TCREUR_Public/040903.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, September 3, 2004, Vol. 5, No. 175

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: First-half Loss Higher than Last Year's Total


F R A N C E

SOLYMATIC: Court to Name Winning Bidder Soon
TATI: Workers Okay Amended Redundancy Plan
VIVENDI UNIVERSAL: Sells Babelsberg Studios for EUR1


G E R M A N Y

AAP IMPLANTATE: Sales Down 5.2% Year-on-year
BPA BAU: Dresden Court Appoints Insolvency Manager
CO.DON AG: Secures U.S. Patent for Heart Valve Implant Procedure
EM.TV AG: Achieves Positive Group Results in First Half
EPS EURO: Under Bankruptcy Administration

HERBERT RICHTER: Deadline for Filing of Claims October 26
INFINEON TECHNOLOGIES: Appoints Wolfgang Ziebart Chief Executive
KABEL DEUTSCHLAND: 'BB-' Rating on CreditWatch Negative
MALER-UND LACKIERMEISTER: Deadline for Filing Claims October 22
MC-TR MICRO: Gera Court Appoints Provisional Manager

MEC MATTHES: Succumbs to Bankruptcy
MG TECHNOLOGIES: Concludes Sale of Dynamit Nobel AIS to Delphi
MWG BIOTECH: Chairman Thomas Becker Resigns
PRIMACOM AG: Interest on Apollo-JPMorgan Loan Void in Germany
PORZELLANFABRIK MITTERTEICH: 120-year-old Porcelain Maker Chokes
TESLA BAU: Creditors Have Until October 4 to File Claims
WINDHORST COMPANIES: Three More File for Insolvency


G R E E C E

ROYAL OLYMPIC: Court Extends Deadline for Restructuring Plan


I R E L A N D

GLANBIA PLC: Forecasts Solid Earnings Growth After Restructuring


I T A L Y

ALITALIA SPA: Axing More than 5,000 Jobs
ALGOL SPA: Ends First Half with EUR2 Million Pre-tax Loss
CIT SPA: Shareholders Okay Recapitalization Program
FINMATICA SPA: Huge Capital Deficit Fuels Insolvency Talks
PARMALAT U.S.A.: GE Capital Okays Extension of Probe Period
SSC NAPOLI: Fire Razes Head Office; Authorities Suspect Arson


N E T H E R L A N D S

VERSATEL TELECOM: Seals BerliKomm Acquisition


N O R W A Y

PETROLEUM GEO-SERVICES: Dumps US$900 Mln Bid for Geophysical Biz


P O L A N D

ELEKTRIM SA: Sells Mobile Phone Firm to Deutsche Telekom


R U S S I A

APSAKAN: Amur Court Appoints Insolvency Manager
DAL-ELEKTRON-SERVIS: Under Bankruptcy Supervision
DV-METAL: Undergoes Bankruptcy Supervision Procedure
GEOLOGICAL PROSPECTING: Appoints E. Chirkov Insolvency Manager
HYDRO-TEKHNIC: Rostov Court Opens Bankruptcy Proceedings

INDUSTRIAL ENTERPRISE: Deadline for Proofs of Claim September 16
KERAMIK: Gives Creditors Until September 16 to Prove Claims
MIKHAYLOVSKAYA SELKHOZ-KHIMIYA: Under Bankruptcy Supervision
SINEGORSKAYA: Court Prescribes External Management Procedure
SPETS-STROY: Proofs of Claim Deadline Expires September 16
SUDO-REM-SERVIS: Court Sets November 18 Hearing
ZELENGINSKY SHIP-REPAIRING: Bankruptcy Proceedings Begin


S W E D E N

LM ERICSSON: Adjusts Share Voting Rights Difference


U K R A I N E

GLOBINOSUGAR: Bankruptcy Supervision Begins
HMELNITSKIJ: Sets Proofs of Claim Deadline September 12
NIVA: Under Bankruptcy Supervision
PODILSKI TOVTRI: Court Appoints Temporary Insolvency Manager
SAHNIVSKA: Gives Creditors Until September 12 to File Claims
SVITANOK: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

ABBA SUPPLIES: May Appoint Liquidator Wednesday
ACCENT CONTRACTING: Hires Liquidators from Begbies Traynor
ADVANCED MANUFACTURING: Sets Meeting September 17
ARBO LTD.: Creditors to Meet Wednesday
CALEDONIAN FILAMENTS: Creditors' Meeting Set September 8

CHANGECOLOUR LIMITED: Sets Final Meetings September 29
CLARITYS LIMITED: Appoints Tomlinsons Liquidator
COSTAIN GROUP: First-half Results Improve
DE LANE: Renamed De Lane Lea Post Productions by New Owners
EXPRESS SITE: Extraordinary Winding up Resolution Passed

FURNESS ROOFING: Final Meeting Set September 28
GATWOOD AND ELCOMBE: Final Meeting Set September 30
GLENSHEE CHAIRLIFT: Receivers Sell Golf Course to Rival
ILFORD IMAGING: Black and White Film Business for Sale
JAYWICK SANDS: Names Liquidator from Ensors

KICKERS INDOOR: Sets Meeting of Creditor September 8
KITCHEN EXPRESSIONS: Appoints Begbies Traynor Liquidator
NETWORK RAIL: Criminal Charges Vis-a-vis Hatfield Crash Dropped
NOVATION ELECTRONIC: Sets Creditors Meeting September 10
PREBENDAL PROPERTIES: Special Winding up Resolution Passed

SENIOR STEEL: Names Smith & Williamson Liquidator
SOUTH WEST: Hires Tenon Recovery Administrator
UNITED BISCUITS: Results Slightly Down in First Half


                            *********


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


CYPRUS AIRWAYS: First-half Loss Higher than Last Year's Total
-------------------------------------------------------------
Flag carrier Cyprus Airways broke its record loss last year with
a CYP25 million first-half loss, the Financial Mirror Online
reports.

A year ago, first-half loss amounted to CYP17.6 million and the
full year loss came to CYP20.9 million.  The airline's revenue
increased by 13% to CYP89.2 million from CYP74.18 million a year
ago in the first half, but its overhead surged 19.9%
year-on-year to a record CYP116.33 million from CYP97.02
million.  The jump forced the group to report operational losses
of CYP27 million from CYP22.8 million.  Of the CYP116.33 million
overhead cost, CYP13.7 million was due to the cost increase at
its Greek subsidiary, Hellas Jet.  Cyprus Airways increased its
stake in Hellas Jet by 26% costing it another CYP4.05 million in
goodwill write-off.  It bought the stake from Omega Bank for
CYP3.2 million, bringing its total shareholding to 75%.  Added
to the group's losses is the failure of its foray into the Gulf
and Middle East market, and the underperformance of its Duty
Free Shops.  It lost CYP2.7 million in the Middle East venture.

On the positive side, a tax benefit of CYP1.4 million helped it
pare down losses to CYP28.7 million from CYP18.9 million a year
ago.  After accounting for the minority interest share of losses
with reference to Hellas Jet, the group reported net losses of
CYP25.04 million for the first half of 2004.

The company is in dire need of a plan to preserve cash.  It
might run out of money at the end of the year unless drastic
measures are taken by November, Communications Minister Haris
Thrasou has warned.

A restructuring plan drafted for the airline calls for
redundancies of about 500 surplus staff from the company's 2,000
employees; wage cuts, outsourcing of services and fleet
reduction.  It specifically calls for a 5% cut on salaries
exceeding CYP20,000 annually, and for the contribution of the
company to the Social Security Fund to decrease from 9.4% to
6.3%, the report said.  It is also proposing an increase in
employees contribution from 3.2% to 6.3%.  Staff might also be
asked to work a flexi-time schedule where they could work more
than the required hour, while the company enforces a ban on
overtime.

CONTACT:  CYPRUS AIRWAYS LIMITED
          21 Alkeou St., P.O. Box 21903
          CY-2404 Engomi, Cyprus
          Phone: +357 22 661 800
          Fax:   +357 22 663 167
          Web site: http://www.cyprusairways.com


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


SOLYMATIC: Court to Name Winning Bidder Soon
--------------------------------------------
The Lyons commercial court will soon choose a buyer for
Solymatic, one of the two subsidiaries of French security
transport group Valiance Fiduciaire, Le Monde reports.

The court has already completed its review of the offers of
Securinfor, a Paris-based IT company; a group of past and
present Solymatic managers; and former Solymatic executive
Charles Cuellar, who proposed a continuation plan with
acquisition of liabilities.

The first two offers entail restarting the company from scratch.
Unions, however, prefer the managers' bid, which they believe as
the most viable.  Accordingly, the managers' analysis of the
firm's turnover and prospects appears to be the most realistic.

Solymatic, which has a thousand-strong workforce, has been in
receivership since April.  Its parent company, Valiance
Fiduciaire, filed for insolvency in July after its leading
shareholder refused to back the firm financially.

CONTACT:  SOLYMATIC
          5, Quai Du Commerce
          Bp 205
          69336 LYON
          Phone: 04 72 19 22 01
          Fax: 04 71 29 17 66
               04 72 19 17 09
          Web site: http://www.solymatic.com

          VALIANCE FIDUCIAIRE
          104 Boulevard Auguste Blanqui
          75013 Paris 13
          Web site: http://www.valiance.fr


TATI: Workers Okay Amended Redundancy Plan
------------------------------------------
The works council of French discount clothing retailer Tati
approved Monday the revised redundancy plan submitted by the
Vetura group, Le Monde says.

In addition, the trade unions also secured a written pledge from
Vetura Chairman Lucien Urano, to give priority to the 297
employees affected by the redundancy in case there are vacancies
at Tati or Vetura's Fabio Lucci chain in the next two years.
Vetura has also agreed to pay Tati's employees their extra
month's salary for 2004, which is stipulated in their existing
employment contract.

Meanwhile, the deadline for bids for Tati's remaining five
outlets, which Vetura did not absorb, is set on September 6.  Up
for sale are Tati's Bordeaux, Strasbourg, Saint-Denis, Creil and
Paris-Reamur outlets.

CONTACT:  TATI
          4 Boulevard Rochechouart
          75018 Paris 18
          Phones: 01 55 29 50 00
                  01 58 22 28 90
                  01 56 80 06 80
                  01 53 80 97 70
                  01 53 01 24 90
          E-mail: contact@tati.fr
          Web site: http://www.tati.fr

          FABIO LUCCI VETURA
          81 Rue Cartier Bresson
          93697 Pantin Cedex
          Phone: 01 48 44 90 90
          Fax: 01 48 43 40 34
          Web site: http://www.vetura.fr


VIVENDI UNIVERSAL: Sells Babelsberg Studios for EUR1
----------------------------------------------------
Vivendi Universal (Paris Bourse: EX FP; NYSE: V) closed the sale
of the Babelsberg studios in Postdam, Germany, to a group of
German investors led by Carl Woebcken and Christoph Fisser.
The transaction was concluded for a token consideration of EUR1
and repayment by Vivendi Universal to its subsidiary of EUR18
million worth of outstanding debt.

CONTACT:  VIVENDI UNIVERSAL
          Investor Relations, Paris
          Daniel Scolan
          Phone: +33 (0) 1 71 71 32 91
          Laurence Daniel
          Phone: +33 (0) 1 71 71 12 33
          Or
          New York
          Eileen McLaughlin
          Phone: +(1) 212.572.8961


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


AAP IMPLANTATE: Sales Down 5.2% Year-on-year
--------------------------------------------
Aap Implantate AG, a medical technology company specialized in
bone growth and replacement substances, fracture healing and
joint replacement, took a 5.2% year-on-year decline in Group
sales to EUR5.8 million in the first half of 2004 due to
liquidity-related delivery difficulties.  At the same time, it
made further negative value adjustments totaling around EUR3.5
million on various balance sheet items that had an enormous
influence on the result.

In the first six months of 2004 the company's EBITDA was
EUR645,000 (previous year: EUR493,000).  EBIT at -EUR203,000 was
an improvement on the previous year's -EUR1 million.  The
DVFA/SG consolidated result for the reporting period on which
the above-mentioned figures are based was -EUR1.2 million
(previous year: -EUR 1.1 million) and DVFA/SG earnings per share
were minus EUR0.25 (previous year: -EUR 0.22).

The EUR9.7 million capital increase successfully completed in
August that will only be shown in the figures for the third
quarter, along with the entry of a new group of investors and
massive balance sheet value adjustments, have put the company
back on a sound financial base.  Aap must now make use of its
newly gained financial security and independence and convert
them into operating successes.

CONTACT:  AAP IMPLANTATE AG
          Oliver Bielenstein, Director/CFO
          Lorenzweg 5 12099 Berlin
          Phone: +49 (0)30 - 750 19 - 140
          Fax: +49 (0)30 - 750 19 - 290

          Nanette Hudepohl, Investor & Public Relations
          Phone: +49 (0)30 - 750 19 - 133
          Fax: +49 (0)30 - 750 19 - 290
          Web site: http://www.aap.de


BPA BAU: Dresden Court Appoints Insolvency Manager
--------------------------------------------------
The District Court of Dresden initiated bankruptcy proceedings
against BPA Bau-Planung-Ausbau GmbH August 20.  The move
automatically stayed all pending proceedings against the
company.  Creditors have until October 4, 2004 to register
their claims with court-appointed provisional administrator
Peter Buhmann.

Creditors and other interested parties are encouraged to attend
the meeting on October 29, 2004, 9:15 a.m. at the district court
of Dresden at which time the administrator will present his
first report of the insolvency proceedings.

CONTACT:  BPA BAU -- PLANUNG -- AUSBAU GMBH
          Kesselsdorfer Str. 2-6
          01159 Dresden

          Peter Buhmann
          Insolvency Administrator
          Radeberger Str. 45, 01099 Dresden
          Web site: http://www.Inso-RA.de

          DISTRICT COURT OF DRESDEN
          Saal D131, Amtsgerichts Dresden
          Olbrichtplatz 1, 01099 Dresden


CO.DON AG: Secures U.S. Patent for Heart Valve Implant Procedure
----------------------------------------------------------------
co.don(R) AG Receives U.S. Patent Covering a Method and Device
for Inserting Biological and Artificial Heart Valves.

The patent (U.S. Patent No 6,764,508) claims a method for
inserting an implant, such as a biological or artificial heart
valve, into humans, as well as a special device for carrying out
this method.  The basic term of the patent will expire in
September 2019.  Patents covering this technology are pending in
other major markets, including Europe, Japan and Canada.  The
company secured a patent in Australia and Singapore earlier this
year.

The patent is a part of an intellectual property portfolio
co.don(R) AG has acquired some time ago.  It builds the base for
expanding the company's tissue engineering technologies into the
area of cardiovascular surgery.  co.don(R) AG has extensive
know-how in this area and possesses issued patents claiming a
method for coating medical implants with living cells in the
major markets, such as the U.S.A., Europe and Australia.

The coating of biological or artificial heart valves, and in
addition vascular endoprostheses for cardiac bypass surgery is
supposed to improve the tolerance and to significantly reduce
complications such as rejection or calcification of the implant.
Concurrently the coating with living autologous cells is
supposed to improve the durability of the implants and thus to
prevent additional heart valve respiratory cardiac bypass
surgery.

A pilot study with coated coronary prostheses showed positive
results.  At present co.don(R) AG is preparing an application
for the manufacturing permit according to the German Drug Act
(AMG) for coated vascular endoprostheses.  Future product
development based on these technologies will be pursued with a
partner.

co.don(R) AG
Management Board

                            *   *   *

In April, the company said it reduced its annual cash-burn in
2004 by one-third and introduced restructuring measures, thus
ensuring sufficient liquidity until 2005.

CONTACT:  CO.DON AG
          Natalia Furstin Kourakina-Lattner
          Director of Corporate Communications
          Phone: +49 (0) 3328-434635,
          Fax: +49 (0) 3328-434649
          E-mail: ir@codon.de


EM.TV AG: Achieves Positive Group Results in First Half
-------------------------------------------------------
The EM.TV group closed the first half of 2004 with clearly
positive results irrespective of the substantial restructuring
gain made in the first quarter.  Sales essentially developed
according to plan amounting to EUR106.6 million in the first six
months.  The Sports segment accounted for EUR91.4 million (86%)
and the Entertainment segment (children and youth programs) for
EUR15.2 million (14%).

Group sales of the former EM.TV & Merchandising AG amounted to
EUR104.6 million in the same period of the previous year; the
comparability, however, is restricted due to the radical
portfolio changes.  At EUR59.0 million, income in the second
quarter of 2004 was significantly higher than in the first
quarter (+24%), inter alia on account of the increased dynamism
in the Sports segment, together with the sale of program rights
as part of the extension of activities by the Spanish joint
venture company Planeta Junior S.L. to Italy.

Consolidated earnings before interest, taxation, depreciation
and amortization (EBITDA) amounted to EUR56.5 million in the
first half of the year.

The main influencing factor in this respect was the second
quarter income in the amount of EUR48.2 million arising from the
agreement with Kirch Media GmbH & Co. KGaA (in liquidation)
regarding the acquisition of the remaining 50% holding in
Junior.TV GmbH & Co. KG by EM.TV and the subsequent agreement
and settlement of all rights and license matters between Kirch
Media, Junior.TV and EM.TV, together with all mutual claims.
Consolidated earnings before tax (EBT) amounted to EUR140.7
million in the first six months.  This includes a one-off gain
of EUR94.4 million arising from the restructuring of the
2000/2005 bond.

After taxation and minority interests, the group shows a surplus
of EUR135.8 million after six months; it amounted to EUR41.4
million after adjusting for the restructuring gain.

The operating cash flow in the first half of the year amounted
to EUR16.0 million, the free cash flow reached EUR53.6 million,
mainly on account of the deconsolidation of the Tele Munchen
Gruppe.

The group had liquid funds of EUR100.4 million as at June 30,
2004 (equivalent to 25% of total assets).  The equity ratio
amounted to 38% and was therefore well above the level at March
31, 2004 (22%).

The Management Board is anticipating consolidated sales of more
than EUR200 million in the whole year.  Excluding the high
restructuring gain from the first quarter, and assuming a
positive business development, it is anticipating after-tax
earnings in the medium double-digit million range for the full
year.

CONTACT:  EM.TV AG
          Betastrasse 11
          D-85774 Untherfohring, Germany
          Phone: +49 89 995 00 0
          Fax:   +49 89 995 00 111
          Web site: http://www.em-ag.de

          Press Relations
          Sabine Lais
          Phone: +49 (0) 89 - 99 500 461
          Fax: +49 (0) 89 - 99 500 466

          FRANK ELSNER KOMMUNIKATION FUR UNTERNEHMEN GMBH
          Phone: +49 (0) 5404 - 91 92 0
          Fax: +49 (0) 5404 - 91 92 29

          Investor Relations
          Olaf Seidel
          Phone: +49 (0)89 - 99 500 436
          Fax: +49 (0)89 - 99 500 466


EPS EURO: Under Bankruptcy Administration
-----------------------------------------
The district court of Frankfurt/Main opened bankruptcy
proceedings against EPS Euro-Personal-Service GmbH & Co. KG
August 12.  The move automatically stayed all pending
proceedings against the company.  Creditors have until January
14, 2005 to register their claims with court-appointed
provisional administrator Dr. Holger Lessing.

Creditors and other interested parties are encouraged to attend
the meeting on February 8, 2005, 9:25 a.m. at the district court
of Frankfurt/Main to discuss, among others, the possible
appointment of a new administrator.

CONTACT:  EPS EURO-PERSONAL-SERVICE GMBH & CO. KG
          Stollbergstr.

          Dr. Holger Lessing
          Insolvency Administrator
          Hanauer LandstraBe 287-289
          60314 Frankfurt am Main
          Phone: 069/15051300

          DISTRICT COURT OF FRANKFURT/MAIN
          Saal 2, Geb. F, Klingerstr. 20
          60313 Frankfurt, statt


HERBERT RICHTER: Deadline for Filing of Claims October 26
---------------------------------------------------------
The district court of Frankfurt/Main opened bankruptcy
proceedings against Herbert Richter GmbH FuBboden-Service August
18.  The move automatically stayed all pending proceedings
against the company.  Creditors have until October 26, 2004 to
register their claims with court-appointed provisional
administrator Stefan Rieger.

Creditors and other interested parties are encouraged to attend
the meeting on November 25, 2004, 9:20 a.m. at the district
court of Frankfurt/Main to review the claims lodged, and to
discuss among others the possible appointment of a new
administrator.

CONTACT:  HERBERT RICHTER GMBH FUBBODEN-SERVICE
          Gruneburgweg 128, 60323 Frankfurt am Main
          (AG Frankfurt, HRB 18624)
          Contact:
          Walter Kau, Manager
          Rainer Richter, Manager

          Stefan Rieger
          Insolvency Manager
          Zeilweg 42, D-60439
          Frankfurt/Main
          Phone: 069/963761-130
          Fax: 069/963761-145

          DISTRICT COURT OF FRANKFURT/MAIN
          Saal 2, Gebaude F, KlingerstraBe 20
          60313 Frankfurt am Main, statt


INFINEON TECHNOLOGIES: Appoints Wolfgang Ziebart Chief Executive
----------------------------------------------------------------
Dr. Wolfgang Ziebart took over as CEO of Infineon Technologies
AG (FSE/NYSE: IFX) on September 1.  Accordingly, Max Dietrich
Kley, who held the position temporarily for the semiconductor
manufacturer, will immediately reassume the role he left in the
interim as Infineon Supervisory Board Chairman.

After completing a degree in engineering and his doctorate in
Munich, Dr. Wolfgang Ziebart began his professional career in
1977 at automobile manufacturer BMW.  There he held a number of
different positions, he became responsible for the development
of electronics and was appointed to the Management Board in
1999.  In 2000, Dr. Ziebart moved to Continental AG, the
automotive supplier, to head the Automotive Systems Division in
Hanover, which focused on automotive electronics and electronic
brake systems.  One year later, he was appointed Deputy Chairman
of the Executive Board at Continental AG.

About Infineon

Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for the automotive and industrial sectors,
for applications in the wired communications markets, secure
mobile solutions as well as memory products.  With a global
presence, Infineon operates in the U.S. from San Jose, CA, in
the Asia-Pacific region from Singapore and in Japan from Tokyo.
In fiscal year 2003 (ending September), the company achieved
sales of EUR6.15 billion with about 32,300 employees worldwide.
Infineon is listed on the DAX index of the Frankfurt Stock
Exchange and on the New York Stock Exchange (ticker symbol:
IFX).  Further information is available at
http://www.infineon.com

CONTACT:  INFINEON TECHNOLOGIES AG
          Worldwide Headquarters
          P.O. Box 80 09 49
          D-81609 Muenchen
          Germany
          Phone: +49-89-234-28481
          Fax: +49-89-234-28482
          E-mail: guenter.gaugler@infineon.com

          For Investors and Analysts based in Europe:
          Phone: +49-89-234 26655
          E-mail: investor.relations@infineon.com

          For Investors and Analysts based in North America:
          Phone: +1-408 501 6800
          E-mail: investor.relations@infineon.com

          Christoph Liedtke
          U.S.A.
          Phone: +1-408 501-6790
          Fax: +1-408 501-2424
          E-mail: christoph.liedtke@infineon.com


KABEL DEUTSCHLAND: 'BB-' Rating on CreditWatch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit and senior secured bank loan ratings on
Germany-based cable operator Kabel Deutschland GmbH (KDG) on
CreditWatch with negative implications.  The placement follows
KDG's offer of a comprehensive remedy package in response to the
preliminary decision by the German Federal Cartel Office (FCO)
to oppose KDG's plans to merge with three regional cable
operators.

At the same time, the 'B' long-term senior unsecured debt rating
on KDG was also placed on CreditWatch with negative
implications.

"The CreditWatch placement reflects the material changes to the
group's original business and financial plans that would be
required if the proposed remedy package is to be accepted by the
FCO as condition for the merger," said Standard & Poor's credit
analyst Leandro de Torres Zabala.

KDG's remedy package includes the commitment to the unparalleled
and rapid upgrade of Internet services to 50% of German homes
passed before year-end 2007, which would entail the commitment
to significant additional capital expenditure by the company, as
well as specific concessions to address complaints of major TV
broadcasters and content owners.

Critically, KDG's ratings factor in a prudent business and
capital expenditure strategy under which it is assumed that the
company would not undertake any major network upgrade.

"The CreditWatch status will likely be resolved after the FCO
gives its final decision on October 7, 2004.  The resolution
will focus on the financial and business impact of the final
remedy package potentially adopted by KDG, including the
execution risk attached to the new plan, its financing, the
effect on the pace of deleveraging, and covenants headroom under
the existing credit facilities, among others," said Mr. de
Torres Zabala.

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

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


MALER-UND LACKIERMEISTER: Deadline for Filing Claims October 22
---------------------------------------------------------------
The district court of Erfurt initiated bankruptcy proceedings
against Maler-und Lackiermeister Schreiber GmbH on August 20
over its failure to pay debts.  The motion automatically stayed
all pending proceedings against the company.  Creditors have
until October 22, 2004 to register their claims with
court-appointed provisional administrator Marcello die Stefano.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2:15 p.m. at the district court of
Erfurt at which time the administrator will present his first
report of the insolvency proceedings.

CONTACT:  MALER- UND LACKIERMEISTER SCHREIBER GmbH
          GF Maik Schreiber
          Rudolstadter Str. 100, 99099 Erfurt

          Marcello die Stefano, Insolvency Manager
          Jonny-Schehr Str. 1, 99085 Erfurt

          DISTRICT COURT OF ERFURT
          Saal 12, Amtsgericht Erfurt
          Justizzentrum, Rudolfstr. 46, 99092 Erfurt


MC-TR MICRO: Gera Court Appoints Provisional Manager
----------------------------------------------------
The district court of Gera opened bankruptcy proceedings against
MC-TR Micro Chip-Technik Rositz GmbH on August 23.  The move
automatically stayed all pending proceedings against the
company.  Creditors have until October 4, 2004 to register
their claims with court-appointed provisional administrator
Egidius Arens.

Creditors and other interested parties are encouraged to attend
the meeting on October 26, 2004 at the district court of Gera at
which time the administrator will present his first report of
the insolvency proceedings.  The court will simultaneously
review the administrator's report.

CONTACT:  MC-TR MICRO CHIP-TECHNIK ROSITZ GMBH
          GF, Altenburger Str. 64a, 04617 Rositz

          Egidius Arens, Insolvency Manager
          NeuwerkstraBe 47a, 99084 Erfurt

          DISTRICT COURT OF GERA
          Rudolf-Diener-Str. 1, Zimmer 317


MEC MATTHES: Succumbs to Bankruptcy
-----------------------------------
The district court of Dessau opened bankruptcy proceedings
against MEC Matthes Entsorgung & Containerdienst GmbH on August
18.  The move automatically stayed all pending proceedings
against the company.  Creditors have until October 6, 2004 to
register their claims with court-appointed provisional
administrator Jorg Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting on November 8, 2004, 11:00 a.m. at the district
court of Dessau, to discuss among others, the possible
appointment of a new administrator.

CONTACT:  MEC MATTHES ENTSORGUNG & CONTAINERDIENST GMBH
          Berwitzer Str. 5, 06388 GrObzig

          Jorg Riedemann, Insolvency Manager
          Muhlweg 47, 06114 Halle
          Phone: 0345/293900
          Fax: 0345/2939029

          DISTRICT COURT OF DESSAU
          Willy-Lohmann-Str. 33, Saal 123


MG TECHNOLOGIES: Concludes Sale of Dynamit Nobel AIS to Delphi
--------------------------------------------------------------
Mg technologies AG has sold the assets of Dynamit Nobel AIS*
GmbH (DN AIS) to the U.S. automotive supplier Delphi
Corporation, based in Troy, Michigan, with immediate effect.  DN
AIS, which specializes in pyrotechnic safety systems is part of
the former explosives business, which had not been Dynamit
Nobel's core business any more.  The company, which is based in
Furth in Southern Germany, generated sales of approximately
EUR40 million in 2003 and currently employs around 210 people.
The enterprise value is approximately EUR16 million, including
accounts payable and pension liabilities.

Dynamit Nobel AIS GmbH specializes in the development and
production of pyrotechnic safety systems for the automotive
industry.  These include ignition systems, gas generators and
micro-gas generators for airbag systems, and pyrotechnic
components that are used, among other things, to operate
seat-belt pretensioning systems.

Mg sold four of the Dynamit Nobel Group's business units to
Rockwood Specialties, a U.S. specialty chemicals company, in
April of this year.  The fifth business unit, Dynamit Nobel
Kunststoff GmbH, is being sold to Flex-N-Gate, a U.S. automotive
supplier.

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

----------
* AIS = Automotive Ignition Systems

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


MWG BIOTECH: Chairman Thomas Becker Resigns
-------------------------------------------
The Supervisory Board and Management Board of MWG Biotech AG,
Ebersberg (securities ID No.: 730010) announce that Mr. Thomas
Becker will be resigning from his position as Chairman of the
Company's Management Board with effect from 31 August 2004.
Thomas Becker has cited personal reasons for his resignation
from the Board.  Until a successor is appointed, the Company
will be managed by the other two Board members, Dr. Wolfgang
Pieken and Dr. Volker Muschalek. Dr. Wolfgang Pieken will add
Finance and Investor Relations and Dr. Volker Muschalek will add
Personnel and IT sectors to his responsibilities.

The Supervisory Board regrets Thomas Becker's decision but
emphasizes: "The course is set for MWG Biotech's future."

"Its international marketing and sales structures have been
reorganized, its costs reduced and its margins considerably
increased," explains Bernd Aundrup, Chairman of the Supervisory
Board.  The goals set for the year 2004 (a moderate increase in
sales, a positive EBITDA and a break-even cash flow) are still
realistic in the opinion of both the Supervisory Board and the
Management Board.

                            *   *   *

The turnover of MWG Biotech AG (WKN: 730010), Ebersberg, in the
second quarter was below the respective turnover in 2003.  The
turnover of the first six months of 2004 was EUR17.6 million
after EUR22.6 million in the same period 2003.

The 22.2% decline is, among other reasons, due to the fact that
the restructuring of the company's marketing and sales
organization -- as was to be expected -- did not yet contribute
positively to turnover.  Nevertheless, the first half of 2004
was characterized by a continuous line of positive announcements
about new products and services, cooperations and distribution
agreements, which, however, did not yet contribute to turnover.

Due to this positive news flow and an increasingly well-filled
pipeline of international projects, the Management Board of MWG
Biotech AG maintains that the targets communicated for 2004
(moderate turnover growth, balanced EBITDA and balanced cash
flow) can still be reached.

CONTACT:  MWG BIOTECH A.G.
          Anzinger Str. 7a
          D-85560 Ebersberg
          Germany
          Phone: +49-08092-8289-0
                 +49-8092-8289-77
          Fax: +49-08092-21084
          E-mail: info@mwgdna.com
          Web site: http://www.mwg-biotech.com


PRIMACOM AG: Interest on Apollo-JPMorgan Loan Void in Germany
-------------------------------------------------------------
German cable TV network operator PrimaCom hopes that Apollo
Management and JPMorgan Chase will lower its 20% interest charge
on a loan, Borsen Zeitung says.

This came after auditing LKC, which Primacom hired to ascertain
the legality of the interest rate, released an interim report
that says although the contract was signed under English law,
the 20% interest rate is deemed illegal under German law.
However, LKC held that it is up to a court to rule whether
PrimaCom should stop paying interest.  PrimaCom is currently
restructuring its EUR1 billion debt to avoid insolvency.

CONTACT:  PRIMACOM AG
          An der Ochsenwiese 3,
          55124 Mainz
          E-mail: info@primacom.com
          Web site: http://www.primacom.de

          Investor Relations
          Phone: +49 6131-944-522
          Fax: +49 6131 944-508
          E-mail: investor@primacom.de


PORZELLANFABRIK MITTERTEICH: 120-year-old Porcelain Maker Chokes
----------------------------------------------------------------
German porcelain manufacturer Porzellanfabrik Mitterteich has
succumbed to insolvency after trading for around 120 years, says
Suddeutsche Zeitung.

The firm's insolvency will affect around 400 employees.  Michael
Jaffe, who is also the insolvency administrator of German media
group Kirch, was named Mitterteich's provisional insolvency
administrator.

Meanwhile, the company's majority shareholder, Helmuth Newin,
criticized Mitterteich's banks for causing delays on the
porcelain maker's restructuring.  Mr. Newin said the banks
enforced too many provisions and demanded additional reports
from experts.  Mitterteich reportedly achieved a turnover of
EUR25 million to EUR26 million in 2003.

CONTACT:  PORZELLANFABRIK MITTERTEICH A.G.
          Grossensterzer Str. 1
          D-95666 Mitterteich
          Phone: +49 (9633) 30 0
          Fax: +49 (9633) 30 111
          E-mail: info@porzellanfabrik-mitterteich.de
          Web site: http://www.porzellanfabrik-mitterteich.de


TESLA BAU: Creditors Have Until October 4 to File Claims
--------------------------------------------------------
The district court of Aachen launched bankruptcy proceedings
against Tesla Bau GmbH & Co. KG August 25.  The move
automatically stayed all pending proceedings against the
company.  Creditors have until October 4, 2004 to register their
claims with court-appointed provisional administrator Dr. Martin
Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting on November 8, 2004, 10:00 a.m. at the district
court of Aachens at which time the administrator will present
his first report of the insolvency proceedings.  The court will
simultaneously review the administrator's report.

CONTACT:  TESLA BAU GMBH & CO. KG
          Von-Armin-Str. 9, 52146 Wurselen

          TESLA BAU VERWALTUNGS GMBH
          Von-Armin-Str. 9, 52146 Wurselen

          Dr. Martin Dreschers
          Insolvency Administrator
          Frankenstr. 12 - 16, 52070 Aachen
          Phone: 0241/94618-0
          Fax: 0241/533562

          DISTRICT COURT OF AACHEN
          Nebenstelle AugustastraBe
          AugustastraBe 78/80, 52070 Aachen
          I. Etage, Saal 14


WINDHORST COMPANIES: Three More File for Insolvency
---------------------------------------------------
All three remaining companies of Lars Windhorst in Berlin have
gone bust, Die Welt reports citing an unidentified source.  The
report said Windhorst AG, Windhorst Capital Holding GmbH and
Windhorst Electronics GmbH (AEMA Trading GmbH) have all filed
for insolvency.

Mr. Windhorst built several companies within 11 years since he
was 16 years old, starting with a trading company for computer
accessories from Asia.  His businesses grew considerably at
first, but faltered in recent years.  He is now undergoing
investigation amid suspicion of fraud. He filed an oath of
disclosure in May of last year.

CONTACT:  Lars Windhorst
          Phone: ++49 (0) 30 25898231
          Fax:   ++49 (0) 30 25898222
          E-mail: lars.windhorst@windhorst.de


===========
G R E E C E
===========


ROYAL OLYMPIC: Court Extends Deadline for Restructuring Plan
------------------------------------------------------------
The Greek Court administrating the Section 45 proceeding on the
subsidiaries of Royal Olympic Cruise Lines (OTC Pink Sheets:
ROCLF) extended the period for the company to present a
restructuring plan consented to by 51% of its creditors until
November 27, 2004.

Royal Olympic Cruise Lines is currently operating two cruise
ships under the protection of Article 45 of the Greek Courts.
Discussions with creditors and lenders continue and the company
continues to seek capital needed to continue operations of the
company.

CONTACT:  ROYAL OLYMPIC CRUISE LINES
          Jim Lawrence
          Phone: +1-203-406-0106, ext. 13


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


GLANBIA PLC: Forecasts Solid Earnings Growth After Restructuring
----------------------------------------------------------------
Glanbia plc, an international Consumer Foods, Dairy Food
Ingredients and Nutritionals Group, announces its interim
results for the first half of 2004.

Commenting, John Moloney, Group Managing Director, said:
"As outlined in March this year, 2004 is a year of transition
for Glanbia as the reorganized and refocused Group moves into a
development and growth phase.

"The Group performed broadly in line with expectations in the
first half and the results reflect a strong performance from the
Food Ingredients division, offset by difficult trading
conditions in the Fresh Pork business unit of the Consumer Foods
division.  Good progress was also made on sales volumes, prices
and new product launches in the developing Nutritionals
business.

"Going forward the Group is well positioned to deliver solid
earnings growth.  We have an ongoing program of investing for
the future, combined with strong market positions and leading
brands in core operations."

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                    Half year     Half year      Full year
                     ending        ending         ending
                   3 July 2004   5 July 2003  3 January 2004

Group Turnover        EUR974.0 m  EUR1,050.8 m  EUR2,041.1 m
Operating profit*      EUR40.3 m     EUR45.7 m     EUR92.8 m
Operating margins*         4.1%        4.4%          4.5%
Profit before Tax
  (pre exceptionals)   EUR35.7 m   EUR37.6 m      EUR77.1 m
Profit before Tax      EUR35.7 m   EUR10.7 m     (EUR14.9 m)
Earnings per share     8.62c        (0.16c)         (12.01c)
Adjusted EPS**         8.65c         9.14c           19.26c
Dividend               2.16c         2.06c            5.00c

----------
*pre exceptional items and including share of joint ventures &
associates

**pre exceptional items and amortization of goodwill
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Results

The first half performance is broadly on track in the context of
a challenging year in 2004.  The Group's turnover declined 7.3%
to EUR974.0 million (H1 2003: EUR1,050.8 million) mainly as a
result of the planned restructuring of the Group's U.K.
operations within the Consumer Foods division. Sales (adjusted
for all disposed businesses) increased by 9.2%, a combination of
volumes and pricing and a strong performance by the Food
Ingredients division.

Operating profit, pre exceptionals and including share of joint
ventures and associates, declined by 11.8% to EUR40.3 million
(H1 2003: EUR45.7 million).  The operating margin, pre
exceptionals and including share of joint ventures and
associates, was 4.1% (H1 2003: 4.4%).  Both measures reflect the
impact of the difficulties in the Irish pigmeat sector on the
first half results.

Profit before tax increased substantially to EUR35.7 million (H1
2003: EUR10.7 million) as there were no exceptionals in the
first half of 2004 compared with EUR26.9 million exceptional
charges in the first half of 2003.

Adjusted earnings per share amounted to 8.65c (H1 2003: 9.14c),
while the interim dividend increased by 5% to 2.16c per share
(H1 2003: 2.06c).

Net debt increased by EUR19.8 million to EUR173.6 million,
compared with EUR153.8 million at the end of 2003.

This reflects the traditional seasonality in the underlying
businesses and a somewhat higher level of capital expenditure,
offset by the proceeds of the part disposal of Glanbia Foods
Ltd. (the U.K. Cheddar cheese operations) and good working
capital management.  However, net debt decreased by EUR77.2
million when compared with EUR250.8 million at the half year
2003.

The interest charge declined substantially to EUR4.5 million (H1
2003: EUR8.2 million) due to lower financing costs as a result
of lower interest rates and the lower level of net debt.
Interest cover improved to 8.9 times for the first half 2004
compared with 5.6 times for the first half last year (FY 2003:
5.9 times).

Dividends

The Board has decided to pay an interim dividend of 2.16c per
share, compared with a 2.06c per share interim dividend in 2003.
This represents an increase of 5%.  Dividends will be paid on
Wednesday, 6 October 2004 to shareholders on the register as at
Friday, 10 September 2004, the record date.  Irish dividend
withholding tax will be deducted at the standard rate where
appropriate.

Group Reorganization

The final phase of the planned restructuring of the Group's U.K.
businesses was completed in the first half of 2004, with the
part sale of Glanbia Foods Ltd. and the related Glanbia Milk
operations in the U.K., and the creation of a joint venture
cheese company with Milk Link Ltd.  This follows the exit from
consumer meat activities in the U.K. in 2002 and fresh meat
activities in 2003.  This has reorganized Glanbia into cohesive
business units structured around developing the Group's
strategic focus on Consumer Foods, Dairy Food Ingredients and
Nutritionals.

Development Initiatives

The Group's development strategy is centered on high growth
areas in Consumer Foods, Dairy Food Ingredients and the
Nutritionals market.  The expansion of these areas of operation
will be achieved through a program of acquisitions, strategic
joint ventures and ongoing investment for organic growth and
operational efficiency.  Continued progress was made in
investing for the future of the business during the first half
of the year.  The timing and phasing of these investments are
such that the benefits will begin to accrue from next year
onwards:

(a) The Group made a number of small acquisitions/investments in
    the first half including the EUR1.3 million equity stake in
    Westgate Biologicals Limited and the EUR1.3 million joint
    venture agreement with Nash's Mineral Waters.

(b) The US$27 million program of ongoing investment at the Idaho
    facilities including the commissioning of two new plant
    extensions in the first half and the further expansion of a
    protein isolates plant scheduled for operation in December
    this year.

(c) The innovation center to be based in Kilkenny and opening
    later this year, which will further enhance the Group's
    strong competitive advantage in the Nutritionals market
    segment.

(d) The 50:50 joint venture with PZ Cussons plc to build a new
    US$20 million facility in Nigeria is progressing well and is
    due for commissioning early 2005.  This investment will pave
    the way for a new route to market for the Irish food
    ingredients business.

(e) Construction of the new US$190 million cheese and whey
    products production facility in New Mexico, through the
    Southwest Cheese LLC joint venture, is on target for
    completion in late 2005 and once fully commissioned the new
    facility will be one of the largest and most efficient
    plants of its kind in the world.  Annually this facility
    will process over 2.4 billion pounds of milk, producing in
    excess of 110,000 tons of cheese and 7,500 tons of high
    value-added whey proteins.

                       Operations Review

Agri Business

In Ireland the Agribusiness division is the key linkage between
Glanbia and its raw materials supply base and its principal
activities are feed milling/marketing, fertilizers, milk
assembly, grain trading and farm input sales.  Overall the
division had a satisfactory performance in the first half of the
year.  While turnover was down 4.1% to EUR143.8 million (H1
2003: EUR149.9 million), operating profits were broadly similar
at EUR9.2 million reflecting increased operational efficiencies
in the business and the benefits of ongoing rationalization.

Consumer Foods

The Consumer Foods division had a challenging first half as a
result of the current difficulties in the pigmeat sector.
Overall turnover declined to EUR316.6 million (H1 2003: EUR472.7
million) and operating profits declined to EUR10.7 million (H1
2003: EUR22.7 million).  Post the restructuring of the Group's
U.K. operations this division now includes the Irish consumer
foods business (liquid milk and chilled foods), Irish based
fresh pork processing operations and U.K. cheese joint ventures.
Turnover from continuing operations amounted to EUR223.0 million
in the first half, while operating profits from continuing
operations was EUR10.2 million.  Discontinued operations relate
to the Glanbia Foods business, which was sold in April this year
as part of the creation of the Group's joint venture with Milk
Link Ltd.

Better cost efficiencies together with a focused innovation
agenda and a reorganized Consumer Foods division underpins the
inherent strength and opportunity of this business.  Glanbia is
the leading supplier of branded and value-added liquid milk
products, fresh dairy products, cheeses, soups and spreads in
Ireland, a leading fresh pork and bacon processor for Irish and
International markets and the No. 1 pizza cheese supplier in
Europe.

Liquid Milk and Chilled Foods

In the first half of 2004 the liquid milk and chilled foods
businesses performed satisfactorily in an environment that is
increasingly competitive as a result of new entrants, increased
levels of milk imports from Northern Ireland and aggressive
competition in food retailing.

However, this was offset by the strength of the Glanbia brand
portfolio -- including Yoplait, Avonmore, Premier, Snowcream and
Kilmeaden -- and the ongoing development and extension of the
product range to meet consumer needs for taste, nutrition,
variety and convenience.  An example of this is the introduction
of new fresh flavored milks in the first half of 2004.  These
products are intended to position milk as a tasty and nutritious
drink option and are aimed primarily at encouraging children as
milk drinkers.  Since introduction sales have exceeded
expectations.  Also during the first half a 50:50 joint venture
agreement was concluded with Nash's Mineral Waters for a cash
consideration of EUR1.3 million.

Nash's is a premium brand in the Irish bottled water market and
this investment will facilitate the development of the Group's
value added beverage business.

With a common set of customers and distribution channels the
Group has unified the organization structure of the liquid milk
and chilled food businesses, which, along with other planned
initiatives in sales and distribution and customer service, will
strengthen the Group's position across all customer groups and
distribution channels.

Fresh Pork

Glanbia is the largest pig processor in Ireland selling fresh
pork and bacon to retailers and food processors in Ireland,
Europe, the U.S. and Asia.  The business had a difficult first
half in 2004, with a substantial decline in profitability.  The
pigmeat industry overall is cyclical and this has been
compounded in recent years by overcapacity and inefficiencies in
production.  While 2004 is expected to be the low point of the
ongoing cycle there are positive signs going forward.  The Group
has made recent investments at its Roscrea and Edenderry
facilities that will provide considerable benefits in terms of
scale and efficiency.  Additionally industry consolidation is
creating further opportunity for better capacity utilization and
operating efficiencies.

U.K. Cheese Joint Ventures

Following the restructuring of the Group's U.K. operations in
recent years the Group has two joint venture cheese operations,
servicing the U.K. domestic and European markets.

Glanbia Cheese is a joint venture with Leprino Foods, the
largest pizza cheese manufacturer in the world.  It is Europe's
leading producer of premium mozzarella cheese, serving quick
service restaurants and chilled and frozen pizza manufacturers.
In the first half volumes remained particularly robust with
growth in overall market share, against the backdrop of the
implementation of Mid Term Review (MTR) in E.U. dairy markets.
In the medium term this business is a solid platform for
development, with its unique technology, premium product and a
strong set of customers, which offers good opportunity for scale
in a growth market.

In April 2004 the Group completed a joint venture agreement that
included the sale of Glanbia Foods Ltd. to a new
company --Cheese Company Holdings Ltd.  This is 75% owned by
Milk Link Ltd and 25% by Glanbia and is the second largest
cheese processor in the U.K., producing cheddar, Stilton and
British territorial cheeses.  This business is a route to market
for cheese produced by the Group in Ireland.

Food Ingredients

The Food Ingredients division performed strongly in the first
half of 2004 driven by a strong U.S. cheese market compared with
the first half of 2003 and good operational efficiencies in the
Irish food ingredients businesses.  This division comprises the
U.S. and Irish dairy ingredients operations, as well as the
Group's developing Nutritionals business.  Overall sales grew
19.9% to EUR513.5 million (H1 2003: EUR428.1 million) and
operating profits increased 49.4% to EUR20.4 million (H1 2003:
EUR13.6 million).  Operating margins grew from 3.2% to 4.0% in
the period.

U.S.A.

The Group's U.S. cheese business had a strong performance in the
first half buoyed by solid volume growth and improved market
pricing for cheese.  The Group is the largest producer of barrel
cheese in the U.S. and is one of the top producers of American
type cheddar cheese, supplying the food service, food processing
and retail sectors.

As part of an ongoing program of investment in this business an
increase in capacity at the Idaho facilities for cheese and whey
products was completed in the first half.  Commissioning of
these plant extensions has been successful and the new capacity
came on stream in June 2004.  The benefits of this will begin to
accrue in accelerated organic growth in this business in the
second half of the year.  In December 2004 a further phase of
investment will add new plant for manufacturing protein
isolates, which is a core product in the Nutritionals business.
Ireland The Irish food ingredients business delivered a good
performance in the first half of the year with solid demand in
the sector.  The division also benefited from increased
operational efficiency as a result of an ongoing program of
investment and rationalization, which is in preparation for the
shifting market dynamics and lower prices in dairy products
heralded by the MTR of the E.U. Common Agricultural Policy
(CAP).

On 1 July 2004 the latest round of CAP reform in the milk
production sector began.  This saw institutional price cuts in a
move away from producer subsidies to direct payments (which will
begin in October 2004).

This will necessitate a rebalancing between product prices and
raw material prices over time.

Glanbia has already undertaken a number of initiatives to offset
the impact of these changes including better operational
efficiency focused on scale and competitiveness and investing in
sourcing alternative and new routes to market and new market
segments.  Notwithstanding the inevitable pressures from MTR and
macro inflationary pressures, such as oil prices, a dynamic and
competitive milk processing industry in Ireland offers good
potential for efficient milk producers and processors alike and
Glanbia's businesses, with leading market positions, are well
positioned in this context.

Nutritionals

The principal driver for the development of the food industry is
the requirement to meet the growing consumer demand for products
that satisfy their need for health and wellness, as well as
convenience and value.  This is across a range of products for
general food, sport or medical needs and the primary quotient is
meeting consumers' nutritional expectation.

Glanbia's leading technologies and capability in formulating
whey proteins and focusing on their efficacy for health and
wellness applications is the basis for the development of the
Nutritionals business.  The Group is opening a new innovation
center to be located in Ireland later this year and this center
of excellence will complement existing R&D facilities in the
U.S.  This enhanced capability is aimed at developing tailored
products/solutions for food manufacturers through food and
beverage applications and leverages the scientific knowledge and
leading technologies already within the Group.  The Nutritionals
division will operate on a Group-wide and global basis.

Good progress was made in the first half with a number of new
product launches in the E.U. and the U.S. that are part of an
overall pipeline of new products in the area.  In addition the
business made a small strategic investment of a 28% equity stake
in Westgate Biologicals Limited for a cash consideration of
EUR1.3 million.  Westgate, based in Ireland, holds patented
technology based on the production and medical use of an
anti-microbial substance, which is obtained from a dairy source.
There is ongoing opportunity to develop the Nutritionals
business through acquisition, which will enhance the Group's
capability in key areas such as formulation, packaging,
marketing and distribution.

Outlook

Glanbia had a satisfactory first half with good performances
from the Group's strategic growth platforms within Consumer
Foods, Dairy Food Ingredients and Nutritionals.  Based on
current trading conditions the Group expects earnings per share
for the full year will be in line with market expectations.
Going forward Glanbia is well positioned to deliver solid
earnings growth.

A full copy of the results is available free of charge at
http://bankrupt.com/misc/Glanbia2004InterimResults.pdf.

CONTACT:  GLANBIA PLC
          Geraldine Kearney, Group Director of Communications
          Phone: +353 56 777 2200 (office)
              or +353 87 231 9430 (mobile)

          HOGARTH PARTNERSHIP
          John Olsen / Tom Leatherbarrow
          Phone: +44 207 357 9477


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


ALITALIA SPA: Axing More than 5,000 Jobs
----------------------------------------
Ailing Italian carrier Alitalia announced Tuesday a plan to cut
around 5,200 to 5,300 jobs through redundancies and early
retirement plans, Il Sole 24 Ore says.

The carrier intends to reduce its average cost per seat
kilometer (CASK) figures from EUR11 to EUR6, the same level with
those of Iberia, KLM and Easyjet airlines.  The airline's
management said the relaunch plan is aimed at making Alitalia a
network carrier like Iberia, rather than a global carrier like
British Airways.  Alitalia chief executive Giancarlo Cimoli will
present the full 2005-2008 business plan to trade unions by the
weekend.

The struggling carrier will cut around 2,000 jobs from its
ground services, dubbed Az-Service.  Around 1,100 flight crews
from the Az-Fly division will also be made redundant and another
2,000 employees from other divisions will have to retire early.
The Az-Service division will be separated from the carriers'
flying activities to create a separate company.  Trade unions
have asked the management to give additional details of carrier'
s plans to split and spin off its ground services operations.

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


ALGOL SPA: Ends First Half with EUR2 Million Pre-tax Loss
---------------------------------------------------------
The Board of Directors of Algol S.p.A., chaired by Maurizio
Liverani, met Tuesday to approve and examine the Group's
consolidated results for the first half of 2004.

The firm had a pre-tax loss of EUR2 million at the close of
second quarter of 2004 versus a pre-tax profit of EUR80,000 in
the same period 2003, while the first six months of the year
closed with a pre-tax loss equal to EUR3 million versus a
pre-tax loss in 1H03 of EUR59,000.

Sales in the first six months of 2004 came in at EUR80.9
million, a decrease when compared to EUR98.6 million in the same
period of the preceding year.

Consolidated EBITDA in 1H04 came in negative at EUR277,000
versus a positive EBITDA in the same period of 2003 of EUR1.9
million.  EBIT as of June 30, 2004 equals a negative EUR2
million, compared to the positive number of EUR817,000 in the
preceding semester.  The net financial position as of June 30,
2004 is negative at EUR35.8 million versus a negative number in
the same period 2003 equal to EUR36.3 million.

With reference to Group companies working abroad, worthy of note
is the positive performance registered by Algol Deutschland that
closed the first half with sales equal to EUR10.7 million
reaching the break even after tax in spite of a difficult
reference market scenario.

The Algol management has started work on the refocusing of
AlgolProducts' activities in order to concentrate on sales of
high value added solutions which will result in rationalization
of the current organizational structure and the concentration of
all activities in one operating site, the Milan headquarters.
Management believes that this restructuring will allow the
company to bring EBITDA to positive levels in 2004.

The management, meanwhile, reminds shareholders that the capital
increase approved at the shareholder's meeting on May 31, 2004
must be subscribed to by December 31, 2004.  The capital hike
involves the issuance of up to 2,000,000 new ordinary shares
with a par value of EUR0.52 each and for a maximum amount at par
of EUR1,040,000.

CONTACT:  ALGOL S.P.A.
          Via Feltre 28/6
          20132 Milano
          Phone: +39 02 21 569.1
          Fax: +39 02 21 569.444
          Web site: http://www.algol.com

          Maurizio Liverani
          Chief Executive Officer
          E-mail: mliverani@algol.com

          Elena Murador
          Investor Relation Assistant
          E-mail: emurador@algol.com
                  investors@algol.com

          Rita Camelli
          Senior Press Contact
          E-mail: rcamelli@algol.com


CIT SPA: Shareholders Okay Recapitalization Program
---------------------------------------------------
The shareholders of Italian tour group Compagnia Italiana
Turismo (CIT) approved a EUR39 million recapitalization program
to avoid its collapse, La Stampa reports.

The plan, however, has yet to be approved by CIT's creditor
banks.  The group requested the Italian government in August to
help facilitate a settlement with the creditor banks, which
include Banca Intesa, UniCredit, Capitalia and Monte dei Paschi
di Siena.

CIT, whose clients include the Italian parliament, is a former
subsidiary of Italian national rail group Ferrovie dello Stato
and was sold to private investors in 1996.  Its leading
shareholders are vice-chairman Gianvittorio Gandolfi, with
39.4%; European Development Capital Limited Partnership, 14.6%;
and French hotels group Accor, 10%.

CONTACT:  COMPAGNIA ITALIANA TURISMO
          Piazza della Repubblica, 68
          00185 Roma (RM)
          Phone: (06) 47841
          Fax: (06) 4794348
          Web site: http://www.cittravel.it


FINMATICA SPA: Huge Capital Deficit Fuels Insolvency Talks
----------------------------------------------------------
Struggling Italian software group Finmatica announced Tuesday
that it currently has a negative equity of EUR103.8 million, Il
Sole 24 Ore says.

In response, Finmatica chief executive Massimo Brunelli decided
to draft a plan to correct the accounts, which resulted in lower
trading and balance sheet figures.  Finmatica posted first-half
losses of EUR96.8 million while its sales only reached EUR29
million.

The group will hold a shareholders' meeting on October 5 to vote
on a EUR250 million recapitalization.  However, the meeting is
viewed primarily as legal formality to filing receivership or
liquidation, considering shareholders' lukewarm response to Mr.
Brunelli's proposal to relaunch the group.  Mr. Brunelli was
appointed in spring in the wake of a prosecutor's inquiry into
the group's financial reports.

CONTACT:  FINMATICA S.p.A.
          Via Sorbanella,
          30 - 25125 Brescia
          Phone: +39 030/35.16.1
          Fax: +39 030/35.16.700
          E-mail: finmatica@finmatica.com
          Web site; http://www.finmatica.com


PARMALAT U.S.A.: GE Capital Okays Extension of Probe Period
-----------------------------------------------------------
General Electric Capital Corporation agrees to indefinitely
extend the deadline of the Official Committee of Unsecured
Creditors of the chapter 11 cases of Parmalat U.S.A. Corporation
debtors to investigate claims, rights and causes of action
against GE Capital and its affiliates.  GE Capital may, upon
written notice, advise the Committee of its decision to cause
the expiration of the Investigation Period.  The Notice will be
delivered via telecopier and overnight mail, and will
specifically state the date by which the Investigation Period
will expire.  The expiration date will be no less than seven
days after the date of the Notice.

Judge Drain of the U.S. Bankruptcy Court for the Southern
District of New York approves the Stipulation.

Headquartered in Wallington, New Jersey, Parmalat USA
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's
40-some brand product line includes milk, yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.  It employs over 36,000
workers in 139 plants located in 31 countries on six continents.
The Company filed for chapter 11 protection on February 24, 2004
(Bankr. S.D.N.Y. Case No. 04-11139).  Gary Holtzer, Esq., and
Marcia L. Goldstein, Esq., of Weil Gotshal & Manges LLP,
represent the Debtors in their restructuring efforts.  On June
30, 2003, the Debtors listed EUR2,001,818,912 in assets and
EUR1,061,786,417 in debts.  (Parmalat Bankruptcy News, Issue No.
28; Bankruptcy Creditors' Service, Inc., 215/945-7000)

CONTACT:  PARMALAT U.S.A. CORPORATION
          520 Main Ave.
          Wallington, NJ 07057
          Phone: 973 777 2500
          Fax:   973 777 7648
          Toll Free: 888 727 6252
          Web site: http://www.parmalatusa.com


SSC NAPOLI: Fire Razes Head Office; Authorities Suspect Arson
-------------------------------------------------------------
An overnight fire hit the headquarters and training club of
bankrupt Societa Sportiva Calcio Napoli, destroying some
furniture and chairs, Agencia Giornalistica Italiana says.

Firemen said the Centro Paraiso fire broke out at around 1 a.m.
and was purely arson.  Investigators found traces of inflammable
liquid in the conference room.  The fire was linked to a recent
incident the night before in which the police discovered a
broken molotov cocktail bottle near a blackened wall and a
broken window.


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


VERSATEL TELECOM: Seals BerliKomm Acquisition
---------------------------------------------
Versatel Telecom International N.V. announced that the
acquisition by its subsidiary Versatel Deutschland Holding GmbH
of BerliKomm Telekommunikationsgesellschaft mbH and its wholly
owned subsidiaries BerlinNet and BerliKomm Asset Management, has
been finalized.

In order to fund the acquisition price of EUR34.6 million,
Versatel issued approximately 24 million new, freely tradable
Versatel shares to Berlinwasser Holding Aktiengesellschaft
(BWH).  BWH has already sold these shares.

Versatel will update its 2004 financial guidance at its third
quarter earnings release to reflect the impact of the
consolidation of BerliKomm.

Versatel Telecom International N.V. (Euronext: VRSA), based in
Amsterdam, is a competitive communications network operator and
a leading alternative to the former monopoly telecommunications
carriers in its target market of the Netherlands, Belgium and
Germany.  Founded in October 1995, the
Company holds full telecommunication licenses in The
Netherlands, Belgium and Germany and has over 1 million
customers and approximately 1,700 employees.  Versatel operates
a facilities-based local access broadband network that uses the
latest network technologies to provide business customers with
high bandwidth voice, data and Internet services.  Versatel is a
publicly traded company on Euronext Amsterdam under the symbol
"VRSA".  News and information are available at
http://www.versatel.com.

CONTACT:  VERSATEL N.V.
          AJ Sauer
          Corporate Finance & Investor Relations Manager
          Phone: +31-20-750-1231
          E-mail: aj.sauer@versatel.nl

          Anoeska van Leeuwen
          Director Corporate Communications
          Phone: +31-20-750-1322
          E-mail: anoeska.vanleeuwen@versatel.nl


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


PETROLEUM GEO-SERVICES: Dumps US$900 Mln Bid for Geophysical Biz
----------------------------------------------------------------
Petroleum Geo-Services A.S.A. (OSE: PGS; OTC: PGEOY) received a
proposal from Compagnie Generale de Geophysique (CGG) for the
acquisition of PGS' geophysical business.  The proposed
consideration is US$900 million, of which US$800 million is in
cash and US$100 million is in newly issued shares of CGG common
stock.  The Proposal is subject to fulfillment of several
conditions including, among other things, satisfactory
completion of due diligence and financing arrangements.

PGS has previously disclosed its desire to take a leading role
in a consolidation of the seismic industry.  Accordingly, both
management and financial advisers have performed evaluations of
PGS and other participants in the seismic industry.  Based on
these evaluations, the management and the Board of Directors of
PGS consider the Proposal to be inadequate in terms of price and
other conditions.  Consequently, PGS has informed CGG that the
Proposal is rejected.

On the basis of CGG's stated intention to disclose the Proposal
"on the occurrence of the publication of [their] second quarter
results on September 2, 2004", PGS deems it appropriate to
disclose this information as soon as possible.

PGS still acknowledges the potential benefits of consolidation
in the seismic industry, and will continue to work proactively
towards an improved industry structure.

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

CONTACT:  PETROLEUM GEO-SERVICES
          Ola Bosterud
          Sam R. Morrow
          Svein T. Knudsen
          Phone: +47 6752 6400

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


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


ELEKTRIM SA: Sells Mobile Phone Firm to Deutsche Telekom
--------------------------------------------------------
Deutsche Telekom acquired on Wednesday full ownership of PTC,
Poland's biggest mobile phone group, Agence France-Presse
reported citing Rzeczpospolita daily.

The report said Elektrim Telekomunikacja sold its 51%
shareholding in PTC to the German telecommunications giant,
which already owns 49% of the firm, for EUR1.3 billion.  The
deal still needs the agreement of Elektrim creditors.  The
group, who are owed EUR436 million, previously blocked an offer
from Deutsche Telekom to buy PTC for EUR1.1 billion.

Elektrim Telekomunikacja is a joint venture of Vivendi Universal
and Elektrim group.

PTC, the leading Polish mobile phone operator has 8.5 million
subscribers.

CONTACT:  ELEKTRIM S.A.
          Public Relations:
          Ewa Bojar
          Phone: (+48 22) 432 89 55
          Fax:   (+48 22) 432 87 99
          E-mail: ewa_bojar@elektrim.pl

          Investor Relations:
          Phone: (+48 22) 432 87 75
          Fax:   (+48 22) 432 87 99
          Web site: http://www.elektrim.pl


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


APSAKAN: Amur Court Appoints Insolvency Manager
-----------------------------------------------
The Arbitration Court of Amur region has declared LLC ore mining
company Apsakan (TIN 2828005153) insolvent and introduced
bankruptcy proceedings.  The case is docketed as
A04-3874/02-22/337 B.  Mr. V. Lagutin has been appointed
insolvency manager.
Creditors have until September 16, 2004 to submit their proofs
of claim to 675000, Russia, Blagoveshensk, Shimanovskogo Str.
46/2.

CONTACT:  APSAKAN
          616260, Russia,
          Amur region, Tyndinsky region,
          Pervomayskoye

          Mr. V. Lagutin
          Insolvency Manager
          675000, Russia,
          Blagoveshensk,
          Shimanovskogo Str. 46/2


DAL-ELEKTRON-SERVIS: Under Bankruptcy Supervision
-------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on OJSC Dal-Elektron-Servis.
The case is docketed as A73-5288/2004-36.  Mr. V. Shvedko has
been appointed temporary insolvency manager.  Creditors are
asked to submit their proofs of claim to 680033, Russia,
Khabarovsk, Tikhookeanskaya Str. 204.

CONTACT:  DAL-ELEKTRON-SERVIS
          680033, Russia, Khabarovsk,
          Tikhookeanskaya Str. 204

          Mr. V. Shvedko
          Temporary Insolvency Manager
          680033, Russia, Khabarovsk,
          Tikhookeanskaya Str. 204


DV-METAL: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on OJSC industrial corporation
Dv-Metal.  The case is docketed as A73-5677/2004-38.  Mr. A.
Staroverov has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 681005,
Russia, Khabarovsk region, Komsomolsk-na-Amure, Zavodskaya Str.
1.

CONTACT:  DV-METAL
          681005, Russia,
          Komsomolsk-na-Amure,
          Zavodskaya Str. 1

          Mr. A. Staroverov
          Temporary Insolvency Manager
          681005, Russia,
          Khabarovsk region, Komsomolsk-na-Amure,
          Zavodskaya Str. 1
          Phone/Fax: (4217) 52-93-29


GEOLOGICAL PROSPECTING: Appoints E. Chirkov Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Primorsky region has commenced
bankruptcy supervision procedure on Geological Prospecting
Enterprise.  The case is docketed as A51-4713/2004 26-49.  Mr.
E. Chirkov has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 692413,
Russia, Primorsky region, Kavalerovo, Chekhova Str. 7-55.

CONTACT:  GEOLOGICAL PROSPECTING ENTERPRISE
          692413, Russia,
          Primorsky region, Kavalerovo,
          Arsenyeva Str. 129

          Mr. E. Chirkov
          Temporary Insolvency Manager
          692413, Russia,
          Primorsky region, Kavalerovo,
          Chekhova Str. 7-55


HYDRO-TEKHNIC: Rostov Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Arbitration Court of Rostov region has declared OJSC
Hydro-Tekhnic insolvent and introduced bankruptcy proceedings.
The case is docketed as A53-763/2004-S2-24.  Ms. G. Taskina has
been appointed insolvency manager.   Creditors have until
September 16, 2004 to submit their proofs of claim to 344002,
Russia, Rostov-na-Donu, B. Sadovaya Str. 96, Office 204.

CONTACT:  HYDRO-TEKHNIC
          Russia, Rostov region,
          Bagayevskaya Station,
          Moskovskay Str. 4

          Ms. G. Taskina
          Insolvency Manager
          344002, Russia,
          Rostov-na-Donu,
          B. Sadovaya Str. 96, Office 204


INDUSTRIAL ENTERPRISE: Deadline for Proofs of Claim September 16
----------------------------------------------------------------
The Arbitration Court of Novosibirsk region has declared OJSC
Industrial Enterprise of Railway Transport insolvent and
introduced bankruptcy proceedings.  The case is docketed as
A45-12370/02-SB/2105.  Mr. A. Zaykov has been appointed
insolvency manager.  Creditors have until September 16, 2004 to
submit their proofs of claim to 630056, Russia, Novosibirsk,
Molodosti Str. 53 A.

CONTACT:  INDUSTRIAL ENTERPRISE OF RAILWAY TRANSPORT
          630056, Russia,
          Novosibirsk, Molodosti Str. 53 A

          Mr. A. Zaykov
          Insolvency Manager
          630056, Russia,
          Novosibirsk, Molodosti Str. 53 A


KERAMIK: Gives Creditors Until September 16 to Prove Claims
-----------------------------------------------------------
The Arbitration Court of Khabarovsk region has declared CJSC
Keramik insolvent and introduced bankruptcy proceedings.  The
case was docketed as A73-11469/03-37.  Ms. O. Bekryonova has
been appointed insolvency manager.  Creditors have until
September 16, 2004 to submit their proofs of claim to 682946,
Russia, Khabarovsk region, Vyazemsky, Shevchenko Str. 4.

CONTACT:  KERAMIK
          682946, Russia,
          Khabarovsk region, Vyazemsky,
          Shevchenko Str. 4

          Ms. O. Bekryonova
          Insolvency Manager
          682946, Russia,
          Khabarovsk region, Vyazemsky,
          Shevchenko Str.


MIKHAYLOVSKAYA SELKHOZ-KHIMIYA: Under Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
supervision procedure on OJSC Mikhaylovskaya Selkhoz-Khimiya.
The case is docketed as A04-3379/04-6/156 B.  Ms. L. Fedotova
has been appointed temporary insolvency manager.  Creditors are
asked to submit their proofs of claim to 675000, Russia, Amur
region, Blagoveshensk, Institutskaya Str. 11, Apartment 14.

CONTACT:  MIKHAYLOVSKAYA SELKHOZ-KHIMIYA
          676860, Russia,
          Amur region, Poyarkovo,
          Amurskaya Str. 232

          Ms. L. Fedotova
          Temporary Insolvency Manager
          675000, Russia,
          Amur region, Blagoveshensk,
          Institutskaya Str. 11,
          Apartment 14


SINEGORSKAYA: Court Prescribes External Management Procedure
------------------------------------------------------------
The Arbitration Court of Sakhalin region has commenced external
management bankruptcy procedure on LLC mine Sinegorskaya.  The
case is docketed as A59-1494/03-S9.  Mr. Y. Dolin has been
appointed external insolvency manager.

CONTACT:  Mr. Y. Dolin
          External Insolvency Manager
          Russia, Yuzhno-Sakhalinsk, Sinegorsk,
          Kommunisticheskaya Str. 16


SPETS-STROY: Proofs of Claim Deadline Expires September 16
----------------------------------------------------------
The Arbitration Court of Rostov region has declared building
company CJSC Spets-Stroy insolvent and introduced bankruptcy
proceedings.  The case is docketed as A53-109/2004-S2-8.  Mr. A.
Dordzhiev has been appointed insolvency manager.  Creditors have
until September 16, 2004 to submit their proofs of claim to
344002, Russia, Rostov-na-Donu, Sotsialisticheskaya Str. 60V.

CONTACT:  SPETS-STROY
          Russia, Rostov-na-Donu,
          M. Gorkogo Str. 295

          Mr. A. Dordzhiev
          Insolvency Manager
          344002, Russia,
          Rostov-na-Donu,
          Sotsialisticheskaya Str. 60V


SUDO-REM-SERVIS: Court Sets November 18 Hearing
-----------------------------------------------
The Arbitration Court of Sakhalin region has commenced
bankruptcy supervision procedure on OJSC Sudo-Rem-Servis.  The
case is docketed as A59-2142/04-S9.  Mr. Y. Dolin has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to:

(a) Mr. Y. Dolin
    Temporary Insolvency Manager
    693020, Russia,
    Yuzhno-Sakhalinsk,
    Kommunistichesky Pr. 39V, Office 102

(b) Sudo-Rem-Servis
    694000, Russia,
    Sakhalin region, Korsakov,
    Portovaya Str. 2

A hearing will take place on November 18, 2004, 10:30 a.m.


ZELENGINSKY SHIP-REPAIRING: Bankruptcy Proceedings Begin
--------------------------------------------------------
The Arbitration Court of Astrakhan region has declared OJSC
Zelenginsky Ship-Repairing Factory (TIN 3002000562) insolvent
and introduced bankruptcy proceedings.  The case is docketed as
A06-2154b-18k/2003.  Mr. V. Negerev has been appointed
insolvency manager.  Creditors are asked to submit their proofs
of claim to 416010, Russia, Astrakhan region, Kharabali, B.
Khmelnitskogo Str. 133.

CONTACT:  ZELENGINSKY SHIP-REPAIRING FACTORY
          416170, Russia,
          Astrakhan region, Volodarsky region,
          Zelenga, Rabochaya Str. 6

          Mr. V. Negerev
          Insolvency Manager
          416010, Russia,
          Astrakhan region, Kharabali,
          B. Khmelnitskogo Str. 133


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


LM ERICSSON: Adjusts Share Voting Rights Difference
---------------------------------------------------
At the extraordinary general meeting in Ericsson (NASDAQ:ERICY)
Wednesday, the shareholders decided to change the difference in
voting rights between A- and B-shares.  Following the change
each A-share confers one vote and each B-share confers one tenth
of a vote.

The general meeting also decided to implement a conversion
clause into the Articles of Association entailing that one
B-share may be converted to one A-share during the period
September 20 to December 10, 2004 by holders of a special
conversion right.

Furthermore, the general meeting decided to issue conversion
rights to holders of A-shares.  Each registered holder of
A-shares on September 10, 2004 will receive one conversion right
for each A-share.  One conversion right entitles the holder to
convert one B-share to one A-share during the period September
20 - December 10, 2004.

Finally, the general meeting decided not to approve Mr.
Hellbom's proposal on the abandonment of the A-shares.

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.

Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication
companies in the world.

                            *   *   *

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

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

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

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


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


GLOBINOSUGAR: Bankruptcy Supervision Begins
-------------------------------------------
The Economic Court of Poltava region has commenced bankruptcy
supervision procedure on LLC Globinosugar (code EDRPOU
31876797).  The case is docketed as 10/147.  Arbitral manager
Mr. Igor Korenev (License Number AA 719798 approved on February
3, 2004) has been appointed temporary insolvency manager.
Globinosugar holds account number 260072379001 at JSC Ukrinbank,
MFO 331177.

Creditors have until September 12, 2004 to submit their proofs
of claim to:

(a) GLOBINOSUGAR
    Ukraine, Poltava region,
    Globino, Zavodska Str. 1

(b) Mr. Igor Korenev
    Temporary Insolvency Manager
    Ukraine, Poltava region,
    Shevchenko Str. 52
    Phone: (0532) 61-15-13

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


HMELNITSKIJ: Sets Proofs of Claim Deadline September 12
-------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on LLC Hmelnitskij (code EDRPOU 31216391)
on June 14, 2004.  The case is docketed as 17/173-B.  Mr.
Volodimir Vojtuk (License Number AA 630144) has been appointed
temporary insolvency manager.  Hmelnitskij holds account number
2600201706976 at OJSC Ukreksimbank, Hmelnitskij branch, MFO
315609.

Creditors have until September 12, 2004 to submit their proofs
of claim to:

(a) HMELNITSKIJ
    31300, Ukraine, Hmelnitskij region,
    Hmelnitskij district, Oleshin

(b) Mr. Volodimir Vojtuk
    Temporary Insolvency Manager
    29000, Ukraine, Hmelnitskij region,
    Pribuzka Str. 2/20

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


NIVA: Under Bankruptcy Supervision
----------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on Agricultural LLC Niva (code EDRPOU
03776876) on June 17, 2004.  The case is docketed as 12/59-04.
Arbitral manager Mr. S. Chzhen (License Number AA 250088
approved on November 30, 2001) has been appointed temporary
insolvency manager.

Creditors have until September 12, 2004 to submit their proofs
of claim to:

(a) AGRICULTURAL NIVA
    42237, Ukraine, Sumi region,
    Lebedin district, M. Bobrik

(b) ECONOMIC COURT OF SUMI REGION
    40477, Ukraine, Sumi region,
    Ribalko Str. 2


PODILSKI TOVTRI: Court Appoints Temporary Insolvency Manager
------------------------------------------------------------
The Economic Court of Hmelnitskij region has commenced
bankruptcy supervision procedure on OJSC Podilski Tovtri (code
EDRPOU 03771123).  The case is docketed as 2/157-B.  Arbitral
manager Mrs. Mariya Golovata (License Number AA 249502 approved
on November 27, 2001) has been appointed temporary insolvency
manager.  Podilski Tovtri holds account number 26007002514 at
Creditbank, MFO 315416.

CONTACT:  PODILSKI TOVTRI
          32326, Ukraine, Hmelnitskij region,
          Kamyanets-Podilskij district,
          Verbka

          Mrs. Mariya Golovata
          Temporary Insolvency Manager
          32300, Ukraine, Kamyanets-Podilskij,
          Kushelov Str. 2

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


SAHNIVSKA: Gives Creditors Until September 12 to File Claims
------------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Agrofirm Sahnivska (code EDRPOU
30490389) on June 16, 2004.  The case is docketed as 7/93-04.
Arbitral manager Mr. Vadim Zakorko (License Number AA 719836
approved on February 19, 2004) has been appointed temporary
insolvency manager.

Creditors have until September 12, 2004 to submit their proofs
of claim to:

(a) AGROFIRM SAHNIVSKA
    41636, Ukraine, Sumi region,
    Konotop district, Sahni,
    Chapayev Str.

(b) Mr. Vadim Zakorko
    Temporary Insolvency Manager
    40030, Ukraine, Sumi region,
    Proletarska Str. 69,
    2nd floor

(c) ECONOMIC COURT OF SUMI REGION
    40477, Ukraine, Sumi region,
    Ribalko Str. 2


SVITANOK: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on LLC Svitanok (code EDRPOU 03772004) on
June 14, 2004.  The case is docketed as 10/131.  Arbitral
manager Mr. Yevgen Shtepenko (License Number AA 783004 approved
on March 15, 2004) has been appointed temporary insolvency
manager. Svitanok holds account number 26003054501342 at CB
Privatbank, Poltava regional branch, MFO 331401.

Creditors have until September 12, 2004 to submit their proofs
of claim to:

(a) SVITANOK
    Ukraine, Poltava region,
    Dikanka district, Veliki Budisha

(b) Mr. Yevgen Shtepenko
    Temporary Insolvency Manager
    36039, Ukraine, Poltava region, R. Luksenburg Str. 36

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


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


ABBA SUPPLIES: May Appoint Liquidator Wednesday
-----------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

             IN THE MATTER OF Abba Supplies Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Abba Supplies Ltd. will
be held at Gable House 239 Regents Park Road London N3 3LF, on
September 8, 2004, at 11:00 a.m. for the purpose of having a
full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at SPW Poppleton & Appleby, Gable House 239
Regents Park Road London N3 3LF two business days prior the
meeting.

By Order of the Board.

S. Hussain, Director
August 18, 2004

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


ACCENT CONTRACTING: Hires Liquidators from Begbies Traynor
----------------------------------------------------------
At an extraordinary general meeting of the members of the Accent
Contracting and Maintenance Limited on August 6, 2004 held at 58
Queen Square, Bristol, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Simon Robert
Haskew and Andrew Howard Beckingham, of Begbies Traynor, 58
Queen Square, Bristol BS1 4LF has been appointed joint
liquidators of the company for the purpose of the voluntary
winding-up.

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


ADVANCED MANUFACTURING: Sets Meeting September 17
-------------------------------------------------
Name of Companies:
Advanced Manufacturing Solutions Limited
A & E Engineering Limited
Jade Engineers (Bedford) Limited
Richmond Metal Finishing Company (UK) Limited

The meeting of the unsecured creditors of these companies will
be on September 17, 2004 commencing at 11:30 a.m.  It will be
held at PricewaterhouseCoopers LLP, 1 East Parade, Sheffield S1
2ET.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, 1 East Parade,
Sheffield S1 2ET not later than 12:00 noon, September 16, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          1 East Parade,
          Sheffield S1 2ET
          Joint Administrative Receivers:
          T S Underwood
          I D Green
          Phone: [44] (114) 272 9141
          Fax:   [44] (114) 275 2573
          Web site: http://www.pwc.com


ARBO LTD.: Creditors to Meet Wednesday
--------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

                 IN THE MATTER OF Arbo Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Arbo Ltd. will be held
at The Bonnington Hotel 92 Southampton Row London WC1B 4BM on
September 8, 2004 at 11:00 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 The Old Exchange
234 Southchurch Road Southend-on-Sea SS1 2EG not later that
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
The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG
before the Meeting, a statement giving particulars of their
security, the date when it was given, and the value at which it
is assessed.

Jamie Taylor of Begbies Traynor The Old Exchange 234 Southchurch
Road Southend-on-Sea SS1 2EG 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.

D. Whitby, Director
August 10, 2004

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange
          234 Southchurch Road
          Southend-on-Sea
          SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


CALEDONIAN FILAMENTS: Creditors' Meeting Set September 8
--------------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

           IN THE MATTER OF Caledonian Filaments Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Caledonian Filaments
Ltd. will be held at 16/17 Rothesay Place Edinburgh on September
8, 2004 at 12:00 p.m. for the purpose of having a full statement
of the position of the Company's affairs, together with a list
of the Creditors of the Company and the estimated amount of
their claims, laid before them, and for the purpose, if thought
fit, of nominating a Liquidator and of appointing a Liquidation
Committee. (Sections 99-101 of the said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at PKF, 78 Carlton Place Glasgow G5 9TH two
business days prior to the meeting.

By Order of the Board.

Susan Hill, Director
August 11, 2004

CONTACT:  PKF
          78 Carlton Place
          Glasgow G5 9TH
          Phone: 0141 4295900
          Fax: 0141 4295901
          E-mail: info.glasgow@uk.pkf.com
          Web site: http://www.pkf.co.uk


CHANGECOLOUR LIMITED: Sets Final Meetings September 29
------------------------------------------------------
The final meetings of the contributories and creditors will be
on September 29, 2004 commencing at 10:00 a.m. and 10:30 a.m.
respectively.  It will be held at the offices of Rothman Pantall
& Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Contributories or creditors who want
to be represented at the meeting may appoint proxies.  Proxy
forms must be lodged with Rothman Pantall & Co, Clareville
House, 26-27 Oxendon Street, London SW1Y 4EP not later than
12:00 noon, September 28, 2004.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Joint Liquidator:
          R D Smailes
          Phone: 01628 478100
          Fax:   01628 472629
          Web site: http://www.numerica.biz


CLARITYS LIMITED: Appoints Tomlinsons Liquidator
------------------------------------------------
At an extraordinary general meeting of the Claritys Limited
Company on August 23, 2004 held at Tomlinsons, St John's Court,
72 Gartside Street, Manchester M3 3EL, the Resolutions to wind
up the company were passed.  Alan H Tomlinson of Tomlinsons, St
John's Court, 72 Gartside Street, Manchester M3 3EL has been
appointed as liquidator for the purpose of such winding-up.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street,
          Manchester M3 3EL
          Liquidator:
          Alan H Tomlinson
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


COSTAIN GROUP: First-half Results Improve
-----------------------------------------
Costain Group, the international engineering and construction
group, announces increases in turnover and profit before tax for
the six months ended 30 June 2004.  Following the success of its
AMP3 water contracts, Costain has recently been awarded further
frameworks from Thames Water and Yorkshire Water in respect of
the forthcoming AMP4 program and has GBP350 million of work
under negotiation in the Building Division.

Financial highlights

(a) Group turnover up 15% to GBP339.9 million (2003: GBP296.4
    million),

(b) Profit before tax up 33% to GBP8.1 million (2003: GBP6.1
    million),

(c) Earnings per share up 20% to 1.8p (2003: 1.5p),

(d) U.K. operating profit of GBP5.1 million (2003: GBP3.9
    million),

(e) Forward order book at 30 June of GBP845 million

Operational highlights

(a) COGAP -- successful completion of ADGAS shutdown in Abu
    Dhabi with unblemished safety record

(b) Alliance Agreement signed between Costain and China Harbour

(c) Land deal concluded between Alcaidesa Inmobiliaria S.A. and
    major Spanish housing developer Ros y Falcon

Recent Events

(a) Two frameworks awarded from Yorkshire Water totaling c.
    GBP35 million per year for five years with an option to go
    to ten

(b) Major framework awarded from Thames Water for whole of
    London area clean water worth c. GBP40 million per year for
    five years also with an option to go ten

(c) GBP350 million of work in negotiation in the Building
    Division, all with key blue chip clients

Commenting on the announcement, the Chairman, David Jefferies,
said: "We have had a very good first six months and are pleased
with the continuing progress of the Group.  We are especially
delighted with the news post the period end of framework wins
from Thames Water and Yorkshire Water.  These are significant
awards in a very important sector for Costain.  We have had a
good start to the second half and the forward order book now
stands in excess of GBP1 billion.  I look forward to reporting
on further progress at the year end."

1 September 2004

Overview

We have had a successful first half recording a strong financial
performance as well as securing some notable contract successes.

In August we were pleased to be awarded contracts from Yorkshire
Water and Thames Water in respect of their forthcoming Asset
Management Programs, AMP4.  These contracts, totaling some
GBP350 million over 5 years, consolidate Costain's leading
market position in the U.K. water sector.  With water business
currently accounting for some 35% of the Group's contracting
business, this is a key strategic sector for Costain and we are
delighted that our customers continue to recognize our
outstanding capabilities and skills in this arena.  We are
confident that we will achieve our target of deriving 50% of
contracting business turnover from asset management contracts by
2006.

Progress made across the business is covered in the review
below.  It is worth highlighting here, two achievements.  First,
the landmark agreement in April between Costain and China
Harbour (the Alliance).  Since this agreement was signed, the
Alliance has submitted five pre-qualifications for major marine
works of which four (in Morocco, Mexico, Qatar and Nigeria) have
successfully progressed to full tendering.  This is an excellent
achievement and is a good example of how far Costain has
progressed both in terms of how it operates and the type of work
it undertakes.  Secondly, in the Building Division, we have
achieved preferred bidder status on GBP230 million of new work
and in total there are GBP350 million of contracts under
negotiation, further evidence of our success in pursuing a
strategy of negotiating contracts to avoid the risks inherent in
lump sum contracts.

We have said previously that we continue with the reconstruction
of the Company's balance sheet and the process is well underway.

Results

The results for the six months ended 30 June 2004 show a profit
before tax of GBP8.1 million (2003: GBP6.1 million) up 33% on
turnover up 15% at GBP339.9 million (2003: GBP296.4 million).
Earnings per share rose to 1.8p (2003: 1.5p), up 20%.

Profit on ordinary activities before interest grew to GBP7.9
million (2003: GBP5.9 million) with the U.K. operations
providing GBP5.1 million against GBP3.9 million in the
comparable period last year.  Operating profit from overseas
activities (including Alcaidesa) was GBP2.8 million compared to
GBP2.0 million in the first half of 2003.

At the half-year, the forward order book was GBP845 million
(2003: GBP820 million).

The Group has no significant borrowings and net cash balances at
the half-year totaled GBP65.7 million (2003: GBP65.1 million)
including the Group share of cash held by joint arrangements
(construction joint ventures) of GBP25.1 million (2003: GBP34.2
million).  This represents a cash outflow during the first half
of the year of GBP5.1 million.

Cash balances have been sustained, despite the move from lump
sum fixed price contracts to framework/partnered arrangements,
which do have a more evenly phased cash flow profile.

Asset Management

The Asset Management operations have successfully delivered on
schedule a program of AMP3 contracts to the Company's key Water
Utility customer's satisfaction.  All regulatory targets for
Quality and Safety were achieved for Year 4 up to March 31 2004
and over GBP225m of work was delivered during the period,
meeting the outputs set by the Regulator and Environment Agency.
This was a demanding program without a single environmental
incident.

Highlights included opening the new GBP31 million 140 Mega
Litres clean water treatment plant at Lostock Bolton for United
Utilities in April, which improves the quality of Lakeland Water
supplied to Manchester customers; and also completing all deep
shafts and tunnel drives on Bath's city center waste water
treatment for Wessex Water.  This GBP24 million scheme will be
delivered on time later this year.

In the ancient market town of Lewes, Sussex we gained planning
consent in February for our designs for installing a new
underground storm water storage network for Southern Water.
This will remove the risk of flooding from the town center.
Again, the shafts and tunnels are well underway for delivering
the project in early 2005.

Good progress has been made for Thames Water in providing
increased supply from underground sources at Battersea, Waltham
Abbey and East Ham.  As part of BAA's Heathrow Terminal Five
development, our works for TWUL/BAA to provide a new wastewater
treatment plant at Iver South and provide transfer lines and
upgrade process treatment at Twickenham some seven miles away is
projected to finish four months early in 2005.  The project, at
GBP106m our largest individual contract, releases vital land to
allow the further development of Terminal Five whilst providing
upgraded capacity to meet the demands of Heathrow Airport in the
twenty-first century.

Costain is now in the final year of delivering an overall 5 Year
program valued at GBP106 million for upgraded waste treatment
facilities for Yorkshire Water in the market towns and hamlets
of the East Riding of Yorkshire.

During the last nine months we have committed extensive resource
to securing water asset work for the AMP4 regulatory period
program as well as developing a wider asset management market
with the Ministry of Defense (MoD) in outsourcing their water
assets.  We are preferred bidder with Severn Trent Water for a
25-year concession valued at approximately GBP1 billion.

Following our success with Thames Water and the two frameworks
with Yorkshire Water we are now focusing our attention on
securing frameworks with Southern Water, Dwr Cymru, United
Utilities in the North West, Northumbrian Water and Severn Trent
Water.

U.K. Construction

Building

In May 2004 we appointed a new Director to lead the Southern
Region and a new General Manager has been recruited for the
Amec/Costain/Mowlem joint venture for ProCure 21 Health
contracts.

The Diamond Synchrotron Project -- GBP80 million -- is
proceeding well with most of the structural engineering work now
complete.  The Met Office was also successfully opened, with all
facilities transferred, in the early part of the year, as was
the final stage of Kings College Hospital -- the Ruskin Wing.
We also saw the substantial completion of Ormskirk Hospital,
Shrewsbury Phase I and Barts.

As previously mentioned the Division has achieved preferred
bidder status on GBP230 million of new work and in total there
are GBP350 million of contracts under negotiation.  Our
philosophy of avoiding high-risk contracts continues to pay off,
however, the tender process inevitably becomes protracted as a
result.

New orders in the first half of the year include residential
schemes for David Wilson Homes, Merrywalks Shopping Center in
Stroud, a large number of Tesco schemes, student accommodation
at Canterbury and a commercial office and retail development at
Saville Row, London.  As the negotiated contracts conclude
during the second half of 2004 it is expected that the Division
will achieve new orders of GBP315 million, an increase of 50%
over 2003 new orders.  The Division is continuing its focus on
key sectors and key clients and 75% of new orders will be
derived from a handful of client relationships in the retail,
residential and healthcare markets.

Overall the Division is progressing well and on track to
continue its growth targets in line with the Costain Group
Strategy.

Major Civil Engineering

The year started well at Channel Tunnel Rail Link 240 with the
successful breakthrough ahead of program of the second tunnel
drive (the first completed in December 2003).  The redevelopment
of Kings Cross Underground Station and the St. Pancras Station
redevelopment and extension are both progressing well.  At St
Pancras the interim station was completed on program and opened
for use at Easter thus releasing the western section for
construction.

At Chieveley, junction 13 of the M4 with the north/south A34, a
major milestone was achieved in March when during a weekend
closure of the M4 the successful demolition of an existing three
span overbridge was accomplished.  The project is due for
completion late summer 2004, well ahead of program.

The Sirhowy Enterprise Way Project, a GBP38 million PFI scheme
to build and improve roads in the heart of South Wales for
Caerphilly County Borough Council, has commenced and is
proceeding well despite minor initial protester action.

Our Early Contractor Involvement with the Highways Agency's A303
Stonehenge project has completed the Public Inquiry stage with
the Inspector's report anticipated soon.

We have recently been awarded the GBP37 million Porth road
contract in South Wales and still remain optimistic with regard
to future opportunities despite the Chancellor's rather cautious
view of increased spending in transportation.  Much of the work
we have currently secured runs on to 2007.

Regional Civil Engineering

The West Bay Harbour reconstruction project in Dorset is
progressing well and is due for completion at the end of 2004.
We have an excellent relationship with the client, West Dorset
District Council, and indeed with local residents, and we will
be pursuing a further scheme in the area at Lyme Regis.  Another
major marine engineering scheme for an extension to the
container terminal at Felixstowe has been delayed due to
slippage of materials during the initial works.  However, this
contract is now progressing well and completes before the end of
the year.  We are also tendering for the next phase, in excess
of GBP100 million, all for the client Hutchison Whampoa.

In the Airports sector, the Company has completed its third
contract at John Lennon Airport, Liverpool and has been awarded
a GBP7 million contract for new taxiway and stands -- one of a
series of contracts -- at the Robin Hood Airport, Doncaster.
The client for both airports is Peel Holdings.  At Manchester
Airport, Costain has been responsible for routine maintenance
work and is short-listed for long-term pavement frameworks.

Costain regional roads work has included design and planning in
both Cornwall and South Wales and the construction of a new
river bridge at Monmouth, which was recently officially opened.

Property

Good progress has been achieved in this half year at our
property development in Southern Spain, Alcaidesa, where we hold
a 50% interest in Alcaidesa Holding S.A., with our joint
shareholder Banesto Bank.  A significant amount of
infrastructure -- roads, utilities, including a water treatment
plant to service the second phase of development known as San
Roque 1 & 2 -- is underway and due for completion in the Autumn.
Infrastructure to service phase three known as La Linea 2, has
also started and Alcaidesa Holding has commenced placing orders
for the construction of its second golf course and a new golf
club house facility.

Two sales of large residential development enclaves were
completed with developer Ros y Falcon in the half-year along
with the majority of the one remaining Alcaidesa housing scheme
called Jardines de Alcaidesa.  These sales ensured the company
met its expected profit forecast for the year to date.

Detailed negotiations have led to terms being agreed for the
sale of a large plot of land to a major international hotel
chain, subject to some minor planning matters being resolved and
it is hoped this sale will be successfully completed by the
year-end giving a significant boost to the reputation of the
area.

Alcaidesa is committed to expanding its operations in the area
and is in final negotiations to make several land acquisitions
ensuring a long-term future for this business.

International

The last six months have seen Costain awarded the Construction
Management contract for the Port Ghalib (Masa Allam) leisure
development on the Red Sea in Egypt, a Kharafi project valued at
US$150 million.  We now have operations in Egypt, Nigeria,
Tanzania, Botswana, and Zimbabwe.  We also have significant new
opportunities in both our existing businesses and in new
countries within the region.

The Group is in the advanced stages of restructuring Costain
(West Africa) Plc, after increasing its shareholding to 36% of
the issued share capital.  This will allow us to take advantage
of the significant opportunities within Nigeria giving Costain
real strength across its business streams in West Africa.

In the Middle East, Costain has recently appointed a new
Regional Director to restructure the regional businesses and
progress its operations in Iraq.  As part of the regional
strategy, a new hub support business is being set up in Dubai to
provide support for the regions.

Although business in Iraq continues to be hindered by security
issues, Costain has benefited from its strategy of focusing on
the North of the country and has secured three contracts.  These
contracts are for the provision of Master Planning across the
Kurdish region; the complete design, construction and equipping
of a medical laboratory; and provision of commercial support for
the new Erbil Airport.  Costain is also in the process of
signing three further contracts for supply of Project Management
and Engineering services to the Kurdish Regional Government.

The relationship between Costain and China Harbour, which has
been evolving over the last 12 years in Hong Kong, took a
definitive step forward with the signing, in April, of an
Alliance Agreement between the two companies.  The purpose of
the Alliance is to combine the extensive marine resources of
China Harbour with the international experience of Costain, to
target marine related projects on a worldwide basis.  The
Alliance has appointed two Business Development Managers - Bob
Aylmer from Costain, and Victor Wu from China Harbour - to
develop these opportunities.

Since April, the Alliance has submitted five pre-qualifications
for major marine works, and has been successful on four
projects, with the result of one pre-qualification pending.
These four projects, which are currently being tendered, are
situated in Morocco, Mexico, Qatar and Nigeria.

We are currently in discussion with our shareholders -- United
Engineers and Kharafi -- to establish formal joint businesses to
take advantage of our combined strengths in new and emerging
markets.

Costain Oil, Gas & Process (COGAP)

The new COGAP management team began the year by outlining the
plan for the oil, gas & process business based on two principal
areas of focus: the U.K. nuclear decommissioning market and the
international market for gas treatment processing and
transportation.

Over the last six months, COGAP has made considerable effort in
marketing and business development particularly in North Africa
and the Middle East and the results of this are encouraging.

In March, one month ahead of schedule, we completed for
Ferrostaal, Trinidad the shipment of the Purge Gas Recovery
Unit, a specific technology where COGAP has considerable
experience.

The latest overhaul project for the Abu Dhabi Gas Liquefaction
Company (ADGAS) at Das Island, Abu Dhabi was successfully
completed at the end of April.  The 38-day project was completed
two days early and with no lost time for safety incidents.  In
total, the project involved over 670,000 man-hours with a peak
day labor force of over 2,000.

Our strategy to re-enter the nuclear market has borne fruit in
the shape of some early study work from UKAEA at Dounreay and a
modularized active effluent treatment plant for BNFL,
Hunterston.

PFI

The Sirhowy Enterprise Way project reached Financial Close in
January 2004.  This 50:50 JV partnership with Laing Roads Ltd.
includes a landmark cable-stayed bridge and has a capex value of
GBP35 million.

We anticipate reaching Financial Close on the MoD's GBP1 billion
Aquatrine C water asset management PFI project shortly with our
partners Severn Trent Water and Arup (Costain share 22%).
Financial close on the Kingston Hospital Project should occur in
October 2004 after a year of negotiation.

Construction of the Intermediate Care Facilities for Kent County
Council is proceeding satisfactorily.  As part of the same
Consortium, we have recently been appointed Preferred Bidder for
the Shropshire Quality In Community Service PFI Project.

We are pleased to have pre-qualified in partnership with Alfred
McAlpine against stiff competition as one of three for the Three
Shires project for the NHS, comprising a number of mental health
projects, requiring partnering skills.  The capex value will be
between GBP60 and GBP140 million depending on how many projects
are finally included. Alfred McAlpine will provide the
facilities management.

Also in the bidding phase are two projects, in the health and
education sectors, for which we await announcement of the
Preferred Bidder.

Phase Two of the works at Kings College Hospital, the
refurbishment of the Ruskin Wing followed our success in the
Golden Jubilee Wing by being completed ahead of program, also
won the Award for Best Operational Design (All Sectors) at the
2004 PFI Awards Dinner.

Parc Prison at Bridgend continues to operate well whilst the new
Met Office (PPP project) has successfully passed through into
the operational phase.

We continue to bid PFI projects in a focused manner, with
particular concentration on the health and education sectors.

Health and Safety

Early 2004 saw the Costain SHE Department embark upon a number
of developments designed to further enhance the SHE performance
of the Company, including:

(a) Gaining recognition of Costain's effort on Health & Safety
    at the RoSPA Awards ceremony where the Company received no
    fewer than 28 awards.

(b) Achieving OHSAS 18001 accreditation.  Although a gap
    analysis conducted by the BSi auditors indicated that
    Costain's Health & Safety management system was already of a
    high standard, work has been progressed on the areas
    identified where some improvements were required. This has
    now seen Phase I of the assessment successfully completed
    and Phase 2 is scheduled to take place during the last week
    of September, following which we hope to have our
    accreditation confirmed.

(c) Improving our performance and guidance relating to health
    issues where we have been working closely with the Health &
    Safety Executive (HSE), Employment Medical Advisory Service
    (EMAS) and industry experts such as Sypol, Institute of
    Occupational Safety and Health and Loughborough University.
    The HSE and EMAS representatives have commented on how
    pleased they are to have a major contractor like Costain
    taking a lead role in improving the health of the workforce.

(d) Our Environmental guidance and procedures were upgraded
    significantly during 2003 with the focus of the department
    being concentrated on communicating the requirements of our
    Environmental Management System to the workforce.  To that
    end a series of Environmental briefings and bespoke courses
    have been conducted at a number of sites across the U.K.

(e) Leading the Company's drive towards Sustainable
    Construction.

Sustainability

The Costain Group remains committed to the effective management
of our environmental risks.  Through the hard work of project
staff and ongoing support of the SHE Team, we continue to
maintain our environmental management systems ISO14001
certification; whilst our continual improvement procedures will
ensure our accreditation persists.

The last six months has seen Costain embark on a drive to
integrate the principle of sustainable construction within our
business.  Workshops with key individuals from across Costain
helped formulate the type and structure of our strategy; these
workshops also provided us with an understanding of our key
client requirements enabling us to draft a strategy with the
Costain business philosophy to the fore.

To aid us in our drive for sustainable construction, a
Sustainability Advisory Group has been established with
champions nominated for the three key areas of Social, Economic
and Environment.  Sponsored by the Chief Executive and chaired
by the Group SHE Director, the group also includes independent
professional advisors from the Environment Agency, the CITB and
an environmental consultant.

Business Systems

Costain continues to invest capital and energy with regard to
the business systems strategy.  Having completed the development
of operational Best Practice, a skills transfer and awareness
program has been running with approximately 1,000 days of
training already completed.

The Company launched an Internet Business Portal, named iCosnet,
which now supports over 3,500 employees, clients and members of
the Supply Chain in the delivery of knowledge, best practice and
contract documentation throughout our U.K. and international
operations. The system received 1.2m document access hits during
June.

A project has been initiated to replace back office systems with
a modern integrated set of commercial and financial systems,
further streamlining the business and laying foundations for the
delivery of e-procurement and trading capability for the future.

Board

Dato' Abdul Wahid Omar, a nominee of UEM Builders Berhad, our
largest shareholder, resigned as Deputy Chairman and as a
non-executive director of the Company with effect from 16 July
2004 following his departure from the UEM Group to take up his
new appointment as the Chief Executive Officer of Telekom
Malaysia.

At the same time the Board warmly welcomed Mr. Ahmad Pardas
Senin, a nominee of UEM Builders Berhad, as a non-executive
director.  Mr. Senin is the Managing Director/Chief Executive of
United Engineers (Malaysia) Berhad, the Malaysian infrastructure
development conglomerate.  Concurrently, Mr. Senin also serves
as Managing Director/Chief Executive Officer of UEM World
Berhad, Deputy Chairman of PLUS Expressways Berhad, and UEM
Builders Berhad and non-executive director of Pharmaniaga
Berhad, all of which are companies listed on the Malaysian
Securities Exchange.  Mr. Senin was elected Deputy Chairman of
the Company on 16 July 2004.

Mrs. Leslie Rogers, a non-executive director of the Company,
advised that the relocation of her home overseas and family
commitments were making it difficult for her to fulfill her role
in the Company and accordingly she resigned as a non-executive
director with effect from 15 July 2004.  Mrs. Rogers was a
nominee of Raymond International WLL and is not being replaced
on the board by that major shareholder.

Mr. Mohd Azman Sulaiman, a nominee of UEM Builders Berhad was
welcomed as a non-executive director of the Company on 30 June
2004 following the resignation of Mr. Aminuddin Yusof Lana on
that day.  Mr. Sulaiman is a director responsible for business
development for the UEM Group of companies.

The Board are most grateful for the commitment and contribution
made by Dato' Wahid Omar, Mrs. Leslie Rogers and Mr. Lana.

The Company also announced on 21 July 2004 that it had appointed
Hawkpoint Partners Limited as its financial advisors.

Share Capital

On 2 April 2004, the London Stock Exchange admitted to trading a
further 7,999,990 ordinary shares of 10p each fully paid ranking
pari passu with existing ordinary shares.  The shares were
issued pursuant to a Share Warrant Instrument by way of Deed
Poll dated 29 March 2001 in which the Company's bankers were
granted share warrants in return for refinancing the Company's
existing term facilities at that time.  A total of 1,600,000
warrants were issued and each warrant gave the recipient a right
to subscribe for 10 ordinary shares in the Company.  The
exercise price was 112.25p per warrant.  No warrants now remain
in issue.

Awards

Following the Company's success at the RoSPA awards, there were
two additional national achievements.  The new Met Office
headquarters in Exeter, a Costain joint venture, was voted 'Best
Office Building of the Year' at the highly prestigious Building
Services Awards.  In addition, the Costain Group magazine,
Blueprint, was voted by the International Building Press as the
Best Commercial House Magazine in the U.K. construction
industry.

Outlook

There has been a lot of comment recently on the availability of
both public and private funds for infrastructure related
projects and the impact this is having on the industry.  Whilst
there has undoubtedly been some cutbacks as Government
expenditure has been constrained nonetheless there remains a
significant amount of work available for tender.  However,
performance and the ability to add value are becoming more
crucial issues in terms of clients' choice of appropriate
contractors.  In the more competitive environment, those
companies that have reacted to these changes have considerable
opportunities in the future, particularly in terms of pursuing
long-term relationships ensuring the stability of their
business.

Against this background we are pleased with our start to the
second half.  The forward order book has increased to over
GBP1bn, with the award of the 5-year frameworks with an option
of going to 10 years from Yorkshire and Thames, and a number of
frameworks still to be awarded.  We also have a considerable
volume of work in the pipeline, which should ensure future
levels of turnover and profitability in line with our strategy.

Our philosophy over the last three years is delivering
profitable business and we look forward to reporting on further
progress in the future.

David G Jefferies
Chairman

Stuart J Doughty
Chief Executive

31 August 2004

A full copy of its financial results is available free of charge
at http://bankrupt.com/misc/interimresults.htm.

CONTACT:  COSTAIN GROUP PLC
          Stuart Doughty, Chief Executive
          Charles McCole, Finance Director
          Graham Read, Public Relations
          Phone: 01628 842 444

          COLLEGE HILL
          Mark Garraway
          Matthew Gregorowski
          Phone: 020 7457 2020


DE LANE: Renamed De Lane Lea Post Productions by New Owners
-----------------------------------------------------------
An undisclosed buyer has bought Sound facility De Lane Lea out
of receivership, a company spokesperson revealed, according to
Variety.com.

Gemma Richardson said David Bergstein, owner of Acena, which
bought De Lane Lea last year, "has sold his interest in the firm
to the new management team."

De Lane Lea went into receivership on August 11, and was
immediately bought August 12.  The new owners renamed the
company De Lane Lea Post Productions.

Acena is affiliated with Elie Samaha Franchise Pictures, which
went into receivership in the U.S. two weeks ago.  According to
sources of the report, Acena is owned by Elie Samaha, Ron Tudor
and David Bergstein.


EXPRESS SITE: Extraordinary Winding up Resolution Passed
--------------------------------------------------------
At an extraordinary general meeting of the members of the
Express Site Services Ltd. on August 20, 2004 held at H. R.
Harris & Partners, 44 St Helens Road, Swansea SA1 4BB, the
Extraordinary Resolution to wind up the company was passed.  Mr.
S J Burkinshaw of 44 St Helen's Road, Swansea SA1 4BB has been
appointed liquidator for the purpose of the winding-up.

CONTACT:  H. R. HARRIS & PARTNERS
          44 St Helens Road,
          Swansea SA1 4BB
          Liquidator:
          Mr. S J Burkinshaw
          Phone: 01792 643311 (7 lines)
          Fax:   01792 458706
          E-mail: info@hrharrispartners.co.uk
          Web site: http://www.hrhptnrs.co.uk


FURNESS ROOFING: Final Meeting Set September 28
-----------------------------------------------
The final meeting of the members and creditors of Furness
Roofing Limited will be on September 28, 2004 commencing at
10:00 a.m. and 10:15 a.m. respectively.  It will be held at
Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3
3EL.

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 Tomlinsons, St John's Court, 72 Gartside
Street, Manchester M3 3EL not later than 12:00 noon, September
27, 2004.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street,
          Manchester M3 3EL
          Liquidator:
          A H Tomlinson
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


GATWOOD AND ELCOMBE: Final Meeting Set September 30
---------------------------------------------------
The final meeting of the members and creditors of Gatwood and
Elcombe Limited will be on September 30, 2004 commencing at
10:00 a.m. and 10:15 a.m. respectively.  It will be held at the
offices of SPW Poppleton & Appleby, Gable House, 239 Regents
Park Road, London N3 3LF.

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 SPW Poppleton & Appleby, Gable House, 239
Regents Park Road, London N3 3LF not later than 12:00 noon,
September 29, 2004.

CONTACT:  SPW POPPLETON & APPLEBY
          Gable House,
          239 Regents Park Road,
          London N3 3LF
          Liquidator:
          H J Sorsky


GLENSHEE CHAIRLIFT: Receivers Sell Golf Course to Rival
-------------------------------------------------------
Joint Receivers, Blair Nimmo and Neil Armour of KPMG Corporate
Recovery has sold Glenisla golf course, formerly part of
Glenshee Chairlift Company Limited (in Receivership), for an
undisclosed sum.

The Glenisla facility, near Alyth, has been sold to the
preferred bidder, Glenisla Golf Centre Ltd., a company of which
Hamish Somerville is the principal.  In total the company has
seven permanent employees, supplemented by 11 seasonal workers.

Joint Receiver, Blair Nimmo, Head of KPMG Corporate Recovery in
Scotland, said: "We are pleased to complete the sale of the
business and assets of Glenisla as a going concern, preserving
important jobs and economic activity in the local area.  It is a
beautiful course which has already received many accolades with
excellent potential."

The Glenshee Chairlift Company Ltd. of which Glenisla Golf
Course was a part, went into Receivership on Thursday 6 May.
Glencoe ski resort was sold to Glencoe Mountain Resort Ltd. in
June.  The Joint Receivers are still in discussion with the
preferred bidder for Glenshee ski resort and the conclusion of
those discussions is expected in the near future.

CONTACT:  KPMG CORPORATE RECOVERY
          Blair Nimmo
          Head of KPMG Corporate Recovery Scotland
          Phone: 0141 300 5661
          E-mail: blair.nimmo@kpmg.co.uk

          Judith Dow, KPMG Corporate Communications
          Phone: 0207 694 8584 / 07786 197718
          E-mail: judith.dow@kpmg.co.uk
          Web site: http://www.kpmg.co.uk


ILFORD IMAGING: Black and White Film Business for Sale
------------------------------------------------------
The Joint Administrative Receivers, Mark Byers, Malcolm Shierson
and Les Ross, set for sale the business and assets of Ilford
Imaging U.K. Limited (In Administrative Receivership).

The main activity of the company is the development, manufacture
and supply of traditional black and white photographic film and
paper, as well as the manufacture of inkjet photo paper.

Principal features of the company:

(a) Annual turnover of circa GBP56 million;

(b) Business established for 125 years with a well-known brand
    name;

(c) World market share of circa 60% for black and white paper
    and circa 40% for black and white film;

(d) 2003 annual manufacturing volumes of circa 9 million square
    meters of black and white paper, circa 1 million square
    meters of black and white film and circa 9 million square
    meters of polymer inkjet paper;

(e) Freehold 40 acre site with circa 50,300 of manufacturing,
    warehousing and office buildings;

(f) Skilled workforce;

(g) International customer base; and

(h) Circa 400 employees.

CONTACT:  GRANT THORNTON UK LLP
          Heron House
          Albert Square
          Manchester M60 2AT

          Mark Byers, Malcolm Shierson and Les Ross
          Phone: 0161 834 5414
          Fax: 0161 832 6042


JAYWICK SANDS: Names Liquidator from Ensors
-------------------------------------------
At an extraordinary general meeting of the Jaywick Sands
Freeholders Association Limited on August 13, 2004 held at The
Resource Centre, Brooklands Gardens, Jaywick, the subjoined
extraordinary resolution to wind up the company was passed.
Steven M Law of Ensors, Cardinal House, 46 St Nicholas Street,
Ipswich IP1 1TT has been appointed liquidator of the company for
the purpose of the voluntary winding-up.

CONTACT:  ENSORS
          Cardinal House,
          46 St Nicholas Street,
          Ipswich IP1 1TT
          Liquidator:
          Steven M Law
          Phone: 0845 130 0504
          E-mail: mail@ensors.co.uk
          Web site: http://www.ensors.co.uk


KICKERS INDOOR: Sets Meeting of Creditor September 8
---------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

          IN THE MATTER OF Kickers Indoor Sports Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Kickers Indoor Sports
Ltd. will be held at Southampton Park Hotel 12-13 Cumberland
Place Southampton SO15 2WY on September 8, 2004 at 10:30 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)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Grant Thornton U.K. LLP, 31 Carlton Crescent
Southampton SO15 2EW two business days prior to the meeting.

By Order of the Board.

J. D. Allen, Director
August 13, 2004

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


KITCHEN EXPRESSIONS: Appoints Begbies Traynor Liquidator
--------------------------------------------------------
At an extraordinary general meeting of the members of the
Kitchen Expressions Limited Company on August 16, 2004 held at
Elliot House, 151 Deansgate, Manchester M3 3BP, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Gary Bell of Begbies Traynor, Elliot House, 151 Deansgate,
Manchester M3 3BP has been appointed liquidator of the company
for the purpose of the voluntary winding-up.

CONTACT:  BEGBIES TRAYNOR
          Elliot House,
          151 Deansgate,
          Manchester M3 3BP
          Liquidator:
          Gary Bell
          Phone: 0161 839 0900
          Fax:   0161 832 7436
          Web site: http://www.begbies.com


NETWORK RAIL: Criminal Charges Vis-a-vis Hatfield Crash Dropped
---------------------------------------------------------------
A London court dismissed charges against Network Rail over the
Hatfield train crash, freeing it from the possibility of facing
unlimited fine for the tragedy, Reuters reports.

Network Rail said London's Old Bailey court cleared it and its
former senior executives from charges of manslaughter for the
accident four years ago.

A passenger train was derailed at Hatfield north of London on
October 17, 2000, killing four people and injuring dozens of
passengers.  The accident was blamed on broken rail.

The incident forced Railtrack, the then rail operator until its
collapse in 2002, to upgrade its services.  It also put further
strain into the network's already ailing finances.

The court said there was no sufficient evidence the rail operato
r was neglectful so as to directly cause the mishap.  It also
dismissed lesser health and safety charges against Gerald
Corbett, the chairman of retailer Woolworths who was chief of
the former rail operator at the time of the crash.

Railtrack collapsed two years ago after the government withdrew
funding to the company.

CONTACT:  NETWORK RAIL LIMITED
          40 Melton St.
          London NW1 2EE,
          United Kingdom
          Phone: +44 20 7557 8000
          Fax:   +44 20 7557 9000
          Web site: http://www.networkrail.com


NOVATION ELECTRONIC: Sets Creditors Meeting September 10
--------------------------------------------------------
The creditors of Novation Electronic Music Systems Limited will
meet on September 10, 2004 commencing at 11:30 a.m.  It will be
held at Numerica, 66 Wigmore Street, London W1U 2HQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Numerica, 81 Station Road, Marlow,
Buckinghamshire SL7 1SX not later than 12:00 noon, September 9,
2004.

CONTACT:  NUMERICA
          81 Station Road, Marlow,
          Buckinghamshire SL7 1SX
          Phone: 01628 478100
          Fax:   01628 472629
          Web site: http://www.numerica.biz


PREBENDAL PROPERTIES: Special Winding up Resolution Passed
----------------------------------------------------------
At an extraordinary general meeting of the Prebendal Properties
Surbiton Limited on August 19, 2004 held at 2nd Floor, St Martin
's House, St Martin's Walk, High Street, Dorking, Surrey, the
subjoined Special Resolution to wind up the company was passed.
Martha H Thompson of BDO Stoy Hayward LLP, Kings Wharf, 20-30
Kings Road, Reading, Berkshire RG1 3EX has been appointed
liquidator for the purpose of such winding-up.

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


SENIOR STEEL: Names Smith & Williamson Liquidator
-------------------------------------------------
At an extraordinary general meeting of the Senior Steel Company
on August 17, 2004 held at No 1 St Swithin Street, Worcester WR1
2PY, the subjoined Resolutions to wind up the company were
passed.  Neil Francis Hickling of Smith & Williamson Limited has
been appointed liquidator of the company for the purpose of such
winding-up.

CONTACT:  SMITH & WILLIAMSON LIMITED
          No 1 Swithin Street,
          Worcester WR1 2PY
          Liquidator:
          Neil Francis Hickling
          Phone: 01905 730100
          Fax:   01905 723502
          Web site: http://www.smith.williamson.co.uk


SOUTH WEST: Hires Tenon Recovery Administrator
----------------------------------------------
Tina Yearsley and Carl Stuart Jackson have been appointed joint
administrators for South West Cradles (UK) Limited.  The
appointment was made August 20, 2004.

The company supplies scaffolding and cradles.  Its registered
office is located at Highfield Court, Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ.

CONTACT:  TENON RECOVERY
          Highfield Court
          Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Joint Administrators:
          Carl Stuart Jackson
          Tina Yearsley
          Phone: 023 8064 6464
          Fax:   023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


UNITED BISCUITS: Results Slightly Down in First Half
----------------------------------------------------
United Biscuits plc (UB), a leading manufacturer and marketer of
biscuits and snacks, announces its half-year results for 2004.

Highlights:

(a) In spite of challenging market conditions Group turnover for
    the first half of 2004 remained broadly level at GBP652.5
    million (2003: GBP655.4 million) including currency
    translation losses of GBP7.3 million.

(b) Branded sales increased to represent 88% of total revenues
    (2003: 87%).  Investment behind priority brands increased.

(c) Business profit was GBP64.7 million (2003: GBP68.0 million)
    which reflects the good performances from Northern and
    Southern Europe but held back by tough trading conditions in
    the U.K.

(d) Building upon GBP100 million of cost savings produced over
    the last three years, UB generated an additional GBP13
    million during the first six months of 2004.

(e) In August 2004, the sale of the loss making Benelux snacks
    business was agreed and will enable UB to focus on its core
    markets in Western Europe.

(f) In July 2004, UB announced its intention to acquire Jacob's
    Biscuit Group for approximately GBP228 million, including
    transaction costs estimated to be GBP15 million.  The
    acquisition is subject to OFT approval.

(g) In August 2004, UB completed the acquisition of Triunfo
    Produtos Alimentares S.A. (Triunfo).  As a result UB is now
    the market leader with a 39% share of the Portuguese biscuit
    market.

Commenting on the results, Malcolm Ritchie, Chief Executive,
said: "UB has achieved a number of key milestones in the first
half of 2004 in its strategy to deliver branded growth.  Our
acquisition of Triunfo and the proposed acquisition of Jacob's
are central to the Company's future, adding proven brands with
potential for further development in their existing and UB's
other core markets.

"Tough trading conditions in the U.K. reduced the effect of a
solid performance in Northern Europe and continued growth in
southern Europe.  In the near term the trading outlook in the
U.K. remains challenging but longer term we are confident about
prospects based on strong business fundamentals.  The Group is
accumulating an unrivalled portfolio of leading biscuit and
snacks brands which, when combined, will create a series of
exciting growth opportunities through leveraging UB's natural
advantages in scale, innovation and market reach."

CONTACT:  UNITED BISCUITS FINANCE PLC
          Hayes Park North,
          End Road, Hayes
          London EB4 8EE,
          United Kingdom
          Phone: +44 20 8234 5000
          Fax:   +44 20 8734 5555
          Web site: http://www.unitedbiscuits.co.uk


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed
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The TCR Europe subscription rate is US$575 per half-year,
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