TCREUR_Public/040824.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, August 24, 2004, Vol. 5, No. 167

                            Headlines

B U L G A R I A

BULGARIAN HAULERS: Stripped of Licenses; Shaky Finances Cited
DOBRICH SHOE: Assets for Sale


C Z E C H   R E P U B L I C

UNION BANKA: Sells CZK3 Billion Claims for CZK550 Million Only


D E N M A R K

MAERSK AIR: Enhances Summer Holiday Offerings


G E R M A N Y

ING-BHF: Restructuring Plan Includes Option to Sell Entire Biz


L U X E M B O U R G

STOLT-NIELSEN: European Commission Drops Anti-trust Probe


N E T H E R L A N D S

PETROPLUS INTERNATIONAL: Returns to Black in First Half


N O R W A Y

PAN FISH: Books First Positive EBITDA in Three Years


P O L A N D

NETIA SA: Regulator Scraps Subsidiary's License Fees Obligations


R U S S I A

CHEREPANOVSK-AGRO-PROM-ENERGO: Insolvent Status Confirmed
FOUNDRY MECHANICAL: Proofs of Claim Deadline September 9
PENZENSKY SCIENTIFIC-RESEARCH: Succumbs to Bankruptcy
ROMODANOVSKY: Gives Creditors Until September 9 to Prove Claims
SOLUTION: Insolvency Manager Takes over Operations

THERMAL NETWORKS: Kemerovo Court Opens Bankruptcy Proceedings
VOSTOK-GIDRO-MONTAZH: Names A. Fomin Insolvency Manager
YUKOS OIL: Khodorkovsky Presents First Witness
YUKOS OIL: Receives Rescue Proposal from Ex-board Member


S W E D E N

CONCORDIA BUS: Shakes up Senior Management; Names Norback CEO


T U R K E Y

TURKIYE GARANTI: Individual Rating Raised to 'C/D'


U K R A I N E

AGROCOMPANY UKRAINE: Proofs of Claim Deadline Expires Friday
AGROFIRM MELITOPOLSKIJ: Names V. Ishenko Liquidator
AKVINA: Vinnitsya Court Opens Bankruptcy Proceedings
ATLAS-MICRO: Court Appoints Insolvency Manager
FURNITURE LTD.: Succumbs to Bankruptcy

KVORUM: Bankruptcy Proceedings Pending Before Lviv Court
MARKET LTD.: Vinnitsya Court Brings in Liquidator
OLYANKA: Lviv Court Prescribes Bankruptcy Procedure
PROMIN: Bankruptcy Proceedings Ongoing
SFINKS: Vinnitsya Regional Execs Take over Operations


U N I T E D   K I N G D O M

ALIZE TOURS: Hires David Horner & Co Administrator
BACOB BUCHANAN: Members General Meeting September 24
BHD FLINT: Lloyds TSB Bank Appoints KPMG Receiver
BIRMINGHAM MIDSHIRES: Sets Members Final Meetings September 24
BRITISH ENERGY: Issues Output Statement for July

BRITISH ENERGY: Polygon to Sue If Delisting Goes Through
BUSINESS RADIO: Winding up Resolutions Passed
CALLIDUS TECHNOLOGIES: Names Begbies Traynor Liquidator
CAMPBELL-LEE: Hires Joint Administrators from Begbies Traynor
CETHRA ESTATES: Appoints Deloitte & Touche Administrator

CHIMES GROUP: Future Uncertain After Receivership
COCOM INTERNATIONAL: Creditors Meeting Set August 31
CONVERSION GROUP: Liquidator Presents Report Friday
CREME DE LA CREME: Extraordinary Winding up Resolution Passed
DONEWITH NO 1: Names Begbies Traynor Liquidator

EDWARD A. HYDE: Winding up Resolutions Passed
FII FOOTWEAR: Creditors Meeting Set September 1
HARTON ENTERPRISES: Members General Meeting Set September 21
HOWDEN LITHO: HSBC Bank Appoints Moore Stephens Receiver
INTERNATIONAL POWER: Sends Out Circular on Rights Issue

ISOLER SCOTLAND: May Release Liquidator August 27
KENSINGTON IMPORTS: Calls in Liquidator
LARK CONSTRUCTION: Rokbuild Acquires Business
LOTUS LIMITED: Sets Creditors Meeting September 1
MEHFUZ DESIGN: Winding-up Resolutions Passed

M.I.M. MEDICAL: Names Begbies Traynor Administrator
NETWORK RAIL: Delays Drop by 28% in July as Performance Improves
NOTTING HILL: Names Joint Administrators from Deloitte & Touche
PENDEFORD MORTGAGE: Final Meetings Set September 24
PINNACLE R&D: Final General Meeting Set August 27

REDBRIDGE WINDOWS: Names Begbies Traynor Administrator
REGUS GROUP: Completes Acquisition of HQ Global Holdings
ROTHERHAM RUGBY: Local Businessmen Offer GBP500,000 Loan
SBI EUROPE: Members General Meeting Set September 30
SELECT GAUGES: Former Director Attempts to Prevent Liquidation

SS GREAT BRITAIN: Sets Members General Meeting September 27
STANLEYS LTD.: Creditors Meeting Set August 26
TELEWEST COMMUNICATIONS: Rating Raised to 'CCC+' After Shakeup
TRENCHWORKS SCOTLAND: May Release Liquidator August 27
TROIKA 2004: Names Ernst & Young Liquidator
UNITED AIRLINES: Heathrow Ground Staff Demand Pay Security

* Large Companies with Insolvent Balance Sheets


                            *********


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


BULGARIAN HAULERS: Stripped of Licenses; Shaky Finances Cited
-------------------------------------------------------------
The Bulgarian Transport Ministry on Friday revoked the licenses
of international road carriers over questions regarding their
financial stability.

The order by Transport Minister Nikolay Vassilev affected 826
international road carriers, 57 of which have a license for
passenger services and 769 for cargo services, according to
Sofia News.  Proof of financial stability is one of the main
requirements for holding a hauler license.

CONTACT:  MINISTRY OF TRANSPORT AND COMMUNICATIONS
          Hot Line (Customer Care)
          For Sofia
          Phone: (02) 953 33 33

          For Sofia and Pernik region
          Phone: (02) 949 66 70

          Vera Pavlova Public Relations and Advertisement
          Phone: (02) 949 45 34; 951 55 64
          Fax: (02) 951 55 64
          E-mail: central.office@btc.bg
                  vpavlova.asd@btc.bg
          Web site: http://www.btc.bg
                    http://www.mt.government.bg/indexe.htm


DOBRICH SHOE: Assets for Sale
-----------------------------
The bankruptcy administrator of a Dobrich children's shoe
factory is offering assets of the company in a closed auction,
according to Europe Intelligence Wire.

The properties for sale include 101 machines and pieces of
equipment from the factory production departments in General
Toshevo and the village of Vodnyantsi.  Also for sale are the
company's vacation house in Balchik, a storage space, a company
store in Dobrich and other sites.  The company filed for
bankruptcy, declaring debts of BGN9 million.


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


UNION BANKA: Sells CZK3 Billion Claims for CZK550 Million Only
--------------------------------------------------------------
Union Banka has sold its bad loans worth CZK3 billion to
financial group J&T Securities for around CZK550 million,
Hospodarske Noviny says.

The sale was the biggest direct sale the bank has made, other
than through the bailout agency Ceska Konsolidacni Agentura.  A
member of the bankruptcy administrator's team of experts, Pavel
Rozehnal, said J&T bank's offer of 18% of the nominal value "is
much higher than what is usually paid in such cases."  The
creditor committee and the court have approved the sale.

J&T's offer to Union Banka changed the original plan of Michaela
Huserova, the bank's bankruptcy administrator, to sell the rest
of the claims in two blocks and in a public tender.  J&T did not
explain why it was keen on paying such amount for the claims,
but said it intends to sell some of them.

J&T spokesman Petr Malek said: "We ourselves, that is companies
from our group, will exact the payment of some one fourth of the
claims.  We plan to sell the rest and are in talks in this
sense."

CONTACT:  UNION BANKA A.S.
          ul. 30 dubna c. 35
          70200 Ostrava
          Phone: 596108111
          Fax: 596120134
          E-mail: union@union.cz
          Web site: http://www.union.cz

          J&T SECURITIES (CZECH REPUBLIC) A.S.
          Pobrezni 297/14,
          Praha 8, 18600
          Phone: 221 710 131, 224 993 460
          Fax: 221 710 133
          Web site: http://www.jtbank.cz
          E-mail: securities@jtbank.cz


=============
D E N M A R K
=============


MAERSK AIR: Enhances Summer Holiday Offerings
---------------------------------------------
By choosing Maersk Air the customers can be in good time when
selecting their next holiday.  Already starting Wednesday 25
August it is possible to book the summer holiday for 2005
through Maersk Air's Call Center or the travel agencies.
Commencing 1 September it is also possible to buy tickets at
http://www.maersk-air.comand to see the vast choice of
competitive fares as well as the many new destinations from both
Billund and Copenhagen until the summer of 2005.

In connection with the traffic program next summer Maersk Air
introduces three different periods in the summer schedule in
order to meet the customers needs to an even greater extent.
There will be a pre-summer, high-summer and a late-summer, where
we e.g. in the high-summer (June to August) launch four new
summer-routes from Billund to southern Europe (Mallorca, Malaga,
Alicante and Nice) as well as two routes from Copenhagen to
Istanbul and Catania on Sicily.

In order to make room for these exciting summer destinations we
follow the businessman on vacation and cut down a little on the
frequencies on some of our business destinations on behalf of
the holiday destinations.

Maersk Air's president Finn Oelund: "In the future Maersk Air
gives the customers the possibility to book tickets to their
favorite destinations up to 11 months before departure, which is
an additional advantage for our customers compared with many of
our competitors.  We want to give our customers the best choice
to the best prices all year round.  By dividing up the summer
schedule, we customize our "Fly as you like" concept to meet the
customers needs and at the same time utilize our aircraft fleet
optimal all year round enabling us to keep the low costs and be
at the forefront with competitive fares and right destinations
to the customers."

Maersk Air also returns to three of the popular French summer
destinations (Bordeaux, Marseilles and Toulouse) for the whole
summer from April until October with two weekly departures from
Copenhagen.  In addition we will increase on Paris with one new
morning flight to the central airport Charles de Gaulle bringing
the total daily flights up to three on weekdays between Paris
and Copenhagen.

In addition to the above Maersk Air increases the weekly flights
from Copenhagen to a number of southern destinations including a
new Sunday flight to Manchester as well as a new route to Tegel
(Berlin) with five weekly departures.  From Billund we also
offer one additional flight to Amsterdam, which means that there
will be four daily flights on weekdays on this route.

Maersk Air's president Finn Oelund adds: "With Maersk Air it is
the customers who choose and they only pay for what they choose.
Maersk Air offers a unique product with competitive fares and
the main airports in order for the customers not to use extra
time and money driving from far away airports to the city."

CONTACT:  MAERSK AIR A/S
          Copenhagen Airport South
          2791 Dragor, Denmark
          Phone: +45 3231 4444
          Fax: +45 3231 4490
          Web site: http://www.maersk-air.com


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


ING-BHF: Restructuring Plan Includes Option to Sell Entire Biz
--------------------------------------------------------------
The board of German bank ING-BHF has finally approved the bank's
restructuring strategy, which it expects to implement in the
coming months.  The plan will see the unit of ING Groep N.V.
transform into an advisory, service and sales and trading bank.

It said in a statement ING Group will continue to investigate
the strategic options for ING BHF-Bank, including a possible
sale.  The restructuring came after a failed takeover talks with
Commerzbank AG.  The negotiations reportedly ended due to a lack
of potential synergies.

ING-BHF posted pre-tax profit of EUR73 million in the first half
of the year.  Excluding its corporate credit business, the
figure would have been over EUR100 million, close to last year's
EUR102 million.  The unit of ING Groep N.V. did not provide
results on a net basis on its earnings statement.  For last
year, it posted a EUR103 million net loss, a complete reversal
from an income of more than EUR700 million in 2002.  At the
time, Moody's rated its short-term rating P-1, long-term rating
Aa3, and financial strength D+.  Corresponding ratings of Fitch
are F1, A+ and C/D.

A copy of the financial results for 2003 is available free of
charge at http://bankrupt.com/misc/ing-bhf_2003report.pdf.

CONTACT:  ING BHF-BANK
          Bockenheimer LandstraBe 10
          60323 Frankfurt am Main
          Phone: +49 (69) 718 0
          Fax:   +49 (69) 718 2296
          E-mail: corp-comm@bhf.ing.com
          Web site: http://www.ing-bhf-bank.com


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


STOLT-NIELSEN: European Commission Drops Anti-trust Probe
---------------------------------------------------------
Stolt-Nielsen Transportation Group (SNTG), a wholly owned
subsidiary of Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock
Exchange: SNI), said the European Commission's Competition
Directorate has informed SNTG that the Competition Directorate
has closed its investigation into possible collusive behavior in
the intra-European inland barge industry.  The European
Commission's investigation of possible collusive activities in
respect of deep-sea parcel tanker operations continues to be
ongoing.

In February 2003, SNTG announced it had been granted conditional
immunity from imposition of fines by the European Commission
with respect to both the deep-sea parcel tanker and intra-
European inland barge operations.

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. is one of the world's leading providers of
transportation services for bulk liquid chemicals, edible oils,
acids, and other specialty liquids.  The Company, through the
parcel tanker, tank container, terminal, rail and barge services
of its wholly owned subsidiary Stolt-Nielsen Transportation
Group, provides integrated transportation for its customers.
Stolt Sea Farm, wholly-owned by the Company, produces and
markets high quality Atlantic salmon, salmon trout, turbot,
halibut, sturgeon, caviar, bluefin tuna, and tilapia.

The Company also owns 41.7% of Stolt Offshore (NASDAQNM: SOSA;
Oslo Stock Exchange: STO), which is a leading offshore
contractor to the oil and gas industry.  Stolt Offshore
specializes in providing technologically sophisticated offshore
and subsea engineering, flowline and pipeline lay, construction,
inspection, and maintenance services.

CONTACT:  STOLT-NIELSEN S.A.
          Richard M. Lemanski
          Phone: U.S. 1 203 625 3604
          E-mail: rlemanski@stolt.com

          Valerie Lyon
          Phone: UK 44 20 7611 8904
          E-mail: vlyon@stolt.com


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


PETROPLUS INTERNATIONAL: Returns to Black in First Half
-------------------------------------------------------
Petroplus International announced on Friday its 2004 semi-annual
results.  Petroplus' six-month net income before non-recurring
items was EUR1.9 million compared to a loss of EUR2.4 million in
the same period last year.  Including non-recurring items, the
six-month net income was EUR50.5 million (which includes EUR46
million proceeds from the sale of Tango) compared to a loss of
EUR42.4 million in the same period last year (which included a
EUR40 million provision for the write down and reorganization of
the Antwerp refinery).

Petroplus' 2004 second quarter net income before non-recurring
items was EUR2.8 million compared to a loss of EUR10.6 million
in the same period last year.  Including non-recurring items,
the 2004 second quarter net income was also EUR2.8 million
compared to a loss of EUR50.6 million in the same period last
year (which included a EUR40 million provision for the write
down and reorganization of the Antwerp refinery).

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
EUR(000)
                                          January - June
                          Petroplus
Q2 2004   Q2 2003   %                     2004      2003    %
Unaudited                                   unaudited

1,481,115 1,554,064 -5%   Net Sales     2,813,405 3,244,975 -13%


   54,441    46,427 17%  Gross Profit     106,307   107,576  -1%
   54,102    46,427 17%  Adjusted GP*     103,724   107,576  -4%

   18,305    5,975 206%     EBITDA         81,272    29,920 172%
   17,966    5,975 201%  Adjusted EBITDA*  32,346    29,920   8%

   10,322  (42,610) n.a. Net Operating     65,030  (26,378) n.a.
                           Income
    9,983  ( 2,610) n.a. Adjusted NOI*     16,104    13,622  18%

    2,803  (50,630) n.a.  Net Income       50,479   (42,436)n.a.
    2,841  (10,630) n.a.  Adjusted Net      1,930    (2,436)n.a.
                            Income*

   EUR0.09 (EUR1.70)n.a.  Earnings per     EUR1.63 EUR(1.43)n.a.
                             share
   EUR0.09 (EUR0.36)n.a.   Adjusted EPS*   EUR0.06 EUR(0.08)n.a.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Adjusted = excludes non-recurring items
Note: Gross Profit and EBITDA are not stated in the audited and
reviewed financial accounts
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Petroplus' 2004 second quarter earnings from normal operations
reflect a quarter with above mid-cycle refining margins
countered by an ongoing weak U.S. dollar, high oil prices, a 4
weeks planned maintenance shutdown of the Teesside refinery and
the ongoing restructuring of the Antwerp refinery.  The
marketing division and logistics division (primarily tank
storage) had a difficult quarter as a consequence of low demand
caused by high oil product prices and backwardation.  There were

several non-recurring items with a limited net impact of
-EUR0.04 million on the second quarter results.

Key Petroplus Market Indicators
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                                    Q2 2004         Q2 2003
                          Min  average  max   min  average max
Petroplus Theoretical
Refining Margin USD/bbl  1.24    2.36   3.50  0.36  1.89   4.08
10ppm ULSD
premium vs
GO fob USD/MT           14.25   26.63  40.00  9.75 22.55  69.00
10ppm ULSD premium
vs GO cif USD/MT         8.75   19.70  37.25  7.00 19.84  67.50
Rhine Freight
Premium CHF/MT          10.50   12.22  21.50 16.50 26.46  31.50
Dated Brent
Crude USD/bbl           30.92   35.33  39.36 23.10 25.93  28.56
EUR-USD exchange rage    1.18    1.21   1.24  1.07  1.14   1.19
Contango (Backwardation)
for Brent USD/MT        (0.47)  (0.21) (0.02)(0.33)(0.22) (0.09)
Contango
(Backwardation)
for GO USD/MT           (8.36)  (6.40) (3.41)(0.77)(0.00)  0.59


Refining
EUR(000)                                        January - June
                          Refining

Q2 2004  Q2 2003  %                             2004   2003  %
  Unaudited                                       unaudited

-         -    n.a.       Net Sales            -       -   n.a.
26,915   16,230  66%      Gross Profit        44,287 50,584 -12%
10,786   (3,749)n.a.        EBITDA            11,783 13,548 -13%
10,786   (3,749)n.a.      Adjusted EBITDA*    11,783 13,548 -13%
5,252  (48,748)n.a.      Net Operating Income   847(36,215)n.a.
5,252   (8,748)n.a.       Adjusted NOI*         847  3,785 -78%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Adjusted = excludes non-recurring items
Note: Gross Profit and EBITDA are not stated in the audited and
reviewed financial accounts
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

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

CONTACT:  PETROPLUS INTERNATIONAL N.V.
          Max Euwelaan 21
          NL-3062 Rotterdam,
          The Netherlands
          Phone: +31 10 242 5900
          Fax: +31 10 212 2708
          Web site: http://www.petroplus.nl


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


PAN FISH: Books First Positive EBITDA in Three Years
----------------------------------------------------
Pan Fish A.S.A.'s (OSE:PAN) financial and operational progress
continues.  For the first time in three years, the company
presents both an operating profit and a profit before tax.  Pan
Fish achieved an operating profit before depreciation (EBITDA)
of NOK88.9 million, compared with a negative EBITDA of NOK262.3
million in the corresponding quarter 2003.

Focus on expenses continues: Pan Fish's operational progress is
largely a result of the company's efforts to reduce production
expenses.  Reducing the cost of production to become the lowest
cost producer of quality salmon delivered to customer will
remain Pan Fish's main priority in the time ahead.

Refinancing secured: Pan Fish has now secured a refinancing
package that forms the basis to start rebuilding production to a
level which corresponds to the value of the company's assets.
The refinancing package will start to take effect in the
company's accounts for third quarter 2004.

"Pan Fish is in a positive development, and the comprehensive
measures that have been implemented to improve the company's
profitability are now showing results.  These efforts will
continue with unabated strength.  At the same time, Pan Fish has
now secured a refinancing package.  This, along with the
developments so far in 2004 as well as future prospects, leave
us optimistic with regards to improving the company's
profitability and position as the most cost-efficient producer
of salmon", said Atle Eide, CEO of Pan Fish.

Pan Fish's improvements come in spite of a considerable volume
reduction compared to last year, and can mainly be attributed to
the comprehensive improvement measures that were implemented
during the past year.  Turnover was NOK639.3 million in the
second quarter 2004, compared with NOK783.7 million in the
corresponding period of last year.  Ambitious expense targets
have been established in all regions, and considerable resources
will be employed to ensure that they are pursued in the future.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(NOKm)                   2Q-04   2Q-03  YTD-04   YTD-03   2003

Driftsinntekter/
Operating income       639.3   783.7  1,242.0  1,482.5  3,013.7
Driftsresultat for
avskrivninger/EBITDA    88.9   -262.3   150.3  -250.5    -277.8
Avskrivninger/
Depreciations          -49.1    -69.6   -95.3  -113.5    -223.2
Spesielle poster/
Special items            0.0   -689.8     0.0  -689.8    -859.0
Driftsresultat/EBIT      39.8 -1.021.6    55.0 -1,053.8 -1,360.0
Resultat for skatt/
Profit before taxes     37.6 -1,253.0   -20.5 -1,338.9 -1,824.3
Resultat etter skatt/
Net profit              37.6 -1,581.9   -20.2 -1,684.7 -2,258.5
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Refinancing Secured

Pan Fish's refinancing will considerably improve the Group's
liquidity and solidity.  Among the main features is a reduction
of equity per share from NOK0.04 to NOK0.02 to cover uncovered
losses, and a subsequent increase in face value from NOK0.02 to
NOK2.00 through a reversed split of the company's shares at a
ratio of 100:1.  In addition, the bank syndicate, which also
includes Pan Fish's main shareholders, will convert a total of
NOK500 million from bank debt to shares and a subordinated loan.

Pan Fish will also carry out a public share issue of up to
NOK250 million with priority for other current shareholders, at
a share price of NOK2.00.  The company's two main shareholders,
Nordea and DnB Nor, provide a NOK 100 million guarantee for the
share issue.  There will also be issued a new short-term
convertible liquidity loan of up to NOK150 million at a
conversion rate of NOK2.00.  The loan will, however, be reduced
by an amount exactly corresponding to public share issue
subscriptions exceeding NOK100 million.

Outlook

In the first half of 2004, the average price (FOB) per kilo of
fresh Norwegian salmon was NOK1.24 higher than in the same
period last year, while the volume of exports to the E.U. market
at the end of June was at approximately the same level as last
year.  Yet, the market developments give grounds for optimism
with regards to price development in the important E.U. market
this fall.

"Pan Fish will uphold the company's focus on further reducing
production expenses.  At the same time, production will be
escalated to a level that corresponds to the value of the
company's fixed assets.  The long term goal is gradually, and in
line with the company's ability to finance its own growth, to
escalate production up to a level of between 80,000 and 100,000
tons of gutted salmon," said Atle Eide.

CONTACT:  PAN FISH
          Atle Eide
          CEO
          Mobile: +47 911 52 977


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


NETIA SA: Regulator Scraps Subsidiary's License Fees Obligations
----------------------------------------------------------------
The Management Board of Netia S.A. informs that in reply to the
application filed in December 2002 by Regionalne Sieci
Telekomunikacyjne El-Net S.A. (Netia's subsidiary), Regionalne
Sieci Telekomunikacyjne El-Net S.A. received on August 16, 2004
a decision of the Minister of Infrastructure fully in compliance
with RST El-Net's application.

By the decision, the Minister of Infrastructure granted the
promise to cancel the outstanding license fees obligations,
resulting from licenses for rendering local telecommunications
services, amounting to EUR75,689,596.00 and the prolongation
fees amounting to EUR9,038,567.15 owed in connection with prior
deferrals of license fees installments granted to RST El-Net.

The cancellation shall occur upon the verification of incurred
investments documented pursuant to provisions of article 8 of
the act dated November 23, 2002 on the conversion of license
fees of fixed line public telecommunications operators
(hereinafter referred to as the Act).  The Minister of
Infrastructure also decided that RST El-Net's investments can be
incurred from January 1, 2001 till December 30, 2006, upon the
assumption that investments already incurred by RST El-Net S.A.
in 2001-2003 amounted to PLN85,458,931.10.

Based on this decision all outstanding local license fees
obligations of RST El-Net S.A. will be cancelled based on
investments incurred in 2001-2003, as well as investments to be
incurred till December 30, 2006, provided such investments are
verified by the Ministry of Infrastructure in accordance with
the Act.

CONTACT:  NETIA S.A.
          02-822 Warszawa
          ul. Poleczki 13
          Phone: [48] (22) 330 2000
          Fax: [48] (22) 330 2323

          Investor Relations Manager
          Anna Kuchnio
          Phone: [48] (22) 330 2061
          E-mail: anna_kuchnio@netia.pl

          Netia Public Relations
          Jolanta Ciesielska
          Phone: [48] (22) 330 2407
          E-mail: jolanta_ciesielska@netia.pl


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


CHEREPANOVSK-AGRO-PROM-ENERGO: Insolvent Status Confirmed
---------------------------------------------------------
The Arbitration Court of Novosibirsk region has declared OSK
Cherepanovsk-Agro-Prom-Energo insolvent and introduced
bankruptcy proceedings.  The case is docketed as A45-12236/03-
SB/250.  Mr. A. Tyutyunnik has been appointed insolvency
manager.  Creditors have until September 9, 2004 to submit their
proofs of claim to 633564, Russia, Novosibirsk region,
Maslyanino, Partizanskaya Str. 9.

CONTACT:  CHEREPANOVSK-AGRO-PROM-ENERGO
          633645, Russia,
          Novosibirsk Region, Cherepanovo,
          Lineynaya Str. 63

          Mr. A. Tyutyunnik
          Insolvency Manager
          633564, Russia,
          Novosibirsk Region, Maslyanino,
          Partizanskaya Str. 9
          Phone: 8-383-47-21-075
          Fax: 8-383-47-21-589


FOUNDRY MECHANICAL: Proofs of Claim Deadline September 9
--------------------------------------------------------
The Arbitration Court of Mordoviya Republic has declared state
unitary enterprise Foundry Mechanical Plant insolvent and
introduced bankruptcy proceedings.  The case is docketed as A39-
667/03-29/12.  Mr. S. Bozhenko has been appointed insolvency
manager.   Creditors have until September 9, 2004 to submit
their proofs of claim to Russia, Mordoviya Republic, Saransk,
Krupskaya Str. 29.

CONTACT:  FOUNDRY MECHANICAL PLANT
     Russia, Mordoviya Republic,
          Saransk, Aleksandrovskoye Shosse, 22

          Mr. S. Bozhenko
          Insolvency Manager
          Russia, Mordoviya Republic,
          Saransk, Krupskaya Str. 29


PENZENSKY SCIENTIFIC-RESEARCH: Succumbs to Bankruptcy
-----------------------------------------------------
The Arbitration Court of Penza region has declared state unitary
enterprise Penzensky Scientific-Research and Technical Institute
of Antibiotics (TIN 5834011577) insolvent and introduced
bankruptcy proceedings.  The case is docketed as A49/5160/03-
73b/20.  Mr. S. Putyunin has been appointed insolvency manager.

Creditors have until September 9, 2004 to submit their proofs of
claim to:

(a) Insolvency Manager
    Russia, Penza,
    Druzhby Str. 6

(b) The Arbitration Court of Penza region
    Russia, Penza,
    Belinskogo Str. 2

(c) Penzensky Scientific-Research and
    Technical Institute of Antibiotics
    Russia, Penza,
    Druzhby Str. 6


ROMODANOVSKY: Gives Creditors Until September 9 to Prove Claims
---------------------------------------------------------------
The Arbitration Court of Mordoviya republic has declared CJSC
Romodanovsky Sugar-Refinery insolvent and introduced bankruptcy
proceedings.  The case is docketed as A39-164/04-6/6.  Mr. D.
Shirshikov has been appointed insolvency manager.  Creditors
have until September 9, 2004 to submit their proofs of claim to
430027, Russia, Mordoviya republic, Saransk, Gagarina Str. 99A.

CONTACT:  ROMODANOVSKY SUGAR-REFINERY
          431601, Russia,
          Mordoviya Republic, Romodanovo,
          Sakharnikov Str. 1

          Mr. D. Shirshikov
          Insolvency Manager
          430027, Russia,
          Mordoviya Republic, Saransk,
          Gagarina Str. 99A
          Phone: 8 84342 33 18 28


SOLUTION: Insolvency Manager Takes over Operations
--------------------------------------------------
The Arbitration Court of Adygeya republic has declared LLC
Solution insolvent and introduced bankruptcy proceedings.  The
case is docketed as A01-B-2182-2003-11.  Mr. A. Akhtaov has been
appointed insolvency manager.  Creditors have until September 9,
2004 to submit their proofs of claim to 385000, Russia, Adygeya
republic, Maykop, Shovgenova Str. 352-a.

CONTACT:  SOLUTION
          385000, Russia,
          Adygeya republic, Maykop,
          Shovgenova Str. 352-a

          Mr. A. Akhtaov
          Insolvency Manager
          385000, Russia,
          Adygeya republic, Maykop,
          Shovgenova Str. 352-a


THERMAL NETWORKS: Kemerovo Court Opens Bankruptcy Proceedings
-------------------------------------------------------------
The Arbitration Court of Kemerovo region has declared municipal
enterprise Thermal Networks insolvent and introduced bankruptcy
proceedings.  The case is docketed as A27-8533/2002-4.  Mr. A.
Zarubin has been appointed insolvency manager.   Creditors have
until September 9, 2004 to submit their proofs of claim to
650070, Russia, Kemerovo, Post User Box 2691.

CONTACT:  THERMAL NETWORKS
          652000, Russia,
          Kemerovo Region, Yurga,
          Zavodskaya Str. 2A

          Mr. A. Zarubin
          Insolvency Manager
          650070, Russia,
          Kemerovo,
          Post User Box 2691


VOSTOK-GIDRO-MONTAZH: Names A. Fomin Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Irkutsk region has declared OJSC
Vostok-Gidro-Montazh insolvent and introduced bankruptcy
proceedings.  The case is docketed as A19-12672/01-34.  Mr. A.
Fomin has been appointed insolvency manager.  Creditors have
until September 9, 2004 to submit their proofs of claim to
654511, Russia, Irkutsk, Pivovarikha, Ozernaya Str. 17-2.

CONTACT:  VOSTOK-GIDRO-MONTAZH
          665705, Russia,
          Irkutsk region, Bratsk,
          25-Letiya BGS Str. 19

          Mr. A. Fomin
          Insolvency Manager
          654511, Russia,
          Irkutsk, Pivovarikha,
          Ozernaya Str. 17-2


YUKOS OIL: Khodorkovsky Presents First Witness
----------------------------------------------
The former director of Apatit on Friday cleared the former CEO
of Yukos Oil and his close business ally from wrongdoings in
relation to the acquisition of the fertilizer company ten years
ago.

Anatoly Pozdnyakov, former general director of Apatit, stood as
the first witness in the fraud and tax evasion trial against
former Yukos chief Mikhail Khodorkovsky and Platon Lebedev.  Mr.
Khodorkovsky bought a 20% stake in Apatit, which makes a key
fertilizer component, in 1994.  The deal helped him build an
empire that made him Russia's richest man.  Apatit was one of
the state properties offered for auction following the demise of
the Soviet Union.  These auctions are now considered shady
because the properties involved were allegedly sold at prices
far lower than their estimated value.  The incumbent government
claims Mr. Khodorkovsky, through organized establishment of
shell structures that bid for shares, illegally acquired Apatit,
among others.

Mr. Pozdnyakov told the Meshchansky District Court he saw
nothing wrong in the transaction.  "I don't consider that they
deceived us," Ekho Moskvy radio quoted Mr. Pozdnyakov as saying.
According to him, the group played a "positive role" in bringing
back the health of the business.

The fraud and tax evasion case is one of the lawsuits lodged
against the company and its executives by the government.  The
firm is currently facing almost US$7 billion in tax claims for
2000 and 2001.

CONTACT:  YUKOS OIL COMPANY
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Press Service:
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


YUKOS OIL: Receives Rescue Proposal from Ex-board Member
--------------------------------------------------------
Moscow-based oil company Naftasib reportedly approached the
Russian government regarding an offer that would help Yukos Oil
avoid a potential collapse.  According to industry executives in
Russia, the offer is similar to the plan put forward last month
by a British-based consortium.  The group, headed by Konstantin
Kagalovsky, a former Yukos board member, is proposing to pay
Yukos' debts in exchange for a controlling stake.

Yukos has a tax bill amounting to almost US$7 billion for 2000
and 2001.  It has so far paid only part of the US$3.4 billion
demand for 2000.  The government has seized Yukos' core
operating unit, Yuganskneftegas, with a view to selling the
assets to settle the unpaid amount.  Yukos' bank accounts have
also been frozen.  Without the necessary cash the firm warned it
could halt production.

According to the Moscow Times, analysts are holding little hope
the government will listen to any of the rescue proposals.  They
say it is more probable Yuganskneftegas would be sold to rival
Rosneft.  Oil giant Gazprom is then likely to takeover Yukos'
remaining assets.

CONTACT:  YUKOS OIL COMPANY
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Press Service:
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru
          Web site: http://www.yukos.ru


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


CONCORDIA BUS: Shakes up Senior Management; Names Norback CEO
-------------------------------------------------------------
The Board of Directors in Concordia Bus B.V., Concordia Bus
Holding AB, Concordia Bus AB and Concordia Bus Nordic Holding AB
(Companies or Concordia Bus) have decided that changes will be
made in the Senior Management structure of Concordia Bus as of
30 June 2004.

Frode Larsen, CEO, will take on the role of Executive Chairman
of the Board in Concordia Bus.  This will allow Mr. Larsen time
to redirect his energies away from the day-to-day management and
focus his attention on strategic initiatives.

Ragnar Norback who is the present COO of Concordia Bus will
become the CEO.  Mr. Norback, who was introduced to investors in
January, has now had the time to conduct a complete review of
the operations and will take on the additional roles that are
required of a CEO.  Mr. Norback was previously the Nordic
General Manager of Nyman & Shultz AB/American Express and
General Manager Sweden and Executive Vice President in Linjebuss
AB Group.

Vasant Mistry, CFO, has resigned.  The board has initiated a
search for a new CFO with an international recruitment company.

                            *   *   *

Early in August, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Sweden-based bus-services
provider Concordia Bus AB (Concordia) to 'CCC' from 'B-' due to
concerns over the group's ability to maintain adequate liquidity
to meet its debt-servicing commitments.  The outlook is
negative.

At the same time, Standard & Poor's lowered its subordinated
debt rating on Concordia's EUR160 million (US$193 million) bond,
due 2010, to 'CC' from 'CCC' and its senior secured debt rating
on subsidiary Concordia Bus Nordic AB's EUR130 million bond, due
2009, to 'CCC-' from 'CCC+'.  Concordia is the indirect parent
of Concordia Bus Nordic and guarantor of the EUR130 million
bond.

The downgrade reflects Concordia's weakening cash position
during the first quarter of fiscal year ending Feb. 28, 2005.
Given the group's poor track record in improving operating
performance, Concordia will find it increasingly challenging to
improve financial performance to the extent required to maintain
adequate liquidity following the coupon payments of about SKR135
million (US$18 million) in August 2004.

CONTACT:  CONCORDIA BUS
           Frode Larsen, Chief Executive Officer
           Phone: + 47 67 83 29 33
           Mobile:+ 47 92 80 00 02


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


TURKIYE GARANTI: Individual Rating Raised to 'C/D'
--------------------------------------------------
Fitch Ratings upgraded Turkiye Garanti Bankasi's Individual
rating to 'C/D' from 'D' and its National rating to 'A (tur)'
from 'A (tur)'.  The bank's Long-term foreign and local
currency, Short-term foreign and local currency and Support
ratings have been affirmed at 'B+', 'B' and '4', respectively.
The Outlook is Stable.

The upgrade of the Individual and the National ratings reflects
healthier profitability due to a balance sheet restructuring
resulting in a higher percentage of loans versus Turkish
government securities in the asset mix.  Additional positive
factors include healthier asset quality and improved funding.
These are balanced by the bank's low but improving free capital.

Garanti saw a significant turnaround in 2003 with a net income
of TRL480.5 trillion compared with a loss of TRL3.3 trillion in
2002.  The bank's profitability continued to improve in 1Q04 and
interest on loans and securities equaled 54.6% and 34.7% of
total interest income, respectively.  Its income sources are
diversified with net fee and commission income equating to 21.1%
of total operating income in 1Q04.  The revenues are expected to
continue to improve as the bank further focuses on credit cards,
while the cost of funding reduces because of its high share of
demand deposits.  Fitch believes that if the local economy
improves further, Garanti should continue as one of the leading
players in the Turkish banking industry.

Garanti's asset quality improved in 2003 over 2002 mainly due to
recoveries.  NPLs dropped 30% to equal 3.1% of total gross loans
at end-2003.  However, reserve coverage, though improved, was
still low at 65.2% after collaterals.

The customer deposit base of Garanti has grown to reach 63.5% of
funding at end-2003.  Garanti continued to tap the international
markets and secured an US$150 million MT-100 securitization with
an eight-year maturity and US$175 million securitization with a
five-year maturity in 1Q04.  Its consolidated BIS capital ratio
increased to 16.7% at end-1Q04 from 13.2% at end-2002.

Garanti's key deficiency has been free capital, due to high
levels of non-interest earning assets on its balance sheet;
however, free capital has increased to 3% of total assets at
end-1Q04.  Management is keen on selling foreclosed property,
fixed assets and some of its equity participations that should
improve free capital levels.  The bank has recently announced
the sale of its stake in one of its subsidiary to its
shareholder, which will result in a cash injection of around
US$80 million.

Garanti was Turkey's third largest privately owned commercial
bank by assets at end-2003.  It is majority-held by Dogus Group.

A detailed report on Garanti is available at
http://www.fitchresearch.com.

CONTACT:  FITCH RATINGS
          Banu Saracci
          London
          Phone: +44 207 417 4373

          Botan Berker
          Gulcin Orgun, Istanbul
          Phone: +90 212 279 10 65

          Ed Thompson
          New York
          Phone: +1 212 908 0364

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


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


AGROCOMPANY UKRAINE: Proofs of Claim Deadline Expires Friday
------------------------------------------------------------
The Economic Court of Kyiv region declared Agrocompany Ukraine
(code EDRPOU 30576942) insolvent and introduced bankruptcy
proceedings on July 8, 2004.  The case is docketed as 43/323.
Mrs. Valentina Plushakova has been appointed
liquidator/insolvency manager.  The company holds account number
26006263028901 at LLC European Bank Of Development and Savings,
MFO 320779.

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

(a) AGROCOMPANY UKRAINE
    Ukraine, Kyiv region,
    Kostyantinivska Str. 19 A

(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


AGROFIRM MELITOPOLSKIJ: Names V. Ishenko Liquidator
---------------------------------------------------
The Economic Court of Zaporizhya region declared LLC Agrofirm
Melitopolskij (code EDRPOU 00846333) insolvent and introduced
bankruptcy proceedings on July 14, 2004.  The case is docketed
as 21/31.  Arbitral manager Mr. V. Ishenko (License Number AA
719771 approved on January 28, 2004) has been appointed
liquidator/insolvency manager.  The company holds account number
2600330011349 at JSCB Ukrsocbank, Melitopol branch, MFO 313463.

CONTACT:  AGROFIRM MELITOPOLSKIJ
          Ukraine, Zaporizhya region,
          Melitopol district, Trudove

          Mr. V. Ishenko
          Liquidator/Insolvency Manager
          72311, Ukraine, Zaporizhya region,
          Melitopol, a/b 21
          Phone: (0619) 42-09-74

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


AKVINA: Vinnitsya Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Vinnitsya region declared LLC Akvina (code
EDRPOU 31325303) insolvent and introduced bankruptcy proceedings
on April 6, 2004.  The case is docketed as 10/52-04.  A
representative of the State Tax Inspection of Vinnitsya Region
has been appointed liquidator/insolvency manager.

CONTACT:  AKVINA
          Ukraine, Vinnitsya region,
          Furdilivska Str. 4

          REPRESENTATIVE OF STATE TAX INSPECTION OF VINNITSYA
          REGION
          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya region,
          30-Richya Peremogi Str. 21
          Phone: (0432) 52-33-51


ATLAS-MICRO: Court Appoints Insolvency Manager
----------------------------------------------
The Economic Court of Kyiv region declared LLC Atlas-Micro (code
EDRPOU 31361514) insolvent and introduced bankruptcy proceedings
on July 8, 2004.  The case is docketed as 43/322.  Mrs.
Valentina Plushakova has been appointed liquidator/insolvency
manager.  The company holds account number 260023011622 at JSB
Starokiyivskij bank, MFO 321477.

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

(a) ATLAS-MICRO
    04073, Ukraine, Kyiv region,
    Siretska Str. 5

(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


FURNITURE LTD.: Succumbs to Bankruptcy
--------------------------------------
The Economic Court of Vinnitsya region declared LLC Service
Furniture Ltd. (code EDRPOU 05522463) insolvent and introduced
bankruptcy proceedings on February 13, 2004.  The case is
docketed as 10/21-04.  A representative of the State Tax
Inspection of Vinnitsya region has been appointed
liquidator/insolvency manager.

CONTACT:  SERVICE FURNITURE LTD.
          Ukraine, Vinnitsya region,
          G. Uspenskij Str. 91

          REPRESENTATIVE OF STATE TAX INSPECTION OF VINNITSYA
          REGION
          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya region,
          30-Richya Peremogi Str. 21
          Phone: (0432) 52-33-51


KVORUM: Bankruptcy Proceedings Pending Before Lviv Court
--------------------------------------------------------
The Economic Court of Lviv region declared LLC Kvorum (code
EDRPOU 23884510) insolvent and introduced bankruptcy proceedings
on June 17, 2003.  The case is docketed as 6/125-4/89.  Arbitral
manager Mr. Rostislav Gvozdyuk (License Number AA 419450
approved on November 11, 2002) has been appointed
liquidator/insolvency manager.  The company holds account
numbers 26006301414493 and 260040301414493 at JSC Industrial-
Investment Bank, Sihivskij branch of Lviv, MFO 325633.

CONTACT:  KVORUM
          79031, Ukraine, Lviv region,
          Persenkivka Str. 48

          Mr. Rostislav Gvozdyuk
          Liquidator/Insolvency Manager
          81100, Ukraine, Lviv region,
          Pustomiti, Ivan Mazepa Str. 12/2

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


MARKET LTD.: Vinnitsya Court Brings in Liquidator
-------------------------------------------------
The Economic Court of Vinnitsya region declared LLC Commercial
House Market Ltd. (code EDRPOU 23062914) insolvent and
introduced bankruptcy proceedings on May 20, 2004.  The case is
docketed as 5/320-04.  A representative of the Regional
Governing of Bankruptcy Questions of Vinnitsya Region has been
appointed liquidator/insolvency manager.  The company holds
account number 260002916 MFO 302247.

CONTACT:  COMMERCIAL HOUSE MARKET LTD.
          Ukraine, Vinnitsya region,
          Zaliznichna Str. 13

          REPRESENTATIVE OF REGIONAL GOVERNING OF BANKRUPTCY
          QUESTIONS OF VINNITSYA REGION
          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya region, K. Marks Str. 50
          Phone: (0432) 21-40-96


OLYANKA: Lviv Court Prescribes Bankruptcy Procedure
---------------------------------------------------
The Economic Court of Lviv region declared LLC Olyanka (code
EDRPOU 19321706) insolvent and introduced bankruptcy proceedings
on June 1, 2004.  The case is docketed as 6/29-8/27.  Arbitral
manager Mr. Gvozdyuk Rostislav (License Number AA 419450
approved on November 11, 2002) has been appointed
liquidator/insolvency manager.  The company holds account number
26004605000750 at JSCB Ukrsocbank, Lviv regional branch, MFO
325019; and account numbers 26002390191001 and 26049390191008 at
CB Ukraine, Lviv branch, MFO 325644.

CONTACT:  OLYANKA
          81100, Ukraine, Lviv region,
          Pustomiti, Glinska Str. 18 a

          Mr. Gvozdyuk Rostislav
          Liquidator/Insolvency Manager
          81100, Ukraine, Lviv region,
          Pustomiti, Ivan Mazepa Str. 12/2

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


PROMIN: Bankruptcy Proceedings Ongoing
--------------------------------------
The Economic Court of Dnipropetrovsk region declared LLC Promin
(code EDRPOU 03743026) insolvent and introduced bankruptcy
proceedings on December 4, 2003.  The case is docketed as B
26/22/03.  Arbitral manager Mr. Svyatoslav Balas (License Number
AA 668272) has been appointed liquidator/insolvency manager.

CONTACT:  PROMIN
          51633, Ukraine, Dnipropetrovsk region,
          Verhnyodniprovskij district, Vodyane

          Mr. Svyatoslav Balas
          Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region,
          Komsomolska Str. 48/2
          Phone: (056) 744-19-31

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


SFINKS: Vinnitsya Regional Execs Take over Operations
-----------------------------------------------------
The Economic Court of Vinnitsya region declared LLC Production-
Commercial Firm Sfinks (code EDRPOU 20116236) insolvent and
introduced bankruptcy proceedings on May 20, 2004.  The case is
docketed as 5/322-04.  A representative of the Regional
Governing of Bankruptcy Questions of Vinnitsya Region has been
appointed liquidator/insolvency manager.  The company holds
account number 260073011449 MFO 302571.

CONTACT:  PRODUCTION-COMMERCIAL FIRM SFINKS
          Ukraine, Vinnitsya region,
          Nekrasov Str. 11

          REPRESENTATIVE OF REGIONAL GOVERNING OF BANKRUPTCY
          QUESTIONS OF VINNITSYA REGION
          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya region, K. Marks Str. 50
          Phone: (0432) 21-40-96


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


ALIZE TOURS: Hires David Horner & Co Administrator
--------------------------------------------------
David Anthony Horner has been appointed administrator for Alize
Tours Limited.  The appointment was made August 10, 2004.  The
travel agent's registered office address is c/o David Horner &
Co., 11 Clifton Moor Business Village, James Nicolson Link,
Clifton Moor, York YO30 4XG.

CONTACT:  DAVID HORNER & CO.
          11 Clifton Moor Business Village,
          James Nicolson Link,
          Clifton Moor,
          York YO30 4XG
          Administrator:
          David Anthony Horner
          (IP No 008956)
          Phone: 01904 479801
          Web site: http://www.davidhornerco.co.uk


BACOB BUCHANAN: Members General Meeting September 24
----------------------------------------------------
The general meeting of the members of Bacob Buchanan Holding
Company Limited will be on September 24, 2004 commencing at 2:30
p.m.  It will be held at Athene Place, 66 Shoe Lane, London EC4A
3WA.

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 Deloitte & Touche, Athene Place, 66 Shoe Lane, London EC4A
3WA not later than 12:00 noon, September 23, 2004.

CONTACT:  DELOITTE & TOUCHE LLP
          66 Shoe Lane
          London EC4A 3BQ
          Joint Liquidator:
          J R D Smith
          Phone: 00 44 (0) 207 936 3000
          Fax:   00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


BHD FLINT: Lloyds TSB Bank Appoints KPMG Receiver
-------------------------------------------------
Name of Companies:
BHD Flint Limited
BHD Group Limited
BHD Showers Limited
Home Doors (GB) Limited
Portland Conservatories Limited

Lloyds TSB Banks Plc called in Myles Antony Halley, Richard
Dixon Fleming and Mark Jeremy Orton as administrative receivers
for these companies.  The application was filed August 11, 2004.
The companies manufacture UPVC windows and doors.

CONTACT:  KPMG
          Corporate Recovery
          2 Cornwall Street,
          Birmingham B3 2DL
          Administrative Receivers:
          Myles Antony Halley
          Richard Dixon Fleming
          Mark Jeremy Orton
          (Office Holder Nos 6658, 8370, 8846)
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


BIRMINGHAM MIDSHIRES: Sets Members Final Meetings September 24
--------------------------------------------------------------
Name of Companies:
Birmingham Midshires Independent Financial Services Limited
Birmingham Midshires Property Services (Eastern) Limited
Eastern Gate Limited
Elmwood Mortgage Services Limited
Halifax Mortgage Services (Administration) Limited
Halifax Mortgage Services (IB) Limited
Leeds Units Trust Limited
London Credit Limited
Mawer Mason & Bell (Financial Services) Limited
Peaktons Limited

The final meetings of the members of these companies will be on
September 24, 2004 commencing at 10:00 a.m. and thereafter a 15-
minute intervals.  It will be held at the offices of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP.

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 meetings may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Benson House, 33 Wellington
Street, Leeds LS1 4JP not later than 12:00 noon, September 23,
2004.

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


BRITISH ENERGY: Issues Output Statement for July
------------------------------------------------
A summary of net output from all of British Energy's power
stations in July is given in the table, together with
comparative data for the previous financial year:

                  2003/04
                    July                Year to Date
               Output   Load          Output    Load
               (TWh)   Factor (%)     (TWh)    Factor
                                                 (%)

U.K. Nuclear   5.14      72           22.18      79
U.K. Other     0.40      28            1.49      26

                   2003/04
                    July                Year to Date
               Output   Load          Output    Load
               (TWh)   Factor (%)     (TWh)    Factor
                                                 (%)

U.K. Nuclear    4.78     67            19.80      71
U.K. Other      0.56     39             1.97      35

Planned Outages

(a) A statutory outage continued on one unit at Torness.

(b) Low load re-fuelling was carried out on both units at
    Hinkley Point B and Hunterston B.

Unplanned Outages

(a) One unit at Dungeness was shutdown through out July to carry
    out repairs to the generator and returned to service on 6
    August 2004.

(b) One unit at Heysham 2 was shutdown on 5 July 2004 to carry
    out gas circulator inspections and returned to service on 13
    August 2004.

Boilers

(a) A statutory outage on one unit at Hartlepool was completed.
    However the unit has not returned to service pending
    potential work to be carried out to demonstrate the
    integrity of certain boilers.

(b) One unit at Heysham 1 was shutdown pending work to
    demonstrate the integrity of certain boilers.

Nuclear Output Target

The Company recently announced its revised target of annual
nuclear output in its statement dated 30 July 2004.

CONTACT:  BRITISH ENERGY
           Andrew Dowler
           Phone: 020 7831 3113
           (Media Enquiries)
           John Searles
           Phone: 01355 26 2202
           (Investor Relations)
           Web site: http://www.british-energy.com


BRITISH ENERGY: Polygon to Sue If Delisting Goes Through
--------------------------------------------------------
Polygon Investment Partners LLP, a shareholder in British
Energy, threatens to sue the nuclear energy generator if it
pursues a plan to step up its delisting, according to Bloomberg
News.

British Energy is waiting for the approval of its government-
backed restructuring plan by the European Union.  Under an
agreement struck with creditors in October, the company agreed
to delist the stock to guarantee the plan.  Shareholders,
including Polygon, which owns 5.6% stake of British Energy,
stand to get only 2.5% of the restructured company under the
scheme, and are attempting to block its implementation.

A new law is due to be implemented by year-end requiring
companies to seek shareholders' approval to de-list shares.
Accelerating the de-listing of British Energy would mean
shareholders would no longer have a say in the action.

"We regard (British Energy Chairman) Mr. Montague's comments
regarding a potential acceleration of the de-listing as
prejudicial to shareholders interests," Polygon said in a
statement. "We may take legal action against both the Company
and the board if this should occur."


BUSINESS RADIO: Winding up Resolutions Passed
---------------------------------------------
At an Extraordinary General Meeting of the Members of the
Business Radio Communications Limited Company on August 12, 2004
held at the offices of UHY Hacker Young, St Alphage House, 2
Fore Street, London EC2Y 5DH, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Andrew
Andronikou and Ladislav Hornan, of UHY Hacker Young, St Alphage
House, 2 Fore Street, London EC2Y 5DH have been appointed Joint
Liquidators for the purpose of such winding-up.

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


CALLIDUS TECHNOLOGIES: Names Begbies Traynor Liquidator
-------------------------------------------------------
At an Extraordinary General Meeting of the Callidus Technologies
Limited Company on August 12, 2004 held at The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG, the subjoined
Extraordinary Resolution to wind up the company was passed.
David Paul Hudson of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG has been
appointed Liquidator for the purpose of such winding-up.

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


CAMPBELL-LEE: Hires Joint Administrators from Begbies Traynor
-------------------------------------------------------------
David Moore and Donald Bailey have been appointed as joint
administrators for Campbell-Lee Contracts Limited.  The
appointment was made August 6, 2004.

The company specializes in internal wall cladding.  Its
registered office address is located at No 1 Old Hall Street,
Liverpool L3 9HF.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Joint Administrators:
          David Moore
          Donald Bailey
          (IP Nos 007510, 006739)
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


CETHRA ESTATES: Appoints Deloitte & Touche Administrator
--------------------------------------------------------
N J Dargan and N B Kahn of Deloitte & Touche have been appointed
as joint administrators for Cethra Estates Limited.  The
appointment was made August 12, 2004.  Its registered office
address is located at Village 1, 33-36 Princes Square, London W2
4NP.

CONTACT:  DELOITTE & TOUCHE
          Athene Place,
          66 Shoe Lane,
          London EC4A 3WA
          Joint Administrators:
          N J Dargan
          N B Kahn
          (IP Nos 008024, 001186)
          Phone: 00 44 (0) 207 936 3000
          Fax:   00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


CHIMES GROUP: Future Uncertain After Receivership
-------------------------------------------------
Silverburn Place-based building services company Chimes has
reportedly went into receivership after experiencing trading
problems, Europe Intelligence Wire says.

Though the company's chief executive, Brian Taylor, declined to
comment on the matter, the staff of Chimes called up the media
and confirmed the situation of the company.  The staff claimed
they had been told the firm had gone into receivership and
workers had lost their jobs.

Chimes describes itself as a "a multi-faceted private company
with a multi-million-pound turnover."  The company specializes
in the coordination of repairs and improvements to both domestic
and commercial properties.

CONTACT:  CHIMES GROUP OF COMPANIES
          Chimes House
          Silverburn Place
          Bridge of Don
          Aberdeen AB23 8EG
          Phone: +44 (0)1224 359500
          Fax: +44 (0)1224 359501
          Web site: http://www.chimes.uk.com


COCOM INTERNATIONAL: Creditors Meeting Set August 31
----------------------------------------------------
The creditors of Cocom International Limited will meet on August
31, 2004 commencing at 11:00 a.m.  It will be held at BDO Stoy
Hayward LLP, Kings Wharf, 20-30 Kings Road, Reading, Berkshire
RG1 3EX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, Kings Wharf, 20-30 Kings
Road, Reading, Berkshire RG1 3EX not later than 12:00 noon,
August 30, 2004.

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


CONVERSION GROUP: Liquidator Presents Report Friday
---------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

   IN THE MATTER OF Conversion Group Limited (In Liquidation)

Notice is hereby given pursuant to Section 146 of the Insolvency
Act 1986 that the Final General Meeting of Creditors of
Conversion Group Limited will be held at the offices of Ernst &
Young LLP, George House, 50 George Square, Glasgow G2 1RR on
August 27, 2004 at 10:30 a.m. to receive my Final Report on the
winding up and determine whether or not I should be released as
Liquidator.

Creditors are entitled to attend in person or alternatively by
proxy.  A creditor may vote only if his claim has been submitted
to me and that claim has been accepted in whole or in part.  A
resolution will be passed only if a majority in value of those
voting in person or by proxy vote in favor.  Proxies and claims
must be lodged with me at or before the meeting.

T. M. Burton, Liquidator
Ernst & Young LLP, George House, 50 George Square, Glasgow G2
1RR
July 27, 2004

CONTACT:  ERNST & YOUNG LLP
          George House
          50 George Square
          Glasgow G2 1RR
          Phone: +44 [0] 141 626 5000
          Fax: +44 [0] 141 626 5001
          Web site: http://www.ey.com


CREME DE LA CREME: Extraordinary Winding up Resolution Passed
-------------------------------------------------------------
At an Extraordinary General Meeting of the CrSme de la CrSme
Foods Limited Company on August 11, 2004 held at the offices of
Begbies Traynor, The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG, the subjoined Extraordinary
Resolution to wind up the company was passed.  Lloyd Biscoe of
Begbies Traynor, The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG has been appointed Liquidator for
the purpose of such winding-u

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


DONEWITH NO 1: Names Begbies Traynor Liquidator
-----------------------------------------------
Name of Companies:
Donewith No 1 Ltd
Donewith No 2 Ltd
Donewith No 3 Ltd
Donewith No 4 Ltd
Donewith No 5 Ltd
Donewith No 6 Ltd
Donewith No 7 Ltd
Donewith No 8 Ltd
Donewith No 9 Ltd
Donewith No 10 Ltd
Donewith No 11 Ltd
Donewith No 12 Ltd
Donewith No 13 Ltd
Donewith No 14 Ltd
Donewith No 15 Ltd
Donewith No 16 Ltd
Donewith No 17 Ltd
Donewith No 18 Ltd
Donewith No 19 Ltd
Donewith No 20 Ltd
Donewith No 21 Ltd
Donewith No 22 Ltd
Donewith No 23 Ltd
Donewith No 24 Ltd
Donewith No 25 Ltd

At an Extraordinary General Meeting of these Companies on August
4, 2004 held at 8-9 Northumberland Street, London WC2 5DA, the
subjoined Special, Ordinary and Extraordinary Resolutions to
wind up the companies were passed.  Christopher Herron and Paul
Michael Davis of Begbies Traynor (South) LLP, The Lansdowne
Building, 2 Lansdowne Road CR9 2ER have been appointed Joint
Liquidators for the purpose of such windings-up.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          The Landsdowne Building,
          2 Landsdowne Road CR9 2ER
          Liquidators:
          Christopher Herron
          Paul Michael Davis
          Web site: http://www.begbies.com


EDWARD A. HYDE: Winding up Resolutions Passed
---------------------------------------------
At an Extraordinary General Meeting of the Members of the Edward
A. Hyde Investments Limited Company on August 13, 2004 held at 8
and 9 The Quadrant, Coventry CV1 2EG, the Special and Ordinary
Resolutions to wind up the company were passed.  W J Kelly and J
P N Martin of Begbies Traynor have been appointed Joint
Liquidators for the purpose of winding-up

CONTACT:  BEGBIES TRAYNOR
          Web site: http://www.begbies.com
          Liquidators:
          M J Kelly
          J P N Martin


FII FOOTWEAR: Creditors Meeting Set September 1
-----------------------------------------------
The creditors of FII Footwear Management Limited will meet on
September 1, 2004 commencing at 11:00 a.m.  It will be held at
the offices of KPMG LLP, Altius House, One North Fourth Street,
Central Milton Keynes MK9 1NE.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG LLP, Altius House, One North Fourth Street,
Central Milton Keynes MK9 1NE not later than 12:00 noon, August
31, 2004.

CONTACT:  KPMG LLP
          Altius House
          One North Fourth Street,
          Central Milton Kaynes MK9 1NE
          Join Administrator:
          R J Philpoot
          Phone: (0116) 256 6000
          Fax:   (0116) 256 6050
          Web site: http://www.kpmg.co.uk


HARTON ENTERPRISES: Members General Meeting Set September 21
------------------------------------------------------------
The general meeting of the members of Harton Enterprises Limited
will be on September 21, 2004 commencing at 10:00 a.m.  It will
be held at Baker Tilly, 2 Whitehall Quay, Leeds LS1 4HG.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Baker Tilly, 2 Whitehall Quay, Leeds LS1 4HG not later than
12:00 noon, September 20, 2004.

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


HOWDEN LITHO: HSBC Bank Appoints Moore Stephens Receiver
--------------------------------------------------------
HSBC Bank plc called in Jeremy Willmont and David Rolph of Moore
Stephens as joint administrative receivers for Howden Litho
Limited (Reg No 02076787).  The application was filed August 13,
2004.  The company is engaged in printing.

CONTACT:  MOORE STEPHENS
          1 Snow Hill,
          London EC1A 2EN
          Joint Administrative Receivers:
          Jeremy Willmont
          David Rolph
          (Office Holder Nos 9044, 5930)
          Phone: 020 7334 9191
          Fax:   020 7248 3408
          Web site: http://www.moorestephens.co.uk


INTERNATIONAL POWER: Sends Out Circular on Rights Issue
-------------------------------------------------------
Further to its announcement on 30 July 2004 of an underwritten
rights issue, International Power plc on Friday announced that a
prospectus in connection with the Rights Issue and a provisional
allotment letter are being dispatched to shareholders (other
than certain shareholders with registered addresses outside of
or who are citizens or residents of countries other than the
United Kingdom or the Republic of Ireland (Non-U.K.
Shareholders).

Under the terms of the Rights Issue, holders of the Company's
ordinary shares on the register of members of the Company on 13
August 2004 (the Record Date) will be offered 365,540,834 new
Ordinary Shares at a price of 82 pence per share (the Issue
Price) on the basis of 33 new Ordinary Shares for every 100
Ordinary Shares then held (in the case of Non-U.K. Shareholders
subject to applicable law).

The Rights Issue is expected to raise, net of expenses,
approximately GBP290 million.  The Issue Price represents a
discount of 43% to the closing middle market price of 143 pence
per Ordinary Share on 29 July 2004 (the day before the Rights
Issue announcement) and a discount of 43% to Thursday's closing
middle market price of 144.25 pence per Ordinary Share.

The nil paid rights to which shareholders who hold their
Ordinary Shares in CREST are entitled are expected to be
credited to the stock accounts in CREST of those shareholders
(other than Non-U.K. Shareholders) at 8:00 a.m. on 23 August
2004.  The latest time and date for acceptance and payment in
full under the Rights Issue is expected to be 11:00 a.m. on 14
September 2004.  The expected timetable for the Rights Issue is
set out in full in the schedule to this announcement.

Holders of options over the Company's Ordinary Shares and
holders of U.S. dollar bonds, which convert into Ordinary
Shares, are not entitled to participate in the Rights Issue.
However, adjustments to such options and convertible bonds may
be made as a result of the Rights Issue in accordance with their
respective terms.

The Company will shortly write to option holders and bond
holders to notify them of the details of these adjustments.

                            *   *   *

On August 3, 2004, TCR-Europe reported that Standard & Poor's
Ratings Services placed its 'BB' long-term issuer credit and
senior unsecured debt ratings on U.K.-based global power
developer International Power PLC on CreditWatch with negative
implications.  The action follows several announcements made by
the company on July 30, 2004, on expected successful
acquisitions, its half-year results, an agreed debt
restructuring at its U.S. subsidiary American National Power
(ANP), a forthcoming rights issue of GBP291 million (US$529
million), and a change in dividend policy.

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED
STATES, CANADA, THE NETHERLANDS, FRANCE, AUSTRALIA, NEW ZEALAND,
JAPAN, HONG KONG OR THE REPUBLIC OF SOUTH AFRICA

CONTACT:  INTERNATIONAL POWER
          Sara Richardson
          Phone: +44 (0) 20 7251 3801

          Investor Relations:
          Aarti Singhal
          Phone: +44 (0) 20 7320 8681

          Media Relations:
          Finsbury
          Morgan Bone
          Phone: +44 (0) 20 7251 3801

          MORGAN STANLEY
          William Vereker
          Alisdair Gayne
          Alastair Cochran
          Philip Apostolides
          Phone: +44(0) 20 7425 8000

          CAZENOVE
          Nick Wiles
          Piers Coombs
          Robert Constant
          Phone: +44(0) 20 7588 2828


ISOLER SCOTLAND: May Release Liquidator August 27
-------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

  IN THE MATTER OF Isoler (Scotland) Limited (In Liquidation)

Notice is hereby given, pursuant to Section 146 of the
Insolvency Act 1986, that the Final General Meeting of Creditors
of Isoler (Scotland) will be held at the offices of Ernst &
Young LLP, George House, 50 George Square, Glasgow G2 1RR on
August 27, 2004 at 11:30 a.m. to receive my Final Report on the
winding up and determine whether or not I should be released as
Liquidator.

Creditors are entitled to attend in person or alternatively by
proxy.  A creditor may vote only if his claim has been submitted
to me and that claim has been accepted in whole or in part.  A
resolution will be passed only if a majority in value of those
voting in person or by proxy vote in favor.  Proxies and claims
must be lodged with me at or before the meeting.

T. M. Burton, Liquidator
July 28, 2004

CONTACT:  ERNST & YOUNG LLP
          George House
          50 George Square
          Glasgow G2 1RR
          Phone: +44 [0] 141 626 5000
          Fax: +44 [0] 141 626 5001
          Web site: http://www.ey.com


KENSINGTON IMPORTS: Calls in Liquidator
---------------------------------------
At an Extraordinary General Meeting of the Members of the
Kensington Imports Limited Company on August 13, 2004 held at
Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF, the
Extraordinary Resolution to wind up the company was passed.
Phillip Hartland Allen and Guy Edward Brooke Mander of Baker
Tilly, City Plaza, Temple Row, Birmingham B2 5AF have been
appointed as Joint Liquidators for the purpose of such winding-
up.

CONTACT:  BAKER TILLY
          City Plaza,
          Temple Row,
          Birmingham B2 5AF
          Joint Liquidators:
          Phillip Hartland Allen
          Guy Edward Brooke Mander
          Phone: 0121 214 3100
          Fax:   0121 214 3101
          Web site: http://www.bakertilly.co.uk


LARK CONSTRUCTION: Rokbuild Acquires Business
---------------------------------------------
The joint administrative receivers of Lark Construction have
sold the business and assets of the troubled firm to
construction firm Rokbuild Ltd., says Europe Intelligence Wire.

Redruth-based Lark went into receivership on August 11.
Receivers Nigel Morrison and Richard Hawes, attributed the
situation to cash flow problems.  Work at all ten Lark sites was
immediately stopped then.

Richard Hawes of Grant Thornton said, "I am delighted to have
achieved a sale of the business and assets very swiftly."

"We have needed to reshape the business slightly in order to
take account of customers' needs but hope that the most
significant contracts can be passed on to Rok.

"This deal will preserve most of the jobs at Lark Construction,
which has built an excellent reputation for its expertise in
social housing in Cornwall."  The firm employs 100 staff in the
area.

The receivers did not reveal the value of the sale, as the
proceeds were dependent on the assignment of the current
contracts of Lark Construction to Rokbuild.

Rokbuild Ltd. is a subsidiary of publicly quoted Rok Property
Solutions Plc and has offices from Truro to Glasgow.

CONTACT:  GRANT THORNTON
          11-13 Penhill Road
          Cardiff CF11 9UP
          Joint Administrative Receiver:
          Richard Hawes
          (Office Holder No 8954)
          Phone: 029 2023 5591
          Fax: 029 2038 3803
          Web site: http://www.grant-thornton.co.uk

          ROK PROPERTY SOLUTIONS PLC
          Rok Centre, Pegasus Place
          Gatwick Road
          Crawley
          West Sussex RH10 9AY
          Phone: 01293 649400
          Fax: 01293 643193
          E-mail: email@rokgroup.com
          Web site: www.rokgroup.com


LOTUS LIMITED: Sets Creditors Meeting September 1
-------------------------------------------------
The creditors of Lotus Limited will meet on September 1, 2004
commencing at 11:00 a.m.  It will be held at the offices of KPMG
LLP, Altius House, One North Fourth Street, Central Milton
Keynes MK9 1NE.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG LLP, Altius House, One North Fourth Street,
Central Milton Keynes MK9 1NE not later than 12:00 noon, August
31, 2004.

CONTACT:  KPMG LLP
          Altius House
          One North Fourth Street,
          Central Milton Kaynes MK9 1NE
          Join Administrators:
          Richard James Philpott
          Myles Antony Halley
          Phone: (0116) 256 6000
          Fax:   (0116) 256 6050
          Web site: http://www.kpmg.co.uk


MEHFUZ DESIGN: Winding-up Resolutions Passed
--------------------------------------------
At an Extraordinary General Meeting of the Members of the Mehfuz
Design Limited Company on August 10, 2004 held at The Old Mill,
9 Soar Lane, Leicester LE3 5DE, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  John Phillip
Walter Harlow has been appointed Liquidator for the purpose of
such a winding-up.

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


M.I.M. MEDICAL: Names Begbies Traynor Administrator
---------------------------------------------------
S L Conn and G N Lee of Begbies Traynor have been appointed as
joint administrators for M.I.M. Medical & Industrial
Manufacturing Company Limited.  The appointment was made August
13, 2004.

The company manufactures pumps and compressors.  Its registered
office address is c/o Begbies Traynor, Elliot House, 151
Deansgate, Manchester M3 3BP.

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


NETWORK RAIL: Delays Drop by 28% in July as Performance Improves
----------------------------------------------------------------
Passengers saw the best July for four years as delays caused by
Network Rail plummeted by 28% compared to last year, bringing
the tenth successive month of improvement in train performance.

Newly published figures show that delays in some areas fell by
as much as 50%.  Those areas where maintenance was first taken
in-house performed outstandingly well, with delays in Wessex and
the East Midlands down 50%, and in the Thames Valley by 36%.

Iain Coucher, Deputy Chief Executive, said: "Network Rail delays
fell by almost 30% in July, making it ten straight months of
sustained improvement.  It's the passenger and freight users who
benefit from this improvement but there is still much more to be
done.

"This continuing boost to train performance is the result of
many changes we, and the train operators have made, including
taking rail maintenance in-house.  It's attention to detail and
hard daily graft by 30,000 dedicated employees, and those of our
train operating colleagues, that made July's progress possible.

"Passengers and freight customers rightly demand more.  We are
anything but complacent as we work with our industry partners to
deliver a better performing railway each hour of every day."

Some of the initiatives that are helping to improve daily
punctuality include:

(a) Rolling out new integrated control centers where a 'fat
    controller' makes key decisions to ensure services run as
    smoothly and punctually as possible

(b) Working much more closely with train operators at a very
    local level to understand and tackle performance issues

(c) The creation of a seasonal taskforce to help us prepare for
    whatever Mother Nature has in store

Mr. Coucher concluded: "Our work to rebuild Britain's railway
continues but we can now see that the changes we have made over
the past 20 months are starting to pay real dividends."

                            *   *   *

July's reduction in delay minutes means that around 84.5% of
services ran on time.

In July 2004 (period 4, i.e. 27 June to 24 July) Network Rail
caused train delay minutes were 851,470 compared to 1,183,082 in
2003, 1,039,877 in 2002 and 1,152,365 in 2001.

Year to date performance (April to July i.e. periods 1-4) is
over 14% better than last year.

These latest figures build on earlier improvements, including
one million reduction in delay minutes in the twelve months to
31 March 2004

Network Rail is the 'not for dividend' operator of Britain's
rail network.  Its objective is to provide safe, reliable and
efficient rail infrastructure.  Details about the Company can be
found at http://www.networkrail.co.uk

CONTACT:  NETWORK RAIL
          Press office
          Phone: 020 7557 8292/3


NOTTING HILL: Names Joint Administrators from Deloitte & Touche
---------------------------------------------------------------
Property holding Notting Hill Village 1 Limited has appointed N
J Dargan and N B Kahn as joint administrators.  The appointment
was made August 12, 2004.  Its registered office address is
located at Village 1, 33-36 Princes Square, London W2 4AD.

CONTACT:  DELOITTE & TOUCHE
          Athene Place,
          66 Shoe Lane,
          London EC4A 3WA
          Joint Administrators:
          N J Dargan
          N B Kahn
          (IP Nos 008024, 001186)
          Phone: 00 44 (0) 207 936 3000
          Fax:   00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


PENDEFORD MORTGAGE: Final Meetings Set September 24
---------------------------------------------------
Name of Companies:
Pendeford Mortgage No 1 Plc
Southdown Estate Agents Limited
Stuarts (Berkshire) Limited
The Tamar Mortgage Corporation Limited
Western Trust Savings Insurance Services Limited
Western Trust & Savings Properties Limited
Wobaston Finance Limited
Wobaston Finance No 1 Limited

The final meetings of the members of these companies will be on
September 24, 2004 commencing at 12:30 p.m. and thereafter 15-
minute intervals.  It will be held at the offices of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP.

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, Benson House, 33 Wellington
Street, Leeds LS1 4JP not later than 12:00 noon, September 23,
2004.

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


PINNACLE R&D: Final General Meeting Set August 27
-------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

   Pinnacle (R&D) Limited (In Members' Voluntary Liquidation)

Notice is hereby given, pursuant to Section 94 of the Insolvency
Act 1986, that a final general meeting of Pinnacle (R&D) Limited
will be held at the offices of Ernst & Young, One Colmore
Square, Birmingham B4 6HQ on August 27, 2004 at 12:00 noon for
the purpose of having a final account laid before it showing how
the winding up of the company has been conducted and the
property of the company disposed of, and of hearing any
explanations that may be given by the liquidators.

Members are entitled to attend in person or alternatively by
proxy.  A member may vote according to the rights attaching to
his shares as set out in the company's Articles of Association.
A resolution will be passed only if a majority in value of those
voting in person or by proxy vote in favor.  Proxies must be
lodged with me at or before the meeting.

W. Tacon, Liquidator
Ernst & Young, One Colmore Row, Birmingham B3 2DB
July 13, 2004

CONTACT:  ERNST & YOUNG LLP
          No.1 Colmore Square
          Birmingham B4 6HQ
          Phone: +44 [0] 121 535 2000
          Fax:   +44 [0] 121 535 2001
          Web site: http://www.ey.com


REDBRIDGE WINDOWS: Names Begbies Traynor Administrator
------------------------------------------------------
Andrew Howard Beckingham and Simon Robert Haskew have been
appointed as joint administrators for Redbridge Windows Limited.
The appointment was made August 4, 2004.

The company manufactures windows.  Its registered office address
is located at 58 Queen Square, Bristol BS1 4LF.

CONTACT:  BEGBIES TRAYNOR
          58 Queen Square
          Bristol BS1 4LF
          Joint Administrators:
          Andrew Howard Beckingham
          Simon Robert Haskew
          Phone: 0117 929 4800
          Fax:   0117 922 0114
          Web site: http://www.begbies.com


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

Following the passing on 9 August 2004 of the resolutions put to
shareholders to effect the Acquisition and Placing and Open
Offer, and the admission earlier of the New Ordinary Shares to
listing on the Official List of the U.K. Listing Authority and
to trading on the London Stock Exchange's main market for listed
securities, the Company is pleased to announce that the
Acquisition has now been completed.

The Company has now acquired the entire issued share capital of
HQ and therefore there will be no Second Closing as contemplated
by the Prospectus.

The total cash consideration of approximately US$309 million
(GBP167 million) paid at completion of the Acquisition Agreement
has been financed by the Placing and Open Offer which raised
approximately GBP119 million, net of expenses, and from certain
draw-downs under the Company's new Debt Facilities.

The Company's interim results will be announced on 6 September
2004.

                            *   *   *

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

CONTACT:  REGUS GROUP PLC
          Stephen Jolly
          Phone: 01932 895135

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

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

          FINANCIAL DYNAMICS
          Richard Mountain
          Robert Gurner
          Phone: 020 7269 7121


ROTHERHAM RUGBY: Local Businessmen Offer GBP500,000 Loan
--------------------------------------------------------
The future of the troubled Rotherham Rugby Union Football Club
seemed a little brighter last week after a local business
consortium came up with a GBP0.5 million-rescue package for the
club, Europe Intelligence Wire says.  Further, the group is
confident it could find a buyer for the Rotherham Titans soon.

The details of the rescue package will be presented to Rugby
Football Union (RFU) Chairman Graeme Cattermole.  Supporters of
the plan expect Mr. Cattermole to be satisfied with the proposal
as it will create not just a short-term fix, but also a viable
club that can sustain professional or semi professional rugby in
the long term.

To facilitate the rescue package, Rotherham players have agreed
to take pay cuts of more than 50%.  Athletes who have agreed to
the pay cut must play as semi-pros and have to get other jobs
other than play rugby to augment their earnings from the game.
Titans team manager Jim Kilfoyle praised the players, "They have
been fantastic and remarkable.

"They are a special group, and the consortium of Rotherham
businessmen which has been set up to save the club is an
outstanding organization."

As for now, the Titans will stop operating as a full time
professional club.  However, lawyer Roger Hutton emphasized:
"Our prospects are far better now than last Friday."

Rotherham players met Friday with former skipper and coach Mike
Schmid to discuss updates.

Roger Hutton, the Leeds solicitor acting for the firm of
insolvency experts charged with finding a new buyer for the
club, said Friday, "I am cautiously optimistic about Rotherham's
future."

Mr. Hutton added the club's position was bleak at the start of
last week, but has improved since.  He said, "There's now a
realistic prospect of selling the club to a new buyer.

"I believe the chances of Rotherham running out at Bedford in a
fortnight can be put at more than 50%.


SBI EUROPE: Members General Meeting Set September 30
----------------------------------------------------
The general meeting of the members of SBI Europe Plc will be on
September 30, 2004 commencing at 11:00 a.m.  It will be held at
Athene Place, 66 Shoe Lane, London EC4A 3WA.

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 Deloitte & Touche, Athene Place, 66 Shoe Lane, London EC4A
3WA not later than 12:00 noon, September 29, 2004.

CONTACT:  DELOITTE & TOUCHE LLP
          66 Shoe Lane
          London EC4A 3BQ
          Joint Liquidator:
          J R D Smith
          Phone: 00 44 (0) 207 936 3000
          Fax:   00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


SELECT GAUGES: Former Director Attempts to Prevent Liquidation
--------------------------------------------------------------
High-tech machine manufacturer Select Gauges is facing
liquidation after stumbling onto financial problems after the
September 11 terrorist attack in the U.S., Europe Intelligence
Wire says.

Select Gauges, which laid off its 23 employees last week,
attributed their financial problems to the global economic
slowdown.  The firm exports 75% of its products.  The company
has had contracts to countries such as Thailand and Brunei.

Select Gauges managing director John Kelly is drawing up a
rescue plan which entails buying back the company's assets from
the bank.  Mr. Kelly said, "The assets of the company are only
worth a scrap value.  Without people to run the machinery it's
pennies in the pound.  We are looking to make an offer to the
bank and buy the assets."

Mr. Kelly plans to hold a creditors meeting to discuss the
repurchase of the company's assets from the bank.

Mr. Kelly, one of firm's three directors who want to buy
company's assets, has talked to the South West Regional
Development Agency, regarding the possibility of gaining
financial support through the Regional Selective Assistance.  He
is also seeking talks with Finance Cornwall, a Truro-based
finance firm that manages a GBP20 million fund devoted to
Cornish businesses looking to start up, buy or survive.


SS GREAT BRITAIN: Sets Members General Meeting September 27
-----------------------------------------------------------
The general meeting of the members of SS Great Britain Banquets
Plc will be on September 27, 2004 commencing at 10:00 a.m.  It
will be held at the offices of Baker Tilly, 1 Georges Square,
Bristol BS1 6BP.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Baker Tilly, 1 Georges Square, Bristol BS1 6BP not later
than 12:00 noon, September 24, 2004.

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


STANLEYS LTD.: Creditors Meeting Set August 26
----------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

                 IN THE MATTER OF Stanleys Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Stanleys Ltd. will be
held at Sherlock House 73 Baker Street London W1U 6RD on August
27, 2004 at 12:00 p.m. for the purpose of having a full
statement of the position of the Company's affairs, together
with a list of the Creditors of the Company and the estimated
amount of their claims, laid before them, and for the purpose,
if thought fit, of nominating a Liquidator and of appointing a
Liquidation Committee.  (Sections 99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Sherlock House
73 Baker Street London W1U 6RD not later than 12:00 noon on the
business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
Sherlock House 73 Baker Street London W1U 6RD before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Tenon Recovery, Sherlock House 73 Baker
Street London W1U 6RD two business days prior to the meeting.

By Order of the Board.

A. Guy, Director
August 4, 2004

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


TELEWEST COMMUNICATIONS: Rating Raised to 'CCC+' After Shakeup
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit ratings on Telewest Communications Networks
Ltd. -- the U.K.-based telephony, cable-TV, and Internet
provider -- to 'CCC+' from 'SD' and placed the ratings on
CreditWatch with positive implications, following the group's
restructuring.

At the same time, Standard & Poor's withdrew its ratings on
related entities Telewest Communications PLC and Telewest
Finance (Jersey) Ltd., including its 'SD' corporate credit
rating on Telewest Communications PLC.

This is because these entities will not form part of the
restructured group.

"The rating actions principally reflect the group's balance
sheet and corporate restructuring, which involved a GBP3.8
billion debt (and interest) for equity swap," said Standard &
Poor's credit analyst Simon Redmond.

The ratings on Telewest Communications Network reflect the
company's refinancing risk, material leverage, weak cash
generation, and competitive operating environment.  The ratings
are supported, however, by the group's substantially complete
network, customer base of about 1.75 million, and high average
revenues per user.

On July 15, 2004, the Telewest group completed its financial
restructuring, which involved the extinguishment of GBP3,282
million of bonds and GBP479 million of interest.  The post-
restructuring liabilities and substantially all the assets were
transferred to Telewest Global Inc., a new U.S.-listed holding
company.  Pro forma for the completion of the group's
restructuring in July 2004, at June 30, 2004, Telewest Global
had gross debt of about GBP2.0 billion (US$3.6 billion)
including GBP1.8 billion of bank debt at TCN.

"To resolve the CreditWatch placement, we will closely monitor
the group's refinancing plans; the benefits garnered from the
restructuring; and the strategic and operational performance and
expectations for the business," said Mr. Redmond.  "Subject to a
satisfactory review and successful refinancing, the ratings are
likely to be raised by more than two notches."

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

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


TRENCHWORKS SCOTLAND: May Release Liquidator August 27
------------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

IN THE MATTER OF Trenchworks Scotland Limited (In Liquidation)

Notice is hereby given pursuant to Section 146 of the Insolvency
Act 1986 that the Final General Meeting of Creditors of
Trenchworks Scotland Limited will be held at the offices of
Ernst & Young LLP, George House, 50 George Square, Glasgow G2
1RR on August 27, 2004 at 12:30 p.m. to receive my Final Report
on the winding up and determine whether or not I should be
released as Liquidator.

Creditors are entitled to attend in person or alternatively by
proxy.  A creditor may vote only if his claim has been submitted
to me and that claim has been accepted in whole or in part.  A
resolution will be passed only if a majority in value of those
voting in person or by proxy vote in favor.  Proxies and claims
must be lodged with me at or before the meeting.

T. M. Burton, Liquidator
Ernst & Young LLP, George House, 50 George Square, Glasgow G2
1RR
July 28, 2004

CONTACT:  ERNST & YOUNG LLP
          George House
          50 George Square
          Glasgow G2 1RR
          Phone: +44 [0] 141 626 5000
          Fax: +44 [0] 141 626 5001
          Web site: http://www.ey.com


TROIKA 2004: Names Ernst & Young Liquidator
-------------------------------------------
At an Extraordinary General Meeting of the Troika 2004 Limited
Company on August 5, 2004 held at 8 Devonshire Square, London
EC2M 4PL, the Special Resolution to wind up the company was
passed.  Elizabeth A Bingham and Alan Lovett of Ernst & Young
LLP, 1 More London Place, London SE1 2AF have been appointed
Joint Liquidators for the purpose of such winding-up.

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


UNITED AIRLINES: Heathrow Ground Staff Demand Pay Security
----------------------------------------------------------
Troubled U.S. company United Airlines faces workers' strike over
wages at the Heathrow airport, Reuters reports.

The Transport & General Workers Union warned last week the
airlines' ground staff, which consists of 700 baggage handlers
and check-in staff, voted to stage a walkout to demand more
benefits.

"[The] message to United Airlines is that our members have
supported you through recent difficult times but we need to have
a stronger commitment on pay for the future," TGWU regional
industrial organizer Jo Jaques said.

The report said a date for the action has not yet been set, but
union officials are scheduled to meet on Thursday to plan
further action.

United Airlines has been in bankruptcy protection in the U.S.
for the last 20 months.


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

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


BELGIUM
-------
Carestel                                          178      (68)

City Hotels                                       210      (15)
Real Software                                     176       17


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


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


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


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


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


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


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


POLAND
------
Animex S.A.               ANX         (1)         108      (86)
Exbud Skanska S.A.        EXBUF       (9)         315     (330)
Media Capital                                     399      (85)


RUSSIA
------
Zil Auto                                          333  (10,769)


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


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


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


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

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


                            *********


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

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

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

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

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

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


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