 10/94.
Arbitral manager Mrs. O. Muravska (License Number 249665
approved on October 30, 2001) has been appointed
liquidator/insolvency manager.

CONTACT:  ZHOVTNEVE
          Ukraine, Kirovograd region,
          Novomirgorodskij district, Zhovtneve

          Mrs. O. Muravska
          Liquidator/Insolvency Manager
          25031, Ukraine, Kirovograd region,
          Geroyiv Stalingradu Str. 32/115
          Phone: 8 (0522) 55-52-58

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


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


AARDVARK REMOVALS: Sets General Meeting September 16
----------------------------------------------------
The general meeting of the members and creditors of the Aardvark
Removals Limited will be on September 16, 2004 commencing at
10:00 a.m. and 10:30 a.m. respectively.  It will be held at the
offices of Poppleton & Appleby, 32 High Street, Manchester M4
1QD.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Poppleton & Appleby, 32 High Street,
Manchester M4 1QD not later than 12:00 noon, September 15, 2004.

CONTACT:  POPPLETON & APPLEBY
          32 High Street,
          Manchester M4 1QD
          Joint Liquidator:
          S J Wainwright
          Phone: 0161 834 7025
          Fax:   0161 833 1548
          Web site: http://www.pandamanchester.co.uk


ABBEY NATIONAL: Domestic Bid Now More Likely, Fitch Says
--------------------------------------------------------
Fitch Ratings says the strong first-half performance of the
major U.K. banks has made a domestic bid for Abbey National
appear more likely, as the sector continues to generate more
capital than is required to support organic risk weighted asset
growth, according to a Special Report published Wednesday.

"At least one of the other major U.K. banks will enter the fray
to test the U.K. Competition Commission's 2001 ruling against
Lloyds TSB's bid for Abbey.  Clearly a U.K. merger would achieve
a greater level of cost savings and synergies, which should mean
that a higher bid price ought to be forthcoming from a domestic
bidder," said Gordon Scott, Managing Director in charge of
Fitch's U.K. Bank Team.

The comments are part of Fitch's latest report on the U.K. bank
sector, "U.K. Major Banks: Semi-Annual Review and Outlook",
which highlights the strength of first half results with ROE in
the 15% to 20% range compared to 14% to 18% for full year 2003.

Margins have been squeezed slightly in some of the banks due to
changes in business mix, impact of acquisitions and the fact
that base rate rises have not been fully passed on to clients in
some business lines.  Nevertheless, interest margins remain
comfortable and modest downward pressure has been offset by
volume growth.  Fitch expects modest and predictable rising
interest rates to be somewhat beneficial for the U.K. banks as
it will provide an opportunity to widen spreads but with a low
probability of a material adverse impact on credit quality.

Asset quality indicators also continue to improve, reflecting a
benign credit cycle, and capital is being strengthened in most
banks, partly reflecting an element of caution over regulatory
and accounting uncertainty (Basel 2 and IFRS).

The U.K. consumer and housing market remains a potential
pressure point as the household balance sheet becomes more
leveraged and rising interest rates progressively impact
repayment capacity.  However, a measured interest rate policy
and a low likelihood of rising unemployment suggest that any
impact on borrowers and lenders should be manageable.

As well as acquisitions aimed at strengthening specific parts of
the franchise, the changing face of the global banking landscape
(following recent U.S. 'mega-mergers') has probably increased
the likelihood of a transformational deal.

While the U.K. Competition Commission ruled against Lloyds TSB's
bid for Abbey in 2001 there is no guarantee that a similar
decision would be given now.

Fitch expects the major U.K. banks to continue to report strong
earnings for full year 2004.  All of the major U.K. banks and
holding companies have Stable Outlooks to their Long-term
ratings, with the exception of HSBC Holdings, which has been on
Positive Outlook since September 2003.  As commented at the
time, the resolution of the Outlook is likely to be largely
determined by the successful full integration and development,
or otherwise, of Household International Inc., which was
acquired in early 2003.  Fitch believes Individual ratings are
unlikely to change in 2004.

Copies of the report are available at
http://www.fitchratings.com.

CONTACT:  FITCH RATINGS
          Gordon Scott, London
          Phone: +44 7417 4307
          James Longsdon, London
          Phone: +44 7417 4309

          Media Relations
          Campbell McIlroy, London
          Phone: +44 20 7417 4327


ADVANCED MANUFACTURING: Bank of Scotland Appoints Receivers
-----------------------------------------------------------
Name of Companies:
Advanced Manufacturing Solutions Limited
A and E Engineering Limited
Jade Engineers (Bedford) Limited
Richmond Metal Finishing Company (U.K.) Limited

Bank of Scotland called in Toby Scott Underwood and Ian David
Green of PricewaterhouseCoopers as joint administrative
receivers for these companies.  The application was filed August
4, 2004.  The companies' manufactures other fabricated metal
products, engineers general mechanics, metal structures and
parts respectively.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street,
          Leeds LS1 4JP
          Joint Administrative Receivers:
          Toby Scott Underwood
          Ian David Green
          (Office Holder Nos 9270, 9045)
          Phone: [44] (113) 289 4000
          Fax:   [44] (113) 289 4460
          Web site: http://www.pwc.com


ALEX NEIL: Names Joint Administrators from Rothman Pantall
----------------------------------------------------------
Name of Companies:
Alex Neil & Co (Commercial) Limited
Alex Neil & Co (Holdings) Limited
Alex Neil & Co (Rotherhithe) Limited
Alex Neil & Co (Tower Bridge) Limited
Alex Neil & Co (Wapping) Limited

These companies have appointed Robert Smailes and Stephen Ryman
of Rothman Pantall as joint administrators.  The appointment was
made July 23, 2004.  The companies are engaged in real estate.

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


ALL TRADES: Creditors Meeting Set August 18
-------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

          IN THE MATTER OF All Trades Maintenance Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of All Trades Maintenance
Ltd. will be held at 93 Queen Street Sheffield S1 1WF on August
18, 2004 at 10:15 a.m. for the purpose of having a full
statement of the position of the Company's affairs, together
with a list of the Creditors of the Company and the estimated
amount of their claims, laid before them, and for the purpose,
if thought fit, of nominating a Liquidator and of appointing a
Liquidation Committee.  (Sections 99-101 of the said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at The P&A Partnership, 93 Queen Street
Sheffield S1 1WF two business days prior to the meeting.

By Order of the Board.

A. Crosbee, Director
July 22, 2004

C0NTACT:  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


ANATOMIE LIMITED: Hires Joint Administrators from Leonard Curtis
----------------------------------------------------------------
K D Goodman and N A Bennett have been appointed as joint
administrators for Anantomie Limited.  The appointment was made
August 3, 2004.  The company is engaged in medical services.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Joint Administrators:
          K D Goodman
          N A Bennett
          (IP Nos 2407, 9083)
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


ATR MANUFACTURING: Hires Deloitte & Touche Liquidator
-----------------------------------------------------
At an Extraordinary General Meeting of the ATR Manufacturing
Group Limited Company on August 3, 2004 held at Eversheds House,
70 Great Bridgewater Street, Manchester M1 5ES, the Special and
Ordinary Resolutions to wind up the company were passed.   W K
Dawson and J R D Smith of Deloitte & Touche LLP, 201 Deansgate,
Manchester M60 2AT have been appointed Joint Liquidators of the
Company.

CONTACT:  DELOITTE & TOUCHE LLP
          201 Deansgate,
          Manchester M60 2AT
          Liquidators:
          W K Dawson
          J R D Smith
          Phone: +44 (0) 161 832 3555
          Fax:   +44 (0) 161 829 3800
          Web site: http://www.deloitte.com


AXIS LASER: Sets Creditors Meeting August 25
--------------------------------------------
The creditors of Axis Laser Limited will meet on August 25, 2004
at 10:00 a.m.  It will be held at 1 Bede Island road, Bede
Island Business Park, Leicester LE2 7EA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tenon Recovery, 1 Bede Island Road, Bede Island
Business Park, Leicester LE2 7EA not later than 12:00 noon,
August 24, 2004.

CONTACT:  TENON RECOVERY
          1 Bede Island Road,
          Bede Island Business Park,
          Leicester LE2 7EA
          Joint Administrators:
          Dilip K Dattani
          Patrick B Ellward
          Phone: 0116 222 1101
          Fax:   0116 222 1102
          E-mail: leicester@tenongroup.com
          Web site: http://www.tenongroup.com


BAE SYSTEMS: E.U. Commission Approves Acquisition of Alvis
----------------------------------------------------------
The European Commission granted clearance under the Merger
Regulation to the proposed acquisition of Alvis plc, a U.K.-
based manufacturer of armored combat vehicles, by U.K. defense
contractor BAE Systems.  The transaction does not raise
competition concerns in Europe since overlaps are limited and
other large and capable players compete in the market.

BAE Systems is an international manufacturer of defense and
commercial aerospace systems, including military aircraft,
surface ships, submarines, radar, avionics, communications,
electronics and weapons systems.

Alvis is active in the design, development and production of
armored combat vehicles (ACVs) and military land systems.

BAES is not a major prime contractor and manufacturer of ACV.
Only for a few U.K. programs, BAES has acted as the prime
contractor.  Therefore, there are only limited horizontal
overlaps between the parties for ACV.

BAES and Alvis have overlapping activities for weapon systems,
specifically in the segment for turreted mortar systems, which
are indirect fire weapons, mounted on the ACV vehicle chassis.
The Commission's market investigation concluded that turreted
mortar systems face significant competition from non-turreted
mortars and that the parties' turreted mortar solutions differ
significantly from each other in both price and capabilities.
The market investigation also indicated that sufficient viable
alternatives will remain post-merger for both newly developed
and off-the-shelve mortar systems.

The Commission also looked at a number of possible vertical
links between, on the one hand, BAES' sub-systems for ACV (such
as communication, command and control systems, weapon systems,
fire control systems and electro-optical systems) and, on the
other hand, the new entity's ACV activities.  The market
investigation did not point to sub-systems markets where the
parties would hold particularly strong combined positions.

For these reasons, the Commission considers that the transaction
will not lead to anticompetitive effects.

End of May 2004, the Commission approved the acquisition of
Alvis by General Dynamics, one of the leading ACV manufacturers
worldwide.  This concentration did not materialize as, only a
couple of days before the expiry of the public bid deadline, BAE
Systems entered a counter bid for Alvis which General Dynamics
decided not to counter.


BAY WINDOWS: General Meetings Set August 27
-------------------------------------------
The general meetings of the members and creditors of Bay Windows
Limited will be on August 27, 2004 commencing at 10:00 a.m.  It
will be held at Southernhay House, 36 Southernhay East, Exeter
EX1 1NX.

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


BEECHWOOD MUSIC: Sets Creditors Meeting August 18
-------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

             IN THE MATTER OF Beechwood Music Ltd.

Notice is hereby given that a Meeting of Creditors of Beechwood
Music Ltd. is to be held at The Shepperton Moat House Felix Lane
Shepperton TW17 8NP on August 18, 2004 at 10:00 a.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 20-30
Kings Road Reading RG1 3EX 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 my proposals is available, on written request, at the
Administrator 20-30 Kings Road Reading RG1 3EX.

M. H. Thompson, Joint Administrator
August 2, 2004

CONTACT:  BDO STOY HAYWARD LLP
          Kings Wharf
          20-30 Kings Road
          Reading RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk

          Martha Thompson
          E-mail: martha.thompson@bdo.co.uk


BELMONT PLASTICS: Creditors and Members Meeting September 14
------------------------------------------------------------
The members and creditors of Belmont Plastics Limited will meet
on September 14, 2004 commencing at 10:00 a.m. and 10:30 a.m.
respectively.  It will be held at the offices of Hazlewoods,
Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT.

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 Hazlewoods, Windsor House, Barnett Way,
Barnwood, Gloucester GL4 3RT not later than 12:00 noon,
September 13, 2004.

CONTACT:  HAZLEWOODS
          Windsor House,
          Barnett Way, Barnwood,
          Gloucester GL4 3RT
          Liquidator:
          P J Gorman
          Phone: +44 (0) 1452 634800
          Fax:  +44 (0) 1452 371900
          Web site: http://www.hazlewoods.co.uk


BHD GROUP: Appoints Administrative Receivers
--------------------------------------------
Myles Halley, Richard Fleming and Mark Orton of KPMG Corporate
Recovery were appointed as administrative receivers to BHD Group
Limited and its four subsidiaries on 11 August 2004.

The Aqualux subsidiary (BHD Showers Limited) was sold at the
time of the receivership as an MBO.  This business based in
Wednesbury, West Midlands and employing 275 people, is
unaffected by the receiverships and continues to trade as
normal.

The remaining companies, with a combined turnover of c. GBP70
million, trade from various sites in the Midlands and the North,
primarily as manufacturers of windows, doors and conservatories
for the home improvement market.  The main brand is Portland
Conservatories.

Myles Halley, joint administrative receiver said: "We are
delighted that a sale of Aqualux could be achieved so quickly.
We are now hopeful that we can stabilize the remaining
businesses and find purchasers for them.  In the meantime, we
are talking to the companies' key customers, suppliers and
employees to preserve the value of the businesses."

The remaining companies employ a total of 578 employees, split
over sites based in Tamworth (14), Manchester (68), Peterlee
(311) and Flint (110), with a further production unit and the
Group Head Office in Aldridge, West Midlands (75).

CONTACT:  KPMG CORPORATE RECOVERY
          Judith Dow
          Phone: 0207 694 8584
          Mobile: 07786 197718
          E-mail: Judith.Dow@kpmg.co.uk

          Press Office
          Phone: 0207 694 8773


BRANDGATE LIMITED: Sets Final Meeting September 14
--------------------------------------------------
The final meeting of the members and creditors of Brandgate
Limited will be on September 14, 2004 commencing at 11:30 a.m.
It will be held at 90 St Faiths Lane, Norwich NR1 1NE.

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


BRIMLEY ELECTRICAL: Names Parkin S. Booth & Co Administrator
------------------------------------------------------------
Ian C Brown and John C Moran have been appointed as joint
administrators for Brimley Electrical Wholesale Ltd.  The
appointment was made August 4, 2004.

CONTACT:  PARKIN S. BOOTH & CO.
          44 Old Hall Street,
          Liverpool L3 9EB
          Joint Administrators:
          Ian C Brown
          John C Moran
          (IP Nos 8621, 5425)
          Phone: 0151 236 4331
          Fax:   0151 255 0108
          E-mail: lp@parkinsbooth.co.uk
          Web site: http://www.parkinsbooth.co.uk


BRITISH ENERGY: U.S. Hedge Fund Guru Emerges as Largest Investor
----------------------------------------------------------------
Brian Stark, an American hedge fund expert, has in the past
weeks built a 6.9% holding in British Energy, making him the
largest shareholder of the nuclear generator.

The businessman acquired the stake through onshore and offshore
companies in the U.S., Bermuda and British Virgin Islands.  His
firms include Stark International and Shepherd Investments,
which were set up with business partner Michael Roth.

According to The Telegraph, Mr. Stark is not connected to any
warring faction in the company.  Polygon, the hedge fund with a
5.6% stake that is leading the protest against the firm's
restructuring plan, reportedly had "no contact" with Mr. Stark.

The ad hoc committee of bondholders who want to see the rescue
deal approved also denied any connection with the businessman.
Sources suggested Mr. Stark could yet emerge as a bondholder
aiming to ambush Polygon's plan to block the restructuring,
according to the report.

British Energy's reorganization plan agreed in October will see
shareholders own just 2.5% of the restructured group, and
bondholders acquire the bulk in a debt-for-equity swap.  Polygon
is trying to find ways to block the proposal.  It hired U.S. law
firm Shearman & Sterling to see if the plan breaches shareholder
rights under European Community law.

British Energy's other major shareholders include Invesco
Perpetual with a 6.4%holding, U.S. fund manager Brandes with a
5% equity stake and Goldman Sachs, which holds 5% of the shares
on behalf of clients and has a small interest itself.


CAPITAL PROJECT: Hires KPMG Administrator
-----------------------------------------
Myles Halley and Finbarr O'Connell have been appointed as joint
administrators for Capital Project Consultancy (Realisations)
Limited.  The appointment was made August 5, 2004.

CONTACT:  KPMG LLP
          8 Salisbury Square,
          London EC4Y 8BB
          Joint Administrators:
          Myles Halley
          Finbarr O'Connell
          (IP Nos 6658, 7931)
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


DESIGN RESEARCH: Names Leonard Curtis & Co Administrator
--------------------------------------------------------
The Design Research Unit Limited has appointed N A Bennett and S
D Swaden as joint administrators.  The appointment was made July
29, 2004.  The company is engaged in other services.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Joint Administrators:
          K D Goodman
          S D Swaden
          (IP Nos 2407, 9083)
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


DRAINAGE MANAGEMENT: Brings in Liquidator from Begbies Traynor
--------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Drainage Management Limited Company on August 4, 2004 held at
Begbies Traynor, 1 Winckley Court, Chapel Street, Preston,
Lancashire PR1 8BU, the Ordinary and Extraordinary Resolutions
to wind up the company were passed.  David Robert Acland of
Begbies Traynor, 1 Winckley Court, Chapel Street, Preston,
Lancashire PR1 8BU has been appointed Liquidator of the Company
for the purpose of the voluntary winding-up.

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


EDIFY DEVELOPMENTS: Hires Adrian Allen Receiver
-----------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

           IN THE MATTER OF Edify (Developments) Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Edify (Developments)
Ltd. will be held at Garrick House 76-80 High Street Old Fletton
PE2 8ST on August 18, 2004 at 11:00 a.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

Adrian D. Allen of Baker Tilly Garrick House 76-80 High Street
Old Fletton PE2 8ST is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.

By Order of the Board.

S. Crozier, Director
July 26, 2004

CONTACT:  BAKER TILLY
          Garrick House
          76-80 High Street
          Old Fletton
          Peterborough PE2 8ST
          Phone: 01733 342444
          Fax: 01733 554704
          Web site: http://www.bakertilly.co.uk


ERNST & YOUNG: Members Final Meetings September 17
--------------------------------------------------
Name of Companies:
Ernst & Young Working Links Limited
Volmac U.K. Limited

The final meetings of the members of these companies will be on
September 17, 2004 commencing at 10:15 a.m. and 10:30 a.m.
respectively.  It will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, September 16, 2004.

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


FAMOUS BRAND: Members Pass Winding up Resolutions
-------------------------------------------------
At an Extraordinary General Meeting of the Members of the Famous
Brand Furniture Limited Company on August 4, 2004 held at Elliot
House, 151 Deansgate, Manchester M3 3BP, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Stephen L Conn of Begbies Traynor, Elliot House, 151 Deansgate,
Manchester M3 3BP has been appointed Liquidator of the Company
for the purpose of the voluntary winding-up.

CONTACT:  BEGBIES TRAYNOR
          Elliott House
          151 Deansgate,
          Manchester M3 3BP
          Liquidator:
          Stephen L Conn
          Phone: 0161 839 0900
          Fax:   0161 832 7436
          Web site: http://www.begbies.com


FLUTE WORLDWIDE: Administrator to Present Proposal Wednesday
------------------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

             IN THE MATTER OF Flute Worldwide Ltd.

Notice is hereby given that a Meeting of Creditors in the above
matter is to be held at The Shepperton Moat House Felix Lane
Shepperton TW17 8NP on August 18, 2004 at 11:30 a.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 20-30
Kings Road Reading RG1 3EX 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 my proposals is available, on written request, at the
Administrator 20-30 Kings Road Reading RG1 3EX.

M. H. Thompson, Joint Administrator
August 2, 2004

CONTACT:  BDO STOY HAYWARD LLP
          Kings Wharf
          20-30 Kings Road
          Reading RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk

          Martha Thompson
          E-mail: martha.thompson@bdo.co.uk


GAMMA NELSON: Winding up Resolutions Passed
-------------------------------------------
At an Extraordinary General Meeting of Gamma (Nelson) Limited on
July 29, 2004, the Special and Ordinary Resolutions to wind up
the company were passed.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, 33 Wellington Street, Leeds LS1 4JP
have been appointed Joint Liquidators of the Company for the
purpose of such winding up.

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


HORN CONSTRUCTION: Names HKM Administrator
------------------------------------------
John Phillip Walter Harlow of HKM LLP has been appointed
administrator for Horn Construction (London) Limited.  The
appointment was made August 2, 2004.

The company is engaged in general construction and civil
engineering.  Its registered office is c/o HKM LLP, The Old
Mill, 9 Soar Lane, Leicester LE3 5DE.


CONTACT:  HKM LLP
          The Old Mill,
          9 Soar Lane,
          Leicester LE3 5DE
          Administrator:
          John Phillip Walter Harlow
          (IP No 008319)
          Phone: +44(0) 116 242 5100
          Fax: +44(0) 116 242 5200
          Insolvency Fax: +44(0) 116 242 5201
          Web site: http://www.hkm.co.uk


IAN BUXTON: Final Meeting of Members September 3
------------------------------------------------
The final meeting of the members of Ian Buxton Sports Limited
will be on September 3, 2004 at 10:15 a.m.  It will be held at
the offices of Barber Harrison & Platt, 2 Rutland Park,
Sheffield S10 2PD.

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 Barber Harrison & Platt, 2 Rutland Park, Sheffield S10 2PD
not later than 12:00 noon, September 2, 2004.

CONTACT:  BARBER HARRISON & PLATT
          2 Rutland Park,
          Sheffield S10 2PD
          Liquidator:
          G L Stuart-Harris


ICHRIS LTD.: Creditors to Meet August 18
----------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

                 IN THE MATTER OF Ichris Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Ichris Ltd. will be
held at 24 Wellington Street St Johns Blackburn BB1 8AF on
August 18, 2004 at 11:15 a.m. for the purpose of having a full
statement of the position of the Company's affairs, together
with a list of the Creditors of the Company and the estimated
amount of their claims, laid before them, and for the purpose,
if thought fit, of nominating a Liquidator and of appointing a
Liquidation Committee.  (Sections 99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at 24 Wellington
Street St Johns Blackburn BB1 8AF not later than 12:00 noon on
the business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
24 Wellington Street St Johns Blackburn BB1 8AF before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at DTE Leonard Curtis, 24 Wellington Street St
Johns Blackburn BB1 8AF two business days prior to the meeting.

By Order of the Board.

I. Smith, Director
August 2, 2004

CONTACT:  DTE LEONARD CURTIS
          24 Wellington Street
          St. Johns
          Blackburn BB1 8AF
          Tel: 01254 699799
          Fax: 01254 699130
          Web site: http://www.dtegroup.com


ICP COATINGS: Creditors Meeting Set August 23
---------------------------------------------
The unsecured Creditors of ICP (Coatings) Limited will meet on
August 23, 2004 at 10:00 a.m.  It will be held at 1 Georges
Square, Bristol BS1 6BP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Baker Tilly, 1 Georges Square, Bristol BS1 6BP
not later than 12:00 noon, August 22, 2004.

CONTACT:  BAKER TILLY
          1 Georges Square,
          Bristol BS1 6BP
          Joint Administrative Receiver:
          A M Sheridan
          Phone: 0117 945 2000
          Fax:   0117 945 2001
          Web site: http://www.bakertilly.co.uk


KENMOR CONSTRUCTION: In Administrative Receivership
---------------------------------------------------
HSBC Plc called in Jonathan Joseph Schapira and Andrew Poxon as
joint administrative receivers for Kenmor Construction Limited
(Reg No 1384193).  The application was filed August 3, 2004.
The company is engaged in general construction and civil
engineers.

CONTACT:  LEONARD CURTIS
          One Great Cumberland Place,
          London W1H 7LW
          Joint Administrative Receivers:
          Jonathan Joseph Schapira
          Andrew Poxon
          (Office Holder Nos 5784, 8620)
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


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

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


NEWCASTLE AND GATESHEAD: Sets Members Final Meeting September 17
----------------------------------------------------------------
The final meetings of the members of Newcastle and Gateshed
Water Limited will be on September 17, 2004 commencing at 10:30
a.m.  It will be held at the offices of Robson Laidler LLP,
Fernwood House, Fernwood Road, Jesmond, Newscastle upon Tyne.

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 Robson Laidler LLP, Fernwood House, Fernwood Road, Jesmond,
Newscastle upon Tyne not later than 12:00 noon, September 16,
2004.

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


ROYAL & SUNALLIANCE: Drops Plan to Sell Scandinavian Operations
---------------------------------------------------------------
Royal & SunAlliance Chief Executive Andy Haste said the company
will retain its Scandinavian operations as the firm announced an
increase in interim operating profits in the first half.

The insurer planned to sell its 71.7% stake in Codan, a quoted
Scandinavian general insurer, for GBP1 billion.  It initiated
its review on the asset in April.  The business is its strongest
performers in the first half of the year.

The Telegraph said the announcement signaled the end of Royal &
SunAlliance's major disposal program.  The company previously
sold its closed U.K. life business to investment vehicle
Resolution Life Group for GBP850 million.  It floated its
Australian arm, Promina, last year.

According to Mr. Haste, the Scandinavian asset has never been
part of the company's restructuring plans.  He said: "We
received many approaches but we have ended the process.  It is a
great business and we believe there is a great opportunity to
grow it."

Any subsequent bid would have to be "spectacular" to get the
firm's attention he said.  He described the business as a core
part of the group.  It is number three in Denmark, number three
in Sweden and number one in the Baltics.

The company, meanwhile, will withdraw from the U.S.  Mr. Haste
said there was "no quick fix" for Royal's U.S. operations, which
lost GBP58 million in the first half.  "We have to grind it
out," he said.

Royal & SunAlliance's interim operating profits increased by 61%
to GBP192 million in the first half.  On the pre-tax level,
however, results slumped from a GBP200 million interim profit in
2003 to an GBP18 million loss.  The fall is due to a GBP189
million-loss from short-term investment fluctuations.


S K GLOBAL: Appoints Liquidator from Grant Thornton
---------------------------------------------------
At an Extraordinary General Meeting of the S K Global Europe
Limited Company on July 30, 2004 held at Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP, the Special
Resolution to wind up the company was passed.  Andrew Conquest
of Grant Thornton UK LLP, Grant Thornton House, Melton Street,
Euston Square, London NW1 2EP has been appointed Liquidator of
the Company for the purpose of the voluntary winding-up.

CONTACT:  GRANT THORNTON UK LLP
          Grant Thornton House
          Melton Street, Euston Square,
          London NW1 2EP
          Liquidator:
          Andrew Conquest
          Phone:  020 7383 5100
          Fax:    020 7383 4715
          Web site: http://www.grant-thornton.co.uk


SPEEDY DESPATCH: Hires Joint Administrators from CBA
----------------------------------------------------
Neil Charles Money and Mark Grahame Tailby have been appointed
joint administrators for Speedy Despatch International Ltd.  The
appointment was made July 30, 2004.

The company is engaged in freight transport by road.  Its
registered office is located at 39 Castle Street, Leicester LE1
5WN.

CONTACT:  CBA
          39 Castle Street,
          Leicester LE1 5WN
          Joint Administrators:
          Neil Charles Money
          Mark Grahame Tailby
          (IP Nos 8900, 9115)


SUFFOLK WATER: Sets Members Final Meeting September 17
------------------------------------------------------
The final meeting of the members of Suffolk Water Limited will
be on September 17, 2004 commencing at 10:00 a.m.  It will be
held at the offices of Robson Laidler LLP, Fernwood House,
Fernwood Road, Jesmond, Newcastle upon Tyne.

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 Robson Laidler LLP, Fernwood House, Fernwood Road, Jesmond,
Newcastle upon Tyne not later than 12:00 noon, September 16,
2004.

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


                            *********


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

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

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

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