TCREUR_Public/040817.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, August 17, 2004, Vol. 5, No. 162

                            Headlines

F R A N C E

TISSAGES MONDIERE: Goes Into Liquidation


G E R M A N Y

FJH AG: Cutting Jobs After Posting EUR7.7 Mln First-half Loss
LOEWE AG: Books EUR24 Million First-half Operating Loss
MG TECHNOLOGIES: GEA Shareholders Approve Squeeze-out
PROSIEBENSAT.1 MEDIA: First-half Operating Profit Up Threefold


H U N G A R Y

EUROTOURS GROUP: Court Revokes Licenses Due to Bankruptcy


I R E L A N D

GALTEE MEATS: Dairygold Will Not Import Pork After Closure


I T A L Y

ALITALIA SPA: Unveils New Three-year Business Plan
PARMALAT BRAZIL: Request for Court Protection Approved
PARMALAT FINANZIARIA: Bondi Explains Exclusion of Some Creditors
PARMALAT FINANZIARIA: Milk Products Bids Must be in September 1


L U X E M B O U R G

EVRAZSECURITIES SA: Gets 'B' Rating from Fitch; Outlook Stable
MILLICOM INTERNATIONAL: Sets Extraordinary Meeting September 14


N E T H E R L A N D S

ROYAL SHELL: Vulnerable to 'Predators', Says Report
ROYAL SHELL: Heeds Calls to Keep California Plant Open


N O R W A Y

DNO ASA: To Become Largest Shareholder in Amergy-Ecuanor


R U S S I A

CAR REPAIR: Penza Court Brings in Insolvency Manager
DAL-ENERGO-MASH: Selling 100% Stake for RUB730 Million
MAGNITOGORSKY FACTORY: Court Opens Bankruptcy Proceedings
MAMONTOV-NEFTE-PROM-STROY: Proofs of Claim Deadline September 8
MEAT PROCESSING: Gives Creditors Until September 8 to File Claim

MEDICAL LABORATORY: Insolvent Status Confirmed
POULTRY FARM: Under Bankruptcy Supervision
SELHOZ-TEKHNIKA: Bryansk Court Appoints Insolvency Manager
SHERMUSHINSKAYA SELHKOZ-KHIMIYA: Under Bankruptcy Supervision
UYEMSKY CERAMIC: Declared Insolvent

VOLOKOLAMSKY TEXTILES: Deadline for Proofs of Claim September 8
WEST-SIB-GAS-SERVICE: Appoints E. Kostrov Insolvency Manager
YUKOS OIL: May File for Bankruptcy Before Month's End
YURGINSKY FACTORY: Bankruptcy Proceedings Begin
YURYEVETSKY: Undergoes Bankruptcy Supervision Procedure


S W E D E N

KABELVISION: Tele2 AB Seeking Buyers for Loss-making Unit
SKANDIA INSURANCE: Q2 Pre-tax Profit Reaches SEK349 Million


S W I T Z E R L A N D

SICPA HOLDINGS: Earns 'B+' Following EUR160 Mln Notes Placement


U K R A I N E

KRASNOARMIJSKIJ AGROBUD: Under Bankruptcy Supervision
KRASNOPEREKOPSK' GORMOLOKOZAVOD: Declared Insolvent
LAN: Sumi Court Confirms Insolvency
MAYORIVSKE: Bankruptcy Proceedings Begin
TSIBULIV' SUGAR: Court Appoints Liquidator
VIDRODZHENNYA-OIL: Bankruptcy Case Pending Before Kyiv Court


U N I T E D   K I N G D O M

ABBEY COURT: Extraordinary Winding up Resolution Passed
ABBEY NATIONAL: Employee Takes Life After Investigation
ABILITYONE LIMITED: Names PricewaterhouseCoopers Liquidator
A E L CLEWS: Sets Members Final Meeting August 27
ALLIS-CHALMERS: Hires Liquidator from Ernst & Young

ALUDEL LIMITED: In Administrative Receivership
AYLSHAM GRAIN: Members Final Meeting Set September 30
BAE SYSTEMS: Buys Boeing Unit for Undisclosed Sum
CHANA PHARMACEUTICALS: For Sale as Going Concern
COOLRISE LTD.: Sets Meeting of Creditors Thursday

CORPORATE TRAVEL: Creditors Meeting August 19
DATANET MARKETING: Final General Meeting September 15
DESTINATIONS COURIERS: Hires Leonard Curtis Administrator
D T TEXTILES: Brings in Liquidators from Begbies Traynor
EDRINGTON GROUP: Three-year Deal with Workers Averts Strike

EDWARD MORTIMER: Special Winding up Resolution Passed
EST CORP: Members Final Meeting Set September 13
GAMEPATH LIMITED: Sets Final Meeting September 15
HEDSTROM U.K.: Business for Sale
HERZOG HEINE: Names Liquidators from Ernst & Young

HT MACKNESS: Sets Members Final Meeting September 14
INTEGRATED SYSTEMS: Members Final Meeting September 13
MARPLE DALE: Hires Grant Thornton Liquidator
PHYSIO-REHAB: Rehabilitation Business for Sale
PLANET MULTIMEDIA: Creditors to Consider Proposal Wednesday

PROFUND HOLDINGS: Names BDO Stoy Hayward Administrator
PROGRESSBLEND LIMITED: Meeting Set September 20
PROMPT MOTOR: Sets Creditors Meeting August 26
RAMCO ENERGY: In Talks with 3rd Parties Over Seven Heads Field
SALT & JUKES: Special Winding up Resolution Passed

SAPPHIRE INTERNATIONAL: Creditors Meeting Set August 25
SOFTWARE DEVELOPMENT: Sets Members Final Meeting September 13
SOVEREIGN MARINE: Creditors to Receive Additional Payment
SPREE DEVELOPMENTS: Names Begbies Traynor Administrator
STANSFIELD & SON: May Nominate Liquidator August 19

STP CORPORATE: Appoints Tait Walker Administrator
TAKEFIVE SOFTWARE: Members Final Meeting September 13
TURNER & NEWALL: Unions to Continue Pension Talks

* Large Companies with Insolvent Balance Sheets


                            *********


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


TISSAGES MONDIERE: Goes Into Liquidation
----------------------------------------
A commercial court in Roanne ordered the liquidation of Loire-
based curtain manufacturer, Tissages Mondiere, after rejecting
two bids for the firm, Les Echos reports.

Tissages Mondiere, also known as Mondiere Textile France, had
received two bids -- one from Rhone-based Teintureries de la
Turdine and another from one of its managers -- but the court
found them inadequate.

CONTACT:  Tissages Mondiere S.A.
          248 Route de Lyon
          42540 St. Just la Pendue
          Phone: 04 77 63 21 14
          Fax: 04 77 63 52 88


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


FJH AG: Cutting Jobs After Posting EUR7.7 Mln First-half Loss
-------------------------------------------------------------
The half-year result of FJH AG (ISIN DE0005130108), the
consultancy and software company listed in the TecDAX index, was
severely affected by the unforeseen persistent reluctance of the
insurance sector to invest.  Revenues amounted to EUR35.6
million (2003: EUR60.2 million), half-year result after tax was
-EUR7.7 million (2003: EUR7.7 million) and EBIT -EUR11.6 million
(2003: EUR12.6 million).

Other than expected and forecast by observers of the industry,
the cost cutting measures taken by the insurance companies and
the continuing uncertainty with regard to the political
framework have led to a significant reluctance to invest in IT.

For the second half-year, FJH notices a moderate improvement of
capacity utilization compared to the second quarter.  This,
however, will range below the plan estimate.  In response to the
changed market situation a comprehensive package of measures was
initiated to reduce personnel expenses.  This includes a
significant reduction of employee capacities.  This will cause a
one-time expense, but will form the basis for a successful
fiscal year 2005.

A full copy of the FJH's semi-annual report is available free of
charge at http://www.bankrupt.com/misc/fjh_1h2004.pdf.

CONTACT:  FJH AG
          Leonhard-Moll-Bogen 10
          D-81373 Munich
          Dr. Thomas Meindl
          Phone: + 49 (0) 89 769 01 - 144
          Fax: + 49 (0) 89 743 717 31
          E-mail: thomas.meindl@fjh.com
          Web site: http://www.fjh.com


LOEWE AG: Books EUR24 Million First-half Operating Loss
-------------------------------------------------------
Ailing local TV set manufacturer Loewe AG posted a negative EBIT
of EUR24.6 million for the first half of 2004, according to
Borsen Zeitung.

Loewe's turnover for the first quarter slipped 16%, dropping
further by 8% in the second quarter.  Management partly
attributes this to falling TV set prices.  Loewe is currently
holding talks with potential investors and hopes to strike a
deal by the end of the year.  Its failure to capitalize on the
flat-screen TV set boom is widely believed as the main reason
for its woes.

Loewe, in which Japanese rival Sharp recently acquired an 8.9%
stake, had its European market share drop by 1.2% to 4.2%
between June 2003 and June 2004.  It expects to post another
negative EBIT in the second half.

CONTACT:  LOEWE A.G.
          Postfach 1554
          96305 Kronach
          IndustriestraBe 11
          96317 Kronach
          Phone: 09261-990
          Fax: 09261-95411
          Web site: http://www.loewe.de


MG TECHNOLOGIES: GEA Shareholders Approve Squeeze-out
-----------------------------------------------------
The Annual Shareholders' Meeting of Bochumbased GEA AG approved
a resolution on August 13, 2004 to transfer the shares held by
the company's minority shareholders to the majority shareholder,
mg technologies AG, in exchange for a cash payment of EUR48.15
per common share and EUR43.33 per preferred share.  The
resolution to transfer the shares was passed with a majority of
99.9% of votes.

As soon as the proposal for the transfer of shares has been
entered in the commercial register and thereby becomes
effective, mg technologies AG will inform the departing minority
shareholders and their custodian banks of the procedural
arrangements for the disbursement of the cash payment by way of
an official announcement in the Federal Gazette (Bundesanzeiger)
and in an authorized journal for the publication of mandatory
stock exchange announcements.  The custodian banks will carry
out the disbursement of the cash payment.

The Executive Board of mg technologies AG had previously set the
level of the cash payment with the consent of the Supervisory
Board on the basis of a report prepared by the auditing firm FGS
Flick Gocke Schaumburg GmbH Wirtschaftsprufungsgesellschaft,
Bonn.  The appropriateness of the cash payment had been reviewed
and confirmed by the court-appointed auditing firm PwC Deutsche
Revision Aktiengesellschaft Wirtschaftsprufungsgesellschaft,
Munich.

The squeeze-out and the planned subsequent merger of GEA AG with
mg technologies AG will be a further step towards streamlining
the hitherto multi-layered holding company structure of the
Group and will reduce costs substantially.

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

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


PROSIEBENSAT.1 MEDIA: First-half Operating Profit Up Threefold
--------------------------------------------------------------
Highlights of financial results for first-half 2004

(a) Revenue up 6%, to EUR932.3 million;

(b) EBITDA triples to EUR187.4 million;

(c) For first time, all four stations showing a first-half
    profit

The ProSiebenSat.1 Group (FWB:PSM) has a very successful 2004 so
far.  The German TV company boosted revenues and improved its
profits significantly.  The Group generated revenue of EUR932.3
million in the first half of 2004.  This is equivalent to growth
of 6% against the first half of 2003.

Earnings have risen even more substantially.  EBITDA nearly
tripled, rising EUR123 million to reach EUR187.4 million.  The
Group generated pre-tax profits of EUR117.3 million.  This is an
increase of EUR112 million from the same period last year.  The
consolidated net profit also improved significantly.  The after-
tax profit amounted to EUR72.7 million, following EUR4.1 million
for the first half of 2003.  The EBITDA margin climbed from 7%
to 20%.  Earnings per preferred share grew from EUR0.03 for the
first half of 2003 to EUR0.37.

For the first time in the history of the ProSiebenSat.1 Group,
all four stations turned a profit on the half.  Sat.1 climbed to
a pre-tax profit of EUR62.4 million, after a pre-tax loss of
EUR5.0 million for the prior-year period.  The pre-tax profit at
ProSieben increased 56%, from EUR62.6 million to EUR97.9
million.  Kabel 1 nearly doubled its pre-tax profit to EUR12.4
million.  N24 is also in the black for the half, at EUR0.2
million, as compared to the previous pre-tax loss of EUR13,2
million incurred on the first six months of 2003.

ProSiebenSat.1 Media AG is Germany's largest TV company.  The
group has four strong TV stations -- Sat.1, ProSieben, Kabel 1
and N24.  Collectively, the four channels represent 42.9% of the
German TV advertising market, one of the largest in the world.
ProSiebenSat.1's preference shares are included in the MDAX
Index, Dow Jones STOXX 600 Media Index and Dow Jones EURO STOXX.

                            *   *   *

As reported by TCR-Europe on May 26, Fitch Ratings assigned
ProSiebenSat.1 Media AG's EUR150 million 2009 bond issue a 'BB+'
rating with a Stable Outlook.  This rating action followed the
review of final documentation on the basis of which Fitch
confirmed the expected rating assigned to the bond issue on 10
May 2004.

The company planned to use the proceeds to extend the group
maturity profile and as part of the wider refinancing detailed
in the rating action comment of 10 May 2004, when Fitch upgraded
ProSieben's ratings on completion of its refinancing.
ProSieben's Senior Unsecured rating was upgraded to 'BB+' from
'BB', with a Stable Outlook.  At the same time, the ratings of
ProSieben's EUR338 million bonds due 2006 and the EUR200 million
bonds due 2009 were upgraded to 'BB+' from 'BB'.

CONTACT:  PROSIEBENSAT.1 MEDIA AG
          Katja Pichler, Company Spokesperson
          Phone: +49 (89) 95 07-11 81
          Fax: +49 (89) 95 07-11 84
          E-mail: Katja.Pichler@ProSiebenSat1.com
          Homepage: http://www.prosiebensat1.com/


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


EUROTOURS GROUP: Court Revokes Licenses Due to Bankruptcy
---------------------------------------------------------
The Ministry of Economic Affairs and the Hungarian Trade and
Licensing Office have cancelled the licenses of three Eurotours
travel agencies that recently went bankrupt, MTI-Econews says.

The agencies are Eurotours Nemzetkozi Utazasi Iroda (Eurotours
International Travel Agency), Eurotorus Busz Nemzetkozi Utazasi
Iroda, (Eurotours Bus International Travel Agency) and Eurotours
Air Utazasi Iroda (Eurotours Air Travel Agency).  The travel
companies have HUF172 million worth of coverage under an
insurance policy from QBE Atlasz Biztosito, which will manage
the return of around 1,000 travelers who are currently on
Eurotours-organized trips in Greece, Spain, Italy and Croatia.
The insurance company will also handle claims for tours that are
already paid but yet to start.

CONTACT:  QBE ATLASZ
          Phone: (36-1) 460 1400
          E-mail: qbe-atlasz@qbeatlasz.hu
          Web site: http://www.qbeatlasz.hu

          EUROTOURS GROUP
          Budapest, Nagy Ignac u. 14
          H-1055 HUNGARY
          Phone: (36 1) 269 1427
                 (36 1) 269 1882
          E-mail: info@eurotours.hu
          Web site: http://www.eurotours.hu


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


GALTEE MEATS: Dairygold Will Not Import Pork After Closure
----------------------------------------------------------
Dairygold assured Irish pig meat producers they will not lose
business following the closure of the cooperative's plants in
Mitchelstown and Roscrea, Business World reports.

A Dairygold spokesman said: "We will be buying at least the
equivalent volume of Irish pigmeat as we are currently buying --
there is no danger of Dairygold abandoning Irish pig producers
in any shape or form."

The cooperative, the largest in Ireland, announced the closure
of its Galtee Meats slaughtering house in Mitchelstown and pig
processing factory in Roscrea after a meeting of the firm's
general committee last week.  The shutdown, which will happen in
October, will result to the loss of 270 jobs: 170 from
Mitchelstown and 100 from Roscrea.

Dairygold chief executive Jerry Henchy said the shutdown is
aimed at saving 585 jobs in its consumer foods divisions.
Processing costs at Galtee Meats are reportedly high by industry
standards.


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


ALITALIA SPA: Unveils New Three-year Business Plan
--------------------------------------------------
The new management team of struggling Italian airline Alitalia
has drawn a new three-year plan, which they intend to present to
trade unions within 10 days, Il Sole 24 Ore says.

Covering the years 2005 to 2008, the new plan aims to bring the
carrier back to break-even in 2006 and save around EUR230
million through increased productivity.  Its provisions
reportedly include one pilot less on long-haul flights,
increased flying time for crews, and new rules concerning work
on public holidays.  The impact on the company's accounts over
the three-year period should be in the region of EUR880 million,
according to Il Sole.

Alitalia expects productivity to rise 4.7% to EUR4.3 billion
this year.

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


PARMALAT BRAZIL: Request for Court Protection Approved
------------------------------------------------------
Parmalat S.p.A., in Extraordinary Administration, communicates
that Parmalat Brasil and Parmalat Participacoes had their
requests for court protection, entered by Felsberg and
Associates, accepted Thursday by the 29th Court Judge, Nuncio
Theofilo Neto.

This decision by the court represents an important milestone in
the recovery process of these businesses -- the operating
company and the holding company.  Under court protection both
Parmalat companies will have a 24-month period to settle their
debts or reach agreement with their creditors.

Integra Associados recently presented a restructuring plan to
creditor banks of both entities that foresees the conversion of
their debts into equity and securities that, if accepted by the
creditors and the court, would make Parmalat Brazil a Brazilian
corporation owned by its creditors.  After restructuring, the
main link between Parmalat S.p.A. and the Brazil businesses will
be a licensing agreement for the Parmalat and Santal brands and
the exchange of product and process know how.

In addition to the granting of court protection, regaining
control of the Itaperuna plant earlier this week was another
important step in Parmalat Brasil's recovery process.  The plant
had been under court intervention for the last five months and
was being managed by representatives of the State of Rio de
Janeiro, the local community and its regional suppliers.

By reassuming management control of the Itaperuna plant,
Parmalat is in a position to revitalize all of its business
units and regain the leadership position it previously occupied
in the Brazilian market.

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

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


PARMALAT FINANZIARIA: Bondi Explains Exclusion of Some Creditors
----------------------------------------------------------------
The administrator of collapsed Italian dairy group Parmalat,
Enrico Bondi, has excluded several financial institutions from
the list of creditors, Il Sole 24 Ore says.

Mr. Bondi refused the requests for inclusion, which were made by
factoring companies like GE Capital, because they concern non-
existent credit.  However, Mr. Bondi clarified the Italian banks
will still be reimbursed for normal banking activities, but not
for factoring or surety-bond operations.

The administrator, meanwhile, cites the refusal of Morgan
Stanley, JP Morgan and Merrill Lynch to pay back expected in
advance as reason for their exclusion from the list.  These
firms are asking for reimbursements of EUR35.5 million, US$80.72
million and EUR25.72 million respectively.  Mr. Bondi also cited
lack of data.

CONTACT:  PARMALAT FINANZIARIA
          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


PARMALAT FINANZIARIA: Milk Products Bids Must be in September 1
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
ruled in connection with the proposed sale of Milk Products of
Alabama, LLC, a Parmalat Group North America debtor-affiliate,
of its Decatur, Alabama business to National Dairy Holdings, LP,
for US$19.7 million, subject to higher and better offers that:

(a) All bids are due on September 1, 2004;

(b) If necessary, Milk Products will conduct an auction on
    September 13; and

(c) The Court will hold a Sale Hearing on September 15 at 10:00
    a.m.

(Parmalat Bankruptcy News, Issue No. 25 & 27; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


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


EVRAZSECURITIES SA: Gets 'B' Rating from Fitch; Outlook Stable
--------------------------------------------------------------
Fitch Ratings on Friday assigned EvrazSecurities S.A.,
Luxembourg's US$150 million senior five-year notes, a 'B' rating
with Stable Outlook.

The notes are unconditionally and irrevocably guaranteed by
Cyprus-based Mastercroft Limited (Mastercroft) and its
subsidiaries OJSC Novokuznetsk Iron and Steel Plant in Russia,
and Gibraltar-based Ferrotrade Limited.  Mastercroft's other
subsidiaries, OJSC Nizhny Tagil Iron and Steel Plant, OJSC
Western Siberian Iron and Steel Plant will each have a limited
guarantee of the issue's principal amount.  The rating action
follows the review of the final offer documents confirming
information already received when Fitch assigned the expected
rating of 'B' on 15 July 2004.

The notes carry a coupon of 10.875% and have a five-year
maturity.  Under the bond documentation the proceeds can be used
for financing acquisitions of mining assets, and repayment of
all amounts due under the existing loan facility provided for
acquisition of such assets as well as for general corporate
purposes.  The issuer is an orphan special purpose entity of
Mastercroft that also issued the 2006 notes in September 2003.

Mastercroft controls three large integrated steel plants within
the Russian Federation.  In FY03, Mastercroft's total output was
13.9 million tons, which placed the company as the leader in
Russia and 12th largest in the world.

The rating reflects Mastercroft's leading domestic market
positions in long steel products and a monopoly position in
railway transport steel products; its main customers are in the
railway, construction and pipe-producing industries.
Mastercroft saw a notable improvement in financial performance
in FY03 compared to FY02, due to the steel market gaining
momentum in 2003 and changes in the consolidation of assets to
reflect alterations to the already complex legal structure of
the company.  The latter reiterates concerns over Mastercroft's
ability to establish a comparative financial track record.  The
rating also reflects Fitch's concern about related-party
transactions, which are not unusual for holding companies.
Nevertheless, they can potentially undermine Mastercroft's
financial profile due to their frequency and size.

The rating of the notes takes into account the covenants
outlined in the terms and conditions of the transaction.  In
addition to the incurrence-based limitation on indebtedness
covenant (similar to EvrazSecurities' September 2003 bond
issue), which effectively limits the company's ability to raise
additional debt above the leverage ratio of 3:1, new financial
covenants include:

(a) Maintenance by Mastercroft and each of the guarantors of the
    ratio of 12-month consolidated EBITDA to 12-month
    consolidated interest expense at 3.5:1 or higher; and

(b) Net worth of at least US$875,000,000, which shall become
    applicable upon the publication of Mastercroft's
    consolidated financial statements for year ending 31
    December 2004, and

(c) Each of NTMK and Zapsib shall maintain net worth of at least
    USD497,167,000 and USD309,618,000 respectively.

The Stable Outlook reflects Mastercroft's leading market
position in railway and construction steel products in Russia
and ability to benefit from the geographical proximity of its
three steel plants to Asia, thus balancing the sales between
domestic and export markets.  On the other hand, the positives
are balanced by the lack of consistent financial reporting and a
dependable track record.

Mastercroft's business profile benefits from its recent
acquisition of iron ore and coking coal assets in Russia, which
will help underpin its low cost production competitive
advantage.  Nevertheless, the company remains dependent on
Russian domestic demand for construction steel products (thus
directly linked to the dynamics of Russian economic growth) and
demand for steel products in South East Asia.

At FYE03, net leverage was 0.8x (FYE02:1.2x), mainly due to an
increase in cash positions to USD213 million (FYE02: USD16
million) as well as an improvement in EBITDA to USD817 million
at FYE03 from USD342 million at FYE02.  Following the debut
three-year USD150 million bond in September 2003 (re-tapped in
December 2003 for an additional USD25 million), Mastercroft
reduced its secured debt to 47% of total at FYE03 from 52% at
FYE02.

At 1H04, secured debt had again risen to stand at 48%, mainly
due to substantial trade financing.  At the same time, the
maturity of the debt has increased, with short-term debt
accounting for 56% of total at FYE03, down from 75% at FYE02.
Fitch notes that following the new bond issue, the debt at the
holding level will account for a third of total consolidated
debt compared to 22% at FYE03.  This should help alleviate
concerns on debt subordination, although debt held at subsidiary
levels remains high compared to those of other Russian companies
rated by Fitch.

Details of the Mastercroft's credit profile can be found in the
credit analysis, which is now available at
http://www.fitchratings.com.

CONTACT:  FITCH RATINGS
          Sonya Dilova, London
          Phone: +44 20 7417 3485

          Larissa Malycheva
          Phone: +44 20 7417 4207

          Media Relations:
          Julian Dennison, London
          Phone: +44 20 7862 4080


MILLICOM INTERNATIONAL: Sets Extraordinary Meeting September 14
---------------------------------------------------------------
Reconvening notice is hereby given to the shareholders of
Millicom International Cellular S.A. that in consideration of
the quorum required by the law of August 10, 1915 on commercial
companies, as amended (the Law) and the articles of association
of the Company (the Articles) not having been reached at the
Extraordinary General Meeting of the shareholders of the Company
held on August 9, 2004 to consider and vote on the agenda items,
a subsequent Extraordinary General Meeting of the shareholders
of the Company will be held on September 14, 2004 at 3:00 p.m.
before Maitre Paul Decker, notary, at the registered office of
the Company, i.e.  at 75, route de Longwy in L-8080 Bertrange
(Grand Duchy of Luxembourg) with the agenda:

(a) Amendment of article 13, paragraph 3 of the articles of
    association of the Company so that the current text

"The Company shall indemnify any director or officer and his
heirs, executors and administrators, against expenses reasonably
incurred by him in connection with any action, suit or
proceeding to which he may be made a party by reason of his
being or having been a director or officer of the Company, or,
at the request of the Company, of any other company of which the
Company is a shareholder or creditor, except in relation to
matters as to which he shall be finally adjudged in such action,
suit or proceeding to be liable for gross negligence or willful
misconduct; in the event of a settlement, indemnification shall
be provided only in connection with such matters covered by the
settlement as to which the Company is advised by its legal
counsel that the person to be indemnified did not commit such a
breach of duty.  The foregoing right of indemnification shall
not exclude other rights to which he may be entitled"

Will read as follows following the proposed amendments:

"The Company shall indemnify any director or officer and his/her
heirs, executors and administrators for any damages,
compensations and costs to be paid by him/her and any expenses
reasonably incurred by him/her as a consequence of, or in
connection with any action, suit or proceeding to which he/she
may be a party by reason of him/her being or having been a
director or officer of the Company, or, at the request of the
Company, of any other company of which the Company is a
shareholder or creditor, except in relation to matters as to
which he/she shall be finally judged in such action, suit or
proceeding to be liable for gross negligence or willful
misconduct; in the event of a settlement, indemnification shall
be provided only in connection with such matters covered by the
settlement as to which the Company is advised by its legal
counsel that the person to be indemnified did not commit such
breach of duty.  The foregoing right of indemnification shall
not exclude other rights to which he/she may be entitled".

(b) Miscellaneous

In respect of the above agenda and in accordance with the Law
and the Articles, the Meeting shall validly deliberate
regardless of the proportion of the capital of the Company
present or represented and the resolution(s) shall be taken by a
three quarters majority of all the shares present or
represented.

Participation to the Meeting is reserved to shareholders who
file their intention to attend the Meeting by mail and/or return
a duly completed and signed proxy form at the address:

      Millicom International Cellular S.A.
      75, route de Longwy, L-8080 Bertrange
      Attention: Veronique Mathieu
      Phone: +352 27 759 287
      Fax: +352 27 759 359

no later than September 8, 2004 at 5.00 p.m.  Proxy forms for
the Meeting are available upon request at the registered office
of the Company.

Holders of Swedish Depository Receipts wishing to attend or be
represented at the Meeting via proxy have to request a power of
attorney from Fischer Partners Fondkommission AB, P.O. Box
16027, SE-103-21 Stockholm, Sweden, Tel: +46 8 463 85 00 and
send it duly completed to the address:

     Millicom International Cellular S.A.
     75, route de Longwy, L-8080 Bertrange
     Attention: Veronique Mathieu
     Phone: +352 27 759 287
     Fax: +352 27 759 359

no later than September 8, 2004, at 5.00 p.m.  Holders of
Swedish Depository Receipts having registered their Swedish
Depository Receipts in the name of a nominee must temporarily
register the Swedish Depository Receipts in their own name in
the records maintained by VPC AB in order to exercise their
shareholders' rights at the Meeting and such registration must
be completed no later than September 3, 2004.

August 13, 2004
The Board of Directors

Millicom International Cellular S.A.  is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa.  It currently has a total of 16
cellular operations and licenses in 15 countries.  The Group's
cellular operations have a combined population under license of
approximately 387 million people.

CONTACT:  MILLICOM INTERNATIONAL CELLULAR S.A.
          societe anonyme
          Registered office: 75, route de Longwy
          L-8080 Bertrange
          Grand Duchy of Luxembourg
          R.C.  Luxembourg: B-40.630

          Marc Beuls
          President and Chief Executive Officer
          Phone: +352 27 759 327

          Andrew Best
          Investor Relations
          Shared Value Ltd, London
          Phone: +44 20 7321 5022


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


ROYAL SHELL: Vulnerable to 'Predators', Says Report
---------------------------------------------------
France's Total may approach Royal Dutch/Shell, one of the
world's biggest oil company, regarding a merger, according to
British Sunday newspaper The Observer.

Total is smaller than Shell, with its market capitalization of
GBP68 billion (US$125 billion) compared to Shell's GBP94 million
(US$173 million); but the report said Total is the only
"predator" capable of gaining regulatory approval on a possible
merger with the scandal-hit company.

Confidence in Shell was shaken early in the year when reports
emerged it overestimated oil and gas reserves -- a gauge of an
oil firm's financial footing -- by 20%.  Shell and Total both
refused to comment.  The paper also acknowledged that there was
"no indication that board members or corporate advisers have
spoken about a tie-up."


ROYAL SHELL: Heeds Calls to Keep California Plant Open
------------------------------------------------------
Bill Lockyer, California's attorney general, announced late
Friday Royal Dutch/Shell agreed to keep open its Bakersfield-
based refinery while it looks for a buyer for the plant.

The Anglo-Dutch firm will operate the plant at least until the
end of the year and might keep it running until early next year
depending on environmental restrictions.  It said last year it
would close the 72-year-old plant in October for economic
reasons.  Declining local oil production and tough environmental
regulations are making the operation unprofitable to keep, the
firm said.  California has the highest gasoline prices in the
U.S., and imposes stricter environmental rules than other
states.

But a report commissioned by the Attorney General's office
maintained that the refinery could be run profitably.  This
increased pressure from U.S. state and federal authorities for
Shell to keep open the facility.  The plant accounts for 2% of
California's gasoline production.  Shell suggested the
possibility it will keep Bakersfield open until the end of March
next year if it secured an exemption from new emissions rules
that come into force at year's end.


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


DNO ASA: To Become Largest Shareholder in Amergy-Ecuanor
--------------------------------------------------------
DNO A.S.A. has subscribed for 859,000 shares in a private
placement in Amergy A.S., against a payment of NOK29,606,723.50,
i.e., 73.26% of the cash issue.

The Boards of Amergy A.S. and Ecuanor A.S.A. have approved a
merger plan for the two companies.  DNO will become the largest
shareholder in the merged company with an ownership interest of
19.99%.

                            *   *   *

On June 18, 2004, TCR-Europe reported that Standard & Poor's
Ratings Services withdrew its corporate credit rating on Norway-
based oil production and exploration company DNO A.S.A.  The
rating on DNO was B/Watch Dev/-- at the time of the withdrawal.
The rating was withdrawn at DNO's request, since Standard &
Poor's does not have a rating on DNO's outstanding debt.

The rating on DNO was placed on CreditWatch with developing
implications on November 17, 2003, but would likely have
remained in the 'B' category if the CreditWatch placement had
been resolved.

The CreditWatch status reflected uncertainties over the
company's medium-term business strategy, growth prospects, and
financial policy following an extensive asset sale, which was
realized in spring 2004.  Standard & Poor's believes that the
company is likely to focus on riskier exploration activities on
the Norwegian Continental Shelf and production in existing
fields in Yemen.  DNO has successfully refinanced its Norwegian
NOK335 million bond (EUR40 million), which matured on June 1,
2004.

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


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


CAR REPAIR: Penza Court Brings in Insolvency Manager
----------------------------------------------------
The Arbitration Court of Penza region has declared OJSC Car
Repair Service insolvent and introduced bankruptcy proceedings.
The case is docketed as A49-3758/04-74b/10.  Mr. I. Kaymakov has
been appointed temporary insolvency manager.  Creditors are
asked to submit their proofs of claim to Russia, Kuznetsk,
Belinskogo Str. 2A.

CONTACT:  CAR REPAIR SERVICE
          Russia, Kuznetsk,
          Belinskogo Str. 2A


DAL-ENERGO-MASH: Selling 100% Stake for RUB730 Million
------------------------------------------------------
The bidding organizer and external manager of OJSC Dal-Energo-
Mash has set for public auction the firm's 100% shareholding on
September 19, 2004, 10:00 a.m.  It will be held at 680013,
Russia, Khabarovsk, Leningradskaya Str. 28.  Starting price is
RUB730,000,000.

Preliminary examination and reception of bids are done daily
from 8:00 a.m. to 10:00 a.m. (local time) until September 4,
2004.  The list of documentary requirements for participants is
available at 680013, Russia, Khabarovsk, Leningradskaya Str. 28.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the settlement account
40702810422500044372 in KhF LLC Vostok-biznes-bank TIN
2700000017, BIC 040813779 or correspondent account
30101810500000000779 on or before September 4, 2004.

CONTACT:  DAL-ENERGO-MASH
          680013, Russia,
          Khabarovsk,
          Leningradskaya Str. 28


MAGNITOGORSKY FACTORY: Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on OJSC Magnitogorsky Factory
of Metallurgical Machinery Construction.  The case is docketed
as A8958/04-52-19.  Mr. V. Turgumbayev has been appointed
temporary insolvency manager.  Creditors are asked to submit
their proofs of claim to 455002, Russia, Chelyabinsk region,
Magnitogorsk,  Kharkovskaya Str. 5.

CONTACT:  MAGNITOGORSKY FACTORY OF
          METALLURGICAL MACHINERY CONSTRUCTION
          455002, Russia,
          Chelyabinsk region, Magnitogorsk,
          Kharkovskaya Str. 5

          Mr. V. Turgumbayev
          Temporary Insolvency Manager
          454000, Russia,
          Chelyabinsk region, Chelyabinsk,
          Lenina Pr. 89


MAMONTOV-NEFTE-PROM-STROY: Proofs of Claim Deadline September 8
---------------------------------------------------------------
The Arbitration Court of Khanty-Mansiysky autonomous region has
declared OJSC Mamontov-Nefte-Prom-Stroy insolvent and introduced
bankruptcy proceedings.  The case is docketed as A-75-159-B/04.
Mr. S. Vinnik has been appointed insolvency manager.  Creditors
have until September 8, 2004 to submit their proofs of claim to
628381, Russia, Khanty-Mansiysky autonomous region, Tyumen
region, Pyt-Yakh, Post User Box 29.

CONTACT:  MAMONTOV-NEFTE-PROM-STROY
          628383, Russia,
          Khanty-Mansiysky Autonomous Region,
          Tyumen region, Pyt-Yakh, 3 location, 75

          Mr. S. Vinnik
          Insolvency Manager
          628381, Russia,
          Khanty-Mansiysky Autonomous Region,
          Tyumen Region, Pyt-Yakh,
          Post User Box 29


MEAT PROCESSING: Gives Creditors Until September 8 to File Claim
----------------------------------------------------------------
The Arbitration Court of Chelyabinsk region has declared CJSC
Meat Processing Company insolvent and introduced bankruptcy
proceedings.  The case is docketed as A76-22612/03-52-522.  Mr.
P. Tumbasov has been appointed insolvency manager.  Creditors
have until September 8, 2004 to submit their proofs of claim to
455026, Russia, Chelyabinsk region, Magnitogorsk, Post User Box
33.

CONTACT:  MEAT PROCESSING COMPANY
          Russia,
          Chelyabinsk region,
          Magnitogorsk

          Mr. P. Tumbasov
          Insolvency Manager
          455026, Russia,
          Chelyabinsk region,
          Magnitogorsk, Post User Box 33


MEDICAL LABORATORY: Insolvent Status Confirmed
----------------------------------------------
The Arbitration Court of Kareliya republic has declared OJSC
Medical Laboratory Equipment insolvent and introduced bankruptcy
proceedings.  The case is docketed as A26-8537/03-18.  Mr. S.
Malanin has been appointed insolvency manager.  Creditors have
until September 8, 2004 to submit their proofs of claim to
185031, Russia, Kareliya republic, Petrozavodsk, Vidanskaya Str.
15V.

CONTACT:  MEDICAL LABORATORY EQUIPMENT
     Russia, Kareliya republic,
          Pitkyaranta, Lenina Str. 33

          Mr. S. Malanin
          Insolvency Manager
          185031, Russia,
          Kareliya Republic, Petrozavodsk,
          Vidanskaya Str. 15V


POULTRY FARM: Under Bankruptcy Supervision
------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on state enterprise Krasnoyarsk
Region Poultry Farm.  The case is docketed as A33-7784/04-s4.
Mr. V. Lebedev has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 662521,
Russia, Krasnoyarsk region, Berezovsky region, Berezovka, Post
User Box 4.  A hearing will take place on November 10, 2004.

CONTACT:  POULTRY FARM
          Russia, Krasnoyarsk region,
          Berezovsky region, Berezovka,
          5th km of highway
          Krasnoyarsk-Zheleznogorsk

          Mr. V. Lebedev
          Temporary Insolvency Manager
          662521, Russia,
          Krasnoyarsk region,
          Berezovsky region, Berezovka,
          Post User Box


SELHOZ-TEKHNIKA: Bryansk Court Appoints Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Bryansk region has declared LLC Selhoz-
Tekhnika insolvent and introduced bankruptcy proceedings.  The
case is docketed as A09-3829/04-27.  Mr. V. Belyanin has been
appointed insolvency manager.   Creditors have until September
8, 2004 to submit their proofs of claim to 241037, Russia,
Bryansk-37, Post User Box 30.

CONTACT:  SELHOZ-TEKHNIKA
          242630, Russia,
          Bryansk region, Dyatkovo,
          Usadba RTS Str.

          Mr. V. Belyanin
          Insolvency Manager
          241037, Russia,
          Bryansk 37,
          Post User Box 30


SHERMUSHINSKAYA SELHKOZ-KHIMIYA: Under Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on state unitary enterprise
Shermushinskaya Selhkoz-Khimiya.  The case is docketed as A79-
2579/04-SK1-2395.  Mr. V. Leontyev has been appointed temporary
insolvency manager.

Creditors are asked to submit their proofs of claim to:

(a) Temporary Insolvency Manager
    429220, Russia,
    Chuvashiya republic, Vurnary,
    K. Marksa Str. 49;

(b) The Arbitration Court of Chuvashiya republic
    428000, Russia,
    Chuvashiya republic, Cheboksary,
    Lenina Pr. 4

(c) Shermushinskaya Selhkoz-Khimiya
    Russia, Chuvashiya republic, Shemursha.


UYEMSKY CERAMIC: Declared Insolvent
-----------------------------------
The Arbitration Court of Arkhangelsk region has declared OJSC
Uyemsky Ceramic Combine insolvent and introduced bankruptcy
proceedings.  The case is docketed as A05-6709/03-6.  Mr. O.
Smirnov has been appointed insolvency manager.   Creditors have
until September 8, 2004 to submit their proofs of claim to
163046, Russia, Arkhangelsk, Obvodny Kanal Pr., 69, Apartment
132.

CONTACT:  UYEMSKY CERAMIC COMBINE
          164402, Russia,
          Arkhangelsk region,
          Primorsky region, Uyemsky,
          Zavodskaya Str. 3

          Mr. O. Smirnov
          Insolvency Manager
          163046, Russia,
          Arkhangelsk, Obvodny Kanal Pr. 69,
          Apartment 132


VOLOKOLAMSKY TEXTILES: Deadline for Proofs of Claim September 8
---------------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on CJSC Volokolamsky Textiles.  The case
is docketed as A41K2-3424/04.  Ms. L. Mochalina has been
appointed temporary insolvency manager.  Creditors have until
September 8, 2004 to submit their proofs of claim to 115432,
Russia, Moscow, Trofimova Str. 21, Building 2.

CONTACT:  VOLOKOLAMSKY TEXTILES
          Russia, Volokolamsk,
          Fabrichnaya Str. 16

          Ms. L. Mochalina
          Temporary Insolvency Manager
          115432, Russia,
          Moscow, Trofimova Str. 21,
          Building 2


WEST-SIB-GAS-SERVICE: Appoints E. Kostrov Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Tyumen region has declared subsidiary
CJSC West-Sib-Gas-Service insolvent and introduced bankruptcy
proceedings.  The case is docketed as A70-8396/03-03.  Mr. E.
Kostrov has been appointed insolvency manager.  Creditors have
until September 8, 2004 to submit their proofs of claim to
625037, Russia, Tyumen, Melnikayte Str. 44A, Office 3/2.

CONTACT:  WEST-SIB-GAS-SERVICE
          652026, Russia,
          Tyumen, Melnikayte Str. 103A

          Mr. E. Kostrov
          Insolvency Manager
          625037, Russia,
          Tyumen, Melnikayte Str. 44A,
          Office 3/2


YUKOS OIL: May File for Bankruptcy Before Month's End
-----------------------------------------------------
Yukos Oil reiterated its warning it could run out of cash and
file for bankruptcy by the middle of the month unless the
government reduces pressure on the oil company.

The Russian firm in July warned it might not have enough funds
to operate after the government blocked its bank accounts over a
failure to meet a tax bill deadline.  The company is facing a
US$6.8 billion tax demand from authorities for the years 2000
and 2001.  Yukos was supposed to pay the 2000 bill last month.

Chief Financial Officer Bruce Misamore recently told the
Financial Times that authorities were now taking about half the
group's monthly US$1.8 billion in cashflow through freezing and
collection orders on Yukos company and related bank accounts.

He warned: "If we are insolvent because we do not have the cash
to pay our bills, we have to declare bankruptcy.  I think it is
very likely.  Bankruptcy is not a bad scenario, assuming
everything is done in accordance with the law."

He said a cash crunch is inevitable by the "middle of the month"
despite a small breathing space afforded by a recent rise in oil
prices.  Creditor banks are starting to collect payments, and so
far have extracted US$40 million.  He expects the demands to
double in the coming weeks.  According to him, the scenario
could be avoided if the government agrees to refund up to US$1.7
billion in value added tax, release freezing orders or the court
relaxes restrictions on asset sales to raise new funds.


YURGINSKY FACTORY: Bankruptcy Proceedings Begin
-----------------------------------------------
The Arbitration Court of Kemerovo region has declared CJSC
Yurginsky Factory of Ferro-Concrete Constructions insolvent and
introduced bankruptcy proceedings.  The case is docketed as A27-
10032/2003-4.  Mr. A. Tkachenko has been appointed insolvency
manager.

Creditors have until September 8, 2004 to submit their proofs of
claim to 652050, Russia, Kemerovo region, Jurga, Shosseynaya
Str. 56.

CONTACT:  YURGINSKY FACTORY OF FERRO-CONCRETE CONSTRUCTIONS
          Russia,
          Kemerovo region, Yurga

          Mr. A. Tkachenko
          Insolvency Manager
          652050, Russia,
          Kemerovo Region, Jurga,
          Shosseynaya Str. 56


YURYEVETSKY: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Ivanovo region has commenced bankruptcy
supervision procedure on LLC tinned food factory Yuryevetsky.
The case is docketed as A1178/10-B.  Mr. S. Andrianov has been
appointed temporary insolvency manager.  Creditors are asked to
submit their proofs of claim to Russia, Ivanovo, Boevikov Str.
30, apartment 12.

CONTACT:  YURYEVETSKY
          155450, Russia,
          Ivanovo, Yuryevets,
          40 Let VLKSM Str. 45

          Mr. S. Andrianov
          Temporary Insolvency Manager
          Russia, Ivanovo,
          Boevikov Str. 30,
          Apartment 12


===========
S W E D E N
===========


KABELVISION: Tele2 AB Seeking Buyers for Loss-making Unit
---------------------------------------------------------
Tele2 AB is set to sell Kabelvision, Sweden's third largest
cable operator, for approximately US$57 million, according to TV
International Daily.

The company, which considers the business non-core, plans to
finalize the transaction by August or September.  It expects a
loss of US$39.2 million from the sale.  Sweden's No. 1 cable TV
company, Comhem; Norway's Telemor A.S.A.; and TDC a.s. of
Denmark are the possible buyers.  Comhem and TDC both declined
to comment when contacted by TV International and Telenor
couldn't immediately be reached.

Kabelvision is one of Sweden's biggest cable TV companies with
around 180,000 customers and services in several cities.  It has
been unprofitable for several years now and showed only a slight
improvement in both revenues and profits in the first quarter of
2004.  In 2003, its revenues declined by 7% to SEK191 million
from SEK205 million in 2002.


SKANDIA INSURANCE: Q2 Pre-tax Profit Reaches SEK349 Million
-----------------------------------------------------------
Interim Report for January-June 2004*

Comparisons excluding discontinued operations:

Second quarter

(a) Sales rose 23% (12%) in local currency, to SEK23.4 billion.

(b) New sales of unit linked assurance rose 6% (5%) in local
    currency.

(c) The result before tax (according to Swedish GAAP) improved
    to SEK349 million (-SEK11 million).

(d) Result and return measurements according to the embedded
    value method:

    (i) The result of operations was SEK774 million (SEK671
        million).

   (ii) The operating result was SEK538 million (SEK1,034
        million).

  (iii) The calculated profit margin for new sales of unit
        linked assurance was 17.8%, compared with 16.5% for the
        first quarter of 2004.

(e) Cash flow from operating activities was -SEK0.3 billion,
    compared with -SEK1.1 billion for the first quarter of 2004.

First half of 2004

(a) Sales and funds under management:

    (i) Sales rose 35% (8%) in local currency, to SEK48.7
        billion.

   (ii) New sales of unit linked assurance rose 13% (-2%) in
        local currency.

  (iii) Funds under management increased to SEK361 billion
        (SEK309 billion at the start of the year).

(b) The market position has strengthened in many markets.  In
    Sweden the market position has weakened, however.  A
    comprehensive review of operations is under way.

(c) Result according to Swedish GAAP:

    (i) The result before tax increased to SEK642 million
        (SEK61 million).

   (ii) Earnings per share were SEK0.54 (-SEK0.05).

(d) Result and return measurements according to the embedded
    value method:

    (i) The result of operations was SEK1,610 million
        (SEK1,102 million).

   (ii) The operating result increased to SEK1,855 million
        (SEK1,262 million).

  (iii) The calculated profit margin for new sales of unit-
        linked assurance was 17.2%.  The profit margin for the
        full-year 2003, recalculated to new assumptions, was
        19.6%.  Markets with below-average profit margins showed
        stronger growth.

   (iv) The operational return on net asset value before tax for
        unit-linked assurance increased to 11.7%, compared with
        11.3% for the full-year 2003 (excluding one-time
        effects).

(e) As previously disclosed, cash flow from operating activities
    was charged with one-time payments of SEK0.8 billion and
    amounted to -SEK1.4 billion (-SEK1.0 billion).

(f) The group's financial position strengthened:

    (i) Net asset value rose 8% to SEK32.8 billion.

   (ii) Shareholders' equity increased by 11% to SEK17.0
        billion.

  (iii) Borrowings decreased to SEK3.3 billion (SEK4.0 billion
        at the start of the year).

   (iv) The sale of If was completed on 6 May 2004, entailing a
        liquidity improvement of SEK4.5 billion.

First half of 2004 -- Including discontinued operations

In 2004 discontinued operations pertain to the Japanese
operation, while in 2003 they also pertain to the U.S. operation
and the banking operation in Switzerland.

(a) Sales through June amounted to SEK48.742 million
    (SEK47,815 million), of which discontinued operations
    accounted for -SEK11,896 million.

(b) The result after tax (according to Swedish GAAP) was
    SEK1.384 million (SEK84 million).  The result includes
    SEK833 million (SEK87) in items affecting comparability and
    the result for discontinued operations.  The gain on the
    sale of the Japanese operation was SEK833 million.

(c) Earnings per share were SEK1.35 (SEK0.08).

--------
Footnote
[*] Does not include Livforsakringsaktiebolaget Skandia, which
is run on a mutual basis.  All return measurements for
shareholders' equity, net asset value and capital employed as
per June 2004 pertain to moving twelve-month figures.  All
comparison figures pertain to June 2003 unless stated otherwise.

Stockholm, 13 August 2004
Hans-Erik Andersson
President and CEO

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

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          SveavAgen 44
          SE-103 50 Stockholm
          Phone: +46-8-788 10 00
          Web site: http://www.skandia.com
          Public company (publ.) reg. no. 502017-3083

          Jan Erik Back
          Chief Financial Officer
          Phone: +46-8-788 3720

          Harry Vos
          Head of Investor Relations
          Phone: +46-8-788 3643

          Bjorn Bjornsson
          Vice Chairman
          Phone: +46-8-788 25 00


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


SICPA HOLDINGS: Earns 'B+' Following EUR160 Mln Notes Placement
---------------------------------------------------------------
Standard & Poor's Ratings Services on Friday assigned its 'B+'
long-term corporate credit rating to Switzerland-based inks
manufacturer SICPA Holding S.A.  The outlook is stable.

The assigning of ratings follows the successful placement of the
EUR160 million (US$197 million) of senior notes issued by Noma
Luxembourg S.A., a financial vehicle that is 100% owned by
SICPA.  The senior notes, which are guaranteed on a senior
subordinated basis by the non-Swiss subsidiaries of SICPA, were
assigned a 'B-' senior unsecured debt rating on June 21, 2004.
The rating on the notes is two notches lower than the corporate
credit rating on SICPA due to structural subordination.

"The ratings on SICPA primarily reflect the group's weak
financial profile and exposure to the commodity-packaging inks
business," said Standard & Poor's credit analyst Olivier Beroud.
"The group enjoys, however, a strong position worldwide in the
profitable, but small, market for bank-note inks."

With sales of about SRF1 billion (US$803 million) in 2003, SICPA
is the leading provider of bank-note inks worldwide with a 90%
share in the niche non-government-owned market, as well being
one of the top-three packaging-inks producers worldwide.

SICPA has adequate liquidity following the successful completion
of the bond issue by its financial subsidiary Noma.  SICPA's
funds from operations-to-net debt is expected to be less than
15% at year-end 2004, which is weak in Standard & Poor's opinion
but in line with a 'B+' rating.

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
these 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
          christine_hoarau@standardandpoors.com
          olivier_beroud@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


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


KRASNOARMIJSKIJ AGROBUD: Under Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Krasnoarmijskij Agrobud (code
EDRPOU 03583723) and ordered a moratorium on satisfaction of
creditors' claims on May 5, 2004.  The case is docketed as 27/17
B.  Mrs. Irina Homyakova (License Number AA 487783) has been
appointed temporary insolvency manager.  The company holds
account number 26002301620649 at Prominvestbank, Krasnoarmijsk
branch, MFO 334497.

Creditors have until August 23, 2004 to submit their proofs of
claim to:

(a) KRASNOARMIJSKIJ AGROBUD
    85325, Ukraine, Donetsk region,
    Demitrov, Agrarna Str. 1

(b) Mrs. Irina Homyakova
    Temporary Insolvency Manager
    83055, Ukraine, Donetsk region,
    R. Luksenburg Str. 2-b, room 301
    Phone: (062) 337-15-04

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


KRASNOPEREKOPSK' GORMOLOKOZAVOD: Declared Insolvent
---------------------------------------------------
The Economic Court of AR Krym region declared OJSC
Krasnoperekopsk' Gormolokozavod (code EDRPOU 00446285) insolvent
and introduced bankruptcy proceedings on July 1, 2004.  The case
is docketed as 2-1/8951-2004.  Arbitral manager Mr. Volodimir
Bida (License Number 719884 approved on March 4, 2004) has been
appointed liquidator/insolvency manager.  The company holds
account number 26000456090174 at JSCB Ukrsocbank, Krym regional
branch, MFO 324010.

Creditors have until August 23, 2004 to submit their proofs of
claim to:

(a) KRASNOPEREKOPSK' GORMOLOKOZAVOD
    Ukraine, AR Krym region,
    Krasnoperekopsk, Zheleznodorozhna Str. 1

(b) Mr. Volodimir Bida
    Liquidator/Insolvency Manager
    95023, Ukraine, AR Krym region,
    Simferopol, Rodnikov Str. 8
    Phone: 51-57-43

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


LAN: Sumi Court Confirms Insolvency
-----------------------------------
The Economic Court of Sumi region declared Agricultural LLC Lan
(code EDRPOU 30864403) insolvent and introduced bankruptcy
proceedings on June 21, 2004.  The case is docketed as 12/5.
Arbitral manager Mr. V. Hizhnyak (License Number AA 249723
approved on February 19, 2001) has been appointed
liquidator/insolvency manager.

CONTACT:  AGRICULTURAL LAN
          Ukraine, Sumi region,
          Nedrigajskij district, Sakuniha

          Mr. V. Hizhnyak
          Liquidator/Insolvency Manager
          40024, Ukraine, Sumi region,
          Harkivska Str. 4/130
          Phone: (0542) 36-92-73
          Fax: (0542) 36-92-73

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


MAYORIVSKE: Bankruptcy Proceedings Begin
----------------------------------------
The Economic Court of Sumi region declared Agricultural LLC
Mayorivske (code EDRPOU 30827749) insolvent and introduced
bankruptcy proceedings on June 14, 2004.  The case is docketed
as 12/15.  Arbitral manager Mr. V. Hizhnyak (License Number AA
249723 approved on February 19, 2001) has been appointed
liquidator/insolvency manager.

CONTACT:  AGRICULTURAL MAYORIVSKE
          Ukraine, Sumi region,
          Krolevetskij district, Mayorivka

          Mr. V. Hizhnyak
          Liquidator/Insolvency Manager
          40024, Ukraine, Sumi region,
          Harkivska Str. 4/130
          Phone: (0542) 36-92-73
          Fax: (0542) 36-92-73

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


TSIBULIV' SUGAR: Court Appoints Liquidator
------------------------------------------
The Economic Court of Cherkassy region declared OJSC Tsibuliv'
Sugar Plant (code EDRPOU 00373540) insolvent and introduced
bankruptcy proceedings on July 8, 2004.  The case is docketed as
08/226.  Arbitral manager Mr. V. Rekun (License Number AA 140456
approved on June 27, 2002) has been appointed
liquidator/insolvency manager.  The company holds account number
260042380 at JSCB Legbank, Kyiv branch, MFO 300056.

CONTACT:  TSIBULIV' SUGAR PLANT
          19111, Ukraine, Cherkassy region,
          Monastirishinskij district, Tsibuliv

          Mr. V. Rekun
          Liquidator/Insolvency Manager
          18000, Ukraine, Cherkassy region,
          Ilyin Str. 330/16
          Phone: (067) 989-94-25

          ECONOMIC COURT OF CHERKASSY REGION
          18005, Ukraine, Cherkassy region,
          Shevchenko Avenue, 307


VIDRODZHENNYA-OIL: Bankruptcy Case Pending Before Kyiv Court
------------------------------------------------------------
The Economic Court of Kyiv region declared LLC Vidrodzhennya-Oil
(code EDRPOU 30969157) insolvent and introduced bankruptcy
proceedings on June 24, 2004.  The case is docketed as 15/118-b.
Arbitral manager Mr. I. Gusar (License Number AA 719858 approved
on March 4, 2004) has been appointed liquidator/insolvency
manager.  The company holds account number 26007009753001 at JSC
Ukrinbank, MFO 300142.

CONTACT:  VIDRODZHENNYA-OIL
          Ukraine, Kyiv region,
          Andrij Ivanov Str. 10

          Mr. I. Gusar
          Liquidator/Insolvency Manager
          01030, Ukraine, Kyiv region, a/b 29
          Phone: (044) 236-11-17
          Fax: (044) 236-11-17

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


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


ABBEY COURT: Extraordinary Winding up Resolution Passed
-------------------------------------------------------
At an Extraordinary General Meeting of the Abbey Court Leisure
(Wimbledon) Limited Company on August 6, 2004 held at 92
Southampton Row, London WC1B 4BH, the subjoined Extraordinary
Resolution to wind up the company was passed.  Lloyd Biscoe of
Begbies Traynor, The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG has been appointed Joint
Liquidator for the purpose of such winding-up.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange
          234 Southchurch Road
          Southend-on-Sea,
          Essex SS1 2EG
          Liquidator:
          Lloyd Biscoe
          Phone: 01702 467255
          Fax:   01702 467201
          Web site: http://www.begbies.com


ABBEY NATIONAL: Employee Takes Life After Investigation
-------------------------------------------------------
An Abbey National employee committed suicide after investigators
questioned him on an anonymous document believed to contain
allegations of financial and sexual impropriety, The Scotsman
says.

A male employee fell to his death from a balcony on the fifth
floor of the bank's London headquarters four weeks ago.  The
Metropolitan Police confirmed that a man's body was found
outside Abbey's Triton Square headquarters in north-west London
on the afternoon of July 13.

Abbey National hired investigators from Kroll corporate
detective agency to find out who distributed to managers an
anonymous document exposing wrongdoing related to contracts to
third parties.  The message threatened to expose document to 100
City institutions if claims are not examined.

The bank made an internal investigation headed by Karen
Fortunato, the company secretary.  The probe found out the
contracts have been awarded fairly.  The employee was part of
its investigation before his death, according to The Telegraph.
Abbey declined to clarify the details.


ABILITYONE LIMITED: Names PricewaterhouseCoopers Liquidator
-----------------------------------------------------------
At a meeting of Abilityone Limited on July 27, 2004, the Special
and Ordinary Resolutions to wind up the company were passed.
Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers LLP,
Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT have been
appointed Joint Liquidators of the Company for the purposes of
such winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court
          19 Cornwall Street,
          Birmingham B3 2DT
          Liquidators:
          Tim Walsh
          Jonathan Sisson
          Phone: [44] (121) 200 3000
          Fax:   [44] (121) 200 2464
          Web site: http://www.pwc.com


A E L CLEWS: Sets Members Final Meeting August 27
-------------------------------------------------
The final meeting of the members of A E L Clews (Investments)
Limited will be on August 27, 2004 at 3:00 p.m.  It will be held
at the offices of Poppleton & Appleby, 35 Ludgate Hill,
Birmingham B3 1EH.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH not
later than 12:00 noon, August 26, 2004.

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


ALLIS-CHALMERS: Hires Liquidator from Ernst & Young
---------------------------------------------------
Name of Companies:
Allis-Chalmers Limited
Babbitless Company (Great Britain) Limited
Braham Millar Company Limited
Burleigh Marine International Limited
Charlestown Engineering Limited
Conrad Scholtz (Great Britain) Limited
Denver Process Equipment Limited
Goodwin Barsby Limited
Orion Pumps Limited
Skega Limited

At an Extraordinary General Meeting of these companies on August
3, 2004 held at Metso Minerals (UK) Limited, Parkfield Road,
Rugby, Warwickshire CV21 1QJ, the Special Resolutions to wind up
the companies were passed.  Ian Best of Ernst & Young LLP, One
Bridewell Street, Bristol BS1 2AA has been appointed Liquidator
for the purpose of such windings-up.

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


ALUDEL LIMITED: In Administrative Receivership
----------------------------------------------
Bank of Scotland called on M J C Oldham and K J Hellard of RSM
Robson Rhodes as joint administrative receivers for Aludel
Limited (Reg No 04120396, Trade Classification: SIC 9234).  The
application was filed August 4, 2004.

CONTACT:  RSM ROBSON RHODES
          186 City Road,
          London EC1V 2NU
          Joint Administrative Receivers:
          M J C Oldham
          K J Hellard
          (Office Holder Nos 7817, 8833)
          Phone: +44 (0) 20 7251 1644
          Fax:   +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


AYLSHAM GRAIN: Members Final Meeting Set September 30
-----------------------------------------------------
The final meeting of the members of Aylsham Grain Marketing
Limited will be on September 30, 2004 commencing at 10:30 a.m.
It will be held at the offices of Grant Thornton, Byron House,
Cambridge Business Park, Cowley Road, Cambridge CB4 0WZ.

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 Grant Thornton, Byron House, Cambridge Business Park,
Cowley Road, Cambridge CB4 0WZ not later than 12:00 noon,
September 29, 2004.

CONTACT:  GRANT THORNTON
          Byron House,
          Cambridge Business Park,
          Cowley Road, Cambridge CB4 0WZ
          Liquidator:
          I S Carr
          Phone: 01 223 225600
          Fax:   01 223 225619
          Web site: http://www.grant-thornton.co.uk


BAE SYSTEMS: Buys Boeing Unit for Undisclosed Sum
-------------------------------------------------
BAE Systems completed the acquisition of Boeing's
Commercial Electronics unit, a developer and producer of
avionics products and systems for commercial aircraft.  The
acquisition of the Commercial Electronics unit will increase BAE
Systems' already significant presence in commercial aircraft
subsystems.

The Commercial Electronics business, which had 2003 sales of
about US$170 million, will become part of BAE Systems' Platform
Solutions Sector, which provides a broad range of capabilities
and products for commercial and military aircraft.

Issued by
BAE Systems
London


CHANA PHARMACEUTICALS: For Sale as Going Concern
------------------------------------------------
The Joint Administrators, Kenneth Touhey and David Oprey, offer
for sale as a going concern the business and assets of Chana
Pharmaceuticals Limited (in administration), which trades as
retail pharmacies in the South of England.

Chana Pharmaceuticals is a chain of 5 retail pharmacies trading
from 2 freehold and 3 leasehold premises.  Chana Pharmaceuticals
has established connections with local nursing homes and
surgeries.  The company employs around 30 employees and
generates an annual turnover of around GBP3.2 million.  The
company trades over 200,000 prescription items.

CONTACT:  CHANTREY VELLACOTT DFK
          16/17 Boundary Road
          Hove East Sussex
          BN3 4AN

          Garry Hacker
          Tel: 01273 421200
          Fax: 01273 417330
          E-mail: ghacker@cvdfk.com


COOLRISE LTD.: Sets Meeting of Creditors Thursday
-------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

                 IN THE MATTER OF Coolrise Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Coolrise Ltd. will be
held at St. Alphage House 2 Fore Street London EC2Y 5DH on
August 19, 2004 at 03:30 p.m. for the purpose of having a full
statement of the position of the Company's affairs, together
with a list of the Creditors of the Company and the estimated
amount of their claims, laid before them, and for the purpose,
if thought fit, of nominating a Liquidator and of appointing a
Liquidation Committee.  (Sections 99-101 of the said Act)

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

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

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

By Order of the Board.

A. Pamment, Director
July 27, 2004

CONTACT:  UHY HACKER YOUNG
          St. Alphage House
          2 Fore Street
          London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


CORPORATE TRAVEL: Creditors Meeting August 19
---------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

     IN THE MATTER OF Corporate Travel International Ltd.

Notice is hereby given that a Meeting of Creditors of Corporate
Travel International Ltd. is to be held at Crowne Plaza Hotel
Wellington Street Leeds on August 19, 2004, 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 Benson
House 33 Wellington Street Leeds LS1 4JP not later than 12 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, to the
Administrator Benson House 33 Wellington Street Leeds LS1 4JP.

S. A. Ellis & I. D. Stokoe, Joint Administrators
August 2, 2004

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


DATANET MARKETING: Final General Meeting September 15
-----------------------------------------------------
The final general meeting of the members of Datanet Marketing
Services Limited will be on September 15, 2004 commencing at
10:30 a.m.  It will be held at 62 Wilson Street, London EC2A
2BU.

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 Benedict Mackenzie LLP, 62 Wilson Street, London EC2A 2BU
not later than 12:00 noon, September 14, 2004.

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


DESTINATIONS COURIERS: Hires Leonard Curtis Administrator
---------------------------------------------------------
J J Schapira and n A Bennett have been appointed joint
administrators for Destinations Couriers Limited.  The
appointment was made August 3, 2004.  The company is engaged in
other business services.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Joint Administrators:
          J J Schapira
          N A Bennett
          (IP Nos 5784, 9083)
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


D T TEXTILES: Brings in Liquidators from Begbies Traynor
--------------------------------------------------------
At an Extraordinary General Meeting of the Members of the D T
Textile Limited Company held at Begbies Traynor, 4th Floor,
Riverside House, 31 Cathedral Road, Cardiff CF11 9HB, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  David Hill and John Wynn Davies of Begbies
Traynor, 4th Floor, Riverside House, 31 Cathedral Road, Cardiff
CF11 9HB have been appointed Joint Liquidators of the Company
for the purpose of the voluntary winding-up.

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


EDRINGTON GROUP: Three-year Deal with Workers Averts Strike
-----------------------------------------------------------
The Edrington Group has reached an agreement regarding wage
increase and security of tenure with workers at its Glasgow
bottling plant, according to just-drinks.com.

The deal averted an industrial action that threatened the
Scottish whisky producer with more than GBP20 million in
potential sales loss.  It involves a three-year-old contract
comprising above-inflation wage increase and associated
guarantee of employment.  It also includes a promise of 41 new
permanent jobs for workers.

An Edrington spokesman said: "We are delighted an agreement has
been reached that allows all of the company's employees to work
together and resume normal business."

According to Harry Donaldson, regional secretary of EGB, "The
agreement will provide the platform needed to drive the business
forward, recognizing the valuable role which the members will
play in this process.  Working together will be the cornerstone
to future success."


EDWARD MORTIMER: Special Winding up Resolution Passed
-----------------------------------------------------
At an Extraordinary General Meeting of the Edward Mortimer
Limited Company held at Baker Tilly, 2 Whitehall Quay, Leeds LS1
4HG, the Special Resolution to wind up the company was passed.
Robert Henry Barker of Baker Tilly, 2 Whitehall Quay, Leeds LS1
4HG has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  BAKER TILLY
          2 Whitehall Quay
          Leeds LS1 4HG
          Liquidator:
          Robert Henry Barker
          Phone: 0113 285 5000
          Fax:   0113 285 5001
          Web site: http://www.bakertilly.co.uk


EST CORP: Members Final Meeting Set September 13
------------------------------------------------
The final meeting of the members of EST Corp (U.K.) Limited will
be on September 13, 2004 commencing at 11:30 a.m.  It will be
held at the offices of Grant Thornton, Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP.

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 Grant Thornton, Grant Thornton House, Melton Street, Euston
Square, London NW1 2EP not later than 12:00 noon September 10,
2004.

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


GAMEPATH LIMITED: Sets Final Meeting September 15
-------------------------------------------------
The final meeting of the members of Gamepath Limited will be on
September 15, 2004 commencing at 10:30 a.m.  It will be held at
the offices of Grant Thornton, Byron House, Cambridge Business
Park, Cowley Road, Cambridge CB4 0WZ.

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 Grant Thornton, Byron House, Cambridge Business Park,
Cowley Road, Cambridge CB4 0WZ not later than 12:00 noon,
September 14, 2004.

CONTACT:  GRANT THORNTON
          Byron House,
          Cambridge Business Park,
          Cowley Road, Cambridge CB4 0WZ
          Liquidator:
          I S Carr
          Phone: 01223 225600
          Fax:   01223 225619
          Web site: http://www.grant-thornton.co.uk


HEDSTROM U.K.: Business for Sale
--------------------------------
The Joint Administrators, Mark Bowen and Alistair Grove, offer
for sale the business and assets of Hedstrom (U.K.) Limited.
The Holyhead-based company manufactures outdoor play equipment
for domestic use and satellite and medical equipment.

Hedstrom has a 90,000 square-foot factory on a leasehold site.
The company is engaged in extensive tube manipulation using 5
stage powder coating line, 6 assembly lines, and Macca CNC
router.  The company has established customer base.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court
          19 Cornwall Street
          Birmingham B3 2DT

          Scott Bevan
          Phone: 0121 200 3000
          Fax: 0121 265 5650
          E-mail: susan.hopwood@uk.pwc.com


HERZOG HEINE: Names Liquidators from Ernst & Young
--------------------------------------------------
Name of Companies:
Herzog Heine Geduld International Limited
Merrill Lynch Gilts Limited
Merrill Lynch Investment Services Limited
Merrill Lynch Private Capital Limited
SNCS Limited
SNC Corporate Finance Limited

At an Extraordinary General Meeting of these Companies on August
4, 2004 held at 33 King William Street, London EC4R 9AS, the
Special Resolution to wind up the companies was passed.
Elizabeth Anne Bingham and Alan Lovett of Ernst & Young LLP, 1
More London Place, London SE1 2AF have been appointed Joint
Liquidators for the purpose of such windings-up.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Liquidators:
          Elizabeth Anne Bingham
          Alan Lovett
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


HT MACKNESS: Sets Members Final Meeting September 14
----------------------------------------------------
The final meeting of the members of HT Mackness Limited will be
on September 14, 2004 commencing at 10:30 a.m.  It will be held
at the offices of Grant Thornton, Byron House, Cambridge
Business Park, Cowley Road, Cambridge CB4 0WZ.

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 Grant Thornton, Byron House, Cambridge Business Park,
Cowley Road, Cambridge CB4 0WZ not later than 12:00 noon,
September 13, 2004.

CONTACT:  GRANT THORNTON
          Byron House,
          Cambridge Business Park,
          Cowley Road, Cambridge CB4 0WZ
          Liquidator:
          I S Carr
          Phone: 01 223 225600
          Fax:   01 223 225619
          Web site: http://www.grant-thornton.co.uk


INTEGRATED SYSTEMS: Members Final Meeting September 13
------------------------------------------------------
The final meeting of the members of Integrated Systems Inc
Limited will be on September 13, 2004 commencing at 11:30 a.m.
It will be held at the offices of Grant Thornton, Grant Thornton
House, Melton Street, Euston Square, London NW1 2EP.

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 Grant Thornton, Grant Thornton House, Melton Street, Euston
Square, London NW1 2EP not later than 12:00 noon, September 10,
2004.

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


MARPLE DALE: Hires Grant Thornton Liquidator
--------------------------------------------
The final meeting of the members of Maple Dale Hall Limited will
be on September 14, 2004 commencing at 10:30 a.m.  It will be
held at the offices of Grant Thornton UK LLP, Grant Thornton
House, Melton Street, Euston Square, London NW1 2EP.

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 Grant Thornton UK LLP, Grant Thornton House, Melton Street,
Euston Square, London NW1 2EP.

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


PHYSIO-REHAB: Rehabilitation Business for Sale
----------------------------------------------
The Joint Administrators, Tobert M Young of Poppleton and
Appleby and Clive Morris of Marshall Peters, offer for sale the
business and assets of Physio-Rehab Centres Limited and
Autotherapy Limited.

The Physio-Rehab Centre in Stafford and its manufacturing arm
Autotherapy Limited are available for sale as going concerns or
on a piecemeal basis.  The Physio-Rehab Centre pioneered power
assisted exercise rehabilitation to help clients with mobility
difficulties.  Autotherapy Limited manufactures the state of the
art power assisted exercise machines in the West Midlands for
the Physio-Rehab Centre and other health service providers.

CONTACT:  POPPLETON & APPLEBY
          Brampton House Mews
          10 Queen Street
          Newcastle under Lyme
          Staffordshire ST5 1ED

          John-Paul O'Hara
          Phone: 01782 382930
          Fax: 01782 382931
          E-mail: johnpaulo@pandastoke.co.uk


PLANET MULTIMEDIA: Creditors to Consider Proposal Wednesday
-----------------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

            IN THE MATTER OF Planet Multimedia Ltd.

Notice is hereby given that a Meeting of Creditors in Planet
Multimedia Ltd. is to be held at The Shepperton Moat House Felix
Lane Shepperton TW17 8NP on August 18, 2004 at 04:00 p.m. to
consider proposals under section 23(1) of the Insolvency Act
1986, and to consider establishing a Creditors' Committee.

A person is entitled to vote at the Meeting only if he has
submitted details of his claim to the Administrator at 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


PROFUND HOLDINGS: Names BDO Stoy Hayward Administrator
------------------------------------------------------
Antony David Nygate and Simon James Michaels have been appointed
joint administrators for Profound Holdings Limited.  The
appointment was made August 5, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Joint Administrators:
          Antony David Nygate
          Simon James Michaels
          (IP Nos 9237, 8824/01)
          Phone: 020 7486 5888
          Fax:   020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdo.co.uk


PROGRESSBLEND LIMITED: Meeting Set September 20
-----------------------------------------------
The meeting of the contributories of Progressblend Limited will
be on September 20, 2004 commencing at 11:00 a.m.  It will be
held at Kroll Limited, 10 Fleet Place, London EC4M 7RB.

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 Kroll Limited, 10 Fleet Place, London EC4M 7RB not later
than 12:00 noon, September 17, 2004.

CONTACT:  KROLL LIMITED
          10 Fleet Place,
          London EC4M 7RB
          Joint Liquidator:
          G P Squires


PROMPT MOTOR: Sets Creditors Meeting August 26
----------------------------------------------
The creditors of Prompt Motor Limited will meet on August 26,
2004 at 11:00 a.m.  It will be held at Cliffords Inn Conference
Centre, Cliffords Inn, Fetter Lane, London EC4A 1LD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Moore Stephens, 1 Snow Hill, London EC1A 2EN not
later than 12:00 noon, August 25, 2004.

CONTACT:  MOORE STEPHENS
          1 Snow Hill,
          London EC1A 2EN
          Joint Administrative Receiver:
          M Shaw
          Phone: 020 7334 9191
          Fax:   020 7248 3408
          Web site: http://www.moorestephens.co.uk


RAMCO ENERGY: In Talks with 3rd Parties Over Seven Heads Field
--------------------------------------------------------------
Ramco Energy plc, the Aberdeen based exploration and production
company, held it's Annual General Meeting Tuesday in Aberdeen
with all resolutions passed unanimously.

Acting Chairman, Peter Everett, confirmed that the ongoing
technical review on the Company's Seven Heads Gas Field in the
Celtic Sea was nearing completion but that summarized findings
from the review would not be announced until the end of August
2004 at the earliest.

In the meantime, the Company is in discussions with third
parties who are interested in participating in its Irish
interests, including the Seven Heads field.  Furthermore, there
are on-going third party discussions on the possible farm-out of
some of the other exploration projects in the Company's
portfolio.

                            *   *   *

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

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

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


SALT & JUKES: Special Winding up Resolution Passed
--------------------------------------------------
At an Extraordinary General Meeting of the Salt & Jukes Limited
Company on August 5, 2004 held at 5th Floor, Canterbury House,
85 Newhall Street, Birmingham B3 1LH, the subjoined Special
Resolution to wind up the company was passed.  John Travers of
Haines Watts has been appointed Liquidator of the Company for
the purpose of such winding-up.


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


SAPPHIRE INTERNATIONAL: Creditors Meeting Set August 25
-------------------------------------------------------
The unsecured creditors of Sapphire International Limited will
meet on August 25, 2004 at 11:00 a.m.  It will be held at 73
Baker Street, London W1U 6RD.

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 Sherlock House, 73 Baker Street,
London W1U 6RD not later than 12:00 noon, August 24, 2004.

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


SOFTWARE DEVELOPMENT: Sets Members Final Meeting September 13
-------------------------------------------------------------
The final meeting of the members of Software Development Systems
Limited will be on September 13, 2004 commencing at 11:30 a.m.
It will be held at the offices of Grant Thornton, Grant Thornton
House, Melton Street, Euston Square, London NW1 2EP.

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 Grant Thornton, Grant Thornton House, Melton Street, Euston
Square, London NW1 2EP not later than 12:00 noon, September 10,
2004.

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


SOVEREIGN MARINE: Creditors to Receive Additional Payment
---------------------------------------------------------
A second successive annual percentage payment increase has been
announced to all creditors of Sovereign Marine and General
Insurance Company.

Joint Scheme Administrators of Sovereign, Tony McMahon and John
Wardrop, partners in KPMG LLP, announce that the Scheme Payment
Percentage is being raised from 35% to 40%.

Sovereign entered provisional liquidation in July 1997.  A
Scheme of Arrangement was subsequently approved by creditors and
sanctioned by the court, becoming effective in January 2000.
The initial Scheme Payment Percentage was set at 30% in March
2001 and was subsequently increased to 35% in May 2003.  The
increase to 40% is therefore the second annual increase in
succession of the Scheme Payment Percentage.

Mr. Wardrop commented: "We are pleased to announce this further
increase in the Payment Percentage to 40%.  The increase
demonstrates the ongoing success and commitment of the Scheme
Administrators in collecting and distributing Sovereign's assets
to creditors as soon as possible.

"Asset realizations and the pursuit of a closure plan continues
to be a complex task because of Sovereign's extensive
involvement in underwriting pools formerly managed by Willis
Faber Underwriting Management Ltd. (the WFUM Pools).  The
progression of the estate has required a close working
relationship with the solvent members of the WFUM Pools."

The Scheme Administrators review the Scheme Payment Percentage
annually; the next review is therefore expected to be completed
by September 2005.

Mr. Wardrop continued: "We are currently implementing a strategy
to gain greater certainty over the assets and liabilities of
Sovereign.  The successful implementation of this program will
enable us to work towards an accelerated closure of the estate
and therefore the final distribution of Sovereign's remaining
assets to creditors."

                            *   *   *

Schemes of Arrangement are provided for by section 425 of the
Companies Act 1985 and set out the rules by which the ongoing
administration and management of a company are governed.  These
are binding upon the Company and all its creditors, provided
that a majority in number, representing three-fourths in value
of the creditors, agrees to the arrangement.

The Court sanctioned Sovereign's Scheme of Arrangement in 20
December 1999.  Previously, Sovereign had been in provisional
liquidation from July 1997.

KPMG Insurance Solutions is part of KPMG Corporate Recovery.
KPMG Corporate Recovery has over 400 professional staff in 22
offices around the U.K. and provides two distinct types of
service: advice and assistance to insolvent companies, their
creditors, and their other stakeholders (known as Insolvency
Services); and restructuring advice to companies who are under
performing or experiencing liquidity problems (known as
Restructuring Services).

About KPMG

KPMG is the global network of professional services firms who
provide audit, tax and advisory services.

KPMG LLP operates from 22 offices across the U.K. with 9,000
partners and staff.  KPMG recorded a U.K. fee income of GBP1,008
million in the year ended September 30, 2003.

KPMG LLP is a U.K. limited liability partnership and the U.K.
member of KPMG International, a Swiss cooperative.

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


SPREE DEVELOPMENTS: Names Begbies Traynor Administrator
-------------------------------------------------------
Gary Lee and Don Bailey of Begbies Traynor have been appointed
joint administrators for Spree Developments Limited.  The
appointment was made August 4, 2004.

The company manufactures other office and shop furniture.  Its
registered office is c/o Begbies Traynor, Elliot House, 151
Deansgate, Manchester M3 3BP.


CONTACT:  BEGBIES TRAYNOR
          Elliot House,
          151 Deansgate,
          Manchester M3 3BP
          Joint Administrators:
          Gary Lee
          Don Bailey
          (IP Nos 9204, 6739)
          Phone: 0161 839 0900
          Fax:   0161 832 7436
          Web site: http://www.begbies.com


STANSFIELD & SON: May Nominate Liquidator August 19
---------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

            IN THE MATTER OF Stansfield & Son Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Stansfield & Son Ltd.
will be held at 24 Wellington Street St Johns Blackburn BB1 8AF
on August 19, 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 that 12.00 noon on
the business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
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, a list of
Creditors' names and addresses will be available for, 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.

M. Whitaker, Director
July 26, 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


STP CORPORATE: Appoints Tait Walker Administrator
-------------------------------------------------
The STP Corporate Shopfitting Limited has appointed Gordon S
Goldie and Allan David Kelly of Tait Walker as joint
administrators.  The appointment was made July 30, 2004.  The
company manufactures other office and shop furniture.

CONTACT:  TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Joint Administrators:
          Gordon S Goldie
          Allan David Kelly
          (IP Nos 5799, 9156)
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


TAKEFIVE SOFTWARE: Members Final Meeting September 13
-----------------------------------------------------
The final meeting of the members of Takefive Software Limited
will be on September 13, 2004 commencing at 11:30 a.m.  It will
be held at the offices of Grant Thornton, Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP.

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 Grant Thornton, Grant Thornton House, Melton Street, Euston
Square, London NW1 2EP not later than 12:00 noon, September 10,
2004.

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


TURNER & NEWALL: Unions to Continue Pension Talks
-------------------------------------------------
Unions in Turner & Newall (T&N) said in a statement they were
disappointed creditors did not improve a US$130 million (GBP70
million) offer to shore up the firm's pension scheme.

Amicus, GMB and T&G unions held a meeting in New York last week
with billionaire financier Carl Icahn, a major bondholder of
T&N's U.S. parent, Federal-Mogul, and other parties.  Mr. Icahn
is offering to buy T&N assets for US$700 million, of which
US$130 million would go towards funding the retirement plan.

The unions said they plan to hold further meetings with
interested parties in the coming weeks.  The talks are aimed at
saving the benefits of some 40,000 members of T&N's pension
fund.

The pension scheme has a shortfall of about GBP875 million, and
unions fear it could be wound up.  In case of liquidation,
20,000 members may lose up to 70% of benefits and 20,000 members
in retirement could lose inflation-linked rises, they said.

Auto parts maker Federal-Mogul, which is in Chapter 11
bankruptcy protection in the U.S., offered to pay an additional
GBP65 million to the fund on top of its annual pension
contributions of GBP7 million.  But the fund's independent
trustee rejected the offer.  It insisted the company pay an
additional GBP29 million for the next eight years.


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

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


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


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


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


FRANCE
------
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo de France                                4,738    2,868
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Cofidur S.A.                          (5)         102       19
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immobiliere Hoteliere                (68)         233       29
LVL Medical Group                                 149       (6)
Pneumatiques Kleber S.A.             (34)         480      139
SDR Picardie                        (135)         413      N.A.
Soderag                                           404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin            TRCN        (0)         134       10
Usines Chauson                       (23)         249       35


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


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


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


NORWAY
------
Pan Fish ASA                                      514     (327)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Animex S.A.               ANX         (1)         108      (86)
Exbud Skanska S.A.        EXBUF       (9)         315     (330)
Media Capital                                     399      (85)
Mostostal Zabrze                      (6)         227     (366)
Stalexport S.A.                      (57)         229      (51)


RUSSIA
------
Kamchatskenergo                                   273   (7,870)
Zil Auto                                          333  (10,769)


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


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


TURKEY
------
Dyo Boya Fabrika                                  106        6
Gima Gida                                         123        7
Nergis Holding                                    125   (2,248)
Yasarbank                                         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Nuclear Fuels Plc         (2,627)      40,326     (977)
Center Parcs (UK)
    Group Plc                        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group                                     396        4
Dawson Holdings           DWSN       (29)         142      (29)
Dignity PLC                                       485      (89)
Easynet Group                                     323       38
Electrical and Music      EMI
   Industries Group                 (885)       3,472     (293)
Euromoney                                         167        2
Gallaher Group            GLH       (543)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109      (10)
HMV Group PLC             HMV       (211)         997      (56)
Intertek Testing Services ITRK      (134)         508       77
Invensys PLC                                    5,885      882
IPC Media Ltd.                      (685)         254       16
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United                                      144      (29)
Manchester City                      (17)         154      (21)
Misys PLC                 MSY       (161)         949       41
Mytravel Group                                  2,551     (533)
Orange PLC                ORNGF     (594)       2,902        7
PD Ports PLC                                      361        0
Premier Foods                                   1,105       34
Regus Plc                                         367       60
Rentokil Initial Plc      RTO     (1,130)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0

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


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

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

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

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

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

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


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