TCREUR_Public/040830.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, August 30, 2004, Vol. 5, No. 171

                            Headlines

C Z E C H   R E P U B L I C

CZECH AIRLINES: January-July Passengers Up 27% Year-on-year
KTP QUANTUM: Receiver Sues Guarantee Fund Chief for Slander


F R A N C E

ALCATEL: Completes Buyout of Pirelli's Submarine Telecoms Assets
ALCATEL: Takes over Operation, Maintenance of BASE Network
ALCATEL: Survey Confirms Dominance in DSL Market
ALSTOM SA: Denis Samuel-Lajeunesse Named to Board
VIVENDI UNIVERSAL: Agrees to Create Jobs to Receive Tax Credit


I T A L Y

ALITALIA SPA: Board to Discuss Financial Status Today
CIRIO FINANZIARIA: Receivers to Meet Creditors of Brazilian Arm
PARMALAT FINANZIARIA: Summary of US$10 Bln Suit Against Auditors
PARMALAT FINANZIARIA: Bondi Hits Nicaraguan Receiver


L A T V I A

RIGAS RAUGS: Quells Liquidation Attempt


N E T H E R L A N D S

KONINKLIJKE AHOLD: Lower Interest Expense Buoys up Q2 Net Income
ROYAL SHELL: Faces US$1.5 Bln Compensation Claim in Nigeria
SAMAS GROEP: Deepens Restructuring Program
VENDEX KBB: Ratings Withdrawn Following Buyout


P O L A N D

WOLCZANKA: Restructuring Costs Drag Results into Red


R U S S I A

AVTO-MED: Deadline for Proofs of Claim September 16
DIALOG-OPTIM: Russian Central Bank Files Bankruptcy Petition
IMPULSE: Volgograd Court Appoints Insolvency Manager
KOSTERYEVSKIYE HEAT: Bankruptcy Proceedings Begin
KUZHENER-SEL-KHOZ-KHIMIYA: Meri-El Court Affirms Insolvency

ORSK-SPETS-STROY: Court Sets October 5 Hearing
PETRO-ENERGO-SNAB: Undergoes Bankruptcy Supervision Procedure
PICHAEVSKY RAYPO: Tambov Court Opens Bankruptcy Proceedings
RUDIBUR: Succumbs to Bankruptcy
SIB-FIN: Tyumen Court Appoints Insolvency Manager

STAROTOMNIKOSKY: Creditors Have Until September 16 to File Claim
STRELKOVSKY SLEEPER: Under Bankruptcy Supervision
SVIYAGA: Gives Creditors Until September 16 to Prove Claims
TERMINAL SOLNECHNOGORSKY: Court Sets November 16 Hearing
TOY: Proofs of Claim Deadline Expires September 16

VITYAZ: Deadline for Proofs of Claim September 16
YUKOS OIL: Raid Triggers Suspicions of New Tax Bills
ZABAYKAL-TRANS-STROY: Under Bankruptcy Supervision


S P A I N

IZAR: SEPI Mulls Privatization of Andalucia Shipyards


U K R A I N E

AGROPRODUKT-KIROVOGRAD: Court Brings in Liquidator
ARKTIKA: Bankruptcy Case Converted into General Court Procedure
ELEKTRON-GAZ: Public Auction of Assets September 3
HERSON AUTO: Insolvency Manager Takes over Operation
LITIN' FRUIT: Court Orders Debt Moratorium
OKTYABRSKIJ SUGAR: Deadline for Proofs of Claim September 4
UKRAVTOZAPCHASTINA: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

AC MOTORS: Hires Liquidators from Harrisons
AIR POWER: Members, Creditors Meetings Set September 20
ALAN WORSWICK: Liquidator to Present Final Report September 24
ALL TRADES: Appoints Liquidators from P&A Partnership
AMERICAN EXPRESS: PwC to Host Members Final Meeting

AMUSEMENT MACHINE: Execs Banned from Holding Management Post
BRIDGECROFT EUROPE: Sets Final General Meeting September 24
CAMOLIN LIMITED: Members Agree to Voluntarily Wind up Business
CANAL CRAFT: Hires Joint Administrators from Begbies Traynor
CITYBREW LIMITED: Sets Meeting of Creditors Friday

CLASSIC DESIGN: Insolvency Service Disqualifies Directors
COLT TELECOM: Buys back GBP16 Million Worth of Bonds
DIAMONDS HOTEL: Members, Creditors Meeting Set September 17
EBBW FACH: Brings in Liquidators from Grant Thornton
ESSEX GLASSFIBRE: Creditors Meeting Set September 1

EVENTER LIMITED: Sets Creditors Meeting September 10
EXCEL SECURITY: Members Decide to Windup Business
FOOTPRINT EXHIBITIONS: Brings in Menzies to Liquidate Assets
FOX PUBLISHING: Administrators Take over Day-to-day Operation
HHG PLC: Books Profit at Operating Level in First Half

HOGANS LEISURE: In Administrative Receivership
INVENSYS PLC: Books GBP361 Million First-quarter Loss
KELDA LIMITED: Winding up Resolutions Passed
MARCHER DIAGNOSTICS: Liquidator's Final Report Out September 24
MODAL SOLUTIONS: Winding up Resolutions Passed

P H PATTERNS: Appoints Liquidators from Wilson Pitts
PPL THERAPEUTICS: Sells Patent Portfolio to Pharming
RATHBONE PRINTFLO: National Westminster Brings in Receiver
RODING CONSTRUCTION: Appoints Numerica Liquidator
ROHILL BODIES: Creditors Meeting Set September 2

ROTHERHAM RUGBY: Rugby Union to Decide Club's Fate Today
SANDWELL CASTINGS: Creditors Meeting Set September 13
STOTT BROTHERS: Lloyds TSB Bank Brings in Receiver from KPMG
TROBAS LIMITED: Members Final Meeting Set September 27


                            *********


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


CZECH AIRLINES: January-July Passengers Up 27% Year-on-year
-----------------------------------------------------------
Czech Airlines experienced an increase in passenger uptake in
the past seven months that was in line with its plan to raise
yearly growth by more than 20%, Interfax reports.

The carrier transported 2.4 million passengers, an increase of
27% compared to figures in the comparable period a year ago,
said spokesman Jitka Novotna.  The number of flights increased
18% to 18,000, average seat occupancy grew to 71%, cargo and
mail transport went up 15%.  Czech Airlines targets to transport
4.4 million passengers this year.  In 2005, it expects passenger
numbers to exceed 5 million; and by 2014, over 8 million.

CSA now flies to 114 destinations in 48 countries.  It launched
flights to Germany's Dortmund, Samara and Yekaterinburg in
Russia, Baku in Azerbaijan, Krakow in Poland, Marseille in
France and Luxembourg in the first half of 2004.  The carrier
booked a CZK270.4 million (US$10.2 million) profit for the
period January-June, its best first-half results in a decade.
It reported a loss of CZK292.5 million (US$11 million) for the
same period a year ago.

The impressive result, according to the state-owned company, was
partly caused by a 27% increase in passenger uptake.  It flew
1.95 million passengers during the period, as tourists and
business travelers; particularly in Prague, one of the hottest
tourist spots in Europe; increased.  It warns, however, that the
rising price of oil globally could hurt profits in the rest of
the year.

CONTACT:  CESKE AEROLINIE AS
          Prague Ruzyni Airport
          160 08 Prague,6, Czech Republic
          Phone: +42 220 104 310
          Fax:   +42 224 81 04 26
          Web site: http://www.csa.cz


KTP QUANTUM: Receiver Sues Guarantee Fund Chief for Slander
-----------------------------------------------------------
The receiver of bankrupt securities dealer KTP Quantum, Jan
Scziranka, lodged a criminal complaint against the chief
executive of Brokers Guarantee Fund, Czech News Agency says.

Mr. Scziranka accused Jiri Korb of slander, scare-mongering,
obstructing bankruptcy proceedings and harming other people's
rights.  The Fund's PR agent Milos Ruzicka believe, however, the
suit is an empty threat intended to divert attention from Mr.
Scziranka's inability to prepare documents, which would enable
the Fund to initiate compensations.

CONTACT:  KTP QUANTUM A.S.
          Chmelova 357,
          Hradec Kralove 500 03
          Mailing address:
          Uhelna 160,
          Hradec Kralove 500 03
          Phone: 495 515 117
          Fax: 495 515 120
          Web site: http://www.ktpquantum.cz


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


ALCATEL: Completes Buyout of Pirelli's Submarine Telecoms Assets
----------------------------------------------------------------
Alcatel and Pirelli have completed the transaction regarding
their respective submarine telecommunication businesses, which
was announced in a press release dated 6 May 2004 -- after
having received approval of Italian Antitrust Authorities.

As outlined in the agreement, Alcatel has acquired certain
Pirelli related assets and obtain intellectual property rights,
while Pirelli has taken a 5% shareholding in Alcatel's submarine
business, with associated mutual put and call options.

About Alcatel

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

About Pirelli

Pirelli is a global producer of Tyres, Energy and
Telecommunication Cables and Systems.  Active also in the Real
Estate sector, Pirelli is one of the world's leading companies
in all these sectors with more than 36,000 employees, 77
production sites, and total sales of EUR6.671 billion at 31
December 2003.  It focuses its R&D, production resources and
competencies on leading-edge technologies, as demonstrated by
the advanced Pirelli Labs in the photonics and new materials
fields and by MIRS -- Modular Integrated Robotized System for
tyres production.  In 2001, Pirelli also acquired -- via the
company Olimpia -- a stake in Telecom Italia group, one of the
leading European phone operators.  Additional information on
Pirelli is available at http://www.pirelli.com/

                            *  *  *

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

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


ALCATEL: Takes over Operation, Maintenance of BASE Network
----------------------------------------------------------
Alcatel has been awarded an outsourcing contract of several
years by the Belgian mobile operator BASE, a 100% subsidiary of
KPN Mobile, for the operation and maintenance of its network.
This contract is worth several tens of million euros and will
take effect on October 1, 2004.  By outsourcing its network
operation and maintenance, BASE shifts away from being a network
operator and becomes a flexible and swift player on the Belgium
market concentrating on customers while enhancing its
profitability.

As part of this contract Alcatel will operate and maintain
BASE's multi-vendor and multi-technology mobile network of
1,437,000 subscribers.  This involves the transfer of BASE's
Network Operations Centre and Field Operations departments, in
total approximately 50 people.  Alcatel will support future
developments of the network-enabling BASE to offer advanced
customer services, supporting its growth in the coming years.

This contract fits well with BASE's announcement to further
implement its strategy of reducing costs and increasing
flexibility on March 15, 2004.  This is the first large network
outsourcing contract for BASE with an external party.  To become
a successful and profitable third entrant on the Belgian market,
BASE has decided to reduce its fixed costs, focusing on
delivering services to its customer while building a flexible
organization based on a lean and strong business model.  With
Alcatel, BASE found an experienced service player to enter into
a partnership with, and who was prepared to take over part of
the staff.

"By taking on BASE's network operation and maintenance services,
Alcatel demonstrates once again its capability and its
commitment with BASE's operations and maintenance staff to
deliver high level quality of service to BASE's customers.
Alcatel's role goes beyond the traditional equipment supplier.
As a strategic partner, Alcatel should have a good understanding
of the operator's objectives and desirable outcomes and is
responsible for helping the operator to meet its business
challenges," said Frederic Rose, President of Alcatel's
integration and services activities.

Alcatel will use the synergies it creates with other similar
contracts at both the network maintenance level as well as at
the operational level given the skills and experience gained
with these other contracts.  The contract confirms Alcatel's
position as the worldwide leader for outsourced operations and
maintenance of multi-vendor networks.

About BASE

BASE n.v./s.a. is a 100% subsidiary of KPN Mobile.  KPN Mobile
focuses its development of voice and data services in Germany
(E-Plus), the Netherlands and Belgium (BASE).  KPN Mobile is a
division of Koninklijke KPN NV. By the end of Q2, 2004 BASE had
1,437,000 customers, with a market share of over 16%.  The
company has its head office in Brussels and targets specific
market sectors with tailor-made service offers.

About Alcatel

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

About Alcatel's Integration and Services Activities

Alcatel offers a comprehensive portfolio of services to all
telecom carriers (fixed and mobile) as well as to industries and
public sectors (Oil & Gas, Transport, Utilities, Government,
etc.).  To meet the increasing demand from customers to have a
strategic and flexible services partner, Alcatel's services
cover both multi-vendor and multi-technology communication
networks and are customized to the specific needs of the
customer.  Alcatel can take responsibility -- locally and
throughout the world -- for some or all of the network design,
build, systems and OSS integration, deployment, operation and
maintenance.  Alcatel is today a market leader in providing
outsourcing services for multi-vendor and multi-technology
networks in multiple countries.  With over 20 contracts to date
-- among them the network management deal awarded by TNZ and the
operation and maintenance deal awarded by ONE, both in 2003 --
Alcatel is clearly at the forefront of this growing market
opportunity.

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


ALCATEL: Survey Confirms Dominance in DSL Market
------------------------------------------------
Alcatel announced that Industry Analyst firm Dell'Oro Group has
reaffirmed the company's worldwide lead in the DSL market.
Alcatel's DSL market share for the second quarter of 2004 was
40.6% of the global amount of DSL lines shipped, close to three
times that of the nearest competitor.  According to Q2 2004 data
from Dell'Oro Group, Alcatel now has a cumulative market share
of 37.7% and a total of more than 49 million DSL lines shipped.

Last quarter, a change in growth patterns could be witnessed, in
that regions that have traditionally shown regular shipment
growth over the past years, such as APAC and to a lesser extent
EMAI, experienced a dip, whereas the regions which have shown
slower relative growth so far, such as North America and Latin
America, saw a higher take-up.

"The North American market saw a quarter of strong growth, with
DSL shipments growing by about 33% compared to the first quarter
of 2004.  This growth trend is the result of our customers'
continued efforts to promote DSL services to the end-user," says
Michel Rahier, chief operating officer of Alcatel's fixed
communications activities.

"And in Latin America, a sharp increase of 83% compared to last
quarter took place, led by countries as Mexico and Brazil, and
supported by a sustained growth in a range of Latin American
countries."

As the broadband access market continues to develop, Alcatel
leads the way with the delivery of the world's most innovative
and technically advanced DSL solutions.  Alcatel's DSL portfolio
includes the Alcatel 7300/7301 Advanced Services Access Manager
(ASAM), the most widely deployed broadband access platform, the
Alcatel Litespan Next Generation Digital Loop Carrier (NGDLC),
and DSL management products.  This portfolio has been the
cornerstone of Alcatel's market leadership and is prominent in
the networks of more than 120 customers.

About Dell'Oro Group

Dell'Oro Group is a market research firm that specializes in
strategic competitive analysis in the networking and
telecommunications industries.  The company pioneered the
concept of providing market research to the industry on a
quarterly basis to meet the fast pace of technology; its
Quarterly Reports and 5-Year Forecasts offer detailed
quantitative information on revenues, port and/or unit
shipments, and average selling prices.  For further information,
visit http://www.delloro.com.

About Alcatel

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

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


ALSTOM SA: Denis Samuel-Lajeunesse Named to Board
-------------------------------------------------
By order of the Minister of the Economy, Finance and Industry,
Mr. Denis Samuel-Lajeunesse, Senior Civil Servant, has been
appointed member of Alstom's Board of Directors as a
representative of the French State.

Denis Samuel-Lajeunesse is Managing Director of the French
Government Shareholding Agency of the Ministry of the Economy,
Finance and Industry, Treasury Department.  He also is a member
of the Board of Directors of Air France, Thales and France
Telecom.

He was previously Chairman and Chief Executive Officer of
Lyonnaise de Banque and its subsidiary Banque de Vizille, from
1992 to 2002.  From 1986 to 1992, Mr. Samuel-Lajeunesse was
International Affairs Assistant Secretary at the Treasury
Department.  Prior to this, he held several positions within the
Treasury Department: Senior Civil Servant (1973-1983), Deputy
Assistant Secretary of International Affairs (1983-1985) and
Deputy Assistant Secretary of the Financial Market (1985-1986).

CONTACT:  ALSTOM S.A.
          Press relations:
          S. Gagneraud
          Phone: +33 1 41 49 27 40
          E-mail: internet.press@chq.alstom.com

          Investor relations:
          E. Chatelain
          Phone: +33 1 41 49 37 38
          E-mail: Investor.relations@chq.alstom.com


VIVENDI UNIVERSAL: Agrees to Create Jobs to Receive Tax Credit
--------------------------------------------------------------
Entertainment and communications group Vivendi Universal agreed
with the government to create thousands of jobs in return for a
reduction in its tax bill in the coming years, reports say.

The deal, the result of eight months of negotiation, will boost
the firm's profits by up to EUR3.8 billion (US$4.6 billion) over
the next five to seven years.  It will unlock tax credits worth
EUR500 million this year and another EUR3.3 billion in the years
to come.

Under the agreement, Vivendi will create 2,100 jobs in France,
and spend EUR25 million over five years for job training and
other social aid programs in distressed areas in France.  The
project could indirectly create an additional 1,500 jobs.  A
further 600 jobs will be created by subcontractors that will run
call centers for SFR, Vivendi's mobile phone unit, and Canal
Plus, its pay-television arm.

"Yes, these engagements are not normal," said one Vivendi
insider.  Vivendi is the first company to apply for the new tax
status, which is reserved for multinational corporations
headquartered in France, a Finance Ministry spokesman said.

Vivendi's EUR11 billion (US$13.3 billion) in operating losses
since 2000 entitled it to tax credits over the past three years.
The firm will accelerate their use under the new tax regime.
The tax deal comes as finance minister Nicolas Sarkozy campaigns
against outsourcing by encouraging companies to keep jobs in
France and persuading those that have left the country to
return.

CONTACT:  VIVENDI UNIVERSAL S.A.
          42 avenue de Freidland
          75380 Paris Cedex 08, France
          Phone: +33 1 71 71 10 00
          Fax:   +33 1 71 71 10 01
          Web site: http://www.vivendiuniversal.com


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


ALITALIA SPA: Board to Discuss Financial Status Today
-----------------------------------------------------
The management board of the struggling Italian carrier Alitalia
will hold a meeting today to discuss its first-half performance,
Il Sole 24 Ore says.

The meeting will enable the carrier's management to assess its
finances and debts.  Alitalia's half-year report is expected to
show a loss of EUR330 million and a drop on the company's cash
reserves, pegged at below EUR172 million.

Today's meeting is in response to the request of stock market
regulator Consob for detailed information, triggered by the
statement of Alitalia's human resource director on Monday saying
the carrier may close in 20 days if unions refuse its rescue
plan.  The group's chief executive, Giancarlo Cimoli, is
currently persuading the unions to agree with job cuts and other
measures to improve productivity.

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


CIRIO FINANZIARIA: Receivers to Meet Creditors of Brazilian Arm
---------------------------------------------------------------
The receivers of insolvent Italian food group Cirio will meet in
Brazil with the creditors of its detergents and household goods
subsidiary Bombril, Il Sole 24 Ore says.

Bombril was part of the financial operations believed to have
caused the collapse of Cirio at the hands of its chairman and
majority owner Sergio Cragnotti.  Between 1997 and 1999, Mr.
Cragnotti, whose holding company controlled both Cirio and
Bombril, sold his Cirio's stake to Bombril.  Later he
repurchased the shares and transferred the control of Bombril to
Cirio.  Mr. Cragnotti is now facing fraud charges.

The meeting will occur mid-September, according to the report.

CONTACT:  CIRIO DEL MONTE ITALIA S.P.A.
          Legal Address:
          Via Augusto Valenziani,
          10 - 00187 Rome
          Phone: 06 421761
          Fax: 06 42176230

          Administrative Address:
          Strada Provinciale per Podenzano,
          10 - 29010 San Polo di Podenzano
          Phone: 0523 536123
          Fax: 0523 379257
          Website: http://www.cirio.it


PARMALAT FINANZIARIA: Summary of US$10 Bln Suit Against Auditors
----------------------------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
communicates that Dr. Enrico Bondi, Parmalat's Extraordinary
Commissioner, filed an action in the Circuit Court of Cook
County, Illinois to recover damages from Parmalat's former
outside auditors Grant Thornton International and Deloitte
Touche Tohmatsu and their U.S. and Italian affiliates.

The action is part of a process through which the Extraordinary
Commissioner, following the approval of Parmalat's Industrial
and Financial Restructuring Plan, will seek recovery from third
parties believed to have played a role in Parmalat's collapse.

Parmalat's Industrial and Financial Restructuring Plan
contemplates the distribution to its future shareholders of an
amount equal to 50% of Parmalat's distributable earnings arising
from the next 15 years' annual results, including any eventual
proceeds derived from revocatory actions or actions for damages.

                           Crucial Roles

Representing Dr. Enrico Bondi, John R. McCambridge, Esq. at
Grippo & Elden, LLC in Chicago, Illinois, tells the Cook County
Circuit Court that the Outside Auditors played crucial parts in
the theft and disappearance of over US$14,000,000,000 from
Parmalat.

Grant Thornton S.p.A. is the Italian member firm of Grant
Thornton International, an Illinois-based auditing firm.  Mr.
McCambridge relates that Grant Thornton partners Lorenzo Penca
and Maurizio Bianchi were active conspirators with Parmalat's
management in setting up fictitious companies and structuring
fake transactions to siphon off billions of dollars of assets
from Parmalat and its subsidiaries.

Deloitte & Touche S.p.A., the Italian arm of the international
accounting giant Deloitte Touche Tohmatsu, became Parmalat's
principal outside auditor in 1999, with Grant Thornton
continuing to audit major business units of Parmalat.  According
to Mr. McCambridge, various Deloitte entities that audited
Parmalat:

       (i) abdicated their responsibility to see that the
           company's financial statements fairly stated its true
           financial condition; and

      (ii) ignored repeated, clear warnings from member firms
           around the world of wholly unsubstantiated
           transactions that bore all the hallmarks of fraud.

"Deloitte knew that billions of dollars in estimated assets were
supposedly parked in tax and financial havens -- including the
Cayman Islands, the Netherlands Antilles, Luxembourg, Malta and
the Isle of Man," Mr. McCambridge says.  "Despite red flag after
red flag, Deloitte deliberately chose not to perform even a
fraction of the required auditing procedures to satisfy itself
of the legitimacy of these companies and the financial assets
they were supposed to have, but in reality were a fiction."

Both Grant Thornton's and Deloitte's audits of Parmalat:

    (a) were conducted on an international scale, with close
        cooperation and coordination across national and
        international boundaries;

    (b) involved an integrated undertaking of the two firms'
        overall international parent organizations and member
        firms in the United States and 32 other countries; and

    (c) were both individually and collectively grossly
        inadequate and willfully malfeasant under any accepted
        standard of responsibility.

Mr. McCambridge also asserts that both Grant Thornton's and
Deloitte's international affiliations were an integral aspect of
Grant Thornton's and Deloitte's audits of Parmalat.  Both held
themselves out to Parmalat, to the world, and to Parmalat's
creditors.

Parmalat anticipates that Deloitte will point to Grant Thornton,
and Grant Thornton will point to Deloitte, and each will try to
say either that the other was responsible or there were "holes"
in the system that allowed somewhere between US$11,700,000,000
and US$16,300,000,000 to "disappear."  But no matter how their
responsibilities are carved up, Mr. McCambridge points out that
under accepted auditing standards and principles, both Deloitte
and Grant Thornton, in their international as well as local
domestic capacities, are legally responsible for Parmalat's
losses.

             Grant Thornton's Role in Looting Parmalat

(A) Curcastle, Zilpa and Dancent

Messrs. Penca and Bianchi assisted Parmalat's finance director,
Fausto Tonna, and Parmalat's CEO, Calisto Tanzi, in setting up
and using Curcastle N.V., Zilpa N.V., and Dancent N.V. --
Netherlands Antilles companies -- to hide the losses of Parmalat
S.p.A. and Parmalat's South American companies.  In 1995 to
1996, the South American companies were losing around
500,000,000,000 lire per year -- roughly US$320,000,000.
Parmalat S.p.A. was also incurring annual losses of between
200,000,000,000 and 300,000,000,000 lire.

The Netherlands Antilles companies were also used to cover
enormous misappropriations by the Tanzi family.  Parmalat's
"distributions" to the Tanzis' Holding Italiana Turismo S.p.A.
and other Tanzi-owned or -controlled companies were recorded as
"loans."  The loans stayed in Parmalat's balance sheets until
around 1997 or 1998 when they were transferred as "receivables"
to Curcastle and Zilpa.  The receivables were then transferred
to Bonlat Financing, Ltd., in 1998.

The annual "diversions" through 1998 from Parmalat S.p.A. to the
Tanzis' separate interests exceeded US$320,000,000.

Mr. McCambridge contends that since Grant Thornton audited HIT,
it had a complete picture of where HIT's funds came from and
where they went -- the Tanzis' own accounts or their separate
tourism, soccer and other outside enterprises.

(B) Bonlat

Bonlat was first used as a conduit to book fictitious sales of
million of dollars of trademarks and other intellectual property
to companies like Findairy Corporation.  In reality, none of
these transactions took place.

Findairy, a Delaware corporation, had the same telephone number
as Zini & Associates in New York, the law firm run by Gian Paolo
Zini, another culpable insider who played a key role in
orchestrating the frauds on Parmalat and its investors and
creditors.

Another Grant Thornton auditor, Arnaldo Airoldi, also knew about
the frauds.  Airoldi subsequently was hired by the Tanzi
family's tourism companies.

From 1999 onwards, based on the advice of Messrs. Penca and
Bianchi, the "transactions" and accounting "adjustments" were
made directly through Bonlat.  Bonlat, in turn, transferred the
supposed liabilities to Web Holdings, Inc., another entity
established by Mr. Zini and run out of his New York office.

In return, Web Holdings issued US$300,000,000 to US$350,000,000
in promissory notes.  Eventually more money was added, bringing
the total amount to around US$400,000,000 to US$500,000,000 by
the end of 2002.

In the short time between 1999 and 2002, Bonlat jumped from
comprising 22% of Parmalat's assets to 40%.  As a result of a
wholesale series of crudely constructed dummy transactions,
Parmalat's consolidated financial statements grossly understated
its debts and equally grossly overstated its net worth.

          Non-existent Bonlat Account with Bank of America

At year-end 2002, Bonlat purported to have US$4,900,000,000 in
an account with Bank of America.  Grant Thornton supposedly
drafted a confirmation request dated December 20, 2002,
requesting verification of this amount from the bank.  The
letter was never actually sent.

Instead, Grant Thornton accepted, directly from Parmalat, a
forged letter purporting to be from Bank of America dated March
6, 2003, certifying the existence of the Bonlat account.  Mr.
McCambridge relates that Gianfranco Bocchi, a member of
Parmalat's Finance Department, cut out Bank of America's logo,
scanned it in a computer, printed it out and passed it through a
fax machine several times.  The letter bore the signature of a
Bank of America employee who worked as a data processor and
lived in Brooklyn.

The signature was taken from old documents bearing the
employee's name.

                  Bonlat's Non-existent Investment

In 2002, Grant Thornton's Bianchi suggested that Bonlat should
be closed down.  He did not think that funds could continue to
be diverted from Parmalat S.p.A. and Parmalat Capital Finance
B.V. in the Netherlands through Web Holdings to HIT.  Parmalat's
culpable insiders still needed a way to keep diverting funds,
and to hide the enormous quantities of money that Parmalat was
losing.

Mr. Zini came up with Epicurum Limited, a Cayman Islands
investment fund -- another shell entity operated out of Mr.
Zini's New York offices.

Epicurum was incorporated in September 2002, and promptly
"given" a US$100,000,000 receivable from Boston Holding, Inc.,
another fake company run by Mr. Zini in New York.  In 2002, Web
Holdings issued EUR400,000,000 in promissory notes to obtain
funds for the Tanzi tourism companies through Bonlat.  The
EUR500,000,000 that was supposedly in Epicurum at the time
included EUR100,000,000 in another illusory promissory note from
Boston Holdings used to fictitiously acquire Newlat and Carnini.
Bonlat's books therefore reflected a US$625,000,000 "investment"
in Epicurum.

In 2002, Grant Thornton accepted Messrs. Zini's, Tonna's and
Tanzi's oral assurances that Bonlat's purported US$625,000,000
Epicurum investment was made on an arm's-length basis even
though Grant Thornton never attempted to speak with anyone at
Epicurum -- which did not exist and which Grant Thornton knew
did not exist.  Grant Thornton "agreed" that this was an arm's-
length investment because, when the names of the directors of
Epicurum were read to Grant Thornton, they "did not sound
Italian."

Grant Thornton received a letter from Epicurum dated
March 13, 2002, confirming that on December 31, 2002, Bonlat
held US$544,000,000 and EUR123,000,000 in the Epicurum fund.
The letter gave no explanation of the nature of these accounts.
The "confirmation" consisted of a photocopy of a facsimile sent
by Epicurum to Grant Thornton.  The confirmation contained only
the name of the company with no contact information.

Although Bonlat purportedly held this "investment" in the form
of promissory notes from Epicurum, there was nothing to show
that:

    -- they were collectible; or
    -- the interest due on them had been paid.

Messrs. Tonna and Bocchi met with Messrs. Penca and Bianchi, who
pointed out that the lack of any interest payments called into
question the legitimacy of the promissory notes.  They then came
up with a solution -- transform the promissory notes into an
equity investment.  The result was that Parmalat's balance
sheets reflected a non-existent US$625,000,000 "asset."

(C) "Sale" of Powdered Milk to Cuba

At year-end 1999, Bonlat claimed to have sold 300,000 tons of
powdered milk worth US$620,000,000 to Empresa Cubana Importadora
de Alimentos, a Havana state-owned food importer, through a
Singapore-based company by the name of Camfield Pte., Ltd.  The
receivable from the Cuban importer was carried on Bonlat's
balance sheet as an asset.  No sale actually took place.
Bonlat's, and in turn Parmalat's, revenues and assets were
therefore overstated by US$620,000,000 from the sham
transaction.

According to Mr. McCambridge, the fraud was brutally simple.
Mr. Bocchi prepared the standard contract printouts, both for
purchases and sales.  The contract was signed by Mr. Tonna on
behalf of Bonlat and by Mr. Tonna with a fake signature on
behalf of Camfield and for the Cuban company.

Although not listed in Parmalat's financial statements as an
affiliated company, Camfield was another sham Parmalat company,
set up with the knowing assistance of Grant Thornton.  The
Singapore address and phone number for Camfield are the same as
Grant Thornton's Singapore affiliate -- and Camfield's auditors
-- Foo Kon Tan Grant Thornton.

Camfield's company secretary, Lawrence Kwan, is an employee of
Kon Choon Kooi, which is an affiliate of Grant Thornton's
Singapore affiliate.

           Deloitte's Failure to Properly Audit Parmalat

(1) Parmalat's "Transactions" with Bonlat

Mr. McCambridge reports that Deloitte's audits never tried to
look below the surface to understand and verify the legitimacy
of the facially bogus transactions.  Under the universally
accepted principles articulated in Statement on Auditing
Standards 45 (SAS 45), "The Nature and Extent of Auditing
Procedures for Examining Related Party Transactions," Deloitte
was required to take extra care in how it assessed Bonlat's, and
therefore Parmalat's, overall financials state.  Deloitte never:

    -- considered the nature of Bonlat's related party
       transactions with Parmalat Finance Corporation or
       Parmalat Capital Finance, Ltd., a Cayman Island company
       which owns 100% of the interests in Bonlat;

    -- put in place audit procedures to identify related-party
       transactions; or

    -- determined whether there were appropriate disclosures for
       the related-party transactions that have been identified.

Deloitte "missed" US$5,176,000,000 in debts that had been
"offloaded" to Bonlat as "intercompany debt," which then
vanished from Parmalat's consolidated financial statements.

               "Profit" from a US$7,000,000,000 "Loan"

In 2003, a Deloitte auditor in Malta, Edward Camilleri, approved
the accounts of Parmalat Capital Finance without questioning the
"profits" that reportedly were generated by its US$7,000,000,000
"loan" to Bonlat.  For 2002, Parmalat Capital Finance's reported
profit jumped more than eightfold to US$28,700,000 because of
interest or fees from the US$7,000,000,000 loan to Bonlat.  The
US$28,400,000 represented roughly 10% of the Parmalat Group's
entire profit for 2002 and should have drawn the scrutiny of the
Deloitte auditors in Malta and Italy, who audited the
consolidated accounts.

The US$4,900,000,000 that Bonlat claimed to have in a Bank of
America account exactly matched the US$4,900,000,000 increase in
the loan to Bonlat reported in the financial statements of
Parmalat Capital Finance audited by Deloitte.  If Deloitte even
casually reviewed the US$7,000,000,000 loan and the
US$28,400,000 in profits, it would have determined that they
were, at best, highly questionable, requiring it to conduct
additional audit inquiries.

                Other Failures to Review Bonlat Loan

Mr. McCambridge tells the Circuit Court that Parmalat Capital
Finance's financial statements contained no preceding-year
figures for cash flows, an important item for financial
regulators and investors.  Mr. Camilleri flagged that omission
in his report, qualifying the audit.  When the consolidated
financial statements of the overall Parmalat Group were
published, this omission was nowhere mentioned.

Parmalat's financial statements also provide no indication of
what happened to the US$7,000,000,000 raised from Parmalat bond
sales between January 1, 1998 and November 30, 2003.  Deloitte
failed to mention this in the report.

As of November 30, 2003, Parmalat Capital Finance and Bonlat
were obligated to repay about 80% of the US$6,000,000,000 in
debt issued by Parmalat Finance Corporation B.V. although they
received no cash from the bond sales.  None of Deloitte's audits
reflected this fact.

(2) Transaction with Western Alps

On July 10, 2001, Parmalat Capital Finance booked an
US$18,126,584 "receivable" from Western Alps Foundation.  It was
increased to US$21,900,000 at the end of 2001 and rose to
US$28,853,000 on March 1, 2002.  It then was "reversed" and
disappeared from Parmalat Capital Finance's books on March 15,
2002.

There is no documentation to support any of these transactions
or how they were accounted for.  Had Deloitte looked into these
transactions and Western Alps itself, Deloitte would have
learned that between February 27 and June 26, 2002, Bonlat
loaned Western Alps US$1,200,000,000, for which Bonlat booked
currency exchange rate profits of US$83,603 -- at a time when
Western Alps was no longer an existing "entity," because it had
been dissolved as of September 25, 2001.  Mr. McCambridge notes
that the telephone and address for Western Alps, a Delaware
entity, are the same as those for Zini & Associates in New York
City.

(3) Transactions with Web Holdings

On June 23, 2000, Parmalat Capital Finance purchased
US$88,400,000 in bonds from Web Holdings, Inc.  The supporting
documentation consists of an order from Parmalat Finance
Corporation B.V., on Parmalat Capital Finance's behalf, to
transfer EUR95,000,000 -- equivalent to US$89,400,000 -- in
favor of Business and Leisure S.A., a Tanzi-controlled company,
into an account at the Caise Centrale Raiffesen in Luxembourg.

There is no indication that Deloitte did anything to verify this
highly unusual transaction, involving a "purchase" by Parmalat
Capital Finance from one entity -- Web Holdings -- but with the
payment for the purchase going to a Luxembourg account of a
Tanzi-controlled entity.  Web Holdings shares the same address
with Zini & Associates in New York City.  Web Holdings
reportedly controls or is controlled by Western Alps.

(4) "Sale" of Powdered Milk to Cuba

Deloitte failed to verify the legitimacy of Bonlat's sale of
300,000 tons of powdered milk to Empresa Cuba.  Had Deloitte
done so, it would have learned that:

    (1) one of the parties to the transaction, Camfield, was a
        bogus front, set up by Grant Thornton and Parmalat;

    (2) Claudio Pessina, one of Camfield's directors and the one
        who signed Camfield's most recent financial statements,
        was a member of Parmalat's finance department.  Mr.
        Pessina was also a co-CEO of Parmalat S.p.A.'s Austrian
        unit, Parmalat Austria GmbH, which Deloitte also
        audited; and

    (3) Camfield's CEO, Angelo Ugolotti, was a switchboard
        operator at Parmalat's headquarters.

"Apart from the glaring fact that the powdered milk transactions
in which Camfield was purportedly involved were complete
fabrications, if Empresa Cuba had purchased the amount of milk
claimed by Parmalat, the small island nation of Cuba would have
been 'swimming in milk.'  The 300,000 tons would produce the
equivalent of 735 million gallons -- enough to supply everyone
in Cuba with 260 quarts of milk a year," Mr. McCambridge says.

"More fundamentally, Deloitte never bothered to ask the most
basic question: Where did Bonlat -- a "financing" company -- get
300,000 tons of powdered milk?  Why was this sale not done by
one of Parmalat's operating companies?" Mr. McCambridge
continues.

The only documentation supporting the US$620,000,000 "sale" were
invoices.  There were no documents reflecting any transportation
of 300,000 tons of powdered milk that was supposed to have been
shipped from Singapore, not one of the world's recognized dairy
producers, to Cuba.  There were no payment terms, or any details
on how the payments would be made.

(5) "Investment" in Epicurum

Deloitte did not attempt to verity the existence or status of
the Epicurum fund and the actual amount of money it held.  The
money in the "fund" did not appear to have been deposited in an
FDIC financial institution, so this was a material item that
required further inquiry.

When Deloitte finally looked at Epicurum, it did not bother to
verify the fund's existence.  Deloitte simply stated that it was
not "possible" to "provide exhaustive information."

Consob, the Italian equivalent of the United States Securities
and Exchange Commission, got wind of Epicurum and asked Deloitte
to investigate.  Deloitte passed the buck to Grant Thornton.  It
was up to Grant Thornton to detect any "irregularities,"
Deloitte said.

Despite Consob's express inquiry, Deloitte still did not look
further.

(6) Tetra-Pak "Rebates"

Tetra-Pak, a Swedish-based drinks packaging company, was a major
Parmalat supplier.  Tetra-Pak's sales to Parmalat averaged
US$280,500,000 per year from 1995 to 2003.

Tetra-Pak provided discounts to Parmalat for buying its products
and advertising its brands.  These discounts were made by direct
payments to various Parmalat-related entities.

Until 1995, the discount payments averaged around US$5,000,000
to US$6,000,000 per year.  For the period from 1995 to 2003,
they increased to an average of US$15,250,000 per year.  By the
end of 2001, they were estimated to have reached around
US$29,000,000 or US$31,000,000 each year.

Until 2001, none of the Tetra-Pak reimbursements was actually
paid to Parmalat S.p.A., the company that had purchased the
packaging.  Instead, they were treated as the Tanzi family's
private property.

Over a seven-year period, the Tanzi family is estimated to have
received US$62,000,000 in Tetra-Pak refunds, either directly or
indirectly.  These sums were paid to various entities,
including:

    * Parmalat U.S.A. Corporation,

    * Camfield,

    * Carital Food Distribution Curacao -- a Tanzi family-
      controlled off balance sheet Parmalat company,

    * Parmalat Capital Finance, Ltd., and

    * Parmalat Trading, Ltd.

Deloitte was instrumental in incorporating Parmalat Trading in
Malta, along with Parmalat Malta Holding, Ltd.  The
"distributions" of the refunds from Parmalat Trading were
reflected on the books as transfers to Mr. Zini's escrow
accounts at Citibank in New York and London, made to the order
of Mr. Zini.

Mr. Zini and the Grant Thornton auditors were well aware that
the funds going in and out of Mr. Zini's New York and London
accounts involved misappropriations of Parmalat funds for the
benefit of the Tanzi family.

Discounts and rebates from vendors are common in the retail
industry and can significantly affect a company's income and its
cost of goods sold.  There is no indication that Deloitte made
any effort to determine whether Parmalat, one of the largest
retail sellers in Europe, was receiving any rebates or discounts
from, its major vendors and, if so, how they were treated.  They
appear nowhere in Parmalat's financial statements.

(7) "Transfer" to Luca Sala of Bank of America

In November 2002, Bank of America, N.A., loaned an unknown
amount to CUR Holdings Limited, an off balance sheet Parmalat
entity incorporated in the Netherlands Antilles.  In September
or October 2003, US$115,000,000 of this amount made its way to
Parmalat Capital Finance, which Bank of America agreed to
substitute for CUR Holdings.

Under the agreement, Parmalat Capital Finance paid US$29,000,000
to Capital Leben, a Liechtenstein financial institution.
According to Mr. McCambridge, current information indicates that
the US$29,000,000 was channeled to an account owned or
controlled by Luca Sala of Bank of America, either to pay him
off personally or to make personal payments to others.

Mr. Sala has admitted that he misappropriated between
US$18,000,000 and US$21,000,000 from Parmalat in the form of
kickbacks from an "insurance broker."

There is no indication that Deloitte, which was responsible for
auditing Parmalat Capital Finance, took any meaningful steps to
ascertain the nature of the transaction or to trace its
proceeds.

(8) Newlat "Transaction"

In 1999, a major Italian company, Cirio, sold its dairy
division, Eurolat, to Parmalat -- at that time Cirio's rival and
the leading dairy company -- without obtaining approval from the
Italian Antitrust Authority.  As a result, Parmalat had 35% of
the market for Ultra High Temperature milk and 30% of the market
for fresh milk.

The Italian Antitrust Authority subsequently ordered Parmalat to
divest itself of the Matese, Torreinpietra, Sole, Polenghi,
Giglio and Calabrialatte brands.  However, Parmalat could not
find a legitimate buyer, so the insiders engineered a fake
divestiture to a Zini-controlled U.S. entity.

The companies were "sold" on November 16, 2000, to Newlat
S.r.l., incorporated in Reggio Emilia, Italy.  On December 18,
2000, Nulait, Ltd., incorporated in the British Virgin Islands
on November 7, 2000, acquired Newlat S.r.l. for a supposed price
of US$54,000,000.

The amount was never paid.  Instead, two promissory notes were
issued and included in Parmalat's balance sheet as a receivable
from third parties.

On December 18, 2001, the day the two promissory notes used to
"purchase" Newlat were due to be paid, they were replaced by a
single US$59,000,000 note, which included accrued interest, from
Findairy Corporation, a Delaware corporation whose address and
telephone number is the same as the office of Zini & Associates
in New York.  The note itself was signed by Mr. Zini as the
"attorney in fact."

At the beginning of 2002, Nulait "sold" Newlat to Endeavour
Capital Management, LLC through Bern Euro Italia Corporation.
In July 2003, Endeavour sold Newlat to Boston Holdings
Corporation, incorporated in Delaware by Mr. Zini on April 20,
2001.  The president of Boston Holdings is Stephen White, Mr.
Zini's brother-in-law.

According to Mr. McCambridge, Deloitte made no effort to:

    (a) verify the legitimacy of the "assets"; or

    (b) ascertain the legitimacy of the "divestitures."

On September 18, 2002, the US$62,000,000 "asset" reported on
Parmalat's balance sheet was transferred to Bonlat, where it
ultimately disappeared.

(9) Carnini "Transaction"

In August 2000, Parmalat S.p.A. acquired 70% of the stock of
Carnini S.p.A., another milk company.  The Antitrust Authority
declined to approve the acquisition, and the purchase contract
was modified so that Parmalat acquired only 90 shares (15%) of
Carnini, for US$4,760,000.  The acquisition cost was recorded as
US$5,970,000, including consultancy fees and other costs
associated with the purchase.

In April 2002, the 90 shares were transferred to Bonlat, and
then to Boston Holdings under a contract signed by Mr. Tanzi, on
behalf of Parmalat, and Giovanni Bonici, on behalf of Bonlat.

In May 2002, Bonlat "sold" the 90 shares to Boston Holdings for
US$5,200,000.  The contract reflected that Boston Holdings
already "owned" 333 shares of Carnini, comprising 55% of its
total stock.  There is no record of how Boston Holdings did so.

There is also no indication that Parmalat ever received any of
the "proceeds" from these transactions, or that Deloitte ever
even looked at them.

(10) Other Transactions

Mr. McCambridge further relates that Deloitte failed to properly
account for other transactions where money disappeared from
Parmalat.  In 2001, HIT drained US$80,000,000 from Parmalat.  In
2002, there were nine transfers to HIT, totaling over
US$149,500,000.

In the space of a few years, from 1997 to 2003, Tanzi and the
other culpable insiders transferred US$500,000,000 from Parmalat
to HIT.  This was done by means of "loans" from Parmalat S.p.A.
to HIT.  Parmalat then assigned its receivables for these loans
to Parmalat Capital Finance and Bonlat.  From there, they
vanished from the accounts receivable on the balance sheets and
became "investments" in affiliates audited by Grant Thornton and
Deloitte.

             Deloitte Presented Inaccurate Statements

Mr. McCambridge asserts that Deloitte knowingly presented
inaccurate Parmalat financial statements.  Deloitte's audited
certifications also repeatedly ignored an US$8,400,000,000 "999"
counterparty account that was used as a receptacle for false
revenues, assets and profits that Parmalat had accumulated over
the years.  Deloitte knew of the existence of account "999" and
its function.  Deloitte's own audit refers to it.

Mr. McCambridge explains that account "999" was supposed to
reflect intercompany "imbalances."  For a company the size of
Parmalat, the end-of-the-year imbalance would be expected to be
minimal.  But the US$8,400,000,000 in account "999" was huge,
and Deloitte's audit certifications ignored it and the 62% of
Parmalat's total assets it represented.

Deloitte also failed to reconcile the net worth and operating
profit of the parent company and the consolidated net worth and
operating profit.  According to Mr. McCambridge, the capital net
worth and the operating results in Parmalat's consolidated
financial statements are different from their values in the
company's statutory financial statements.  The consolidated
financial statements of both Parmalat S.p.A. and Parmalat
Finanziaria contain summary and aggregate reconciliation tables.
They in no way conform to the analytical requirements required
by accepted accounting principles.  Instead of actually trying
to reconcile the two statements, Parmalat simply forced the two
numbers to match by dumping the difference into a "plug
account."  The account held any unreconciled consolidated
reserves and profit and loss results of the consolidated
companies, net of profit sharing and corrections for
consolidation.

In 2002, Hermes Pensions Management Limited, a United Kingdom
fund management group, wrote to Deloitte raising various
concerns, including the treatment of a number of Cayman Islands
investments in Parmalat's financial statements.  Deloitte
confirmed that it did nothing in response to the inquiry.  It
merely said that "In Italy, there is a defined process for
shareholders to make complaints to the Board of Statutory
Auditors.  In this case, we understand the Board subsequently
investigated the matter and reported on it in the 2002 annual
accounts."

Deloitte also failed to audit or ignored, among others:

    -- an October 25, 2000 swap agreement between Bonlat and
       Sumitomo Bank Financial Service, Inc.  The
       JPY90,000,000,000 swap agreement supposedly expires in
       December 2005.  The swap agreement, however, was
       terminated only two months after it was entered into,
       giving Bonlat an immediate US$147,800,000 profit.  The
       transactional documents did not contain the usual ISDA
       terms attachment.  There were different Sumitomo
       signatures on the opening and closing contracts, and the
       Sumitomo subsidiary that entered into the transaction was
       based in Cayman Islands;

    -- a December 1999 US$300,000,000 "equity investment" in
       Parmalat Brazil.  Bank of America helped structure the
       "investment," setting up two Cayman Island companies,
       Food Holdings, Ltd., and Dairy Holdings, Ltd., both
       subsidiaries of QSPV Limited, a Cayman Island charitable
       trust, for the transaction; and

    -- Parmalat's US$133,000,000 "receivables" transactions from
       Ifitalia, which was actually a disguised loan.

Deloitte also knowingly failed to include significant
information about Parmalat's affiliated companies in Parmalat's
consolidated financial statements.

               Parmalat's Claims Against the Auditors

Parmalat lost billions of dollars and incurred other damages
from Grant Thornton's and Deloitte's acts and omissions.

"Something to the order of US$10 billion dollars has gone out
the door and been stolen, squandered or wasted by the Parmalat
insiders," Mr. McCambridge says.  "These losses would not have
occurred had the defendants properly done their accounting
work."

Thus, Dr. Bondi asks the Circuit Court to find Grant Thornton
and Deloitte guilty of:

     (1) professional malpractice;

     (2) fraud;

     (3) aiding and abetting fraud and constructive fraud;

     (4) negligent misrepresentation;

     (5) aiding and abetting breach of fiduciary duty;

     (6) theft and diversion of corporate assets;

     (7) converting or aiding in the conversion of funds, assets
         and money belonging to Parmalat for the company
         insiders' own uses and purposes;

     (8) unjust enrichment;

     (9) aiding and abetting fraudulent transfer;

    (10) causing Parmalat to plunge into deepening insolvency.
         The auditors failed to stop the looting and
         misappropriations they knew or should have known was
         going on; and

    (11) conspiring with the Parmalat insiders in looting the
         company.

Dr. Bondi seeks at least US$10,000,000,000 in damages for the
losses Parmalat incurred as a result of the auditors' conduct
and to compensate the company for the general losses its
shareholders, bondholders, noteholders and lenders incurred.
Dr. Bondi also seeks the establishment of a constructive trust
for Parmalat's benefit to be placed on any identifiable funds
and assets that were stolen or fraudulently transferred from
Parmalat, as well as on any identified assets that those funds
or assets were used to acquire.

                             Responses

(1) Grant Thornton International

Grant Thornton International pointed out that it was the former
Grant Thornton International member firm in Italy, Grant
Thornton S.p.A. and now named Italaudit S.p.A., which audited
the accounts of some of Parmalat's subsidiaries.  The former
Italian firm was expelled from the Grant Thornton International
network on 8 January 2004.

Grant Thornton International does not accept that this is a
legitimate action and will defend its position vigorously.  The
member firms in the Grant Thornton International network are
entirely independent legal, financial and administrative
entities.

The services provided to Parmalat were provided by the former
Grant Thornton International firm in Italy, now trading as
Italaudit S.p.A.  All matters relating to Parmalat are therefore
the responsibility of Italaudit S.p.A. and not Grant Thornton
International or Grant Thornton LLP.

Grant Thornton International is an international membership
organization, with each member firm independently owned and
operated.  Services are delivered nationally by the member and
correspondent firms of Grant Thornton International, a network
of independent firms throughout the world.  Grant Thornton
International is a non-practicing, non-trading international
umbrella organization and does not deliver accounting or
auditing services.  Each member and correspondent firm in Grant
Thornton International is a separate independent national firm.
These firms are not members of one international partnership or
otherwise legal partners with each other, nor is any one firm
responsible for the services or activities of any other.  Each
firm governs itself and handles its administrative matters on a
local basis.  Although many of the firms now carry the Grant
Thornton name, either exclusively or in their national practice
names, there is no common ownership among the firms or by Grant
Thornton International.

(2) Deloitte Touche Tohmatsu, on Deloitte Italy's Behalf

Parmalat is responsible for a fraud that, according to testimony
to date, pervaded its former executives and board of directors
and has now apparently sued Deloitte Italy on the theory that it
failed to catch Parmalat for its own fraudulent actions.
Deloitte Italy believes the lawsuit, which it has not yet seen,
is entirely unjustified and it will defend its position
vigorously.

It was the actions of Deloitte Italy, which led to the fraud
being uncovered.

Deloitte Touche Tohmatsu is a Swiss Verein (membership
association) and provided no services of any kind to any
Parmalat entity.

(3) Deloitte Services, LLP

While Deloitte's U.S. firms have not yet seen the complaint, we
are unaware of any legitimate theory for naming us as
defendants.  The U.S. firms issued no audit reports on Parmalat
and had nothing to do with Parmalat's alleged misconduct.  Any
claims against Deloitte's U.S. firms are frivolous, and we are
confident we will be successful in having them dismissed.
(Parmalat Bankruptcy News, Issue No. 28; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PARMALAT FINANZIARIA: Bondi Hits Nicaraguan Receiver
----------------------------------------------------
Parmalat administrator, Enrico Bondi, warned Nicaraguan
financier Haroldo Montealegre regarding his statements over the
disputed receivership of a Nicaraguan unit, Il Sole 24 Ore.

Mr. Montealegre, the court-appointed commissioner of Parmalat
Nicaragua, reportedly told local newspapers he was given full
decision-making powers for the unit.  Mr. Bondi said Mr.
Montealegre could be held liable for any losses of the
subsidiary.  Mr. Bondi believes he has full control of
Nicaraguan arm as commissioner for the Italian parent.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

          Administrative Seat
          20122 Milan
          Piazza Erculea, 9
          Phone: +39 02 806 8801
          Fax: +39 02 869 3863
          Web site: http://www.parmalat.net


===========
L A T V I A
===========


RIGAS RAUGS: Quells Liquidation Attempt
---------------------------------------
Yeast producer Rigas Raugs rejected a proposal by its minority
shareholders to liquidate the company, The Baltic Times reports.

Rigas Raugs CEO Varis Peisenieks said there is no basis for the
company's major shareholders to support the proposal.  The
firm's major investors are Sweden's Jastbolaget AB and Finland's
Polttimo companies, each of which has 39.33% shareholding.

Shelby Financial LLC, a finance company registered in Arkansas,
U.S.A.; and lawyer Normunds Sinkevics sought to wind up the firm
saying the firm's finances had significantly deteriorated in the
last three years.  "We believe that profit is being taken out of
the company through dishonest means," and therefore there is no
money to distribute to shareholders, Mr. Sinkevics said.

The company expects earnings of LVL42,000 (EUR63,000) this year
on sales of LVL1.1 million, up 9% year-on-year.  The figure is
four times higher than results for 2003.

Rigas Raugs is listed on the Riga Stock Exchange's free list.
Mr. Sinkevics and Shelby Financial LLC hold 5.3% of the
company's stock.

CONTACT:  RIGAS RAUGS
          Pulkveza Brieza 27a,
          RIGA, LV1045
          Phone: 7323003
          Fax:   7338038


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


KONINKLIJKE AHOLD: Lower Interest Expense Buoys up Q2 Net Income
----------------------------------------------------------------
Highlights of Results for Second Quarter

(a) Net income EUR32 million (Q2 2003: net income EUR3
    million) favorably impacted by lower net financial expenses

(b) Operating income EUR169 million (Q2 2003: operating income
    EUR222 million)

(c) Net sales EUR12.3 billion, a decrease of 4.9% compared to Q2
    2003.  Net sales growth was 3.0% excluding currency impact
    and impact of divestments

(d) Net cash flow before financing activities amounted to an
    outflow of EUR5 million (Q2 2003: net cash inflow before
    financing activities EUR399 million)

Ahold on Thursday published its second quarter 2004 results.
"Many of our main operating companies showed improved
performance against the same quarter of last year," commented
Anders Moberg, Ahold President and CEO.  "The recovery of U.S.
Foodservice is well underway and we are pleased to show a
positive operating income this quarter.  In Europe, the ongoing
repositioning of Albert Heijn is strengthening the company's
market leadership while cost reductions have led to higher
operating income."

"Our results for U.S. Retail continue to be impacted by strong
competition.  We've also experienced pressure on operating
expenses and incurred certain fixed asset impairment charges and
costs associated with the integration of Giant-Landover and Stop
& Shop into one business arena," Mr. Moberg continued.  "This
integration process, a part of our Road to Recovery program, is
proceeding according to plan.  As this huge task and other
ongoing projects progress towards completion, we will begin to
see the full impact on our competitive position."

Summary Q2 2004

Net sales increased excluding impact of currency and divestments
In the second quarter of 2004 net sales amounted to EUR12.3
billion, a decrease of 4.9% compared to the same period in 2003.
Net sales growth was 3.0% excluding currency impact and the
impact of divestments.

Operating Income Below Last Year

Operating income amounted to EUR169 million in the second
quarter of 2004 (Q2 2003: operating income EUR222 million).
Europe Retail and U.S. Foodservice reported higher operating
income while U.S. Retail reported significantly lower operating
income.  U.S. Retail and South America were both negatively
impacted by fixed asset impairment charges.  The costs related
to the settlement with AIG Europe (Netherlands) N.V., as
announced on July 16, 2004, have also been included.

Net income favorably impacted by lower net interest expenses
The improvement of net income to EUR32 million in the second
quarter of 2004 (Q2 2003: net income EUR3 million) was primarily
caused by lower net interest expenses related to the early
repayment of debt in the second quarter and during 2003.

Net Debt Substantially Unchanged

Net debt only changed marginally in the second quarter of 2004.
Gross debt, however, was further reduced from EUR10.6 billion at
the end of the first quarter of 2004 to EUR9.6 billion at the
end of the second quarter of 2004, the result of Ahold's ongoing
efforts to strengthen its balance sheet.

Net Cash Flow

In the second quarter a small net cash outflow before financing
activities of EUR5 million was reported (Q2 2003: net cash
inflow EUR399 million).  This decrease was mainly due to lower
real estate divestments, higher income taxes paid and a net cash
outflow for working capital.

Ahold reiterates its outlook for 2004: a year of transition
2004 is a year focused on continued efforts to strengthen the
organization, and restructure and integrate the businesses in
order to build a solid platform for future growth and
profitability.  Management will concentrate on achieving the
previously announced Road to Recovery performance objectives for
2005 and beyond.

Ahold continues to strengthen and improve its internal controls
and corporate governance, as well as solidify compliance with
the regulatory environment in 2004.  All of these changes are
important cornerstones of our Road to Recovery program.  They
require considerable resources and effort from our operations
and corporate support office in 2004.

Retail operations continue to face increased competition and
price pressure.  Specifically the competitive pressure on the
U.S. Retail operations continues to be very challenging.
On the other hand, Ahold expects healthy sales development in
the foodservice sector.  Operating income before impairment and
amortization of goodwill and exceptional items at U.S.
Foodservice is expected to be positive for 2004 and exceed the
level of 2002, no later than 2006.

Operating expenses are impacted by costs related to legal
proceedings and investigations as well as initiatives underway
to begin reporting under International Financial Reporting
Standards and ongoing work to comply with the U.S. Sarbanes-
Oxley Act.

As previously announced, the accumulated foreign currency
adjustments (CTA losses) related to certain divestments, of
which a substantial portion was booked in the first quarter,
will have a significant impact on net income for 2004.  However,
this will have no net impact on equity or cash.

Ahold expects to record an expense in the profit and loss
account under Dutch GAAP resulting from the transfer of shares
to ICA Forbundet under the agreement with ICA Forbundet (as
announced on July 19, 2004) following Canica exercising its
relevant put option to Ahold.  The timing of the transfer is
subject to the arbitration and valuation process of the
underlying share price relating to the put option.

Net cash from operations is expected to improve as a result of
initiatives to reduce working capital.  Capital expenditure will
be approximately in line with depreciation level.

Ahold's divestment program is on track.  Based on the current
state of the processes underway, the company reasonable
expectation is to close the divestments of its operations in
Spain and at BI-LO/Bruno's later this year.

The general economic outlook in the U.S. has become more
difficult to predict for the remainder part of the year, due to
the uncertainty regarding macro-economic developments.

A full copy of this press release and financial results is
available free of charge at
http://bankrupt.com/misc/ahold_2ndqtr_results2004.pdf.

CONTACT:  ROYAL AHOLD N.V.
          Albert Heinjneweg 1
          1507 EH Zaandam, The Netherlands
          Phone: +31 75 659 9111
          Fax:   +31 75 659 8350
          Web site: http://www.ahold.com


ROYAL SHELL: Faces US$1.5 Bln Compensation Claim in Nigeria
-----------------------------------------------------------
Anglo-Dutch company Royal Dutch/Shell has been ordered to pay
billions of dollars in compensation for damages brought about by
its explorations in Nigeria, Agence France-Presse (AFP) reports
citing a senate document.

According to the report, the Nigerian Senate ordered the payment
of US$1.5 billion (EUR1.2 billion) to members of ethnic group
Ijaw, who suffered serious health and economic hazards as a
result of oil spills from the company's facilities.

The senate based its directive on recommendations from a legal
advisory panel convened to review complaints filed by the ethnic
group in December 2000.  AFP, which obtained a copy of the
senate document, reports that the panel found "uncontradicted
evidence" that supports reports of massive oil spills at Shell
facilities in Bayelsa state.

The senate recommended that US$500 million be paid immediately,
with the remaining US$1 billion spread over a period of 10 years
in equal installments, the document said.

A spokeswoman for Shell in London said the firm "strongly
contested" the allegations of Ijaw in 2002 during a public
hearing held by Nigeria's house of representative.  She said at
that time, the US$1.5 billion compensation was not included in
the lower chamber's resolution.  She refused to comment on the
senate order saying they did not receive the document yet.

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


SAMAS GROEP: Deepens Restructuring Program
------------------------------------------
The Executive Board of Samas-Groep N.V. will also examine
prospects for the current financial year.

The Dutch and German office furnishing markets have as yet still
to bottom-out.  The effects of previously deployed and effected
measures cannot sufficiently compensate for the decline in
volumes combined with the ongoing pressure on prices.  Although
the French market appears to have reached its low and the order
book for the seating segment in particular is developing well
right across Western Europe, the deteriorated situation in the
furnishing market has prompted Samas to deepen its restructuring
program via measures yet to be taken.

Further information on these measures and their effects will be
provided as soon as possible

Hans van der Ven, CEO of Samas, states: "The market climate and
the provisions to be formed mean that the financial year
2004/2005 will not see a recovery in results.  The divestment
programme announced last December proceeds on schedule.  Given
the measures underway and planned for the future we expect that
the result for 2005/2006 will be considerably better than in the
current financial year.

The half-year figures of Samas-Groep for the financial year
2004/2005 will be announced on 17 November before start of
trading.

CONTACT:  SAMAS-GROEP N.V.
          Baarnsche Dijk 10, 3741 LS Baarn
          Postbus 427, 3740 AK Baarn
          The Netherlands
          Phone: (035) 548 76 54
          Fax:   (035) 548 76 99
          E-mail: info@samas.com
          Web site: http://www.samas.com


VENDEX KBB: Ratings Withdrawn Following Buyout
----------------------------------------------
Moody's withdrew all ratings of Koninklijke Vendex KBB after the
repayment of the firm's rated securities by its new owners.  The
ratings withdrawn were Vendex's senior implied rating of Ba2,
issuer rating of Ba2, and EUR200 million senior subordinated
notes due 2010 rated B1.

Vendex's new owner is a private equity consortium comprising KKR
and AlpInvest.  The group has redeemed the company's senior
subordinated notes due 2010 following the acquisition, canceling
all the firm's outstanding bonds.

Moody's said it expects a material change in the company's
future capital structure after the buyout.  The rating action
concludes the review initiated in April.

CONTACT:  ROYAL VENDEX KBB N.V.
          De Klencke 6
          1083 HH Amsterdam,
          The Netherlands
          Phone: +31 205490500
          Fax:   +31 206461954
          Web site: http://www.vendexkbb.com


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


WOLCZANKA: Restructuring Costs Drag Results into Red
----------------------------------------------------
Clothing producer Wolczanka still expects to post a net profit
for the year despite plunging in the red in second quarter.  The
PLN0.6 million loss for the second quarter is mainly due to the
cost the company incurred for its restructuring program.

"We have launched very fierce restructuring process, which
requires costs negatively influencing the result of the firm,"
said Wolczanka president Rafal Bauer.

The company is gearing towards higher turnover of stock and is
having its sales network computerized.  It closed its least
profitable plant in Lodz, but is looking forward to opening new
stores.

"We are opening new outlets, seven in September and a few more
by the end of the year," said Mr. Bauer.  According to him,
results may recover in the third quarter, although it could
still be hit by restructuring costs.  For the full-year, it
expects a profit close to PLN3 million.

CONTACT:  WOLCZANKA
          93-035 Lodz
          ul. Wolczanska 243
          Phone: (0 42) 254 97 77
          Web site: http://www.wolczanka.com.pl


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


AVTO-MED: Deadline for Proofs of Claim September 16
---------------------------------------------------
The Arbitration Court of Kareliya republic has declared CJSC
Avto-Med insolvent and introduced bankruptcy proceedings.  The
case is docketed as A26-8666/03-18.  Mr. A. Kovylyev has been
appointed insolvency manager.  Creditors have until September
16, 2004 to submit their proofs of claim to Russia,
Petrozavodsk, Vidanskaya Str. 15V.

CONTACT:  AVTO-MED
          Russia,
          Kareliya republic,
          Medvezhyegorsk,
          Lesnaya Str. 1

          Mr. A. Kovylyev
          Insolvency Manager
          Russia, Petrozavodsk,
          Vidanskaya Str. 15V


DIALOG-OPTIM: Russian Central Bank Files Bankruptcy Petition
------------------------------------------------------------
The Central Bank of Russia has filed a bankruptcy petition
against troubled Bank Dialog-Optim with the Moscow arbitration
court, Interfax reports.

The court, which received the suit on August 24, has not set the
hearing date.  The Central Bank cancelled Dialog-Optim's banking
license on August 11, and placed the bank into temporary
administration until it goes into receivership or liquidation.

CONTACT:  BANK DIALOG-OPTIM
          93a Profsoyuznaya St.
          Moscow 117279, Russia
          Phone: +7 095 797 8887
          Fax: +7 095 330 7888
          E-mail: info@dialog-optim.ru
          Web site: http://www.dialog-optim.ru


IMPULSE: Volgograd Court Appoints Insolvency Manager
----------------------------------------------------
The Arbitration Court of Volgograd region has declared OJSC
volgogradsky engineering plant Impulse insolvent and introduced
bankruptcy proceedings.  The case is docketed as A12-1213/04-
s55.  Mr. A. Gabidulin has been appointed insolvency manager.
Creditors have until September 16, 2004 to submit their proofs
of claim to 400075, Russia, Volgograd, Krasnopolyanskaya Str.
72.

CONTACT:  IMPULSE
          Russia, Volgograd,
          Krasnopolyanskaya Str. 72

          Mr. A. Gabidulin
          Insolvency Manager
          400075, Russia,
          Volgograd,
          Krasnopolyanskaya Str. 72


KOSTERYEVSKIYE HEAT: Bankruptcy Proceedings Begin
-------------------------------------------------
The Arbitration Court of Vladimir region has declared municipal
unitary enterprise Kosteryevskiye Heat Nets (TIN 3321012268)
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A11-8633/2003-K1-37B.  Mr. S. Babushkin has been
appointed insolvency manager.  Creditors have until September
16, 2004 to submit their proofs of claim to 600001, Russia,
Vladimir, Post User Box 36.

CONTACT:  KOSTERYEVSKIYE HEAT NETS
          601110, Russia,
          Vladimir region, Kosteryevo,
          Fabrichnaya Str. 60A

          Mr. S. Babushkin
          Insolvency Manager
          600001, Russia,
          Vladimir, Post User Box 36


KUZHENER-SEL-KHOZ-KHIMIYA: Meri-El Court Affirms Insolvency
-----------------------------------------------------------
The Arbitration Court of Meri-El has declared OJSC Kuzhener-Sel-
Khoz-Khimiya insolvent and introduced bankruptcy proceedings.
The case is docketed as A38-3578-11/13-04.  Mr. N. Trypitsin has
been appointed insolvency manager.  Creditors have until
September 16, 2004 to submit their proofs of claim to 424031,
Russia, Meri-El republic, Yoshkar-Ola, Post User Box 106.

CONTACT:  KUZHENER-SEL-KHOZ-KHIMIYA
          425550, Russia,
          Meri-El republic, Kuzhener,
          Stroiteley Str. 14

          Mr. N. Trypitsin
          Insolvency Manager
          424031, Russia,
          Meri-El Republic,
          Yoshkar-Ola, Post User Box 106


ORSK-SPETS-STROY: Court Sets October 5 Hearing
----------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision procedure on CJSC Orsk-Spets-Stroy.  The
case is docketed as A47-5158/2004-14GK.  Ms. O. Shevtsova has
been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 460006,
Russia, Orenburg, Komsomolskaya Str. 126-51.  A hearing will
take place at the Arbitration Court of Orenburg region on
October 5, 2004, 10:00 a.m.

CONTACT:  ORSK-SPETS-STROY
          462403, Russia,
          Orenburg region, Orsk,
          Mira Pr. 10

          Ms. O. Shevtsova
          Temporary Insolvency Manager
          460006, Russia,
          Orenburg, Komsomolskaya Str. 126-51
          Phone: (3532) 73-26-01
          Fax:   (3532) 36-13-37

          The Arbitration Court of Orenburg region
          460000, Russia,
          Orenburg, 9 Yanvarya Str. 64


PETRO-ENERGO-SNAB: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Leningrad region has commenced
bankruptcy supervision procedure on LLC trading house Petro-
Energo-Snab.  The case is docketed as A56-6675/04.  Mr. A.
Kokarev has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 197046,
Russia, Leningrad region, Post User Box 512.  A hearing will
take place on September 30, 2004.

CONTACT:  PETRO-ENERGO-SNAB
          192241, Russia,
          Leningrad region,
          Sofiyskaya Str. 52

          Mr. A. Kokarev
          Temporary Insolvency Manager
          197046, Russia,
          Leningrad region,
          Post User Box 512


PICHAEVSKY RAYPO: Tambov Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Tambov region has declared food combine

of Pichaevsky Raypo insolvent and introduced bankruptcy
proceedings.  The case is docketed as A64-4418/03-18.

CONTACT:  PICHAEVSKY RAYPO
          Russia,
          Tambov region, Pichaevo


RUDIBUR: Succumbs to Bankruptcy
-------------------------------
The Arbitration Court of Khanty-Mansiysky autonomous region has
declared CJSC Rudibur insolvent and introduced bankruptcy
proceedings.  The case is docketed as A75-21-B/04.  Mr. I.
Kazakov has been appointed insolvency manager.  Creditors must
submit their proofs of claim to 628600, Russia, Khanty-Mansiysky
autonomous region, Tyumen region, Nizhnevartovsk, Druzhby
Narodov Str. 6, Office 1.

CONTACT:  RUDIBUR
          Russia, Tyumen region,
          Nizhnevartovsk,
          Zapadnaya Promzona, Panel 3,
          Industrialnaya Str. 99

          Mr. I. Kazakov
          Insolvency Manager
          628600, Russia,
          Khanty-Mansiysky autonomous region,
          Tyumen region, Nizhnevartovsk,
          Druzhby Narodov Str. 6, Office 1


SIB-FIN: Tyumen Court Appoints Insolvency Manager
-------------------------------------------------
The Arbitration Court of Tyumen region has declared CJSC Sib-Fin
(TIN 7203067564) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A70-289/3-2004.  Mr. A.
Pshenichnikov has been appointed insolvency manager.
Creditors are asked to submit their proofs of claim to 625000,
Russia, Tyumen, Post User Box 705.

CONTACT:  SIB-FIN
          Russia,
          Tyumen region, Tyumen,
          Velizhansky Trakt, 6th km

          Mr. A. Pshenichnikov
          Insolvency Manager
          625000, Russia,
          Tyumen, Post User Box 705


STAROTOMNIKOSKY: Creditors Have Until September 16 to File Claim
----------------------------------------------------------------
The Arbitration Court of Tambov region has declared agricultural
industrial complex Starotomnikosky insolvent and introduced
bankruptcy proceedings.  The case is docketed as A64-1928/01-2.
Mr. S. Bessonov has been appointed insolvency manager.
Creditors have until September 16, 2004 to submit their proofs
of claim to 393916, Russia, Tambov region, Morshansky region, M.
Kuliki, Olkhovaya, 18.

CONTACT:  STAROTOMNIKOSKY
          Russia, Tambov region,
          Morshansky region

          Mr. S. Bessonov
          Insolvency Manager
          393916, Russia,
          Tambov Region,
          Morshansky region,
          M. Kuliki, Olkhovaya, 18


STRELKOVSKY SLEEPER: Under Bankruptcy Supervision
-------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on LLC Strelkovsky Sleeper
Factory.  The case is docketed as A33-7366/04-s4.  Mr. V.
Savvateyev has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 660062,
Russia, Krasnoyarsk, Vysotnaya Str. 4A-6.

CONTACT:  Mr. V. Savvateyev
          Temporary Insolvency Manager
          660062, Russia,
          Krasnoyarsk,
          Vysotnaya Str. 4A-6

          The Arbitration Court of Krasnoyarsk region
          660021, Russia,
          Krasnoyarsk,
          Lenina Str. 143, Room 15


SVIYAGA: Gives Creditors Until September 16 to Prove Claims
-----------------------------------------------------------
The Arbitration Court of Ulyanovsk region has declared OJSC
Sviyaga insolvent and introduced bankruptcy proceedings.  The
case is docketed as A72-4650/02-Sk334-B.  Mr. D. Monogarov has
been appointed insolvency manager.  Creditors have until
September 16, 2004 to submit their proofs of claim to 433513,
Russia, Ulyanovsk region, Dimitrovograd, Post User Box 962.

CONTACT:  SVIYAGA
          433742, Russia,
          Ulyanovsk region,
          Baryshsky region,
          Starotimoshkino

          Mr. D. Monogarov
          Insolvency Manager
          433513, Russia,
          Ulyanovsk region,
          Dimitrovograd,
          Post User Box 962


TERMINAL SOLNECHNOGORSKY: Court Sets November 16 Hearing
--------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on CJSC Terminal Solnechnogorsky (TIN
5044017931).  The case is docketed as A41-K2-10575/04.  Ms. O.
Barysh has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to Russia,
Moscow region, Khimki, Leningradskaya Str. 1A, Post Box 10.  A
hearing will take place at the Arbitration Court of Moscow
region (hall 440) on November 16, 2004, 10:00 p.m.

CONTACT:  TERMINAL SOLNECHNOGORSKY
          141500, Russia,
          Moscow region, Solnechnogorsk,
          Krasnaya Str. 161

          Ms. O. Barysh
          Temporary Insolvency Manager
          Russia, Moscow region,
          Khimki, Leningradskaya Str. 1A,
          Post Box 10

          The Arbitration Court of Moscow region
          107011, Russia,
          Moscow, Akademika Sakharova Pr. 18


TOY: Proofs of Claim Deadline Expires September 16
--------------------------------------------------
The Arbitration Court of Perm region has declared OJSC permskaya
factory Toy insolvent and introduced bankruptcy proceedings.
The case is docketed as A50-7016/2004-B.  Mr. T. Vysochansky has
been appointed insolvency manager.

Creditors have until September 16, 2004 to submit their proofs
of claim to 614007, Russia, Perm, Post User Box 256.  A hearing
will take place on September 29, 2004.

CONTACT:  TOY
          Russia, Perm,
          Solikamskaya Str. 271 A

          Mr. T. Vysochansky
          Insolvency Manager
          614007, Russia,
          Perm, Post User Box 256


VITYAZ: Deadline for Proofs of Claim September 16
-------------------------------------------------
The Arbitration Court of Karachaevo-Cherkesskaya republic has
declared OJSC Vityaz insolvent and introduced bankruptcy
proceedings.  The case is docketed as A25-1061/04-8k.  Mr. A.
Dzamykhov has been appointed insolvency manager.

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

(a) Mr. A. Dzamykhov
    Insolvency Manager
    369000, Russia,
    Karachaevo-Cherkesskaya Republic,
    Cherkessk, Kutuzova Str. 14;

(b) The Arbitration Court of Karachaevo-Cherkesskaya republic
    369000, Russia,
    Karachaevo-Cherkesskaya republic,
    Cherkessk, Novaya Str. 4.


YUKOS OIL: Raid Triggers Suspicions of New Tax Bills
----------------------------------------------------
Authorities raided Yukos Oil's major accounting unit in Moscow
downtown last week, raising suspicions the government could be
preparing a massive new tax claim against the company, Moscow
Times reports.

The Prosecutor General's Office said the raid is part of its
criminal investigation into the alleged embezzlement committed
by the company in 2001.  A criminal case against Yukos was
opened last month on accusations the firm stole RUB31 billion
(US$1.06 billion) in taxes from the government through Mordovian
company Fargoil.  Finance Minister Alexei Kudrin said in
December that Yukos was using Fargoil to sell oil at a lower tax
rate.

On Thursday agents from the Prosecutor General's Office also
removed 50 boxes of documents relating to 2003 and 2004
accounts, a source in Yukos said.

A spokeswoman for the Prosecutor General's Office declined to
comment whether the documents were seized.  The report said if
prosecutors did indeed took 2003 and 2004 tax documents in
Thursday's raid, it could be an indication that authorities are
working on new tax bills.

Yukos is already facing a crippling US$3.4 billion tax bill for
2000, and a similar claim for 2001.  The Federal Tax Service is
probing it for 2002.

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


ZABAYKAL-TRANS-STROY: Under Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision procedure on CJSC Zabaykal-Trans-Stroy.  The case is
docketed as A09-5432/04-8.  Mr. M. Panteleev has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to 241012,
Russia, Bryansk, Post User Box 66.  A hearing will take place at
the Arbitration Court of Bryansk region on October 27, 2004 at
10:00 a.m.

CONTACT:  ZABAYKAL-TRANS-STROY
          243140, Russia,
          Klintsy, Zavodskaya Str. 2

          Mr. M. Panteleev
          Temporary Insolvency Manager
          241012, Russia,
          Bryansk, Post User Box 66

          The Arbitration Court of Bryansk region
          Russia, Bryansk,
          Trudovoy Per. 6,
          Room 602


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


IZAR: SEPI Mulls Privatization of Andalucia Shipyards
-----------------------------------------------------
The Sociedad Estatal de Participaciones Industriales (SEPI) is
considering the privatization of two civil shipyards owned by
the trouble shipbuilder Izar, El Pais says.

The shipyards concerned are in Seville and Cadiz, both located
in the autonomous region of Andalucia.  Private shipyard firm
Astilleros de Huelva is reportedly interested in acquiring the
Seville shipyard.  No potential buyer is linked for Cadiz.

Izar has two other shipyards in Andalucia.  It plans to
integrate them with the new Izar company, which would focus on
military contracts.  SEPI is planning to sell most of Izar's
civil shipyard.

The troubled shipbuilder recently posted poor results and may
repay EUR1.1 billion of illegal state aid.

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


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


AGROPRODUKT-KIROVOGRAD: Court Brings in Liquidator
--------------------------------------------------
The Economic Court of Kirovograd region declared LLC
Agroprodukt-Kirovograd-Don (code EDRPOU 30462325) insolvent and
introduced bankruptcy proceedings on June 17, 2004.  The case is
docketed as 10/54.  Arbitral manager Mr. V. Kosarenko (License
Number AA 484182 approved on December 20, 2002) has been
appointed liquidator/insolvency manager.

CONTACT:  AGROPRODUKT-KIROVOGRAD-DON
          Ukraine, Kirovograd region,
          Peremogi Avenue, 6/29

          Mr. V. Kosarenko
          Liquidator/Insolvency Manager
          25006, Ukraine, Kirovograd region,
          Preobrazhenska Str. 6/29
          Phone: 8 (050) 564-74-78
                 8 (067) 520-14-68


ARKTIKA: Bankruptcy Case Converted into General Court Procedure
---------------------------------------------------------------
The Economic Court of Zaporizhya region ceased bankruptcy
proceedings on LLC Arktika (code EDRPOU 13608878) and launched a
general court procedure on July 15, 2004.  The case is docketed
as 19/50.  Arbitral manager Mr. Sergij Vasiltsov (License Number
AA 140487) has been appointed liquidator/insolvency manager.

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

(a) ARKTIKA
    Ukraine, Zaporizhya region,
    Berdyansk, Halturin Str. 10

(b) Mr. Sergij Vasiltsov
    Liquidator/Insolvency Manager
    71100, Ukraine, Zaporizhya region,
    Berdyansk, Pratsi Avenue,
    33/55, office 407
    Phone: (06153) 7-18-00

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


ELEKTRON-GAZ: Public Auction of Assets September 3
--------------------------------------------------
The Dnipropetrovsk Branch of Agency of Bankruptcy Questions sets
for public auction the properties of OJSC Elektron-Gaz (case B
26/17/03) on September 3, 2004, 10:00 a.m. at Ukraine,
Dnipropetrovsk, Komsomolska Str. 48, room 2.

The properties for sale are:

(a) Lot 1. Production building including the APK building,
    gallery between buildings 1 and 2, gallery between buildings
    1 and 5.  Starting price is UAH440,207 (inclusive of VAT).

(b) Lot 4. Building 6; starting price is UAH69,236 (inclusive of
    VAT).

(c) Lot 6. Building 2, including internal networks of electrical
    supply of buildings 2, 4, and 29.  Starting price is
    UAH475,135 (inclusive of VAT).

The auction conditions are:

(a) Absence of creditor's indebtedness to Elektron-Gaz;

(b) Registration of buying-selling agreement is made at the
    expense of buyer;

(c) Redrafting of right of usage of land areas, adjoining the
    buildings and constructions that are for sale, are made at
    the expense of buyer;

(d) Obligations of buyer concerning monthly compensation to
    Elektron-Gaz of expenses on the service of land adjoining
    the buildings and constructions commences from the day of
    determination of winner of auction until the moment of
    redrafting of right of usage of said land areas.

To participate, bidders must deposit an amount equivalent to 5%
of the value of the property being sold and pay a registration
fee of UAH17 until August 31, 2004.  The amount must be
deposited to account number 26006351680200 at JSPPB Aval,
Dnipropetrovsk branch, MFO 305653, EDRPOU 26252710.

Participants must submit competitive propositions on or before
August 31, 2004 to 49000, Ukraine, Dnipropetrovsk, Komsomolska
Str. 48, room 3.  For more information, call (056) 744-19-31 or
(05652) 2-40-01.

CONTACT:  ELEKTRON-GAZ
          Ukraine, Dnipropetrovsk region,
          Zhovti Vodi, Gagarin Str. 40

          Auction committee
          54017, Ukraine, Mikolaiv region,
          Moskovska Str. 54-a
     Phone: 8 (0512) 47-34-63, 47-34-64


HERSON AUTO: Insolvency Manager Takes over Operation
----------------------------------------------------
The Economic Court of Herson region declared OJSC Herson
Specialized Auto Transport Enterprise 2103 (code EDRPOU
00450737) insolvent and introduced bankruptcy proceedings on
July 16, 2004.  The case is docketed as 5/43-B.  Arbitral
manager Mr. Tetyana Falko (License Number AA 719842 approved on
February 25, 2004) has been appointed liquidator/insolvency
manager.

CONTACT:  HERSON SPECIALIZED AUTO TRANSPORT ENTERPRISE 2103
          Ukraine, Herson region,
          Petekopska Str. 166

          Mr. Tetyana Falko
          Liquidator/Insolvency Manager
          73042, Ukraine, Herson region, a/b 40
          Phone: 24-00-02
          Fax: 24-00-02

          ECONOMIC COURT OF HERSON REGION
          73000, Ukraine, Herson region,
          Gorkij Str. 18


LITIN' FRUIT: Court Orders Debt Moratorium
-------------------------------------------
The Economic Court of Vinnitsya region introduced bankruptcy
proceedings at Joint Enterprise Litin' Fruit-Vegetable-Tin Plant
(code EDRPOU 01729401) on June 6, 2004 and ordered a moratorium
on satisfaction of creditors' claims.  The case is docketed as
10/85-03.  Arbitral manager Mr. E. Misnik has been appointed
liquidator/insolvency manager.  Joint Enterprise Litin' Fruit-
Vegetable-Tin Plant holds account number 260047641 at JSPPB
Aval, Vinnitsya region branch, MFO 302247.

CONTACT:  JOINT ENTERPRISE LITIN' FRUIT-VEGETABLE-TIN PLANT
          Ukraine, Vinnitsya region,
          Litin, Radyanska Str. 14

          Mr. E. Misnik
          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya region,
          O. Kobilyanska Str. 5a/10
          Phone: 53-14-52


OKTYABRSKIJ SUGAR: Deadline for Proofs of Claim September 4
-----------------------------------------------------------
The Economic Court of Poltava region has commenced bankruptcy
supervision procedure on LLC Oktyabrskij Sugar Plant (code
EDRPOU 31580221).  The case is docketed as 7/112.  Arbitral
manager Mr. I. Borovih (License Number AA 250471 approved on
April 24, 2002) has been appointed temporary insolvency manager.
Oktyabrskij Sugar Plant holds account number 26007362543001 at
CB Privatbank, Poltava regional branch, MFO 331401.

Creditors have until September 4, 2004 to submit their proofs of
claim to:

(a) OKTYABRSKIJ SUGAR PLANT
    39500, Ukraine, Poltava region,
    Karlivka, Kotovskij Str. 5, room 7

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


UKRAVTOZAPCHASTINA: Under Bankruptcy Supervision
------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on CJSC Ukravtozapchastina (code EDRPOU
22823140) on May 24, 2004.  The case is docketed as 9/102-b.
Arbitral manager Mr. Andrij Buyalskij (License Number AA 669663)
has been appointed temporary insolvency manager.
Ukravtozapchastina holds account number 26006477 at
JSPPB Aval, Chernigiv branch, MFO 353348.

Creditors have until September 4, 2004 to submit their proofs of
claim to:

(a) UKRAVTOZAPCHASTINA
    Ukraine, Chernigiv region,
    Belinskij Str. 11

(b) Mr. Andrij Buyalskij
    Temporary Insolvency Manager
    Phone: 8 (0462) 17-98-82

(c) ECONOMIC COURT OF CHERNIGIV REGION
    14000, Ukraine, Chernigiv region,
    Miru Avenue, 20


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


AC MOTORS: Hires Liquidators from Harrisons
-------------------------------------------
At an Extraordinary General Meeting of the Members of the AC
Motors & Pumps Limited Company on August 19, 2004 held at
Harrisons, 23 Yarm Road, Stockton-on-Tees TS18 3NJ, the Ordinary
and Extraordinary Resolutions to wind up the company were
passed.  Kenneth Webster Marland and John Neil Harrison of
Harrisons, 23 Yarm Road, Stockton-on-Tees TS18 3NJ have been
appointed Joint Liquidators for the purpose of such winding-up.

CONTACT:  HARRISONS
          23 Yarm Road,
          Stockton-on-Tees TS18 3NJ
          Joint Liquidators:
          Kenneth Webster Marland
          John Neil Harrison
          Phone: 01642 672624
          Fax:   01642 611567
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


AIR POWER: Members, Creditors Meetings Set September 20
-------------------------------------------------------
The meetings of the members and creditors of Air Power (Sales)
Limited will be on September 20, 2004 commencing at 2:30 p.m.
and 3:00 p.m. respectively.  It will be held at Moore Stephens
Corporate Recovery, Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB.

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 Moore Stephens Corporate Recovery, Beaufort
House, 94-96 Newhall Street, Birmingham B3 1PB not later than
12:00 noon, September 17, 2004.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House
          94-96 Newhall Street,
          Birmingham B3 1PB
          Liquidator:
          Roderick Graham Butcher
          Phone: 0121 233 2557
          Web site: http://www.moorestephens.co.uk


ALAN WORSWICK: Liquidator to Present Final Report September 24
--------------------------------------------------------------
The final meetings of the members and creditors of Alan Worswick
(Engineering) Limited will be on September 24, 2004, commencing

at 10:30 a.m. and 11:00 a.m. respectively.  It will be held at
the offices of Grant Thornton UK LLP, Heron House, Albert
Square, Manchester M60 8GT.

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 Grant Thornton UK LLP, Heron House, Albert
Square, Manchester M60 8GT not later than September 23, 2004.

CONTACT:  GRANT THORNTON UK LLP
          Heron House, Albert Square
          Manchester M60 8GT
          Liquidator:
          L Ross
          Phone: 0161 834 5414
          Fax:   0161 832 6042
          Web site: http://www.grant-thornton.co.uk


ALL TRADES: Appoints Liquidators from P&A Partnership
-----------------------------------------------------
At an Extraordinary General Meeting of the All Trades
Maintenance Limited Company on August 18, 2004 held at 93 Queen
Street, Sheffield S1 1WF, the Extraordinary Resolutions to wind
up the company were passed.  Andrew Philip Wood and Brendan
Ambrose Guilfoyle of The P&A Partnership, 93 Queen Street,
Sheffield S1 1WF, Insolvency Practitioners duly qualified under
the Insolvency Act 1986 have been appointed liquidators of the
company for the purpose of such winding-up.

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


AMERICAN EXPRESS: PwC to Host Members Final Meeting
---------------------------------------------------
The final meeting of the members of American Express
International Brokerage Limited will be on September 30, 2004
commencing at 10:30 a.m.  It will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

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, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, September 29, 2004.

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


AMUSEMENT MACHINE: Execs Banned from Holding Management Post
------------------------------------------------------------
The directors of an Amusement Machine Sales business that failed
with total debts of around GBP287,000 have given undertakings
not to hold directorships or take any part in company management
for five and two years respectively.

The undertakings by Paul Anthony Smith, 34, of Moelwyn Avenue
West, Kinmel Bay, Rhyl, Clwyd; and Linda Hogan, 49, of Gele
Avenue, Abergele, North Wales; were given in respect of their
conduct as directors of Winfall Leisure Limited, which carried
out business from premises at Frederick House, Gors Road, Towyn,
Abergele, Clwyd, LL22 9LF.

Acceptance of the undertakings on July 19, 2004 prevents Paul
Anthony Smith and Linda Hogan from being directors 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 periods. Winfall Leisure Limited was
placed into voluntary liquidation on February 9, 2001 with
estimated debts of GBP287,000 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 Paul Anthony Smith and
Linda Hogan are:

(a) They caused or allowed Winfall to fail to comply with
    statutory obligations regarding monies payable to the Crown
    from at the latest April 19, 2000;

(b) They caused or allowed Winfall to declare a dividend of
    GBP150,000, which was to their benefit and to the detriment
    of creditors, in particular the Crown;

(c) They caused or allowed Winfall to make a payment to Paul
    Anthony Smith on 30 November 2003 in the amount of
    GBP16,666.00 at a time when Winfall was insolvent, in
    respective of rent for premises occupied by Winfall, which
    were owned by Paul Anthony Smith; and

(d) They caused or allowed Winfall to supply goods to Nationwide
    Machine Services at a time when Winfall was insolvent in
    exchange for offsetting monies owed form Winfall to
    Nationwide.

In addition to the matters as stated above, Paul Anthony Smith
was found to have acted in breach of Section 216 of the
Insolvency Act 1986 in that he was a Director of Winfall within
a period of 5 years from the date upon which Winfall Leisure
(Sales) Limited, a previous separate company, went into
liquidation.

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
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


BRIDGECROFT EUROPE: Sets Final General Meeting September 24
-----------------------------------------------------------
The final general meetings of the members and creditors of
Bridgecroft Europe Limited will be on September 24, 2004,
commencing at 10:00 a.m. and 10:15 a.m. respectively. It will be
held at the offices of Jacksons Jolliffe Cork, 33 George Street,
Wakefield.

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 Jacksons Jolliffe Cork, 33 George Street,
Wakefield not later than 12:00 noon, September 23, 2004.

CONTACT:  JACKSON JOLLIFFE CORK
          33 George Street,
          Wakefield WF1 1LX
          Liquidator:
          M C Bowker
          Phone: 01904 652100
          Fax:   01904 635349
          Web site: http://www.jjcork.co.uk


CAMOLIN LIMITED: Members Agree to Voluntarily Wind up Business
--------------------------------------------------------------
At an Extraordinary General Meeting of the Camolin Limited
Company on August 16, 2004 held at 4th Floor, Southfield House,
11 Liverpool Gardens, Worthing, West Sussex BN11 1RY, the
Special, Ordinary and Extraordinary Resolutions to wind up the
company were passed.  Colin Ian Vickers and Nicholas Hugh
O'Reilly of Numerica, 4th Floor, Southfield House, 11 Liverpool
Gardens, Worthing, West Sussex BN11 1RY, and 66 Wigmore Street,
London W1A 3RT respectively have been appointed Joint
Liquidators for the purpose of the voluntary winding-up.

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

          NUMERICA
          PO Box 2653,
          66 Wigmore Street,
          London W1A 3RT
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.numerica.biz


CANAL CRAFT: Hires Joint Administrators from Begbies Traynor
------------------------------------------------------------
Timothy John Edward Dolder and Nicholas Roy Hood have been
appointed joint administrators for Canal Craft (Brokerage)
Limited.  The appointment was made August 19, 2004.

CONTACT:  BEGIBIES TRAYNOR (SOUTH) LLP
          4th Floor,
          Exchange House,
          494 Midsummer Boulevard,
          Milton Keynes MK9 2EA
          Joint Administrator:
          Timothy John Edward Dolder
          (IP No 9008)
          Phone: 01908 255 992
          Fax:   01908 255 700
          Web site: http://www.begbies.com

          BEGBIES TRAYNOR
          32 Cornhill,
          London EC3V 3LJ
          Joint Administrator:
          Nicholas Roy Hood
          (IP No 8350)
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


CITYBREW LIMITED: Sets Meeting of Creditors Friday
--------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

               IN THE MATTER OF Citybrew Limited
              (In Members' Voluntary Liquidation)

A meeting of members of Citybrew Limited has been summoned by
the liquidator for the purpose of receiving an account showing
the manner in which the winding up has been conducted and the
property of the company disposed of and of hearing any
explanation which may be given by the liquidator under section
94 of the Insolvency Act 1986.

The meeting will be held on September 3, 2004 10:30 a.m. at
KPMG, 191 West George Street, Glasgow, G2 2LJ.  Proxy form must
be lodged with me at or before the meeting to be entitled to
vote by proxy.

Blair Carnegie Nimmo, Liquidator
August 4, 2004

CONTACT:  KPMG LLP
          Glasgow Office
          24 Blythswood Square
          Glasgow G2 4QS
          Phone: (0141) 226 5511
          Fax: (0141) 204 1584
          Web site: http://www.kpmg.co.uk


CLASSIC DESIGN: Insolvency Service Disqualifies Directors
---------------------------------------------------------
Directors of two businesses that failed with total debts of
around GBP165,000 have given undertakings not to hold
directorships or take any part in company management for 8 and 3
years respectively.

An undertaking by Paul Davidson Reed, 51, of Church Place,
Maesteg, Mid Glamorgan, was given in respect of his conduct as a
director of Classic Design (Wales) Limited and Show Wood Design
Limited, both of which carried on business as manufacturers of
furniture components from premises at Unit 22, Aberavon Road,
Baglan Industrial Estate, Port Talbot, SA12 7DJ.  His brother,
Stephen James Reed, 48, of Pencoed, Bridgend, Mid Glamorgan,
also gave an undertaking in respect of his conduct as a director
of Classic Design (Wales) Limited.

The acceptance of the undertakings on August 6 and 10, 2004
prevents the Reed brothers from being directors 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 8 and 3 years respectively.

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.

Classic Design (Wales) Limited was placed into compulsory
liquidation by Order of the Leeds District Registry of the High
Court. The company has an estimated total deficiency of
GBP135,726.  Show Wood Design Limited was placed into compulsory
liquidation by Order of Leeds District Registry of the High
Court. The company has an estimated total deficiency of
GBP26,506.  The Official Receiver at Swansea conducted the
investigation and disqualification procedure.

The matters of unfit conduct not disputed by Paul Davidson Reed
were:

(a) He acted in the management of Classic Design (Wales)
    Limited while bankrupt;

(b) He caused, or allowed, Classic Design (Wales) Limited's
    assets, being cash at bank and plant and equipment valued at
    least at GBP23,800, to be transferred to Show Wood Design
    Limited for no consideration and, therefore, to the
    detriment of Classic Design (Wales) Limited's creditors;

(c) He then caused or allowed Show Wood Design Limited to trade
    without any reasonable prospect of success between 1
    November 2001 and 15 August 2002.

The matter of unfit conduct not disputed by Stephen James Reed
was that he failed to adequately carry out the duties of a
director and, by so doing, knowingly allowed an undischarged
bankrupt, namely Paul Davidson Reed, to have sole managerial
responsibility for the affairs of Classic Design in
contravention of Section 11 of the Company Directors
Disqualification Act 1986.

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
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


COLT TELECOM: Buys back GBP16 Million Worth of Bonds
----------------------------------------------------
COLT Telecom Group plc, a leading pan-European provider of
business communications solutions and services, purchased a
further GBP16 million of COLT bonds for a cash outlay of GBP16
million since 6 May 2003.

The purchases were undertaken by COLT Telecom Finance Limited
and COLT Telecom Group plc as set out below.  COLT Telecom
Finance Limited and COLT Telecom Group plc have no intention to
sell the notes they have purchased and arrangements may be made
in due course to cancel such notes.  Further additional
purchases of bonds may be made.

These bonds have been purchased:

(a) EUR2.6 million face amount of the EUR76.7 million 8.875%
    Senior Notes due November 2007;

(b) EUR18.8 million accreted principal amount of the EUR306.8
    million 2% Senior Convertible Notes due August 2005; and

(c) EUR2.3 million accreted principal amount of the EUR368
    million 2% Senior Convertible Notes due December 2006.

In aggregate COLT has now purchased or redeemed:

(a) All of its US$314 million 12% Senior Discount Notes due
    December 2006;

(b) GBP11.8 million face amount of its GBP50 Million 10.125%
    Senior Notes due November 2007;

(c) EUR15.3 million face amount of its EUR76.7 million 8.875%
    Senior Notes due November 2007;

(d) EUR56.4 million face amount of its EUR306.8 million 7.625%
    Senior Notes due July 2008;

(e) EUR57.8 million face amount of its EUR320 million 7.625%
    Senior Notes due December 2009;

(f) EUR37.4 million accreted principal amount of its EUR306.8
    million 2% Senior Convertible Notes due August 2005;

(g) EUR101.4 million accreted principal amount of its EUR295
    million 2% Senior Convertible Notes due March 2006;

(h) EUR98.3 million accreted principal amount of its EUR368
    million 2% Senior Convertible Notes due December 2006; and

(i) EUR119.4 million accreted principal amount of its EUR402.5
    million 2% Senior Convertible Notes due April 2007.

                            *   *   *

Standard & Poor's Ratings Services said in July its ratings and
outlook on U.K.-based telecommunications operator COLT Telecom
Group PLC (B-/Stable/--) were unaffected by the company's
adverse trading update.

COLT reiterated that market conditions continue to be
challenging and that its margins are now under pressure, as a
result of the disappointing growth of higher margin products.
EBITDA for 2003 was GBP163.4 million (US$298.4 million) with a
margin of 14%.

At its second-quarter results, Colt reported turnover of
GBP301.2 million, up 8% on a constant-currency basis; gross
margin before depreciation of 31.9%; EBITDA[2] up 1% to GBP38.3
million; loss of GBP26.3 million, down 24% from GBP34.5million;
and positive free cash flow of GBP4.5 million its second
consecutive quarter of positive free cash flow; strong financial
position with cash and liquid resources of GBP794.0 million; and
Significant new contract wins with SunGard, lastminute.com and
EDS.

CONTACT:  COLT TELECOM
          John Doherty, Director Corporate Communications
          E-mail: jdoherty@colt-telecom.com
          Phone: +44 20 7390 3681

          Gill Maclean
          Head of Corporate Communications
          E-mail: gill.maclean@colt-telecom.com
          Phone: +44 20 7863 5314


DIAMONDS HOTEL: Members, Creditors Meeting Set September 17
-----------------------------------------------------------
The meetings of the members and creditors of Diamonds Hotel
Limited will be on September 17, 2004 commencing at 10:00 a.m.
and 10:15 a.m. respectively.  It will be held at 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 16, 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


EBBW FACH: Brings in Liquidators from Grant Thornton
----------------------------------------------------
At an Extraordinary General Meeting of the EBBW Fach Development
Trust Limited Company on August 16, 2004 held at Nantyglo
Institute, New Road, Nantyglo, Blaenau, Gwent NP23 4JT, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed.  Richard Hawes and David Thomas of Grant Thornton
UK LLP, 11-13 Penhill Road, Cardiff CF11 9UP have been appointed
Joint Liquidators of the Company for the purpose of the
voluntary winding-up.

CONTACT:  GRANT THORNTON UK LLP
          11-13 Penhill Road,
          Cardiff CF11 9UP
          Joint Liquidators:
          Richard Hawes
          David Thomas
          Phone: 029 2023 5591
          Fax:   029 2038 3803
          Web site: http://www.grant-thornton.co.uk


ESSEX GLASSFIBRE: Creditors Meeting Set September 1
---------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

        IN THE MATTER OF Essex Glassfibre Moulding Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Essex Glassfibre
Moulding Ltd. will be held at Salisbury House 31 Finsbury Circus
London EC2M 5SQ on September 1, 2004 at 11:30 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee.  (Sections
99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Moriston House
75 Springfield Road Chelmsford CM2 6JB not later than 12:00 noon
on the business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
Moriston House 75 Springfield Road Chelmsford CM2 6JB before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

Duncan R. Beat of Tenon Recovery Moriston House 75 Springfield
Road Chelmsford CM2 6JB is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.

By Order of the Board.

P. Halls, Director
July 26, 2004

CONTACT:  TENON RECOVERY
          75 Springfield Road
          Chelmsford
          Essex CM2 6JB
          SO53 3TY
          Phone: 01245 455444
          Fax: 01245 490841
          E-mail: chelmsford@tenongroup.com
                  duncan.beat@tenongroup.com
          Web site: http://www.tenongroup.com


EVENTER LIMITED: Sets Creditors Meeting September 10
----------------------------------------------------
The creditors of Eventer Limited will meet on September 10,
2004, commencing at 10:00 a.m.  It will be held at the offices
of Smith & Williamson Limited, 1 Bishops Wharf, Walnut Tree
Close, Guildford, Surrey GU1 4RA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Smith & Williamson Limited, 1 Bishops Wharf,
Walnut Tree Close, Guildford, Surrey GU1 4RA, not later than
12:00 noon, September 9, 2004.

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


EXCEL SECURITY: Members Decide to Windup Business
-------------------------------------------------
At an Extraordinary General Meeting of the Members of the Excel
Security & Labour Services Limited Company on August 17, 2004
held at Wilson Pitts, Glendevon House, Hawthorn Park, Coal Road,
Leeds LS14 1PQ, the Ordinary and Extraordinary Resolutions to
wind up the company were passed.  D F Wilson and J N R Pitts
have been appointed Joint Liquidators for the purpose of such
winding-up.

CONTACT:  WILSON PITTS
          Glandevon House
          Hawthorn Park,
          Coal Road,
          Leeds LS14 1PQ
          Joint Liquidators:
          D F Wilson
          J N R Pitts
          Phone: 0113-2375560
          Fax:   0113-2375561
          Web site: http://www.wilson-pitts.co.uk


FOOTPRINT EXHIBITIONS: Brings in Menzies to Liquidate Assets
------------------------------------------------------------
At an Extraordinary General Meeting of the Footprint Exhibitions
Limited Company on August 17, 2004 held at Menzies Corporate
Restructuring, 17-19 Foley Street, London W1W 6DW, the 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 for the purpose
of the winding-up.

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


FOX PUBLISHING: Administrators Take over Day-to-day Operation
-------------------------------------------------------------
S P Holgate and P J Long have been appointed administrators for
Fox Publishing Limited.  The appointment was made August 13,
2004.

The company publishes periodicals.  Its registered office is
located at Lion House, Red Lion Street, Richmond, Surrey TW9
1RE.

CONTACT:  PKF
          Farringdon Place,
          20 Farringdon Road,
          London EC1M 3AP
          Administrators:
          S P Holgate
          P J Long
          Phone: 020 7065 0000
          Fax:   020 7065 0650
          E-mail: info.london@uk.pkf.com
          Web site: http://www.pkf.co.uk


HHG PLC: Books Profit at Operating Level in First Half
------------------------------------------------------
Highlights of 2004 interim results

(a) Operating profit before tax and other items of GBP51 million
    (compared to a loss of GBP34 million for the six months to
    30 June 2003);

(b) Profit on ordinary activities before tax of GBP46 million
    compared to a loss of GBP902 million for the corresponding
    period in 2003.  The adjustments for write-downs,
    amortization and impairment of goodwill and acquired present
    value of in-force business, short-term investment return
    fluctuation and profit on business disposal/termination led
    to a negative charge of GBP5 million during the period
    compared to negative GBP835 million for the first half 2003;

(c) Henderson operating profit of GBP25 million (1H2003: GBP13
    million);

(d) Henderson assets under management of GBP68.4 billion
    (December 31, 2003: GBP70.6 billion);

(e) Life Services operating profit of GBP32 million (1H2003 loss
    of GBP40 million);

(f) Life Services traditional embedded value GBP1.31 billion
    (December 31, 2003: GBP1.15 billion)

Chief Executive Roger Yates says: "In the first half of 2004, we
made good progress against our business objectives, including
solid improvements in operating profit and efficiency.

"Henderson operating profit was up 92% against the same period
last year, and 32% on the second half, on the back of improved
market conditions.  In addition, Henderson's half-year cost to
income ratio was below the target set for the full year --
driven by higher margin business and increased transaction and
performance fees.

"Life Services continued to make efficiency gains and its
service company is in profit well ahead of schedule.  The
embedded value for Life Services rose to GBP1.3 billion due to
additional capital and improved investment returns.  We took
"action to strengthen mortality reserves and continued to
maintain prudent provisions for Life Services liabilities and
risks.

"During the period, we realized the investment in Virgin Money
and bought out the remaining holding in Henderson from the Pearl
shareholder fund.  We now have a simpler corporate structure and
a stronger balance sheet and the business is better placed to
meet upcoming regulatory changes.

"HHG has a clear strategy and is on track to deliver both its
short- and long-term objectives.  Assuming flat investment
markets, we expect to maintain margins for Henderson and achieve
further efficiency improvements in Life Services in 2004."

HHG PLC
4 Broadgate
London EC2M 2DA
Registered in England
No. 2072534
ABN 30 106 988 836

Henderson -- Strong Growth in Profits

Operating profit before tax was GBP25 million, up 92% from GBP13
million in the first half 2003.  This reflects the recovery in
equity markets from their low in early 2003 and improvement in
fee margins, a core business objective.

Total fee income in first half 2004 of GBP116 million was 23%
higher than in the same period of 2003, reflecting higher
management fees and greater transaction and performance fees.

Henderson's cost to income ratio improved further in the first
half of 2004 to 79% compared to 86% in first half 2003 and in
line with its targets for the full year 2004.

During the first half of 2004, total assets under management
(AUM) reduced by GBP2.2 billion to GBP68.4 billion.  Underlying
this position were the expected outflows, associated with the
run-off of Life Services, institutional business and AMP, partly
offset by inflows to higher margin products and market related
improvement.

Henderson has continued to focus on its target of improving
margins on AUM.  Revenue lost through fund outflows from lower
margin Life Services and some external institutional business
was offset by gains in higher margin areas such as absolute
return funds, collateralized debt obligation funds, U.S. and
European Horizon mutual funds and property products.

Life Services -- Improved Efficiency and Stronger Reserving

Life Services operating profit before tax and other items of
GBP32 million for the first half of 2004 compared favorably to
the loss of GBP40 million in the first half of 2003.

This result demonstrates improved underlying performance partly
offset by stronger reserving.

Life Services operating profit reflected the release of
prudential margins from the run-off of the closed books and the
shareholder's share of bonuses on with-profits business.  In
addition, there were two major adjustments: an upward
revaluation of one of two contingent loans and the strengthening
of annuitant mortality assumptions for NPI-related business.
The net impact of these and other adjustments was negative GBP25
million.

HHG Services Limited (the service company) achieved a GBP2
million profit in the first half of 2004 -- a full 6 months
ahead of forecast. Further efficiency actions have been
identified and will be implemented in procurement, customer
service and information technology.  As a result, management has
now reduced the target cost base from GBP130 million to GBP120
million for the full year 2004.

The increase in embedded value for the Life Services business to
over GBP1.3 billion at 30 June included:

(a) investment return and emergence of earnings from the in-
    force book of business;

(b) the positive impact of additional capital attributed to the
    business unit; and

(c) the adverse impact of strengthening the annuitant mortality
    basis.

Life Services capital has increased as a result of the sale by
the Pearl Assurance plc (Pearl) shareholder fund of its
remaining 24% interest in HHG Invest plc to HHG PLC and the
GBP75 million net consideration arising from the disposal of
HHG's interest in Virgin Money Group (Virgin Money).  These
actions have ensured Life Services is better placed for further
regulatory changes.

Regulatory Capital

At 30 June 2004, free asset ratios (FAR) for Pearl and NPL were
lower than at the full year 2003.  However, we removed our
reliance on implicit items for Pearl and utilize only GBP12
million in London Life.

Free Asset Ratio %  Pearl   National Provident Life  London Life

FY03                2.1                  1.4                 1.7

1H04                1.5                  0.4                 1.5

We continue to ensure that Life Services operates within its
risk budget and is covered by appropriate provisioning.

The Financial Services Authority has now finalized its Practice
Statement PS 04/16 on the calculation of realistic balance
sheets for life companies.  HHG provided realistic balance sheet
calculations at 31 December 2003 under the guidance of the
preceding Consultation Paper 195.  In early October 2004, we
intend to release the restatement of these calculations under
the new basis and provide the realistic balance sheets as at 30
June 2004.

Other Businesses

In February 2004, the sale of the AMPLE online financial
services business was completed.  The impact of which was
provided for in the full year 2003 result.

In April 2004, HHG completed the sale of its 50% holding in
Virgin Money to the Virgin Group, resulting in an exceptional
profit of GBP18 million.  In the period to disposal, HHG's share
of Virgin Money profit was GBP1 million.

The operations of Towry Law International (TLI) were closed to
new business in May 2004, resulting in a non-operating
exceptional loss of GBP7 million for which provision was made in
the first half of 2004.  The closure of TLI has no impact on the
operations of Towry Law in the United Kingdom, which reported an
operating profit of GBP0.4 million for first half 2004.

Balance Sheet and Liquidity

On 31 March 2004, HHG PLC issued 246,160,000 new ordinary shares
for a net consideration of GBP115 million to acquire the Pearl
shareholder fund's remaining investment in HHG Invest plc.  The
liquidity position of HHG improved as a result of the cash
received from the equity raising and from the disposal of its
interest in Virgin Money.

Dividend

No ordinary dividend is proposed for the first half 2004.  This
is in line with HHG's previous statement that, subject to
ongoing review, dividends are not likely to be paid in, or in
respect of, the years 2004 or 2005.

The Board of Directors

Two new non-executive directors, John Roques and Duncan
Ferguson, were appointed to the HHG Board during the year.

Outlook for Full Year 2004

Assuming flat markets, HHG is on track to deliver its full year
2004 objectives.  Specifically, we expect to maintain margins
for Henderson and continue operational efficiency improvements
in Life Services.

About HHG PLC

HHG PLC is a diversified financial services group listed on the
London and Australian stock exchanges.  It is a member of both
the FTSE 250 and the ASX 100 indices.

HHG consists of:

(a) Henderson Global Investors (Henderson), a leading U.K.-based
    investment manager with GBP68 billion of assets under
    management.

(b) Life Services -- made up of the life and pension books of
    Pearl Assurance plc, NPI Limited, National Provident Life
    Limited and London Life Limited, which are closed to new
    business, and HHG Services Limited, which provides
    administration services to the life companies.

(c) The financial advisory firm, Towry Law.

CONTACT:  HHG PLC
          Investor enquiries
          Gail Williamson
          Phone: +44 (0) 20 7818 5310
          E-mail: investor.relations@hhg.com


HOGANS LEISURE: In Administrative Receivership
----------------------------------------------
Scottish Courage Limited called in Steven Williams and Andrew
Dick as joint administrative receivers for Hogans Leisure
Properties Limited (Reg No 04535154).  The application was filed
August 11, 2004.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street, Preston,
          Lancashire PR1 8BU
          Joint Administrative Receivers:
          Steven Williams
          Andrew Dick
          (Office Holder Nos 8887, 8688)
          Phone: 01772 202000
          Fax:   01772 200099
          Web site: http://www.begbies.com


INVENSYS PLC: Books GBP361 Million First-quarter Loss
-----------------------------------------------------
Highlights of results for the three months to 30 June 2004:

Q1 Key Financial Points

(a) Sales for retained[1] businesses at GBP611 million (Q1
    03/04: GBP653 million), up 1% at CER[2];

(b) Operating profit[3] of retained businesses at GBP16 million
    (Q1 03/04: GBP17 million), up 14% at CER[2];

(c) Operating margin[3] of retained businesses maintained at
    2.6% after corporate costs, despite impact of under-
    performance from APV;

(d) Net debt reduced by GBP273 million from 31 March to GBP713
    million, and other legacy liabilities, including pension
    deficits, reduced by GBP48 million;

(e) Free cash outflow GBP79 million (Q1 2004: outflow GBP210
    million);

(f) Core Process Systems (4) orders up 14% at CER (2)

Chief Executive of Invensys, Rick Haythornthwaite, said: "Most
of our businesses are experiencing a continuing recovery in the
U.S., together with strengthening activity in Asia, particularly
China, and localized improvements in Europe.  In Process
Systems, we are both holding market share and gaining new
customer relationships.

"Despite short-term issues in some of our businesses, we are
increasingly confident that our growth and operational programs
are having the desired impact and should deliver an improving
year-on-year trend in Group performance during the second half.

"Overall, our expectations for the Group in the current year
remain unchanged."

Financial Summary       Q1 04/05    Q1 03/04    FY 03/04
                         GBPm          GBPm         GBPm

Sales
- Retained businesses    611         653       2,728
- Continuing (1)
operations               685         720       3,027
- Discontinued (5)
operations               104         271         864
- Total Group            789         991       3,891
Operating profit
- Retained businesses     16          17         193
- Continuing operations   16           7         179
- Discontinued operations (2)          8          38
- Total Group             14          15         217
Operating exceptional
items                    (14)        (31)       (236)
- Goodwill
- Goodwill amortization   (9)        (18)       (53)
- Goodwill impairment    (27)         -         (25)
Disposals (6)
- Profit/(loss)
on sale/closure          168          (7)        283
- Goodwill on
disposal/closure        (447)        (28)       (419)
Net interest payable     (36)        (21)       (112)

FRS 17 finance charges    (4)         (6)        (23)

Loss for financial period(361)        (99)       (328)

(Loss)/earnings per share
- Basic                 (6.3)p      (2.8)p      (9.0)p
- Total Group before
exceptional
items, goodwill         (0.6)p      (0.5)p       1.2p
  amortization and
goodwill impairment

---------

[1] Continuing operations refers to retained businesses (Process
    Systems, Eurotherm, APV, Rail Systems, Climate Controls and
    Appliance Controls) and businesses for sale (principally
    Lambda and Baker)

[2] At constant exchange rates

[3] All references to operating profit and operating margin in
    this announcement are stated before exceptional items,
    goodwill amortization and goodwill impairment

[4] Excluding IMServ

[5] Discontinued operations comprise Powerware, Hansen and
    Marcam in Q1 04/05 and additionally Metering Systems, Baan &
    Teccor in FY 03/04

[6] Closures and disposals of businesses and sale of fixed
    assets

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/1Qresult.htm.

CONTACT:  INVENSYS PLC
          Victoria Scarth
          Mike Davies
          Phone: +44 (0) 20 7821 3755

          MAITLAND
          Angus Maitland
          Fiona Piper
          Phone: +44 (0) 20 7379 5151


KELDA LIMITED: Winding up Resolutions Passed
--------------------------------------------
At an Extraordinary General Meeting of the Kelda Limited Company
on August 19, 2004 held at Fernwood House, Fernwood Road,
Newcastle upon Tyne NE2 1TJ, the Special and Ordinary
Resolutions to wind up the company were passed.  William Paxton
of Robson Laidler, Fernwood House, Fernwood Road, Jesmond,
Newcastle upon Tyne NE2 1TJ has been appointed Liquidator.

CONTACT:  ROBSON LAIDLER LLP
          Fernwood House,
          Fernwood Road, Jesmond,
          Newscastle upon Tyne
          Liquidator:
          William Paxton
          Phone: 0191 281 8191
          Fax:   0191 281 6279
          Web site: http://www.robson-laidler.co.uk


MARCHER DIAGNOSTICS: Liquidator's Final Report Out September 24
---------------------------------------------------------------
The final meetings of the members and creditors of Marcher
Diagnostics Plc will be on September 24, 2004 commencing at
10:00 a.m. and 10:15 a.m. respectively.  It will be held at
Harrisons, 35 Waters Edge Business Park, Modwen Road, Manchester
M5 3EZ.

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 Harrisons, 35 Waters Edge Business Park,
Modwen Road, Manchester M5 3EZ not later than 12:00 noon,
September 23, 2004.

CONTACT:  HARRISONS
          35 Water Edge Business Park,
          Modwen Road,
          Manchester M5 3EZ
          Joint Liquidator:
          J C Sallabank
          Phone: 0161 876 4567
          Fax:   0161 876 4554
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


MODAL SOLUTIONS: Winding up Resolutions Passed
----------------------------------------------
At an Extraordinary General Meeting of the Modal Solutions
Limited Company on August 10, 2004 held at the offices of Royce
Peeling Green, The Copper Room, Deva Centre, Trinity Way,
Manchester M3 7BG, the Ordinary and Extraordinary Resolutions to
wind up the company were passed.  Peter Jones and Roderick
Michael Withinshaw of Royce Peeling Green, The Copper Room, Deva
Centre, Trinity Way, Manchester M3 7BG have been appointed Joint
Liquidators of the Company for the purpose of such winding-up.

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


P H PATTERNS: Appoints Liquidators from Wilson Pitts
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the P H
Patterns Limited Company on August 17, 2004 held at Wilson
Pitts, Glendevon House, Hawthorn Park, Coal Road, Leeds LS14
1PQ, the Ordinary and Extraordinary Resolutions to wind up the
company were passed.  D F Wilson and J N R Pitts have been
appointed Joint Liquidators for the purpose of such winding-up.

CONTACT:  WILSON PITTS
          Glandevon House
          Hawthorn Park,
          Coal Road,
          Leeds LS14 1PQ
          Joint Liquidators:
          D F Wilson
          J N R Pitts
          Phone: 0113-2375560
          Fax:   0113-2375561
          Web site: http://www.wilson-pitts.co.uk


PPL THERAPEUTICS: Sells Patent Portfolio to Pharming
----------------------------------------------------
Pharming Group N.V. acquired the patent portfolio of PPL
Therapeutics Ltd.  The Company has acquired these patents to
strengthen its product pipeline and protein production
technology.

Pharming has obtained patents and licenses on various products
and technologies, including the production and purification of
recombinant human fibrinogen and recombinant tissue sealant
compositions.  In addition, the Company has obtained access to
processes and know-how for the large-scale GMP-grade
purification of recombinant human fibrinogen.

"We are pleased to be able to strengthen our recombinant
fibrinogen and recombinant tissue sealant products by acquiring
PPL patents and processes, which saves the Company time and
resources in the development of these products," said Dr.
Francis Pinto, CEO of Pharming.  "In addition, this transaction
significantly advances the worldwide patent position of our
protein production technology along with recent agreements with
Infigen and ProBio and will allow the Company to actively pursue
licensing and partnering opportunities."

Pharming has also acquired patents on the production of
recombinant protein products and production technology patents
for proteins, fusion proteins, as well as peptides.  The patents
cover the production of several recombinant proteins, including
Alpha-1-Antitrypsin, Factor IX, and others. In addition,
Pharming has taken over certain product and technology licenses
that PPL had obtained from third parties.

PPL had established this portfolio over a period of more than 15
years, but recently decided to restructure its commercial focus
following a sale of the company.  The financial terms of the
transaction were not disclosed.

Key Facts on Patent Portfolio

Pharming has acquired 57 issued patents, including 19 in the
U.S. as well as several pending patent applications of PPL
Therapeutics.

Patents and licenses obtained cover the production and
purification of human recombinant fibrinogen and recombinant
tissue sealant compositions.

Patents in the portfolio include the production of several
recombinant proteins such as Alpha-1-Antitrypsin, Bile Salt
Stimulated Lipase, Extracellular Superoxide Dismutase, Alpha-
lactalbumin and Factor IX.

Patents acquired cover the production technology for recombinant
proteins, fusion proteins and peptides.

Pharming has obtained access to processes and know-how for the
large-scale GMP grade purification of recombinant fibrinogen.


Background on Pharming Group N.V.

Pharming Group N.V. is developing innovative protein
therapeutics for unmet medical needs.  The Company's products
include potential treatments for genetic disorders and specialty
products for surgical indications.  Pharming's lead product for
Hereditary Angioedema is in Phase III of clinical development.
The advanced technologies of the Company include novel platforms
for the production of protein therapeutics, as well as
technology and processes for the purification and formulation of
these products.  Additional information is available at
http://www.pharming.com.

CONTACT:  PPL THERAPEUTICS PLC
          Roslin
          Edinburgh EH25 9PP
          United Kingdom
          Phone: +44 131 440 4777
          Fax:   +44 131 440 4888
          Web site: http://www.ppl-therapeutics.com


RATHBONE PRINTFLO: National Westminster Brings in Receiver
----------------------------------------------------------
National Westminster Bank Plc called in S Allport and D K
Duggins both of Ernst & Young as joint administrative receivers
for Rathbone Printflo Limited (Reg No 02691813).  The
application was filed August 19, 2004.

Previously named Transgrave-Printflo Limited, the company
manufactures ceramic decal.

CONTACT:  ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Joint Administrative Receivers:
          S Allport
          D K Duggins
          (Office Holder Nos 8763, 8324)
          Phone: +44 [0] 161 333 3000
          Fax:   +44 [0] 161 333 3001
          Web site: http://www.ey.com


RODING CONSTRUCTION: Appoints Numerica Liquidator
-------------------------------------------------
At an Extraordinary General Meeting of the Roding Construction
Limited Company on August 17, 2004 held at 66 Wigmore Street,
London W1U 2HQ, the Ordinary and Extraordinary Resolutions to
wind up the company were passed.  Colin Ian Vickers and Nicholas
Hugh O'Reilly of Numerica LLP, 4th Floor, Southfield House, 11
Liverpool Gardens, Worthing, West Sussex BN11 1RY have been
appointed Joint Liquidators 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
          Nicolas Hugh O'Reilly
          Phone: 01903 222500
          Fax:   01903 207009
          Web site: http://www.numerica.biz


ROHILL BODIES: Creditors Meeting Set September 2
------------------------------------------------
The creditors of Rohill Bodies Limited will meet on September 2,
2004 commencing at 10:00 a.m.  It will be held at PKF,
Farringdon Place, 20 Farringdon Road, London EC1M 3AP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PKF, Farringdon Place, 20 Farringdon Road, London
EC1M 3AP not later than 12:00 noon, September 1, 2004.

CONTACT:  PKF
          Pannell House,
          6-7 Litfield Place,
          The Promenade, Clifton,
          Bristol BS8 3LX
          Joint Administrator:
          S J Srockley
          Phone: 0117 906 4000
          Fax:   0117 974 1238
          E-mail: info.bristol@uk.pkf.com
          Web site: http://www.pkf.co.uk

          PKF
          Farringdon Place,
          20 Farringdon Road,
          London EC1M 3AP
          Joint Administrator:
          P J Long
          Phone: 020 7065 0000
          Fax:   020 7065 0650
          E-mail: info.london@uk.pkf.com
          Web site: http://www.pkf.co.uk


ROTHERHAM RUGBY: Rugby Union to Decide Club's Fate Today
--------------------------------------------------------
The meeting Wednesday between the representatives of a local
business consortium and the Rugby Football Union (RFU) gave the
Rotherham Titans a glimmer of hope, Independent News says.

The consortium earlier passed a business plan and budget to RFU,
which was to render Monday the fate of the Titans.  However, RFU
asked for more details of the plan, which led to the Wednesday
meeting.

RFU management board chairman Graeme Cattermole said, "We held a
very positive and constructive meeting, and members of the local
consortium were very helpful in providing some of the additional
information we required.

"We have agreed with them that further information needs to be
made available, and this will be forthcoming shortly.  Once this
is considered, we will aim to make a decision in the early part
of next week."

One of the consortium representatives, Allan McHale, said the
RFU was very open to the ideas they put forward.  The Titans are
hoping to start their National League One campaign on schedule.

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

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


SANDWELL CASTINGS: Creditors Meeting Set September 13
-----------------------------------------------------
The creditors of Sandwell Castings Limited will meet on
September 13, 2004 commencing at 10:15 a.m.  It will be held at
KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL
not later than 12:00 noon, September 10, 2004.

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


STOTT BROTHERS: Lloyds TSB Bank Brings in Receiver from KPMG
------------------------------------------------------------
Lloyds TSB Bank plc called in Julian Richard Whale and Francis
Graham Newton as joint administrative receivers for Stott
Brothers Limited (Reg No 00062615).  The application was filed
August 2004.

CONTACT:  KPMG LLP
          1 The Embankment
          Neville Street
          Leeds LS1 4DW
          Joint Administrative Receivers:
          Julian Richard Whale
          Francis Graham Newton
          (Office Holder Nos 7252, 9310)
          Phone: (0113) 231 3000
          Fax: (0113) 231 3200
          Web site: http://www.kpmg.co.uk


TROBAS LIMITED: Members Final Meeting Set September 27
------------------------------------------------------
The final meeting of the members of Trobas Limited will be on
September 27, 2004 commencing at 10:30 a.m.  It will be held at
66 Shoe Lane, London EC4A 3WA.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Deloitte & Touche LLP, 66 Shoe Lane, London EC4A 3WA not
later than 12:00 noon, September 24, 2004.

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


                            *********


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

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

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

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