TCREUR_Public/040819.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, August 19, 2004, Vol. 5, No. 164

                            Headlines

G E R M A N Y

MUNICH BIOTECH: MediGene Acquires Cancer Research Business
TA TRIUMPH-ADLER: First-half Net Loss Grows Threefold


I R E L A N D

ELAN CORPORATION: Applies for Antegren Approval in Canada


I T A L Y

NAPOLI: Stricken off Serie B Line-up Due to Insolvency


K Y R G Y Z S T A N

BANKKURULUSH-BANK: Public Auction of Assets August 24
CHUI-BISHKEK: Selling 70% Stake in Local Metallurgical Plant
GOLDEN WAY: Creditors Meeting Set August 27
INK: Undergoes Bankruptcy Supervision Procedure


L U X E M B O U R G

TK ALUMINUM: First-half Net Revenues Slightly Down


N E T H E R L A N D S

SP AEROSPACE: Bankruptcy Forces NH90 Partner to Pick up Slack


N O R W A Y

AKER KVAERNER: Hired to Upgrade Teijin Twaron's Capacity
DNO ASA: July Oil Production Up 10%
FINDEXA LIMITED: Reports Positive Figures in First Disclosure
OVDS SHIPPING: Chief Executive Resigns After Admitting Fraud
PETROLEUM GEO-SERVICES: Reshuffles Marine Geophysical Management


P O L A N D

ANIMEX: Expects US$150 Million Turnover from Morliny Plant


R U S S I A

BEZVODNINSKY HARDWARE: Under Bankruptcy Supervision
METROMEDIA INTERNATIONAL: Delays 2nd Quarter Form 10-Q Filing
PKF BOS-INVEST: Deadline for Proofs of Claim September 8
PROLOG: Leningrad Court Opens Bankruptcy Proceedings
REGIONAL-WATER CHANNEL: Bankruptcy Proceedings Begin

SOSNOVSKAYA PRINTING: Insolvency Manager Takes over Operation
VESYEGONSKAYA AGRICULTURAL: Court Sets August 23 Hearing
YUKOS OIL: Court Junks Offer to Pay Fraction of Tax Arrears
ZHBI-4: Gives Creditors Until September 8 to File Claims


S W I T Z E R L A N D

SWISS INTERNATIONAL: First-half Net Loss Down 90% to CHF33 Mln


T U R K E Y

TURKCELL ILETISIM: Outlook on 'B' Rating Revised to Positive


U K R A I N E

ALUR: Undergoes Bankruptcy Supervision Procedure
BORISFEN: Deadline for Proofs of Claim August 27
GARANT: Court Appoints Temporary Insolvency Manager
HARKIVSPETSOBLADNANNYA: Under Bankruptcy Supervision
KOKSOHIMTEPLOREMONT: Court Orders Debt Moratorium
LISA: Temporary Insolvency Manager Takes over Operation


U N I T E D   K I N G D O M

ALBION BOTANICALS: Shareholders Meeting September 13
APPLIED AND ADVANCED: Selling GBP3.5 Million Foam Business
ATLAS CAPITAL: Sets Annual and Final Meeting September 13
AUSTIN DANIELS: Names Liquidator from Valentine & Co
BHD GROUP: Business for Sale

BIL INVESTMENTS: Sets Members Final Meeting September 9
BRADFORD CATHEDRAL: Creditors OK Company Voluntary Arrangement
BRITISH SKY: Sues Software Provider for Breach of Contract
CASTLE HOUSE: Sets Final Meeting September 21
CENTRELINE MACHINE: Creditors Meeting August 25

CHESTERFIELD COLOURGRAPHICS: Creditors to Meet Tuesday Next Week
CITADEL CONFERENCES: Members Final Meeting September 21
COFFEE REPUBLIC: Cuts Full-year Loss After Restructuring
DAMOVO GROUP: In Advanced Talks to Sell Australian Arm
DELTA UTILITIES: Creditors Meeting Set August 24

DOKTER STUDIO: Calls in Liquidator
EFFORSENRAB 25: Winding up Resolutions Passed
FRASER MANUFACTURING: Receivers Fail to Find Buyer; Mull Wind-up
G & A TECHNICAL: Names Joint Administrators from Leonard Curtis
GK ENTERTAINMENT: In Administrative Receivership

HEART OF MIDLOTHIAN: In Advanced Talks to Sell Tynecastle
HERBERT BEVEN: Appoints Liquidator from David Rubin & Partners
HOM CONSTRUCTION: Names HKM Administrator
INTERIOR ASSOCIATES: Winding up Resolutions Passed
JOHN ASPINALL: Hires Liquidators from PricewaterhouseCoopers

KEYNET INTERNATIONAL: Members Pass Winding up Resolutions
LARK CONSTRUCTION: Cash-strapped House Builder Looking for Buyer
LAW 2396: Sets Annual and Final Meeting September 8
MARCEL NOMINEES: Winding up Resolutions Passed
NELSON PRESS: Sets Final Meetings August 26

N S E FINE: Appoints Liquidators from PKF
PRIMESTOCK MANCHESTER: Hires Ernst & Young Administrator
RICKMAN TOOZE: Appoints Baker Tilly Administrators
ROTHERHAM RUGBY: In Liquidation
SCOTLAND ON LINE: DC Thomson Acquires Full Ownership

SOLICITORS ESTATE: Liquidator Presents Report
STUART HOUGHTON: Names Joint Administrators from Baker Tilly
TANGENT SOLUTIONS: Appoints UHY Hacker Young Administrator
WELCOME BREAK: Hires Joint Liquidators from PwC


                            *********


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


MUNICH BIOTECH: MediGene Acquires Cancer Research Business
----------------------------------------------------------
The German-American biotech company MediGene AG (Frankfurt,
Prime Standard: MDG) acquired anti-cancer drug candidates and
platform technology from Munich Biotech AG (MBT).  This further
expands MediGene's own drug pipeline, in particular by the drug
candidate MBT-0206, which has already gone through several
clinical phase I trials in different cancer indications, on a
total of more than 120 patients.  Following successful
completion of further clinical development and marketing
authorization, the annual peak sales potential of this product
that is based on the therapeutic principle of anti-angiogenesis
is estimated at more than EUR500 million.

                  Structure of the Acquisition

A syndicate of existing Munich Biotech AG investors contributes
major assets of the insolvent MBT and in addition invests EUR4
million to permit further development of the products and
technology under the roof of MediGene AG.  In return, this
syndicate led by Global Life Science, HypoVereinsbank (HVB Life
Science) and DEWB, which also includes SET and MPC amongst other
investors, will receive MediGene shares amounting to EUR12.5
million.  After the transaction, the 1.96 million new shares
issued from authorized capital for this purpose will correspond
to 12.7% share in MediGene AG.

The newly issued shares are subject to a 12 months lock-up
period.  Depending on clinical achievements with MBT-0206,
MediGene will make milestone payments to the receiver of MBT,
starting with clinical phase III.  The assets acquired by
MediGene include the patents, rights and licenses of the MBT
technology and products.  To secure the scientific know-how and
to guarantee a smooth transfer, MediGene will hire key MBT
employees.  MediGene will not assume any liabilities of the
former Munich Biotech AG.

Dr. Peter Heinrich, Chief Executive Officer at MediGene AG,
comments: "With the acquisition of MBT's assets, we strengthen
MediGene's portfolio by adding a promising drug candidate and an
outstanding platform technology to develop cutting-edge anti-
cancer drugs.  The clinical product MBT-0206 ideally suits our
oncology portfolio and combines the benefits of an already
applied therapy with the opportunities of a true innovation with
blockbuster potential.  The MBT technology platform complements
our existing technology program and offers the long-term chance
to replenish MediGene's drug pipeline with new candidates for
the treatment of different cancers."

          About MBT-0206 and the EndoTAG(TM) Technology

The MBT drug candidates such as MBT-0206 are based on the
EndoTAG(TM) technology, which aims at a novel method of cancer
therapy, by "starving out" tumors.  They utilize the already
approved and applied therapeutic principle of anti-angiogenesis
(suppressing tumor vascularization), while adding another and
unique alternative: the cutting-edge liposome transport system
facilitates a novel application method of established cytostatic
drugs (e.g. Taxane), intended to cause specific attachment and
destruction of a newly developed tumor vascular system
("neovascular targeting").

Thus this treatment starts off at a very early stage of
angiogenesis that is vital for tumor as well as metastases
growth, which could permit an especially reliable efficacy.
Moreover, the development of typical resistance to cytostatic
drugs becomes very unlikely, since the toxic substance does not
damage the tumor cells directly.  These two specific factors may
increase the efficiency of conventional therapies and alleviate
their adverse effects.  The MBT products and the EndoTAG(TM)
technology are protected by extensive patents and provide a
basis for the development of different cancer therapies.
Immediately after consulting with the international regulatory
authorities, MediGene will continue clinical development of the
drug candidate MBT-0206.

The investors of MBT and thus the new shareholders of Medigene
see great potential for future growth through the transaction.
Apart from the synergies within drug development, the additional
financial means will support the success of the EndoTAG(TM) and
strengthen Medigene's product portfolio.

Philip Morgan and Hanns-Peter Wiese, Partners of Global Life
Science Ventures, and advisers of the predecessor fund Global
Life Science I which was invested in MBT, comment: "MediGene
will be able to advance the valuable EndoTAG(TM) technology, and
the promising products that are evolving from it, at a
significant rate.  We are convinced that due to its proven
management, and related expertise in drug development, MediGene
is a good home for this technology platform and is well
qualified to build successfully on the established technological
foundation of EndoTAG(TM)."

Christine Muller- Haberland and Dr. Tim P. Jungblut from HVB
Life Science add: "The development of medication is an up-and-
coming growth market which HypoVereinsbank wants to participate
in.  To this means, our participation in Medigene AG is an
important element and promises interesting returns."

                  Adjustment of 2004 Forecast

As a consequence of this acquisition, MediGene revises the net
result forecast for 2004 from -EUR14 million to -EUR15 million
and now estimates the year-end cash position at EUR28 million
(previously EUR25 million).

MediGene(TM) is a trademark of MediGene AG, Polyphenon(R) E is a
trademark of Mitsui Norin, Eligard(R) is a trademark of Atrix.

                         About MediGene

MediGene AG is a publicly quoted (Frankfurt: Prime Standard),
German-American biotechnology company located in Martinsried,
Germany and San Diego, U.S.A.  MediGene is the first German
biotech company with a drug on the market.  The company has the
most mature drug development pipeline in the German biotech
industry and possesses innovative platform technologies.
MediGene's core competence lies in research and development of
novel approaches for the treatment of various tumor diseases.
Thus MediGene focuses on indications of high medical need and
economic opportunities.

CONTACT:  MEDIGENE AG
          Lochhamer Str. 11
          82152 Martinsried
          Germany
          Phone: ++49-89-85 65 29-00
          Fax:++49-89-85 65 29-20
          Web site: http://www.medigene.com


TA TRIUMPH-ADLER: First-half Net Loss Grows Threefold
-----------------------------------------------------
TA Triumph-Adler AG announces its results for the first half-
year 2004: Group sales came to EUR194.0 million on June 30,
2004, 3% below the level of the previous year when adjusted for
peripheral activities that have since been sold.  The Group's
operating profit (EBIT before onetime effects) increased
considerably, from -EUR3.2 million to EUR3.4 million.

In the core business segment of Imaging (selling and servicing
printers, copiers, fax machines and archiving systems) sales
grew from EUR152.8 million in the previous year to EUR156.7
million in the reporting period, while increasing the EBIT by
almost 45% from EUR7.7 million to EUR11.1 million and gaining
additional market share.

Overall, the restructuring of the Presentation and Media
Technology business segment is proceeding as planned, though the
successes achieved in the meantime are not yet finding
reflection to their full extent in the corresponding half-year
figures.  Year-on-year, this segment's sales dropped to EUR37.3
million (previous year's period: EUR47.2 million).  The same
applies to earnings: The EBIT (before one-time charges) of the
previous year's period amounted to -EUR0.5 million compared to
-EUR1.5 million in the reporting period.

The Central Division burdened the EBIT (before one-time charges)
for the first six months of 2004 by -EUR6.2 million (previous
year: -EUR7.4 million), with pension costs of EUR3.7 million
accounting for a major portion of this figure.  The number of
employees in the Central Division has been halved within a year.
The relocation of the main Munich site to the company's
headquarters in Nuremburg has been completed.

The previous year's financial statements to June 30 included
onetime income of EUR7.2 million arising from the sale and
divestment of the remaining non-core activities, which was
completely absent from the period under review.  In contrast,
extraordinary expenses of EUR3.3 million were incurred in the
first six months of 2004 relating to the reorganization of the
Triumph-Adler Group.  As of June 30, 2004, earnings before taxes
and goodwill amortization come to -EUR3.5 million (previous
year: -EUR3.0 million), while the consolidated net loss for the
year amounts to -EUR4.6 million at the reporting date, compared
to -EUR1.5 million in the previous year's period.

The balance sheet total came to EUR426.1 million on June 30,
2004, compared to EUR435.4 million on December 31, 2003.  The
net cash provided for operating activities came to EUR17.9
million in the first six months of 2004, compared to a net cash
used of -EUR21.3 million in the same period of the previous
year.

CONTACT:  TA TRIUMPH-ADLER AG
          Suedwestpark 23
          D-90449 Nuremberg, Germany
          Phone: +49 911 68 98 - 104
          Fax: +49 911 68 98 - 204
          E-mail: presse@triumph-adler.de
          Web site: http://www.triumph-adler.de


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


ELAN CORPORATION: Applies for Antegren Approval in Canada
---------------------------------------------------------
Biogen Idec (Nasdaq: BIIB) and Elan Corporation, plc (NYSE: ELN)
submitted an application for approval of ANTEGREN(R)
(natalizumab) as a treatment for multiple sclerosis (MS) in
Canada and expect to submit applications in Australia and
Switzerland, based on one-year data from the ongoing Phase III
trials.  The companies also anticipate that the first release of
the one-year data from these trials will be upon approval of
natalizumab by the U.S. Food and Drug Administration (F.D.A.).

The companies have submitted their application to regulatory
authorities in Canada and anticipate submissions will be filed
in Australia and Switzerland in the second half of 2004.  The
companies previously announced that the F.D.A. designated
natalizumab for Priority Review and Accelerated Approval, and
that the European Medicines Agency validated their application.
Based on the F.D.A.'s designation of Priority Review for
natalizumab in MS, the companies anticipate action by the F.D.A.
approximately six months from the submission date, rather than
10 months for a standard review.  On May 25, 2004, the companies
announced they had previously submitted the Biologics License
Application for the approval of natalizumab for MS.

The decision to file applications for approval in Canada,
Australia and Switzerland was made after discussions with the
countries' respective regulatory agencies of the one-year data
from the two ongoing two-year Phase III trials in MS.  The
companies are committed to completing the two-year trials.
After discussion with the regulatory authorities and clinical
investigators, the companies expect to release the one-year data
upon U.S. approval, in order to protect the integrity of the
two-year trials.  The companies anticipate that the two-year
data will be available beginning in the first half of 2005.

The regulatory review of natalizumab will be based on one-year
data from two ongoing Phase III trials, AFFIRM (natalizumab
safety and efficacy in relapsing-remitting MS) and SENTINEL
(safety and efficacy of natalizumab in combination with
AVONEX(R) (Interferon beta-1a)), which evaluate the ability of
natalizumab to slow the progression of disability and reduce the
rate of clinical relapses in patients with relapsing-remitting
MS.

About ANTEGREN (natalizumab)

Natalizumab, a humanized monoclonal antibody, is the first
alpha-4 antagonist in the new selective adhesion molecule (SAM)
inhibitor class.  It is designed to inhibit the migration of
immune cells into tissues where they may cause or maintain
inflammation.  To date, approximately 2,800 patients have
received natalizumab in clinical trials, and the safety profile
continues to support further development.  In placebo-controlled
trials to date, in both Crohn's disease (CD) and MS, the most
commonly reported adverse events in either group were headache,
fatigue and nasopharyngitis.

Biogen Idec and Elan are collaborating equally on the
development of natalizumab in MS, CD, and rheumatoid arthritis
(RA).

About Biogen Idec

Biogen Idec (Nasdaq: BIIB) creates new standards of care in
oncology and immunology.  As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.  For product labeling, press releases and additional
information about the company, please visit
http://www.biogenidec.com.

About Elan

Elan Corporation, plc (NYSE: ELN) is a neuroscience-based
biotechnology company that is focused on discovering,
developing, manufacturing and marketing advanced therapies in
neurodegenerative diseases, autoimmune diseases, and severe
pain.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.  For additional information about the company,
please visit http://www.elan.com.

CONTACT:  BIOGEN IDEC
          Media
          Amy Brockelman
          Phone: +1-617 914 6524
          Investors
          Elizabeth Woo
          Phone: +1-617 679 2812
          Web site: http://www.biogenidec.com

          ELAN CORPORATION
          Anita Kawatra
          Phone: +1-212 407 5755
                 +1-800 252 3526

          Investors
          Emer Reynolds
          Phone: +353 1 709 4000
          Fax: +1-800 252 3526
          Web site: http://www.elan.com


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


NAPOLI: Stricken off Serie B Line-up Due to Insolvency
------------------------------------------------------
Napoli's hope of competing in Serie B after a mid-table finish
last season was extinguished after authorities officially
excluded them from the league's line-up, according to Reuters.

The former Italian club earlier this month went into insolvency
due to financial problems.  It is still searching for a buyer
for its franchise license.

In July, The Italian Football Federation (FIGC) refused to give
a license to Napoli to play for Serie B.  On August 12, the
club's fate was sealed as they were excluded from the league's
line up.

"This is a primordial mistake by the soccer authorities which
will create tension and chaos," says Clemente Mastella, a
parliamentarian from Naples in an interview with Ansa news
agency.

According to football authorities, the club has yet to find out
next month if they can continue in the professional soccer
league when the court decides on a ruling that allows bankrupt
clubs to continue playing professional football.

A new Italian soccer regulation allows a city whose team has
collapsed to transfer its franchise to a new company, but an
Italian court argued it should not be so.  It said the franchise
was an important asset, which belonged to the creditors of the
insolvent club not the city authorities.

While the FIGC insists that only it has the right to regulate
Italian soccer, it suspends its decision on whether to allow
Napoli to start next season in the third division until
September to sort our the legal issue.

Napoli had their glorious days in 1987 and 1990.  But this
changed when Maradona left and financial problems started to
surface.


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


BANKKURULUSH-BANK: Public Auction of Assets August 24
-----------------------------------------------------
The bidding organizer and insolvency manager of Joint Stock
Commercial Bankkurulush-Bank set the public auction of the
bank's properties on August 24, 2004, 10:00 a.m. at Bishkek,
Manas St. 28.

The assets for sale are:

(a) Lot 1-4: furniture and equipment;

(b) Lot 5: Jubilee coin Osh - 3000. Starting price: KGS4,053.
           The price will be increased by increments of 10%.

Participants must submit their bids to Kyrgyzstan, Bishkek,
Manas St. 28.  Preliminary examination will also be done at the
said address.  For more information, call (0-312) 21-16-34 or
(0-312) 21-97-43.


CHUI-BISHKEK: Selling 70% Stake in Local Metallurgical Plant
------------------------------------------------------------
Chui-Bishkek-Talass Territory Estate Administration of Kyrgyz
Republic is selling properties on September 10, 2004, 2:00 p.m.
at Bishkek, Moskovskaya St. 172, floor 5, room 5.

The assets for sale are:

(a) Lot 1: 70.06% of the company's public holding in JSC Kyrgyz
           Chemical-Metallurgical Plant located at Kemin
           district, Orlovka, Kudrashova St. 18.  Starting
           price: KGS1,075,512,000;

(b) Lot 2: building (68 rooms) of JSC Kyrgyz Chemical-
           Metallurgical Plant located at Kemin district,
           Orlovka.  Starting price: KGS8,323,000;

(c) Lot 3: building (150 rooms).  Starting price: KGS43,353,000.

Legal and physical persons must present all necessary documents
on or before 12:00 noon of September 10, 2004 to participate in
the investment tender.  Participants are also required to
deposit a guarantee fee equivalent to 10% of the starting price
to account number 40020013306 code 330103328.  The winning
bidder must pay a commission equivalent to 7% of the selling
price.  For more information, call (0-312) 21-87-24.


GOLDEN WAY: Creditors Meeting Set August 27
-------------------------------------------
The Chui Inter-District Court has commenced bankruptcy
supervision procedure on Golden Way.  The case is docketed as
03-72/M-2004-C1.  Mr. Almazbek Orokbaev (License 0227) was
appointed temporary insolvency manager on June 14, 2004.
Creditors will meet on August 27, 2004, 2:00 p.m. at Bishkek,
Erkindik Ave. 57, Room 101.  Creditors must submit their proofs
of claim and register with the temporary insolvency manager
seven days prior to the meeting.  Proxies must have
authorization to vote.  For more information, call (0-312) 23-
62-57.


INK: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------
The Bishkek Inter-District Court has commenced bankruptcy
supervision procedure on LLC Ink.  The case is docketed as 03-
114/M-04C1.  Mr. Almaz Abdyvaliev (License 033) was appointed
temporary insolvency manager on July 26, 2004.  Creditors will
meet on August 23, 2004, 10:00 a.m. at Bishkek, Erkindik Ave.
57, Room 101.  Creditors must submit their proofs of claim and
register with the temporary insolvency manager seven days prior
to the meeting.  Proxies must have authorization to vote.  For
more information, call (0-312) 62-68-29.


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


TK ALUMINUM: First-half Net Revenues Slightly Down
--------------------------------------------------
TK Aluminum Ltd., the indirect parent of Teksid Aluminum
Luxembourg, S.a.r.l., SCA, reported its preliminary, unaudited
consolidated financial highlights for the quarter and the six-
month period ending June 30, 2004.  A copy of the presentation
of the preliminary summary financial information to bondholders
and analysts may be viewed and downloaded from
http://www.teksidaluminum.com.

Highlights of the preliminary financial results for the quarter
and the six-month period ending June 30, 2004:

(a) Net revenues in the second quarter were EUR248.2 million, an
    increase of EUR11.5 million, or 4.9%, compared to same
    period in 2003.  Net revenues in the six-month period, were
    EUR469.6 million, a decrease of EUR3.1 million, or 0.7%,
    compared to the six-month period ended June 30, 2003.

(b) Adjusted EBITDA was EUR21.2 million in the second quarter of
    2004, or 8.5% of net revenues, compared to EUR20.8 million,
    or 8.8% of net revenues, in the corresponding period of
    2003.  Adjusted EBITDA was EUR33.5 million, or 7.1% of net
    revenues, in the six-month period ended June 30, 2004
    compared to EUR40.1 million, or 8.5% of net revenues, in the
    corresponding period of 2003.  Adjusted EBITDA has been
    adjusted for certain expenses which have been reimbursed by
    Teksid S.p.A. under the terms of the purchase agreement and,
    in 2003 and 2004 respectively, for certain non-recurring
    transaction expenses and for certain non-recurring lay-off
    costs (attached is a reconciliation of reported income from
    operations to adjusted EBITDA).

(c) Including EUR67.9 million of cash and cash equivalents, net
    debt at June 30, 2004 amounted to EUR253.0 million, a EUR7.4
    million increase from December 31, 2003, primarily due to
    seasonal increases in working capital.  Net debt showed a
    EUR12.7 million decrease compared to June 30, 2003.

(d) Net capital expenditures in the second quarter of 2004 were
    EUR9.4 million.  Net capital expenditures in the six-month
    period ending June 30, 2004 were EUR25.4 million compared to
    EUR26.9 million in the corresponding period in 2003.

Approximately EUR3.5 million of capital expenditures in the six-
month period ending June 30, 2004 were related to items for
which the Company is entitled to be reimbursed by Teksid S.p.A.
under the terms of the purchase agreement.

Results included herein are preliminary, unaudited and have been
presented in accordance with accounting principles generally
accepted in the United States.

                      About Teksid Aluminum

Teksid Aluminum is a leading independent manufacturer of
aluminum engine castings for the automotive industry.  Our
principal products include cylinder heads, cylinder blocks,
transmission cases and suspension components.  We operate 15
manufacturing facilities in Europe, North America, South America
and Asia. Information about Teksid Aluminum is available at
http://www.teksidaluminum.com.

Until September 2002, Teksid Aluminum was a division of Teksid
S.p.A., which was owned by Fiat.  Through a series of
transactions completed between September 30, 2002 and November
22, 2002, Teksid S.p.A. sold its aluminum foundry business to a
consortium of investment funds led by equity investors that
include affiliates of each Questor Management Company, LLC,
JPMorgan Partners, Private Equity Partners SGR S.p.A. and AIG
Global Investment Corporation.  As a result of the sale, Teksid
Aluminum is owned by its equity investors through TK Aluminum
Ltd., a Bermuda holding company.

On July 17 2003, Teksid Aluminum Luxembourg S.a.r.l., SCA issued
EUR240 million aggregate principal amount of senior notes due in
2011.  The notes were sold to qualified institutional buyers in
the United States pursuant to Rule 144A of the U.S. securities
laws and to persons outside United States pursuant to Regulation
S of the U.S. securities laws.  The proceeds of the sale were
used to repay amounts borrowed to finance the acquisition of
Teksid Aluminum and pay certain fees and expenses.

Financial statements are available free of charge at
http://bankrupt.com/misc/Teksid_1H2004.htm.

                            *   *   *

Moody's Investors Service downgraded the ratings of TK Aluminum
Ltd. after recording weak operating performance in the first
quarter of the year.  The ratings downgraded were the senior
implied rating (from B1 to B2), and the unsecured issuer rating
(from B2 to Caa2).  Moody's also downgraded the ratings on its
11.375% Senior Notes due 2013 issued through TK Aluminum
Luxembourg S.a.r.l., SCA from B2 to Caa1.  The outlook on all
ratings is negative.

CONTACT:  Teksid Aluminum Ltd.
          Domenico Orlandi
          Senior Vice President and General Counsel
          Phone: +39-011-979-4875

          Demetrio Mauro, Chief Financial Officer
          Phone: +39-011-979-4784

          Massimiliano Chiara, Finance Manager
          Phone: +39-011-979-4889


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


SP AEROSPACE: Bankruptcy Forces NH90 Partner to Pick up Slack
-------------------------------------------------------------
Stork has taken notice of the bankruptcy of SP Aerospace,
located in Geldrop, the Netherlands.  SP Aerospace is a partner
of Stork in the NH90 helicopter program in which Stork is a
participant for 5.5%.  SP Aerospace produces the landing gear.
The involved contracts date back to the early nineties and have
some years ago been supplemented with clauses that enable Stork,
in situations like this, to start up operations as quickly as
possible.  Stork is in consultation with the receiver to
continue the supply of landing gears on acceptable terms for
Stork, in order to minimize the potential delay in the delivery
of the landing gears.

The NH90 is the largest helicopter program ever launched in
Europe and is being carried out by NH-Industries.  This is the
European consortium of Stork Aerospace (5.5%), the French-German
Eurocopter (62.5%) and the Italian company Agusta (32%).  The
program encompasses the development and production of 253
helicopters to be used by the participating countries: Germany,
France, Italy, Portugal and The Netherlands (20 navy versions).
Another 72 orders have now been received from countries not
taking part in the consortium: Finland, Norway, Sweden and
Greece.

The production contracts now cover a total of 325 aircraft,
representing a value of EUR255 million for the Dutch
participants spread over a period of 15 years.

The contribution to the European consortium by the Dutch
industry, for which Stork Aerospace acts as national consortium
leader, comprises the design, testing and production of:

(a) the complete tail sections (Stork Aerospace),

(b) the cabin doors (Stork Aerospace),

(c) the wheel housings (Stork Aerospace),

(d) the landing gear and intermediate gearbox (SP Aerospace),

(e) a tactical mission module for the board computer
    (Netherlands National Aerospace Laboratory NLR)

The NH90 is a medium-weight military helicopter, which will be
used for tactical transport of troops, anti-submarine operations
and search and rescue operations.  In the Netherlands the NH90
will replace the Lynx helicopters of the Royal Netherlands Navy.

                      About Stork Aerospace

Stork Aerospace develops and produces advanced components and
systems for the aviation and aerospace industry, and supplies
integrated services to aircraft owners and operators.  These
activities are performed by the Aerospace Industries and
Aerospace Services units.  The group achieved a turnover of
EUR478 million in 2003 with 3,000 employees out of the total
Stork turnover of EUR1.94 billion.

CONTACT:  SP AEROSPACE & VEHICLE SYSTEMS
          Eindhovenseweg 120
          P.O. Box 436
          5660 AK Geldrop, The Netherlands
          Phone: +31 40-2809191
          Fax: +31 40-2809123
          E-mail: spcentral@sp-aerospace.com
          Web site: http://www.sp-aerospace.com

          STORK N.V.
          Dick Kors
          Phone: +31 (0)35 695 75 75
                 +31 (0)6 51 98 40 54


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


AKER KVAERNER: Hired to Upgrade Teijin Twaron's Capacity
--------------------------------------------------------
The AK Process business of Aker Kvaerner A.S.A. signed a EUR5
million contract with Teijin Twaron, one of the world's largest
producers of high performance fibers.  The project entails the
engineering, procurement and construction management services
for a capacity increase of Teijin Twaron's spinning facilities
in Emmen, The Netherlands.

Aker Kvaerner has been awarded this project, based upon the
successful completion of Teijin Twaron's Mirai project, early
2003.  "Through the excellent teamwork of Teijin Twaron and Aker
Kvaerner on the Mirai project, all targets with respect to
safety, cost, quality and schedule were met and exceeded.  The
success of the Mirai project has formed the solid basis for a
continued strong relationship between the two companies," said
Wim van der Zande, president of AK Process.

This project entails the further expansion of Teijin Twaron's
spinning capacity in Emmen.  The project is scheduled for
mechanical completion in September 2005, and will be executed
from Aker Kvaerner's office in Zoetermeer, The Netherlands.
Activities on the construction site commence immediately to
ensure the challenging schedule is achieved.

"The award of this contract to Aker Kvaerner once again
underlines our leading position as a provider of integrated
solutions to the European high performance fiber market and the
confidence that Teijin Twaron places with us to execute this
important project safely and on target," concludes Wim van der
Zande.

Aker Kvaerner A.S.A., through its subsidiaries and affiliates
(Aker Kvaerner), is a leading global provider of engineering and
construction services, technology products and integrated
solutions.  The business within Aker Kvaerner span a number of
industries, including Oil & Gas production, Refining &
Chemicals, Mining & Metals, Pharmaceuticals & Biotechnology,
Power Generation and Pulp & Paper.  Aker Kvaerner has aggregated
annual revenues of approximately US$4.5 billion and employs
around 21,000 employees in more than 30 countries.

The Aker Kvaerner group consists of a number of separate legal
entities.  Aker Kvaerner is used as the common brand/trademark
for most of these entities.  The parent company in the group is
Aker Kvaerner A.S.A.

E&C Europe specializes in the provision of process technology,
engineering studies (including bankable feasibility and
environmental studies), total project management, engineering
and design, procurement, construction, commissioning and
maintenance services.  With nearly 5,000 people based largely
from Europe, E&CEurope serves a number of industrial sectors:
refining and petrochemicals, pharmaceuticals & biotechnology,
onshore oil & gas, power generation, chemical pulping, nuclear,
water, and mining and metals.

AK Process is a trading name of Aker Kvaerner Netherlands B.V.,
the legal entity responsible for the execution of the work.  AK
Process is one of the core businesses of the Aker Kvaerner group
in Europe.  AK Process serves the chemicals and polymers,
refining and onshore oil & gas industries.  It provides the full
life cycle of a project from concept studies, through to design,
engineering, project management, delivery of process
technologies, procurement, construction and maintenance
services.  As a pure project execution/EPC specialist, AK
Process can provide customers with strategic 'one-off' services
or full turnkey solutions under a single project management
control.

We work with our customers in the development of major
technological innovations, having participated in the
conceptualization and implementation of ideas, which are the
foundation for world-class production facilities.

                            *   *   *

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

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

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

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

CONTACT:  Aker Kvaerner A.S.A.
          Caroline Mackay
          Corporate Communications Manager,
          Teijin Twaron BV
          Phone: +31 (0) 26 366 2030
          Fax:   +31 (0) 26 366 5854
          E-mail: caroline.mackay@twaron.com
          Web site: http://www.twaron.com

          Frits Laugeman
          Zoetermeer, Netherlands
          Phone: +31 (0) 79 368 8607

          Vanessa Mourant
          London, U.K.
          Phone:  +44 (0) 20 7339 1064
          Mobile: +44 (0) 7771 806566


DNO ASA: July Oil Production Up 10%
-----------------------------------
DNO A.S.A. achieved an oil production of 14.152 BOPD in July, up
10% from the previous month.  The average production for the
first seven months of 2004 was 13.495 BOPD.

The oil production for Norway and Yemen was as follows (BOPD):

                          July                   YTD
Norway                    2.106                  1.963
Yemen                    12.046                 11.532
Total                    14.152                 13.495

The new production wells on both the Tasour and Sharyoof fields
have been on stream during most of July.  This is the primary
reason for the increase in oil production.  One additional
production well will in the near future be put on stream on the
Sharyoof Field, and later in 2004 two new wells will be drilled
within the area of the Tasour Field.

The Glitne Field had a stable production in July and production
continued to increase slightly from previous months.  A new
production well is expected to be on stream in the beginning of
September.  DNO anticipates this well to further increase the
production from the field.  The Glitne production will be down
for a shorter period during August as a consequence of hooking
up the new well.

                            *   *   *

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

The rating on DNO was placed on CreditWatch with developing
implications on November 17, 2003, but would likely have
remained in the 'B' category if the CreditWatch placement had
been resolved.  The CreditWatch status reflected uncertainties
over the company's medium-term business strategy, growth
prospects, and financial policy following an extensive asset
sale, which was realized in spring 2004.  Standard & Poor's
believes that the company is likely to focus on riskier
exploration activities on the Norwegian Continental Shelf and
production in existing fields in Yemen.  DNO has successfully
refinanced its Norwegian NOK335 million bond (EUR40 million),
which matured on June 1, 2004.

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


FINDEXA LIMITED: Reports Positive Figures in First Disclosure
-------------------------------------------------------------
Findexa Limited, the leading directory publisher in Norway and
one of the largest media companies in the country, released its
results for the second quarter of 2004, the first quarter as a
publicly listed company.

Adjusted for distribution changes and Telefonkatalogen 1880, the
results show a stable development in revenue, EBITDA and cash
flows.  The dividend will be as outlined in the prospectus
Findexa published for its initial public offering in May 2004.

Key Points

(a) Year to date pro forma consolidated operating revenue at
    NOK913 million, up from prior year NOK908 million.  Like-
    for-like revenue (excluding timing differences and revenue
    from Telefonkatalogen 1880) at level with prior year.

(b) Growth in year to date pro forma EBITDA of 2% from 2003 to
    NOK477 million.  Organic growth 5% year to date (excluding
    timing differences and Telefonkatalogen 1880).

(c) Year to date pro forma net income at NOK171 million,
    compared to NOK86 million prior year.

(d) Year to date consolidated cash flows from operating
    activities at NOK398 million.

(e) Cash position at the end of the quarter at NOK349 million.

(f) Second quarter Gule Sider brand usage up 41% year-on-year,
    print usage up 29% and Internet usage up 79% year-on-year.

(g) The results and cash flows for the first six months in 2004
    reinforce Findexa's intention to deliver the expected full
    year annualized cash distribution of at least NOK580 million
    to shareholders.

(h) Dividend for the second quarter (from the first day of
    trading, on May 25 through June 30) will be NOK0.28 per
    share (NOK57 million), which is in line with what was
    outlined during the IPO.  Dividends will be paid on
    September 1, 2004, to eligible shareholders as at August 19,
    2004.  Trading ex dividends commences August 20, 2004.

Commenting on the results, Peter Darpo CEO, said: "I am
delighted to report a strong first quarter as a listed Company.
The performance both for the quarter and the first half of the
year is encouraging.  Looking ahead, we are focused on improving
the rate of sales growth by increasing loyalty of our customers
and users and by demonstrating return on investment for our
advertisers."

A full copy of the financial result is available free of charge
at http://bankrupt.com/misc/Findexa_2Q2004.pdf.

                            *   *   *

Standard & Poor's Ratings Services in May kept its 'B+'
corporate credit rating on Norway-based classified directory
publisher Findexa II AS on CreditWatch with positive
implications.  In addition, Standard & Poor's also kept its 'B-'
senior unsecured debt rating on Findexa on CreditWatch with
positive implications.  The ratings were originally placed on
CreditWatch on April 16, 2004, following the announcement by
Findexa that it intends to float on the Norwegian stock
exchange.

CONTACT:  Findexa Limited
          Erik Dahl, Chief Financial Officer
          Phone: +47970 06 560
          E-mail: erik.dahl@findexa.no
          Web site: http://www.findexa.no/english/


OVDS SHIPPING: Chief Executive Resigns After Admitting Fraud
------------------------------------------------------------
Ofotens og Vesteralens Dampskipsselskap (OVDS) Chief Executive
Tor J. Strand resigned last week in the wake of a massive
swindling scandal involving state subsidies, Norway's newspapers
report.

The shipping line admitted to swindling the Norwegian government
some NOK113 million in subsidies for running several car ferries
and express boats that connect public highways.  It pleaded
guilty to manipulating accounting records during the 1990s.
Five of its officials were given jail sentences.

Mr. Strand, who was chairman of OVDS from 1996 to 2002, when he
took over as chief executive, resigned just as the company's
corporate assembly started addressing the consequences of the
debacle.

OVDS is better known to the public for operating several of the
"Hurtigruten" coastal cruise liners.  It is one of two ship-
owning companies contributing vessels to the country's famed
Coastal Voyage.

CONTACT:  Ofotens og Vesteraalens Dampskibsselskab A.S.A.
          Web site: http://ovds.no/engelsk/index.html

          Offices:
          OVDS Bodo
          Phone: +47 75 54 80 32
          E-mail: britt.croston@ovds.no

          OVDS Narvik
          Phone: +47 76 96 76 00
          E-mail: firmapost@ovds.no

          OVDS Stokmarknes
          Phone: +47 76 96 76 00
          E-mail: firmapost@ovds.no

          Salgsavdeling Oslo
          Phone: +47 22 33 82 00


PETROLEUM GEO-SERVICES: Reshuffles Marine Geophysical Management
----------------------------------------------------------------
Petroleum Geo-Services A.S.A. made management changes to
strengthen its Marine Geophysical business segment.

Rune Eng (43) is appointed new President Marine Geophysical.  He
will report to Chief Executive Officer Svein Rennemo and be part
of the Group Leader Team.  Rune Eng has spent his whole career
in the Geophysical business.  In Petroleum Geo-Services he has
had various management positions since 1997.  Mr. Eng is
presently President Marine Geophysical EAME Region.

Diz Mackewn (56), presently President Marine Geophysical, will
take on a new assignment as Group Senior Vice President
Geophysical.

The purpose of this position is to help clarify options for
further developing the Geophysical business.  In this new role
he will lead the efforts to further develop a comprehensive
geophysical technology strategy, develop new business models
with a higher value potential and initiate and sustain more
coherence in market approach and use of resources between our
two geophysical Business Units.  He will report to Chief
Executive Officer Svein Rennemo and be part of the Group Leader
Team.  The changes are effective from August 20, 2004.

Petroleum Geo-Services (OSE: PGS; OTC: PGEOY) is a
technologically focused oilfield service company principally
involved in geophysical and floating production services. It
provides a broad range of seismic- and reservoir services,
including acquisition, processing, interpretation, and field
evaluation.  It owns and operates four floating production,
storage and offloading units.  Petroleum Geo-Services operates
on a worldwide basis with headquarters in Oslo, Norway.  For
more information on Petroleum Geo-Services visit
http://www.pgs.com.

CONTACT:  PETROLEUM GEO-SERVICES
          Sam R. Morrow
          Ola Bosterud
          Phone: +47-67-52-64-00

          Suzanne M. McLeod
          Phone: +1 281-589-7935


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


ANIMEX: Expects US$150 Million Turnover from Morliny Plant
----------------------------------------------------------
Animex president Morten Jensen expects the group to achieve a
record profit of GBP2.7 billion this year after the acquisition
of Morliny plant, Warsaw Business Journal reports.

The meat company expects turnover to come at US$600 million
(PLN2.15 billion) as Morliny adds in US$150 million (PLN550
million).  The Morliny plant was acquired for PLN185 million.
The enlarged group now consists of 8 plants, four that prepares
red meat and four that process poultry.

Mr. Jensen assured the group's expansion is not a threat to
other companies on the domestic market.  He disclosed plans to
invest at least US$20 million in the plants, including Morliny.

The company wants to increase production capacities as well as
improve the quality of products for foreign customers in line
with its plan to co-operate with large sales networks demanding
regular supplies of large quantities of stock.

"We now own two out of three most popular meat brands in
Poland," Mr. Jensen said referring to Animex's Morliny, Krakus,
Pek and Yano brands.


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


BEZVODNINSKY HARDWARE: Under Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on OJSC Bezvodninsky Hardware
Factory (TIN 5250003758).  The case is docketed as A43-8092/04-
33-213.  Mr. S. Slepov has been appointed temporary insolvency
manager.

Creditors are asked to submit their proofs of claim to 603001,
Russia, Nizhniy Novgorod, Pochainskaya Str. 20.  A hearing will
take place at the Arbitration Court of Nizhniy Novgorod region,
Department 33 on December 7, 2004, 1:45 p.m.

CONTACT:  BEZVODNINSKY HARDWARE FACTORY
          607675, Russia,
          Nizhniy Novgorod region,
          Kstovsky region, Bezvodnoye

          Mr. S. Slepov
          Temporary Insolvency Manager
          603001, Russia,
          Nizhniy Novgorod,
          Pochainskaya Str. 20
          Phone: 8-920-5-37-48


METROMEDIA INTERNATIONAL: Delays 2nd Quarter Form 10-Q Filing
-------------------------------------------------------------
Metromedia International Group, Inc. (MIG) (currently traded as:
OTCBB:MTRM.OB - Common Stock and OTCPK:MTRMP - Preferred Stock),
the owner of interests in various communications and media
businesses in Russia and the Republic of Georgia, has not filed
its Quarterly Report on Form 10-Q for the quarter ended June 30,
2004 (the Current Form 10-Q) with the United States Securities
and Exchange Commission (S.E.C.) and has filed a notification of
late filing on Form 12B-25 with the S.E.C.

In making this announcement, Ernie Pyle, Executive Vice
President and Chief Financial Officer of the Company, commented:
"The delay in the Current Form 10-Q filing is attributable to
the additional effort and time that was required for the finance
team of the Company's PeterStar business venture to prepare,
finalize and submit its final U.S. GAAP financial results to the
Company's corporate finance team.

"As a result of the delay in the submission of the PeterStar
U.S. GAAP financial reports, the Company's corporate finance
team has not been able to complete its review and analysis of
the PeterStar financial results, and as such, able to finalize
the Company's consolidated financial statements and management's
discussion and analysis of the Company's financial condition and
results of operations in a time period that would have enabled
the Company to file its Current Form 10-Q by August 16, the
prescribed due date of the Current Form 10-Q with the S.E.C.

"Further, the Company fully expects that the filing of the
Current Form 10-Q with the S.E.C. will occur during the time
period allowed under Rule 12B-25, which is by Monday, August 23,
2004."

              About Metromedia International Group

Through its wholly owned subsidiaries, the Company owns
interests in communications and media businesses in Russia and
the Republic of Georgia.  These include mobile and fixed line
telephony businesses and wireless and wired cable television
networks.  The Company has focused its principal attentions on
continued development of its core telephony businesses in
Northwest Russia and the Republic of Georgia, and has
substantially completed a program of gradual divestiture of its
non-core media businesses.  The Company's core telephony
businesses include PeterStar, the leading competitive local
exchange carrier in St. Petersburg, Russia, and Magticom, the
leading mobile telephony operator in the Republic of Georgia.

CONTACT:  Metromedia International
          Headquarters: Charlotte, North Carolina
          Web site: http://www.metromedia-group.com

          Ernie Pyle
          Phone: 704-321-7383
          E-mail: investorrelations@mmgroup.com


PKF BOS-INVEST: Deadline for Proofs of Claim September 8
--------------------------------------------------------
The Arbitration Court of Belgorod region has declared LLC PKF
Bos-Invest (TIN 3123044941) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A08-2973/04-2.  Mr. Y.
Yakovlev has been appointed insolvency manager.   Creditors have
until September 8, 2004 to submit their proofs of claim to
308002, Russia, Belgorod, Post User Box 32.

CONTACT:  PKF BOS-INVEST
          Russia, Belgorod,
          Michurina Str. 102

          Mr. Y. Yakovlev
          Insolvency Manager
          308002, Russia,
          Belgorod, Post User Box 32


PROLOG: Leningrad Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Arbitration Court of Leningrad region has declared LLC
investment agency Prolog insolvent and introduced bankruptcy
proceedings.  The case is docketed as A56-337/04.  Mr. A. Tsekh
has been appointed insolvency manager.  Creditors have until
September 8, 2004 to submit their proofs of claim to 199053,
Russia, St-Petersburg, 1st Liniya V.O. 48.

CONTACT:  PROLOG
          191025, Russia,
          St-Petersburg,
          Grafsky per. 2/48, A

          Mr. A. Tsekh
          Insolvency Manager
          199053, Russia,
          St-Petersburg,
          1st Liniya V.O. 48


REGIONAL-WATER CHANNEL: Bankruptcy Proceedings Begin
----------------------------------------------------
The Arbitration Court of Belgorod region has declared state
unitary enterprise Regional-Water Channel insolvent and
introduced bankruptcy proceedings.  The case is docketed as A08-
3375/04-2 b.  Mr. O. Savkin has been appointed insolvency
manager.   Creditors have until September 8, 2004 to submit
their proofs of claim to Russia, Belgorod, Pushkina Str. 49a,
Office 6.

CONTACT:  REGIONAL-WATER CHANNEL
          Russia, Belgorod,
          Litvinova Str. 85a

          Mr. O. Savkin
          Insolvency Manager
          Russia, Belgorod,
          Pushkina Str. 49a,
          Office 6


SOSNOVSKAYA PRINTING: Insolvency Manager Takes over Operation
-------------------------------------------------------------
The Arbitration Court of Nizhny Novgorod region has declared
state enterprise Sosnovskaya Printing House insolvent and
introduced bankruptcy proceedings.  The case is docketed as A43-
15643/03-33-137.  Mr. E. Alipov has been appointed insolvency
manager.  Creditors have until September 8, 2004 to submit their
proofs of claim to 603086, Russia, Nizhny Novgorod region, Post
User Box 64.

CONTACT:  SOSNOVSKAYA PRINTING HOUSE
          606170, Russia,
          Nizhny Novgorod region,
          Sosnovskoye, Matveeva Str. 26

          Mr. E. Alipov
          Insolvency Manager
          603086, Russia,
          Nizhny Novgorod region,
          Post User Box 64


VESYEGONSKAYA AGRICULTURAL: Court Sets August 23 Hearing
--------------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on OJSC Vesyegonskaya Agricultural
Chemical Company.  The case is docketed as A66-5001-04.  Mr. O.
Dronov has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 170042,
Russia, Tver, Post User Box 4299.  A hearing will take place on
August 23, 2004, 3:30 p.m.

CONTACT:  VESYEGONSKAYA AGRICULTURAL CHEMICAL COMPANY
          171720, Russia,
          Tver region, Vesyegonsk,
          Sovetskaya Str. 120

          Mr. O. Dronov
          Temporary Insolvency Manager
          170042, Russia,
          Tver, Post User Box 4299


YUKOS OIL: Court Junks Offer to Pay Fraction of Tax Arrears
-----------------------------------------------------------
A Russian Court rejected an appeal by Yukos Oil to cover part of
a US$3.4 billion tax bill and postpone collection of the claim.

The oil company offered to use its 20% stake in Sibneft as
collateral for the tax bill, but the Moscow Arbitration Court on
Tuesday ruled it couldn't do so.  The rejection strengthens
belief the government is not after Yukos' money but its assets.
The stake is worth US$2.46 billion at current prices.  Yukos'
has a 35% stake in Sibneft, but 15% of that was frozen by the
Chukotka Arbitration Court in July.

Separately, the arbitration court rejected another petition to
defer collection of the bill until appeals are heard on the
seizure of its main production units.  Also on Tuesday, Yukos
sold its stake in Siberian gas producer Rospan International to
TNK-BP for US$357 million.  It could use the money to pay the
tax bill, sources say, according to Reuters.  So far, the
Federal Tax Service has collected only RUB22.92 billion
(US$784.5 million), or less than a quarter of the US$3.4 billion
claim.


ZHBI-4: Gives Creditors Until September 8 to File Claims
--------------------------------------------------------
The Arbitration Court of Belgorod region has declared OJSC
factory of ferro concrete production ZhBI-4 (TIN 3124013632)
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A08-2975/04-2.  Mr. Y. Yakovlev has been appointed
insolvency manager.   Creditors have until September 8, 2004 to
submit their proofs of claim to 308002, Russia, Belgorod, Post
User Box 32.

CONTACT:  ZHBI-4
          Russia, Belgorod,
          Frunze Str. 230

          Mr. Y. Yakovlev
          Insolvency Manager
          308002, Russia,
          Belgorod, Post User Box 32


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


SWISS INTERNATIONAL: First-half Net Loss Down 90% to CHF33 Mln
--------------------------------------------------------------
Swiss International Air Lines (Group) reported a loss from
operating activities (EBIT) of CHF19 million for the first six
months of 2004.  The result compares to a CHF346 million
operating loss sustained for the same period last year.  As
already communicated, the settlement of a prolonged legal
dispute during the second-quarter period produced a CHF68
million non-recurring income amount.  Cash and cash equivalents
totaled CHF353 million at June 30, 2004, which is above planned
projections.

The ongoing corporate restructuring proceeded according to plan
in many areas in the first half of the year.  But Swiss'
turnaround is being negatively influenced by insufficient
reductions in aircraft maintenance costs and by the unexpectedly
high price of aviation fuel, which added some CHF29 million to
its operating expenses for the first-half period.

Seeking a more efficient management structure, the Swiss Board
of Directors has decided to make various organizational
adjustments that involve changes in management personnel.

With total consolidated income from operating activities
amounting to CHF1.768 million (compared to CHF2.098 million for
the prior-year period), Swiss posted a loss from operating
activities (EBIT) of CHF19 million for the first six months of
2004.  The result is a sizeable improvement on the CHF346
million operating loss sustained for the same period last year.

Indeed, the second quarter of 2004 produced a profit from
operating activities of CHF50 million, following the release of
CHF68 million in provisions no longer required after the
settlement of a protracted legal case.  Net of this non-
recurring income, the second quarter would have produced a loss
from operating activities of CHF18 million -- a CHF129 million
improvement on the CHF147 million operating loss posted for the
second quarter of 2003.

With its corporate restructuring well under way, Swiss' CHF1,855
million in total operating expenses for the first half of 2004
were a 24.1% improvement on the CHF2,444 million of the prior-
year period.  Total income from operating activities also
declined as a result of the substantially smaller route network,
but did so by a more modest 15.7%.  As already communicated in
the media release of June 21, the unexpectedly high price of
aviation fuel is having an adverse impact on costs and business
results, however, and added some CHF29 million to operating
expenses in the first half of 2004 alone.

The consolidated net loss for the first half of 2004 after the
financial result, income taxes and Group items amounted to CHF33
million, which compares to a consolidated net loss of CHF333
million for the prior-year period.

Cash and Cash Equivalents of CHF353 million

The consolidated balance sheet showed cash and cash equivalents
of CHF353 million plus fixed-term deposits of CHF5 million on
June 30, 2004.

Cash and cash equivalents thus declined by CHF61 million from
their level at the end of the first quarter of 2004, and by
CHF150 million from their level at the end of 2003.  It should
be mentioned here that the non-recurring income of some CHF68
million deriving from the settlement of the legal case mentioned
above is not included in the cash and cash equivalents on June
30, 2004.  These funds will appear as cash in the cash flow
statement for the third quarter of the year.

Net cash used in operating activities in the first half of 2004
amounted to CHF7 million, a CHF230 million improvement on its
prior-year equivalent.

Net cash used in investing activities totaled CHF37 million in
the first half-year.  Some CHF58 million was invested during the
period in interiors, rotable spares and consumables for the new
Airbus A340 aircraft fleet.  This amount was offset by a
reduction in cash deposits following the return of other
aircraft to their owners.

Net cash used in financing activities in the first half of 2004
amounted to CHF108 million.  The net amount includes cash
outflows of CHF78 million in amortization payments for aircraft
finance leasing liabilities, CHF52 million to repay loans and
CHF28 million spent on ordinary interest payments on finance
leasing and other liabilities.  The total cash outflow was
offset by an increase in cash and cash equivalents resulting
from the use in full of a CHF50 million-credit facility secured
with Barclays Bank on March 16, 2004.

Cash and cash equivalents have developed more favorably than
originally expected.  Additional liquidity should both cushion
the company from the adverse effects of any unforeseen events
and enable it to exploit new business opportunities.  Therefore,
Swiss continues to negotiate with the major Swiss banks and
further international financial institutions with the aim of
securing additional cash.

Shareholders' Equity

Following incorporation of the loss carried forward from the
previous year, Group shareholders' equity amounted to CHF982
million on June 30, 2004, producing a balance sheet equity ratio
of 27.5%.

The voters attending the Ordinary General Meeting of May 6, 2004
approved a reduction in the nominal value of Swiss shares from
CHF32 to CHF18 per share.  The share capital of Swiss
International Air Lines Ltd. was correspondingly reduced by
CHF737 million, from CHF1 685 million to CHF948 million.  The
loss brought forward from the previous year was reduced on the
balance sheet by the same amount.  This capital reduction is an
action envisaged under the Swiss Code of Obligations to help
restructure a corporate balance sheet.  It has no effect on the
company's intrinsic value, and the total amount of shareholders'
equity remains unchanged.

Swiss and the three-dozen shareholders who have committed
themselves to a "lock-up" agreement until August 31, 2004 are
currently discussing a possible extension thereof.

Swiss a Year on from Announcing its Corporate Restructuring

Having negotiated an extremely turbulent 2003 and initiated a
radical corporate restructuring program, Swiss is now in
substantially better shape.  But the company still faces
sizeable challenges on its road to profitability.  The air
transport sector remains a tough business environment.  And any
company operating in it must respond swiftly and flexibly to
change and commit to a process of constant and consistent
improvement.

The company has appointed a new internal project team named CIS
(Continuous Improvement Swiss) to locate further improvement
opportunities and exploit such potential as quickly as possible.
The team has been tasked with identifying further possibilities
of raising revenues and lowering costs, and reports directly to
the Management Board.

Productivity must be further increased throughout the Swiss
organization to lower unit costs.  The company is also
conducting further studies of the results and potential of every
individual route, particularly in Europe, operated from its
Basel and Geneva bases and its Zurich hub.  Swiss intends to
remain a network carrier, however, offering a substantial number
of intercontinental services.  And its short-haul network should
continue to provide direct connections with Europe's major
cities and generate additional connecting traffic in Zurich for
the company's long-haul flights.

Improved Load Factors

Swiss performed a total of 70 612 flights and carried some 4.6
million passengers in the first six months of 2004.  The
modifications effected to the Swiss route network and a general
industry wide market recovery both had a positive impact on the
load factors recorded for the period.  Swiss services posted a
system wide first-half seat load factor of 73.4%, a 4.7-
percentage-point improvement on the same period last year.

Systemwide capacity, measured in available seat kilometers, was
20.1% lower than for the prior-year period.  By comparison, the
decline in system wide traffic volume, measured in revenue
passenger kilometers, was stemmed to 14.6%.  First-half seat
load factor on Swiss's European services stood at 60.3 percent,
an increase of 5.6 percentage points.  Seat load factor on
intercontinental services rose 3.8 percentage points to a
welcome 79.1%.  Yield on European services was 8.3% below its
prior-year levels, while the yield on intercontinental routes
was a 1.8% improvement on the same period last year.

The airfreight business of Swiss WorldCargo showed positive
trends for the first half of 2004.  Cargo load factor for the
period amounted to 85.8%, a 1.8-percentage-point improvement on
the prior-year period.  Despite the reductions in cargo
capacity, which resulted from the downsizing of the Swiss route
network, Swiss WorldCargo remains a sustainably profitable
undertaking, which offers good prospects of medium-to-long-term
growth.

High Reliability, Punctuality Less Than Satisfactory

Swiss operated 98.97% of its published flights in the first half
of 2004.  The performance is a further improvement of 0.75
percentage points on the already-high reliability recorded for
the same period last year.  The punctuality of Swiss flight
operations at Zurich Airport remains less than satisfactory,
however.  The underperformance is due mainly to the tighter
restrictions imposed by the German authorities on approaches to
the airport from the north, and the less-than-ideal utilization
of airport capacity owing to limitations on the number of
aircraft movements during key departure and arrival periods.

Focus on Bilateral Partnerships

In addition to those points served by its own aircraft fleet,
Swiss also provides services to a large number of destinations
under codeshare agreements with various partner airlines.  The
existing agreements were supplemented on June 1 by the
introduction of joint services with Denim Airways on the Zurich-
Venice and Zurich-Florence routes.

After extensive negotiations, Swiss decided at the beginning of
June not to integrate its Swiss TravelClub frequent flyer
program as originally envisaged into the Executive Club program
run by British Airways.  The decision -- which was taken for
strategic reasons -- meant that the bilateral agreement, which
had been provisionally concluded with British Airways, could not
be put into effect.  This in turn meant that Swiss would not
join the Oneworld alliance.

This will not affect Swiss' bilateral commercial agreements with
the other alliance members.  Swiss thus continues to offer its
customers an extensive network of air services and connections
covering all six continents.  In the Swiss TravelClub, Swiss
also retains an attractive frequent flyer program for its
customers.

An Advanced Long-haul Fleet

The Swiss Group operated 85 aircraft as of June 30, 2004.
Eighty of these were in Swiss scheduled service, three were
deployed for charter flights and two were operated by its
Crossair Europe subsidiary.  The fleet had an average age at the
end of June 2004 of just 5.7 years.

Swiss concluded the renewal of its long-haul fleet in the course
of the first six months, with its ninth Airbus A340-300 entering
revenue service on June 26.  The last Boeing MD-11 is scheduled
for withdrawal with the cutover to the winter timetable period
at the end of October, after which Swiss will operate an all-
Airbus long-haul fleet offering passengers state-of-the-art air
travel comfort.

On the regional fleet front, the decision was taken to postpone
the delivery of the first Embraer 170, which had been originally
scheduled for December 2004, in view of the corporate
turnaround, which is currently under way.  However, the aircraft
type remains a firm element in Swiss' future fleet and network
planning.

Adjustments to Upper Management and Reduced Personnel Numbers

Striving for a more efficient and more market-oriented
management structure, the SWISS Board of Directors has decided,
effective September 1, 2004, to make various organizational
adjustments that involve changes in management personnel.  The
Marketing and Services division will be broken up, with some
units assigned to Sales (now called Sales and Marketing) and
others to Operations.  The incumbent head of Marketing and
Services, Daniel Weder, will take on new duties within
Operations.  The new head of the Network division is Harry
Hohmeister (40), currently employed with Thomas Cook/Condor.  He
will succeed Martin Isler at the end of 2004.  Martin Isler will
take on a new assignment within the company.

The leaner management structure and the direct embedding of
Marketing, Sales and Network within the Management Board make it
unnecessary to fill the position of Managing Director Commerce
(CCO).  In future the Management Board will consist of CEO Dr.
Christoph Franz, Managing Director Operations Manfred Brennwald,
Managing Director Finances Ulrik Svensson, and the heads of
Network (Harry Hohmeister) and Sales and Marketing (Oliver
Evans).  The newly created administrative department Corporate
Strategy will be led by Dr. Christoph Beckmann (40), a German
industrial engineer.

SWISS had a total of 7,252 employees in full-time-equivalent
(FTE) terms on June 30, 2004 -- 820 fewer than at the end of
December 2003.  Of these, 6,571 were with the parent company and

681 with various subsidiaries.  The 7,252 FTE positions were
divided among 8,449 employees around the world.

The full first-half interim report is available at
http://www.swiss.comunder "About SWISS > Investor Relations >
Financial Reports."  Printed versions of the report can be
ordered by calling +41 (0) 1 564 20 80.  A full copy of this
press release is available free of charge at
http://bankrupt.com/misc/swissinternational_firsthalfresult.pdf.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O.  Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax:   +41 61 582 35 54
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


===========
T U R K E Y
===========


TURKCELL ILETISIM: Outlook on 'B' Rating Revised to Positive
------------------------------------------------------------
Standard & Poor's Ratings Services on Tuesday revised the
outlook on its 'B' foreign currency corporate credit rating on
leading Turkish mobile telephony provider Turkcell Iletisim
Hizmetleri a.s. to positive from stable, following the raising
of the sovereign ratings on the Republic of Turkey (foreign
currency BB-/Stable/B; local currency BB/Stable/B).

At the same time, Standard & Poor's affirmed its 'B' long-term
foreign currency corporate credit rating on Turkcell, and its
'B' senior unsecured debt rating on related entity Cellco
Finance N.V.  For further details concerning the sovereign
upgrade please see the media release titled "Turkey's Long-Term
FC/LC Ratings Raised To 'BB-/BB' on Macroeconomic Stability;
Outlook Stable", which was published on August 17, 2004, and is
available on RatingsDirect, Standard & Poor's web-based credit
analysis system at http://www.ratingsdirect.com.

"The outlook revision reflects the more stable macroeconomic
environment and local currency in Turkey," said Standard &
Poor's credit analyst Simon Redmond. "This is positive for
Turkcell because it reduces the company's exposure to U.S.
dollar-denominated debt and foreign currency-denominated costs,
and underpins economic growth and demand for Turkcell's
services."

Standard & Poor's expects Turkcell to maintain its leading
market position and sustain cash generation and debt reduction
as country-related risks reduce, which could lead to a stronger
credit profile over time.  The ratings will continue to be
affected, either positively or negatively, by risks relating to
Turkey's economic and currency evolution.  Standard & Poor's
notes that risks from adverse litigation judgments still
currently remain for Turkcell, which is a constraining rating
factor (in a context of funding for international expansion),
although the favorable resolution of some legal issues could
trigger an upgrade.

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

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analyst E-mail Addresses
          simon_redmond@standardandpoors.com
          guy_deslondes@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


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


ALUR: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure LLC Alur (code EDRPOU
22019006).  The case is docketed as B 26/37/04.  Mr. Sergij
Zhukov (License Number AA 669630) has been appointed temporary
insolvency manager.  The company holds account number
26009127544001 at CB Privatbank, Dnipropetrovsk branch, MFO
305299.

Creditors have until August 27, 2004 to submit their proofs of
claim to:

(a) ALUR
    49052, Ukraine, Dnipropetrovsk region,
    Larionov Str. 143

(b) Mr. Sergij Zhukov
    Temporary Insolvency Manager
    49055, Ukraine, Dnipropetrovsk region,
    Titov Str. 9, office 16

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


BORISFEN: Deadline for Proofs of Claim August 27
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on CJSC Football Club Borisfen (code
EDRPOU 24880431) on May 18, 2004.  The case is docketed as 49/14
b-04.  Arbitral manager Mr. Dmitro Savatyuk (License Number AA
485234 approved on March 17, 2003) has been appointed temporary
insolvency manager.  The club holds account number
26005301000346 at JSCB Mriya, First Kyiv branch, MFO 322852.

Creditors have until August 27, 2004 to submit their proofs of
claim to:

(a) FOOTBALL CLUB BORISFEN
    08300, Ukraine, Kyiv region,
    Borispil, Pershogo Travnya Str. 27

(b) Mr. Dmitro Savatyuk
    Temporary Insolvency Manager
    03150, Ukraine, Kyiv region, a/b 381
    Phone: 239-23-90

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


GARANT: Court Appoints Temporary Insolvency Manager
---------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on LLC Garant (code EDRPOU 30864213).
The case is docketed as 10/50.  Mr. I. Pichugin has been
appointed temporary insolvency manager.  The company holds
account number 26005400124 at JSB Poltavabank, Piryatinskij
branch.

Creditors have until August 27, 2004 to submit their proofs of
claim to:

(a) GARANT
    37010, Ukraine, Poltava region,
    Piryatinskij district, Davidivka

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


HARKIVSPETSOBLADNANNYA: Under Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Harkivspetsobladnannya (code EDRPOU
32335202) on July 14, 2004.  The case is docketed as B-31/21-04.
Mrs. Lubov Miroshnichenko (License Number AA 630027 approved on
October 17, 2003) has been appointed temporary insolvency
manager.  The company holds account number 260033014565 at JSCB
Zoloti Vorota, MFO 351931.

Creditors have until August 27, 2004 to submit their proofs of
claim to:

(a) HARKIVSPETSOBLADNANNYA
    Ukraine, Harkiv region,
    Ribalko Str. 11/37

(b) Mrs. Lubov Miroshnichenko
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    Poltavskij Shlyah Str. 6/4 a

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi square, 5, Derzhprom, 8th entrance


KOKSOHIMTEPLOREMONT: Court Orders Debt Moratorium
-------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on LLC Koksohimteploremont (code EDRPOU
13404816) on May 26, 2004 and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as 9/38
b.  Arbitral manager Mr. Igor Alyohin (License Number AA 520165
approved on July 24, 2003) has been appointed temporary
insolvency manager.  The company holds account number
26002301180043 at Prominvestbank, Alchevsk branch of Lugansk
region, MFO 304342; and account number 26009060001098 at CB
Privatbank, Alchevsk branch.

Creditors have until August 27, 2004 to submit their proofs of
claim to:

(a) KOKSOHIMTEPLOREMONT
    94202, Ukraine, Lugansk region,
    Alchevsk, Gorkij Str. 12 b

(b) Mr. Igor Alyohin
    Temporary Insolvency Manager
    Ukraine, Lugansk region,
    Stahanov, Borodin Str. 11/2

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


LISA: Temporary Insolvency Manager Takes over Operation
-------------------------------------------------------
The Economic Court of Kyiv has commenced bankruptcy supervision
procedure on LLC Lisa (code EDRPOU 31486860).  The case is
docketed as 43/331.  Arbitral manager Mr. Volodimir Bakumenko
(License Number AA 719796) has been appointed temporary
insolvency manager.  The company holds account number
26002010429 at JSB Ukrkomunbank, Kyiv branch, MFO 31486860.

Creditors have until August 27, 2004 to submit their proofs of
claim to:

(a) LISA
    04025, Ukraine, Kyiv region,
    Obolonskij Avenue, 23-A

(b) Mr. Volodimir Bakumenko
    Temporary Insolvency Manager
    04116, Ukraine, Kyiv region,
    Dovnar-Zapolskij Str. 4/82

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


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


ALBION BOTANICALS: Shareholders Meeting September 13
----------------------------------------------------
Name of Companies:
Albion Botanicals Limited
Armour South Western Investments Limited
Armour South Western Holdings Limited
Armour South Western Properties Limited
Demonscan Limited
Despina Designs Limited
House Of Despina Limited
Millington & Mason Limited
South Western Consolidated Property Holdings Limited
Trusta Limited

The meeting of the shareholders of these companies will be on
September 13, 2004 commencing at 10:00 a.m.  It will be held at
the offices of Vantis Business Recovery, 49 London Road, St
Albans, Hertfordshire AL1 1LJ.

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.  Shareholders who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Vantis Business Recovery, 49 London Road, St
Albans, Hertfordshire AL1 1LJ not later than 12:00 noon,
September 10, 2004.

CONTACT:  VANTIS BUSINESS RECOVERY
          49 London Road,
          St Albans,
          Hertfordshire AL1 1LJ
          Liquidator:
          N J Hamilton- Smith
          Phone: 01727 811111
          Fax:   01727 810057
          Web site: http://www.vantismt.com


APPLIED AND ADVANCED: Selling GBP3.5 Million Foam Business
----------------------------------------------------------
Grant Thornton U.K. L.L.P. offers for sale the business and
assets of Applied and Advanced Foams Limited.

Applied and Advanced Foams Limited is engaged in foam and fiber
converting business with an annual turnover of GBP3.5 million.
The company supplies foam products to major furniture
manufacturers in the U.K.  The company has state-of-the-art
plant machinery housed in its 27,000 square-meter leasehold
property located in Alcester, Warwickshire.

CONTACT:  GRANT THORNTON
          Contact
          Katheryn Thompson
          Phone: 0121 232 5265
          E-mail: Katheryn.Thompson@gtuk.com
          Web site: http://www.grant-thornton.co.uk


ATLAS CAPITAL: Sets Annual and Final Meeting September 13
---------------------------------------------------------
Name of Companies:
Atlas Capital Asset Management Limited
Atlas Capital Finance Limited
Atlas Oceanic Limited

A joint annual and final meeting of the members of these
companies will be on September 13, 2004 commencing at 2:00 p.m.,
2:15 p.m. and 2:30 p.m. respectively.  It will be held at
Begbies Traynor, Chiltern House, 24-30 King Street, Watford WD18
0BP.

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 Begbies Traynor, Chiltern House, 24-30 King Street, Watford
WD18 0BP not later than 12:00 noon, September 10, 2004.

CONTACT:  BEGBIES TRAYNOR
          Chiltern House,
          24-30 King Street,
          Watford WD18 0BP
          Joint Liquidators:
          V M Bairstow
          N R Hood
          Phone: 01923 812900
          Fax:   01923 812999
          Web site: http://www.begbies.com


AUSTIN DANIELS: Names Liquidator from Valentine & Co
----------------------------------------------------
At an Extraordinary General Meeting of the Austin Daniels
(Islington) Limited Company on July 27, 2004 held at the offices
of Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London
N3 2HS, the Ordinary and Extraordinary Resolutions to wind up
the company were passed.  Robert Valentine of 4 Dancastle Court,
14 Arcadia Avenue, London N3 2HS has been appointed Liquidator
for the purpose of such winding-up.

CONTACT:  VALENTINE & CO
          4 Dancastle Court
          14 Arcadia Avenue,
          London N3 2HS
          Liquidator:
          Robert Valentine


BHD GROUP: Business for Sale
----------------------------
The Joint Administrative receivers, Myles Halley, Richard
Fleming and Mark Orton offer for sale as a going concern, the
business and assets of the BHD Group.

The principal features of the business are:

(a) Building products

       (i) Manufacturer and distributor of windows, doors and
           conservatories to the retail sector and house
           builders (newly built and refurbishment).

      (ii) Customers include blue chip DIY groups and builder
           merchants.

     (iii) Annual turnover of around GBP55 million.

      (iv) Leasehold premises in West Midlands.

(b) Portland Conservatories

       (i) Design and installation of bespoke conservatories
           offering a complete turnkey solution from concept to
           completion.

      (ii) Range of timber and PVCu conservatories.

     (iii) Annual turnover of around GBP13 million.

      (iv) Leasehold premises in Manchester.

       (v) National coverage and recognized brand name.

(c) Houseproud

       (i) Markets a comprehensive range of PVCu conservatories.

      (ii) Supplies garden centers, home improvement companies
           and provides a home delivery service.

     (iii) Annual turnover of around GBP5 million.

      (iv) Leasehold premises in Tamworth.

CONTACT:  KPMG CORPORATE RECOVERY
          2 Cornwall Street
          Birmingham B3 2DL

          Richard Voice
          Phone: 0121 232 3278
          Fax: 0121 335 2501


BIL INVESTMENTS: Sets Members Final Meeting September 9
-------------------------------------------------------
Name of Companies:
BIL Investments (UK) Plc
Brierley Investments (UK) Limited
Greenside Projects Limited
Newson Properties Limited
W H Newson & Goddard At Luton Limited

The final meeting of the members of these companies will be on
September 9, 2004 commencing at 10:30 a.m., 10:40 a.m., 10:50
a.m., 11:00 a.m. and 11:10 a.m. respectively.  It will be held
at Mazars, 24 Bevis Marks, London EC3A 7NR.

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 Mazars, 24 Bevis Marks, London EC3A 7NR not later than
12:00 noon, September 8, 2004.

CONTACT:  MAZARS
          24 Bevis Marks,
          London EC3A 7NR
          Joint Liquidator:
          D Thorniley
          Phone: (44) 20 73 77 10 00
          Fax:   (44) 20 73 77 89 31
          Web site: http://www.mazars.com


BRADFORD CATHEDRAL: Creditors OK Company Voluntary Arrangement
--------------------------------------------------------------
Roger Marsh and David Walker, joint supervisors, are pleased to
announce that the Company Voluntary Arrangement (CVA) for
Bradford Cathedral, proposals for which were issued on 6 July
2004, has been agreed by creditor.

This brings to a conclusion the Cathedral's protracted financial
problems encountered following the failed Millennium 'Life
Force' project exhibition.

Under the terms of the agreed CVA, secured creditors will
receive a small proportion of their indebtedness.  However,
unsecured creditors of the Cathedral in relation to the project
are also set to receive a proportion of their claim.

Roger Marsh and David Walker, joint supervisors, commented: "We
are pleased that the financial difficulties of the Cathedral
have been resolved with the support and agreement of the
creditors.  On behalf of the Cathedral we would particularly
like to thank Barclays Bank, who have actively facilitated this
solution for all creditors."

The Very Revd Christopher Hancock, Dean of Bradford Cathedral,
said: "I'm very grateful to PricewaterhouseCoopers and Walker
Morris for their help in securing the CVA, and indebted to
creditors for agreeing to what was our only viable course of
action to resolve the Cathedral's financial difficulties.  I
sincerely wish another solution had been possible.  I will
always count it an honor to have served the congregation and
people of Bradford as Dean of the Cathedral during this terrible
phase in its life.

"For the good will of so many, and especially the creditors of
'Life Force', Thank you."

The Rt Revd David James, Bishop of Bradford, said: "This
agreement allows the Cathedral to continue its important role as
a focus for Christian life and witness in the City and in the
Diocese of Bradford.  I would like to thank the Dean, the
Cathedral administrator Michael Leeming, and their advisers for
their hard work in facilitating the CVA and, most importantly,
the creditors for making it possible."

                            *   *   *

About the Life Force Project

Bradford Cathedral has incurred debts of around GBP4 million as
a result of the failed 'Life Force' Millennium project, based at
St Peter's House, Forster Square.

The project was conceived in the period leading up to 2000 and
its aim was to establish a multi-faith exhibition, which would
be a "living history of faith and beliefs."  Funding was
obtained through various grants and loans.  For the purpose of
the project St. Peter's House was acquired and works were
carried out to develop the center.

The Cathedral set up two limited companies for the purposes of
running the project; however, the grants and loans for the
project were given to and incurred by the Cathedral itself and
the limited companies have since been liquidated.  The failed
project means that the Cathedral is liable for the outstanding
debts in relation to the project.

The Dean of Bradford, the Very Revd Dr Christopher Hancock, was
appointed in 2002 and has since worked tirelessly to resolve the
financial difficulties of the Cathedral.

About a Company Voluntary Arrangement (CVA)

The CVA is a proposal by The Dean and Chapter of The Cathedral
for payment in part of the Cathedral's debts.  It is a rescue
procedure aimed at preserving the Cathedral in order that it can
operate in the future carrying out its ministry, and other
related works, to the City of Bradford, while maximizing the
potential dividend to creditors.

CONTACT:  PRICEWATERHOUSECOOPERS
          Roger Marsh, Partner
          Phone: 0113 289 4769


BRITISH SKY: Sues Software Provider for Breach of Contract
----------------------------------------------------------
British Sky Broadcasting Limited, the leading provider of
digital television services in the U.K. and Ireland, together
with its subsidiary, Sky Subscribers Services Limited, (together
BSkyB) filed a claim for a material amount against Electronic
Data Systems Limited and Electronic Data Systems Corporation
(together EDS), the information technology services provider, in
respect of deceit, negligent misrepresentation and breach of
contract.  The claim relates to EDS' former role as a supplier
of services to BSkyB as part of the Group's investment in
Customer Relationship Management (CRM) software and
infrastructure.

In summer 2000, BSkyB appointed EDS to design, build and
implement an advanced customer service system at its customer
contact centers in Livingston and Dunfermline, Scotland.  The
relationship was terminated in early 2002 after EDS failed to
perform its contractual obligations. Sky Subscribers Services
Limited assumed direct responsibility for systems integration
following the termination of the relationship with EDS.

Since summer 2000, the Group has invested approximately GBP170
million in its CRM project.  This investment relates to
software, technical infrastructure, systems integration and
refurbishment of BSkyB's contact centers.  As announced on 4
August 2004, the Group expects to invest GBP50 million over the
next four years as it brings the current CRM project to
completion in the near future and continues to maintain leading-
edge customer service systems to support its growing customer
base.

BSkyB is represented in this action by Herbert Smith and by Mark
Howard QC of Brick Court Chambers.

CONTACT:  BRITISH SKY BROADCASTING LIMITED
          Press:
          Robert Fraser
          Phone: 020 7705 3036

          Analysts/Investors:
          Andrew Griffith
          Phone: 020 7705 3118

          Brick Court Chambers
          7 - 8 Essex Street
          London WC2R 3LD
          Phone: 020 7379 3550
          Fax:   020 7379 3558
          Web site: http://www.brickcourt.co.uk


CASTLE HOUSE: Sets Final Meeting September 21
---------------------------------------------
The final meeting of the members of Castle House Publications
Limited will be on September 21, 2004 commencing at 11:30 a.m.
It will be held at the offices of Smith & Williamson Limited,
The Meeting House, Little Mount Sion, Tunbridge Wells, Kent TN1
1YS.

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 Smith & Williamson Limited, The Meeting House, Little Mount
Sion, Tunbridge Wells, Kent TN1 1YS not later than 12:00 noon,
September 20, 2004.

CONTACT:  SMITH & WILLIAMSON LIMITED
          The Meeting House,
          Little Mount Sion,
          Tunbridge Wells,
          Kent TN1 1YS
          Liquidator:
          N Jackson
          Phone: 01892 529922
          Fax:   01892 521225
          Web site: http://www.smith.williamson.co.uk


CENTRELINE MACHINE: Creditors Meeting August 25
-----------------------------------------------
The Creditors of Centreline Machine Tool Co. Limited will meet
on August 25, 2004 commencing at 11:00 a.m.  It will be held at
35 Ludgate Hill, Birmingham B3 1EH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to 35 Ludgate Hill, Birmingham B3 1EH not later than
12:00 noon, August 24, 2004.

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


CHESTERFIELD COLOURGRAPHICS: Creditors to Meet Tuesday Next Week
----------------------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

       IN THE MATTER OF Chesterfield Colourgraphics Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Chesterfield
Colourgraphics Ltd. will be held at 93 Queen Street Sheffield S1
1WF on August 24, 2004 at 10:15 a.m. for the purpose of having a
full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

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

By Order of the Board.

D. Laidlaw, Director
August 2, 2004

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


CITADEL CONFERENCES: Members Final Meeting September 21
-------------------------------------------------------
The final meeting of the members of Citadel Conferences Limited
will be on September 21, 2004 commencing at 10:30 a.m.  It will
be held at the offices of Smith & Williamson Limited, The
Meeting House, Little Mount Sion, Tunbridge Wells, Kent TN1 1YS.

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 Smith & Williamson Limited, The Meeting House, Little Mount
Sion, Tunbridge Wells, Kent TN1 1YS not later than 12:00 noon,
September 20, 2004.

CONTACT:  SMITH & WILLIAMSON LIMITED
          The Meeting House,
          Little Mount Sion,
          Tunbridge Wells,
          Kent TN1 1YS
          Liquidator:
          N Jackson
          Phone: 01892 529922
          Fax:   01892 521225
          Web site: http://www.smith.williamson.co.uk


COFFEE REPUBLIC: Cuts Full-year Loss After Restructuring
--------------------------------------------------------
Coffee Republic narrowed full-year loss to GBP1.7 million from
GBP9.8 million in 2003 after a string of disposals.

The Edinburgh-registered coffee chain sold off 17 bars over the
past year as part of its restructuring.  It plans to dispose 10
more by year-end and a further five at an unspecified period,
according to The Scotsman.  The disposals will cut its chain of
shops to 50.  Only two years ago, the company had 107 stores.

Former investment banker and chairman Bobby Hashemi said: "The
past financial year has marked a turning point for Coffee
Republic.  The trading decline has now stabilized, and a
platform for growth has been established."  It reported a one
percent increase in like-for-like sales last year.


DAMOVO GROUP: In Advanced Talks to Sell Australian Arm
------------------------------------------------------
Telecoms services company Damovo Group received an offer for its
Australian arm from local rival Telstra, strengthening
observations the group is heading towards a global break up.

The Scotsman said Glasgow-based Damovo has not publicly
announced disposals, but it emerged it sold its French
subsidiary in March.  The sale of the Australian operation is
being managed by Macquarie Bank.  The bank is considering other
bids, but it is understood Telstra is the forerunner with a
GBP40 million offer.

Damovo Australia reportedly made a loss of GBP3 million on
turnover of GBP42 million in the year to January 2004.  It is
believed to have debts of about GBP8 million.  Its selloff would
allow the group to reduce overall debt.

Meanwhile, Damovo's U.K. division headquartered in Horsham, last
week reported a pre-tax loss of GBP7.1 million on sales of
GBP98.9 million in the year to January 2004.  It has net
liabilities of GBP97.4 million, up from GBP90.2 million

Stephen Denmark, a Damovo U.K. director, assured the division
continued to trade under an agreement with its holding company.
In a statement he further said the group promised not to demand
payment for inter-company loans if it would "jeopardize the
solvency or going concern position of Damovo U.K."  Positively
not in the foreseeable future, he said.

The group has 2,000 employees, and generates revenues of GBP500
million in 16 countries including Brazil, Germany, and Italy.


DELTA UTILITIES: Creditors Meeting Set August 24
------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

             IN THE MATTER OF Delta Utilities Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Delta Utilities Ltd.
will be held at 93 Queen Street Sheffield S1 1WF on August 24,
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)

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

By Order of the Board.

E. G. Geddes, Director
August 2, 2004

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


DOKTER STUDIO: Calls in Liquidator
----------------------------------
At an Extraordinary General Meeting of the Members of the Dokter
Studio Limited Company on August 5, 2004 held at Holiday Inn
Sheffield, Victoria Station Road, Sheffield, South Yorkshire S4
7YE, the Ordinary and Extraordinary Resolutions to wind up the
company were passed.  Philip E Simons has been appointed
Liquidator for the purpose of such winding-up.


EFFORSENRAB 25: Winding up Resolutions Passed
---------------------------------------------
At an Extraordinary General Meeting of the Efforsanrb (25)
Limited Company on August 4, 2004 held at 43-45 Butts Green
Road, Hornchurch, Essex RM11 2JX, the Special and Ordinary
Resolutions to wind up the company were passed.  Jeremy Stuart
French of Redhead French, 43-45 Butts Green Road, Hornchurch,
Essex RM11 2JX has been appointed Liquidator for the purpose of
such winding-up.

CONTACT:  REDHEAD FRENCH
          43-45 Butts Green Road,
          Hornchurch, Essex RM11 2JX
          Liquidator:
          Jeremy Stuart French
          Phone: 01708 458211
          Web site: http://www.redheadfrench.co.uk


FRASER MANUFACTURING: Receivers Fail to Find Buyer; Mull Wind-up
----------------------------------------------------------------
Following a month of negotiations, the Joint Receivers of
Aberdeenshire's farming equipment business, SBF Agrico, have
announced that the sale of Rothienorman-based Fraser
Manufacturing Ltd. has collapsed.

Joint Receivers, Blair Nimmo and Neil Armour had been working
towards the conclusion of a deal to purchase the business and
assets of Fraser Manufacturing Ltd. as a going concern with a
management buy-out team.  Unfortunately the team was unable to
conclude the sale due to financial constraints.

Receiver, Blair Nimmo, head of KPMG Corporate Recovery in
Scotland said: "It is with regret that 34 of the 43 staff will
be made redundant with immediate effect.  The remaining nine
employees will complete a number of orders before the business
ceases to trade.  We expect this to take approximately two
weeks.  This is a great disappointment to the KPMG Corporate
Recovery team as we have been successful in selling other
subsidiary businesses including that of George Sellar & Son."

The Joint Receivers have instructed Thainstone Auctioneers to
arrange an auction of the plant and equipment for September
2004.

                            *   *   *

Following a period of financial difficulty, SBF Agrico went into
Receivership on Tuesday 25 May.  The management team was
announced as preferred bidder for Fraser Manufacturing Ltd. on
Wednesday 14 July but the deal was subject to the completion of
appropriate legal documentation.

CONTACT:  KPMG CORPORATE RECOVERY
          Wilma Littlejohn, Corporate Communications
          Phone: 0131 527 6818
          Mobile: 07789 922521
          E-mail: wilma.littlejohn@kpmg.co.uk
          Web site: http://www.kpmg.co.uk


G & A TECHNICAL: Names Joint Administrators from Leonard Curtis
---------------------------------------------------------------
J M Titley and A Poxon of DTE Leonard Curtis have been appointed
joint administrators for G & A Technical Services Limited.  The
appointment was made August 11, 2004.  The company maintains
office and computing equipment.

CONTACT:  DTE LEONARD CURTIS
          DTE House
          Hollins Mount
          Bury BL9 8AT
          Joint Administrators:
          J M Titley
          A Poxon
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


GK ENTERTAINMENT: In Administrative Receivership
------------------------------------------------
Bank of Scotland called in Andrew Michael Menzies and Paul Ian
Melville as joint administrative receivers for GK Entertainment
Limited (Reg No 03937005, Trade Classification: 48).  The
application was filed August 5, 2004.  The company is engaged in
entertainment activities.

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


HEART OF MIDLOTHIAN: In Advanced Talks to Sell Tynecastle
---------------------------------------------------------
Following a Board meeting, the Board of Heart of Midlothian PLC
issued an update on the continuing process for the sale of
Tynecastle, originally announced on 9 February 2004.

The Directors confirm that Heart of Midlothian PLC is in
advanced discussions for the conditional sale of Tynecastle.  A
further announcement will be made as soon as final terms of the
sale contract have been agreed.

                            *   *   *

Heart proposed to sell its Tynecastle stadium to raise funds to
sustain the club for at least a year from the date of the
approval of its financial statements.

Peter McGrail, creditor and minority shareholder then predicted
the transfer would result to a drop in season tickets, making an
insolvent liquidation unavoidable.

CONTACT:  HEART OF MIDLOTHIAN
          Chris Robinson
          Phone: 0131 200 7245


HERBERT BEVEN: Appoints Liquidator from David Rubin & Partners
--------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Herbert Beven & Company Limited on August 9, 2004 held at the
offices of David Rubin & Partners, Pearl Assurance House, 319
Ballards Lane, London N12 8LY, the Extraordinary Resolution to
wind up the company was passed.  Lane Bednash of David Rubin &
Partners, Pearl Assurance House, 319 Ballards Lane, London N12
8LY has been nominated Liquidator for the purpose of such
winding-up.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House
          319 Ballard Lane,
          London N12 8LY
          Liquidator:
          Lane Bednash


HOM CONSTRUCTION: Names HKM Administrator
-----------------------------------------
The HOM Construction (London) Limited has appointed John Phillip
Walter Harlow as administrator.  The appointment was made August
2, 2004.

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

CONTACT:  HKM LLP
          The Old Mill,
          9 Soar Lane,
          Leicester LE3 5DE
          Administrator:
          John Phillip Walter Harlow
          Phone: +44(0) 116 242 5100
          Fax: +44(0) 116 242 5200
          Insolvency Fax: +44(0) 116 242 5201
          Web site: http://www.hkm.co.uk


INTERIOR ASSOCIATES: Winding up Resolutions Passed
--------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Interior Associates Limited Company on August 10, 2004 held at
Sherlock House, 73 Baker Street, London W1U 6RD, the Ordinary
and Extraordinary Resolutions to wind up the company were
passed.  Simon Robert Thomas and Stanley Donald Burkett-Coltman
of Tenon Recovery, Sherlock House, 73 Baker Street, London W1U
6RD have been appointed Joint Liquidators for the purpose of
such winding-up.

CONTACT:  TENON RECOVERY
          Sherlock House,
          73 Baker Street,
          London W1U 6RD
          Joint Liquidators:
          Simon Robert Thomas
          Stanley Donald Burkett-Coltman
          Phone: 020 7935 5566
          Fax:   020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


JOHN ASPINALL: Hires Liquidators from PricewaterhouseCoopers
------------------------------------------------------------
At an Extraordinary General Meeting of the John Aspinall (1992)
Limited Company on August 9, 2004, the Special and Ordinary
Resolutions to wind up the company were passed.  Richard Setchim
and Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT have been appointed Joint Liquidators of
the Company for the purpose of such winding-up.

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


KEYNET INTERNATIONAL: Members Pass Winding up Resolutions
---------------------------------------------------------
At an Extraordinary General Meeting of the Members of the Keynet
International Limited Company on August 6, 2004 held at BWC
Business Solutions Limited, 8 Park Place, Leeds LS1 2RU, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  David Leighton Cockshott and Gary Edgar Blackburn
of BWC Business Solutions, 8 Park Place, Leeds LS1 2RU have been
appointed as Liquidators for the purpose of the winding-up.

CONTACT:  BWC BUSINESS SOLUTIONS LIMITED
          8 Park Place
          Leeds, LS1 2RU
          Liquidators:
          David Leighton Cockshott
          Gary Edgar Blackburn


LARK CONSTRUCTION: Cash-strapped House Builder Looking for Buyer
----------------------------------------------------------------
Receivers from Grant Thornton have been called for Cornwall
construction firm Lark Construction, Europe Intelligence Wire
reports.

Nigel Morrison, a partner in the firm, said the firm was a "good
company" with a "good order book" but short of cash.  He said
Lark Construction was hit by an increase in cash requirements,
which unfortunately, its banks were unable to provide.

Grant Thornton said it already received 15 expressions of
interest from potential buyers.  It further sent details to
eight more.  A deal could save the firm's 95 employees.

The 32-year-old firm builds affordable homes in the county.  It
was previously involved in a number of major commercial projects
in the area.  According to the receiver, the company is
currently working on about 10 sites, four of which have the
majority of the activity and work going on.  It said it is
trying to investigate whether customers would support
continuation of the works on those sites.  It has temporarily
laid off employees in the projects.


LAW 2396: Sets Annual and Final Meeting September 8
---------------------------------------------------
The annual and final meeting of the contributories and creditors
of Law 2396 Limited will be on September 8, 2004 commencing at
11:00 a.m. and 11:15 a.m. respectively.  It will be held at the
offices of Rothman Pantall & Co, Clareville House, 26-27 Oxendon
Street, London SW1Y 4EP.

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.  Creditors or contributories who want
to be represented at the meeting may appoint proxies.  Proxy
forms must be lodged with Rothman Pantall & Co, Clareville
House, 26-27 Oxendon Street, London SW1Y 4EP not later than
12:00 noon, September 7, 2004.

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


MARCEL NOMINEES: Winding up Resolutions Passed
----------------------------------------------
Name of Companies:
Marcel Nominees Limited
Quilter Investments Limited

The resolutions to wind up these companies were passed on August
9, 2004.  Richard Setchim and Tim Walsh of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed Joint Liquidators of the Companies for the
purpose of such winding-up.

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


NELSON PRESS: Sets Final Meetings August 26
-------------------------------------------
The final meetings of the contributories and creditors of Nelson
Press Company Limited will be on August 26, 2004 commencing at
2:00 p.m. and 2:30 p.m. respectively.  It will be held at the
company's registered office at Nelson House, Kingswood Grove,
Douglas, Isle of Man.

Creditors of contributories who want to be represented at the
meeting may appoint proxies.  Proxy forms must be lodged with
Shimmin Wilson & Co, 13-15 Hope Street, Douglas, Isle of Man not
later than 12:00 noon, August 25, 2004.


N S E FINE: Appoints Liquidators from PKF
-----------------------------------------
At an Extraordinary General Meeting of the Members of the N S E
Fine Foods Limited Company on July 29, 2004 held at Pannell
House, 159 Charles Street, Leicester LE1 1LD, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Ian J Gould and Brian J Hamblin of PKF, Pannell House, 159
Charles Street, Leicester LE1 1LD have been appointed Joint
Liquidators for the purpose of such winding-up.

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


PRIMESTOCK MANCHESTER: Hires Ernst & Young Administrator
--------------------------------------------------------
Simon Allport and Gary Wilson both of Ernst & Young have been
appointed joint administrators for Primestock (Manchester)
Limited.  The appointment was made August 5, 2004.

The company is engaged in meat processing and packaging.  Its
registered office is c/o Ernst & Young LLP, 100 Barbirolli
Square, Manchester M2 3EY.

CONTACT:  ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Joint Administrators:
          Simon Allport
          Gary Wilson
          Phone: +44 [0] 161 333 3000
          Fax:   +44 [0] 161 333 3001
          Web site: http://www.ey.com


RICKMAN TOOZE: Appoints Baker Tilly Administrators
--------------------------------------------------
The Rickman Tooze Independent Financial Advisors Limited has
appointed Cedric Marsden Clapp and Andrew Martin Sheridan as
joint administrators.  The appointment was made August 9, 2004.
The company is engaged on the provision of financial services
under FSA Category B3.

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


ROTHERHAM RUGBY: In Liquidation
-------------------------------
Directors of Rotherham Rugby Union placed the football club in
liquidation for lack of funds.

"The uncertainty about their level of funding for the coming
season has apparently been the straw that broke the camel's back
for the club, and has forced the directors to throw in the
towel," the club said in a statement.  It is believed to have
debts of GBP1.5 million, GBP400,000 of which is unpaid VAT.

The club was relegated from the Zurich Premiership last season.
It recently called off a pre-season friendly with Ulster and
withdrew from Middlesex Severn.  It might also pull out of its
scheduled National League One fixture against Bedford on
September 4 unless it finds an investor.

Rotherham Rugby is in dispute with England Rugby Limited.  It
claims there are irregularities in the application of National
League champions for promotion to the Premiership in their
place.  A High Court action had been tabled and was due to be
heard this week.

The club's major creditor is Mike Yarlett, who has been with
Rotherham for over 30 years.


SCOTLAND ON LINE: DC Thomson Acquires Full Ownership
----------------------------------------------------
Publishing group DC Thomson acquired its business partner
AdvancedWave, a smart card technology company based in
Oxfordshire, for an undisclosed sum, The Scotsman reports.  The
buyout increased the group's stake in Scotland On Line,
Scotland's biggest Internet company, from 50% to 100%.
AdvancedWave bought the stake from Glasgow telecoms operator
Thus in 2002.

"AdvancedWave have decided to step back from their shareholding
to concentrate on their own area," a spokesman said.

Scotland On Line expanded considerably during the dotcom boom.
But the technology bubble burst, leaving it debts of some GBP5
million.  Some of the debts were written off, and Scotland on
Line was forced to scale back.  The company has since then moved
from creating Web sites to genealogy and heritage.  Its other
interests include broadband phone services in the borders.

As part of the deal, DC Thomson paid off GBP750,000 owed by
Scotland Online to AdvancedWave.  Scotland Online owes a further
GBP4.2 million to DC Thomson and its subsidiary, Meadowside
Leasing.  The company declined to say whether either debt had
been written off.

Scotland Online made a loss of GBP4.7 million in 2002.  For the
year to September 2003, it cut the losses to GBP776,000.  Like-
for-like turnover rose by 11% to GBP4.2 million in 2003.  The
company now employs 55 staff in Dundee and Edinburgh, down from
63.

A spokesman reiterated the firm's forecast to return to profit
in the next 12 months.


SOLICITORS ESTATE: Liquidator Presents Report
---------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

    IN THE MATTER OF Solicitors Estate Agency (Glasgow) Ltd.
                      (In Liquidation)

Notice is hereby given, in terms of Section 146 of the
Insolvency Act 1986 that the final Meeting of Creditors of
Solicitors Estate Agency (Glasgow) Ltd. will be held at Allan
House, 25 Bothwell Street, Glasgow G2 6NL on August 25, 2004 at
10:00 a.m. for the purposes of receiving the liquidator's report
on the conduct of the winding up and determining whether the
Liquidator should be released in terms of Section 174 of the
Insolvency Act 1986.

Douglas B. Jackson, Liquidator

Moore Stephens Corporate Recovery, Allan House, 25 Bothwell
Street, Glasgow G2 6NL

July 15, 2004

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          25 Bothwell Street
          Glasgow G2 6NL
          Phone: 0141 567 4500
          Fax: 0141 567 4535


STUART HOUGHTON: Names Joint Administrators from Baker Tilly
------------------------------------------------------------
Andrew Martin Sheridan and Cedric Marsden Clapp have been
appointed joint administrators for Stuart Houghton Limited.  The
appointment was made August 11, 2004.  The company sells and
distributes giftware products.

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


TANGENT SOLUTIONS: Appoints UHY Hacker Young Administrator
----------------------------------------------------------
Andrew Andronikou and Ladislav Hornan have been appointed joint
administrators for Tangent Solutions Limited.  The appointment
was made August 5, 2004.

The company manufactures office and shop furniture.  Its
registered office is located at Unit 4, Rivermead Drive,
Rivermead Industrial Estate, Swindon, Wiltshire SN5 7EX.

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


WELCOME BREAK: Hires Joint Liquidators from PwC
-----------------------------------------------
At an Extraordinary General Meeting of the Welcom Break Finance
Plc on August 6, 2004, the Special and Ordinary Resolutions to
wind up the company were passed.  Richard Setchim and Jonathan
Sisson of PricewaterhouseCoopers LLP, Plumtree Court, London
EC4A 4HT have been appointed Joint Liquidators of the Company
for the purpose of such winding-up.

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


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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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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