---

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

                           E U R O P E

            Friday, August 27, 2004, Vol. 5, No. 170

                            Headlines

F I N L A N D

FINNAIR PLC: Asian Traffic to Benefit from Terminal Expansion


F R A N C E

DEXIA: Avoids Class Suit, But Faces Deluge of Individual Claims
VIVENDI UNIVERSAL: Sells Home Productivity Software Brands


G E R M A N Y

INTERTAINMENT AG: Wins US$121.7 Mln Verdict vs. Film Producer
MG TECHNOLOGIES: Subsidiary Wins EUR150 Mln Order from Ireland
VIVANCO AG: Achieves Turnaround Earlier Than Expected
WESTLB AG: It's A Three-way Race for Odeon Cinemas
WCM GROUP: Second-quarter EBIT Plunges into Red
WCM GROUP: In Talks to Merge with Klockner-Werke


H U N G A R Y

BORSODCHEM RT: EGM to Discuss Directors' Treasury Shares Uptake
EUROTOURS GROUP: Insurer Brings Home Customers


I R E L A N D

GIBSON PRICE: Clothes Retailing Business in Liquidation


I T A L Y

ALITALIA SPA: CEO Intends to Cut 7,000 Jobs, Says Source
APRILIA: Piaggio Edges Ducati; To Wrap up Takeover Within Months
PARMALAT FINANZIARIA: N.Y. Court Extends Preliminary Injunction


K Y R G Y Z S T A N

TEHNOPOLIS: Seeking KGS7 Mln for Lot Located at Economic Zone


N E T H E R L A N D S

AKER KVAERNER: Wins Important Engineering Contract in Germany
HAGEMEYER N.V.: Posts EUR166 million Net Loss for First Half
KONINKLIJKE AHOLD: U.S. Foodservice Boosts Liquidity
ROYAL SHELL: Ups European EP Heartland Investment by US$150 Mln


P O L A N D

HUTA CZESTOCHOWA: Antitrust Regulator Favors Direct Sale
INTERNET GROUP: To Choose New Deputy President at Month's End
NETIA SA: May Ask Banks to Back Planned Merger with Dialog


R U S S I A

ALEKSEEVSKY FACTORY: Deadline for Proofs of Claim September 16
BIROBIDZHANSKAYA CONFECTIONERY: Declared Insolvent
BUILDING TRANSPORT: Court Sets November 3 Hearing
CONCRETE-PROM-RESOURCE: Under Bankruptcy Supervision
CONTROL COMPANY: Next Bankruptcy Hearing August 30

DVINA: Undergoes Bankruptcy Supervision Procedure
KASHIRSKAYA POULTRY: Proofs of Claim Deadline September 16
KIRENSKOYE AVIATION: Names A. Drozdov Insolvency Manager
PERVOMAYSK-AGRO-PROM-SNAB: Under Bankruptcy Supervision
SEVER-LIFT: Insolvency Manager Takes over Day-to-day Operations

SEV-LES-PROM: Proofs of Claim Deadline Expires Next Month
SHACHTO-PROKHODKA: Bankruptcy Proceedings Begin
URAL-DOR-STROY-MECHANIZATION: Declared Insolvent
VELIKOLUKSKY FACTORY: Pskov Prescribes Bankruptcy Supervision
VOSKHOD: Under Bankruptcy Supervision

YUKOS OIL: Court Rules Against Plea to Challenge Judges
YUKOS OIL: Govt Ignores Investors' Negotiations Proposal
YUKOS OIL: Case Transforms Business, Political Climate in Russia
ZETA: Gives Creditors Until September 16 to Prove Claims


U K R A I N E

AGROFIRM UKRAINE: Bankruptcy Supervision Begins
AGROSVIT: Court Names Nataliya Chesnova Insolvency Manager
AVANGARD: Proofs of Claim Deadline Expires September 3
BEER COMPANY: Gives Creditors Until September 3 to Prove Claims
GAYANE: Court Appoints Temporary Insolvency Manager

MONAKO-2000: Kyiv Court Orders Bankruptcy Supervision
TANA: Bankruptcy Proceedings Pending Before Zaporizhya Court
UKRAINE-HOLDING: Sets Proofs of Claim Deadline September 3
YALTA MILK: Insolvency Manager Takes over Operations


U N I T E D   K I N G D O M

A & E BUILDING: Former Director Accepts Five-year Ban
BOTLEY HAULAGE: Calls in Liquidator from Middleton Partners
COMWELL LIMITED: Sets Members, Creditors Meeting September 24
EDIFY (DEVELOPMENT): Members Opt for Liquidation
EYR 2001: Hires Liquidator from Tenon Recovery

GROOVY TRAIN: Appoints Begbies Traynor Liquidator
GRUNDIG BUSINESS: Liquidator to Update Members September 24
INGRAM 1000: Members General Meeting Set September 20
INNSPIRED INNS: Sets Members General Meeting September 27
INSIDE STORY: PwC to Present Final Report September 27

JOHN DIGHT: Brings in Liquidator from Harry Lipman
KALAMAZOO INVESTMENT: KPMG to Present Final Report September 30
KAMELIAN LIMITED: Creditors to Meet September 7
LEWES GLASS: Hires Joint Administrators from Mazars
LIFEBOAT FINANCIAL: Succumbs to Administration

MARSH CISO: Members Final Meeting Set September 23
MASH 2: Hires Services of Menzies Corporate Restructuring
MORGANS (TYSELEY): Former Director Gets Nine-year Ban
PEGASUS RESOURCES: Members Pass Winding up Resolutions
REED COURT: Names Moore Stephens Liquidator

RENTOKIL INITIAL: Rules Out Disposals; Focuses on Efficiency
RESIDENTIAL PROPERTY: Ex-directors Banned for Five Years
ROBERT FLEMING: Appoints Liquidator from Mazars
ROBERTS & PARTNERS: Winding up Resolutions Passed
ROCFORM LIMITED: Final General Meeting Set September 24

SILVER LADY: Brings in Liquidator from Menzies
SIMPLY ASSURED: Hires Joint Administrators from Stoy Hayward
SOUTHWATER CONSTRUCTION: Exec Responsible for Collapse Banned
SPECTRUM RETAIL: Hires Rothman Pantall Administrator
WATERSHED IRELAND: Appoints Liquidators from Tait Walker


                            *********


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


FINNAIR PLC: Asian Traffic to Benefit from Terminal Expansion
-------------------------------------------------------------
Helsinki-Vantaa Airport's importance as an internationally
respected gateway for transit traffic between Asia and Europe
will grow further with the expansion of the International
Flights Terminal, which will be taken into use on 31 August
2004.  The new area will serve Finnair's Asian flight
passengers, whose numbers have grown rapidly in recent years.

More than 25 million flight journeys are made between Europe and
Asia each year.  Asia is the fastest growing market for air
travel in the world.  A key element of Finnair's strategy is
expansion of its Asian traffic, which has, in fact, more than
doubled in the last two years.  Finnair today offers more direct
flights between Northern Europe and Asia than any other airline.

"For Finnair, Helsinki-Vantaa Airport is a good and high quality
home base.  The terminal expansion will ensure it operates
efficiently in future, too, providing our company with the
setting it needs to further increase the number of Asian
flights.  At the same time, we will also be able to offer
efficient onward connections from Helsinki," says Finnair
President and CEO Keijo Suila.

In line with its route strategy, Finnair will increase its
number of Asian flights over the long term and will open new
destinations in the region.  The next goal is to increase the
number of flights to the present Asian destinations.

Finnair currently flies daily to Beijing and Bangkok, five times
a week to Shanghai and Osaka, four times to Singapore, three
times to Hong Kong and twice to Tokyo.

Finland's geographic location on the most direct flight route
between Europe and Asia means that Finnair can offer the fastest
link between the continents.  The arrival times of Finnair's
Asia flights have been arranged so that onward connections for
passengers are as efficient as possible.  Asia-flight customers
have the option of fast connections to some 30 European cities.
The on-time record of the flights is excellent as Finnair has
been the most punctual airlines in Europe for many successive
years.

Helsinki-Vantaa Airport is particularly busy in the evenings
when most of the Asian flights arrive and depart.  The terminal
expansion will ease the movement of passengers and facilitate
transferring to connecting flights.  The more spacious
facilities will also enhance passenger comfort within the
terminal.  Finnair will also open a new spacious long-haul
traffic lounge for frequent flyers and long haul business class
passengers on 1 September 2004.

                            *   *   *

Finnair Oyj warned it would post a full-year loss due to
record-high fuel costs for 2004.  The Finnish flag carrier
narrowed its second-quarter loss but says an increase in fuel
prices could keep the current quarter weak.  Overall, results
would improve but will still be a loss.  It said jet fuel costs
for the whole year will grow by around EUR50 million (GBP33
million) compared with the previous year.  Finnair plans to
raise fares to offset higher fuel prices, but will not impose
surcharge.  The carrier previously said it would return to
profit this year after a EUR18.9 million operating loss in 2003.
For April to June, pre-tax loss was EUR1.9 million, down from
EUR6.4 million in the same period a year ago.

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

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

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

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

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


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


DEXIA: Avoids Class Suit, But Faces Deluge of Individual Claims
---------------------------------------------------------------
A court on Wednesday released Dexia from a potentially costly
group lawsuit over its share lease program, but awarded
individual claims, Reuters says.

An Amsterdam district court rejected a group action seeking to
have the so-called Legio Lease contracts declared null and void.
Had the court upheld the claim, Dexia would have been forced to
honor the contract, repay interest and compensate for share
losses.  Dexia reserved EUR444 million (GBP299 million) for
legal costs to solve the case.  Analysts' previous estimate put
the costs at EUR450 million.

Dexia inherited the contracts when it bought Bank Labouchere
from Dutch insurer Aegon in 2000.  The lease contracts allow
people to borrow money to buy Dutch blue-chip shares and use the
stock as collateral on the loans.  The program worked well until
2001 before stock market fell.  The case concerns whether under
Dutch law Dexia was required to have the signature of both
persons in a couple instead of just one it had on the contracts
sold.  The court said a spouse's signature was required to make
a couple's lease contract valid.  It awarded individual claims
to contracts satisfying the condition.

Erik Oversier, a lawyer who represents more than 40 Dexia
clients warned: "There could be an avalanche of individual
lawsuits," from clients in a similar position.

A Dexia spokesman said the bank would appeal the court's
decision on signatures.

CONTACT:  DEXIA GROUP
          Square de Meeus, 1
          B-1000 Brussels, Belgium
          Phone: +32 2 213 57 00
          Fax:   +32 2 213 57 01
          Web site: http://www.dexia.com


VIVENDI UNIVERSAL: Sells Home Productivity Software Brands
----------------------------------------------------------
Vivendi Universal Games (VU Games) divested its home
productivity software franchises, Hallmark Card Studio and Print
Artist, to Nova Development Corporation effective immediately.

Under terms of the agreement, Nova Development acquires
technology and content use rights to both franchises, as well as
an extended license with Hallmark for the Card Studio product
line.  Financial terms of the deal were not disclosed.

The divestiture of home productivity software is part of VU
Games' strategy of refocusing its business exclusively on games.

About Nova Development Corporation

Based in Southern California, Nova Development Corporation is
the No. 1 publisher of home graphics software in North America
for both the Windows and Macintosh platforms.  With a consumer
software distribution network encompassing over 7,500 retail
locations in North America, Nova has a history of providing new
technologies that consistently expand the uses of desktop
computers for homes, schools and businesses.

Headquartered in Los Angeles, Vivendi Universal Games (S&P, BB
Long-term and B Short-term Corporate Credit Ratings, Positive)
is a leading global developer, publisher and distributor of
multi-platform interactive entertainment.  Its development
studios and publishing labels include Blizzard Entertainment,
Sierra Entertainment, Fox Interactive and Massive Entertainment.
VU Games' library of over 700 titles features multi-million-unit
selling properties such as Warcraft, StarCraft and Diablo from
Blizzard; Crash Bandicoot, Spyro The Dragon, Ground Control,
Tribes and Leisure Suit Larry.

CONTACT:  VIVENDI UNIVERSAL GAMES
          Leslie Hollingshead of VU Games
          Phone: +1-310-431-4533
          E-mail: leslie.hollingshead@vugames.com

          NOVA DEVELOPMENT
          Brad Crystal
          Phone: +1-818-591-9600
          E-mail: bradc@novadevelopment.com


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


INTERTAINMENT AG: Wins US$121.7 Mln Verdict vs. Film Producer
-------------------------------------------------------------
Intertainment AG, Ismaning (Munich), has been informed, shortly
after the presentation of the final judgment in the fraud case
brought against U.S. film producer Franchise Pictures and
others, that Franchise Pictures and nearly all subsidiary
companies convicted in the lawsuit have filed for bankruptcy.

As a result of this predictable step, the companies have placed
themselves under the protection of American insolvency law.
This means that Intertainment will assert its claims against
Franchise Pictures and the subsidiary companies resulting from
the lawsuit as part of the insolvency proceedings.

It is possible that Elie Samaha, the CEO of Franchise Pictures,
will also file for personal bankruptcy.  Mr. Samaha was -- like
Franchise Pictures and the subsidiary companies -- found guilty
of defrauding Intertainment.  Following the judgment,
Intertainment is entitled to receive US$121.7 million, with all
the convicted parties being jointly liable for US$92.7 million.

Regardless of this latest development, Intertainment will
continue with its preparations for the arbitral proceedings
scheduled for January 2005 against the other parties involved in
the Franchise Pictures fraud.  These include Comerica Bank, and
the insurance companies Film Finances and others.  As part of
the proceedings, Intertainment is claiming -- as in the case of
the Franchise lawsuit -- damages in excess of US$100 million.

CONTACT:  INTERTAINMENT AG
          OsterfeldstraBe 84
          D-85737 Ismaning, Germany
          Phone: +49 89 21699 0
          Fax:   +49 89 21699 11
          Web site: http://www.intertainment-ag.de


MG TECHNOLOGIES: Subsidiary Wins EUR150 Mln Order from Ireland
--------------------------------------------------------------
Lurgi Lentjes AG, Dusseldorf, a subsidiary of mg technologies
AG, has won a contract to build a flue gas cleaning plant for
Moneypoint power station in Ireland.  The order is worth about
EUR150 million and was awarded by the Irish power utility ESB
(Electricity Supply Board).  This project represents another
major order for Lurgi Lentjes.

Lurgi Lentjes is to build a total of three flue gas-cleaning
lines for the three 305 megawatt-units of the Moneypoint power
station by 2008 and is to gradually integrate them into the
existing plant while it is in operation.  Lurgi Lentjes'
state-of-the-art denitrification and desulfurization technology
will ensure that Moneypoint will fully comply with its
obligations under the Large Combustion Plant Directive.  This
technology can cut nitrogen oxide emissions by more than 85%
using the selective catalytic reduction process and sulphur
dioxide emissions by over 90% using the dry circulation
fluidized bed desulphurisation process.  The coal-fired
Moneypoint power station supplies around twenty five percent of
the country's total energy needs.

Besides references for generation of power and steam with
combined cycle power plants, Lurgi Lentjes owns innovative
proprietary technologies and processes that convert residual and
other waste materials into valuable energy and technologies to
keep the air clean.  As a world leader in these technologies,
Lurgi Lentjes combines efficient waste treatment with power
generation to protect natural resources.

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

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


VIVANCO AG: Achieves Turnaround Earlier Than Expected
-----------------------------------------------------
After a comprehensive and successful strategy realignment,
Vivanco Gruppe AG achieved a turnaround in the first quarter of
2004.  The return to profit is much earlier than planned
following losses in 2002 and 2003.

In the first quarter of 2004 the turnover increased by 11% to
EUR28 million.  This is contrary to the declining markets in
this line of business.  The EBIT, i.e. the result before
interests and taxes, more than doubled to EUR1.6 million.

The company expects it can continue this positive trend as well
as turnover and financial results for the second quarter of
2004.  This trend will surely be supported especially in the
following quarters by launching new innovative and profitable
products to the markets.

                            *   *   *

Vivanco Group AG, headquartered in Ahrensburg, Germany, is one
of Europe's leading accessory specialists in the segments
Consumer Electronics, Information Technology, Telecommunications
and Access Technology.

CONTACT:  VIVANCO GRUPPE AKTIENGESELLSCAHFT
          Ewige Weide 15
          22926 Ahrensburg,
          Germany
          Phone: +49 4102 2310
          Fax:   +49 4102 231207


WESTLB AG: It's A Three-way Race for Odeon Cinemas
--------------------------------------------------
Odeon Cinemas has shortlisted three bidders for the group ahead
of today's deadline for the final bids, Bloomberg News reported
citing the Times.

Potential buyers left in the running were Terra Firma Capital
Partners Ltd., New York-based Blackstone Group LP, and property
investor Robert Tchenguiz.  BC Partners Ltd. and VUE
Entertainment also made a bid, but dropped out.  Terra Firma is
rumored interested in another cinema chain, UCI, which it could
merge with Odeon to improve purchasing power, and save costs.

The sale of U.K.'s largest cinema chain could fetch up to GBP380
million (US$682.5 million), according to the report.  German
bank WestLB owns 45% of Odeon.  Mr. Tchenguiz owns about
17.5%.  It was offered for auction after minority shareholders
refused Iranian businessman Robert Tchenquiz's offer to buy the
chain.

CONTACT:  WESTLB AG
          Herzogstrasse 15
          40217 Dusseldorf, Germany
          Phone: +49 211 826 01
          Fax:   +49 211 826 6119
          Web site: http://www.westlb.com


WCM GROUP: Second-quarter EBIT Plunges into Red
-----------------------------------------------
The results of ordinary business activity in the WCM Group
totaled -EUR13.8 million in second quarter of 2004, against
-EUR17.8 million year-on-year.  In the first six months, the
results of ordinary business activity amounted to -EUR16.9
million compared to -EUR32.9 million year-on-year.

EBIT in second quarter of 2004 was -EUR0.7 million (PY: EUR22.6
million).  In the first six months EBIT totaled EUR8.4 million
(PY: EUR28.7 million).  EBITDA was EUR11.5 million compared to
EUR34.2 million year-on-year.

In the first six months EBITDA was EUR30.8 million (PY: EUR 59.1
million).

The changes compared to the figures of the previous year
primarily result from the deconsolidation of GEHAG as at
December 31, 2003 and are represented as:

                     Y1 2004           HY1 2003        HY1 2003
                                    excl. GEHAG   Previous year
                  EUR million        EUR million     EUR million

Results of
ordinary
business activity        - 16.9             - 23.5         -32.9

EBIT                        8.4               12.4          28.7

EBITDA                     30.8               32.5          59.1

The complete interim report is available free of charge at
http://bankrupt.com/misc/wcm_2q2004.pdf.

CONTACT: WCM GROUP
         Opernplate 2
         60313 Frankfurt am Main
         Phone: +49 (0) 69 90026-0
         Fax:   +49 (0) 69 90026-110
         E-mail: info@wcm.de
         Web site: http://www.wcm.de


WCM GROUP: In Talks to Merge with Klockner-Werke
------------------------------------------------
The Management Board of WCM Beteiligungs- und Grundbesitz-AG,
Frankfurt am Main, and the Management Board of Klockner-Werke
AG, Duisburg, state that the option of a fusion of the two
companies is being examined in the context of improving the
structures of both companies.

WCM anticipates that this examination will be concluded in the
2004 calendar year.  It will then be submitted to the
supervisory bodies of the companies.

CONTACT: WCM GROUP
         Opernplate 2
         60313 Frankfurt am Main
         Phone: +49 (0) 69 90026-0
         Fax:   +49 (0) 69 90026-110
         E-mail: info@wcm.de
         Web site: http://www.wcm.de


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


BORSODCHEM RT: EGM to Discuss Directors' Treasury Shares Uptake
---------------------------------------------------------------
The Board of Directors of BorsodChem Rt announces to the
shareholders of the Company that CE Oil & Gas Beteiligung und
Verwaltung AG as holder of 59.38% of the shares in BorsodChem
Rt, in line with Section 230 of Act 230 of Act CXLIV of 1997 on
Business Companies and with Section 12 of (S) 8 of the Articles
of Association of the Company -- with regard to the stock split
resolved by the general meeting earlier -- requested in its
letter sent to the chairman of the Board of Directors in due
time that the agenda of the extraordinary general meeting of the
Company convened for 8 September 2004 at 9:00 a.m. in Hotel
Marriott (Budapest, Apaczai Csere Janos u. 4.) be supplemented
by an additional item No. 9. as follows.  According to the
request, the Board of Directors hereby supplements the agenda of
the extraordinary general meeting with the new item.

In accordance with the above, the agenda of the extraordinary
general meeting convened for 8 September 2004 at 9 a.m. in Hotel
Marriott (Budapest, Apaczai Csere Janos utca 4.) is supplemented
by this item:

9. Renewal of the authorization for the Board of Directors to
purchase treasury shares

We hereby inform the honored shareholders that the invitation
for the extraordinary general meeting, as supplemented by the
new item on the agenda, remains unchanged.

Kazincbarcika, 25 August 2004

BorsodChem Rt.
Board of Directors

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

          Laszlo F. Kovacs
          Chief Executive Officer

          CE OIL & GAS BETEILIGUNG UND VERWALTUNG AG
          (A-1010 Wien, Annagasse 6., Austria


EUROTOURS GROUP: Insurer Brings Home Customers
----------------------------------------------
Insurer QBE Atlasz Insurance Rt completed the return of around
1,200 clients of bankrupt travel group Eurotours after the last
batch of customer from Greece came home Tuesday, Budapest
Business Journal says.

In August 17, 2004, TCR-Europe reported that Eurotours Group has
around HUF172 million worth of coverage under an insurance
policy from QBE Atlasz Biztosito.  Atlasz sales director Peter
Horvath said his office has received so far around 1,200 claims
for damages from 2,400 clients.  Atlasz is expecting the filing
of more claims as Eurotours Groups is yet to send its customers
list.  The payment of compensation will start 30 days after the
insurer received the last claim.

The Ministry of Economic Affairs and the Hungarian Trade and
Licensing Office have cancelled the licenses of three Eurotours
travel agencies that went bankrupt two weeks ago.  The agencies
are Eurotours Nemzetkozi Utazasi Iroda (Eurotours International
Travel Agency), Eurotorus Busz Nemzetkozi Utazasi Iroda,
(Eurotours Bus International Travel Agency) and Eurotours Air
Utazasi Iroda (Eurotours Air Travel Agency).

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


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


GIBSON PRICE: Clothes Retailing Business in Liquidation
-------------------------------------------------------
Chartered accountant Tom Regan has been appointed liquidator to
Dublin-based clothes retailer Gibson Price, according to
Business World.

The collapse leaves secured and unsecured creditors of the
company at a loss for nearly EUR156,000.  The firm's former
managing director, Michael Connery, said there is a deficit of
EUR155,679 after the company's assets are assessed to pay
creditors.  The firm's biggest creditors are the Collector
General, who is owed EUR43,154, and supplier Sand U.K. Ltd,
which is owed EUR20,588.

The company ceased trading way back in June, but its winding up
was delayed by a legal wrangle between the landlord of its
premises on Suffolk Street in Dublin, First Active, the
building's ultimate owner, Irish Life, and its new tenant,
Carrolls of Dublin, according to Mr. Connery.

CONTACT:  Gibson Price
          17 Suffolk Street
          Dublin 2, Ireland
          Phone: +353 1 677 7436


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


ALITALIA SPA: CEO Intends to Cut 7,000 Jobs, Says Source
--------------------------------------------------------
Alitalia S.p.A. Chief Executive Giancarlo Cimoli seeks to cut
around a third of the struggling Italian carrier's 22,000
workforce as part of a rescue plan, Dow Jones Business News
reports citing a source familiar with the matter.

The source said Mr. Cimoli plans to lay off around 7,000
Alitalia employees and this includes around 1,000 early
retirements and 1,500 jobs outsourcing through selling company
units.  The source added Alitalia intends to sell its
maintenance unit Atitech, which employs 800 people, to aerospace
and defense company Finmeccanica S.p.A.

The source said, "Cimoli hasn't told unions yet the details of
the layoffs he wants to enact."

Mr. Cimoli is currently persuading the company's unions to
accept the restructuring plan, which includes trimming holidays
and reducing flight crews from four to two or three.  However,
the unions rejected the proposals.  The chief executive met with
unions Monday and told them the carrier might have only 20 days
to live unless they agree to the restructuring plan.

The European Union has set the plan as one of the conditions for
Alitalia to obtain a EUR400 million government-backed bridging
loan.  According to a published interview, Economy Minister
Domenico Siniscalco would not approve the loan unless the unions
agree to a sweeping restructuring plan.

Analysts say Mr. Cimoli, who facilitated the turn-around of the
state railway company, faces an uphill task in striking a deal
with the unions.

CONTACT:  ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://www.alitalia.it


APRILIA: Piaggio Edges Ducati; To Wrap up Takeover Within Months
----------------------------------------------------------------
Italian scooter group Piaggio intends to complete its takeover
of troubled motorcycle and scooter group Aprilia by the end of
October, Il Sole 24 Ore says.

Piaggio chairman and majority owner Roberto Colaninno announced
at Italy's yearly Rimini meeting his company had already paid
Aprilia EUR5 million to sustain its costs during the negotiation
period.  He added Piaggio plans to fully repay Aprilia's
creditors, including bondholders and banks.

Mr. Colaninno said Piaggio's acquisition of Aprilia would create
Europe's largest two-wheel vehicle group, with a turnover of
EUR1.6 billion, 7,000 workforce and 8 manufacturing sites.  Mr.
Colaninno added the limited overlap of the two group's product
lines made it possible for a merger.  The merged entity intends
to list in the Milan stock market in 2007.

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


PARMALAT FINANZIARIA: N.Y. Court Extends Preliminary Injunction
---------------------------------------------------------------
The U.S. Bankruptcy Court in New York on Thursday agreed to
extend Parmalat Finanziaria's preliminary injunction, giving it
three more months to keep creditors from snatching its U.S.
assets, The Deal reports.

Judge Robert Drain of U.S. Bankruptcy Court for the Southern
District of New York in Manhattan approved the extension of the
preliminary injunction until the end of November, according to
the group's U.S. counsel.

Marcia Goldstein of Weil, Gotshal & Manges LLP said: "No
objections were filed and Judge Drain approved the extension of
the preliminary injunction until Nov. 30, when he will hold the
next hearing on the issue."  The order protects the assets of at
least 22 Parmalat affiliates from being moved by creditors.  The
security will give Parmalat time to restructure at home without
being distracted by other affairs abroad.

Parmalat, which applied for creditor protection in December,
filed the petition under Section 304 of the federal bankruptcy
code in New York on June 22 in conjunction with its foreign
insolvency filing.  The filing seeks to stay a lawsuit filed by
ABN Amro Bank N.V. attempting to recover claims on a promissory
note of nearly US$10 million that Parmalat allegedly guaranteed.
The note backs a loan that Amro made to Wishaw Trading S.A., a
non-bankrupt affiliate in Uruguay which is 16.67% owned by
Parmalat.

The group successfully had the lawsuit stayed on July 2, but the
bank was allowed to continue its action against Wishaw after 30
days.  Parmalat is motioning to dismiss the suit against Wishaw
arguing it was improperly served under Uruguayan law, according
to Ms. Goldstein.

Parmalat is also being represented by Gary Holtzer at Weil
Gotshal.  Lynn Harrison III, Steven Reisman and Joseph Pizzurro
are debtor co-counsel at Curtis, Mallet-Prevost, Colt & Mosle
LLP in New York.

The 304 petition applies to debtors engaged in the production
and marketing of food, drink and related products that are
incorporated in Italy, the Netherlands and Luxembourg.

A copy of the injunction is available free of charge at
http://www.researcharchives.com/bin/download?id=040826235807.


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


TEHNOPOLIS: Seeking KGS7 Mln for Lot Located at Economic Zone
-------------------------------------------------------------
The bidding organizer and insolvency manager of Private Foreign
Firm Tehnopolis set for public auction the firm's asset on
September 3, 2004, 12:00 noon, at Bishkek Free Economic Zone,
Exhibition of National Economy Achievements, Bishkek, Manas St.
303.  Up for sale is a 516-square-meter lot that carries a
starting price of KGS7 million.

The assets can be inspected daily (excluding weekends), from
9:00 a.m. to 4:00 p.m. at Bishkek Free Economic Zone, Exhibition
of National Economy Achievements, Bishkek, Manas St. 303.  To pa
rticipate, bidders must deposit an amount equivalent to 10% of
the value of the property.  For more information, call (0-312)
62-68-29 or (0-502) 28-27-56.


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


AKER KVAERNER: Wins Important Engineering Contract in Germany
-------------------------------------------------------------
Aker Kvaerner Netherlands B.V., part of the Aker Kvaerner Group,
received a letter of intent, based on Contract Terms currently
being finalized, to perform Engineering, Procurement and
Construction Management Services (EPCm) for major BP
Petrochemical and Refining sites in Germany.

Under this contract Aker Kvaerner will perform Engineering,
Procurement services and Construction Management services for
small and medium size projects at the BP sites in Gelsenkirchen,
Koln, and Marl with an option for Lingen also to participate.
The duration for this agreement is five years with the
possibility of further extension in terms of locations and
duration.

"This is an important and strategic frame agreement for Aker
Kvaerner," says Jarle Tautra, executive vice president in Aker
Kvaerner.  "This contract emphasizes our strategic direction and
our decision to be the contractor of choice for premier
customers such as BP."

BP is an industry leader in Germany.  Number one in retail of
automotive fuels, number two in crude processing capacity.  The
petrochemical production capacity of the sites taking part in
the initiative amounts to more than 11 million tons of product
per annum, which represents more than 60% of BP's production
capacity in Europe.

The contract, won after a detailed pre-qualification exercise
and in competition between several international companies,
forms part of BP's global initiative to improve its project
execution performance in terms of capital productivity and EPCm
efficiency.

"The co-operation between our companies will support efficient
execution of small and medium-sized projects and stimulate
synergies across the sites engaged in the initiative.  We will
establish close co-operation with the BP sites and BP's
corporate organization to give them our best engineering and
project management support and further develop our competence
and knowledge of the German refinery and petrochemical
industry," adds Tautra.

This frame agreement is part of several similar agreements Aker
Kvaerner has won in the Benelux and Germany for companies such
as General Electric and DuPont.  Aker Kvaerner can draw on the
network of competence and resources from its various business
units within Germany, the Benelux and the U.K. Aker Kvaerner is
among the leading international contractors within the oil and
gas and down stream industries and has about 22,000 employees in
more than 30 countries.

Aker Kvaerner Netherlands B.V. has signed the contract on behalf
of Aker Kvaerner businesses -- AK Process and AK Engineering
Services -- which will be collaborating on the project.

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

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

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

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

AK Engineering Services is one of the core businesses of the
Aker Kvaerner group in Europe.  It provides total asset life
cycle solutions including conceptual design, engineering,
procurement, project management, construction and commissioning,
through to operation and maintenance services, modifications and
process improvements.  Also offered are consultancy services in
reliability, business modeling and environmental, health, safety
and risk management.

                            *   *   *

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

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

CONTACT:  AKER KVAERNER
          Sarah Weyell
          Stockton-on-Tees, UK
          Phone: +44 (0) 1642 602221

          Wim van der Zande
          The Netherlands
          Phone: Tel: +31 79 368 8343

          Vanessa Mourant
          London, UK
          Phone:  +44 (0) 20 7339 1064
          Mobile: +44 (0) 7771 806566
          Web site: http://www.akerkvaerner.com


HAGEMEYER N.V.: Posts EUR166 million Net Loss for First Half
------------------------------------------------------------
Highlights of interim Report for first half of 2004

(a) Organic sales growth increased in Q2 2004: Group sales
    growth 5.2% (Q1 2004: +1.1%); Adjusted organic sales growth
    for core PPS division 3.9% (Q1 2004: +0.2%); Sales growth in
    all PPS markets except for Germany;

(b) PPS average working capital as percentage of sales further
    reduced to 14.9% in HY1 2004 (HY1 2003: 17.6%);

(c) EBITDA (before exceptional items) EUR8 million negative in
    HY1 2004: Represents EUR14 million improvement on like-for-
    like basis compared to HY1 2003; PPS U.K., PPS Nordics and
    Agency businesses (ACE) major contributors to improvement;

(d) Net result EUR166 million negative in HY1 2004 mainly due to
    high financial expenses

(e) Net debt position of EUR639 million per June 30, 2004 in
    line with financial restructuring plan

(f) Group EBITDA (before exceptional items) expected to improve
    in HY2 2004 compared to HY2 2003 (EUR17 million like-for-
    like)

(g) Free cash flow (before divestments) expected to be positive
    in HY2 2004

(x EURmillion)       June 30, 2004 June 30, 2003 June 30, 2003
                                   Adjusted[1]  Like-for-like[2]
Net sales                 2,645       3,429         2,678
EBITDA
(before exceptional items)  (8)         21           (22)
EBITA
(before exceptional items) (30)         (6)          (48)
Exceptional items           (65)        (29)          (86)
EBITA
(after exceptional items)  (95)        (36)         (134)
Net result                 (166)       (129)
Net result per ordinary share
(EURcents)               (0.32)      (1.19)
Shares outstanding
per June 30 (million)    516.1       109.5
Free cash flow
(before divestments)      (139)        (15)
Net interest bearing debt   639         896

Rudi de Becker, CEO said: "Hagemeyer's turnaround is on track.
Although Hagemeyer is still showing a significant loss for the
first half of the year, in line with our expectations, I am
nevertheless pleased about the progress we have made in several
key areas of our business.  Most notable and encouraging is our
sales recovery after years of decline.  It is a very positive
sign that sales growth in our core PPS business resumed so
rapidly after completion of the refinancing mid-February.

"We should bear in mind that January and February were still
very difficult months for the Company, full of uncertainty and
turmoil.  For me, this sales recovery is the best indicator that
our customers, suppliers and employees have regained confidence
in Hagemeyer.  As a result of actions taken, our service levels
are now competitive again and our processes and systems are
continuously improving.  We will do our utmost to continue the
positive sales momentum whilst further improving margins, costs
and working capital."

----------
1 Adjusted: Corrected for a number of accounting technical
items, for explanation see Annex IX

2 Like-for-like: Adjusted for the impact of the 2003 divestments
and/or transfer of Tech Pacific, Stokvis Tapes Group and Puma

* The June 30, 2004 and June 30, 2003 numbers are unaudited

A full copy of the report is available free of charge at
http://bankrupt.com/misc/Hagemeyer_H12004.pdf.

CONTACT:  HAGEMEYER N.V.
          Rijksweg 69
          1411 GE Naarden
          The Netherlands
          Phone: +31 (0) 35 6957676
          Fax:   +31 (0) 35 6944395
          Web site: http://www.hagemeyer.com


KONINKLIJKE AHOLD: U.S. Foodservice Boosts Liquidity
----------------------------------------------------
Koninklijke Ahold on Wednesday announced that its U.S.
subsidiary, U.S. Foodservice, entered into a new US$600 million
receivable 364-day securitization program with three banks.  The
new agreement, which was entered into on August 24, 2004,
replaces the aggregate US$490 million variable investment
certificates commitments under the existing securitization
programs with immediate effect.

Commenting on the deal, Ahold CFO Hannu Ryopponen said: "We are
happy to have reached agreement on terms and conditions that are
very much in line with market standards and that includes
improved pricing."

CONTACT:  KONINKLIJKE AHOLD
          Corporate Communications:
          Phone: +31.75.659.5720


ROYAL SHELL: Ups European EP Heartland Investment by US$150 Mln
---------------------------------------------------------------
Shell Exploration and Production International B.V. announced an
increase in capital investment throughout 2004 in exploration
and production in Europe, a heartland where Shell has a leading
position and is developing new markets across borders,
particularly in natural gas.

In April 2004 it was announced that capital investment in
Upstream was going to increase for 2004 including some
additional exploration expense and a shift of investments
towards some short-term payback projects.  As part thereof
capital investment in European exploration and production
business -- both in existing assets and the continuing
development of new projects -- has been increased by US$150
million to US$1.8 billion.

The additional US$150 million will extend offshore asset life,
enhance integrity and bring new projects forward.  This
investment will also play an important role in developing
European energy for the future.

Tom Botts, Chief Executive Officer of Shell's European
Exploration and Production organization, announced the plans in
a presentation at the Offshore Northern Seas conference in
Stavanger.

Mr. Botts said: "Through these investments Shell will ensure our
exploration and production business in the European offshore can
grow, both from our existing assets and from new projects like
Ormen Lange, and enable development of European sources of
energy.  We are also actively pursuing new opportunities and
have already awarded seismic contracts following our successful
outcome of the 18th exploration round in Norway."

Mr. Botts continued: "The European offshore industry is in a
healthy middle age.  There are many opportunities for Shell in
this heartland.  The strength of Shell's European EP
organization is our robust local presence and cross-border
connections, which allow us to maximize existing infrastructure
and develop new sources of energy for Europe -- such as the
Statfjord agreement bringing Norwegian wet gas to the United
Kingdom; Danish gas via the Tyra pipeline to the Netherlands and
the planned Balgzand-Bacton pipeline between The Netherlands and
the U.K.  Through ventures such as Goldeneye in the U.K.,
continuous investments in the large Groningen gas field and
Dutch small fields, and the Ormen Lange development in Norway,
we will help sustain Europe's supply of energy."

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague,
          The Netherlands
          Phone: +31 70 377 9111
          Fax:   +31 70 377 3115
          Web site: http://www.shell.com


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


HUTA CZESTOCHOWA: Antitrust Regulator Favors Direct Sale
--------------------------------------------------------
The European Union Commission believes there is a better way to
restructure Huta Czestochowa than through a takeover by an
operator.

Under the steel company's existing reorganization program, some
assets, including electricity firm Elsen, will be taken over by
an operator who will be tasked to find investors for the
business.  Only then will creditors such as the Social Insurance
Administration and the tax office be paid.

The president of Industry Development Agency Arkadiusz Krezel
claims the restructuring plan meets the demands of the so-called
private investor test.  But Brussels said there is no need for a
takeover since many investors are already lining up to buy the
firm.  LNM and Donbas are interested in the assets, according to
Warsaw Business Journal.

The report said the government has indicated it will only give
approval to a sale of Huta Czestochowa to a company favored by
the European Commission.  The agency is also investigating
whether any of the companies under Huta received illegal state
aid.

The Huta Stali Czestochowa steel mill is currently renting the
assets of Huta.

CONTACT:  HUTA CZESTOCHOWA
          Ul. Kucelinska 22
          42-200 Czestochowa
          Phone: 0-34 323 12 61 to 68
          E-mail: huta@hcz.com.pl
          Web site: http://www.hcz.com.pl


INTERNET GROUP: To Choose New Deputy President at Month's End
-------------------------------------------------------------
A new deputy president for Internet Group will be chosen at the
meeting of the company's supervisory board next week, according
to Warsaw Business Journal.

The board meeting on August 31 coincides with the shareholders'
general meeting, which will consider approving the financial
report for 2003.

The company is in need of a new deputy president after Marcin
Marszalek left the post at the end of July.  It is understood
the new officer will come from within the company.

"We have decided to make an internal promotion.  The new
president is going to be one of the company's employees," said
Jozef Jedrzejczyk, head of the supervisory board, and
controlling shareholder.

The new man in position faces an uphill task ahead of him.  He
is expected to bring the business around after years of losses
and sagging share value.  Over the last two years, the firm's
share price has not been higher than PLN2.5.

The firm used to be a shoe production company named Ariel before
it transformed itself into an Internet services provider four
years ago.

CONTACT:  Internet Group Spolka Akcyjna
          Ul. M. Konopnickiej 6 00-491 Warszawa
          Phone: (022) 323-71-71
          Fax: (022) 323-71-72
          E-mail: info@zigzag.pl
          Web site: http://www.zigzag.pl/


NETIA SA: May Ask Banks to Back Planned Merger with Dialog
----------------------------------------------------------
Netia S.A. is pursuing its planned merger with Telefonia Dialog,
and is looking towards its bank for support, Warsaw Business
Journal reports.

Poland's second-largest telecoms company is considering
approaching its banks after KGHM mining group, Dialog's 100%
shareowner, temporarily shelved plans to sell its stake.  Netia
hopes KGHM, which is asking PLN900 million for the local
operator, will change its mind in the future.

Dialog is the country's third largest fixed-line operator with
42,000 subscribers.

CONTACT:  NETIA S.A.
          UL, Polecski 13
          02-822 Warsaw, Poland
          Phone: +48 22 330 2000
          Fax:   +48 22 330 2323
          Web site: http://www.netia.pl


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


ALEKSEEVSKY FACTORY: Deadline for Proofs of Claim September 16
--------------------------------------------------------------
The Arbitration Court of Belgorod region has declared OJSC
Alekseevsky Factory Ferro-Concrete Complex insolvent and
introduced bankruptcy proceedings.  The case is docketed as
A08-995/04-2 B.  Mr. V. Poluyanov has been appointed insolvency
manager.   Creditors have until September 16, 2004 to submit
their proofs of claim to 308015, Russia, Belgorod, Gostenskaya
Str. 2, Office 1.

CONTACT:  ALEKSEEVSKY FACTORY FERRO-CONCRETE COMPLEX
          309850, Russia,
          Belgorod Region, Aleskseevka,
          Zavodskaya Str. 1

          Mr. V. Poluyanov
          Insolvency Manager
          308015, Russia,
          Belgorod, Gostenskaya Str. 2,
          Office 1


BIROBIDZHANSKAYA CONFECTIONERY: Declared Insolvent
--------------------------------------------------
The Arbitration Court of Evreyskiy autonomous region has
declared LLC Birobidzhanskaya Confectionery insolvent and
introduced bankruptcy proceedings.  The case is docketed as
A16-880/2003.  Mr. D. Bichutskiy has been appointed insolvency
manager.   Creditors have until September 16, 2004 to submit
their proofs of claim to 679017, Russia, Evreyskiy autonomous
region, Birobidzhan, Post User Box 47.

CONTACT:  BIROBIDZHANSKAYA CONFECTIONERY
          679016, Russia,
          Evreyskiy Autonomous Region,
          Birobidzhan, Shkolnaya Str. 11

          Mr. D. Bichutskiy
          Insolvency Manager
          679017, Russia,
          Evreyskiy autonomous region,
          Birobidzhan, Post User Box 47
          Phone/Fax: (42622) 2-49-64


BUILDING TRANSPORT: Court Sets November 3 Hearing
-------------------------------------------------
The Arbitration Court of Ivanovo region has commenced bankruptcy
supervision procedure on CJSC Building Transport Corporation-1.
The case is docketed as A1189/14-B.  Mr. V. Onosovsky has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 153035,
Russia, Ivanovo, Lezhnevskaya Str. 157, Apartment 17.  A hearing
will take place at 153022, Russia, Ivanovo, B. Khmelnitskogo
Str. 59B on November 3, 2004, 9:30 a.m.

CONTACT:  BUILDING TRANSPORT CORPORATION-1
          153000, Russia,
          Ivanovo, Sarmentyevoy Str. 9

          Mr. V. Onosovsky
          Temporary Insolvency Manager
          153035, Russia,
          Ivanovo, Lezhnevskaya Str. 157,
          Apartment 17

          The Arbitration Court of Ivanovo region
          153022, Russia,
          Ivanovo, B. Khmelnitskogo Str. 59B


CONCRETE-PROM-RESOURCE: Under Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on OJSC Concrete-Prom-Resource.  The case
is docketed as A70-2512/3-04.  Mr. V. Bolba has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 625001, Russia, Tyumen-1, Post User Box 64.

CONTACT:  CONCRETE-PROM-RESOURCE
          659300, Russia,
          Tyumen Region, Biysk,
          Promzona

          Mr. V. Bolba
          Temporary Insolvency Manager
          625001, Russia,
          Tyumen-1, Post User Box 64


CONTROL COMPANY: Next Bankruptcy Hearing August 30
--------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Control Company.  The case is docketed as A72-4205/04-21/18-B.
Mr. A. Kreyzo has been appointed temporary insolvency manager.

Creditors have until September 16, 2004 to submit their proofs
of claim to 433513, Russia, Ulyanovsk region, Dimitrovograd,
Post User Box 969.  A hearing will take place on August 30,
2004.

CONTACT:  CONTROL COMPANY
          Russia, Ulyanovsk region,
          Dimitrovograd,
          Lenina Str. 16A

          Mr. A. Kreyzo
          Temporary Insolvency Manager
          433513, Russia,
          Ulyanovsk Region,
          Dimitrovograd,
          Post User Box 969


DVINA: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy supervision procedure on OJSC Dvina.  The case is
docketed as A05-4848/04-6.  Mr. P. Terentyev has been appointed
temporary insolvency manager.

Creditors have until September 16, 2004 to submit their proofs
of claim to 163000, Russia, Arkhangelsk, Lomonosova Pr. 219-315.
A hearing will take place on September 1, 2004.

CONTACT:  Mr. P. Terentyev
          Temporary Insolvency Manager
          163000, Russia,
          Arkhangelsk,
          Lomonosova Pr. 219-315


KASHIRSKAYA POULTRY: Proofs of Claim Deadline September 16
----------------------------------------------------------
The Arbitration Court of Moscow region has declared CJSC
Kashirskaya Poultry Farm insolvent and introduced bankruptcy
proceedings.  The case is docketed as A41-K2-405/04.  Mr. A.
Bulatov has been appointed insolvency manager.  Creditors have
until September 16, 2004 to submit their proofs of claim to
109451, Russia, Moscow, Post User Box 22.

CONTACT:  KASHIRSKAYA POULTRY FARM
          Russia, Moscow region,
          Kashirsky region Zendikovo

          Mr. A. Bulatov
          Insolvency Manager
          109451, Russia,
          Moscow, Post User Box 22


KIRENSKOYE AVIATION: Names A. Drozdov Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on federal state unitary enterprise
Kirenskoye Aviation Enterprise.  The case is docketed as
A19-5609/04-29.  Mr. A. Drozdov has been appointed temporary
insolvency manager.

Creditors are asked to submit their proofs of claim to 666683,
Russia, Irkutsk region, Ust-Ilimsk, 13, Post User Box 1334.  A
hearing will take place on September 30, 2004, 10:00 a.m.

CONTACT:  KIRENSKOYE AVIATION ENTERPRISE
          Russia, Irkutsk region,
          Kirensk, Ozyernaya Str. 9

          Mr. A. Drozdov
          Temporary Insolvency Manager
          666683, Russia,
          Irkutsk region, Ust-Ilimsk, 13,
          Post User Box 1334


PERVOMAYSK-AGRO-PROM-SNAB: Under Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
supervision procedure on OJSC Pervomaysk-Agro-Prom-Snab (TIN
6812000076).  The case is docketed as A64-2406/04-2.  Mr. N.
Titov has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to:

(a) Pervomaysk-Agro-Prom-Snab
    393700, Russia,
    Tambov region, Pervomaysky,
    Molodezhnaya Str. 1A
    Phone: 8-075-48-2-12-37;

(b) Temporary Insolvency Manager
    398035, Russia,
    Lipetsk, Zvezdnaya Str. 13/2,
    Apartment 153;
    Phone: 8-0742-37-59-79;

(c) The Arbitration Court of Tambov region
    392020, Russia,
    Tambov, Penzenskaya Str. 67/12


SEVER-LIFT: Insolvency Manager Takes over Day-to-day Operations
---------------------------------------------------------------
The Arbitration Court of Arkhangelsk region has declared LLC
Sever-Lift (TIN 2902036513) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A05-8470/02-608/15.  Mr.
A. Setov has been appointed insolvency manager.

Creditors have until September 16, 2004 to submit their proofs
of claim to 164501, Russia, Arkhangelsk region, Severodvinsk,
Lenina Str. 3.  A hearing will take place on March 30, 2005,
10:00 a.m.

CONTACT:  SEVER-LIFT
          164500, Russia,
          Arkhangelsk region,
          Severodvinsk,
          Pobedy Pr. 48

          Mr. A. Setov
          Insolvency Manager
          164501, Russia,
          Arkhangelsk region,
          Severodvinsk,
          Lenina Str. 3


SEV-LES-PROM: Proofs of Claim Deadline Expires Next Month
---------------------------------------------------------
The Arbitration Court of Arkhangelsk region has declared LLC
Sev-Les-Prom insolvent and introduced bankruptcy proceedings.
The case is docketed as A05-8390/02-600/15.  Mr. S. Tifanov has
been appointed insolvency manager.  Creditors have until
September 16, 2004 to submit their proofs of claim to 650099,
Russia, Kemerovo, 50 Let Pobedy Str. 11.

CONTACT:  SEV-LES-PROM
          Russia, Severodvinsk,
          Lesnaya Str. 51,
          Apartment 18

          Mr. S. Tifanov
          Insolvency Manager
          163061, Russia,
          Arkhangelsk,
          Volodarskogo Str. 36A


SHACHTO-PROKHODKA: Bankruptcy Proceedings Begin
-----------------------------------------------
The Arbitration Court of Krasnoyarsk region has declared LLC
Shachto-Prokhodka insolvent and introduced bankruptcy
proceedings.  The case is docketed as A33-18419/03-s4.  Mr. E.
Kazyurin has been appointed insolvency manager.  Creditors have
until September 16, 2004 to submit their proofs of claim to
660131, Russia, Krasnoyarsk-131, Post User Box 21186.

CONTACT:  SHACHTO-PROKHODKA
          662955, Russia,
          Krasnoyarsk Region,
          Kuraginsky region,
          Krasnokamensk

          Mr. E. Kazyurin
          Insolvency Manager
          660131, Russia,
          Krasnoyarsk-131,
          Post User Box 21186


URAL-DOR-STROY-MECHANIZATION: Declared Insolvent
------------------------------------------------
The Arbitration Court of Tyumen region has declared OJSC
Ural-Dor-Stroy-Mechanization insolvent and introduced bankruptcy
proceedings.  The case is docketed as A70-6725/3-03.  Mr. Y.
Shabalin has been appointed insolvency manager.  Creditors have
until September 16, 2004 to submit their proofs of claim to
625049, Russia, Tyumen-49, Post User Box 1621.

CONTACT:  URAL-DOR-STROY-MECHANIZATION
          Russia, Tyumen,
          Gorkogo Str. 44

          Mr. Y. Shabalin
          Insolvency Manager
          625049, Russia,
          Tyumen-49,
          Post User Box 1621


VELIKOLUKSKY FACTORY: Pskov Prescribes Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Pskov region has commenced bankruptcy
supervision procedure on OJSC Velikoluksky Factory
Ferro-Concrete Constructions (TIN 6025012619).  The case is
docketed as A52/3983/2003/4.  Ms. T. Gudkova has been appointed
temporary insolvency manager.

Creditors have until September 16, 2004 to submit their proofs
of claim to:

(a) Velikoluksky Factory Ferro-Concrete Constructions
    182100, Russia,
    Pskov region, Velikiye Luki,
    Glinki Str. 52;

(b) Ms. T. Gudkova
    Temporary Insolvency Manager
    180007, Russia,
    Pskov, Konnaya Str. 2,
    Office 325.


VOSKHOD: Under Bankruptcy Supervision
-------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on CJSC Voskhod.  The case is docketed as
K/E-76/04.  Mr. I. Nozdrin has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 644089, Russia, Omsk, Post User Box 4142.

CONTACT:  VOSKHOD
          646938, Russia,
          Omsk Region,
          Kalachinsky Region, Lagushino

          Mr. I. Nozdrin
          Temporary Insolvency Manager
          644089, Russia,
          Omsk, Post User Box 4142


YUKOS OIL: Court Rules Against Plea to Challenge Judges
-------------------------------------------------------
A Russian appellate court on Wednesday rejected Yukos Oil's
attempt to challenge all the judges hearing the legal wrangle
over enforcement fees between the firm and tax authorities,
according to Prime-Tass.

The Tax Ministry is appealing against the illegality of the
bailiff enforcement fee imposed on Yukos when it failed to pay
RUB99.3 billion back tax debt on time.

Yukos missed a deadline in July to settle the tax bill.  Under
Russian law, it should be fined 7% of the amount being demanded,
or RUB6.7 billion.  But the Moscow Arbitration Court cancelled
it out early in the month because of the size of the claims and
the immediacy of the payment mode.

The decision of the Arbitration Appellate Court Number Nine on
Wednesday followed a similar judgment when Yukos asked to
dismiss the chief judge hearing the case.

Yukos pointed out that the judge is the same person who
considered an appeal against the illegality of the
bailiff-imposed freeze on the shares of Yuganskneftegaz, Yukos'
main production unit.  The judge submitted and scheduled the
appeal for consideration, before the court of original
jurisdiction provided all the necessary documents, which is a
violation of Russian law.  Yukos said there are grounds the
judge could be biased in the case now being heard.

CONTACT:  YUKOS OIL
          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:
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru
          Web site: http://www.yukos.ru


YUKOS OIL: Govt Ignores Investors' Negotiations Proposal
--------------------------------------------------------
Russian President Vladimir Putin is keeping mum to the proposal
of Yukos investors for a negotiation to discuss the adverse
effect of its legal attack on the firm to businesses in the
country.

Yukos investors with a combined US$3 trillion under management,
including Deka Investment and Janus Capital Group, in June wrote
to President Putin setting up a meeting.  But they haven't yet
received an answer after almost two months.

The investors had to send the letter twice because the first
lacked handwritten signature, according to Ivan Mazalov, who
helps manage US$600 million at Prosperity Capital Management in
Moscow.  Yet, instead of reaching the president, the letter was
forwarded to the market watchdog.  The Financial Market Service
acknowledged it received the letter for its consideration.

The RTS index has fallen 29% since April when the Justice
Ministry said it would seize and sell Yukos' largest oil unit.
The announcement fueled fears about asset stripping and
government interference in the former Soviet economy.

Yukos faces a damaging US$3.4 billion tax bill, which many
believe is Kremlin's way of punishing the former chief for his
political affiliations.

CONTACT:  YUKOS OIL
          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:
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru
          Web site: http://www.yukos.ru


YUKOS OIL: Case Transforms Business, Political Climate in Russia
----------------------------------------------------------------
Research and Markets (http://www.researchandmarkets.com)
announces the addition of Yukos Case: Why And What For? to their
offering.

The Yukos Case, an unprecedented example of the government's
pressure on the leading petroleum company, makes a powerful
impact on both the business environment and political life in
Russia.  In effect, it has become the key pretext for
redistribution of power and ownership control in the country,
the goal President Vladimir Putin was preparing to start
achieving during his first term in the office in 2000-2004.
Now, having won the elections again in March 2004, he can do
what he had planned.

The weakening of the financial-industrial group that includes
Yukos has already entailed significant changes in the
operational mode of Russian business structures.  Starting on
August 1, 2004 the oil industry has to pay more taxes, which
will cut into their profits from high oil prices.  The legal
loopholes that enabled companies to minimize taxes by legitimate
means have closed down.  Large-scale exporters declare that they
will invest in social programs.

Government-controlled structures, such as Gazprom or Rosneft,
are beginning to play the domineering role in the industry.  The
government promotes super-huge projects, e.g., an oil pipeline
from Eastern Siberia to the Pacific coast, to tighten the grasp
of the state over the national economy.  Simultaneously, the
privatization of the key industries, such as power generation
and distribution, has come to a standstill.

This management report provides a systematic analysis of the
events around Yukos and its consequences for the business
environment in Russia and for dealings with Russian companies --
both in the oil and gas industry and in other key sectors of the
economy.

This report addresses managers of various companies with current
and planned projects in Russia and investors in Russian
companies.  It offers answers to these questions:

(a) What is the conflict of interests between the Kremlin and
    the principal owners of Yukos?

(b) Why have the Russian authorities detained former CEO of
    Yukos Mikhail Khodorkovsky?

(c) What will be the fallout of the Yukos Case in the oil and
    gas industry?

(d) How will the relations of business and authorities change
    after the Yukos Case?

(e) May the government start persecuting other financial-
    industrial groups such as Alfa Group?

(f) Will it be still possible for foreign investors to acquire
    Russian oil assets?

(g) How will the Yukos Case affect Russia's investment climate?

Companies mentioned in this report: Yukos, Sibneft,
ChevronTexaco, ExxonMobil, Total, Shell, ConocoPhillips, BP,
TNK-BP, Rosneft, Tomskneft, Gazprom, Lukoil, Surgutneftegaz,
Yuganskneftegaz, Mazeikiu Nafta, Zarubezneft, Alfa Group, RUSAL,
Interros, Sidanco, SuAl, Systema, MDM group, Comstar, Megafon,
Vympelcom, Golden Line, Telmos, Tatneft, Bashneft, Slavneft

Report Contents:

Part 1. Origins of the conflict of interests between the
authorities and Yukos owners

Part 2. Impact of the Yukos Case on the oil and gas industry

Part 3. Impact of the Yukos Case on relations of business with
authorities

Part 4. Changing investment climate

Part 5. Conclusions

For more information visit
http://www.researchandmarkets.com/reports/c4220

CONTACT:  RESEARCH AND MARKETS
          Laura Wood, Senior Manager
          E-mail: press@researchandmarkets.com
          Fax: +353 1 4100 980

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


ZETA: Gives Creditors Until September 16 to Prove Claims
--------------------------------------------------------
The Arbitration Court of Kemerovo region has declared CJSC Zeta
(TIN 4207012271) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A27-6127/2002-4.  Mr. V.
Krayushkin has been appointed insolvency manager.  Creditors
have until September 16, 2004 to submit their proofs of claim to
650099, Russia, Kemerovo, 50 Let Pobedy Str. 11.

CONTACT:  ZETA
          650099, Russia,
          Kemerovo,
          50 Let Pobedy Str. 11

          Mr. V. Krayushkin
          Insolvency Manager
          650099, Russia,
          Kemerovo,
          50 Let Pobedy Str. 11


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


AGROFIRM UKRAINE: Bankruptcy Supervision Begins
-----------------------------------------------
The Economic Court of Hmelnitskij region has commenced
bankruptcy supervision procedure on agricultural LLC production
Agrofirm Ukraine (code EDRPOU 03785496).  The case is docketed
as 2/158-B.  Mr. Vitalij Nagornij (License Number AA 487843
approved on June 4, 2003) has been appointed temporary
insolvency manager.  The company holds account number
26006383172001 at CB Privatbank, Kamyanets-Pdilskij branch, MFO
315405; and account number 260004247 at JSPPB Aval,
Kamyanets-Podilskij branch of Hmelnitskij region, MFO 315171.

CONTACT:  AGRICULTURAL PRODUCTION AGROFIRM UKRAINE
          32372, Ukraine, Hmelnitskij region,
          Kamyanets-Podilskij district, Ustya

          Mr. Vitalij Nagornij
          Temporary Insolvency Manager
          32300, Ukraine, Hmelnitskij region,
          Kamyanets-Podilskij district,
          Zhovtneve, Vishnevij lane, 14

          ECONOMIC COURT OF HMELNITSKIJ REGION
          29000, Ukraine, Hmelnitskij region,
          Nezalezhnosti square, 1


AGROSVIT: Court Names Nataliya Chesnova Insolvency Manager
----------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Agrosvit (code EDRPOU 31614229) on
July 15, 2004.  The case is docketed as B 29/93/04.  Mrs.
Nataliya Chesnova (License Number AA 250312) has been appointed
temporary insolvency manager.  The company holds account number
22004015440101 at JSPPB Aval, MFO 306726.

CONTACT:  AGROSVIT
          52900, Ukraine, Dnipropetrovsk region,
          Mezhivskij district,
          Voznesenske, Sadova Str. 17

          Mrs. Nataliya Chesnova
          Temporary Insolvency Manager
          49101, Ukraine, Dnipropetrovsk region,
          Kirov Avenue, 28-A, office 201

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


AVANGARD: Proofs of Claim Deadline Expires September 3
------------------------------------------------------
The Economic Court of Poltava region declared Agricultural LLC
Avangard (code EDRPOU 03770951) insolvent and introduced
bankruptcy proceedings on February 17, 2004.  The case is
docketed as 8/22.  Arbitral manager Mr. Ivan Gritsenko (License
Number AA 487797 approved on April 30, 2003) has been appointed
liquidator/insolvency manager.

Creditors have until September 3, 2004 to submit their proofs of
claim to:

(a) AGRICULTURAL AVANGARD
    39531, Ukraine, Poltava region,
    Karlivskij district, Fedorivka

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


BEER COMPANY: Gives Creditors Until September 3 to Prove Claims
---------------------------------------------------------------
The Economic Court of Zaporizhya region declared LLC Beer
Company (code EDRPOU 25480805) insolvent and introduced
bankruptcy proceedings.  The case is docketed as 19/81.  Mr.
Yurij Zinchenko (License Number 047661 approved on August 17,
2001) has been appointed liquidator/insolvency manager.  The
company holds account number 260002270101 at JSB Metalurg,
Zaporizjya branch, MFO 313582.

Creditors have until September 3, 2004 to submit their proofs of
claim to:

(a) BEER COMPANY
    69063, Ukraine, Zaporizhya region,
    Kirov Str. 47

(b) Mr. Yurij Zinchenko
    Liquidator/Insolvency Manager
    70200, Ukraine, Zaporizhya region,
    Gulyajpole, Spartakivska Str. 8

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


GAYANE: Court Appoints Temporary Insolvency Manager
---------------------------------------------------
The Economic Court of Volinska region commenced bankruptcy
supervision procedure on Production-Commercial Firm Gayane (code
EDRPOU 13369296) on June 29, 2004.  The case is docketed as
8/55-B.  Mrs. Irina Kolpakova (License Number AA 719765 approved
on January 21, 2004) has been appointed temporary insolvency
manager.  The company holds account number 26005236129002 at CB
Privatbank, Kovel branch, MFO 303332.

Creditors have until September 3, 2004 to submit their proofs of
claim to:

(a) Production-Commercial Firm Gayane
    45000, Ukraine, Volinska region,
    Kovel, Nezalezhnosti Str. 44

(b) Mrs. Irina Kolpakova
    Temporary Insolvency Manager
    43000, Ukraine, Lutsk,
    Berdeliani Str. 1/10

(c) ECONOMIC COURT OF VOLINSKA REGION
    43010, Ukraine, Lutsk,
    Voli Avenue, 54-a


MONAKO-2000: Kyiv Court Orders Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Monako-2000 (code EDRPOU 30521741)
The case is docketed as 43/351.  Mr. I. Mihno (License Number AA
668303 approved on October 10, 2003) has been appointed
temporary insolvency manager.  The company holds account numbers
26004011767/980 and 26006303258001/980 at LLC Bank Finances and
Credit, Kyiv branch, MFO 300131; and account numbers
26003289206001/980 and 26004289206022/643 at Privatbank, Kyiv
branch, MFO 320649.

CONTACT:  MONAKO-2000
          01103, Ukraine, Kyiv region,
          Bastionna Str. 5a/4

          Mr. I. Mihno
          Temporary Insolvency Manager
          Phone: 243-33-58

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


TANA: Bankruptcy Proceedings Pending Before Zaporizhya Court
------------------------------------------------------------
The Economic Court of Zaporizhya region declared LLC Tana (code
EDRPOU 25486334) insolvent and introduced bankruptcy proceedings
on July 1, 2004.  The case is docketed as 25/42.  Mr. Yurij
Zinchenko (License Number 047661 approved on August 17, 2001)
has been appointed liquidator/insolvency manager.

CONTACT:  TANA
          69095, Ukraine, Zaporizhya region,
          Peremogi Str. 63

          Mr. Yurij Zinchenko
          Liquidator/Insolvency Manager
          70200, Ukraine, Zaporizhya region,
          Gulyajpole, Spartakivska Str. 8

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


UKRAINE-HOLDING: Sets Proofs of Claim Deadline September 3
----------------------------------------------------------
The Economic Court of Kyiv declared JSC Ukraine-Holding-Leasing
insolvent and introduced bankruptcy proceedings on June 30,
2004.  The case is docketed as 43/119.  Mr. Sergij Yegorenkov
(License Number AA 668256 approved on January 9, 2004) has been
appointed liquidator/insolvency manager.  The company holds
account number 26001301212 at OJSC State savings bank of
Ukraine.

Creditors have until September 3, 2004 to submit their proofs of
claim to:

(a) UKRAINE-HOLDING-LEASING
    04071, Ukraine, Kyiv region,
    Horiv Str. 29a

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


YALTA MILK: Insolvency Manager Takes over Operations
----------------------------------------------------
The Economic Court of AR Krym region has commenced bankruptcy
supervision procedure on OJSC Yalta City Milk Plant (code EDRPOU
00446246).  Arbitral manager Mr. O. Tamashov has been appointed
temporary insolvency manager.  The company holds account number
26007290425001 at CB Privatbank, Yalta branch, MFO 384726.

Creditors have until September 3, 2004 to submit their proofs of
claim to:

(a) YALTA CITY MILK PLANT
    98612, Ukraine, AR Krym region,
    Yalta, Spendiarova Str. 5

(b) Mr. O. Tamashov
    Temporary Insolvency Manager
    97400, Ukraine, AR Krym region,
    Yevpatoriya, Nekrasov Str. 43/97

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


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


A & E BUILDING: Former Director Accepts Five-year Ban
-----------------------------------------------------
A director of a building and plumbing installation business that
failed has given an undertaking not to hold directorships or
take any part in company management for five years.

The undertaking by William Dunn, 39, of Fulbar Gardens, Paisley
was given in respect of his conduct as a director of A & E
Building Services Limited, which carried out business from
premises at Back Sneddon Street, Paisley PA3.

Acceptance of the undertaking on August 10, 2004 prevents
William Dunn from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for the
above period.  A & E Building Services Limited was placed into
voluntary liquidation on August 26, 2002 with estimated debts of
GBP130,000 owed to creditors.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

Matters of unfit conduct, not disputed by William Dunn:

(a) He knowingly acted in contravention of Section 11 of the
    Company Directors Disqualification Act 1986 by acting as a
    director of A&E Building Services Limited whilst he was
    bankrupt during the period June 17, 1999 to June 17, 2002.

(b) Following the commencement of the winding up, he continued
    to operate the Company's bank account.

(c) He failed to deal with Crown affairs.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                     020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          Web site: criminal.allegations@insolvency.gsi.gov.uk


BOTLEY HAULAGE: Calls in Liquidator from Middleton Partners
-----------------------------------------------------------
At an Extraordinary General Meeting of the Botley Haulage
Limited Company on August 18, 2004 held at 65 St Edmund's Church
Street, Salisbury, Wiltshire SP1 1EF, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Michael Francis Stevenson of Middleton Partners, 65 St Edmund's
Church Street, Salisbury, Wiltshire SP1 1EF has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  MIDDLETON PARTNERS
          65 St Edmund's Church Street,
          Salisbury,
          Wiltshire SP1 1EF
          Liquidator:
          Michael Francis Stevenson
          Phone: 0845 061 6000
          E-mail: enquiries@middletonpartners.co.uk
          Web site: http://www.middletonpartners.co.uk


COMWELL LIMITED: Sets Members, Creditors Meeting September 24
-------------------------------------------------------------
The meetings of the members and creditors of Comwell Limited
will be on September 24, 2004 commencing at 11:00 a.m. and 11:15
a.m. respectively.  It will be held at the offices of Royce
Peeling Green, The Copper Room, Deva Centre, Trinity Way,
Manchester M3 7BG.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Royce Peeling Green, The Copper Room, Deva
Centre, Trinity Way, Manchester M3 7BG, not later than 12:00
noon, September 23, 2004.

CONTACT:  ROYCE PEELING GREEN
          The Copper Room
          Deva Center, Trinity Way,
          Manchester M3 7BG
          Liquidator:
          R m Withinshaw
          Phone: 0161 6080000
          Fax:   0161 608 0001
          E-mail: info@rpg.co.uk
          Web site: http://www.rpg.co.uk


EDIFY (DEVELOPMENT): Members Opt for Liquidation
------------------------------------------------
At an Extraordinary General Meeting of the Edify (Development)
Limited Company on August 18, 2004 held at Garrick House, 76-80
High Street, Old Fletton, Peterborough PE2 8ST, the subjoined
Extraordinary Resolutions to wind up the company was passed.
Adrian David Allen of Baker Tilly, Garrick House, 76-80 High
Street, Old Fletton, Peterborough PE2 8ST has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  BAKER TILLY
          Garrick House
          76-80 High Street,
          Old Fletton,
          Peterborough PE2 8ST
          Liquidator:
          Adrian David Allen
          Phone: 01733 342444
          Fax:   01733 554704
          Web site: http://www.bakertilly.co.uk


EYR 2001: Hires Liquidator from Tenon Recovery
----------------------------------------------
At an Extraordinary General Meeting of the EYR 2001 Limited
Company on August 17, 2004 held at Haines Watts, 3rd Floor,
70-74 City Road, London EC1Y 2BJ, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Dilip Dattani,
of Tenon Recovery, Salisbury House, 31 Finsbury Circus, London
EC2M 5SQ has been appointed liquidator of the company for the
purpose of such winding-up.

CONTACT:  TENON RECOVERY
          Salisbury House,
          31 Finsbury Circus,
          London EC2M 5SQ
          Liquidator:
          Dilip Dattani
          Phone: 020 7628 2040
          Fax:   020 7628 7531
          E-mail: finsburycircus@tenongroup.com
          Web site: http://www.tenongroup.com


GROOVY TRAIN: Appoints Begbies Traynor Liquidator
-------------------------------------------------
At an Extraordinary General Meeting of the Members of Groovy
Train Limited on August 12, 2004 held at 4th Floor, 12
Leadenhall Street, London EC3V 1LP, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Vivian Murray Bairstow and Paul Michael Davis of Begbies
Traynor, 32 Cornhill, London EC3V 3LP have been appointed Joint
Liquidators of the Company for the purpose of the voluntary
winding-up.

CONTACT:  BEGBIES TRAYNOR
          32 Cornhill,
          London EC3V 3LJ
          Joint Liquidators:
          Vivian Murray Bairstow
          Paul Michael Davis
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


GRUNDIG BUSINESS: Liquidator to Update Members September 24
-----------------------------------------------------------
Name of Companies:
Grundig Business Systems Limited
Grundig International Limited
Grundig Microwave Technology Limited
Grundig Satellite Communications Limited
Grundig Satellite Communications Manufacturing Limited

The general meeting of the members of these companies will be on
September 24, 2004 commencing at 10:00 a.m.  It will be held at
KPMG, 2 Cornwall Street, Birmingham B3 2DL.

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 KPMG Corporate Recovery, 2 Cornwall Street, Birmingham B3
2DL not later than 4:00 p.m., September 23, 2004.

CONTACT:  KPMG
          Corporate Recovery
          2 Cornwall Street,
          Birmingham B3 2DL
          Joint Liquidators:
          M J Orton
          A W Graham
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


INGRAM 1000: Members General Meeting Set September 20
-----------------------------------------------------
The general meeting of the members of Ingram 1000 Limited will
be on September 20, 2004 commencing at 11:00 a.m.  It will be
held at PKF, Sovereign House, Queen Street, Manchester M2 5HR.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PKF, Sovereign House, Queen Street, Manchester M2 5HR not
later than 12:00 noon, September 17, 2004.

CONTACT:  PKF
          Sovereign House
          Queen Street,
          Manchester M2 5HR
          Liquidator:
          P Long
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk


INNSPIRED INNS: Sets Members General Meeting September 27
---------------------------------------------------------
Name of companies:
Innspired Inns Limited
Rhesus Positive Limited
Smart Inns Limited
The Little Pub Company Limited
Ushers Brewery Limited

The general meeting of the members of these companies will be on
September 27, 2004 commencing at 10:30 a.m.  It will be held at
KPMG, Marlborough House, Fitzalan Court, Fitzalan Road, Cardiff
CF24 0TE.

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 KPMG Corporate Recovery, Marlborough House, Fitzalan Court,
Fitzalan Road, Cardiff CF24 0TE not later than 12:00 noon,
September 23, 2004.

CONTACT:  KPMG
          Corporate Recovery
          Marlborough House
          Fitzalan Court,
          Fitzalan Road,
          Cardiff CF24 0TE
          Phone: (029) 20468000
          Fax:   (029) 20468200
          Web site: http://www.kpmg.co.uk


INSIDE STORY: PwC to Present Final Report September 27
------------------------------------------------------
Name of companies:
Inside Story Limited
Littlewoods Information Technology Services Limited
Littlewoods1 Limited
Littlewoods5 Limited
Littlewoods Mail Order Stores Limited
Littlewoods Services Limited
Liverpool Mail Order Services Limited

The final meetings of the members of these companies will be on
September 27, 2004 commencing at 10:00 a.m. and thereafter at 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 24,
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


JOHN DIGHT: Brings in Liquidator from Harry Lipman
--------------------------------------------------
At an Extraordinary General Meeting of the Members of John Dight
Limited on August 18, 2004 held at the offices of Harris Lipman,
2 Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20
0YZ, the Extraordinary Resolution to wind up the company was
passed.  Freddy Khalastchi of Harris Lipman, 2 Mountview Court,
310 Friern Barnet Lane, Whetstone, London N20 0YZ has been
appointed Liquidator of the Company for the purpose of the
voluntary winding-up.

CONTACT:  HARRIS LIPMAN
          2 Mountview Court
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ
          Liquidator:
          Freddy Khalastchi
          Phone: (020) 8446 9000
          Fax:   (020) 8446 9537
          Web site: http://www.harris-lipman.co.uk


KALAMAZOO INVESTMENT: KPMG to Present Final Report September 30
---------------------------------------------------------------
Name of companies:
Kalamazoo Investment Limited
Kalamazoo Support Solutions Limited

The final general meeting of the members of these companies will
be on September 30, 2004 commencing at 10:15 a.m.  It will be
held at KPMG, 8 Salisbury Square, London EC4Y 8BB.

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 KPMG Corporate Recovery, 8 Salisbury Square, London EC4Y
8BB not later than 12:00 noon, September 29, 2004.

CONTACT:  KPMG LLP
          8 Salisbury Square,
          London EC4Y 8BB
          Joint Liquidator:
          J S Spratt
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


KAMELIAN LIMITED: Creditors to Meet September 7
-----------------------------------------------
The creditors of Kamelian Limited will meet on September 7, 2004
commencing at 10:30 a.m.  It will be held at The Oxfordshire
Inn, Heathfield Village, Bletchingdon, Oxford OX5 3DX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Baker Tilly, 5th Floor, Exchange House, 446
Midsummer Boulevard, Central Milton Keynes MK9 2EA not later
than 12:00 noon, September 6, 2004.

CONTACT:  BAKER TILLY
          5th Floor, Exchange House,
          446 Midsummer Boulevard,
          Central Milton Keynes MK9 2EA
          Phone: 01908 687 800
          Fax:   01908 687 801
          Web site: http://www.bakertilly.co.uk


LEWES GLASS: Hires Joint Administrators from Mazars
---------------------------------------------------
Lucinda Ann Field and Timothy Colin Hamilton Ball have been
appointed joint administrators for Lewes Glass and Glazing
Services Limited.  The appointment was made August 18, 2004.
The company shapes and processes flat glass.

CONTACT:  MAZARS
          37 Frederick Place,
          Brighton BN1 4EA
          Joint Administrators:
          Lucinda Ann Field
          Timothy Colin Hamilton Ball
          (IP Nos 9295, 1011)
          Phone: 01273 206788
          Fax:   01273 820901
          Web site: http://www.mazars.co.uk


LIFEBOAT FINANCIAL: Succumbs to Administration
----------------------------------------------
Anthony Peter Supperstone and Christopher Kim Rayment have been
appointed as joint administrators for Lifeboat Financial
Advisers Limited.  The appointment was made August 11, 2004.
The company is a financial intermediary.

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


MARSH CISO: Members Final Meeting Set September 23
--------------------------------------------------
The final meeting of the members of Marsh Ciso Limited will be
on September 23, 2004 commencing at 10:30 a.m.  It will be held
at the offices of Grant Thornton UK LLP, 31 Carlton Crescent,
Southampton SO15 2EW.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Grant Thornton UK LLP, 31 Carlton Crescent, Southampton
SO15 2EW not later than 12:00 noon, September 22, 2004.

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


MASH 2: Hires Services of Menzies Corporate Restructuring
---------------------------------------------------------
At an Extraordinary General Meeting of the Mash 2 Limited on
August 16, 2004 held at Grange Langham Court Hotel, 31-35
Langham Street, London W1N 5RE, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Paul David
Williams and Jason James Godefroy of Menzies Corporate
Restructuring, 17-19 Foley Street, London W1W 6DW have been
appointed Joint Liquidators of the Company for the purpose of
the winding-up.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street,
          London W1W 6DW
          Joint Liquidators:
          Paul David Williams
          Jason James Godefroy
          Phone: 020 7291 9750
          Fax:   020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk


MORGANS (TYSELEY): Former Director Gets Nine-year Ban
-----------------------------------------------------
The director of a steel fabrication business that failed has
given an undertaking not to hold directorships or take any part
in company management for 9 years.  The undertaking by Peter
Herbert, 57, of Pearson Street, Cradley Heath was given in
respect of his conduct as a director of Morgans (Tyseley)
Limited, which carried out business from premises at River Lee
Road, Tyseley, Birmingham B11 2JQ.

The acceptance of the undertaking on August 5, 2004 prevents Mr.
Herbert from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for the
above period.  Morgans (Tyseley) Limited was placed into
administrative receivership on August 6, 2002 with estimated
debts of GBP788,000 owed to creditors.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section 6 of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

The matter of unfit conduct, not disputed by Mr. Herbert, was
that between May 23, 2002 and the date of receivership, he
caused or allowed the company to:

(a) make payments amounting to GBP639,500 to another company of
    which he was a director,

(b) make further payments to various third parties amounting to
    GBP262,630 and cash payments of GBP50,800 that could not be
    explained from the company's records to the detriment of its
    other creditors.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          Web site: criminal.allegations@insolvency.gsi.gov.uk


PEGASUS RESOURCES: Members Pass Winding up Resolutions
------------------------------------------------------
At an Extraordinary General Meeting of the Pegasus Resources
Limited on August 18, 2004 held at Southfield House, 11
Liverpool Gardens, Worthing, West Sussex BN11 1RY, the Ordinary
and Extraordinary Resolutions to wind up the company were
passed.  Colin Ian Vickers of Numerica has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  NUMERICA
          4th Floor, Southfield House,
          11 Liverpool Gardens, Worthing,
          West Sussex BN11 1RY
          Liquidator:
          Colin Ian Vickers
          Phone: 01903 222500
          Fax:   01903 207009
          Web site: http://www.numerica.biz


REED COURT: Names Moore Stephens Liquidator
-------------------------------------------
At an Extraordinary General Meeting of the Reed Court
Contractors Limited on August 18, 2004 held at the offices of
Moore Stephens, Victory House, Admiralty Place, Chatham
Maritime, Kent ME4 4QU, the subjoined Extraordinary Resolution
to wind up the company was passed.  David Ronald Elliott of
Moore Stephens, Corporate Recovery, Victory House, Admiralty
Place, Chatham Maritime, Kent ME4 4QU has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  MOORE STEPHENS
          Corporate Recovery
          Victory House
          Admiralty Place,
          Chatham Maritime,
          Kent ME4 4QU
          Liquidator:
          David Ronald Elliott
          Web site: http://www.moorestephens.co.uk


RENTOKIL INITIAL: Rules Out Disposals; Focuses on Efficiency
------------------------------------------------------------
Invigorating Rentokil: The Chairman's Review:

14-week Review

Externally, the overwhelming common theme was a concern at the
operational issues facing the group -- not the make up of the
group.  Internally the common theme that emerged was one of
frustration at slow processes.

Overall, however, Rentokil has excellent businesses with able
and talented people.  Employees are enthusiastic and dedicated,
keen to do well for themselves, for the company and for the
customers.

No Immediate Plans for Major Break-up or Major Disposals

Rentokil does not suffer from the problem of a good core
business being held back by under performing peripheral
businesses.  The key to Rentokil is not in divestment potential;
it is in getting the operational businesses working more
efficiently and effectively.

Parcels and Conferencing, the businesses that have been subject
to most speculation are highly profitable and relatively
trouble-free.  Indeed, the Group expect to invest around GBP10
million on the conferencing business should we win an
anticipated new contract.

Five Key Areas Where Focus and Investment Will Transform
Performance

(a) Changing culture through devolvement of responsibility and
    increased openness

The Group has been slow to react to changing market needs.  New
initiatives will devolve responsibility and authority to the
appropriate levels within the business, encouraging managers to
be more nimble.

There is a determination to adopt a more transparent approach
externally.  This will be reflected in a resolve to open up
lines of communication internally, and promote greater openness
in debate within and between the businesses.

(b) Effectively rewarding and motivating over 90,000 employees

Despite employing over 90,000 people around the world Rentokil
has never had a central HR function.  Jeanette Cowley has
joined, from Marsh, the world's leading risk consultancy, as the
Group's first HR Director.  Among other things she will be
responsible for ensuring that sales teams have the necessary
tools, support and incentives to win in an increasingly
competitive market.

(c) Making acquisitions happen

Acquisitions will now be on the agenda of every management
meeting.  A senior M&A specialist will be appointed as Group
Acquisitions Director, to sit immediately below main board
level.  The Acquisitions Department will be strengthened so that
there is constant liaison with the operating management at all
levels in order to focus on acquisition opportunities.  The main
thrust will be Hygiene and Security focused on the U.K., Europe
and North America.

(d) Accelerating IT development

Development of new IT systems will be accelerated, including:
increased use of hand held technology in order to improve speed
of service response and communication with customers; upgraded
internet platforms to make it easier and more flexible for our
customers to order products and services on line; and finally
the encouragement of best practice across the group in areas
such as service delivery.

(e) Better commercial exploitation of inventions and
    developments

Rentokil is good at inventions, but it is not so good at
exploiting them or getting them to market. New marketing
executives will help exploit these opportunities.

Chief Executive's Update

Headhunters have been appointed and are well into the process of
finding an experienced, high caliber Chief Executive.  When that
appointment is made Brian McGowan will revert to non-executive
Chairman.  In the interim period McGowan will continue as
Executive Chairman and work alongside the management team to
ensure that positive action and the initiatives outlined above
are effectively carried out.

Brian McGowan, Executive Chairman said: "As I anticipated when I
spoke at the AGM, this is another very disappointing set of
results.  I have spent the past fourteen weeks listening to
major internal and external stakeholders, and deciding on the
actions that need to be taken to invigorate Rentokil.

"Rentokil does not suffer from the problem of a good core
business being held back by under performing peripheral
businesses.  The key to future growth is not divestment
potential -- it is in getting the businesses working more
effectively and more efficiently.  This is what I have already
started to do."

Interim Results for the Half-year to 30 June 2004

Turnover from continuing operations increased by 0.6% to
GBP1,200.5 million and by 2.4% at constant 2003 average exchange
rates.  Total turnover (including franchisees and share of
associates of GBP57.1 million) declined by 0.8% to GBP1,213.6
million.

Operating profit from continuing operations declined by 10.6% to
GBP201.1 million and by 9.9% at constant 2003 average exchange
rates.

Profit before tax declined by 10.0% to GBP180.4 million and by
9.1% at constant 2003 average exchange rates.  Earnings per
share declined by 7.5% to 7.26p.

Operating cash flow (before management of liquid resources,
financing, dividends, acquisitions, disposals and adjusted for
capital expenditure financed by leases) was excellent, the
GBP119.7 million representing 89% conversion of after-tax profit
and an increase of 1.4% over 2003.

Dividends and share buy-backs The Board has declared an interim
dividend of 1.93 pence per share, an increase of 10.3% over
2003.  The Board reaffirms its intention, announced at the
annual general meeting on 27 May 2004, to recommend a total
dividend of 6.71 pence per share for the year to 31 December
2004, representing an increase of 10.0% over 2003.

The Board also announces that, in the absence of unforeseen
circumstances, it intends to recommend an increase in the
dividend for 2005 of a further 10% to 7.38p per share.
Thereafter, dividend increases will be broadly linked to
earnings per share growth over the medium term.

Whilst the group retains authority to make market purchases of
its own shares, in the light of a greater future focus upon
acquisitions, it is not the intention to use it at present.

Segmental Commentary - Continuing Operations (at constant 2003
average exchange rates)

Hygiene

Total Hygiene turnover grew by 1.5% to GBP494.3 million with
operating profit down by 11.6% to GBP127.9 million.

Hygiene Services turnover was up by 1.5% at GBP381.9 million and
down 14.1% in operating profit at GBP88.5 million.

(a) Within the total turnover of GBP381.9 million washroom
    declined by 0.7% to GBP152.6 million, garments increased by
    6.3% to GBP126.0 million, floorcare increased by 5.9% to
    GBP21.4 million, linen held steady at GBP54.5 million,
    whilst other hygiene decreased by 7.1% to GBP27.4 million.

(b) In the U.K., where significant restructuring continues,
    including further senior management changes, turnover fell
    by 4.7% to GBP87.5 million and operating profit by 39.6% to
    GBP17.3 million.  Of particular concern within the textiles
    operation are the results of the linen business and external
    consultants have recently been appointed to review the
    options for this part of the business.

(c) Continental Europe was up 4.1% in turnover at GBP249.6
    million and down by 2.3% in operating profit at GBP55.6
    million with strong growth in France, Spain and Portugal and
    good growth in Belgium and Ireland.  Germany continued to
    regress in turnover (-1.8%) and operating profit (-23.7%)
    due to general economic pressures, increased investment and
    continuing difficulties in the hospital linen sub sector
    where a new managing director is reviewing the future
    options in respect thereof.

(d) In the small North American business turnover fell by 1.7%
    to GBP3.0 million with a larger reduction in operating
    profit to GBP0.7 million.

(e) Asia Pacific and Africa turnover increased by 0.5% to
    GBP41.8 million whilst operating profit fell by 9.3% to
    GBP14.9 million.  Strong turnover growth in Malaysia
    complemented good performances from our joint ventures in
    Japan and South Korea.  Of our larger businesses both
    Australia and South Africa showed flat turnover with
    operating profits regressing by 8.1% and 3.6% respectively.

Pest Control turnover increased by 1.5% to GBP112.4 million
whilst operating profit fell by 5.5% to GBP39.4 million.

(f) Accentuated by a continuing softness in the highly
    profitable job sector, the U.K.'s turnover growth was held
    back to 0.6% at GBP34.5 million with operating profit
    regressing by 6.3% to GBP16.1 million.

(g) Turnover in Continental Europe increased by 0.6% to GBP52.4
    million with operating profit falling by 5.0% to GBP17.0
    million.  Turnover growth was excellent in Italy and good in
    Belgium and Portugal, whilst Switzerland and Scandinavia
    disappointed.  Although not to the same extent as Hygiene,
    Germany also regressed in turnover and operating profit by
    1.9% and 5.0% respectively.

(h) North America turnover increased by 4.2% to GBP8.1 million
    with a strong performance in Canada, although overall
    operating profit fell by 1.3% to GBP1.4 million.

(i) Asia Pacific and Africa grew turnover by 5.3% to GBP17.4
    million with strong performances in Australia and New
    Zealand although operating profit fell by 4.9% to GBP4.9
    million.

Security

Security turnover grew by 2.3% to GBP290.6 million with
operating profit down by 1.8% to GBP27.0 million.

(a) Within the total, electronic turnover grew by 6.0% to
    GBP122.2 million, with operating profit, down 1.2%, at
    GBP20.8 million.  Manned guarding turnover was flat at
    GBP168.4 million, with operating profit declining by 3.8% to
    GBP6.2 million.

(b) U.K. turnover reduced by 3.5% to GBP128.7 million a flat
    performance in electronic being offset by a 7.3% reduction
    in manned guarding.  Operating profit declined by 6.8% to
    GBP17.0 million, a small reduction in electronic being
    compounded by a significantly higher reduction in manned
    guarding.

(c) Turnover in Continental Europe increased by 7.2% to GBP70.3
    million and operating profit by 8.4% to GBP6.5 million with
    an excellent performance in Belgium, good growth in France
    and a sound performance in the Netherlands.

(d) In North America turnover grew by 7.7% to GBP91.6 million
    and operating profit by 7.8% to GBP3.5 million with an
    excellent result in Canada and strong growth in USA, each
    assisted by bolt-on acquisitions.

Facilities Management

Total Facilities Management turnover grew by 1.7% to GBP327.5
million with operating profit declining by 12.7% to GBP34.9
million.

Facilities Management Services increased turnover by 2.5% to
GBP231.6 million with operating profit down by 6.8% to GBP17.9
million.

(a) In the U.K. turnover grew by 2.2% to GBP193.6 million with
    operating profit regressing by 7.2% to GBP16.0 million as a
    consequence of margin erosion on re-tenders and new business
    wins.

(b) In Continental Europe turnover grew by 7.0% to GBP25.2
    million with operating profit declining to GBP1.3 million,
    due, in particular, to intense margin pressure in Spain.

(c) North America and Asia Pacific Africa each showed broadly
    flat turnover at GBP10.9 million and GBP1.9 million
    respectively.

Tropical Plants turnover, at GBP52.2 million, was 3.5% lower
whilst operating profit fell by 38.0% to GBP4.9 million due to
the combined effects of pricing pressure and maintained
investment.

(d) U.K. turnover increased by 0.9% to GBP6.3m with operating
    profit declining by 42.8% to GBP1.2 million.

(e) Turnover in Continental Europe fell by 6.6% to GBP13.9
    million, only Netherlands showing marginal growth assisted
    by an acquisition.  Operating profit fell by 7.4% to GBP2.0
    million despite growth in Denmark, Netherlands and Sweden.

(f) In North America turnover regressed by 2.7% to GBP27.3
    million, despite good growth in Canada, whilst operating
    profit at GBP0.9 million was 61.5% lower.

(g) Turnover in Asia Pacific and Africa fell by 4.4% to GBP4.7
    million with operating profit 39.4% lower at GBP0.8m, good
    growth in South Africa being negated by a significant
    reduction in Australia.

Conferencing turnover at GBP43.7 million was 4.3% ahead,
although operating profit declined by 6.2% to GBP12.1 million
due to continuing softness in weekend bookings, higher margin
discretionary spend and pricing in some of the quieter periods.
The business continues to attract long-term contract interest
from 'blue chip' companies.

Parcels Delivery

Turnover grew by 9.7% to GBP109.6 million, the U.K. representing
GBP109.1m of the total.  Operating profit, however, increased by
1.5% to GBP13.6 million, the previously reported mix issues
continuing.

Geographical Commentary - Continuing Operations (at constant
2003 average exchange rates).

U.K. turnover grew by 1.2% to GBP603.4 million with operating
profit down by 15.1% to GBP93.1 million.

Continental Europe turnover was up by 3.9% at GBP411.4 million
with operating profit declining by 2.5% to GBP82.4 million.

North America turnover increased by 4.3% to GBP140.9 million
with operating profit 21.8% lower at GBP6.1 million.

Asia Pacific and Africa turnover at GBP66.3 million was up by
1.4% although operating profit regressed by 7.6% to GBP21.8
million.

Other Items

Currency.  Losses on exchange in continuing businesses, compared
to constant 2003 average exchange rates, were GBP21.5 million on
turnover (including Europe GBP8.2 million, USA GBP10.8 million)
and GBP2.3 million on profit before tax (including Europe GBP1.7
million, USA GBP0.5 million).

Contract Portfolio.  To facilitate greater transparency, for the
first time, unaudited pro-forma management information in
respect of the annualized value of the contract portfolio of
continuing businesses and net gain thereon of GBP24.6 million
for the first half of 2004 are shown as Appendix 1 at the end of
this release.

Interest expense (net of the GBP3.5 million receivable on the
Ashtead convertible loan note) at GBP21.4 million was 13% lower
than 2003, benefiting from a combination of ongoing cash flow
and low interest rates, hedged on a short-term basis.  Given the
high proportion of net debt in sterling denomination and the
recent progressive increases in the U.K. base rate, the net
interest charge in the second half (assuming no further
acquisitions, disposals or share buy-backs but after continuing
Ashtead interest) is likely to be in the range of GBP28.5
million to GBP29.5 million compared to GBP22.4 million in the
second half of 2003.

Net Debt at 30th June 2004 was GBP1,186.5 million, representing
a reduction of GBP21.4 million compared to 31 December 2003.  At
the end of July Standard and Poor's reconfirmed a credit rating
of BBB+ with a stable outlook.

Tax The profit and loss account tax rate was 26.5% compared to
27.3% for the first half of 2003 and 26.5% for 2003 as a whole.
A rate within the range of 26% to 28% is seen as sustainable for
the foreseeable future.

Acquisitions Eight bolt-on acquisitions, with aggregate
annualized turnover of c. GBP8.0 million, were made in Hygiene,
Security and Tropical Plants, in U.K., Continental Europe, North
America and Asia Pacific at a total cost of GBP15.9 million.
These contributed GBP1.5 million to turnover in the first half
of 2004 and GBP0.2 million to profit before tax.

Disposals Two under-performing businesses within the North
America Facilities Management activity were sold during the
first half of 2004, these businesses having produced turnover
and a loss before tax for the full year 2003 of GBP40.3 million
and GBP0.5 million respectively.

Ashtead resumed the payment of interest on a current basis in
April 2004.  We continue to closely monitor developments at
Ashtead and there is no intention to reduce the carrying value
of the loan note and accrued interest totaling GBP143.2 million.

Pensions As previously anticipated, the company recommended cash
contributions to the U.K. defined benefit scheme with a payment
of GBP6.8 million in March 2004.  It is currently the intention
to pay a further c. GBP10.0 million in March 2005.

Contributions thereafter will be determined by the outcome of
the March 2005 triennial revaluation which, whilst not
quantifiable at this stage, is likely to show a significant
increase.

International Financial Reporting Standards In conjunction with
our auditors, PricewaterhouseCoopers, the company continues to
make good progress in planning for the introduction of IFRS with
effect from 1st January 2005.

Prospects for 2004 The Board reaffirms the previous statements
that profit before tax for the year 2004, at constant average
2003 exchange rates, should be not less than GBP350 million.

Financial statements are available free of charge at
http://bankrupt.com/misc/Rentokil_H12004Interim.htm.

CONTACT:  RENTOKIL INITIAL PLC
          B D McGowan, Chairman

          R C Payne, Finance Director
          C D Grimaldi, Corporate Affairs Director
          Phone:  01342 833022

          John Sunnucks, Brunswick Group LLP
          Jonathan Rhodes, Brunswick Group LLP
          Phone: 020 7404 5959

          Alex Mackey, Catallus Consulting
          Phone:  07773 787458
          Web site: http://www.rentokil-initial.com


RESIDENTIAL PROPERTY: Ex-directors Banned for Five Years
--------------------------------------------------------
Two directors of a property management business that failed have
given undertakings not to hold directorships or take any part in
company management for 5 years.

The undertakings by Christopher Kirk, 44, of Millers Croft,
Pontefract, Yorkshire and Moira Weites, aged 43, of Swanhill
Lane, Pontefract, West Yorkshire, were given in respect of their
conduct as directors of Residential Property Portfolios Limited
(RPP) which carried out business from premises at Portfolio
House, Caldevale Road, Wakefield.

Acceptance of Mr. Kirk's undertaking on August 9, 2004 and Ms.
Weites' undertaking on August 11, 2004 prevents them from being
a director of a company or, in any way, whether directly or
indirectly, being concerned in or taking part in the promotion,
formation or management of a company for the above period.  RPP
was placed into voluntary liquidation on August 14, 2002 with
estimated debts of GBP271,836 owed to its creditors.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

Matters of unfit conduct, not disputed by both Mr. Kirk and Ms.
Weites, were:

(a) From March 2001 to July 2002 they caused Residential to
    trade without proper regard to the interests of its clients.
    They failed to ensure that rent was collected or guaranteed
    was paid over to certain clients on time, failed to insure
    certain properties and failed to carry out certain urgent
    and necessary repairs.

(b) They caused the misuse of Residential's bank account in that
    a large number of charges were made against the company in
    respect of checks being issued that could not be honored
    resulting in Residential incurred charges amounting to
    GBP14,221, inhibiting its ability to make payments to
    creditors.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          Web site: criminal.allegations@insolvency.gsi.gov.uk


ROBERT FLEMING: Appoints Liquidator from Mazars
-----------------------------------------------
At an Extraordinary General Meeting of the Robert Fleming
International Limited Company on August 12, 2004 held at 125
London Wall, London EC2Y 5AJ, the subjoined Special Resolution
to wind up the company was passed.  David Richard Thorniley and
Christopher Rodney Ashurst of Mazars, 24 Bevis Marks, London
EC3A 7NR have been appointed Joint Liquidators for the purpose
of such winding-up.

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


ROBERTS & PARTNERS: Winding up Resolutions Passed
-------------------------------------------------
At an Extraordinary General Meeting of the Roberts & Partners
Managed Services Limited on August 18, 2004 held at Smith &
Williamson Limited, Citygate Business Centre, Southampton
Street, Reading RG1 2QW, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Roger Tulloch
and Anthony Murphy of Smith & Williamson Limited, No 1 Bishops
Wharf, Walnut Tree Close, Guildford, Surrey GU1 4RA have been
appointed Joint Liquidators of the Company.

CONTACT:  SMITH & WILLIAMSON LIMITED
          No 1 Bishops Wharf,
          Walnut Tree Close, Guilford,
          Surrey GU1 4RA
          Joint Liquidators:
          Roger Tulloch
          Anthony Murphy
          Phone: 01483 407 100
          Fax:   01483 301 232
          Web site: http://www.smith.williamson.co.uk


ROCFORM LIMITED: Final General Meeting Set September 24
-------------------------------------------------------
The final general meeting of the members of Rockform Limited
will be on September 24, 2004 commencing at 10:15 a.m.  It will
be held at KPMG, 8 Salisbury Square, London EC4Y 8BB.

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 KPMG, 8 Salisbury Square, London EC4Y 8BB not later than
12:00 noon, September 23, 2004.

CONTACT:  KPMG LLP
          8 Salisbury Square,
          London EC4Y 8BB
          Liquidator:
          J S Spratt
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


SILVER LADY: Brings in Liquidator from Menzies
----------------------------------------------
During the general meetings of the members of Silver Lady
Vintage & Classic Car Hire Limited, the Special, Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Paul John Clark and Jason James Godefroy of Menzies Corporate
Restructuring, 17-19 Foley Street, London W1W 6DW have been
appointed Joint Liquidators of the Company.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street,
          London W1W 6DW
          Joint Liquidators:
          Paul John Clark
          Jason James Goderoy
          Phone: 020 7291 9750
          Fax:   020 7291 9777
          Web site: http://www.menzies.co.uk


SIMPLY ASSURED: Hires Joint Administrators from Stoy Hayward
------------------------------------------------------------
Financial broker Simply Assured Direct Limited has appointed
Anthony Peter Supperstone and Christopher Kim Rayment as joint
administrators.  The appointment was made August 11, 2004.

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


SOUTHWATER CONSTRUCTION: Exec Responsible for Collapse Banned
-------------------------------------------------------------
A director of a brickwork contractors business that failed with
debts of more than GBP431,000 has been disqualified from acting
as a company director for two years.

Jayne Brockwell of Hale Way, Taunton, Somerset, was a director
of Southwater Construction Ltd. which carried on business from
premises at 23 Station Road, South Norwood, London SE25 5AH.
Southwater was placed into voluntary liquidation on September
25, 2001 with estimated debts of GBP431,535.

The Disqualification Order, made on August 19, 2004 in the
Croydon County Court, prevents Ms. Brockwell from being a
director of a company or, in any way, whether directly or
indirectly, being concerned in or taking part in the promotion,
formation or management of a company for the above period.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

Matters of unfit conduct, found by the court, were that:

(a) Ms. Brockwell abrogated her duties as a director of
    Southwater by allowing:

     (i) Southwater to trade to the detriment of the Inland
         Revenue and HMCE.

    (ii) When she resigned as a director, GBP852,926 was paid
         out of Southwater's bank account only GBP70,689 and
         GBP26,972 was paid to the Inland Revenue and HMCE
         respectively.

(b) Ms. Brockwell was granted permission to act as a director of
    First Step Recruitment Limited notwithstanding her
    disqualification.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                     020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          Web site: criminal.allegations@insolvency.gsi.gov.uk


SPECTRUM RETAIL: Hires Rothman Pantall Administrator
----------------------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman have been
appointed as joint administrators for Spectrum Retail Projects
Limited.  The appointment was made August 17, 2004.  The company
is engaged in general construction and demolition.

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


WATERSHED IRELAND: Appoints Liquidators from Tait Walker
--------------------------------------------------------
At an Extraordinary General Meeting of the Watershed Ireland
Limited on August 13, 2004 held at Tait Walker, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Gordon Smythe Goldie and Allan David Kelly of Tait Walker,
Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3
3LS have been appointed Liquidators of the Company for the
purpose of the voluntary winding-up.

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


                            *********


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.


                 * * * End of Transmission * * *