---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, August 18, 2004, Vol. 5, No. 163

                            Headlines

B U L G A R I A

INTERIOR AD-ELENA: Tarnovo District Court Orders Liquidation


F R A N C E

ALCATEL: Wins US$24 Mln Contract to Upgrade Laos Phone Network
ALCATEL: Files CA$200 Mln Claim Against Fairchild Semiconductor
ALSTOM SA: Stricken off Standard & Poor's ADR Index
GUINET DERRIAZ: Under Compulsory Administration
REMY COINTREAU: S&P Gives Negative Outlook to 'BB' Rating
RHODIA SA: Completes Sale of U.S. Business to Bain Capital
TATI: Asiatex Claims Irregularities Attended Sale to Vetura


G E R M A N Y

DRESDNER BANK: First-half Net Income Up More Than EUR1.1 Billion
WESTLB AG: Reports EUR209 Million First-half Pre-tax Profit


H U N G A R Y

BORSODCHEM RT: First-half Net Income in Black at HUF10.249 Mln
FOTEX: Posts First-Half Loss of HUF680.7 Million
NABI RT: Net Loss Down More than 50% to US$4.6 Million
PANNONPLAST RT: Sets Extraordinary General Meeting September 10
PANNONPLAST RT: Posts EGM Agenda


I T A L Y

APRILIA: To Merge with Piaggio


N E T H E R L A N D S

VERSATEL N.V.: Buying Minority Interest in German Operations


P O L A N D

AGORA S.A.: Luczywo Leaves to Concentrate on Newspaper Business
WIRTUALNA POLSKA: Minority Shareholders Oppose Restructuring


R U S S I A

DALNEVOSTOCHNAYA MINING: Amur Court Brings in Insolvency Manager
KALUGA-TEPLO-ENERGO: Under Bankruptcy Supervision
KHANDYGSKY FACTORY: Court Sets September 16 Hearing
MAGADANSKAYA INDUSTRIAL: Proofs of Claim Deadline September 8
OLDOY: Undergoes Bankruptcy Supervision Procedure

SF PARITET: Appoints E. Kozlov Temporary Insolvency Manager
SHARYPOVSKY BREAD: Bankruptcy Hearing Slated for October 19
TOBOLSK-ENERGO-MONTAZH: Court Sets August 31 Hearing
TYNDA: Amur Court Opens Bankruptcy Proceedings
YAKUTSKY RIVER: Bankruptcy Hearing Set October 4

YASNOPOLYANSKY FACTORY: Insolvency Manager Takes over Operations
YUGANSK-INZH-NEFTE-GAZ-STROY: Court Confirms Insolvency
YUKOS OIL: Top Bosses Inconsistent on Survival Assessment
YUKOS OIL: Transport Firm Threatens to Halt Oil Export
ZHUKOVKA-SELKHOZ-KHIMIYA: Under Bankruptcy Supervision


S P A I N

ESTIPREN S.L.: Opens Insolvency Proceedings


U K R A I N E

ALFA-UKRAINE: Deadline for Proofs of Claim Expires Next Week
ALPINDUSTRIYA: Under Bankruptcy Supervision
AZOVSKIJ: Court Orders Debt Moratorium
GRIGORIVKA' SUGAR: Kyiv Court Opens Bankruptcy Proceedings
LISOVI POLYANI: Gives Creditors Until August 24 to File Claims
MECHANIZATION MANAGEMENT 1: Bankruptcy Supervision Begins
OPTIMUM: Deadline for Proofs of Claim August 24


U N I T E D   K I N G D O M

AIT EUROPE: Hires Liquidators from Deloitte & Touche
ANDYS DRUM: Appoints Rothman Pantall Liquidator
APPLIED AND ADVANCED: Royal Bank of Scotland Appoints Receiver
BAE SYSTEMS: 45.4% of Alvis Shareholders Accept Cash Offer
BAE SYSTEMS: Acquires Full Ownership of AEI

BAE SYSTEMS: No Decision Yet on Sale of Scottish Shipyards
BOWMAN POWER: Names Liquidator from BDO Stoy Hayward
BURCHELL & BLACKBURN: Extraordinary Winding up Resolution Passed
CAFE BRIO: Hires Liquidator from Wilder Coe
CAPITAL COURIERS: Sets Final Meeting September 22

CARLTON COMMUNICATIONS: May Sell Loss-making Books Unit Soon
CELTIC: Pre-tax Loss Widens as Cost Surges 19%
CENTRELINE MACHINE: Assets Offered for Sale
CENTRE POINT: Calls in Liquidator
CHEVRON ENGINEERING: Extraordinary Winding up Resolution Passed

CITIGROUP GLOBAL: Accumulated Losses Reach US$1.75 Billion
CLASSIC PARTS: In Administrative Receivership
C-PRO INTERNATIONAL: Final Meetings Set September 16
DANUBE CHEMICALS: Members Final Meeting September 17
DEMOT UKCO: Special Winding up Resolution Passed

DOOCEY PIPELINES: Members Pass Winding up Resolutions
EMS SOFTWARE: Names Begbies Traynor Administrator
FORWARD CORPORATION: Sets Members General Meeting September 10
ICP COATINGS: Creditors Meeting Next Week
IPL HOSE: Sets Members General Meeting September 27

JARVIS PLC: Loses GBP176 Million Contract to Build Schools
JOSEPH NICHOLS: Members Final Meeting Set September 10
MARCONI CORPORATION: Completes Sale of Plant & Power Business
MCCABE MCCARTY: Hires Joint Administrators from Menzies
MK IMPEX: May Appoint Liquidator Monday

OSSYS SYSTEMS: Hires Joint Administrators from Begbies Traynor
PDC CONSTRUCTION: Creditors Meeting Set August 23
POSTANYWHERE U.K.: Sets Final Meeting Friday
PROMPT MOTOR: Creditors Meeting Set August 26
REDFRAME TIMBER: Meeting of Creditors August 26

REGIONAL & SUBURBAN: Special Winding up Resolution Passed
REGUS GROUP: Open Offer for HQ Global Receives Minimal Uptake
SPECTRUM PROJECTS: Names Rothman Pantall Administrator
TECHNIQUE CONSTRUCTION: Members General Meeting Set September 29
UK TELECOM: Sets Meeting of Creditors August 23


                            *********


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


INTERIOR AD-ELENA: Tarnovo District Court Orders Liquidation
------------------------------------------------------------
By virtue of a decision by the Veliko Tarnovo District Court on
July 26, 2004, changes have been registered with the file of
Interior AD-Elena (in bankruptcy, BSE code - INTER).

The court has also declared the company insolvent and ordered
the total arrest and distrainment of its properties.  It also
deprived the management bodies of the company the right to
manage and or dispose of any property.  The court is now
initiating procedures to liquidate company properties, the
proceeds of which will be distributed to creditors.

CONTACT:  Bulgarian Stock Exchange - SOFIA
          1 Macedonia Square, 1040 Sofia
          Phone: +359(2)986-58-63
          Fax: +359(2)987-55-66
          E-mail: bse@bse-sofia.bg
          Web site: http://www.bse-sofia.bg


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


ALCATEL: Wins US$24 Mln Contract to Upgrade Laos Phone Network
--------------------------------------------------------------
Enterprise of Telecommunications Laos (ETL) awarded Alcatel a
US$24 million contract to upgrade its nationwide telecom
network.  This project is the latest in a series that the two
companies have undertaken and further strengthens Alcatel's
leading position as a communications solution provider in Laos.
The contract was won through Alcatel Shanghai Bell, Alcatel's
flagship Chinese company.

Under the terms of the contract, Alcatel will provide ETL with
end-to-end telecommunications solutions including fixed lines,
switches, multi-standard GSM/GPRS/EDGE network elements and
transmission components.  Upon the completion of the project,
ETL's fixed and mobile network capacity will double, enabling
users to take advantage of telecommunication services across the
country.

In the framework of a supply contract for a turnkey GSM network
in Laos signed in 2000, Alcatel deployed its end-to-end Evolium
(TM) solution.  This multi-standard platform designed for
GSM/GPRS/EDGE and 3G/UMTS networks evolves constantly with the
latest technological advances, allowing costs to be optimized.
It enables ETL today to seamlessly upgrade its network
capacities to evolve towards GPRS and EDGE while at the same
time preserving and optimizing its initial investments.

Alcatel will also support the deployment of the Northern Laos
segment of a 1000 km-long nation-wide optical backbone network
to meet an increasing demand for high quality telecommunications
services.  The new infrastructure will use Alcatel's
next-generation SDH Optical Multi-Service Node (OMSN) systems,
including the Alcatel 1642 Edge Multiplexer and the Alcatel 1662
SMC.  These projects will secure Alcatel's position as the
dominant telecommunications solutions provider in Laos with an
80% share of the country's fixed and mobile networks.  They also
reinforce Alcatel's leadership in providing mobile solutions for
emerging markets.  It is an achievement that illustrates
Alcatel's capability to help its customers meet the growing
demand for attractive new mobile services.

Padapphet Sayakhot, Managing Director of ETL, noted: "We are
pleased to extend our close partnership with Alcatel through
these new projects and look forward to a long term co-operation.
Thanks to Alcatel's state-of-the-art solutions and excellent
services, we have been able to meet rapid growth in demand for
telecommunications services."

Gerard Dega, President of Alcatel Shanghai Bell, added: "This is
a significant win for Alcatel in Laos because it demonstrates
the strength of our partnership with ETL and is in line with our
strategy of providing user-centric technologies and services. I
believe Alcatel will continue to play a leading role in
supporting the development of the telecommunications market in
Laos."

About Enterprise of Telecommunications Laos

Enterprise of Telecommunications Laos (ETL), established on 31
August 2000, is a state enterprise whose assets and capital are
held by the Ministry of Finance and whose operations are
technically supervised by the Ministry of Communications,
Transport, Post, and Construction.  ETL has the full rights to
conduct business in the area of telecommunications under an
agreement with the government of the Lao PDR.  Its role is to
provide both domestic and international telecommunications
services.  The company's initial registered capital is
85,214,148,768 kip.

About Alcatel

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

About Alcatel Shanghai Bell

Alcatel Shanghai Bell is the first foreign-invested company
limited by shares in the telecommunications sector in China,
with Alcatel holding 50%+1 shares and Chinese shareholders
holding the remainder. The multi-billion-dollar telecom
technology leader delivers end-to-end telecommunications
solutions and high-quality services, covering the fixed, mobile
networking, broadband access, intelligent optical networking,
multimedia solutions and network applications.  It also has a
key international R&D center with full access to Alcatel's
global technology pool, developing original technology for use
in China and export to Alcatel's  customers  worldwide.  With
6,500 employees, an advanced manufacturing center, and the most
extensive sales and support network in China, it is the only
company capable of meeting the global needs of Chinese
customers.  For more information, visit Alcatel Shanghai Bell at
http://www.alcatel-sbell.com.cn.

                            *   *   *

Standard and Poor's recently upgraded Alcatel to 'BB-' from
'B+.'  Moody's rates Alcatel B1; outlook positive.


ALCATEL: Files CA$200 Mln Claim Against Fairchild Semiconductor
---------------------------------------------------------------
French communications solution provider Alcatel sued
semiconductor manufacturer Fairchild Semiconductor and three
other distributors in the Ontario Supreme Court, Les Echos says.

Alcatel is seeking CA$200 million in damages from the four
firms.  The claim arose from Alcatel's purchase of faulty
plastic resin from Fairchild, which had bought the material from
Sumitomo Bakelite Singapore.  Plastic resin is used to cover
semiconductors.  In 2002, Fairchild filed a claim for damages
against Sumitomo in a California court.

CONTACT:  ALCATEL
          54, rue La Boetie
          75008 Paris, France
          Phone: +33-1-40-76-10-10
          Fax: +33-1-40-76-14-05
          E-mail: press@alcatel.com
          Web site: http://www.alcatel.com


ALSTOM SA: Stricken off Standard & Poor's ADR Index
---------------------------------------------------
Standard & Poor's will make changes in the S&P ADR Indices
effective the close of trading today, August 18, 2004:

Alstom (ADR) (France, NYSE: ALS, CUSIP: 021244108, Sedol:
2249384) will be excluded from the S&P ADR Index.  The New York
Stock Exchange will suspend quotation in the shares before the
market open on Thursday, August 19, 2004.

Summary of the announced changes:

                         S&P ADR Index - August 9, 2004
COMPANY GICS   ECONOMIC SECTOR GICS     SUB-INDUSTRY REMOVED
Alstom (ADR)      Industrials        Heavy Electrical Equipment

Company additions to and deletions from an S&P equity index do
not in any way reflect an opinion on the investment merits of
the company.

About Standard & Poor's

Standard & Poor's, a division of The McGraw-Hill Companies
(NYSE:MHP), is the world's foremost provider of independent
credit ratings, indices, risk evaluation, investment research,
data and valuations.  With 5,000 employees located in 20
countries, Standard & Poor's is an essential part of the world's
financial infrastructure and has played a leading role for more
than 140 years in providing investors with the independent
benchmarks they need to feel more confident about their
investment and financial decisions.  For more information, visit
http://www.standardandpoors.com.

About The McGraw-Hill Companies

Founded in 1888, The McGraw-Hill Companies is a leading global
information services provider meeting worldwide needs in the
financial services, education and business information markets
through leading brands such as Standard & Poor's, BusinessWeek
and McGraw-Hill Education.  The Corporation has more than 322
offices in 33 countries.  Sales in 2003 were US$4.8 billion.
Additional information is available at
http://www.mcgraw-hill.com.

CONTACT:  STANDARD & POOR'S
          Alka Banerjee
          Director, Index Research & Analysis
          Phone: 212 438 3536
          Dave Guarino Communications
          Phone: 212-438-1471
          E-mail: dave_guarino@standardandpoors.com


GUINET DERRIAZ: Under Compulsory Administration
-----------------------------------------------
The commercial court in Lyon has placed in compulsory
administration mining company Guinet Derriaz, Les Echos says.

The company, which quarries limestone and marble for
construction companies, posted a net profit of EUR.16 million on
turnover of EUR18.4 million in 2002.  Fineco International, a
family-owned finance firm, acquired the company in 2001.  Guinet
employs around 140 people in its 14 quarries and factories in
France.

CONTACT:  GUINET DERRIAZ
          11, quai General-Sarrail
          69454 Lyon Cedex 06
          France
          Web site: http://www.guinet-derriaz.com


REMY COINTREAU: S&P Gives Negative Outlook to 'BB' Rating
---------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
France-based spirits and wine group Remy Cointreau S.A. to
negative from stable.  At the same time, Standard & Poor's also
affirmed its 'BB' long-term corporate credit and senior
unsecured debt ratings on the group.

"We are concerned by Remy Cointreau's stretched financial
profile," said Standard & Poor's credit analyst Patrice
Cochelin.  "Since the group's debt is essentially
euro-denominated, debt measures are not naturally hedged against
dollar movements, which caused funds from operations (FFO)
coverage of net fully adjusted debt to drop to a very low 8.2%
at March 31, 2004 (9.8%, excluding the cooperatives' debt)."

Remy Cointreau reported gross consolidated debt of EUR944
million at end-March 2004.  Standard & Poor's expects that
foreign exchange variations will continue to exceed improvements
in Remy Cointreau's organic profit in the coming months.

"The rating could be lowered by one notch if prospects for a 15%
FFO coverage of net adjusted debt by March 2006 recede further.
We expect meaningful progress to have been made in that respect
by March 31, 2005," added Mr. Cochelin

The ratings on Remy Cointreau continue to reflect the group's
leading position in cognac, leveraged financial profile, and
certain degree of business diversity (presence in spirits,
liqueurs, and champagne).


RHODIA SA: Completes Sale of U.S. Business to Bain Capital
----------------------------------------------------------
Rhodia S.A. closed the sale of its North American specialty
phosphates business in accordance with the agreement signed on
June 11 with Bain Capital.

Rhodia has therefore achieved a total of approximately EUR870
million from divestitures in 2004 at an average multiple of 10
times EBITDA.  After closing adjustments, various fees and
taxes, net proceeds from divestitures in 2004 will total
approximately EUR760 million, substantially greater than the
EUR700 million objective.

"The finalization of the divestiture program announced in
October 2003 allows us to refocus Rhodia on a more limited
portfolio of strategic businesses and reduce our debt,"
commented Jean-Pierre Clamadieu, CEO of Rhodia.  We can now
focus our resources on managing these businesses and improving
Rhodia's overall performance to achieve our medium term
objectives."

Rhodia is a global specialty chemicals company recognized for
its strong technology positions in applications chemistry,
specialty materials & services and fine chemicals.  Partnering
with major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs.

Rhodia subscribes to the principles of Sustainable Development
communicating its commitments and performance openly with
stakeholders.  Rhodia generated net sales of EUR5.4 billion in
2003 and employs 23,000 people worldwide.  Rhodia is listed on
the Paris and New York stock exchanges.

Bain Capital (http://www.baincapital.com)is a global private
investment firm that manages several pools of capital including
private equity, high-yield assets, mezzanine capital and public
equity with more than $20 billion in assets under management.
The firm has strong experience in a variety of industries and
with "carve-out" transactions in which non-core businesses or
assets of corporations are purchased by private investors.

Since its inception in 1984, the firm has made private equity
investments and add-on acquisitions in over 225 companies around
the world.  A global team of investment professionals dedicated
to industrial businesses has guided investments in a broadly
diversified group of companies including NOVACAP, a leading
manufacturer and distributor of chemicals acquired from Rhodia
in January, 2003.  Additional industrial investments include
SigmaKalon, Brenntag and Sud-Dekor/Dakor.  Headquartered in
Boston, Bain Capital has offices in New York, London and Munich.

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

          North America: David Klucsik
          Phone: +1 609-860-3616

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

          BAIN CAPITAL
          Press Relations
          Alex Stanton/Daniel Piels
          Phone: +1 (212) 780-1900


TATI: Asiatex Claims Irregularities Attended Sale to Vetura
-----------------------------------------------------------
Lyon-based textile importer Asiatex is appealing the sale of
troubled discount clothing retailer Tati to the Vetura group,
Les Echos says.

Asiatex placed second in the race for Tati after the Paris
Commercial Court favored Vetura's bid.  In its appeal, Asiatex
cited three major irregularities: first, the failure of Tati's
administration to present a report favorable to Asiatex; second,
the modification of Vetura's estimate of Tati's stocks between
the submission of offers and the court hearing; and third,
Vetura's false claim of owning only 1% of the French discount
market.  The merger of Vetura, which owns the Fabio Lucci brand,
and Tati gives them control of 40% to 70% of the market,
according to Asiatex.

Asiatex had invited trade unions CFTC and CGT to participate in
the appeal but was declined.

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

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


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


DRESDNER BANK: First-half Net Income Up More Than EUR1.1 Billion
----------------------------------------------------------------
The Allianz Group reinforced its upward earnings trend in all
segments during the first half of 2004.  Net income was EUR1.3
billion.  This represents an increase of more than EUR1.1
billion compared to the figure for the corresponding prior-year
period.

"We are on track," said Michael Diekmann, chairman of the Board
of Management of Allianz AG, at the presentation of the
financial results for the first half of the year.  "The positive
results show that our '3+one' program is taking effect."

Earnings before taxes, goodwill amortization and minorities were
up sharply from EUR0.5 billion to EUR3.3 billion in the first
six months of 2004 as compared to the corresponding prior-year
period.  After deduction of tax charges of EUR743 million,
minorities of EUR656 million and goodwill amortization of EUR588
million, Allianz achieved net income of EUR1.3 billion in the
first six months of 2004.

Maintaining Upward Trend in Earnings

"The first half of 2004 proves that our work has been
successful.  We are maintaining our upward trend in earnings.
All segments show an improvement in the quality of earnings,"
said Helmut Perlet, member of the Allianz Group Board of Managem
ent responsible for controlling.  However, he cautioned that the
first half-year figures cannot be extrapolated to the year as
whole.

"There are still uncertainties such as major claims and natural
catastrophes.  In addition, we anticipate a decrease in capital
gains in the second half of the year. Most dividends from
shareholdings were booked to a large extent in the first six
months.  As a result, net income from investments will flatten
out towards the end of the year."

Property and Casualty Insurance

In the Property and Casualty insurance business, premium income
increased slightly compared to the first half of 2003 by 0.6% to
EUR24.2 billion.  Adjusted for consolidation effects, growth
came to 2.1%.

Thanks to the strict implementation of the underwriting policy
and the absence of major natural catastrophes, the claims ratio
dropped substantially by 2.3 percentage points to 69.1%.

Because Allianz also succeeded in further lowering the expense
ratio, the combined ratio -- which measures claims and expenses
as a percentage of net premiums earned -- improved by 2.7
percentage points to 94.3%.

These improvements and the substantially higher investment
income enabled the Group to more than double its half-year net
income from EUR824 million to EUR1.8 billion.

Life and Health Insurance

Although growth in the Life and Health insurance business fell
short of expectations during the first half of the year,
earnings in this segment were significantly higher than in the
previous year.  Half-year net income increased by 65.5% to
EUR386 million.

Premium income was practically unchanged.  Across the entire
segment, it rose slightly, by 0.1%, to EUR21.1 billion.
Adjusted for exchange rate and consolidation effects, total
premium income was up 3.1%.  In IFRS accounts, which recognize
only the risk and cost premium component from
investment-oriented products, premium income increased 0.6% to
EUR10.1 billion.

This overall weak growth did not adequately reflect the
successes in some markets, such as Spain and France.  The
average internal growth was around ten percent in most core
markets.  However, there were substantial declines in Italy,
Korea and Switzerland.

In Germany, Allianz Leben expects new business to pick up
noticeably during the second half of the year as a result of the
Retirement Income Act (AlterseinkUnftegesetz), which has passed
the second chamber of Parliament in June.

Investment income jumped from EUR4.1 billion to EUR6.7 billion,
primarily as a result of substantially decreased impairment.
Also contributing to the improved income picture was a 9.7%
decrease in administrative expenses flanked by an increase in
sales.

Banking

The Banking segment, which is primarily impacted by the
performance of Dresdner Bank, also contributed positively to the
net income of Allianz Group in the first six months of 2004.
This contribution amounted to EUR197 million, as compared to a
loss of EUR437 million in the same period one-year earlier.

During the first half of 2004, the Banking segment earned an
operating profit of EUR431 million, following a loss of EUR23
million in the prior-year period.  Dresdner Bank contributed
EUR409 million to this result.

Following extensive restructuring, Dresdner Bank earned its
second consecutive quarterly net profit.  It amounted to EUR129
million.

The quarterly operating result also shows that the turnaround is
bearing fruit.  At EUR234 million, it is the highest operating
profit since the acquisition by Allianz.  This good result is
due to a stabilization of revenues, a further reduction of costs
and an improvement in the risk profile of Dresdner Bank.

The success is reflected in a 6.5% decrease in administrative
expenses in banking to EUR2.7 billion in the first six months.
Dresdner Bank also succeeded in substantially decreasing net
loan loss provisions by 68.9% to EUR217 million.  After
deduction of non-operating components, taxes and minority
interests, Dresdner Bank contributed EUR231 million to the
half-year net income of the Allianz Banking segment.

"This shows that the Dresdner Bank Board of Management and the
entire team are on the right course with the 'New Dresdner'
program," said Michael Diekmann, the CEO of Allianz AG.

Asset Management

In the Asset Management segment, Allianz succeeded in increasing
operating profit during the first six months of this year by
12.7%, from EUR320 million to EUR361 million.  Assets under
management increased by seven percent, or EUR70 billion, to
EUR1,066 billion since the end of 2003.  Investments for third
parties also grew during this period by six percent, or EUR34
billion, to EUR599 billion.

Net inflows of EUR13 billion were not the only factor
contributing to the better operating results.  Improved cost
management also had an impact.  The cost-income ratio decreased
to 67.2%, as compared to the prior-year level of 69%.

After deducting acquisition-related expenses, taxes and minority
interests, the negative contribution to net income from asset
management was further reduced in line with expectations to
EUR152 million, EUR31 million less than in the comparable
prior-year period.

Outlook

Provided capital markets do not suffer a setback in the second
half of 2004 and the business environment does not undergo
severe upheavals, Allianz Group expects to achieve its
profitability target for the current fiscal year.

"We have an optimistic view of the future," said Michael
Diekmann.  "Our group companies are well on the way to achieving
our ambitious goals."

Allianz is confident that it can increase total premium income
by approximately four percent and achieve a combined ratio of
less than 97% in the Property and Casualty insurance business
for the year as whole, barring major natural catastrophes.

In Life insurance, Allianz aims to exploit the growth of
individual markets and tap additional earning potential through
product development and pricing.

The goal in Banking is to stabilize income and continue with the
cost-cutting drive in order to achieve a balanced annual result
before restructuring expenses.

In the Asset Management segment, Allianz plans to increase
assets managed for third parties by 10% and further improve the
operating result.

Key figures of Allianz Group  Jan. 1 - June 30 Jan. 1 - June 30
                                   2003             2004

Total revenues (EUR bn)            49.5             49.5

Earning before goodwill
amortization, taxes,
minorities (EUR mln):

- Property / Casualty insurance    993             3166
- Life/Health insurance            549              903
- Banking business                -818              317
- Asset Management                  81              124
   Consolidation                   -328            -1234

Total:                              477             3276


- Goodwill Amortization           -599             -588
- Taxes                           +633             -743
- Minorities                      -365             -656

Half year net income (EUR mln)      146             1289
Earnings per share (EUR)           0.41             3.51
Combined ratio Property/Casualty   97.1             94.3

                               Dec. 31, 2003  June 30, 2004

Shareholders' equity (EUR bn)      28.6             29.3

A full copy of the report is available free of charge at
http://bankrupt.com/misc/Allianz_H12004.pdf.


WESTLB AG: Reports EUR209 Million First-half Pre-tax Profit
-----------------------------------------------------------
WestLB Group reported a pre-tax profit of EUR209.7 million for
the first six months of 2004 (first half of 2003: -EUR347.8
million), marking a return to profitability after two years of
heavy losses.  This figure does not include a EUR91.7 million
increase in the market value of reserves in the trading
portfolios, which has not yet been accounted for as income.  The
positive profit trend was primarily driven by a significant
improvement in risk and valuation results and rigorous cost
management.

However, WestLB's strategic refocusing on client-orientated,
lower-risk business activities since the beginning of the year
is still having a dampening effect on earnings, as is the
generally depressed operating environment.  In consequence,
operating profit before risk provisions and the result of
evaluation fell to EUR128.0 million (first half of 2003:
EUR311.6 million).

"It is remarkable that WestLB, as an institution which has been
through deep crisis, and which is still undergoing internal
restructuring, has succeeded in generating first-half profits
that are above budget.  Looking ahead, we will now devote our
entire efforts to implementing the new business model and
increasing the profitability of the Bank," said Chairman Dr.
Thomas R. Fischer on the occasion of the presentation of the
first-half results in Dusseldorf.

Earnings Mixed

In the first six months of 2004, risk provisions and the result
of evaluation for the WestLB Group were positive at EUR113.1
million.  This compares with a negative figure of EUR599.7
million in the same period of the previous year, which drove the
Bank deep into the red.  The adoption of a lower risk profile
and the realignment of the loan and investment portfolios in
2003 have improved the overall situation of the Bank
substantially.

Net interest income fell to EUR877.8 million from EUR959.6
million in the previous year.  Net commission income was
EUR169.8 million, down from EUR264.6 million a year earlier, and
net income from trading operations was -EUR140.8 million
compared with -EUR124.8 million.

Personnel and operating expenses were reduced by a further
EUR30.1 million compared to the first half of 2003.  This
follows a EUR446 million reduction in administrative expenses in
2003.  The cost savings have enabled the Bank to improve its
structural profitability and risk-bearing potential.  Further
cost savings are planned, with the reduction in headcount
proceeding as scheduled.  Between the end of December 2003 and
June 30, 2004, the total number of employees in the Group fell
by 458 to 7,280.

All in all, WestLB is confident that, despite the restructuring
of the company and the continuing sluggish economy in Germany,
it will achieve its targeted profit for the whole of 2004.

Total Assets Rise to EUR281.9 Billion

The Bank's capital and reserves have already increased to
EUR11.2 billion (end-2003: EUR11.0 billion) ahead of the capital
increase that will take effect in September 2004.  The core
capital also rose from EUR6.677 billion to EUR6.729 billion.
Following the capital increase, WestLB's Tier I capital ratio
will be above 7%.

Total assets of the WestLB Group increased from EUR256.2 billion
at the end of 2003 to EUR281.9 billion, with business volume
growing to EUR389.5 billion.  Total credit volume rose to
EUR265.7 billion (end-2003: EUR240.9 billion).  Borrowed
refinancing funds were EUR260.1 billion.

Building on the New Partnership with the Savings Banks

In the first six months of 2004, WestLB has not only stabilized
from a business point of view but also taken important decisions
with its owners that will affect its future development.  The
Savings Banks Associations in North Rhine-Westphalia have agreed
a capital injection and will now take a higher shareholding in
WestLB.  The Bank's cooperation with the savings banks is now
incorporated in the new business model and underpinned by
contractual agreements.

Additionally, the jointly established reserve funds have created
a mutually beneficial support mechanism.  This led to the
upgrading of the shadow rating by Standard & Poor's to the "A"
category, substantially improving the Bank's prospects.  In this
business partnership WestLB will be the point of entry to the
international financial markets, offering the savings banks
attractive services and products as well as efficient execution.

The declared aim is for WestLB and the savings banks to
complement each other to a much greater extent than previously
in order to generate higher revenues both for WestLB and for the
savings banks, which account for some 10.5 million customer
accounts in North Rhine-Westphalia, Germany's largest and most
economically active state.  At the same time WestLB -- with its
regional focus on Europe -- will align itself more closely to
meeting the needs of medium-sized companies.

"The strategy is now in place to ensure WestLB's success in the
long term.  We are now concentrating on exploiting the high
earnings potential of the Bank together with our customers and
the savings banks," said Dr. Fischer.


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


BORSODCHEM RT: First-half Net Income in Black at HUF10.249 Mln
--------------------------------------------------------------
BorsodChem Rt. prepared the Short Business Report for H1 of 2004
based on consolidated balance sheet data as per International
Financial Reporting Standards (IFRS).  Data included in the
Short Business Report are not audited.  Data in the Report
corresponds to actual facts and the Report does not conceal any
material information that may be significant from the
perspective of the Company's assessment to the capital markets.
We present modified data as base H1 2003, the reason for which
is detailed under Section 6.

                       General Statements

Economic Environment

In 2004, production of plastic raw materials occurred in an
economic environment, which was determined by high crude oil
prices.  The prices on of oil derivatives and that of aromatic
products such as benzene and toluene, have reached historic
levels.  Because of quarterly pricing mechanism in the sector,
prices on non-cyclical MDI and TDI reacted with a delay to the
high raw material prices.  The price increase took place in the
end of Q2 and results of increased prices and, therefore, higher
margins will be realized starting Q3 2004.  PVC product price,
which is spot-based, has been increasing gradually from month to
month due to a strengthening demand.

Results

In H1 of 2004 the BorsodChem Group realized a 7.8 % increase in
sales revenue compared to H1 of the previous year.  Total
production capacity was utilized with the exception of MDI,
thereby increasing production of each product as compared to the
base period.  Besides sales revenues of HUF72.565 million, the
Company realized an operating profit of HUF6.768 million, which
is 9.3% in proportion to sales revenues.

Due to trends in the money-markets and the capital increase in
December 2003, BorsodChem Rt. realized a HUF4.364 million of
financial profit, thus the Company's net income for H1 rose to
HUF10.249 million compared to a loss of HUF782 million of the
base period.

The major output of products by BorsodChem Group are:

Production  PVC(kt)  VCM(kt)  MDI(kt)   Aniline(kt)     TDI (kt)
H1 of 2003  128.7    80.8      30.5       48.4           30.1
H1 of 2004  141.2    87.8      30.1       57.7           31.2
Change (%)    9.7     8.7      -1.3       19.2            3.7

Market Assessment of our Products in Q2 of 2004

(a) PVC resin was listed at an average price of EUR819/t in Q2
    of 2004, whereas raw material ethylene was listed at EUR607
    /t.  In Q2 the average list price of PVC resin exceeded that
    of Q1 2004 by EUR68 /t, while the price of ethylene
    increased by EUR27 /t.  Profitability of PVC resin improved
    compared to H1 of 2003, the average listing price of PVC
    resin was EUR80/t higher in Q1 of 2004, along with an
    increase of EUR19 /t in ethylene prices.

(b) The list price of caustic soda solution was USD89/t in Q2
    2004, this is a twin product to chlorine, and remained
    practically the same as in Q1.  In H1 2004 the list price of
    the product decreased by USD62/t compared to H1 2003.

(c) The list price of crude MDI improved by EUR61/t in
    comparison to Q1 2004 to reach EUR1,500/t in Q2 2004.  The
    list price increased by EUR62, which is a 4.4 % increase
    against the half year base.

In Q2 the average list price of pure MDI was EUR1,983 /t, this
shows a slight change compared to Q1.  The list price of the
previous H1 2004 base period was EUR1,979 /t.

Profitability of the product was negatively affected by a
significant increase in benzene price in Q2 2004, which was
reflected with a delay in the product list price.  In Q1 2004
benzene was listed at a price of EUR444/t, Q2 of this year saw a
benzene price of EUR595/t.

Compared to isocyanate prices in Q1 2004, the price of TDI
slightly decreased in Q2, whereas the price of raw material
toluene increased from USD511.72/t to USD550/t during the
quarter.  In H1 2004 the average list price of TDI at EUR1,702
/t saw a decrease of 19.8 % compared to the base year.  In H1 of
2003 the base list price of TDI was EUR2,121 /t which indicated
historical highs as a result of insufficient product supply
caused by general production difficulties in the industry.

(a) The sales price of aniline reflects changes in the price of
    raw material benzene.

(b) There has been an increased demand for PVC compounds in
    export markets, and prices have slightly improved compared
    to H1 of 2003.

(c) The market for PVC-based finished products and the demand
    for PVC window profiles have grown significantly, although
    prices remained depressed because of high competition for a
    market share.  There remains a healthy demand for flexible
    and rigid sheets, but prices have hardly changed compared to
    H1 of 2003.

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


FOTEX: Posts First-Half Loss of HUF680.7 Million
------------------------------------------------
Hungarian holding company Fotex increased its net loss for the
first half from HUF609.8 million in 2003 to HUF680.7 million
this year, MTI- Econews reports.

The company's sales revenue for the first half fell by 18.7%
from HUF22.8 billion in 2003 to HUF18.7 billion this year.
Sales fell in all Fotex main businesses with its technical
equipment and photo division posting the largest dip.  The
group's gross profit also fell by 11% to HUF7.25 billion in
2004.

The company's consolidated operating losses also increased from
HUF328.7 million in the first half of 2003 to HUF 694.7 million
in 2004.  However, the operating losses were partly offset by
financial profit of HUF117.4 million in 2004 as compared to
financial losses of HUF146 million in 2003.

Total assets of Fotex for the past twelve months rose by a mere
0.5% to HUF35.59 billion, as of June 30, 2004.  However, the
company's net assets rose by 7.2% to HUF25.44 billion, which
includes unchanged registered capital worth HUF7.07 billion.


NABI RT: Net Loss Down More than 50% to US$4.6 Million
------------------------------------------------------
For the six months ended June 30, 2004, the NABI Group reported
a net loss of US$4.6 million, which represented an improvement
from a net loss of US$10.0 million reported in the same period
last year.  The current period results include US$1.9 million of
financing fees and legal expenses associated with the
restructuring of the Group's debt agreements which was concluded
on April 23, 2004, and US$1.2 million of consulting expenses
related to an efficiency improvement project that began in Q4 of
2003.

These debt restructuring related costs are reflected in the
current period financial statements and are the principle reason
for the increase in SG&A expenses compared with the first half
of last year.  The 2004 first half results also include the
recognition of US$3.9 million of income associated with realized
and unrealized gains related to forward currency contracts.
Consolidated revenue for the first half of 2004 increased by
25.5%, to US$185.2 million from US$147.4 million in the same
period last year, primarily because of an increase in U.S. unit
sales and higher average selling prices associated with more
sales of 60 foot articulated buses and CompoBus.

Total bus shipments in the first half of 2004 rose slightly, to
586 units from 571 units in 2003.  Bus deliveries in the Group's
U.S. operations increased by 12.3% to 346 units from 308 units
last year, while unit sales in the U.K. declined 10% in the
first half of 2004 compared with the same period of 2003.

During the second quarter of 2004, the Group began delivery of
the CompoBus order to Los Angeles and Optare increased
deliveries of its Stagecoach vehicles in the face of declining
market conditions in the U.K. Subsequent to the end of the first
half, the Group announced that the transit authorities for Los
Angeles and Miami had exercised options for 75 and 70,
respectively, 40 foot steel buses for delivery in 2005.

The consolidated gross margin for the first half of 2004
improved to US$13.4 million from US$9.7 million last year as
management continued its focus on cost reduction initiatives.
Following similar measures enacted in the Budapest and U.K.
operations in the fourth quarter of 2003, the Group's U.S.
operations implemented a work force reduction during the first
half of 2004 to improve costs and productivity.

The Group's ability to reduce headcount and to improve margins
was enhanced by the recent resolution of a number of difficult
contract issues, which impacted financial and operating
performance in 2003.  The Group's margins continued to be
adversely impacted by a weak U.S. dollar, and improving
productivity, efficiency and profitability at each of the
Group's operations continue to be key objectives of management.

Interest expense in the first half of 2004 was US$400 thousand
higher than in the same period last year, reflecting an
additional US$20 million of debt outstanding during the first
half of 2004 and higher interest rates associated with the
recent debt refinancing.  The increased debt was primarily
related to increased levels of inventory and accounts receivable
during the current period.

On April 23, 2004, the Group concluded restructuring of its debt
agreements with its existing financiers. Pursuant to the new
debt agreements, US$101.7 million of the Group's debt was
reclassified from short-term to long-term debt, effective with
the Group's financial statements for the second quarter of 2004.

In accordance with Generally Accepted Accounting Principles
(GAAP), certain restructuring costs were capitalized in the
first half of 2004 and are being amortized on a monthly basis
throughout the remaining life of the debt agreements.  The Group
repaid US$14 million of debt in the first half of 2004 and is
obligated to make additional debt repayments of US$8 million in
September, 2004. The Group is obligated to repay (i) $6 million
of debt in 2005; (ii) $3 million on June 30, 2006; (iii) with
the remaining debt becoming due on December 30, 2006.

The current interim report contains information on the
performance of the NABI Group (the NABI Group is "NABI Rt." or
the Company and its 100% owned subsidiaries "NABI Inc." and
"Optare Holdings Ltd." or "Optare") during the second quarter of
2004.

This consolidated flash report based on U.S. GAAP contains data
and statements regarding the reporting period that are correct
to best knowledge of management.  Every substantive fact to date
that may have a significant bearing on the position of the Group
and known to management has been included in this report.
Forecasted future events can be influenced by unforeseeable
risks.

Andrs Rcz, Chief Executive Officer
J. Daniel Garrett, Chief Financial Officer2

A full copy of the result is available free of charge at
http://bankrupt.com/misc/Nabi_H12004.pdf.

CONTACT:  NABI RT
          Ujszasz utca 45
          Budapest 1165 Hungary
          Phone: +36 1 401 7100
          Fax:   +36 1 407 2931
          E-mail: corporate.office@nabi.hu
          Contact:
          Andras Bodor, Corporate Affairs Director


PANNONPLAST RT: Sets Extraordinary General Meeting September 10
---------------------------------------------------------------
                     Board of Directors of
          PANNONPLAST Industries Public Limited Company
            (1225 Budapest, Nagytetenyi ut 216-218.)

     informs its shareholders that the company convenes an
             Extraordinary General Meeting (EGM)
           on 10 September, 2004 at 10:00 o'clock.

Location of the EGM: First floor, Meeting Room at the Training
and Leisure Center of the Company (1225 Budapest, Nagytetenyi ut
67.)

The EGM is convened on the basis of the request of Lazarus
Vagyonkezelo Rt. (ownership rate: 6.195%) and Berenberg Global
Opportunity investment fund (ownership rate: 3.815%), with the
unchanged agenda drafted in their request.  The two shareholders
represent a total of more than 10% of the votes, therefore based
on 51 of Act CXLIV of 1997 on business associations they can ask
for the convening of extraordinary general meeting, and on the
basis of 231 of the same Act the Board is obliged to comply
with.

Agenda of the General Meeting:

(a) Amendment of the General Meeting's decision(s) regarding the
    Management Share Option Program

(b) Election of new BOD member(s)

If the EGM fails to have a quorum the BOD will convene the
repeated EGM to be held at the same location with the same
agenda on 10 September, 2004 (i.e. the originally announced
date) at 10:30 o'clock, which will form a quorum to decide on
the issues on the originally announced agenda, irrespective of
the number of the attendance.

According to the Articles of Association voting right can only
be exercised at the EGM if the name of the shareholder is
registered in the Company's Register of Shareholders.

Shareholders may attend and vote at the EGM either in person or
through their proxy or authorized person.

The record date will be the fifth trading day on the stock
exchange, prior to the announced date of the EGM, therefore the
Company is going to close its Register of Shareholders on 3
September, 2004 at 16:00 o'clock.  We ask our shareholders
intending to participate at the EGM to distrain their shares
until the date of the EGM.

We ask our shareholders to register their attendance at the
location of the EGM until 9:30 o'clock.  We also ask our
shareholders to bring the documents for their identification,
for certifying their right of representation and to present
their Power of Attorney.

The Board of Directors of Pannonplast Plc.

                            *   *   *

Pannonplast Rt signed a new medium-term club loan with CIB Bank,
K&H Bank and OTP Bank on June 21, 2004.  The deal follows
intensive negotiations with its creditors on the restructuring
and refinancing of the originally EUR17.1 million three-year
loan that matured on October 9, 2003 and was prolonged several
times since.   The total amount of the tranches of the club loan
expiring mainly between 2006 and 2008 is nearly HUF8.5 billion,
which can be used in HUF or partly in EUR.


PANNONPLAST RT: Posts EGM Agenda
--------------------------------
Dear Shareholders,

The Shareholders, who prompted to call the Extraordinary General
Meeting of September 10, 2004, has submitted proposals relating
to the agenda of the Extraordinary General Meeting to
Pannonplast Plc.

We present the letter in full in order to provide information to
our Shareholders.

The Board of Directors of Pannonplast Plc will develop its
opinion relating to the proposals later, and the opinion will be
published.

Pannonplast Plc.

To the hands of Csaba Zoltan
Chairman and Chief Executive Officer

PANNONPLAST Muanyagipari Reszvenytarsasag

H - 1225 Budapest
Nagytetenyi ut 216-218

10th August 2004

Re: Proposals relating to the agenda of the Extraordinary
General Meeting

Dear Chairman and Chief Executive Officer,

We, the undersigned Berenberg Global Opportunity Magyar Budapest
Fund (registered seat: Luxembourg-Strassen L.1445, 4 Rue Thomas
Edison) and Lazarus Asset Management Company Limited by Shares
(registered seat: 3533 Miskolc, Arviz u. 2/d.), being
shareholders in Pannonplast Muanyagipari Reszvenytarsasag
(hereinafter: "Pannonplast Rt."), referring to your letter dated
on 21 July 2004, hereby submit our proposals to the Board of
Directors relating to the agenda of the company's Extraordinary
General Meeting as:

Relating to agenda item "1. Amendment of the resolutions of the
General Meeting relating to the Managerial Share Option
Programme" our proposals are:

(The expressions hereinafter written with capital initials have
the meanings set forth in the so-called managerial share option
program (MSOP) admitted by resolutions having numbers form
54A/I/2004 to 54G/I/2004 of the General Meeting held on 29 April
2004.)

We propose the amendment of the MSOP in accordance with the
below (amended text of point "6. Commencement of the options"):


Financial Consolidated     Consolidated Options commence date
  Year     EBITDA minimum  EBIT minimum
            (th. HUF)     (th. HUF)
2004        3.100.000    1.100.000 Year 2005 general meeting
2005       3.800.000    1.900.000 Year 2006 general meeting
2006       4.500.000    2.700.000 Year 2007 general meeting

If the Options commence in accordance with the above
pre-conditions, the Company shall enter into an Option Contract
with the Participant within 30 days.

If the Company sells its company(ies) being in the consolidation
circle in the given term, the above EBITDA and the EBIT amounts
shall be decreased by the mathematical average of the EBITDA and
the EBIT amounts concerned in the last three business years of
the sold company(ies) -- if the company concerned has less
closed fiscal years than for the closed fiscal year(s).  Such
decrease must be done time proportionately in the given year in
proportion to the time of the sale.  Through such decrease of
the EBIT amounts the minimum value of the amounts in the above
table can be 0 (that is zero).  The degree of the above
decreases can be admitted by the Board of Directors only after
the Supervisory Board has been informed in advance in writing
and has acknowledged such decrease.

If the Company establishes a company(ies) belonging to the
consolidation circle or purchases a shareholding in such
company(ies), the above EBITDA and the EBIT amounts shall be
increased by the mathematical average of the EBITDA and the EBIT
amounts concerned in the last three fiscal years of these
investment(s) -- if the company concerned has less closed fiscal
years than for the closed fiscal years.  Such increase must be
done time proportionately in the given year in proportion to the
time of investment or purchase.  In case of an acquisition
having a possible negative EBIT the minimum value of the amounts
in the above table can be 0 (that is zero).  The degree of the
above increases can be admitted by the Board of Directors only
after the Supervisory Board has been informed in advance in
writing and has acknowledged such increase.

If in the given year the Company's consolidated EBITDA and EBIT
amounts do not exceed the amounts in the above table, but the
pre-tax result reaches the EBIT value set forth in the table,
the members of the Board shall be entitled to calling in 8,000,
the top management 12,000, the mid-level management 8,000
Options.  (These amounts are 20% of the amounts set forth in the
resolution of the General Meeting No. 54F/I/2004.) If the
previous conditions are realized and the Company's consolidated
indebtedness ratio (net loans/equity capital) remains below 30%,
the entitled persons shall be entitled to call in further 6,000,
9,000 and 6,000 Options.  (These amounts are 15% of the amounts
set forth in the resolution of the General Meeting No.
54F/I/2004.)

We intend to submit our proposal relating to agenda item "2.
Appointment of the new members of the Board of Directors" at the
Extraordinary General Meeting verbally.

Yours sincerely,

Berenberg Global Opportunity
shareholder

Lazarus Asset Management Company Limited by Shares
shareholder


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


APRILIA: To Merge with Piaggio
------------------------------
A merger is set to happen between Italian motorcycle makers
Aprilia and Piaggio after both firms reached Thursday an initial
agreement to combine the two firms, La Stampa says.

The agreement, which was announced Friday, entails Piaggio's 100
percent acquisition of Aprilia.  Both groups are expected to
reach a final agreement by the end of September after Italian
competition authority, Aprilia's creditor banks and Piaggio
shareholders, among others, have presented their views.

Upon completion, Piaggio will subscribe to Aprilia's EUR50
million capital increase, which will be used to repay Aprilia's
credit line and supplier's bills.  The merger will result to a
yearly output of 600,000 vehicles, a workforce of 6,000 people,
and a turnover of EUR1.5 billion.

CONTACT:  PIAGGIO S.p.A.
          23, Viale Rinaldo Piaggio
          56025 Pontedera, Pisa, Italy
          Phone: +39-587-27-21-11
          Fax: +39-587-27-22-74
          Web site: http://www.piaggio.com


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


VERSATEL N.V.: Buying Minority Interest in German Operations
------------------------------------------------------------
Versatel Telecom International N.V. will purchase Telco
Executives' outstanding 10.5% minority interest in Versatel's
German subsidiary Versatel Deutschland Holding GmbH (VDH) by
issuing 15 million Versatel shares.

At Monday's closing share price of EUR1.36, this represents a
value of EUR20 million, which is a discount of approximately 30%
to the EUR29 million that would currently be owed to Telco
Executive under the put/call arrangement agreed to as part of
the tesion and CompleTel Germany acquisition last year.  Telco
Executives' shares will be locked up until November 4, 2004.

Peter Low, Managing Director of Telco Executive stated:
"Following the lock up period, it is the intention of
Telco Executive to hold the majority of our investment due to
the fact that we believe in the strong growth opportunities of
Versatel.  However, if we do decide to exit, we have agreed to
do so in an organized manner and over a period of time that does
not disrupt the normal trading in Versatel shares."

Versatel Telecom International N.V. (Euronext: VRSA).  Versatel,
based in Amsterdam, is a competitive communications network
operator and a leading alternative to the former monopoly
telecommunications carriers in its target market of the
Netherlands, Belgium and Germany.  Founded in October 1995, the
Company holds full telecommunication licenses in The
Netherlands, Belgium and Germany and has over 1 million
customers and approximately 1,700 employees.  Versatel operates
a facilities-based local access broadband network that uses the
latest network technologies to provide business customers with
high bandwidth voice, data and Internet services.  Versatel is a
publicly traded company on Euronext Amsterdam under the symbol
"VRSA".  News and information are available at
http://www.versatel.com.

                            *   *   *

Versatel's net loss for the quarter ended June 30, 2004 was EUR4
million compared with a net loss of EUR12 million in 2Q03 and a
net loss of EUR7 million in 1Q04.

CONTACT:  VERSATEL N.V.
          AJ Sauer
          Corporate Finance & Investor Relations Manager
          Phone: +31-20-750-1231
          E-mail: aj.sauer@versatel.nl

          Anoeska van Leeuwen
          Director Corporate Communications
          Phone: +31-20-750-1322
          E-mail: anoeska.vanleeuwen@versatel.nl


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


AGORA S.A.: Luczywo Leaves to Concentrate on Newspaper Business
---------------------------------------------------------------
On August 13, 2004 Helena Luczywo submitted her resignation as
member of the Management Board of Agora S.A.  Helena Luczywo
will continue to perform one of the most important functions in
Agora Group, holding the position of "Gazeta Wyborcza" Deputy
Editor-in Chief and taking the responsibility for cooperation
between the management of the editorial team of "Gazeta
Wyborcza" and the Management Board of Agora S.A.

"Helena wishes to devote herself entirely to Gazeta, which is
her passion and a brainchild.  She has an extraordinary sense of
journalism and is a great editor -- one of the best in Poland.
We will miss Helena and her creativity during the Management
Board meetings but we understand that her talent should be used
entirely in Gazeta.  Apart from Editorial Office, Helena
supervised the work of the Administration Department and the
Internet Project.  Recent appointment of Jaroslaw Szalinski to
the position of the Management Board member created an
opportunity to hand over to him the supervision of the
administrative work.

"We want our Gazeta to move with the times, to be better,
prettier and more interesting to the readers.  Helena is a
guarantee that we will be heading in the right direction because
she perfectly understands the needs of the readers.  We wish to
thank Helena for her contribution to the management of Agora
Group."

Wanda Rapaczynski
Pior Niemczycki
Zbigniew Bak
Jaroslaw Szalinski

                            *   *   *

On August 10, 2004, TCR-Europe reported that the magazine, radio
and outdoor advertising subsidiaries of Poland's leading media
group, Agora S.A., have continued to absorb mounting losses.
The company's remaining profitable business is its Gazet
Wyborcza, Poland's largest newspaper.

Agora reported year-on-year increase in consolidated revenues in
first half of this year.  For the second quarter, the company
recorded a net profit of PLN21.1 million, a 62.3% increase over
the previous year.


WIRTUALNA POLSKA: Minority Shareholders Oppose Restructuring
------------------------------------------------------------
Shareholders in Wirtualna Polska, whose core business is
Internet portal wp.pl., are continuing to debate over strategies
months after the company went bankrupt.

TP Internet, which is part of Telekomunikacja Polska, an 80%
controlling shareholder in Wirtualna Polska, wants the business
to remake itself from an Internet portal to a financial
intermediary.

Minority shareholders, including Jacek Kawalec, former Wirtualna
president and now head of Key7 Investments, are furious.  They
doubt the feasibility of the venture, and believe it to be
against the interest of the company.

Marek Konarski, president of the management board at TP
Internet, thinks the original bankruptcy ruling had given
Kawalec and Maciej Grabski, another minority shareholder, the
opportunity to buy the portal for PLN6 million.

Mr. Konarski said: "[T]his can be done under the pretence of the
selection of their offer by the creditors themselves, while more
favorable offers may be thrown out."  His group wants to switch
Wirtualna's focus in preparation for the buyout.  He accused Mr.
Kawalec of not caring about the survival of Wirtualna.  Thus, he
said, his group decided to terminate its investment.

Warsaw Business Journal said TPI was quite vocal earlier this
month in expressing its doubts as to whether the portal could
even survive the coming weeks.  On the contrary, Mr. Kawalec,
along with the minority shareholders, believes the portal is
actually doing well.

Previously, the two are at odds over the events leading to the
bankruptcy filing of Wirtualna in April.  Mr. Konarski accused
Mr. Kawalec of forcing the firm into bankruptcy so he could
acquire the business.  Mr. Kawalec denied this saying he was
actually in the period of suspension when the petition was
filed.

Mr. Kawalec hit back saying minority shareholders were
deliberately prevented from exercising a put option when top
bosses outlined strategies prior to Wirtualna's bankruptcy
filing.  He suggested TPI thought bankruptcy the best way to do
that.


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


DALNEVOSTOCHNAYA MINING: Amur Court Brings in Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
supervision procedure on OJSC Dalnevostochnaya Mining Company.
The case is docketed as A04-2576/04-4/126 B.  Ms. N. Peshkun has
been appointed temporary insolvency manager.   Creditors are
asked to submit their proofs of claim to 675000, Russia, Amur
region, Blagoveshensk, Zeyskaya Str. 140, Office 41.

CONTACT:  DALNEVOSTOCHNAYA MINING COMPANY
          Russia, Amur region,
          Blagoveshensk,
          Ignatyevskoye Shosse, 19

          Ms. N. Peshkun
          Temporary Insolvency Manager
          675000, Russia,
          Amur region, Blagoveshensk,
          Zeyskaya Str. 140,
          Office 41


KALUGA-TEPLO-ENERGO: Under Bankruptcy Supervision
-------------------------------------------------
The Arbitration Court of Kaluga region has commenced bankruptcy
supervision procedure on LLC Kaluga-Teplo-Energo (TIN
4029025421).  The case is docketed as A23-1474/04B-17-50.  Mr.
I. Smirnov has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 248001,
Russia, Kaluga, Post User Box 308.

CONTACT:  KALUGA-TEPLO-ENERGO
          Russia, Kaluga,
          Zernovaya Str. 40

          Mr. I. Smirnov
          Temporary Insolvency Manager
          248001, Russia,
          Kaluga, Post User Box 308


KHANDYGSKY FACTORY: Court Sets September 16 Hearing
---------------------------------------------------
The Arbitration Court of Sakha republic has commenced bankruptcy
supervision procedure on limited partnership Khandygsky Factory
of Building Materials.  The case is docketed as A58-1626/2004.
Ms. M. Menyakova has been appointed temporary insolvency
manager.

Creditors are asked to submit their proofs of claim to 677018,
Russia, Sakha republic, Yakutsk, Post User Box 22.  A hearing
will take place on September 16, 2004.

CONTACT:  KHANDYGSKY FACTORY OF BUILDING MATERIALS
          678720, Russia,
          Sakha republic, Khandyga,
          Okhlopkova Str. 17

          Ms. M. Menyakova
          Temporary Insolvency Manager
          677018, Russia,
          Sakha republic, Yakutsk,
          Post User Box 22


MAGADANSKAYA INDUSTRIAL: Proofs of Claim Deadline September 8
-------------------------------------------------------------
The Arbitration Court of Magadan region has declared CJSC
Magadanskaya Industrial Company insolvent and introduced
bankruptcy proceedings.  The case is docketed as A37-2843/03-6B.
Mr. V. Monastyrsky has been appointed insolvency manager.
Creditors have until September 8, 2004 to submit their proofs of
claim to 685000, Russia, Magadan, Proletraskaya Str. 12,office
90.

CONTACT:  MAGADANSKAYA INDUSTRIAL COMPANY
          Russia, Magadan,
          Proletarskaya Str. 13

          Mr. V. Monastyrsky
          Insolvency Manager
          685000, Russia,
          Magadan, Proletraskaya Str. 12,
          Office 90


OLDOY: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
supervision procedure on CJSC gold mining enterprise Oldoy.  The
case is docketed as A04-2835/04-6/119 B.  Mr. D. Gumirov has
been appointed temporary insolvency manager.  Creditors are
asked to submit their proofs of claim to Russia, Amur region,
Blagoveshensk, Shevchenko Str. 7, Room 2.

CONTACT:  OLDOY
          Russia,
          Amur region, Tynda

          Mr. D. Gumirov
          Temporary Insolvency Manager
          Russia, Amur region,
          Blagoveshensk,
          Shevchenko Str. 7,
          Room 2


SF PARITET: Appoints E. Kozlov Temporary Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision procedure on LLC SF Paritet.  The case is docketed
as A09-3298/04-28.  Mr. E. Kozlov has been appointed temporary
insolvency manager.   Creditors are asked to submit their proofs
of claim to 241050, Russia, Bryansk, Kalinina Str. 119.  A
hearing will take place on November 15, 2004.

CONTACT:  SF PARITET
          241019, Russia,
          Bryansk, Osoaviakhima Per. 3A,
          Office 504

          Mr. E. Kozlov
          Temporary Insolvency Manager
          241050, Russia,
          Bryansk, Kalinina Str. 119


SHARYPOVSKY BREAD: Bankruptcy Hearing Slated for October 19
-----------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on OJSC Sharypovsky Bread.  The
case is docketed as A33-7180/040s4.  Mr. A. Anishenko has been
appointed temporary insolvency manager.  Creditors had until
August 8, 2004 to submit their proofs of claim.   A hearing will
take place at Russia, Krasnoyarsk, Lenina Str. 143, Room 21 on
October 19, 2004, 10:00 a.m.

CONTACT:  SHARYPOVSKY BREAD
          662313, Russia,
          Krasnoyarsk region, Sharypovo,
          Rossiyskaya Str. 134

          Mr. A. Anishenko
          Temporary Insolvency Manager
          660017, Russia,
          Krasnoyarsk Region,
          Post User Box 20647


TOBOLSK-ENERGO-MONTAZH: Court Sets August 31 Hearing
----------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on CJSC Tobolsk-Energo-Montazh (OGRN
1027201293063).  The case is docketed as A70-4079/3-04.  Mr. D.
Pushkarev has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 626150,
Russia, Tyumen region, Location 4, 86, Office 407.  A hearing
will take place on August 31, 2004, 11:00 a.m.

CONTACT:  TOBOLSK-ENERGO-MONTAZH
          626150, Russia,
          Tyumen region, Tobolsk,
          Radisheva Str. 26

          Mr. D. Pushkarev
          Temporary Insolvency Manager
          626150, Russia,
          Tyumen region, Location 4, 86,
          Office 407


TYNDA: Amur Court Opens Bankruptcy Proceedings
----------------------------------------------
The Arbitration Court of Amur region has declared LLC bridge
building company Tynda insolvent and introduced bankruptcy
proceedings.  The case is docketed as A04-5056/03-6/142 B.  Mr.
V. Noskov has been appointed insolvency manager.

Creditors have until September 8, 2004 to submit their proofs of
claim to 675000, Russia, Amur region, Blagoveshensk, 50 Let
Oktyabrya Str. 13/1, Room 408.  A hearing will take place on
December 6, 2004.

CONTACT:  TYNDA
          Russia, Amur region,
          Tynda, 3rd km,
          Tynda-Pervomayskoye Shosse

          Mr. V. Noskov
          Insolvency Manager
          675000, Russia,
          Amur Region, Blagoveshensk,
          50 Let Oktyabrya Str. 13/1


YAKUTSKY RIVER: Bankruptcy Hearing Set October 4
------------------------------------------------
The Arbitration Court of Sakha republic has declared OJSC
Yakutsky River Port insolvent and introduced bankruptcy
proceedings.  Mr. S. Sokolov has been appointed insolvency
manager.

Creditors are asked to submit their proofs of claim to 677018,
Russia, Sakha republic, Yakutsk, Novoportovskaya Str. 1.  A
hearing will take place on October 4, 2004.

CONTACT:  YAKUTSKY RIVER PORT
          677018, Russia,
          Sakha Republic, Yakutsk,
          Novoportovskaya Str. 1

          Mr. S. Sokolov
          Insolvency Manager
          677018, Russia,
          Sakha republic, Yakutsk,
          Novoportovskaya Str. 1
          Phone: 8-902-571-00-01


YASNOPOLYANSKY FACTORY: Insolvency Manager Takes over Operations
----------------------------------------------------------------
The Arbitration Court of Penza region has commenced bankruptcy
supervision procedure on OJSC Yasnopolyansky Factory of Silicate
Wall Materials (TIN 5319000488).  The case is docketed as
A49-4286/04-73b/10.  Mr. V. Sedov has been appointed temporary
insolvency manager.

CONTACT:  YASNOPOLYANSKY FACTORY OF SILICATE WALL MATERIALS
          Russia, Penza,
          Plekhanova Str. 5

          Mr. V. Sedov
          Temporary Insolvency Manager
          Phone/Fax: 841-2-543-875


YUGANSK-INZH-NEFTE-GAZ-STROY: Court Confirms Insolvency
-------------------------------------------------------
The Arbitration Court of Khanty-Mansiysky autonomous region has
declared OJSC Yugansk-Inzh-Nefte-Gaz-Stroy insolvent and
introduced bankruptcy proceedings.  The case is docketed as
A75-163-B/04.  Mr. A. Zubairov has been appointed insolvency
manager.   Creditors are asked to submit their proofs of claim
to 350063, Russia, Krasnodar-63, Post User Box 4829.

CONTACT:  YUGANSK-INZH-NEFTE-GAZ-STROY
     628309, Russia,
          Tyumen Region, Nefteyugansk,
          Location 2, 3

          Mr. A. Zubairov
          Insolvency Manager
          628307, Russia,
          Tyumen region, Nefteyugansk-7,
          Post User Box 433


YUKOS OIL: Top Bosses Inconsistent on Survival Assessment
---------------------------------------------------------
Yukos Oil confused the market Monday when two of its top
officials made conflicting comments regarding the firm's
survival.  The firm's board chairman said the oil giant can
survive until the end of next month while, its chief financial
officer said it may not have enough cash in a matter of days.

Board Chairman Viktor Gerashchenko told Reuters: "Our internal
sources tell us -- and as you know there have been no state
secrets for several years -- there is an order to let Yukos
fulfill all its internal and external contracts in the near
term."  He said the firm can operate normally until the end of
September.

Chief Financial Officer Bruce Misamore, on the other hand, told
the Financial Times: "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."  He said court marshals are taking
half of the US$1.8 billion monthly cash flow of Yukos.

Yukos Oil's accounts are frozen as the government demand the
company pay a US$3.4 billion bill in back taxes and penalties
for 2000.  The Federal Tax Service has said that Yukos owes
another US$3.4 billion for 2001.  It has started a back tax
probe for 2002.  The firm warned it may have to reduce
production this month if accounts remain frozen.

The Justice Ministry indicated it would sell Yukos' main
production unit Yuganskneftegaz.  It recently hired investment
bank Dresdner Kleinwort Wasserstein to value the property.  The
move eased fears the asset will be sold off cheaply.


YUKOS OIL: Transport Firm Threatens to Halt Oil Export
------------------------------------------------------
Volgotanker, one of Russia's leading river-transport company,
said it is not willing to work on credit with Yukos Oil should
the firm meet cash problems in the coming months.

"We are not ready to transport Yukos' oil on credit, because it
is unclear who will then be paying for our services," Alexander
Alexandrovich, Chairman of Volgotanker, told reporters.
Volgotanker transports 12% of Yukos' oil along Volga River.

Volgotanker Vice President Andrei Kleimenov expressed concerns
regarding Yukos' payment capacity for September.  He cleared the
oil giant was able to meet its bill for August.

The report came after Yukos Chairman Viktor Gerashchenko said he
did not expect Yukos to have any problems producing, refining,
and selling oil until the end of September.


ZHUKOVKA-SELKHOZ-KHIMIYA: Under Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision procedure on OJSC Zhukovka-Selkhoz-Khimiya.  The
case is docketed as A09-4153/04-8.  Mr. E. Kozlov has been
appointed temporary insolvency manager.   Creditors are asked to
submit their proofs of claim to 241050, Russia, Bryansk,
Kalinina Str. 119.  A hearing will take place on November 2,
2004.

CONTACT:  ZHUKOVKA-SELKHOZ-KHIMIYA
          242700, Russia,
          Bryansk region, Zhukovka,
          Dzerzhinskogo Str. 1

          Mr. E. Kozlov
          Temporary Insolvency Manager
          241050, Russia,
          Bryansk, Kalinina Str. 119


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


ESTIPREN S.L.: Opens Insolvency Proceedings
-------------------------------------------
Spanish textile company Estipren has applied for insolvency
proceedings at a Martorell court and discharged all of its 35
employees, says Expansion, citing Spanish trade union sources.

Estipren's employees have yet to receive their monthly wages and
compensation payments.  The company's staff is planning to seek
help from Fogasa, Spain's salary guarantee fund.

CONTACT:  Estipren, S.L.
          Psg. Del Progres s/n
          Polg. Ind. CATEX-MOLI
          OLESA DE MONTTESERRAT
          BARCELONA
          Spain

          Phone: +34 93 778 51 55
          Fax: +34 93 778 30 50
          Web site: http://www.estipren.net/


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


ALFA-UKRAINE: Deadline for Proofs of Claim Expires Next Week
------------------------------------------------------------
The Economic Court of Sevastopol region commenced bankruptcy
supervision procedure on LLC Alfa-Ukraine (code EDRPOU 30804082)
on July 1, 2004.  The case is docketed as 20-8/116.  Arbitral
manager Mr. Volodimir Korsakov (License Number AA 783016) has
been appointed temporary insolvency manager.  The company holds
account number 26000301335967 at Prominvestbank, Sevastopol
branch, MFO 324515.

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

(a) ALFA-UKRAINE
    Ukraine, AR Krym region,
    Sevastopol, Kesayev Str. 5/4-29

(b) Mr. Volodimir Korsakov
    Temporary Insolvency Manager
    Ukraine, AR Krym region,
    Sevastopol, Buryak Str. 9/37
    Phone: (050) 398-21-54

(c) ECONOMIC COURT OF SEVASTOPOL REGION
    99000, AR Krym region,
    Sevastopol, Sovyetska Str. 5


ALPINDUSTRIYA: Under Bankruptcy Supervision
-------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
supervision procedure on LLC Specialized Enterprise
Alpindustriya (code EDRPOU 20864458) on June 4, 2004.  The case
is docketed as 14/216.  Mrs. Victoriya Cherepenko (License
Number AA 140411 approved on May 28, 2002) has been appointed
temporary insolvency manager.  The company holds account number
26005300121 at VA-Bank, Mikolaiv branch, MFO 326063.

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

(a) SPECIALIZED ENTERPRISE ALPINDUSTRIYA
    54001, Ukraine, Mikolaiv region,
    Lyagin Str. 26 a

(b) Mrs. Victoriya Cherepenko
    Temporary Insolvency Manager
    54017, Ukraine, Mikolaiv region,
    Moskovska Str. 54 a
    Phone: 47-34-64

(c) ECONOMIC COURT OF MIKOLAIV REGION
    54009, Ukraine, Mikolaiv region,
    Admiralska Str. 22


AZOVSKIJ: Court Orders Debt Moratorium
--------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC AZOVSKIJ (code EDRPOU 00414411)
on June 1, 2004 and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 42/97 B.  Arbitral
manager Mr. Ruslan Rozhenko (License Number AA 668330 approved
on October 23, 2003) has been appointed temporary insolvency
manager.

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

(a) AZOVSKIJ
    87513, Ukraine, Donetsk region,
    Zhovtnevij district, Mariupol

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

(c) 83000, Ukraine, Donetsk region,
    Artema Str. 72, a/b 184
    Phone: 8 (0622) 66-14-94


GRIGORIVKA' SUGAR: Kyiv Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Kyiv region declared OJSC Grigorivka'
Sugar Plant (code EDRPOU 00372575) insolvent and introduced
bankruptcy proceedings on April 15, 2004.  The case is docketed
as 192/12B-98.  Arbitral manager Mr. Mihajlo Shkabrij (License
Number AA 250093 approved on November 21, 2001) has been
appointed liquidator/insolvency manager.  The company holds
account number 26007303271052 at Prominvestbank, MFO 321251.

CONTACT:  GRIGORIVKA' SUGAR PLANT
          Ukraine, Kyiv region,
          Obuhiv district, Grigorivka, Lenin Str. 3

          Mr. Mihajlo Shkabrij
          Liquidator/Insolvency Manager
          03150, Ukraine, Kyiv region,
          Chervonoarmijska Str. 57/3-221
          Phone: 239-239-0

          ECONOMIC COURT OF KYIV REGION
          01033, Ukraine, Kyiv region,
          Zhelyanska Str. 58 b


LISOVI POLYANI: Gives Creditors Until August 24 to File Claims
--------------------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on LLC Sanitarium Lisovi Polyani (code
EDRPOU 05385111) on May 19, 2004.  The case is docketed as
10/534.  Arbitral manager Mr. L. Pivnenko (License Number AA
250329 approved on February 14, 2002) has been appointed
temporary insolvency manager.

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

(a) SANITARIUM LISOVI POLYANI
    Ukraine, Poltava region, Poltava
    district, Terentiyivka

(b) ECONOMIC COURT OF POLTAVA REGION
    36000, Ukraine, Poltava region,
    Zigina Str. 1


MECHANIZATION MANAGEMENT 1: Bankruptcy Supervision Begins
---------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on OJSC Mechanization Management 1 (code
EDRPOU 01272172) on May 14, 2004.  The case is docketed as
6/161-8/95.  Arbitral manager Mr. Yaroslav Gula (License Number
AA 419202 approved on October 16, 2002) has been appointed
temporary insolvency manager.  The company holds account numbers
26007301410786, 26043309410786, and 26044308410786 at
Prominvestbank, Lviv central branch, MFO 325633.

CONTACT:  MECHANIZATION MANAGEMENT 1
          79056, Ukraine, Lviv region,
          Polyova Str. 46/1

          Mr. Yaroslav Gula
          Temporary Insolvency Manager
          Ukraine, Lviv region,
          Polubotka Str. 11/71

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


OPTIMUM: Deadline for Proofs of Claim August 24
-----------------------------------------------
The Economic Court of Vinnitsya region declared LLC Optimum
(code EDRPOU 25496545) insolvent on July 8, 2004.  The case is
docketed as 5/348-04.  Mr. L. Vlasuk, manager of Hmilnik State
Tax Inspection, has been appointed liquidator/insolvency
manager.   The company holds account number 260070100444001 at
JSC Ukrinbank, Vinnitsya branch, MFO 302333.

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

(a) OPTIMUM
    Ukraine, Vinnitsya region,
    Hmilnik, Chajkovskij Str. 44

(b) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske shose, 7


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


AIT EUROPE: Hires Liquidators from Deloitte & Touche
----------------------------------------------------
Name of Companies:
AiT (Europe) Holdings Limited
AiT International Plc

At an Extraordinary General Meetings of these companies on July
29, 2004 held at 3M Centre, Cain Road, Bracknell, Berkshire RG12
8HT, the Ordinary and Special Resolutions to wind up the company
were passed.  Dominic L Z Wong and Andrew P Peters of Deloitte &
Touche LLP, Blenheim House, Newport Road, Cardiff CF24 0TS have
been appointed Joint Liquidators of the Company.

CONTACT:  DELOITTE & TOUCHE LLP
          Blenheim House
          Newport Road,
          Cardiff CF24 0TS
          Liquidators:
          Dominic L Z Wong
          Andrew P Peters
          Phone: +44 (0) 29 2048 1111
          Fax:   +44 (0) 29 2048 2615
          Web site: http://www.deloitte.com


ANDYS DRUM: Appoints Rothman Pantall Liquidator
-----------------------------------------------
At an Extraordinary General Meeting of the Andys Drum Centre
Limited Company on August 3, 2004 held at the offices of Rothman
Pantall & Co, Clareville House, 26-27 Oxendon Street, London
SW1Y 4EP, the Ordinary and Extraordinary Resolutions to wind up
the company were passed.  Robert Derek Smailes and Stephen
Blandford Ryman, of Rothman Pantall & Co, Clareville House,
26-27 Oxendon Street, London SW1Y 4EP have been appointed Joint
Liquidators of the Company for the purpose of such winding-up.

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


APPLIED AND ADVANCED: Royal Bank of Scotland Appoints Receiver
--------------------------------------------------------------
The Royal Bank of Scotland plc called in Andrew Menzies and Paul
Melville both of Grant Thornton as joint administrative
receivers for Applied and Advanced Foams Limited (Reg No
2512677, Trade Classification: 11).  The application was filed
August 9, 2004.  The company converts foam and fibre.

CONTACT:  GRANT THORNTON
          115 Edmund Street,
          Birmingham B3 2HJ
          Joint Administrative Receivers:
          Andrew Menzies
          Paul Melville
          (Office Holder Nos 6053, 9313)
          Phone: 0121 212 4000
          Fax:   0121 212 4014
          Web site: http://www.grant-thornton.co.uk


BAE SYSTEMS: 45.4% of Alvis Shareholders Accept Cash Offer
----------------------------------------------------------
On 3 June 2004, the boards of BAE SYSTEMS plc and Alvis plc
announced the terms of a recommended cash offer for the entire
issued and to be issued share capital of Alvis, to be made by
Goldman Sachs International on behalf of BAE Systems outside the
United States, and by BAE Systems in the United States (the
Offer).  BAE Systems posted the offer document in relation to
the Offer on 1 July 2004.

The board of BAE Systems announces that as at 3.00 p.m. (London
time) on 16 August 2004, the second closing date of the Offer,
BAE Systems had received valid acceptances of the Offer in
respect of a total of 50,440,860 Alvis Shares, representing
approximately 45.4% of the issued ordinary share capital of
Alvis.

Prior to the commencement of the Offer Period, BAE Systems owned
31,882,534 Alvis Shares, representing approximately 28.7% of the
issued share capital of Alvis.  BAE Systems has not acquired any
further Alvis Shares during the Offer Period.

Accordingly, BAE Systems now owns or controls, or has received
valid acceptances of the Offer in respect of, a total of
82,323,394 Alvis Shares, representing approximately 74.1% of the
issued share capital of Alvis.  In addition, BAE Systems also
holds irrevocable undertakings to accept the Offer in respect of
10,298,861 Alvis Shares, representing approximately 9.3% of the
issued share capital of Alvis.

The board of BAE Systems announces that the Offer, including the
Loan Note Alternative, has been extended and will remain open
for acceptance for a further 14 days until 3.00 p.m. (London
time) on 30 August 2004.

On 10 August 2004 the European Commission unconditionally
approved BAE Systems' acquisition of Alvis.  On 12 August 2004
the South African authority approved BAE Systems' acquisition of
Alvis.  In Switzerland, a filing was made on 26 July 2004.  The
initial period for review by the Swiss competition authority
will expire on or before 27 August 2004.

Forms of Acceptance not yet returned should be completed and
returned in accordance with the instructions set out in the
Offer Document and in the Form of Acceptance so as to be
received as soon as possible and, in any event, by not later
than 3.00 p.m. (London time) on 30 August 2004.  If Alvis Shares
are held in CREST, acceptance should be made electronically so
that the TTE instruction settles as soon as possible, and in any
event, not later than 3.00 p.m. (London time) on 30 August 2004.
Any further extensions of the Offer will be publicly announced
by 8.00 a.m. (London time) on the business day following the day
on which the Offer was otherwise due to expire.

The Offer remains subject to the terms and conditions set out in
the Offer Document dated 1 July 2004.

Words and expressions defined in the Offer Document shall have
the same meaning when used in this announcement.

CONTACT:  BAE SYSTEMS
          Andy Wrathall (Investor relations)
          Phone:  +44 1252 383 730
          Richard Coltart (Press relations)
          Phone:  +44 1252 384 875

          GOLDMAN SACHS INTERNATIONAL
          (Financial adviser to BAE Systems)
          Simon Dingemans
          Phone: +44 20 7774 1000


BAE SYSTEMS: Acquires Full Ownership of AEI
-------------------------------------------
BAE Systems purchased the 50% share in Aerosystems International
Limited (AeI) previously owned by GKN plc for GBP14.5 million in
cash.  BAE Systems already holds 50% of AeI shares and with this
purchase AeI becomes a wholly owned subsidiary of BAE Systems.

AeI employs approximately 400 people both in the U.K. and
overseas and is headquartered in Yeovil, Somerset.

AeI is a leading company in the analysis, design, development
and delivery of complex, software intensive systems for the
defense industry.  AeI also develops cutting edge systems and
smart technologies for various industrial applications.

AeI becomes part of the BAE SYSTEMS Customer Solutions & Support
business.

Issued by
BAE Systems plc
London


BAE SYSTEMS: No Decision Yet on Sale of Scottish Shipyards
----------------------------------------------------------
Defense giant BAE Systems said it has not yet decided on the
future of its shipbuilding operation on the Clyde as it denied
rumors it withdrew a plan to sell three yards.

A BAE spokesman told the Scotsman: "The internal review [of the
Scottish shipyards] is still under way and, as a result, there
has been no change."  BAE may sell or retain the business, he
said.  He added there is no definite deadline for the review.
He ruled out a decision when the company reports interim results
on September 9.

Europe's largest defense firm, meanwhile, denied it already
shelved plans to sell its naval yards at Barrow in England along
with its Govan and Scotstoun yards on the Clyde after failing to
find a buyer willing to pay its asking price of about GBP400
million.  Only VT Group, formerly Vosper Thornycroft, so far has
publicly announced its intention to bid for the shipyards.  U.S.
defense contractor General Dynamics, French Group Thales and
American private equity house Carlyle are also linked to
potential bids.

Meanwhile, rumors circulate the sale plan is only a ploy to get
better terms from the Ministry of Defense on a GBP3 billion
contract to build two aircraft carriers for the Royal Navy.  The
contract is already behind schedule, and analysts estimate the
cost of the carriers to have already come to GBP4 billion.

The report noted the statement of BAE chief executive Mike
Turner last month indicating the yards were not expected to make
a profit until 2008 at the earliest.


BOWMAN POWER: Names Liquidator from BDO Stoy Hayward
----------------------------------------------------
At an Extraordinary General Meeting of the Bowman Power Limited
Company on August 3, 2004 held at 10 Norwich Street, London EC4A
1BD, the Special, Ordinary and Extraordinary Resolutions to wind
up the company were passed.  Anthony Peter Supperstone of BDO
Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD has been
appointed Liquidator of the Company for the purpose of
winding-up the Company.

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


BURCHELL & BLACKBURN: Extraordinary Winding up Resolution Passed
----------------------------------------------------------------
At an Extraordinary General Meeting of the Contributories of the
Burchell & Blackburn (Grimsby) Limited Company on August 3, 2004
held at St James' Hotel, St James' Square, Grimsby, Lincolnshire
DN31 1EP, the Extraordinary Resolutions to wind up the company
were passed.  Alan Keith Thornton of Bulley Davey, 69-75 Lincoln
Road, Peterborough PE1 2SQ has been appointed Liquidator for the
purpose of winding-up the Company.

CONTACT:  BULLEY DAVEY
          69-75 Lincoln Road,
          Peterborough PE1 2SQ
          Liquidator:
          Alan Keith Thornton


CAFE BRIO: Hires Liquidator from Wilder Coe
-------------------------------------------
At an Extraordinary General Meeting of the Café Brio
(Northampton) Limited Company on August 10, 2004 held at Wilder
Coe, 12th Floor, Southgate House, Stevenage SG1 1HG, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  N Cowan and M P Riley of Wilder Coe, 12th Floor,
Southgate House, Stevenage SG1 1HG have been appointed Joint
Liquidators of the Company for the purpose of the voluntary
winding-up, and that the Joint Liquidators.

CONTACT:  WILDER COE
          12th Floor
          Southgate House
          Stevenage SG1 1HG
          Liquidators:
          N Cowan
          M P Riley


CAPITAL COURIERS: Sets Final Meeting September 22
-------------------------------------------------
The final meeting of the members and creditors of Capital
Couriers (Essex) Limited will be on September 22, 2004
commencing at 10:00 a.m. and 10:15 a.m. respectively.  It will
be held at the offices of Begbies Traynor (Incorporating Taylor
Gotham & Fry), The Old Exchange, 234 Southchurch Road, Southend
on Sea, Essex SS1 2EG.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Begbies Traynor (Incorporating Taylor Gotham
& Fry), The Old Exchange, 234 Southchurch Road, Southend on Sea,
Essex SS1 2EG not later than 12:00 noon, September 21, 2004.

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


CARLTON COMMUNICATIONS: May Sell Loss-making Books Unit Soon
------------------------------------------------------------
Carlton Communications' loss-making books unit is among the
non-core assets that might be sold off by ITV plc, Reuters
reports.

A source told Reuters ITV is stepping up efforts to sell
non-core assets.  "There are some things that may happen in the
reasonably near future..." the source said.

An ITV spokeswoman admitted disposal of assets is part of the
firm's plan after the merger of Carlton and Granada to form ITV
plc in February.  She admitted the review is still underway and
nothing has been decided yet.

The report said the loss-making books unit of Carlton and a
post-production and digital effects company called Moving
Picture Co. might be the first holdings to go.

Investec analyst Kingsley Wilson in a July research note
estimated the company's non-core assets, proceeds of associate
companies, joint ventures and investments to be worth GBP542
million.  The Carlton books unit is valued at GBP3 million, and
Moving Picture Co. GBP25 million.

ITV's other non-core assets include a cinema advertising
business, several pay-TV channels, a stake in Ireland's TV3
channel, a broadcast facilities business and an education
business.


CELTIC: Pre-tax Loss Widens as Cost Surges 19%
----------------------------------------------
Football club Celtic has widened its annual pre-tax loss for
2004 to GBP7.5 million from GBP5.8 million last year, according
to the Businessworld.

Sales increased 14% but wages and other costs of sales and
overheads also surged by 19% to GBP64.15 million.  Labor costs
accounted for 58.7% of turnover, up by over 4%, Celtic said.

The company said that the football sector remains under severe
financial pressure largely as a result of wage inflation
especially when media revenue values continue to soften.

The club said that contractual commitments entered into when
conditions were different, and bonuses to reward successes in
tournaments, pushed up football costs this year "by an amount
that cannot be sustained without additional revenues".

Despite the crisis, Celtic was able to win the Bank of Scotland
Premierleague's, the Tennents' Scottish Cup and reached the
quarterfinal of the UEFA Cup.


CENTRELINE MACHINE: Assets Offered for Sale
-------------------------------------------
Matt Hardy and John Spencer of Poppleton & Appleby offers for
sale the assets of Centreline Machine Tool Co. Limited (in
Administration), a company based in Nuneaton, Warwickshire.

The assets for sale:

(a) Plant, machinery, equipment and stock available,

(b) Special tooling and IPR,

(c) Centinel Range,

(d) Multi spindle drilling and tapping heads,

(e) Speed increasers,

(f) Angle heads for CNC machines, and

(g) Range of VDI driven tool holders

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill
          Birmingham B3 1EH

          Matt Hardy
          Phone: 0121 200 2962
          Fax: 0121 236 8340


CENTRE POINT: Calls in Liquidator
---------------------------------
At an Extraordinary General Meeting of the Centre Point Colour
City Limited Company on August 6, 2004 held at S G Banister &
Co, 40 Great James Street, London WC1N 3HB, the subjoined
Extraordinary Resolution to wind up the company was passed.  Tim
Alexander Clunie of S G Banister & Co, 40 Great James Street,
London WC1N 3HB has been appointed Liquidator for the purpose of
the winding-up.


CHEVRON ENGINEERING: Extraordinary Winding up Resolution Passed
---------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Chevron Engineering Services Limited Company on July 30, 2004
held at 8 Camden Place, Preston, the Extraordinary Resolution to
wind up the company was passed.  C V Higson and M Rimmer of
Rimmer Higson, 22 Ribblesdale Place, Preston have been nominated
Liquidator for the purpose of the winding-up.


CITIGROUP GLOBAL: Accumulated Losses Reach US$1.75 Billion
----------------------------------------------------------
The London-based capital market subsidiary of Citigroup in the
U.S. has racked up losses of US$1.75 billion (EUR1.42 billion)
for the last five years, the Financial Times found out.

Citigroup Global Markets, formerly Salomon Brothers
International, has been in red for five consecutive years.  Its
loss-making years started during the Russian financial crisis
when it lost US$906 million before tax.

Financial Times dug out of the U.K. register of companies
Citigroup Global's accounts for the last ten years.  It found
out the company performed badly at proprietary trading --
formerly its greatest strength.  Citigroup insiders confirmed
Citigroup Global's weakness lies in its vulnerability to adverse
shifts in its markets.

Citigroup in the U.S. remained strong, and appeared not the
least affected by the underperformance at Citigroup Global.  The
world's biggest financial services business has more than US$90
billion of regulatory capital.  Citigroup Global is only one
part of Citigroup's U.K.-based operations.


CLASSIC PARTS: In Administrative Receivership
---------------------------------------------
Dynamic Commercial Finance Plc called in Colin Burke and Gary J
Corbett as joint administrative receivers for Classic Parts
Limited (Reg No 04179077, Trade Classification: 2875).  The
application was filed August 9, 2004.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House,
          Ashley Road, Hale,
          Cheshire WA15 9TG
          Joint Administrative Receivers:
          Colin Burke
          Gary J Corbett
          (Office Holder Nos 8803, 9018)
          Phone: 0161 927 7788
          Fax:   0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


C-PRO INTERNATIONAL: Final Meetings Set September 16
----------------------------------------------------
The final meeting of the members and creditors of C-Pro
International Limited will be on September 16, 2004 commencing
at 10:00 a.m. and 10:30 a.m. respectively.  It will be held at
the offices of SPW Poppleton & Appleby, Gable House, 239 Regents
Park Road, London N3 3LF.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with SPW Poppleton & Appleby, Gable House, 239
Regents Park Road, London N3 3LF not later than 12:00 noon,
September 15, 2004.

CONTACT:  SPW POPPLETON & APPLEBY
          Gable House,
          239 Regents Park Road,
          London N3 3LF
          Liquidator:
          D L Platt


DANUBE CHEMICALS: Members Final Meeting September 17
----------------------------------------------------
The final meeting of the members of Danube Chemicals Limited
will be on September 17, 2004 commencing at 10:30 a.m.  It will
be held at the offices of Baker Tilly, 1st Floor, 46 Clarendon
Road, Watford, Hertfordshire WD17 1JJ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Baker Tilly, 1st Floor, 46 Clarendon Road, Watford,
Hertfordshire WD17 1JJ not later than 12:00 noon, September 16,
2004.

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


DEMOT UKCO: Special Winding up Resolution Passed
------------------------------------------------
At an Extraordinary General Meeting of the Demot Ukco Limited
Company on August 3, 2004 held at Tower 42, International
Financial Centre, 25 Old Broad Street, London EC2N 1HQ, the
Special Resolution to wind up the company was passed.  Samantha
Keen and Roy Welsby of Grant Thornton UK LLP, 31 Carlton
Crescent, Southampton SO15 2EW have been appointed Joint
Liquidators for the purpose of the voluntary winding-up.

CONTACT:  GRANT THORNTON
          31 Carlton Crescent,
          Southampton,
          Hampshire SO15 2EW
          Liquidators:
          Samantha Keen
          Roy Welsby
          Phone: 023 8022 1231
          Fax:   023 8022 4017
          Web site: http://www.grant-thornton.co.uk


DOOCEY PIPELINES: Members Pass Winding up Resolutions
-----------------------------------------------------
At an Extraordinary General Meeting of the Doocey Pipelines
Limited Company on August 5, 2004 held at 3 Chapel Court, 42
Holly Walk, Leamington Spa, Warwickshire CV32 4YS, the Ordinary
and Extraordinary Resolutions to wind up the company were
passed.  David Halstead Bottomley of Bottomley and Co, 3 Chapel
Court, 42 Holly Walk, Leamington Spa, Warwickshire CV32 4YS has
been appointed Liquidator for the purpose of such winding-up.

CONTACT:  BOTTOMLEY AND CO
          3 Chapel Court
          42 Holy Walk, Leamington Spa,
          Warwickshire CV32 4YS
          Liquidator:
          David Halstead Bottomley


EMS SOFTWARE: Names Begbies Traynor Administrator
-------------------------------------------------
T J E Dolder and P M Daives both of Begbies Traynor have been
appointed joint administrators for EMS Software Limited.  The
appointment was made August 9, 2004.

The company is engaged in software development and support.  Its
registered office is located at Century House, Station Way,
Sutton, Surrey SM3 8SW.

CONTACT:  BEGBIES TRAYNOR
          32 Cornhill,
          London EC3V 3LJ
          Joint Administrators:
          T J E Dolder
          P M Davies
          (IP Nos 9008, 7805)
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


FORWARD CORPORATION: Sets Members General Meeting September 10
--------------------------------------------------------------
The general meeting of the members of Forward Corporation
Limited will be on September 10, 2004 commencing at 10:00 a.m.
It will be held at Berley, 76 New Cavendish Street, London W1G
9TB.

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.


ICP COATINGS: Creditors Meeting Next Week
-----------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

              IN THE MATTER OF ICP (Coatings) Ltd.

Notice is hereby given in accordance with section 48(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of ICP
(Coatings) Ltd. will be held at 1 Georges Square, Bristol BS1
6BP on August 23, 2004 at 10:00 a.m.

In accordance with Rule 3.11 (1) of the Insolvency Rules 1986, a
Creditor is entitled to vote only if details of the debt claimed
are submitted to the Receivers in writing no later than 12:00
noon the business day prior to the Meeting and where the
Creditors cannot attend in person, a form of proxy which the
Creditor intends to be used on his behalf is lodged with the
Receivers before the Meeting.

Creditors whose claims are fully secured are not entitled to
attend or be represented at the Meeting.  Unsecured Creditors
may request that a free copy of the Administrative Receivers'
report be sent to them.

Claims, proxies or requests should be sent to the Administrative
Receivers' at Baker Tilly at 1 Georges Square, Bristol BS1 6BP.

A. M. Sheridan, Joint Administrative Receiver

CONTACT:  BAKER TILLY
          1 Georges Square
          Bristol BS1 6BP
          Phone: 0117 945 2000
          Fax: 0117 945 2001
          E-mail: andrew.sheridan@bakertilly.co.uk
          Web site: http://www.bakertilley.co.uk


IPL HOSE: Sets Members General Meeting September 27
---------------------------------------------------
Name of Companies:
IPL (Hose) Limited
Winster Electrical Services Limited
Winster Engineering Limited
Winster Products Limited

The general meeting of the members of these companies will be on
September 27, 2004 commencing at 10:00 a.m.  It will be held at
the offices of Haines Watts, First Floor, Park House, Park
Square West, Leeds LS1 2PS.

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 Haines Watts, First Floor, Park House, Park Square West,
Leeds LS1 2PS not later than 12:00 noon, September 24, 2004.

CONTACT:  HAINES WATTS
          First Floor,
          Park House,
          Park Square West,
          Leeds LS1 2PS
          Joint Liquidator:
          M E Fergusson
          Phone: 0113 398 1100
          Fax:   0113 398 1101
          Web site: http://www.hwca.com


JARVIS PLC: Loses GBP176 Million Contract to Build Schools
----------------------------------------------------------
PFI contractor Jarvis plc is no longer the preferred bidder for
the GBP176 million public-private project to build schools in
Fife.

In April, the firm was chosen preferred contractor for nine new
schools, two libraries, sports pitches and a new community
facility, and to maintain the premises for 25 years.  But the
town's council withdrew its recommendation on worries the firm
is not financially capable of meeting the 25-year deal.
Construction at the area is supposed to start this month.

Jarvis last month reported losses of GBP256 million for 2003.
Its banks recently agreed to give the company until the end of
March 2005 to sell off parts to repay some debts pegged at
GBP200 million.

Jarvis promised to work with Fife to ensure orderly handover.

CONTACT:  JARVIS PLC
          Lisa Carine
          Phone: + 44 20 7462 4646

          TULCHAN COMMUNICATIONS
          David Trenchard
          Phone: + 44 20 7353 4200


JOSEPH NICHOLS: Members Final Meeting Set September 10
------------------------------------------------------
The final meeting of the members of Joseph Nichols & Son Limited
will be on September 10, 2004 commencing at 10:15 a.m.  It will
be held at Pattinsons, Kings Business Centre, 90-92 King Edward
Road, Nuneaton CV11 4BB.

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 Pattinsons, Kings Business Centre, 90-92 King Edward Road,
Nuneaton CV11 4BB not later than 12:00 noon, September 9, 2004.

CONTACT:  PATTINSONS
          Kings Business Centre,
          90-92 King Edward Road,
          Nuneaton CV11 4BB
          Liquidator:
          I Pattinson
          Phone: 024 7637 5777
          E-mail: insol@pattinsons.co.uk
          Web site: http://www.pattinsonsinsolvency.com


MARCONI CORPORATION: Completes Sale of Plant & Power Business
-------------------------------------------------------------
Following regulatory approval and completion of all other
conditions of closing, Marconi Corporation successfully
completed the sale of its Outside Plant & Power business to
Emerson for the previously disclosed sum of US$406 million
(approximately GBP221 million) of which US$375 million has been
paid in cash.

The cash proceeds will be transferred to Marconi's Mandatory
Redemption Escrow Account and used to fund a further paydown of
the Group's U.S. dollar denominated Senior Secured Notes at 110%
of par value.

Notification will be sent to the holders of the Senior Notes in
due course to confirm full details of the redemption amounts and
redemption dates.

(Exchange rate: GBP1 = US$1.84)

About Marconi Corporation plc

Marconi Corporation plc is a global telecommunications
equipment, services and solutions company.  The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access
technologies and services.  The company's customer base includes
many of the world's largest telecommunications operators.

The company is listed on the London Stock Exchange (MONI) and on
Nasdaq (MRCIY).   Additional information about Marconi
Corporation can be found at http://www.marconi.com.

CONTACT:  MARCONI CORPORATION
          Press Inquiries:
          Skip MacAskill
          Phone: +44 2476 56 3705
          E-mail: skip.macaskill@marconi.com

          Investor Inquiries:
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com


MCCABE MCCARTY: Hires Joint Administrators from Menzies
-------------------------------------------------------
Goldsmiths McCabe McCarty Limited has appointed Andrew John
Duncan and Andrew Gordon Stoneman as joint administrators.  The
appointment was made August 6, 2004.  Its registered office is
located at 17-19 Foley Street, London W1W 6DW.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street,
          London W1W 6DW
          Joint Administrators:
          Andrew John Duncan
          Andrew Gordon Stoneman
          Phone: 020 7291 9750
          Fax:   020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk


MK IMPEX: May Appoint Liquidator Monday
---------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

                IN THE MATTER OF MK Impex Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of MK Impex Ltd. will be
held at 24 Wellington Street St. Johns Blackburn BB1 8AF on
August 23, 2004 at 11:15 a.m. for the purpose of having a full
statement of the position of the Company's affairs, together
with a list of the Creditors of the Company and the estimated
amount of their claims, laid before them, and for the purpose,
if thought fit, of nominating a Liquidator and of appointing a
Liquidation Committee.  (Sections 99-101 of the said Act)

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

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

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

By Order of the Board.

A. Markham, Director
August 4, 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


OSSYS SYSTEMS: Hires Joint Administrators from Begbies Traynor
--------------------------------------------------------------
T J E Dolder and P M Daives both of Begbies Traynor have been
appointed joint administrators for Ossys Systems Limited.  The
appointment was made August 9, 2004.

The company is engaged in software development and support.  Its
registered office is located at 10 Dover Street, London W15 4LQ.

CONTACT:  BEGBIES TRAYNOR
          32 Cornhill,
          London EC3V 3LJ
          Joint Administrators:
          T J E Dolder
          P M Davies
          (IP Nos 9008, 7805)
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


PDC CONSTRUCTION: Creditors Meeting Set August 23
-------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

            IN THE MATTER OF PDC Construction Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of PDC Construction Ltd.
will be held at 1 The Embankment Neville Street Leeds LS1 4DW on
August 23, 2004 at 11:00 a.m. for the purpose of having a full
statement of the position of the Company's affairs, together
with a list of the Creditors of the Company and the estimated
amount of their claims, laid before them, and for the purpose,
if thought fit, of nominating a Liquidator and of appointing a
Liquidation Committee.  (Sections 99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at 1 The Embankment
Neville Street Leeds LS1 4DW not later than 12:00 noon on the
business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at 1
The Embankment Neville Street Leeds LS1 4DW before the Meeting,
a statement giving particulars of their security, the date when
it was given, and the value at which it is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at KPMG LLP, 1 The Embankment Neville Street
Leeds LS1 4DW two business days prior to the meeting.

By Order of the Board.

S. Desmond, Director

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


POSTANYWHERE U.K.: Sets Final Meeting Friday
--------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

  IN THE MATTER OF Postanywhere U.K. Limited (In Liquidation)

Notice is hereby given, pursuant to Section 106 of the
Insolvency Act 1986, that a final meeting of the members of
Postanywhere U.K. Limited will be held at the offices of
Valentine & Co, 4 Dancastle Court, 14 Arcadia Avenue, London N3
2HS at 11:00am on Friday, August 20, 2004, to be followed at
11:15 a.m. by a final meeting of creditors for the purpose of
showing how the winding up has been conducted and the property
of the company disposed of, and of hearing an explanation that
may be given by the Liquidator, and also of determining the
manner in which the books, accounts and documents of the company
and of the Liquidator shall be disposed of.

Please take notice that resolutions proposed at the Final
Meeting of Creditors may include a resolution or resolutions
agreeing the level of the liquidator or liquidator's
remuneration.

In accordance with Rule 4.186(b) and Rule 11.7(b) of the
Insolvency Rules, I confirm that no dividend will be made in
relation to the liquidation of the Company.

Proxies to be used at the meetings must be lodged with the
liquidator at 4 Dancastle Court, 14 Arcadia Avenue, London N3
2HS no later than 12:00 noon on the preceding working day.

Robert Valentine, Liquidator

June 29, 2004

CONTACT:  VALENTINE & CO
          4 Dancastle Court
          14 Arcadia Avenue
          London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


PROMPT MOTOR: Creditors Meeting Set August 26
---------------------------------------------
The creditors of Prompt Motor Limited will meet on August 26,
2004 commencing 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


REDFRAME TIMBER: Meeting of Creditors August 26
-----------------------------------------------
The initial creditors meeting of Redframe Timber Engineering
Limited will be on August 26, 2004 commencing at 11:00 a.m.  It
will be held at RSM Robson Rhodes LLP, Colwyn Chambers, 19 York
Street, Manchester M2 3BA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to RSM Robson Rhodes LLP, Colwyn Chambers, 19 York
Street, Manchester M2 3BA not later than 12:00 noon, August 25,
2004.

CONTACT:  RSM ROBSON RHODES LLP
          Colwyn Chambers,
          19 York Street,
          Manchester M2 3BA
          Phone: +44 (0) 161 236 3777
          Fax:   +44 (0) 161 455 3444
          Web site: http://www.robsonrhodes.co.uk


REGIONAL & SUBURBAN: Special Winding up Resolution Passed
---------------------------------------------------------
At an Extraordinary General Meeting of the Regional & Suburban
Management Limited Company on July 30, 2004 held at 14 Grantham
Close, Edgware, Middlesex HA8 8DL, the subjoined Special
Resolution to wind up the company was passed.  S T Bennett of
Berg Kaprow Lewis LLP, 35 Ballards Lane, London N3 1XW has been
appointed Liquidator for the purposes of such winding-up.

CONTACT:  BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Liquidator:
          S T Bennett
          Phone: 020 8922 9222
          Fax:   020 8922 9223
          Inquiry Line: 020 8922 9121
          E-mail: post@bergkaprowlewis.co.uk
          Web site: http://www.bergkaprowlewis.co.uk


REGUS GROUP: Open Offer for HQ Global Receives Minimal Uptake
-------------------------------------------------------------
On 16 July 2004, Regus Group plc announced an agreement to
acquire the entire issued share capital of HQ Global Holdings,
Inc., and the Placing and Open Offer of up to 196,958,408 New
Ordinary Shares at 62.25 pence per New Ordinary Share on the
basis of 1 New Ordinary Share for every 4 Existing Ordinary
Shares.

Of these New Ordinary Shares, 90,332,321 shares, representing
45.9% of the total issue, over which Maxon Investments
irrevocably undertook to waive its entitlement, were placed firm
with institutional investors.

Of the remaining 106,625,571 New Ordinary Shares (excluding
fractional entitlements over 516 New Ordinary Shares) available
for take-up under the Open Offer and conditionally placed with
institutional investors by Dresdner Kleinwort Wasserstein and
KBC Peel Hunt, valid applications had been received by the close
of the Open Offer at 11:00 a.m. on 16 August 2004 for 2,004,654
New Ordinary Shares.  This represents approximately 1.0% of the
total issue.

The 104,620,917 New Ordinary Shares not applied for,
representing 53.1% of the total issue, have been placed with
institutional investors at 62.25 pence per New Ordinary Share.

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

                            *   *   *

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

CONTACT:  REGUS GROUP PLC
          Stephen Jolly
          Phone: 01932 895135

          DRESDNER KLEINWORT WASSERSTEIN
          Charles Batten
          Robert Petch
          Phone: 020 7623 8000

          KBC PEEL HUNT
          David Davies
          Julian Blunt
          Phone:  020 7418 8900

          FINANCIAL DYNAMICS
          Richard Mountain
          Robert Gurner
          Phone:  020 7269 7121


SPECTRUM PROJECTS: Names Rothman Pantall Administrator
------------------------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman have been
appointed joint administrators for Spectrum Projects Limited.
The appointment was made August 6, 2004.  The company is engaged
in general construction and demolition.

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


TECHNIQUE CONSTRUCTION: Members General Meeting Set September 29
----------------------------------------------------------------
The general meeting of the members of Technique (Construction)
Limited will be on September 29, 2004 commencing at 11:30 a.m.
It will be held at 12 Signet Court, Swanns Road, Cambridge CB5
8LA.

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.


UK TELECOM: Sets Meeting of Creditors August 23
-----------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

                IN THE MATTER OF UK Telecom Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of UK Telecom Ltd. will be
held at 5 Fairmile Henley on Thames RG9 2JR on August 23, 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 5 Fairmile
Henley on Thames RG9 2JR 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 5
Fairmile Henley on Thames RG9 2JR 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 Hurst Morrison Thomson, 5
Fairmile Henley on Thames RG9 2JR two business days prior to the
meeting.

By Order of the Board.

A. King, Director
August 6, 2004

CONTACT:  HURST MORRISON THOMSON
          5 Fairmile
          Henley On Thames
          Oxfordshire RG9 2JR
          Phone: 01491 579740
          Fax: 01491 575073
          E-mail: HMT@hmtgroup.co.uk
          Web site: http://www.hmtgroup.com


                            *********


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

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

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

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