TCREUR_Public/040820.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, August 20, 2004, Vol. 5, No. 165

                            Headlines

C Y P R U S

SAMILTON LEASING: Proofs of Claim Deadline September 13
UPPERCOM LIMITED: Gives Creditors Until Sept. 13 to Prove Claims


F I N L A N D

FINNAIR OYJ: Rising Fuel Cost Spoiling Return to Black
M-REAL CORPORATION: Adopts New Business Plan
M-REAL CORPORATION: Raising EUR450 Million Via Rights Offering
M-REAL CORPORATION: EUR55 Mln Write-down to Hit Q3 Results
M-REAL CORPORATION: Installs New Corporate Executive Board

M-REAL CORPORATION: Explains Effects of Shift to IFRS Reporting
M-REAL CORPORATION: Moody's Keeps Ratings Under Review
SANITEC OYJ: To Discuss Interim Firs-half Report August 25


G E R M A N Y

BAYER AG: In Advanced Talks with Cerberus Over Blood Plasma Biz
DEUTSCHE BAHN: First-half Losses Drop to EUR66 Million
KARSTADTQUELLE AG: Online Demand Hits Record High


H U N G A R Y

BORSODCHEM RT: Corrects Details of September 8 EGM Agenda
PANNONPLAST RT: To Discuss Management Changes at EGM Next Month


I R E L A N D

GALTEE MEATS: Rival Offers to Accommodate Customers


I T A L Y

ALITALIA SPA: E.U. Commission to Probe Rome's Fare Hike Order


K Y R G Y Z S T A N

KENTAVR: Gives Creditors Until August 24 to File Claims
NORTH ZONE: Creditors Hire Temporary Insolvency Manager
OSH ESTATE: Public Auction of Assets Set September 11
VITA: Under Bankruptcy Supervision


N E T H E R L A N D S

ASM INTERNATIONAL: Brings New Processing Technology to Asia
ROYAL SHELL: Sells Peruvian Fuels Business


N O R W A Y

DNO ASA: Books NOK284.1 Million First-half Net Profit


R U S S I A

CENTRAL SCIENTIFIC: Leningrad Court Opens Bankruptcy Proceedings
LISKINSKOYE AUTO: Deadline for Proofs of Claim September 8
MOTORIST: Belgorod Court Appoints Insolvency Manager
OBUKHOV-SPECIAL-STEEL: Bankruptcy Proceedings Ongoing
OSTROGOZH-AGRO-KHIM: Proofs of Claim Deadline September 8
VESENNIY: Insolvency Manager Takes over Operation


S P A I N

IZAR: Basque Wants Sestao Yard's Inclusion in New Company
PREMSA CATALANA: Holds Creditors' Meeting to Discuss Liquidation


S W E D E N

LM ERICSSON: Repurchases EUR410 Million Bonds


U K R A I N E

LITVINETSKE: Proofs of Claim Deadline August 27
MIRT: Court Appoints Insolvency Manager
NEFTON: Kyiv Court Opens Bankruptcy Proceedings
SBS-FARMATSIYA: Bankruptcy Supervision Begins
SHEVCHENKIVSKA RAJAGROHIMIJA: Under Bankruptcy Supervision

STUBBLE-BRUSH: Proofs of Claim Deadline August 27
TIVRIVAGROBUT: Court Hires Temporary Insolvency Manager
TOMAKIVKA' CHEESE: Bankruptcy Supervision Begins


U N I T E D   K I N G D O M

ANP CONSULTANTS: Sets Creditors Meeting September 3
ARTHOUSE HOTEL: KPMG Sells Four-star Hotel
ARTHUR CERRI: Extraordinary Winding up Resolution Passed
ASPHALTIC CONTRACTS: Hires Liquidator from Valentine & Co
AVALON CUISINE: Appoints Liquidators from Tait Walker

AXIS LASER: Sets Meeting of Creditors August 25
BLUE CINDER: Hires Joint Administrators from Harrisons
BLUE SWALLOW: Winding up Resolutions Passed
BUSINESS TECHNIQUES: Hires Liquidator from Benedict Mackenzie
CONCEPT STRUCTURAL: Calls in Liquidator

COOMBEFIELD LIMITED: Hires Liquidators from Rothman Pantall
COUNTRY HOUSE: Four Hotels in Trouble
CW TRANSPORT: Appoints Milner Boardman & Partners Liquidator
DAYAMBER LIMITED: Sets Final General Meeting September 17
DE LANE: In Administrative Receivership

FREUDENBERG HOLDINGS: Sets Members Final Meeting September 21
GEM ENTERTAINMENTS: Names Begbies Traynor Administrator
HEDSTROM UK: Creditors Meeting Set August 24
HOLBRO SUPPORT: Hires Liquidator from Moore Stephens
IFORCE GROUP: Special Winding up Resolution Passed

INNOPAC LIMITED: Creditors Meeting September 1
J DAWSON: Sets Members General Meeting September 24
LGC 10: Extraordinary Winding up Resolution Passed
NEW.NET UK: Sets Members Final Meeting September 28
PAPERMARC MERTON: Appoints BDO Stoy Hayward Administrator

PBS FINANCIAL: Members Final Meeting Set September 15
PETER CHRISTIAN: Creditors Meeting Wednesday Next Week
ROBOR CARTONS: Hires Begbies Traynor Administrator
ROTHERHAM RUGBY: Sheffield Eagles Offer Help
SAMBA CAPITAL: Sets Final General Meeting September 17

SOLOMON BROS: Members Meeting September 21
TELEGRAPH GROUP: Books GBP100 Million Pre-tax Loss for 2003
UNITED BISCUITS: Appoints New Managing Director for U.K.
WEMBLEY PLC: Harrah's Entertainment Looks Set to Open Casino
WHYTOCK & REID: Goes Into Liquidation After 200 Years


                            *********


===========
C Y P R U S
===========


SAMILTON LEASING: Proofs of Claim Deadline September 13
-------------------------------------------------------
           IN THE MATTER OF Samilton Leasing Limited

                            and

       IN THE MATTER OF THE CYPRUS COMPANIES LAW CAP 113

Notice is hereby given that the creditors of Samilton Leasing
Limited, which is being voluntarily wound up, are required on or
before September 13, 2004 to send their full names, addresses
and descriptions, full particulars of their debts or claims and
the names and addresses of their solicitors (if any) to George
Fodaris of PricewaterhouseCoopers, Julia House, 3 Themistocles
Dervis Street, CY-1066 Nicosia, P.O. Box 21612, CY-1591 Nicosia
Cyprus, the liquidator of the said company, and if so required
by notice in writing from the said liquidator, to come in and
prove their said debts or claims at such time and place as shall
be specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

George Foradaris
PricewaterhouseCoopers

CONTACT:  PRICEWATERHOUSECOOPERS
          Julia House
          3 Themistocles Dervis Street
          CY-1066 Nicosia
          Cyprus

          Mailing Address:
          P.O. Box 21612
          CY-1591 Nicosia
          Cyprus
          Phone: (357) 22555000
          Fax: (357) 22555001
          Web site: http://www.pwcglobal.com


UPPERCOM LIMITED: Gives Creditors Until Sept. 13 to Prove Claims
----------------------------------------------------------------
              IN THE MATTER OF Uppercom Limited

                            and

       IN THE MATTER OF THE CYPRUS COMPANIES LAW CAP 113

Notice is hereby given that the creditors of Uppercom Limited,
which is being voluntarily wound up, are required on or before
September 13, 2004 to send their full names, their addresses and
descriptions, full particulars of their debts or claims and the
names and addresses of their solicitors (if any) to George
Fodaris of PricewaterhouseCoopers, Julia House, 3 Themistocles
Dervis Street, CY-1066 Nicosia, P.O. Box 21612, CY-1591 Nicosia
Cyprus, the liquidator of the said company, and if so required
by notice in writing from the said liquidator, to come in and
prove their said debts or claims at such time and place as shall
be specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

George Foradaris
PricewaterhouseCoopers

CONTACT:  PRICEWATERHOUSECOOPERS
          Julia House
          3 Themistocles Dervis Street
          CY-1066 Nicosia
          Cyprus

          Mailing Address:
          P.O. Box 21612
          CY-1591 Nicosia
          Cyprus
          Phone: (357) 22555000
          Fax: (357) 22555001
          Web site: http://www.pwcglobal.com


=============
F I N L A N D
=============


FINNAIR OYJ: Rising Fuel Cost Spoiling Return to Black
------------------------------------------------------
Finnair Oyj warns it will post a full-year loss for 2004 due to
record-high fuel costs.  The Finnish flag carrier, according to
Reuters, was able to narrow its loss in the second quarter, but
this gain will come to naught in the current quarter, weakened
by oil price hikes.  Overall, results would improve but will
still be in red.

"Jet fuel costs for the whole year ... are expected to grow by
around EUR50 million (GBP33 million) compared with the previous
year," the carrier said in a statement.

Finnair plans to raise fares to offset higher fuel prices, but
will not impose surcharge.  It earlier predicted a return to
profit this year after an EUR18.9 million operating loss in
2003.  For April to June pre-tax loss was EUR1.9 million, down
from EUR6.4 million in the same period a year ago.

CONTACT:  FINNAIR OYJ
          Investor relations
          PL 15
          FIN-01053 FINNAIR
          Finland
          Web site: http://www.finnair.com

          Phone: +358 9 818 4951
          Fax: +358 9 818 4092
          E-mail: investor.relations@finnair.com

          Investor Relations Team
          Christer Haglund
          Vice President, Corporate Communications
          Phone: +358 (0) 9 818 4007
          Fax: +358 (0) 9 818 4092
          E-mail: christer.haglund@finnair.com

          Petri Pentti, Senior Vice President and CFO
          Phone: +358 (0) 9 818 4950
          Fax: +358 (0) 9 818 4092
          E-mail: petri.pentti@finnair.com

          Communications Officer, IR
          Taneli Hassinen
          Phone: +358 (0) 9 818 4976
          Fax: +358 (0) 9 818 4092
          E-mail: taneli.hassinen@finnair.com


M-REAL CORPORATION: Adopts New Business Plan
--------------------------------------------
M-real Corporation unveiled Wednesday its revised strategy to
improve operational efficiency and strengthen its balance sheet.

Summary

(a) M-real's core businesses are Consumer Packaging, Publishing,
    Commercial Printing and Office Papers.

(b) New business and management structure, aligning the
    organization with its core businesses, aims for internal
    efficiency and increased profit responsibility.

(c) Investments to be targeted on improving cost-competitiveness
    of core businesses and on product quality; structural
    investments will focus on growth areas of Consumer
    Packaging, Publishing and Commercial Printing.

(d) Divestiture of forest assets is expected to be finalized by
    the end of the year.  Options regarding selected non-core
    assets are being evaluated.

(e) Balance sheet effects of adopting IFRS accounting standards
    have been estimated.

(f) M-real intends to raise approximately EUR450 million in
    equity capital through an underwritten rights offering.  M-
    real's principal shareholder, Metsaliitto Cooperative, has
    committed to subscribe for its pro rata share of the new
    shares.

(g) Revised targets set for return on capital employed at a
    minimum of 10% on average over the business cycle, and
    gearing ratio not to exceed 100% M-real announces a
    program of strategic initiatives to refine its business
    focus, improve its operational efficiency and strengthen its
    balance sheet.

Hannu Anttila, Senior Executive Vice President and designate
President and CEO (effective January 1, 2005), said "Over the
last few months we have conducted a thorough review of M-real's
strategy and operations.  The review has confirmed that Consumer
Packaging, Publishing, Commercial Printing and Office Papers are
M-real's core businesses.

The initiatives announced, together with the previously
announced cost reduction and profitability improvement programs,
will assist in strengthening the Company's position as one of
the leading European paper and board companies.  These measures
are designed to give us the financial flexibility to benefit
from improving fundamentals in the paper and board industry."

          Initiatives to Strengthen Strategic Focus

Revised Business Strategy

M-real's core businesses are Consumer Packaging, Publishing,
Commercial Printing and Office Papers.  As part of its revised
strategy, the Company intends to prioritize major development
investments on high-quality packaging and graphics products
which management has identified as the most attractive future
growth areas for M-real.  The Company seeks to increase the
competitiveness of existing operations by improving product
quality and increasing production efficiency.

Although not expected to be a major investment focus in the
near-term, Office Papers will remain a core product area
supporting M-real's other businesses and its overall strategy.
The Company remains committed to its business relationship with
Map Merchant Group, but it will evaluate opportunities to
further develop its merchanting business.  This may take place
through participation in the consolidation of the business area
or through other measures, not excluding solutions that would
dilute the Company's ownership position to below 50%.

M-real's revised target for return on capital employed has been
set at a minimum of 10% on average over the business cycle and
its revised target-gearing ratio is not to exceed 100%.  Total
investments (including acquisitions, if any) will be
approximately equal to depreciation in 2005 and 2006, assuming a
cyclical recovery.

Revised Operational and Management Structure

The goal of the revised operating and management structure is to
realign production with sales and marketing within each core
business.  The business area heads will be responsible for the
operations of their respective business areas including sales,
marketing and production and will be accountable for strategy,
profitability and return on capital employed of the business
areas.

The business area heads will be members of the Corporate
Executive Board.  The Corporate Executive Board will approve the
business area strategies and review any strategic investment
requests with the objective of achieving the Company's financial
targets.

The business area heads will be responsible for executing the
agreed strategy and generating the required returns.  They will
be supported by centralized corporate functions.  The business
area heads will be remunerated, in part, based on the operating
performance of their respective business areas and on the
Company's performance overall.  The new organizational structure
will take effect on September 1, 2004.

Divestiture of Forest Assets
The Company is in the process of divesting its 95% holding in
Forestia Oy and expects to finalize the process by the end of
the year.  Forestia Oy has been independently valued at EUR172
million.

Reviewing Options Regarding Non-core Assets

During the past three years, the Company has divested certain
assets including, most recently, Metsa Tissue.  In order to
reduce its high indebtedness, the Company has further identified
certain other non-core assets, which it may divest as and when
appropriate.  Also the Company will evaluate its strategic
options concerning its three carton plants and the Savon Sellu
mill.

Cost Reductions and Profitability Improvements

The Company has completed the 2001-2003 cost reduction and
efficiency improvement program.  Of the targeted annual EUR295
million cost reductions and efficiency improvements, EUR205
million in annualized cost reductions were achieved by the
second quarter of 2004 and EUR50 million in efficiency
improvements have been implemented but require operating rates
in excess of 90% in order for the benefits to be realized.
EUR40 million of the expected cost reductions were not achieved.
The Company is confident it will achieve approximately EUR30
million of cost reductions under the new program in 2004, and
believes it will be able to implement the remaining EUR170
million by the end of 2006.

Adoption of IFRS Accounting Rules

From January 1, 2005, M-real is required to convert from Finnish
Accounting Standards (FAS) to International Financial Reporting
Standards (IFRS).  The Company is required to prepare its
opening IFRS balance sheet as of January 1, 2004.  Based on
preliminary investigations, the conversion in accounting
standards is estimated to have the following significant effect
on the Company's consolidated financial statements prepared in
accordance with FAS:

(a) EUR320 million reduction in reported shareholders' equity
    mainly related to pension liabilities, reversion of sale and
    leaseback agreements, deferred taxes, financial instruments
    and asset impairments;

(b) EUR60 million net increase in interest-bearing indebtedness
    due to the reclassification of finance leases, operating
    leases and pension liabilities.  An asset write-down of
    EUR55 million under FAS will be recorded in the third
    quarter of 2004.  This amount has been included in the
    estimated effects on the opening balance sheet of adopting
    IFRS and forms part of the EUR320 million reduction in
    shareholders' equity (asset impairment).

Uruguay Pulp Project

As previously disclosed, the shareholders of Metsa-Botnia are
considering investing approximately US$1 billion in a pulp
project in Uruguay.  This project would provide the shareholders
of Metsa-Botnia with an additional pulp capacity of one million
tons per annum and the mill is expected to be one of the
lowest-cost pulp production assets in the industry,
strategically positioning the shareholders for growth in fine
paper demand.  M-real is evaluating the merits of the pulp
project and is committed to maintaining its pulp
self-sufficiency within the limits of its financial targets.

          Initiatives to Strengthen Balance Sheet

Background to the Rights Offering

In the late 1990s, most leading producers within the forest
products industry recognized that significant growth could not
be achieved organically without causing severe disruptions in
the balance of supply and demand.  From the second half of the
1990s, the industry experienced a period of rapid consolidation
and many industry transforming transactions were completed in
2000 and early 2001, which subsequently proved to be the peak of
the last economic and industry cycle.  M-real was an active
participant in the consolidation of the industry, as evidenced
by its increased market shares in its core businesses through
the acquisitions of Modo Paper and Zanders.

Many leading paper producers entered the recent period of global
economic decline with financially leveraged balance sheets.
Financial leverage and a protracted cyclical downturn created a
challenging operating environment for producers.  For European
producers, this challenging environment has been exacerbated by
the recent strength of the euro relative to the U.S. dollar.  As
a result, M-real's operating performance declined as part of
this general trend and it has not reduced its financial gearing
as quickly as anticipated.

M-real has responded by introducing two cost reduction programs,
divesting assets and adopting a revised business strategy to
focus on further improving operational efficiency.

The Rights Offering

M-real intends to raise approximately EUR450 million in equity
capital through an underwritten rights offering based on the
pre-emptive subscription right of its shareholders (the
Offering).  The Company intends to use the proceeds of the
Offering to reduce outstanding indebtedness.  The Company's
principal shareholder, Metsaliitto Cooperative, which owns 38.5%
of the Company's share capital, has committed to subscribe for
its pro rata portion of the new shares to be issued in the
Offering.

Citigroup and Nordea Corporate Finance have agreed to underwrite
all of the new shares not associated with Metsaliitto's
subscription rights, subject to customary conditions and with
final determination of the price and other terms of the Offering
to be finalized subsequent to the shareholders' authorization.

Rationale for the Offering As the timing and strength of the
expected cyclical recovery remains uncertain, as the conversion
to IFRS will result in the reduction of shareholders' equity and
as management's current expectation is that the Company will
report a pre-tax loss excluding extraordinary items for the
financial year 2004, the Company believes that it is prudent and
in the best interest of its shareholders to pursue the Offering.

The Offering is intended to improve the Company's balance sheet
strength, increase financial flexibility and facilitate the
implementation of M-real's revised strategy.  As of June 30,
2004, the Company's gearing ratio will improve from 113% to 78%,
pro forma for the Offering, and to 91%, pro forma for the
Offering and the estimated effects of the adoption of IFRS.

Refinancing Plan Subsequent to the Offering, M-real intends to
replace the EUR700 million revolving credit facility maturing in
2005 with a new revolving credit facility of approximately
EUR500 million in size.  In addition, the Company is considering
accessing the debt capital markets to extend its debt maturity
profile, provided market conditions allow and terms are
acceptable.  Dividend Policy M-real has redefined its dividend
policy.  M-real's dividend policy is stable and rewarding to
shareholders, and aims at paying a dividend of at least 1/3 of
the Company's earnings per share on average across the business
cycle, nonetheless taking into account its gearing target.

Hannu Anttila, Senior Executive Vice President and designate
President and CEO as of January 1, 2005 said: "We believe the
strategic and operational changes announced position M-real to
take advantage of recovering demand for paper and board.  These
changes, combined with the cost reduction program instituted
earlier this year and our announced rights offering and
refinancing plan, are designed to provide M-real the platform
from which to continue to develop the Company towards the
strategic goals of strengthening our position as a leading
producer and supplier of paper, paperboard and packaging
solutions in Europe and as the preferred supplier of high
quality products for our customers."

                            *   *   *

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN AUSTRALIA,
CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE
PEOPLE'S REPUBLIC OF CHINA, JAPAN, SPAIN OR THE UNITED STATES OF
AMERICA.

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


M-REAL CORPORATION: Raising EUR450 Million Via Rights Offering
--------------------------------------------------------------
M-real intends to raise approximately EUR450 million in equity
capital through an underwritten rights offering of new Series B
Shares based on the pre-emptive subscription right of its
shareholders (the Offering).  The Company intends to use the
proceeds of the Offering to reduce indebtedness.

M-real announced details of its revised strategy and refinancing
plan.  These initiatives will allow M-real to improve its
operational efficiency, strengthen its balance sheet and
position the Company to benefit from improving fundamentals in
the paper and board industry.

Hannu Anttila, Senior Executive Vice President and designate
President and CEO (effective January 1, 2005), said: "The rights
offering and the refinancing plan will provide M-real the
financial flexibility throughout the industry cycle to implement
its strategic initiatives."

The Company's principal shareholder Metsaliitto, owning 38.5% of
the Company's share capital, has committed to exercise all of
its subscription rights in the Offering.

The Board of Directors of the Company has decided to convene an
extraordinary general meeting on September 6, 2004 to seek
authorization to proceed with the Offering.  Soon thereafter,
the Company expects to announce the exact timing and final terms
of the Offering.  The Offering is expected to be completed in
October 2004.

Citigroup and Nordea Corporate Finance will act as the global
coordinators of the Offering and have agreed to underwrite all
of the new shares not covered by Metsaliitto's subscription
rights, subject to customary conditions and with determination
of the price and other terms of the Offering to be finalized
subsequent to the extraordinary general meeting.

                            *   *   *

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN AUSTRALIA,
CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE
PEOPLE'S REPUBLIC OF CHINA, JAPAN, SPAIN OR THE UNITED STATES OF
AMERICA.

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

M-REAL CORPORATION
Board of Directors

CONTACT:  M-REAL CORPORATION
          Hannu Anttila
          President and CEO
          (effective January 1, 2005)
          Phone: + 358 10 469 4611

          Juhani Poho
          CFO
          Phone: +358 10 469 5283


M-REAL CORPORATION: EUR55 Mln Write-down to Hit Q3 Results
----------------------------------------------------------
M-real Corporation recently assessed the book values and
estimated current values of the fixed assets on its balance
sheet.  As a result of this process, M-real has decided to make
write-downs on fixed assets related to Savon Sellu and Specialty
Papers business.  The write-downs amount to EUR55 million, and
will be recorded in third quarter of 2004.  These write-downs
will have a negative effect on the Company's third quarter
results.

CONTACT:  M-REAL CORPORATION
          Hannu Anttila, President and CEO
          Phone: + 358 10 469 4611

          Juhani Poho, CFO
          Phone: +358 10 469 5283

          Jyrki Antikainen (Media contact)
          Phone: + 358 10 469 4940
          Mobile: +358 50 357 4292

          Antti Nummi (IR contact)
          Phone: +358 10 469 4432
          Mobile: +358 50 598 9629


M-REAL CORPORATION: Installs New Corporate Executive Board
----------------------------------------------------------
M-real Corporation's Board of Directors approved the new
organization and the members of M-real's Corporate Executive
Board in their meeting on August 18, 2004.

According to a decision of M-real's Board of Directors, Hannu
Anttila will start as Chief Operating Officer (COO) of the group
on September 1, 2004.  He will assume the position of President
and CEO on January 1, 2005.  Aarre Metsavirta, Senior Executive
Vice President, will continue as the deputy to the President and
CEO.

M-real's new organization comprises four business areas and
paper merchant Map Merchant Group.  The business areas are
Consumer Packaging, Publishing, Commercial Printing and Office
Papers.  The business area management is composed of:

(a) Consumer Packaging, Hannu Kottonen, Executive Vice President
    Publishing;

(b) Aarre Metsavirta, Senior Executive Vice President
    Commercial Printing;

(c) Jarmo Salonen, Executive Vice President
    Office Papers;

(d) Peter Sandberg, Executive Vice President

The business operations of Map Merchant Group will continue to
be headed by Karl-Johan Lindborg, CEO.

M-real's business area support units are the Corporate Strategy
& Sales Services unit and the Industrial Development & Resources
unit.

The Corporate Strategy & Sales Services unit is responsible for
the development of the corporate strategy, administrative
functions and development of regional sales network.  For the
time being, Hannu Anttila will head this unit.

The Industrial Development & Resources unit, headed by Aarre
Metsavirta, supports business areas in developing investment
proposals and coordinates decision-making in the development of
M-real's long-term industrial structure.  In addition, the
Industrial Development & Resources unit monitors, develops and
enhances the efficiency of the operations in productions in
co-operation with business areas.

Finance, Control & Legal Affairs is headed by Juhani Poho,
Executive Vice President and CFO, and Human Resources &
Communications is headed by Ari Himma, Executive Vice President.
The Corporate Executive Board (CEB) comprises Jouko M. Jaakkola,
Hannu Anttila and the executives reporting to Mr. Anttila: Aarre
Metsavirta, Hannu Kottonen, Jarmo Salonen, Peter Sandberg, Ari
Himma and Juhani Poho.  The Chairman of the CEB is Hannu
Anttila, Vice Chairman is Jouko M. Jaakkola and Matti Morsky,
Senior Vice President of Business Development, acts as secretary
to the CEB.

The new organization will come into force on 1 September 2004.
Veli-Matti Mynttinen, Executive Vice President, Marketing &
Sales, will leave M-real at his own request.

M-REAL CORPORATION
Board of Directors

CONTACT:  M-REAL CORPORATION
          Hannu Anttila
          President and CEO
          (as of 1 January 2005)
          Phone: + 358 10 469 4611


M-REAL CORPORATION: Explains Effects of Shift to IFRS Reporting
---------------------------------------------------------------
From January 1, 2005, M-real Corporation is required to convert
from Finnish Accounting Standards to International Financial
Reporting Standards in its financial reporting.  The transition
date is January 1, 2004 and on that date the Company is required
to prepare its opening IFRS balance sheet.

Based on preliminary investigations, the conversion in
accounting standards is estimated to have a considerable effect
on the Company's consolidated shareholders' equity compared to
the financial statement prepared in accordance with FAS.

M-real will publish an announcement regarding the effects of the
implementation of IFRS on the Company's financial reporting as
well as a reconciliation between the Company's financial
statements for the fiscal year 2004 prepared according to FAS
and the same financial statements prepared according to IFRS.
This announcement will be released during the first quarter of
2005.

In the following summary, the significant estimated effects of
the adoption of IFRS on the opening balance sheet are explained.

Effects on Shareholders' Equity

(a) Accounting of retirement benefits (pensions)

    Under FAS, pension expenses and obligations are recorded and
    included in the consolidated financial statements in
    accordance with local accounting practices in the countries
    in which employees are provided with pension benefits.  IFRS
    requires that pension plans are classified as either defined
    contribution plans or defined benefit plans.  In the case of
    the latter, the plans' assets and obligations are calculated
    using actuarial methods and the difference between them
    should be recorded in the company's opening IFRS balance
    sheet as an asset or a liability.  M-real estimates that
    certain subsidiaries outside Finland have pension
    liabilities amounting to a total of EUR101 million (net of
    deferred tax assets), which must be recognized in the
    Company's opening IFRS balance sheet.  This recognition has
    a corresponding negative effect on shareholders´ equity.  In
    addition, according to current estimates, the disability
    element of the Company's Finnish pension plan (TEL) will be
    calculated as a defined benefit plan under IFRS (under FAS
    it has been calculated as a defined contribution plan).
    This will result in an estimated additional EUR40 million
    pension liability in the Company's balance sheet (net of
    deferred tax assets).

(b) Revaluations and fair valuations of M-real's forest holdings

    Under FAS, the Company's forest holdings are recorded at
    acquisition cost, added with revaluations.  IFRS requires
    the recording of biological assets (e.g. living trees) at
    their fair value.

    Accordingly, the current carrying value (including
    revaluations) is required to be reversed and replaced with
    the fair value.  M-real estimates that the carrying value of
    its forest holdings was equal to fair value as at January 1,
    2004.

(c) Deferred tax liabilities and assets

    Finnish accounting practice allows alternative methods in
    recognition of income tax assets and liabilities.  According
    to the method applied by M-real, deferred taxes have not
    been recorded on all temporary differences between the
    Company's financial statements and tax bases of assets and
    liabilities.  The most significant difference between M-
    real's practice and IFRS is that deferred tax liability has
    not been recorded on the difference between the carrying
    value and the tax base (acquisition cost) of the forest
    holdings.  The tax liability to be recorded on this
    difference is approximately EUR40 million.  The change of
    corporate tax rate in Finland reduces deferred tax
    liabilities.  This is estimated to have a positive effect on
    equity of EUR23 million.  M-real recorded this change in its
     FAS accounts in the second quarter of 2004.

(d) Derivative financial instruments

    IFRS requires recognition of derivative financial
    instruments at their fair value.  Hedge accounting (on
    accrual basis) is applicable only in situations in which
    derivatives (e.g. currency derivatives) are linked to a
    specific asset, liability or firm commitment.  In addition,
    under IFRS, the effectiveness of hedging transactions must
    be verified.  M-real has made a decision to discontinue the
    application of hedge accounting, which means that the
    accruals in the balance sheet as of December 31, 2003
    related to derivative instruments must now be recorded as a
    reduction in equity.  The negative effect on equity is
    estimated to be EUR24 million.

(e) Provisions

    Under FAS, provisions for future obligations and charges
    are, in some situations, permissible at an earlier stage
    than under IFRS.  In its opening IFRS balance sheet, M-real
    will reverse the provisions, which under IFRS, are not yet
    recognizable as of December 31, 2003.  This reversion is
    estimated to have a positive effect on equity of EUR20
    million in the Company's opening IFRS balance sheet.

(f) Impairment of assets

    As a result of asset impairment tests required under IFRS,
    M-real has recognized certain assets that should be
    impaired.  The total amount to be recorded as impairment of
    assets is estimated to be approximately EUR115 million.
    This is attributable to goodwill associated with the
    acquisition of Modo Paper (EUR60 million) and with the
    fixed assets of Savon Sellu and Speciality Papers business
    (EUR55 million).  The negative effect of these asset
    impairments on equity is estimated to be approximately
    EUR110 million after deferred taxes.  The impairment
    attributable to fixed assets will be recorded also under
    FAS in the third quarter of 2004.

(g) Finance leases and other financial arrangements

    M-real has a sale and lease back contract concerning the
    real estate of the Tako board mill, which the Company is
    required to reverse under IFRS.  The reversion of capital
    gains recorded from this contract will reduce equity by
    EUR45 million.  In addition, M-real has certain agreements
    and arrangements, which under FAS, have been considered as
    off-balance sheet arrangements, but which under IFRS should
    be included in the consolidated balance sheet.  These
    agreements concern certain power and other plants and also
    finance leases related to mill equipment.  The negative
    effect of these agreements on equity is estimated to be EUR5
    million.

(h) Other items effecting shareholders' equity

    Other effects on equity resulting from the implementation of
    IFRS are estimated to have a positive effect of EUR2
    million.  This amount is net of all other positive and
    negative IFRS effects.

Changes to Interest-bearing Net Liabilities and to Total Assets

Certain pension provisions, which have already been included in
the consolidated balance sheet as of December 31, 2003 are
recorded in interest-bearing liabilities under FAS.  Under IFRS,
they should be transferred into interest-free liabilities.
After this change, the increase in interest-bearing net
liabilities is estimated to be approximately EUR60 million in
M-real's opening IFRS balance sheet.  The increase in total
assets is estimated to be approximately EUR70 million after
asset impairments.

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

M-REAL CORPORATION
Board of Directors

CONTACT:  M-REAL CORPORATION
          Hannu Anttila
          President and CEO
          (as of 1 January 2005)
          Phone: + 358 10 469 4611

          Juhani Poho
          CFO
          Phone: +358 10 469 5283

          Jyrki Antikainen (Media contact)
          Phone:  +358 10 469 4940
          Mobile: +358 50 357 4292

          Antti Nummi (IR contact)
          Phone: +358 10 469 4432
          Mobile: +358 50 598 9629


M-REAL CORPORATION: Moody's Keeps Ratings Under Review
------------------------------------------------------
Moody's ratings on M-real Oyj and Metsa Group Financial Services
Oy remain under review for possible downgrade despite its
announcement to refinance its debt.

The review of the Ba1 ratings of the company was triggered by
the decline in the group's operational and financial
performance.  M-real reported an operating loss of EUR19.9
million in the second quarter ending June 30, 2004.  The rating
agency sees no clear sign of its marked price for key paper
grades improving, and it predicts the company to continue facing
challenges in reducing absolute level of indebtedness.

The ratings affected are M-real Oyj's Ba1 senior implied rating,
Ba1 senior unsecured issuer rating, Ba1 senior unsecured MTN
program rating and Metsa Group Financial Services' guaranteed
Ba1 MTN program rating.  The company on Wednesday announced
plans to issue EUR450 million in shares (and related
re-financing).

Moody's said the review will continue to focus on:

(a) the extent to which future asset sales, notably the
    announced disposal of its forestry assets, combined with the
    announced share offering will improve M-real's overall
    leverage measures and credit profile; and

(b) the likelihood that M-real's management can strengthen
    operating and free cash flow through additional corporate
    or strategic actions, absent of any marked improvement in
    the price environment for fine paper over the coming
    quarters.


SANITEC OYJ: To Discuss Interim Firs-half Report August 25
----------------------------------------------------------
Sanitec Oyj will publish its Interim Report for January to June
2004 on 24 August 2004.

A subsequent conference call will be held on Wednesday 25 August
2004 at 15:00 CET (Central European Time).  The Conference call
registration form is now available at http://www.sanitec.com/.
The phone number to dial in and the code to enter the conference
call will be given to you immediately after your registration.
Registration is required not later than Wednesday 25 August 2004
at 8:00 CET.

                            *   *   *

Early in March, Standard & Poor's Ratings Services revised to
stable from negative its outlook on Sanitec International S.A.,
the holding company of the Finland-based Sanitec group, and
Sanitec Oy, a subsidiary of Sanitec International, following
improvements in its liquidity situation.  At the same time, the
'B+' long-term corporate credit ratings and all related debt
ratings were affirmed.

"We believe that Sanitec is now likely to meet its financial
covenants applying to EUR507 million (US$639 million) of bank
facilities, including the unused rollover backup, over the next
few quarters," said Standard & Poor's credit analyst Eve Greb.
"The successful divestment of its vacuum sewage business to the
French Zodiac Group by mid-April, and improving free cash flow
generation in the fourth quarter of 2003 due to working capital
reduction have also helped Sanitec to alleviate some short-term
liquidity pressure."

CONTACT:  SANITEC CORPORATION
          Ms. Anna E. Makela
          Phone: +358 9 7095 406
          E-mail: anna.makela@sanitec.com

          Corrado Giovannetti
          Executive Vice President, Bath and Shower Products
          Phone: +39 0427 587 400
          Mobile: +39 335 241 116
          E-mail: corrado.giovannetti@dominospa.com

          Lars Hohmann
          Corporate Vice President
          Corporate Development & Communications
          Phone: +49 40 3410 2980
          Mobile: +49 173 962 3232
          E-mail: lars.hoehmann@sanitec.com


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


BAYER AG: In Advanced Talks with Cerberus Over Blood Plasma Biz
---------------------------------------------------------------
New York investment firm Cerberus is leading the race to buy the
blood plasma business of Bayer AG, Reuters says.  It is in
exclusive talks with Bayer to acquire the biological products
business for more than US$600 million after outbidding two other
prospective buyers.  The selloff is part of a worldwide
restructuring of the German pharmaceuticals company.

Cerberus is bidding with Precision Pharma of Melville, N.Y.,
Reuters reported citing an unnamed industry source.  The blood
plasma business operates a plant in Clayton where it employs
1,400 workers, making it the largest employer in Johnston
County.  Its RTP headquarters and research and development labs
in Raleigh employ an additional 200.  The Clayton plant produces
medicine made from blood plasma, including Gamunex, a treatment
for hereditary immune disorders, and Prolastin for hereditary
emphysema.  It posted a pre-tax loss of US$426 million on US$739
million in sales last year.

The two other interested parties in the business are Bain
Capital of Boston and the Carlyle Group of Washington.


DEUTSCHE BAHN: First-half Losses Drop to EUR66 Million
------------------------------------------------------
German railway operator Deutsche Bahn Aktiengesellschaft was
able to cut its first-half loss from EUR148 million in 2003 to
EUR62 million in 2004, Die Welt says.  The company also saw its
turnover rise by 4% to EUR11.7 billion.

Hartmut Mehdorn, the chairman of Deutsche Bahn, reiterated his
prediction of a recovery this year after registering losses for
four consecutive years.  Deutsche Bahn's long-distance
operations also ended the first six months of 2004 with losses
of EUR214 million, which Mr. Mehdorn attributes to competition
from low-cost airlines.  However, Deutsche Bahn's regional
transport operations was able to raise its profits, soaring from
EUR130 million to EUR243 million.

Mr. Mehdorn expects the company's turnaround to happen either in
2005 or 2006, adding he expects the company to perform better in
the second half of this year.  The German government has
promised to approve a flotation of Deutsche Bahn in two years'
time should the railway operator post a profit in the second
half of 2004.

CONTACT:  DEUTSCHE BAHN AKTIENGESELLSCHAFT
          Potsdamer Platz 2
          D-10785 Berlin, Germany
          Phone: +49-30-297-0
          Fax: +49-30-297-6-19-19
          Web site: http://www.bahn.de


KARSTADTQUELLE AG: Online Demand Hits Record High
-------------------------------------------------
Demand at the KarstadtQuelle Group's Internet portals continued
to rise unabated during the first half of 2004.  During the
period, online demand amounted to EUR832.8 million compared with
last year's EUR752.5 million.  This represents a growth of
10.7%.

After recording a considerable rise in number of visits the
previous year, the portals http://www.quelle.de,
http://www.neckermann.deand http://www.karstadt.decontinued to
draw visitors, recording a 6.6% rise this year.  The shopping
portals once more increased their share in the group's total
order volume.  They now account for 12.1% of Karstadt group
sales (previous year: 10.3%).

In the course of its strategic orientation as a shopping and
service portal, http://www.karstadt.dehas gradually built up a
network of over 40 cooperation and marketing partners in the
past months.  Through them, http://www.karstadt.deat present
offers services such as DVD and computer game hire.  New sectors
such as "Games, Kids & Co." appeal specifically to the parents
customer group.

Further expanded were the offered services, which included,
amongst others, a gift finder and the personal wine adviser,
which was very heavily used almost from the very start.  There
was a big response in the last quarter to multi-channel
marketing promotions such as the "Volkshandy", "People's
Mobile", which was advertised in collaboration with Talkline and
bild.t-online.  The success of these activities is reflected in
the large proportion of new customers at well over 50%.

The portal http://www.Quelle.dein the second quarter sustained
the good start to 2004.  In comparison with the first half of
2003 the Online Shop increased the number of its registered
users by 80%.  This it achieved by dint of high-profile
promotions like Powershopping.  As part of its "Thursday is
Quelle Day" campaign, the Online Shop offered its customers the
opportunity of purchasing attractive products on more favorable
terms by joint purchase.  With great success, because only a few
days after the launch the number of powershoppers rose to a
level sufficient for a price reduction.  Similarly sensational
was a further offer: through the Q key on the computer keyboard
the portal offered high-quality replicas of the Modigliani
painting "Red Nude"; because of the high demand the purchasers
of the painting were chosen by draw.  http://www.quelle.de's
innovative Q key concept also impressed the jury of this year's
Multimedia Award: the Online Shop was awarded the coveted prize
in the Sales/E-commerce category.

Partnerships with well-known companies, for example, with the
eBay auction platform, were likewise expanded.  Thus, for
example, http://www.quelle.deauctioned off original Euro 2004
footballs signed personally by the national football team and
donated the proceeds in aid of the rising generation of German
Football Association players.  The Online Shop thus came one
step nearer to achieving its goal of becoming the biggest
powerseller on eBay.

At http://www.neckermann.de,the success of previous years
continues.  The textiles section of the portal recorded
particularly high growth, which rose by 2/3 on that of the
previous year.  With a rise of 50%, WohnWelt [World of Home]
also succeeded in defying the trend.  The high proportion of new
customers once more stood at 50%, thanks to consistent
optimization of online advertising and expansion of the
affiliate program.  Today, already 19% of the value of orders
placed with Neckermann Versand AG is achieved over the Internet.

Not least thanks to the expansion of the advisory service and
events platform the number of persons placing orders in the
first half of 2004 was also increased by 50%.  An interactive
info-show now assists with the purchase of large-screen
television sets, and flash videos give information about the
latest fashion trends.  As first universal mail-order supplier,
http://www.neckermann.deset up a toolbar that makes shopping on
the Internet even easier.  In http://www.neckermann.de's
Adventure World there were promotions and prize games featuring
Thomas Gottschalk, Neckermann Versand AG's advertising partner
in 2004.

The group confirmed its forecast for the development of online
demand and anticipated an online order value of at least EUR2
billion.

CONTACT:  KARSTADTQUELLE AG
          Corporate Communications
          Martin Schleinhege
          Phone: +49 (0)201/727-96 67
          E-mail: martin.schleinhege@karstadtquelle.com


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


BORSODCHEM RT: Corrects Details of September 8 EGM Agenda
---------------------------------------------------------
BorsodChem Rt informs that Items 4 and 5 as well as Items 7 and
8 in the English version of the invitation to BorsodChem's
Extraordinary General Meeting to be held on 8 September were
published in reverse order in the Extraordinary Announcement of
5 August 2004.

A copy of the corrected version is available free of charge at
http://bankrupt.com/misc/Borsodchem_Corrected.pdf.

                            *   *   *

In April, Standard & Poor's Ratings Services assigned its 'BB'
long-term corporate credit rating to BorsodChem Rt, a chemicals
group based in Hungary, reflecting the group's position in
various segments of the Central and Eastern European chemicals
market.  The outlook is stable.

CONTACT:  BORSODCHEM RT
          Gabor Hegyi
          Capital Communications
          Phone:  +36 1 266 0199

          Laszlo F. Kovacs
          Chief Executive Officer


PANNONPLAST RT: To Discuss Management Changes at EGM Next Month
---------------------------------------------------------------
Pannonplast Industries Plc received a shareholder motion to
supplement the agenda of the Extraordinary General Meeting
convened on September 10, 2004 at 10 o'clock.  Based on this,
the agenda of the EGM was supplemented by these items:

Withdrawing of member(s) of the Board of Directors

The new item was initiated by Lazarus Asset Management Company
Limited by Shares (share of ownership: 6.105%) and Berenberg
Global Opportunity investment found (share of ownership: 3.985%)
according to the Section 230 (1) of the Act CXLIV of 1997 on
business associations.  The two shareholders represent a total
of more than one tenth of the votes, therefore the agenda shall
be extended by the above item.  As a result, the agenda of the
EGM will be:

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

(b) Withdrawing of member(s) of the Board of Directors;

(c) Election of new member(s) into the Board of Directors
    The shareholders who requested the new item of the agenda
    explained the supplement of the agenda as:

"In order to assure the successful implementation of the company
's business plan and strategy, we find that besides electing of
new board member(s) the modification of the current content of
the Board of Directors is indispensable."

                           *   *   *

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

CONTACT:  PANNONPLAST RT
          1225 Budapest
          Nagytetenyi ut 216-218


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


GALTEE MEATS: Rival Offers to Accommodate Customers
---------------------------------------------------
Commenting on the decision of Dairygold to cease its pig
slaughtering operations, Glanbia confirmed it has capacity to
process the Dairygold supply on an ongoing basis.

Since the fire at its Roosky plant in 2002, Glanbia has
undertaken significant investment at its facilities in Roscrea
and Edenderry.  This major expansion program -- which will
result in a combined capacity to process 25,000 pigs per week --
is well underway and will be complete by the scheduled closure
date of the Dairygold facility.  This is in line with Glanbia's
strategy to maximize scale and efficiency in all its
businesses -- which is a critical issue for the competitiveness
of the Irish pigmeat sector.

Glanbia is the largest Irish pig processor and a leading
European processor selling fresh pork and bacon to retailers and
food processors in Ireland, Europe, the U.S. and Asia.

                            *   *   *

Standard & Poor's Ratings Services in April lowered its
long-term corporate credit rating on Glanbia PLC to 'BB+' from
'BBB-' due to an insufficient improvement in the group's
financial profile.  The outlook is stable.  In addition,
Standard & Poor's lowered its preferred stock rating on related
entity Avonmore Delaware, L.P. to 'BB-' from 'BB'.

CONTACT:  GLANBIA PLC
          Geraldine Kearney
          Group Director of Corporate Communications
          Phone:  00 353 (0) 56 777 2357
          Mobile: 00 353 (0) 87 231 9430


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


ALITALIA SPA: E.U. Commission to Probe Rome's Fare Hike Order
-------------------------------------------------------------
The European Union Commission will investigate Italy's request
to regulate the fare offering of foreign airlines for possible
violation of competition rules, Bloomberg News reports.

Italy wants state-controlled Alitalia S.p.A. to set the prices
of flights from Italy to destinations outside the E.U. that 40
foreign rivals, including British Airways and Deutsche
Lufthansa, offer to passengers.  The move is aimed at stemming
the EUR1.2 million- (US$1.5 million) loss that Alitalia suffers
a day.

Only British Airways refused to comply to the order, the Italian
civil aviation authority said last week.  The decision suggests
the Commission bowed down to pressures from British Airways.
Only a week before, the Commission ruled Italy's order is not
contrary to European Union air-transport laws.

Amelia Torres, a Commission spokeswoman in Brussels said the
regulator has sent a letter to the Italian authorities.  The
government, which owns 62% of Alitalia, has until early
September to reply.  "We haven't decided whether the practice is
legal or not," she said.

A spokesman for Alitalia declined to comment.


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


KENTAVR: Gives Creditors Until August 24 to File Claims
-------------------------------------------------------
The Bishkek Inter-District Court has commenced bankruptcy
supervision procedure on joint enterprise Kentavr.  The case is
docketed as 03-113/M-04C1.  Mr. Sadybakas Karpaev (License
Number 0329) was appointed temporary insolvency manager on July
26, 2004.

Creditors will meet on August 24, 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 or (0-502) 28-21-14.


NORTH ZONE: Creditors Hire Temporary Insolvency Manager
-------------------------------------------------------
The creditors of Direction for Technical Development of the
Customs Infrastructure by North Zone have commenced bankruptcy
supervision procedure on the company and appointed Mr. Anarbek
Aitaliev (License Number 0311) as temporary insolvency manager.
Creditors will meet on September 3, 2004, 2:00 p.m. at Bishkek,
Cholpon-Atinskaya St. 2.  For more information, call (0-312)
63-00-69.


OSH ESTATE: Public Auction of Assets Set September 11
-----------------------------------------------------
The Municipal Estate Administration of Osh will auction its
properties on September 11, 2004, 10:00 a.m. at Osh
administration building, Osh, Lenin St. 318.  The assets for
sale are different kinds of pipes, measuring 3,100 running
meters.  The pipes are located at the Chui Mobile Mechanical
Brigade of Ecology and Emergency Office in Belovodsk.

Starting price for the running meter of pipe is KGS1,550 while
the starting price of all other pipes is KGS4,805,000.  The
starting price of the assets is increased by increments of 5%.
The commission fee is 7%.  Participants must submit their bids
on or before September 8, 2004.  For more information, call
(03222) 2-25-76 or 7-33-52.


VITA: Under Bankruptcy Supervision
----------------------------------
The Bishkek Inter-District Court has commenced bankruptcy
supervision procedure on Enterprisevita.  The case is docketed
as 03-190/M04-C5.  Mr. Tair Atahanov (License 0325) was
appointed temporary insolvency manager on August 2, 2004.
Creditors will meet on August 24, 2004, 11:00 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.


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


ASM INTERNATIONAL: Brings New Processing Technology to Asia
-----------------------------------------------------------
ASM International (NASDAQ:ASMI and Euronext: ASM) N.V., a
leading supplier of equipment and solutions to the semiconductor
industry for wafer processing as well as assembly and packaging
of integrated circuits, is setting up the first wafer processing
equipment plant in Singapore this month.

The plant will be located in Yishun, in two buildings with a
total available floor area of 150,000 sq. ft. and 30,000 sq. ft.
of clean room facilities.  The plant will have 50 employees by
the end of the year.  ASMI expects to invest about US$50 million
over the next few years on facilities, equipment, manufacturing
process development as well as staff training.  ASMI aims to
reach an annual shipment level of 100 systems from the Singapore
plant by the end of 2006.

This is part of ASMI's strategy to strengthen its presence in
Asia.  This Singapore plant will produce its own parts or source
locally and assemble the generic subsystems for vertical
diffusion furnaces currently handled by ASMI's local contractors
in the Netherlands.  It also aims to provide manufacturing
support to ASMI's U.S. and Japanese subsidiaries for their wafer
processing equipment products.  The initial generic vertical
furnace identified for transfer for assembly at the new plant is
the A412(TM) system.  ASMI aims to achieve full production of
its generic A412(TM) system in the Singapore plant by the middle
of 2005.

The new plant in Singapore will handle many operations locally,
including generic assembly, logistics and sourcing.  As part of
this expansion, ASMI expects to hire about 200 to 300 new people
within three years.

Mr. Arthur del Prado, CEO of ASMI, said: "Asia is the
fastest-developing region in the world for the semiconductor
industry, and this plant will give us a strategic presence in
the region for both front- and back-end semiconductor
manufacturing.  As the world leader in back-end equipment supply
since 2002, we have been expanding in Asia over the last decade.
We intend to leverage this strategic move to further build up
our position in this high-growth region.  Singapore plays a
strategic role in this region, hence our decision to locate our
manufacturing hub for wafer processing equipment here.  With the
excellent infrastructure and skilled workforce, we will be able
to serve our customers better and faster through the transfer of
advanced technology and high-end manufacturing to Singapore."

Mr. Teo Ming Kian, Chairman of the Singapore Economic
Development Board (EDB), said: "We are pleased that ASMI is
setting up the first wafer processing equipment manufacturing
plant in Singapore.  This is a major milestone in the
development of the front-end equipment manufacturing industry.
It adds tremendously to our semiconductor ecosystem.  At the
same time, it could leverage on the substantial base of
suppliers and intellectual capital for its activities.  ASMI's
decision is a further endorsement of Singapore as a location for
advanced manufacturing and a hub to the global market."

About ASM International

ASM International N.V. headquartered in Bilthoven, the
Netherlands, is a global company servicing one of the most
important and demanding industries in the world.  The Company
possesses a strong technology base, state-of-the-art
manufacturing facilities, a competent and qualified workforce
and a highly trained, strategically distributed support network.

ASM International and its subsidiaries design and manufacture
equipment and materials used to produce semiconductor devices.
ASM International and its subsidiaries provide production
solutions for wafer processing (Front-end segment) as well as
assembly and packaging (Back-end segment) through facilities in
the United States, Europe, Japan and Asia.  ASM International's
common stock trades on NASDAQ (symbol ASMI) and Euronext
Amsterdam Stock Exchange (symbol ASM).   For more information,
visit http://www.asm.com.

ASM is a registered trademark of ASM International.

                            *   *   *

In August, Standard & Poor's Ratings Services revised its
outlook on ASM International N.V. to stable from negative,
following steady improvements in the company's 100%-owned
front-end operations and the strengthening of the company's
financial profile.

At the same time, Standard & Poor's affirmed its ratings on the
company, including its 'B+' long-term corporate credit ratings
and all related debt ratings.

The company had sales of EUR719 million (US$875 million) and
EBITDA of EUR73 million in the 12 months to June 30, 2004.  At
June 30, 2004, ASM had total debt of EUR210 million, and net
debt of EUR38 million.

CONTACT:  ASM INTERNATIONAL
          Media contact:
          Robert de Bakker
          Chief Financial Officer
          Phone: +31 30 229 8540

          Mary Jo Dieckhaus
          U.S. Investor Relations
          Phone: +1 212 986 2900

          Erik Kamerbeek
          Director Investor Relations
          Phone: +31 30 229 8500


ROYAL SHELL: Sells Peruvian Fuels Business
------------------------------------------
Royal Dutch/Shell has sold its fuels business in Peru to Chile's
Empresa Nacional del Petroleo as part of a process to dispose
underperforming business, the Financial Times reports.  The deal
includes Shell's service station network and its industrial and
marine fuels business, but not its lubricants unit.  Financial
details were undisclosed.

The selloff follows a US$1 billion (GBP543 million) divestment
of Shell's U.S. pipeline and storage.  Shell is further working
towards unloading its oil products businesses in Portugal and
Spain.  The Anglo-Dutch company wants to sell non-core assets to
concentrate investment in key countries such as Russia.

In Argentina, the firm's 900 service stations and refinery
plants are reportedly potential target of a joint bid by
Petroleos de Venezuela and Argentina's new state-run company
ENARSA.  Rumors also circulate that Shell is looking towards
selling its assets in Chile and Brazil.

Shell said last month that the effect of the disposals on
profits in the current year was likely to be "broadly neutral".


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


DNO ASA: Books NOK284.1 Million First-half Net Profit
-----------------------------------------------------
DNO A.S.A. achieved an operating profit of NOK205.5 million and
a net profit of NOK108.9 million in second quarter.  The company
completed the sale of parts of its operations to Lundin
Petroleum AB in the second quarter.  Gain from the sale and
strong results from the remaining petroleum operations
contributed to a quarter of continued positive development for
DNO.

Highlights from second quarter 2004

(a) Net profit of NOK100 million from sale of Norwegian assets

(b) High exploration activity in all areas of operation

(c) The company's position in Yemen is further strengthened
    through a new operatorship (Block 44), award of a new
    license in Block 72 and increased ownership share in Block
    43

(d) Further reduction of total operating expenses, including
    further reduction of lifting costs per barrel

(e) Improved capacity and expertise as a result of
    organizational restructuring and recruitment of new
    personnel

"We have completed another quarter of good results.  Profits
have been affected favorably by the sale of part of our
operations to Lundin Petroleum, but we are also very pleased
with the development in the Group's remaining operations.  We
expect the company to continue to achieve good operational and
financial results in the second half of the year", said DNO's
CEO, Helge Eide.

DNO had operating revenues of NOK278.6 million in Q2, compared
to NOK477.6 million in the corresponding period last year.  For
the first six months of the year, DNO had operating revenues of
NOK647.8 million compared to NOK1057.3 million in the first half
of 2003.  Sale of assets and lower production are the main
reasons contributing to the reduction in revenues.

The company had an operating profit (EBIT) of NOK203.5 million
in Q2, compared to NOK210.9 million in Q2 2003.  For the first
six months DNO had an operating profit of NOK543.5 million,
compared to NOK487.0 million in the same period last year.  Gain
on sale of assets of NOK309.5 million is included in the
operating profit for the first six months 2004.

DNO achieved net profits of NOK108.9 million in Q2, against
NOK55.7 million in the same period 2003.  For the first six
months the company had net profits of NOK284.1 million compared
to NOK163, 6 million in the first six months last year.

A full copy of the quarterly result is available free of charge
at http://bankrupt.com/misc/dno_result2004.pdf.

                            *   *   *

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

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

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

CONTACT:  DNO A.S.A.
          Helge Eide
          CEO
          Phone: +47 23 23 84 80 / +47 55 22 47 00

          Haakon Sandborg
          Finance Director
          Phone: +47 23 23 84 80


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


CENTRAL SCIENTIFIC: Leningrad Court Opens Bankruptcy Proceedings
----------------------------------------------------------------
The Arbitration Court of Leningrad region has declared federal
state unitary Enterprise Central Scientific Research Diesel
Institute insolvent and introduced bankruptcy proceedings.  The
case is docketed as A56-1012/04.  Mr. A. Kuznetsov has been
appointed insolvency manager.   Creditors have until September
8, 2004 to submit their proofs of claim to 199053, Russia, St.
Petersburg, 1st Lininya V.O. 48.

CONTACT:  CENTRAL SCIENTIFIC RESEARCH DIESEL INSTITUTE
          196158, Russia, St. Petersburg,
          Moskovskoye Shosse, 25, Building 1

          Mr. A. Kuznetsov
          Insolvency Manager
          199053, Russia,
          St. Petersburg, 1st Lininya V.O. 48


LISKINSKOYE AUTO: Deadline for Proofs of Claim September 8
----------------------------------------------------------
The Arbitration Court of Voronezh region has declared OJSC
Liskinskoye Auto Enterprise insolvent and introduced bankruptcy
proceedings.  The case is docketed as A14-5196-2004/43/7b.  Mr.
R. Gura has been appointed insolvency manager.   Creditors have
until September 8, 2004 to submit their proofs of claim to
Russia, Voronezh, Srednemoskovskaya Str. 6a.

CONTACT:  LISKINSKOYE AUTO ENTERPRISE
          Russia, Voronezh region,
          Liski, Industrialnaya Str. 9

          Mr. R. Gura
          Insolvency Manager
          Russia, Voronezh,
          Srednemoskovskaya Str. 6a


MOTORIST: Belgorod Court Appoints Insolvency Manager
----------------------------------------------------
The Arbitration Court of Belgorod region has declared OJSC
Motorist insolvent and introduced bankruptcy proceedings.  The
case is docketed as A08-6002/04-2 B.  Mr. V. Petrochenko has
been appointed insolvency manager.  Creditors are asked to
submit their proofs of claim to 308002, Russia, Belgorod, B.
Khmelnitskogo Pr. 133 zh, Office 509.

CONTACT:  MOTORIST
          309926, Russia,
          Belgorod region,
          Krasnogvardeysky region,
          Zasosna, Zavodskaya Str. 10

          Mr. V. Petrochenko
          Insolvency Manager
          308002, Russia,
          Belgorod, B. Khmelnitskogo Pr. 133 zh,
          Office 509
          Phone/Fax: 26-17-98


OBUKHOV-SPECIAL-STEEL: Bankruptcy Proceedings Ongoing
-----------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad region has
declared CJSC Obukhov-Special-Steel insolvent and introduced
bankruptcy proceedings.  The case is docketed as A56-24092/03.
Mr. P. Bondarenko has been appointed insolvency manager.
Creditors are asked to submit their proofs of claim to 191040,
Russia, St. Petersburg, Ligovsky Pr. 87, Office 124.

CONTACT:  OBUKHOV-SPECIAL-STEEL
          192012, Russia,
          St. Petersburg,
          Obukhovskoy Oborony Pr. 120

          Mr. P. Bondarenko
          Insolvency Manager
          191040, Russia,
          St. Petersburg, Ligovsky Pr. 87,
          Office 124


OSTROGOZH-AGRO-KHIM: Proofs of Claim Deadline September 8
---------------------------------------------------------
The Arbitration Court of Voronezh region has declared OJSC
Ostrogozh-Agro-Khim insolvent and introduced bankruptcy
proceedings.  The case is docketed as A14-1433-2004/14/7b.  Mr.
R. Gura has been appointed insolvency manager.  Creditors have
until September 8, 2004 to submit their proofs of claim to
Russia, Voronezh, Srednemoskovskaya Str. 6a.

CONTACT:  OSTROGOZH-AGRO-KHIM
          Russia, Voronezh region,
          Ostrogozhsky region,
          Tikhaya Sosna

          Mr. R. Gura
          Insolvency Manager
          Russia, Voronezh,
          Srednemoskovskaya Str. 6a


VESENNIY: Insolvency Manager Takes over Operation
-------------------------------------------------
The Arbitration Court of Primorsky region has declared municipal
unitary enterprise Russian bread - Vesenniy (TIN 2539048415)
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A51-6363/04-11-110.  Mr. S. Osipov has been
appointed insolvency manager.  Creditors have until September 8,
2004 to submit their proofs of claim to 690002, Russia,
Vladivostok-2, Post User Box 263.

CONTACT:  VESENNIY
     690054, Russia,
          Primorsky region, Vladivostok,
          2nd Shoseeynaya Str. 1

          Mr. S. Osipov
          Insolvency Manager
          690002, Russia,
          Vladivostok-2,
          Post User Box 263


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


IZAR: Basque Wants Sestao Yard's Inclusion in New Company
---------------------------------------------------------
The parliament of Basque has passed a resolution calling on the
Spanish government to add Izar's Sestao shipyard in the plans
for a new military shipbuilding company, Europe Intelligence
Wire says.

The resolution, approved Monday during an emergency
parliamentary session, goes along with plans to split all the
defense work away from Izar to a new public company.  The move
to split Izar was made in a bid to ensure 'stability and
independence' in the shipbuilding sector.  The Spanish
government plans to 'concentrate' the shipbuilder's current
capacity and seek fresh funds to save as many Izar yards as
possible.

However, Basque politicians fear Izar would face 'slow death'
due to lack of merchant work should the Spanish government
excludes Sestao shipyard in the new company.  This was the
sentiment that hounds politicians and employees affected by the
Izar crisis.

For the previous years, Izar's Sestao shipyard has played a key
role in major commercial orders, which includes development and
construction of a series of liquefied natural gas carriers.
However, inclusion of the yard in the new company should shift
yard from merchant to naval work.

Meanwhile, unions are set to meet in September to review the
situation and plan demonstrations against yard closures and job
losses.

CONTACT:  IZAR
          Velazquez Street 132
          28006 Madrid
          Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es


PREMSA CATALANA: Holds Creditors' Meeting to Discuss Liquidation
----------------------------------------------------------------
Bankrupt Spanish publisher Premsa Catalana is set to hold a
creditors' meeting on October 1 to recommend the liquidation of
the company and the sale of its assets, Expansion says.

The meeting will come just over three months after Premsa
Catalana declared bankruptcy with debts of over EUR42 million.
The Catalonia-based publisher has already prepared and discussed
the liquidation proposal with its main creditors.  Premsa
Catalan is also set to discuss at the meeting the publication of
Avui, a Catalan language newspaper.

Premsa Catalan is set to sell its assets in two lots: the
headquarters of Avui and its other assets.


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


LM ERICSSON: Repurchases EUR410 Million Bonds
---------------------------------------------
LM Ericsson (NASDAQ:ERICY) has repurchased EUR410 million, face
value, of its 6.375% Euro Medium Term Notes maturing May 31,
2006 (ISIN XS0130182784).  The bonds were repurchased in order
to reduce gross debt and annual interest expense.

"The transaction is further evidence of Ericsson's strategy to
manage its balance sheet prudently when appropriate
opportunities arise," says Vidar Mohammar, Group Treasurer.  "We
are very pleased to have been able to achieve a significant debt
reduction in an efficient manner."

Remaining outstanding bonds due May 2006 amount to EUR1,156
million (approximately SEK10.7 billion).

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.
Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication
companies in the world.

                            *   *   *

As reported by TCR-Europe on August 5, 2004, Standard & Poor's
Ratings Services revised its outlook on Sweden-based wireless te
lecommunications infrastructure supplier Ericsson
Telefonaktiebolaget L.M. to stable from negative following
publication by the group of its second-quarter 2004 results,
which show an improved group performance.

At the same time, Standard & Poor's affirmed its 'BB/B'
corporate credit ratings and 'BB' senior unsecured debt ratings
on Ericsson.  In addition, Standard & Poor's assigned its 'BB'
long-term rating to Ericsson's US$1 billion senior unsecured
credit facility, which was amended on June 22, 2004.  At June
30, 2004, Ericsson had gross debt of SKR46.3 billion (about
US$6.1 billion), including bond obligations of about SKR30.5
billion.

CONTACT:  LM ERICSSON
          Web site: http://www.ericsson.com
          Corporate Communications
          Kathy Egan
          Phone: 212-685-4030
          E-mail: pressrelations@ericsson.com

          Investor Relations
          Glenn Sapadin
          Phone: 212-685-4030
          E-mail: investor.relations@ericsson.com


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


LITVINETSKE: Proofs of Claim Deadline August 27
-----------------------------------------------
The Economic Court of Cherkassy region has commenced bankruptcy
supervision procedure on agricultural LLC Litvinetske (code
EDRPOU 09354018).  The case is docketed as 08/828.  Mr. O.
Pashenko (License Number AA 783185 approved on May 26, 2004) has
been appointed temporary insolvency manager.  The company holds
account number 26008910080830 at JSCB Ukrsocbank, Cherkassy
regional branch 910, MFO 3354013.

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

(a) AGRICULTURAL LITVINETSKE
    19030, Ukraine, Cherkassy region,
    Kanivskij district, Litvinets

(b) Mr. O. Pashenko
    Temporary Insolvency Manager
    18002, Ukraine, Cherkassy region,
    Lenin Str. 31/1, office 48, a/b 558
    Phone: 8 (0472) 45-54-64

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


MIRT: Court Appoints Insolvency Manager
---------------------------------------
The Economic Court of Dnipropetrovsk region declared LLC Mirt
(code EDRPOU 21931079) insolvent and introduced bankruptcy
proceedings on June 24, 2004.  The case is docketed as B
40/58/04.  Arbitral manager Mr. Volodimir Vernigora (License
Number AA 249818) has been appointed liquidator/insolvency
manager.

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

(a) MIRT
    Ukraine, Dnipropetrovsk region,
    Krivij Rig, Revolutsijna Str. 20

(b) Mr. Volodimir Vernigora
    Liquidator/Insolvency Manager
    Phone: (0564) 72-19-65, 71-21-17

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


NEFTON: Kyiv Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Economic Court of Kyiv declared LLC Joint Ukrainian-Swiss
Enterprise Nefton (code EDRPOU 24362044) insolvent and
introduced bankruptcy proceedings on July 8, 2004.  The case is
docketed as 43/324.  Mrs. Valentina Plushakova has been
appointed liquidator/insolvency manager.  The company holds
account number 26004301243373 at Prominvestbank, Kyiv city
branch, MFO 322250.

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

(a) JOINT UKRAINIAN-SWISS ENTERPRISE NEFTON
    01030, Ukraine, Kyiv region,
    M. Kotsubinskij Str. 1

(b) Mrs. Valentina Plushakova
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region, Melnikov Str. 2/10

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


SBS-FARMATSIYA: Bankruptcy Supervision Begins
---------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Firm SBS-Farmatsiya (code EDRPOU
22708395) on June 23, 2004.  The case is docketed as B-24/59-04.
Arbitral manager Mr. V. Zarivajko (License Number AA 668332
approved on October 23, 2003) has been appointed temporary
insolvency manager.  The company holds account number
2600401681469 at OJSC State export-import bank of Ukraine,
Harkiv branch, MFO 351618.

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

(a) FIRM SBS-FARMATSIYA
    Ukraine, Harkiv region,
    Novgorodska Str. 20/74

    Mailing address:
    Ukraine, Harkiv region,
    Darvin Str. 20

(b) Mr. V. Zarivajko
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    Petrovskij Str. 6/8-15
    Phone: (057) 700-55-97

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


SHEVCHENKIVSKA RAJAGROHIMIJA: Under Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Shevchenkivska Rajagrohimija (code
EDRPOU 05491215) on June 25, 2004.  The case is docketed as
B-24/61-04.  Arbitral manager Mrs. N. Ivleva (License Number
719758 approved on January 21, 2004) has been appointed
temporary insolvency manager.  The company holds account number
2600026490000 at JSCIB Ukrsibbank, Harkiv branch, MFO 351641.

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

(a) SHEVCHENKIVSKA RAJAGROHIMIJA
    63601, Ukraine, Harkiv region,
    Shevchenkove, Pionerska Str. 43

(b) Mrs. N. Ivleva
    Temporary Insolvency Manager
    Phone: (057) 700-55-97

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


STUBBLE-BRUSH: Proofs of Claim Deadline August 27
-------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on CJSC Stubble-Brush Factory
(code EDRPOU 00310195) on June 3, 2004.  The case is docketed as
B-11/84.  Mr. Igor Kovalskij (License Number AA 249768 approved
on October 19, 2001) has been appointed temporary insolvency
manager.  The company holds account number 26008000831980 at
JSCB Privatbank, Ivano-Frankivsk branch, MFO 336235.

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

(a) STUBBLE-BRUSH FACTORY
    78200, Ukraine, Ivano-Frankivsk region,
    Kolomiya, Mazepa Str. 210

(b) Mr. Igor Kovalskij
    Temporary Insolvency Manager
    77344, Ukraine, Ivano-Frankivsk region,
    Kalush district, Pijlo,
    Lvivska Str. 18

(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
    76000, Ukraine, Ivano-Frankivsk region,
    Grunvaldska Str. 11


TIVRIVAGROBUT: Court Hires Temporary Insolvency Manager
-------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on CJSC Tivrivagrobut (code EDRPOU
03582639) on July 6, 2004.  The case is docketed as 10/88-04.
Mrs. Lina Demets (License Number AA 419225 approved on October
10, 2002) has been appointed temporary insolvency manager.  The
company holds account number 260038252 at JSPPB Aval, Vinnitsya
regional branch, MFO 302247.

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

(a) TIVRIVAGROBUT
    Ukraine, Vinnitsya region,
    Tivriv district, Tivriv,
    Zabuzhya Str. 7

(b) Mrs. Lina Demets
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    40-richya Peremogi Str. 27 A/57
    Phone: 35-63-09

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


TOMAKIVKA' CHEESE: Bankruptcy Supervision Begins
------------------------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure on LLC Tomakivka' Cheese Plant
(code EDRPOU 31398979).  The case is docketed as B 24/95/04.
Mr. V. Kozachenko (License Number AA 249591) has been appointed
temporary insolvency manager.  The company holds account number
26005017820100 at JSPPB Aval, Nikopol branch, MFO 306782.

CONTACT:  TOMAKIVKA' CHEESE PLANT:
          53500, Ukraine, Dnipropetrovsk region,
          Tomakivka, Komunalna Str. 10

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


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


ANP CONSULTANTS: Sets Creditors Meeting September 3
---------------------------------------------------
The creditors of ANP Consultants Limited will meet on September
3, 2004 commencing at 11:30 a.m.  It will be held at swissotel
The Howard, Temple Place, London WC2 2PR.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Singla & Co., 12 Devereux Court, Strand, London
WC2R 3JL not later than 12:00 noon, September 2, 2004.

CONTACT:  SINGLA & CO.
          12 Devereux Court, Strand,
          London WC2R 3JL
          Administrator:
          S K Singla


ARTHOUSE HOTEL: KPMG Sells Four-star Hotel
------------------------------------------
Receivers Blair Nimmo and Tony Friar of KPMG Corporate Recovery
sold The ArtHouse hotel in Glasgow's city center to Andrew
Brownsword Hotels Ltd., for an undisclosed sum.  The sale
safeguards 80 jobs at the four-star hotel.

Receiver, Blair Nimmo, head of KPMG Corporate Recovery in
Scotland, said: "Having successfully traded the business for
five months, this positive outcome is good news for all
concerned.  We would like to thank the hotel's customers,
suppliers and remaining staff for their patience, support and
loyalty throughout, helping us to significantly improve the
overall operational performance of what is a solid business and
a quality hotel."

Commenting on the acquisition, Andrew Brownsword said: "I am
delighted with this acquisition, our second property, and firmly
believe that, following our planned refurbishment, The ArtHouse
will become renowned for providing the highest quality bedrooms
in Glasgow together with a unique dining concept."

                            *   *   *

The award-winning ArtHouse hotel went into receivership on 19
March.  During the receivership KPMG Corporate Recovery
undertook a widespread sales and marketing campaign, sending out
particulars to over 400 parties interested in purchasing the
business which culminated in 12 final offers.

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

          SAUCE COMMUNICATIONS
          Jo Barnes/Nicola Hancock/Louise Swanne
          Phone: 020 7751 1000
          E-mail: info@saucecommunications.com


ARTHUR CERRI: Extraordinary Winding up Resolution Passed
--------------------------------------------------------
At an Extraordinary General Meeting of the Arthur Cerri Limited
Company on August 11, 2004 held at DTE Leonard Curtis, 26 North
End Road, London NW11 7PT, the Extraordinary Resolution to wind
up the company was passed.  A Clifton of DTE Leonard Curtis, 3rd
Floor, 50-52 Newhall Street, Birmingham B3 3QE has been
appointed the Liquidator of the Company for the purpose of such
winding-up.

CONTACT:  DTE LEONARD CURTIS
          3rd Floor
          50-52 Newhall Street,
          Birmingham B3 3QE
          Liquidator:
          A Clifton
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


ASPHALTIC CONTRACTS: Hires Liquidator from Valentine & Co
---------------------------------------------------------
At an Extraordinary General Meeting of the Asphaltic Contracts
Limited Company on August 10, 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:  VALETINE & CO
          4 Dancastle Court
          14 Arcadia Avenue,
          London N3 2HS
          Liquidator:
          Robert Valentine


AVALON CUISINE: Appoints Liquidators from Tait Walker
-----------------------------------------------------
At an Extraordinary General Meeting of the Avalon Cuisine
Limited Company on August 10, 2004 held at Tait Walker, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  Gordon Smythe Goldie and Allan David Kelly of Tait
Walker, Bulman House, Regent Centre, Gosforth, Newcastle upon
Tyne NE3 3LS have been appointed Liquidators of the Company for
the purpose of the voluntary winding-up.

CONTACT:  TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Liquidators:
          Gordon Smythe Goldie
          Allan David Kelly
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


AXIS LASER: Sets Meeting of Creditors August 25
-----------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

               IN THE MATTER OF Axis Laser Ltd.

Notice is hereby given that a Meeting of Creditors of Axis Laser
Ltd. is to be held at 1 Bede Island Road Bede Island Business
Park Leicester LE2 7EA on August 25, 2004 at 10:00 a.m. to
consider proposals under section 23(1) of the Insolvency Act
1986, and to consider establishing a Creditors' Committee.

A person is entitled to vote at the Meeting only if he has
submitted details of his claim to the Administrator at 1 Bede
Island Road Bede Island Business Park Leicester LE2 7EA not
later than 12:00 noon the business day before the meeting.  A
proxy form should be completed and returned by the date of the
Meeting, if you cannot attend the Meeting and wish to be
represented.

A copy of my proposals is available, on written request, at the
Administrator 1 Bede Island Road Bede Island Business Park
Leicester LE2 7EA.

Dilip K. Dattani, Joint Administrator
August 5, 2004

CONTACT:  TENON RECOVERY
          1 Bede Island Road
          Bede Island Business Park
          Leicester LE2 7EA
          Phone: 0116 222 1101
          Fax: 0116 222 1102
          E-mail: leicester@tenongroup.com
          Web site: http://www.tenongroup.com


BLUE CINDER: Hires Joint Administrators from Harrisons
------------------------------------------------------
P R Boyle and J C Sallabank of Harrisons have been appointed
joint administrators for Blue Cinder Limited.  The appointment
was made August 5, 2004.

The company is engaged in computer related activities.  Its
registered office is located at 4 St Giles Court, Southampton
Street, Reading, Berkshire RG1 2QL.

CONTACT:  HARRISONS
          4 St Giles Court,
          Southampton Street,
          Reading RG1 2QL
          Joint Administrator:
          P R Boyle
          J C Sallabank
          (IP No 008897)
          Phone: 0118 951 0798
          Fax:   0118 939 4409
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


BLUE SWALLOW: Winding up Resolutions Passed
-------------------------------------------
At an Extraordinary Meeting of the Members of the Blue Swallow
Storage Limited Company on August 10, 2004 held at Begbies
Traynor, Regency House, 21 The Ropewalk, Nottingham NG1 5DU, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  Peter A Blair and Richard A B Saville of Begbies
Traynor, Regency House, 21 The Ropewalk, Nottingham NG1 5DU has
been appointed Joint Liquidators for the purpose of such
winding-up.

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


BUSINESS TECHNIQUES: Hires Liquidator from Benedict Mackenzie
-------------------------------------------------------------
At an Extraordinary General Meeting of the Business Techniques
Limited Company on August 11, 2004 held at 62 Wilson Street,
London EC2A 2BU, the Ordinary and Extraordinary Resolutions to
wind up the company were passed.  Ian Donald Williams of
Benedict Mackenzie LLP, 62 Wilson Street, London EC2A 2BU has
been appointed Liquidator of the Company for the purpose of the
voluntary winding-up.

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


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

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


COOMBEFIELD LIMITED: Hires Liquidators from Rothman Pantall
-----------------------------------------------------------
At an Extraordinary General Meeting of the Coombefield Limited
Company on August 5, 2004 held at the offices of Rothman Pantall
& Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP,
the Ordinary and Extraordinary Resolutions to wind up the compan
y were passed.  Robert Derek Smailes and Stephen Blandford Ryman
of Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street,
London SW1Y 4EP have been appointed Joint Liquidators of the
Company for the purpose of such winding-up.

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


COUNTRY HOUSE: Four Hotels in Trouble
-------------------------------------
The troubled Country House Hotel Group has called in receivers
Deloitte Touche to four of its top hotels, Europe Intelligence
Wire reports.

The hotels in trouble are the Belleisle House in Ayr, Manor Park
Hotel in Monkton, Ewington in Glasgow, and the Birnam near
Perth.   The Country House Hotel Group said unless new
leaseholders are found, the hotels could face closure.

Deloitte Touche said Monday hotel bookings for weddings and
other functions would be honored.  A spokesman of the receivers
further said, "We've already had interest and fully expect to
conclude sales of the leases within two months."


CW TRANSPORT: Appoints Milner Boardman & Partners Liquidator
------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the CW
Transport Limited Company on August 10, 2004 held at 107
Cleethorpe Road, Grimsby DN31 3ER, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Colin Burke of Milner Boardman & Partners, Century House, Ashley
Road, Hale, Cheshire WA15 9TG has been appointed Liquidator for
the purpose of such winding-up.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House,
          Ashley Road, Hale,
          Cheshire WA15 9TG
          Liquidator:
          Colin Burke
          Phone: 0161 927 7788
          Fax:   0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


DAYAMBER LIMITED: Sets Final General Meeting September 17
---------------------------------------------------------
The final general meeting of the members of Dayamber Limited
will be on September 17, 2004 commencing at 10:00 a.m.  It will
be held at 100 Barbirollli Square, Manchester M2 3EY.

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 Ernst & Young LLP, 100 Barbirollli Square, Manchester M2
3EY not later than 12:00 noon, September 16, 2004.

CONTACT:  ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Joint Liquidator:
          R H Kelly
          Phone: +44 [0] 161 333 3000
          Fax:   +44 [0] 161 333 3001
          Web site: http://www.ey.com


DE LANE: In Administrative Receivership
---------------------------------------
Bank of Scotland called in Gareth Wyn Roberts and Paul William
Ellison as joint administrative receivers for De Lane Lea
Limited (Reg No 00447047, Trade Classification: 38).  The
application was filed August 11, 2004.

CONTACT:  HURST MORRISON THOMSON
          5 Fairmile
          Henley On Thames
          Oxfordshire RG9 2JR
          Joint Administrative Receivers:
          Gareth Wyn Roberts
          Paul William Ellison
          Phone: 01491 579740
          Fax: 01491 575073
          E-mail: HMT@hmtgroup.co.uk
          Web site: http://www.hmtgroup.com


FREUDENBERG HOLDINGS: Sets Members Final Meeting September 21
-------------------------------------------------------------
The final meeting of the members of Freudenberg Holdings Limited
will be on September 21, 2004 commencing at 10:30 a.m.  It will
be held at Deloitte & Touche LLP, 201 Deansgate, Manchester.

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 submitted
together with written debt claims to Deloitte & Touche LLP, 201
Deansgate, Manchester not later than 12:00 noon, September 20,
2004.

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


GEM ENTERTAINMENTS: Names Begbies Traynor Administrator
-------------------------------------------------------
Steven Williams and David Acland of Begbies Traynor have been
appointed joint administrators for Gem Entertainment Limited.
The appointment was made August 6, 2004.

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


HEDSTROM UK: Creditors Meeting Set August 24
--------------------------------------------
The creditors of Hedstrom (UK) Limited will meet on August 24,
2004 commencing at 12:00 noon.  It will be held at The Holiday
Inn Hotel, Wrexham Road, Chester CH4 9DL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, 9 Bond Court, Leeds
LS1 2SN not later than 12:00 noon, August 23, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          9 Bond Court,
          Leeds LS1 2SN
          Joint Administrators:
          M E T Bowen
          A M Grove
          Phone: [44] (113) 289 4000
          Fax:   [44] (113) 289 4460
          Web site: http://www.pwc.com


HOLBRO SUPPORT: Hires Liquidator from Moore Stephens
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the Holbro
Support Systems Limited Company on August 9, 2004 held at Moore
Stephens Corporate Recovery, Beaufort House, 94-96 Newhall
Street, Birmingham B3 1PB, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Nigel Price of
Moore Stephens Corporate Recovery, Beaufort House, 94-96 Newhall
Street, Birmingham B3 1PB has been appointed Liquidator of the
Company for the purpose of the voluntary winding-up.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House
          94-96 Newhall Street,
          Birmingham B3 1PB
          Liquidator:
          Nigel Price
          Phone: 0121 233 2557
          E-mail: nigel.price@moorestephens.com
          Web site: http://www.moorestephens.co.uk


IFORCE GROUP: Special Winding up Resolution Passed
--------------------------------------------------
At an Extraordinary General Meeting of the Iforce Group Limited
Company on July 29, 2004 held at 85 Great North Road, Hatfield,
Hertfordshire AL9 5BS, the subjoined Special Resolution to wind
up the company was passed.  Geoffrey Stuart Kinlan and Anthony
John Sanderson of BDO Stoy Hayward LLP, Prospect Place, 85 Great
North Road, Hatfield, Hertfordshire AL9 5BS have been appointed
Joint Liquidators for the purpose of such winding-up.

CONTACT:  BDO STOY HAYWARD LLP
          Prospect Place
          85 Great North Road, Hatfield
          Hertforshire AL9 5BS
          Joint Liquidators:
          Geoffrey Stuart Kinlan
          Anthony John Sanderson
          Phone: 01707 255888
          Fax:   01707 255890
          E-mail: hatfield@bdo.co.uk
          Web site: http://www.bdo.co.uk


INNOPAC LIMITED: Creditors Meeting September 1
----------------------------------------------
The creditors of Innopac Limited will meet on September 1, 2004
commencing at 12:00 noon.  It will be held at 32 High Street,
Manchester M4 1QD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Poppleton & Appleby, 32 High Street, Manchester
M4 1QD not later than 12:00 noon, August 31, 2004.

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


J DAWSON: Sets Members General Meeting September 24
---------------------------------------------------
The general meeting of the members of J Dawson & Sons (Holdings)
Limited will be on September 24, 2004 commencing at 11:00 a.m.
It will be held at Pannell House, 6 Queen Street, Leeds LS1 2TW.

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 PKF, Pannell House, 6 Queen Street, Leeds LS1 2TW not later
than 12:00 noon, September 23, 2004.

CONTACT:  PKF
          Pannell House,
          6 Queen Street,
          Leeds LS1 2TW
          Joint Liquidator:
          Ian Christopher Schofield
          Phone: 0113 2280000
          Fax:   0113 2284242
          E-mail: info.leeds@uk.pkf.com
          Web site: http://www.pkf.co.uk


LGC 10: Extraordinary Winding up Resolution Passed
--------------------------------------------------
At an Extraordinary General Meeting of the LGC 10 Ltd on August
9, 2004 held at 8 Baker Street, London W1U 3LL, the subjoined
Extraordinary Resolution to wind up the company was passed.
Shay Bannon of BDO Stoy Hayward LLP, 8 Baker Street, London W1U
3LL has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Liquidator:
          Shay Bannon
          (IP Nos 9237, 8824/01)
          Phone: 020 7486 5888
          Fax:   020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdo.co.uk


NEW.NET UK: Sets Members Final Meeting September 28
---------------------------------------------------
The final meeting of the members of New.Net (UK) Limited will be
on September 28, 2004 commencing at 11:00 a.m.  It will be held
at the offices of PricewaterhouseCoopers LLP, Waterfront Plaza,
8 Laganbank Road, Belfast BT1 3LR.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Waterfront Plaza, 8 Laganbank
Road, Belfast BT1 3LR not later than 12:00 noon, September 27,
2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Waterfront Plaza
          8 Laganbank Road,
          Belfast BT1 3LR
          Joint Liquidator:
          G Calow
          Phone: [44] (28) 9024 5454
          Fax:   [44] (28) 9041 5600
          Web site: http://www.pwc.com


PAPERMARC MERTON: Appoints BDO Stoy Hayward Administrator
---------------------------------------------------------
David Swaden and David Harry Gilbert have been appointed as
joint administrators for Papermac Merton Packaging Ltd.  The
appointment was made August 10, 2004.  The company manufactures
packages.

CONTACT:  BDO STOY HAYWARD LLP
          Commercial Buildings
          11-15 Cross Street,
          Manchester M2 1BD
          Joint Administrators:
          David Swaden
          David Harry Gilbert
          Phone: 0161 817 3700
          Fax:   0161 817 3711
          E-mail: manchester@bdo.co.uk
          Web site: http://www.bdo.co.uk


PBS FINANCIAL: Members Final Meeting Set September 15
-----------------------------------------------------
The final meeting of the members of PBS Financial Services
Limited will be on September 15, 2004 commencing at 11:00 a.m.
It will be held at the offices of Chantrey Vellacott DFK,
Russell Square House, 10-12 Russell Square, London WC1B 5LF.

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 Chantrey Vellacott DFK, Russell Square House, 10-12 Russell
Square, London WC1B 5LF not later than 12:00 noon, September 14,
2004.

CONTACT:  CHANTREY VELLACOTT DFK
          Russell Square House
          10-12 Russell Square,
          London WC1B 5LF
          Joint Liquidator:
          K A Murphy
          Phone: 020 7509 9000
          Fax:   020 7436 8884
          Web site: http://www.cvdfk.com


PETER CHRISTIAN: Creditors Meeting Wednesday Next Week
------------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

             IN THE MATTER OF Peter Christian Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Peter Christian Ltd.
will be held at The Strathdon Thistle Hotel 44 Derby Road
Nottingham NG1 5FT on August 25, 2004 at 12:30 p.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee.  (Sections
99-101 of the said Act)

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 Begbies Traynor, Regency House 21 The
Ropewalk Nottingham NG1 5DU two business days prior to the
meeting.

By Order of the Board.

M. Toone, Director
August 4, 2004

CONTACT:  BEGBIES TRAYNOR
          Regency House
          21 The Ropewalk
          Nottingham NG1 5DU
          Phone: 0115 941 9899
          Fax: 0115 945 4845
          E-mail: nottingham@begbies-traynor.com
          Web site: http://www.begbies.com


ROBOR CARTONS: Hires Begbies Traynor Administrator
--------------------------------------------------
The Robor Cartons Limited has appointed Nicholas Roy Hood and
Timothy John Edward Dolder both of Begbies Traynor as joint
administrators.  The appointment was made August 11, 2004.

The company manufactures printed cartons.  Its registered office
is located at Chiltern House, 24-30 King Street, Watford WD18
0BP.

CONTACT:  BEGBIES TRAYNOR LLP
          32 Cornhill,
          London EC3V 3LJ
          Joint Administrators:
          Nicholas Roy Hood
          Timothy John Edwards Dolder
          (IP Nos 9008, 7805)
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


ROTHERHAM RUGBY: Sheffield Eagles Offer Help
--------------------------------------------
Troubled Rotherham Rugby Union Club has received a cross-code
offer for the bosses of the Sheffield Eagles rugby league to
help keep the club alive, Europe Intelligence Wire says.

The offer came as fans of the troubled club were holding a
crisis meeting Tuesday night at the club's Clifton Lane ground.
The meeting was able to get a pledge of over GBP23,000 for the
Titans, which was given until today to find financial backers.
Club officials, including chief executive Jim Kilfoyle and head
coach Mike Schmid, were present at the meeting.  The depth of
support and passion shown on the night encouraged the club's
supporters.

The Titans were relegated from union's Zurich Premiership last
season and its management has admitted the club's insolvency
with debts around GBP1.5 million.

Eagles chairman Ian Swire said: "We were faced with a similar
situation five years ago.  The fans rallied around and we were
able to reconstitute the club at extremely short notice and
commence playing within a matter of weeks."

The Eagles, which play in the semi-professional LHF Healthplan
National Two, ruled out any takeover.

CONTACT:  ROTHERHAM TITANS
          Clifton Lane Sports Ground
          Badsley Moor Lane
          Clifton
          Rotherham S60 2SN

          Jim Kilfoyle
          Rugby Administrator
          Phone: 01709 388546
          Fax: 01709 370802
          E-mail: jkilfoyle@rrufc.co.uk
          Web site: http://www.rotherham-titans.co.uk


SAMBA CAPITAL: Sets Final General Meeting September 17
------------------------------------------------------
The final general meeting of the members of Samba Capital
Management International Limited will be on September 17, 2004
commencing at 10:15 a.m.  It will be held at 1 More London
Place, London SE1 2AF.

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 Ernst & Young LLP, 1 More London Place, London SE1 2AF not
later than 12:00 noon, September 16, 2004.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Joint Liquidator:
          M D Rollings
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


SOLOMON BROS: Members Meeting September 21
------------------------------------------
The members of Solomon Bros Limited will meet on September 21,
2004 commencing at 11:00 a.m.  It will be held at the offices of
Piper Thompson, Mulberry House, 53 Church Street, Weybridge,
Surrey KT13 8DJ.

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 Piper Thompson, Mulberry House, 53 Church Street,
Weybridge, Surrey KT13 8DJ not later than 12:00 noon, September
20, 2004.


TELEGRAPH GROUP: Books GBP100 Million Pre-tax Loss for 2003
-----------------------------------------------------------
The Telegraph Group, which is being sold to Barclays brothers,
reported a pre-tax loss last year as a result of write-downs
related to investments in a wholly owned subsidiary.

The group posted a loss of GBP100 million before tax for the
year to December 2003.  The figure compares with a GBP39.7
million-profit the year before.

Telegraph invested preference shares in its subsidiary Deedtask,
whose own subsidiary Creditscheme, had invested in LHAT
Corporation, a subsidiary of Hollinger International.  The
shares were worth GBP178 million in the group's accounts in
2002, but were devalued to GBP145 million at the end of the year
by an independent assessment.

At the operating level, Telegraph made profits of GBP35.6
million at a turnover of GBP305 million.  Prior-year profits
were GBP36.6 million for a turnover of GBP310 million.  The
figures relate to the period before the Group was sold to the
Barclay brothers.

The group owns the Daily and Sunday Telegraph, The Spectator and
Apollo magazines.  In June, Barclay brothers David and Frederick
agreed to buy the Daily and Sunday Telegraph for GBP665 million.

Trade and Industry Secretary Patricia Hewitt assured on Tuesday
the agency will not question the transaction after reviewing the
acquisition.


UNITED BISCUITS: Appoints New Managing Director for U.K.
--------------------------------------------------------
United Biscuits (UB) announces that Benoit Testard, currently
Managing Director of UB's Northern Europe region, will take over
as Managing Director of UB's U.K. business.

Over the past three years, Benoit has led UB's Northern European
business.  During this time he has taken the business from a
period of under-performance and turned it round into a
profitable and growing enterprise.

Will Carter, Managing Director UBUK, will leave the business
after a period of handover.

Malcolm Ritchie, Chief Executive, UB said: "I am delighted that
Benoit has agreed to lead UB's U.K. business.  A proven track
record, knowledge of the business and existing strong working
relationships with his fellow Executive members, all make Benoit
an ideal choice for this role.

"With the proposed integration of the Jacob's business in the
UK, the next 6 months is likely to be a crucial period in the
development of UB's U.K. market position."

                            *   *   *

Fitch Ratings in July downgraded United Biscuits Group's
ratings, and removed them from Rating Watch Negative (RWN).  The
Outlook for all ratings is Stable.

The downgrade of United Biscuits' ratings by one notch reflects
the decline in the company's EBITDA margin and the increasing
pressure on its cash flow.  The latter will continue to be
affected by high cash restructuring charges of c.GBP30 million
per annum, together with additional pension contributions of
c.GBP15 million and the projected increase in marketing expenses
to GBP44 million (c.30% higher than 2003).  Fitch expects United
Biscuits to experience significant liquidity pressure from 2005
onwards, against an anticipated backdrop of increasing
amortization payments.


WEMBLEY PLC: Harrah's Entertainment Looks Set to Open Casino
------------------------------------------------------------
Further to the announcement issued by the Group on 6 July 2004,
it has been decided that there will be no referendum put to the
Rhode Island electorate in the November 2004 state election to
determine whether a consortium of Harrah's Entertainment and the
Narragansett Indians should be permitted to open a casino in
Rhode Island.  This is as a result of rulings by the Rhode
Island courts precluding the referendum from being put to the
ballot on constitutional grounds.

It should be noted that the Harrah's consortium has publicly
expressed its intent to continue efforts to develop a casino in
the state.

Wembley will announce its 2004 interim results on 2 September
2004.
                            *   *   *

The plan to build the casino could draw away gambling revenue
from the British company's venues.

CONTACT:  COLLEGE HILL
          Justine Warren
          Phone: 020 7457 2020


WHYTOCK & REID: Goes Into Liquidation After 200 Years
-----------------------------------------------------
Edinburgh-based furnisher Whytock & Reid has been placed into
voluntary liquidation after trading for around 200 years, says
Europe Intelligence Wire.

Whytock & Reid, which served as decorator and furnisher in the
Palace of Holyroodhouse, blamed increased competition and
cheaper imports for its demise.  Auctioneers Lyon and Turnbull
are set to auction the company's goods in Edinburgh in
September.  John Mackie, director of the auctioneers, said, "The
sale is a great opportunity for someone to buy a piece of
history."

David Reid, who is the fifth generation of his family to head
the firm, said regarding its 11 remaining employees, "All our
staff have been informed of the situation and many have already
found new positions.

"They are highly skilled craftsmen and women who have learned
the art of cabinet-making, polishing, upholstery and sewing.

"One consolation is that their skills will remain in Scotland."

Whytock & Reid was set up in 1807 and received the Royal Warrant
as Decorators & Furnishers in 1838.  The company is engaged in
cabinetmaking, upholstery and carpet weaving.  The firm employed
more than 80 people at its peak, and was recently asked to
refurbish the private apartments of the former royal yacht
Britannia, a tourist attraction in Leith.

CONTACT:  WHYTOCK & REID
          Sunbury House
          Belford Mews
          Edinburgh EH4 3DN
          Phone: +44 (0) 131 226 4911
          Fax: +44 (0) 131 226 4595
          Web site: http://www.whytockandreid.com


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

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

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

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