TCREUR_Public/040907.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, September 7, 2004, Vol. 5, No. 177

                            Headlines

C Z E C H   R E P U B L I C

GLOBTOUR PRAHA: Joins List of Bankrupt Local Tour Operators


F R A N C E

CORAMY: Commercial Court Accepts Application for Receivership


G E R M A N Y

BRAKEL HAUSTECHNIK: Court Appoints Provisional Administrator
BRAWA SANIERUNGSTECHNIK: Bankruptcy Proceedings End
BREMER WOLL: Suspends Publication of First-half Results
FLIESEN UND KERAMIK: Court Cancels Bankruptcy Proceedings
GFN AG: Files for Insolvency

M.U.S. CORPORATION: Under Bankruptcy Administration
POKS VERSAND: Berlin Court Commences Bankruptcy Proceedings
SCHULTE & JUNEMANN: First Creditors Meeting Set October 26
WCM GROUP: Ehlerding Family Cuts Stake to 19.1%
WYKO GMBH: Deadline for Filing Claims September 24
ZIEGELWERK WENDERLEIN: Administrator's Report Out November 12


I R E L A N D

AN POST: Survey Shows Quality of Service in First Half Declined


I T A L Y

FIAT AUTO: CEO Sergio Marchionne Banks on New Management
FIAT AUTO: Installs New Organization Structure
FIAT AUTO: Elasis Has New Chief Executive Officer
PARMALAT FINANZIARIA: Revenues from Non-core Business Down 28.8%


N O R W A Y

AKER KVAERNER: Corners NOK4.3 Billion Ormen Lange Contract


R U S S I A

AGRO-VTOR-MED: Proofs of Claim Deadline Expires September 16
CHEREMKHOVSKY: Irkutsk Court Appoints Insolvency Manager
CHEREPANOVSKOYE TECHNICAL: Court Sets October 13 Hearing
FERRO-CONCRETE: Court Appoints External Insolvency Manager
NELIDOVSKY FURNITURE: Appoints A. Pereverzov Insolvency Manager

NOVOSIBIRSK-METRO-STROY: Declared Insolvent
NOVOSIBIRSKOYE AIR: Undergoes External Management Procedure
OCTYABRSKYAYA FURNITURE: Proofs of Claim Deadline September 16
PLASTIC MANUFACTURE: Under Bankruptcy Supervision
YUKOS OIL: Puts Responsibility of Possible Social Unrest on Govt
YUKOS OIL: Authorities Jock up Back Tax Assessment to US$4.1 Bln


S W I T Z E R L A N D

SAIRLINES: Third-class Creditors to Get Up to 49.4% in Dividend


U K R A I N E

AGROPRODEKSPORT: Vinnitsya Court Opens Bankruptcy Proceedings
AUTO 11849: Names O. Dunayevskij Liquidator
DEMIDIVSKIJ GRANITE: Under Bankruptcy Supervision
DIBROVA: Gives Creditors Until September 13 to File Claims
ENERGOBUDIVNIK: Proofs of Claim Deadline September 13

HIZHINSKE: Bankruptcy Case Pending Before Cherkassy Court
NEDRIGAJLIV RAJAGROBUD: Declared Insolvent
POBEDA: Insolvency Manager Takes over Helm
RODINA: Court Orders Debt Moratorium
UKRTSVETMET: Court Appoints Temporary Insolvency Manager


U N I T E D   K I N G D O M

1.618 DESIGN: Creditors Meeting Set September 14
ABBEYZONE LIMITED: Liquidator to Give Update September 14
A & B PLANT: Members Agree to Wind up Business
ADROIT PACKAGING: May Appoint Liquidator September 13
ADVANCEPOOL LIMITED: Meeting of Creditors Set September 14

ALEXANDER SHERIDAN: Names Joint Administrators from PKF
B A PARKER: Calls in Liquidator
BARNSLEY ALHAMBRA: Sets Creditors Meeting September 10
B & EM: Names Liquidator from Mazars
BENFLEET FOOD: May Appoint Liquidator Next Week

BLUNDELL AND DOOLAN: Hires Liquidators from Harrisons
CHESTERFIELD COLOURGRAPHICSL: Calls in Liquidator from P&A
COMPAREIT LIMITED: Extraordinary Winding up Resolution Passed
DELTA UTILITIES: Hires Liquidator from P&A Partnership
DENMARK DEVELOPMENTS: Insolvency Service Bans Former Director

EMBANKMENT ENTERPRISES: Hosting Creditors Meeting Friday
ESHER HOLDINGS: Hires Liquidators from Wilder Coe
EURO TRADE: Brings in Administrator from Begbies Traynor
FINAN CONSTRUCTION: Winding up Resolutions Passed
GEMMA LIMITED: Creditors Meeting Set September 13

LAUREN MAY: Extraordinary Winding up Resolution Passed
METROPOLITAN RECRUITMENT: Appoints Wilkins Kennedy Administrator
OFFSHORE CRANE: KPMG Sells Business to TSI for Undisclosed Sum
PARTINGTON DEVELOPMENT: Sets Members Meeting September 27
QUEENS GARDENS: Hires Liquidators from Wilson Pitts

RANK GROUP: Outlook Negative as Performance Deteriorates
RANK GROUP: Expects Larger Seasonal Losses for Deluxe Media
ROYAL MAIL: Posts Worst Quarterly Performance in Three Years
ROYAL MAIL: Improves on Lousy Spring Performance
SIMPLE DESIGN: Appoints HKM LLP Liquidator

SIMPLE TALK: Winding up Resolutions Passed
ST DAVID'S: Creditors Meeting Set September 16
SUPERIOR LIMITED: Insolvency Service Orders 8-year Ban for Exec
TUDOR FABRICS: Names PricewaterhouseCoopers Liquidator
TWP TRADECO: Appoints Deloitte & Touche Liquidator

* Large Companies with Insolvent Balance Sheets


                            *********


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


GLOBTOUR PRAHA: Joins List of Bankrupt Local Tour Operators
-----------------------------------------------------------
Czech travel agency Globtour Praha went bust after failing to
repay obligations while a number of its clients are still
touring abroad, Czech News Agency says.

The first signs of Globtour's problems surfaced when its clients
nearly missed a bus trip to Croatia, as the travel agency had
overdue debts to bus operator Cesky Narodni Expres.  This
prompted Globtour's insurer, Ceska Podnikatelska Pojistovna
(CPP), to audit the company's accounts and in the process found
some inadequacies in its finances.

CPP has confirmed it is taking steps to secure the return of
around 187 clients.  CPP head Vladimir Pulchart was recently
quoted by a local daily as saying Globtour's bankruptcy would
affect 600 people, among them clients whose tours have yet to
start.

CONTACT:  GLOBTOUR PRAHA S.R.O.
          Nadrazni 535/15
          702 00 Ostrava
          Phone: +420 596127346
          Fax: +420 596127344
          E-mail: sezona@volny.cz
          Web site: http://www.globtour.cz

          CESKA PODNIKATELSKA POJISTOVNA A.S.
          Budejovicka 5/64
          Praha 4
          Phone: 261 126 116
          Fax: 261 122 163
          E-mail: pojistovna@cpp.cz
          Web site: http://www.cpp.cz


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


CORAMY: Commercial Court Accepts Application for Receivership
-------------------------------------------------------------
The Dunkirk commercial court on Tuesday placed French swimwear
maker Coramy under receivership with a six-month observation
period, Les Echos reports.

Marc Honore, Coramy's head, attributed the demise to strong
competition from Chinese manufacturers, weak U.S. dollar and a
huge sales drop.  Coramy generates an annual turnover of EUR10
million from producing around 2.3 million swimwear pieces at its
Gravelines and Tunisia factories.

CONTACT:  CORAMY
          5- Bis Rue
          Denis Cordonnier
          59820 Gravelines
          France
          Phone: +33 328 519 151
          Fax: +33 328 233 496


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


BRAKEL HAUSTECHNIK: Court Appoints Provisional Administrator
------------------------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against Brakel Haustechnik GmbH on August 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 6 to register their claims
with court-appointed provisional administrator Joachim C.
Hausherr.

Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2004, 10:00 a.m. at the district
court of Braunschweig at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  BRAKEL HAUSTECHNIK GMBH
          GuldenstraBe 47, 38100 Braunschweig
          Contact:
          Dirk Brakel, Manager

          Joachim C. Hausherr
          Bruchtorwall 6, D-38100 Braunschweig
          Phone: (0531) 2448022
          Fax: (0531) 2448080

          DISTRICT COURT OF BRAUNSCHWEIG
          E 01, An der Martinikirche 8
          38100 Braunschweig


BRAWA SANIERUNGSTECHNIK: Bankruptcy Proceedings End
---------------------------------------------------
The district court of Dortmund has terminated the bankruptcy
proceedings of BRAWA Sanierungstechnik GmbH.  The company
rehabilitates properties damaged by fire and water, and settles
related claims.  Its managing directors are Hans-Jurgen Wette
and Manfred Michler.

CONTACT:  BRAWA SANIERUNGSTECHNIK GMBH
          IndustriestraBe 21 - 23, 59192 Bergkamen
          Contact:
          Hans-Jurgen Wette
          Kottbusser Damm 006
          Seitenfl. Li Etage 3
          10967 Berlin

          Manfred Michler
          Birkhuhnweg 27, 59077 Hamm


BREMER WOLL: Suspends Publication of First-half Results
-------------------------------------------------------
German combing works Bremer Woll-Kammerei (BWK) will delay the
release of its 2004 first-half results to focus on a
restructuring program, Borsen Zeitung says.

BWK's first-half result is expected to show some changes on
certain accounts and reflect a EUR8.1 million loss.  The company
announced in July the lost of 70% of its capital.  BWK's
restructuring programs entail reduction and subsequent increase
of its capital.  Details of the plan are to be agreed at the
company's extraordinary general meeting at the end of October.
Australia-based Elders Global Wool Holding, which holds a 41%
stake in BWK, is expected to play a major part in the
restructuring program, which would probably require it to issue
a debt waiver.

CONTACT:  BREMER WOLL-KAMMEREI AG
          Postfach 71 01 80
          D-28761 Bremen
          Phone: 0421/60 91-0
          Fax: 0421/60 91-600
          Contact:
          Gunther Beier
          Phone: 0421/60 91-304
          Thomas Bolte
          Phone: 0421/6091-205
          E-mail: info@bwk-bremen.de
          Web site: http://www.bwk-bremen.de


FLIESEN UND KERAMIK: Court Cancels Bankruptcy Proceedings
---------------------------------------------------------
The insolvency administrator of Fliesen und Keramik GmbH has
found that the assets involved in the insolvency proceedings of
the company are insufficient to cover the costs of the
proceedings.  As a result, a meeting has been called for October
12, 2004, 2:30 p.m. at the district court of Erfurt to discuss:
(a) the discontinuation of the proceedings, (b) final account of
the insolvency manager, (c) decisions on late claims and (d)
objections to the final list of claims.

The final report, account, and list of claims, as well as the
resolution regarding the administrator's remuneration are
available for inspection at the district court of Erfurt room
166.

CONTACT:  FLIESEN UND KERAMIK GMBH
          GF Heinz Steinsdorfer, RohrstraBe 22,
          99423 Weimar

          DISTRICT COURT OF ERFURT
          Justizzentrum, Rudolfstr. 46, 99092 Erfurt


GFN AG: Files for Insolvency
----------------------------
German training services provider GFN Gesellschaft fur Network
Training applied Thursday for the opening of insolvency
proceedings, Borsen Zeitung says.

The application follows GFN's failure to close negotiations
regarding a financing it needed to process a major contract.
GFN saw its turnover dip from EUR20 million in 2002 to EUR8.1
million in 2003.  The company also registered successive losses
of EUR11.3 million in 2002 and EUR3.1 million in 2003.

The company's subsidiaries, GFN Training, GFN College,
Rent-a-Trainer and GFN e-Learning are all insolvent.

CONTACT:  GFN AG
          Steven Hartenstein
          Phone: 0711-73 73 38-140
          Fax: 0711-73 73 38-199
          E-mail: steven.hartenstein@gfn.de
          Web site: http://www.gfn.de


M.U.S. CORPORATION: Under Bankruptcy Administration
---------------------------------------------------
The district court of Dessau opened bankruptcy proceedings
against M.U.S. Corporation on August 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 11, 2004 to register their
claims with court-appointed provisional administrator M.E.
Joachim Voigt.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2004, 1:00 p.m. at the district court
of Dessau at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  M.U.S. CORPORATION
          Landsberger StraBe, 06749 Bitterfeld
          Contact:
          Michael Walter, Partner

          M. E. Joachim Voigt, Insolvency Administrator
          RankestraBe 33, 10789 Berlin
          Phone: 030/2128020
          Fax: 030/21280222

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


POKS VERSAND: Berlin Court Commences Bankruptcy Proceedings
-----------------------------------------------------------
The district court of Berlin opened bankruptcy proceedings
against Poks Versand GmbH on August 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 18, 2004 to register
their claims with court-appointed provisional administrator
Hartwig Albers.  Creditors are asked to declare to the
administrator the security interests they claim to have against
the personal property and or rights of the debtor.

Creditors and other interested parties are encouraged to attend
the meeting on October 7, 2004, 10:05 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  Creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager during the meeting.
The court has scheduled the meeting to verify the claims on
December 16, 2004, 10:00 a.m.

CONTACT:  POKS VERSAND GMBH
          Schlangenbaderstr. 24B, 14197 Berlin

          Hartwig Albers, Insolvency Manager
          Lutzowstr. 100, 10785 Berlin

          DISTRICT COURT OF CHARLOTTENBURG
          Amtsgerichtsplatz 1, 14057 Berlin
          II. Stock Saal 218


SCHULTE & JUNEMANN: First Creditors Meeting Set October 26
----------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Schulte & Junemann GmbH & Co KG on August 26.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 15,
2004 to register their claims with court-appointed provisional
administrator Johannes Klefisch.

Creditors and other interested parties are encouraged to attend
the meeting on October 26, 2004, 10:45 a.m. at the district
court of Aachen (Nebenstelle AugustastraBe 78/80, 52070 Aachen,
III. Etage, Saal 34) at which time the administrator will
present his first report of the insolvency proceedings.  The
court will verify claims set out in the administrator's report
on November 23, 2004 9:15 a.m. at Nebenstelle AugustastraBe,
AugustastraBe 78/80, 52070 Aachen, II. Etage, Raum Zimmer 21.

CONTACT:  SCHULTE & JUNEMANN GMBH & CO KG
          Nideggener Str. 149, 52349 Duren

          Johannes Klefisch, Insolvency Manager
          Rotter Bruch 6, 52068 Aachen
          Phone: 0241/949740
          Fax: 0241/870203


WCM GROUP: Ehlerding Family Cuts Stake to 19.1%
-----------------------------------------------
The family of German entrepreneur Karl Ehlerding has reportedly
reduced their holdings in WCM Beteiligungs- und Grundbesitz AG
to 19.1%, Borsen Zeitung says.

The latest stake reduction of the Ehlerding family came from
Karl's wife, Ingrid Ehlerding.  As reported, the couple and
their sons now hold stake below the 5% limit, which must be
officially reported.  The shares to be sold is reportedly part
of the package promised to Mr. Ehlerding's creditor banks, which
are believed to have access to the couple's remaining 10% stake.

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


WYKO GMBH: Deadline for Filing Claims September 24
--------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Wyko GmbH on August 20, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 24 to register their claims with
court-appointed provisional administrator Frank Rudiger
Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting on November 2, 2004, 9:30 a.m. at the district court
of Chemnitz at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

The insolvency manager, meanwhile, admits the cost of the
insolvency proceedings are covered but the assets involved in
the proceedings are insufficient to settle all other maturing
obligations.

CONTACT:  WYKO GMBH (HRB 16855)
          HauptstraBe 15, 09629 Heinsberg OT Neukirchen

          Frank Rudiger Scheffler, Insolvency Manager
          UlmenstraBe 14, 09112 Chemnitz
          Web site: http://www.tiefenbacher.de

          DISTRICT COURT OF CHEMNITZ
          Saal 24, Gerichtsgebaude FurstenstraBe 21
          Chemnitz


ZIEGELWERK WENDERLEIN: Administrator's Report Out November 12
-------------------------------------------------------------
The district court of Ansbach opened bankruptcy proceedings
against Ziegelwerk Wenderlein GmbH & Co. KG on August 24.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 1, 2004
to register their claims with court-appointed provisional
administrator Mechthild Bruche.

Creditors and other interested parties are encouraged to attend
the meeting on November 12, 2004, 10:00 a.m. at the district
court of Ansbach at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ZIEGELWERK WENDERLEIN GMBH & CO. KG
          Ziegeleistr. 26 in 91572 Bechhofen

          Mechthild Bruche, Insolvency Administrator
          Stahlstr. 17, 90411 Nurnberg
          Phone: 0911/951285-0
          Fax: 0911/95128510.

          DISTRICT COURT OF ANSBACH
          Sitzungssaal 1, EG, Promenade 8
          91522 Ansbach


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


AN POST: Survey Shows Quality of Service in First Half Declined
---------------------------------------------------------------
The Commission for Communications Regulation (ComReg) has
published the results of a survey of An Post's quality of
service performance for the first six months of 2004.  The
survey shows that 70% of mail were delivered the next day,
contrary to ComReg's requirement of 94%.  Last year, An Post
achieved a 73% next-day delivery rate for the same period.  The
same survey also shows that 95% of mail were delivered
nationwide within three working days.

Conducted by TNS mrbi, the survey is based on the statistical
methods set out by CEN, the European Standards Institute.  The
service throughout the period measured falls significantly short
of both the required standard of service set by ComReg and
international best practice.

The impact of the disruption to service during March and April
was not material in that it didn't, by itself, prevent An Post
from meeting ComReg targets for next day delivery.  The survey
shows a variation in the results for the different mail flows.
Mail posted in Dublin receives slightly poorer levels than mail
posted elsewhere -- 66% compared with 74%.

However only 69% of mail posted outside of Dublin for delivery
in Dublin is delivered the next working day.  ComReg has set
quality targets for single piece priority mail of 94% next day
delivery and 99.5% for delivery within three working days.

ComReg also required An Post to submit a copy of its
implementation plan showing the date at which it expects to
achieve its target.  ComReg is currently assessing the plan,
which it has received.  However, it is clear that An Post is
some distance from meeting this target, and it is unlikely that
it will be met in 2004.

ComReg Chairperson, John Doherty said: "It is imperative that An
Post demonstrates a clear and visible improvement in its quality
of service.  The postal service, despite the growth of new
technologies, is still important in terms of maintaining
Ireland's overall competitiveness.  However, continuing low
levels of service quality is impacting on user confidence and
priority needs to be given to addressing this issue as current
levels fall well below what a modern economy needs and expects."

Issued By
Tom Butler
Public Affairs Manager, ComReg

CONTACT:  COMREG
          Tom Butler, Public Affairs Manager
          Phone: 01 804 9639
          Mobile: 087 2536358 tom.butler@comreg.ie


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


FIAT AUTO: CEO Sergio Marchionne Banks on New Management
--------------------------------------------------------
We acted very quickly, taking slightly over a month to revamp
Fiat Auto's organization and set up a leaner, more efficient and
more competitive structure.

Our goal was to make the most of our managers' skills,
leadership abilities and personal qualities in order to form the
team that, under the direction of Herbert Demel, will be
responsible for guiding Fiat Auto's cultural transformation and
re-launch efforts.

In planning the new structure, we focused both on high-profile
people from outside and the best resources we have inside the
Group, with an eye to building effective professionalism and
enabling promising young managers to take part in the
decision-making process.

Deep-seated changes can spring only from extensive
participation.  This is why we chose people who, because of
their professional experience and character, can spearhead the
move to a different mentality: people who have a proven aptitude
for teamwork and goal achievement; people who are dedicated to
continuous improvement.

This change in management, personnel and mentality will help
develop a heightened sense of responsibility, promoting fast
decisions and establishing synergies between the functions.
There can be no doubt that it will lead to multiple benefits in
terms of operating efficiency, resource management and cost
containment.

I am convinced that this team, made up of young and motivated
managers, has the skills, the personality, and the enthusiasm
needed to go head-to-head with worldwide competition, enabling
Fiat Auto to make a quality leap.

Sergio Marchionne
Fiat Group CEO

CONTACT:  FIAT S.p.A.
          250 Via Nizza
          10126 Turin, Italy
          Phone: +39 011 686 1111
          Fax:   +39 011 686 3798
          Web site: http://www.fiatgroup.com


FIAT AUTO: Installs New Organization Structure
----------------------------------------------
Fiat Auto has defined its new organization structure that comes
into effect Wednesday.

Slightly over a month after the announcement made by Fiat's
chief executive, Sergio Marchionne, at his July 26 meeting with
the financial community, the team that will be in charge of
managing changes in the Group's culture and operating methods
begins work.

Guided by Fiat Auto CEO Herbert Demel, the new structure will
ensure effective management through fast, lean processes,
centering on teamwork.

Twenty-four out of the 28 top management posts reporting
directly to the CEO have been filled. The remaining four
managers have already been selected, and their names will be
announced in the coming weeks.

The organization unveiled is designed to move beyond the old
hierarchical structure, putting the emphasis on empowerment and
rapid response capacity.

The new organizational structure of Fiat Auto is:

- Chief Executive Officer Herbert Demel

- Brand & Commercial Fiat Herbert Demel (ad interim)
- Brand & Commercial Alfa Romeo Daniele Bandiera
- Brand & Commercial Lancia Luca De Meo
- Brand & Commercial LCV Pier Luigi Zanframundo
- After Sales Benito De Filippis
- Product Initiatives Segm A Mauro Pierallini
- Product Initiatives Segm B/Lo Stefano Monaco
- Product Initiatives Segm C/L1 Fabio Mingrino
- Product Initiatives Segm D/E Carlo Mario Fugazza
- Product Initiatives Segm LCV Angioletta Boero
- Engineering & Design Walter Mortara
- Manufacturing Antonio Bene
- Supply Chain t.b.a.
- Network Development and Coordination Johann Wohlfarter
  (from October 1)
- Fleet Management t.b.a.
- Quality Stefan Ketter
- Financial Services Giulio Salomone
- Purchasing Gianni Coda
- Powertrain Alfredo Altavilla
- Brand Promotion Lapo Elkann
- Finance Diego Pistone
- Human Resources Mario Mairano
- Product Portfolio Management t.b.a.
- Business Development Alfredo Altavilla
- Communication & Institutional Relations Roberto Zuccato
- Information Systems Massimo Spada
- General Affairs Giorgio Fossati
- Compliance Officer Gian Luca Forneron

CONTACT:  FIAT S.p.A.
          250 Via Nizza
          10126 Turin, Italy
          Phone: +39 011 686 1111
          Fax:   +39 011 686 3798
          Web site: http://www.fiatgroup.com


FIAT AUTO: Elasis Has New Chief Executive Officer
-------------------------------------------------
Nevio Di Giusto has been appointed to take on the post of Chief
Executive Officer of Elasis S.c.p.A., a Fiat Group company
headquartered in Pomigliano d'Arco (Naples) that carries out
automotive engineering research and development activities.

Mr. Di Giusto replaces Antonio Bene, who takes on responsibility
for Fiat Auto's Manufacturing as of Wednesday.

CONTACT:  FIAT S.p.A.
          250 Via Nizza
          10126 Turin, Italy
          Phone: +39 011 686 1111
          Fax:   +39 011 686 3798
          Web site: http://www.fiatgroup.com


PARMALAT FINANZIARIA: Revenues from Non-core Business Down 28.8%
----------------------------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
communicates the financial and economic results for the Parmalat
Group as at 31 July 2004.

A number of the non-Italian operations of the Group identified
in previous months as being subject to Special Proceedings (for
example U.S.A. Dairy, Brazil, Chile, EVH) and some financial
companies (for example Parmalat Capital Finance) are currently
subject to certain restrictions on their management as a result
of the same local proceedings with the result that these
operations are effectively outside of the control of Parmalat
Finanziaria S.p.A. in Extraordinary Administration.

It has for this reason been decided to remove these businesses
from the total consolidation area of the Group and to record
them according to a net equity methodology.  This will be the
case while any eventual obligations Parmalat Finanziaria S.p.A.
in Extraordinary Administration may be found to have on the
basis of legislation in force in the countries in which these
businesses are headquartered, together with any guarantees to
those that financed these companies, have been examined in
greater detail and checked.

More specifically: U.S.A. Dairy (Parmalat U.S.A. Corp., Farmland
Dairies, Milk Products of Alabama) is the American business
operating in the milk and milk related products sector and which
is subject to Chapter 11 protection; for two Brazilian companies
(Parmalat Brasil and Parmalat Partecipacoes) a local Concordata
procedure has been agreed that also covers their subsidiary
companies; the Chilean business is also subject to a local
concordat procedure; EVH, a company incorporated in Canada, has
been laced into liquidation; Parmalat Capital Finance has been
placed into a procedure granting protection by the local court.

This group of companies includes Eurofood IFSC, which is
currently subject to a dispute with the Irish judicial
authorities who contend that the Italian Extraordinary
Administration proceedings do not apply to this company.

As a consequence of taking account of the above, pro forma
results for the revised consolidation relating to the previous
financial year have been drawn up.  It is these figures, set out
in the following tables that are comparable with the relevant
results for the current year.

Financial Results

Highlights

                                 Revenues
Values in
millions
of Euro            Previous      Previous       Current
                    year           year           year
                                 Pro-Forma


Core Activities [*] 2,168.9      2,168.9         2,110.6
Non Core Activities [**]
                    1,074.9        502.5           357.8
Total               3,243.7      2,671.3         2,468.4



                                  Ebitda

                    Previous      Previous         Current
                     year           year             year
                                  Pro-Forma
Core Activities [*]  135.4          135.4           146.8

Non Core Activities [**]
                     (51.5)         (29.7)          (15.2)

Total                 83.9          105.7           131.5



                                 % of Revenues


                   Previous        Previous         Current
                     Year            year             year
                                   Pro-Forma


Core Activities [*]  6.2             6.2              7.0
Non Core Activities [**]
                    (4.8)           (5.9)            (4.3)
Total                2.6             4.0              5.3

--------------
[*] Core Activities: consist of drinks products (milk and fruit
juice) and milk-based products, focused on approximately 30
brands (global brands or strong local brands), centered on high
potential countries where there is strong demand for healthy
lifestyle products, the willingness to recognize premium prices
for the Parmalat brand and the availability of leading edge
technology.

[**] Non-core activities: these are countries and activities
considered to be non-strategic that will be subject to
divestment.

                         Core Activities

Parmalat's Core Activity revenues have generally held up well
when compared to the same period in the previous year
(EUR2,110.6 million compared to EUR2,168.9 million), while
Ebitda improved by 8.4% to EUR146.8 million compared to EUR135.4
million for the same period in 2003.

This improvement in operating results is largely due to
initiatives of a commercial nature and thanks to operating and
structural cost reduction measures.

These results do not take account of the extraordinary costs
relating to the Administration procedure of some EUR34 million
for the period to date, since these relate only to the 2004
financial year.

Revenues for the last month (the difference between the revenue
figure reported for the end of July 2004 and that to the end of
June 2004) were EUR325.8 million, while EBITDA was EUR22.2
million (6.8% of revenues), substantially maintained the
improving trend of previous months.

Specifically, looking at the Group's main geographical areas of
operation, the following is evident:

                              Italy

Revenues for the period to the end of July reached EUR806.3
million, down 7.8% compared to the EUR874.1 million recorded in
the same period in 2003.  However, Ebitda improved by 11.5%
moving from EUR50.4 million at 31 July 2003 to EUR56.2 million
as at 31 July 2004.

Revenues for the month of July were EUR114.3 million while
EBITDA was EUR6.7 million (5.9% of revenues).

The trend remains a positive one even if reduced in magnitude
compared to the previous months as a result of a lower
contribution from fruit juices compared to the same period of
last year.  This is as a result of the different weather
conditions and to the seasonality of pasteurized milk, the level
of whose sales falls in the summer months, all of which has
translated into a lower contribution to results.

It should also be noted that there has been an increase in the
cost of some raw materials and a increased impact in percentage
terms of fixed business costs (which remain unchanged in
absolute terms compared to the previous year).  Steps are under
way in the second half of the year in order to reduce the level
of these costs.

                             Spain

Revenues for the period were EUR136.7 million compared to the
EUR139.5 million achieved as at 31 July 2003.

Ebitda for the same period was down from EUR14.3 million to
EUR10.3 million.

Revenues for the month of July 2004 were EUR22.4 million while
Ebitda reached EUR2.4 million (10.7% of revenues), an
improvement on the trend of recent months.

The factors underlying the decrease in Ebitda were an increase
in the cost of milk, a lower contribution from the seasonally
influenced Royne branded ice creams given the less clement
weather conditions than were seen in the same period last year,
as well as increased price competition and the launch of new
products by competitors.

                          South Africa

Revenues as at 31 July 2004 of EUR135.2 million grew of 31.1%
compared to the EUR103.2 million of the same period in 2003.
Ebitda also grew significantly from EUR8.1 million to EUR10.6
million (+30.7%).  This increase in profitability was
principally due to the acquisition of new brands (Simonsberg) as
well as to the appreciation of the South African Rand against
the Euro (+8.2% compared to the same period of last year).

Revenues for the month of July 2004 were EUR22.1 million and
Ebitda for the month was EUR1.6 million (7.2% of revenues).  The
month was characterized particularly by a marked increase in
sales volumes of low margin products.

                            Venezuela

Relative to the same period in 2003, the Venezuelan Bolivar has
undergone a significant depreciation against the Euro (-25.2%),
in part following to domestic political uncertainty.

This, along with the absence of sufficient credit lines for the
import of raw materials (powdered milk) and reduced sales
volumes in fruit juices, led to a reduction in revenues which
fell from EUR116 million as at 31 July 2003 to EUR87.2 million
as the end of July 2004 (-24.8%) and, above all, the strong
decrease in operating profitability which fell from EUR15.5
million to EUR2.4 million as a result of increased local raw
material costs that were not balanced by a rise in retail
pricing, and higher relative structural costs.

Revenues for the month of July 2004 were EUR12.4 million and
Ebitda was EUR0.3 million, without any issues of specific note
for the period.

                             Canada

As seen in previous months the Canadian market maintained the
slight growth trend of the previous months at the revenue level
moving from EUR659.6 million to EUR668.4 million offsetting the
slight depreciation of the Canadian dollar relative to the Euro
(-2.5%).

Ebitda of EUR42.9 million at the end of July 2004 improved of
4.2% compared to the same period in 2003 (EUR41.1 million).

July 2004 volumes increased compared to the average volumes seen
in the first half of 2004, with profitability remaining stable.
Revenues for the month were EUR110.8 million while Ebitda was
EUR7.3 million (6.6% of revenues).

                            Australia

In a context of a reduced average unit selling price, a
favorable trend in the Australian dollar exchange rate (+6.3%)
and an increase in volumes, revenues reached EUR220 million, up
4.4% compared to the EUR210.7 million of the same period in 2003
.  These same factors, together with a reduction in general and
promotional expenses and improved raw materials purchasing,
contributed to an improvement in Ebitda (EUR17.3 million for the
period) compared to the EUR16.2 million in the same period in
the previous year (+6.5%).

Revenues for the month of July were EUR37.4 million, a strong
increase on the average revenues of the first six months, while
Ebitda of EUR3.5 million (9.4% of revenues), was also up on the
previous month.

                       Non-core Activities

Non-core Activities registered a significant fall in revenues as
at 31 July 2004 compared to the same period last year (EUR357.8
million compared to EUR502.5 million, down 28.8%) although
Ebitda for the same businesses, while still heavily negative,
showed an improvement at a negative EUR15.2 million compared to
a negative EUR29.7 million for the same period in 2003.

In July 2004 total sales were EUR49.5 million and Ebitda was a
negative EUR2.7 million (a negative 5.5% of revenues).

The strong reduction in losses compared to 2003 is principally
linked to actions undertaken in Italy and at the US bakery
operations.

                              Italy

The Non-Core activities of Parmalat S.p.A. (consisting
principally of businesses in the bakery, juice and tomato
sectors) more than halved their losses for the period (from a
negative EUR9.5 million to a negative EUR4.1 million) thanks
principally to the suspension of the activities in the mineral
water sector and a drastic reduction in promotional and
advertising activities related to bakery and juices.

In the same way greater attention to commercial expenses and
reduced structural costs led to a reduction in losses at other
Non-Core Italian businesses, falling from a negative EUR7
million in 2003 to a negative EUR2.7 million as at the end of
July 2004.

                            USA Bakery

The U.S. bakery activities, whilst experiencing a fall in
revenues have seen a marked improvement in operating
profitability (even if this still remains in negative territory,
moving as it has from a negative EUR13 million in 2003 to a
negative EUR5.4 million at the end of July 2004), this thanks to
the reorganization and repositioning under way in the business.
Heavily negative results have been recorded in Mexico where
operations have been badly hit by the Group's financial crisis
and the resulting impact on their operating performance.  Ebitda
has worsened from EUR0.5 million at 31 July 2003 to a negative
EUR2.4 million as at 31 July 2004.  The assets of the Mexican
business have, moreover, been divested during the month of July.

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

Compared to the situation at 31 December 2003, the Group's net
financial position as at 31 July 2004 shows these
characteristics: increased levels of liquidity, thanks largely
to the attention paid to the management of available resources
and to the disposal of Parmalat S.p.A.'s holdings in MCC S.p.A.
and Banca di Roma S.p.A. and of Parmalat Finanziaria S.p.A.'s
disposal of its holding in Fondo Alfieri.  On the liability side
there has been a small increase almost entirely resulting from a
change in the rates of exchange between the Euro and currencies
in countries outside Europe where the Group operates, from an
increase in accruals for liabilities for interest and from an
increase in the indebtedness of the Group's Canadian businesses
as noted below.

No use has been made until now of the line of credit of EUR105.8
million provided by a pool of banks on 4 March 2004.

The net financial debt distribution with third parties with
reference to those companies that have been consolidated in
their entirety are available at:
http://bankrupt.com/misc/results2.pdf

            Companies in Extraordinary Administration

The net indebtedness of these companies towards third parties,
incurred prior to their entry into Extraordinary Administration,
should be considered as being largely short-term in nature,
given the current situation of default on the covenants
underlying the financial contracts.  Of particular note is the
increased levels of liquidity at the companies subject to
proposed Composition with Creditors, this having increased from
EUR24 million as at 31 December 2003 to EUR68.5 million as at 31
July 2004; EUR19.4 million of this amount is subject to a
restriction by a credit institution with regard to its use.

                         Other Companies

The remaining operating and financial companies not subject to
the Procedure and totally consolidated, have net financial
indebtedness towards third parties as at 31 December 2003 of
EUR1,329.3 million, at 30 June 2004 of EUR1,354.5 million and at
31 July 2004 of EUR1,386.9 million.  Of this amount EUR710.3
million is represented by debt of a medium or long-term nature.
A number of companies are currently in talks to renegotiate
their debt in order to consolidate it.

Amongst the companies which have already closed such agreements
it should be noted that the Group's Canadian operating companies
have finalized during the course of July the refinancing of
their debt.  This entailed a EUR43.7 million penalty for the
early redemption of the previous debt as a result of the default
situation.   Following payment of this penalty new financing was
put in place that will be repaid by 2012 and that has been
included in the calculation of the Group's financial position as
at 30 June of this year.  The further increase in debt during
the month of July also relates to the Canadian operations and
derives from the repayment of a securitization of commercial
credits and to the financing costs linked to the transaction,
for a total amount of EUR32 million.

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

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Piazza Erculea 9
          20122 Milan, Italy
          Phone: +39-02-806-8801
          Fax: +39-02-869-3863
          Web site: http://www.parmalat.net


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


AKER KVAERNER: Corners NOK4.3 Billion Ormen Lange Contract
----------------------------------------------------------
Norsk Hydro ASA has awarded Aker Kvaerner A.S.A. the main
installation contract for the new Ormen Lange onshore plant on
the north west coast of Norway.  Hydro and Aker Kvaerner signed
a letter of intent Friday.  The contract value is approximately
NOK4.3 billion.

The main installation contract is Aker Kvaerner's third large
contract for the Ormen Lange project.  The first contract with a
contract value of NOK1 billion was awarded in March 2003, and it
comprised front-end and detailed engineering, procurement and
construction management support.  In July 2004 the second
contract was awarded, comprising engineering, procurement and
construction of the import and export area on the Ormen Lange
onshore plant.  The contract value was NOK2 billion.

"Ormen Lange has become an extremely important project for Aker
Kvaerner.  On Ormen Lange we will build on the great competence
and broad experience that we have gained through several decades
in the oil and gas business," says Aker Kvaerner's Executive
Vice President for Field Development Europe, Mr. Simen Lieungh.

"Aker Kvaerner has cooperated closely with Hydro on many large
offshore projects.  The three contracts connected to the
production of the large Ormen Lange gas reservoir, give us an
opportunity to develop this cooperation further," says Mr.
Lieungh.

Aker Stord is Hydro's contract partner for the main installation
contract.  The sister company, Aker Kvaerner Elektro, will also
play an important role.  Aker Kvaerner Elektro will do all the
electrical installation and automation work on the onshore
plant, approximately 350 man-labor years.  Aker Kvaerner
Engineering and Technology is doing the engineering and
procurement work.

Aker Kvaerner is going to install the process plant and
connected utility systems, which is the central part of the
Ormen Lange onshore plant.  The construction work in the central
area of the plant will start on 1 December 2004, while
subcontractors for steel and piping will commence the
prefabrication next spring.  The installation work will start in
May 2005, and the plant will be mechanical complete within 1
February 2007.

For Aker Kvaerner, the new Ormen Lange contract means a work
scope of 3,000 man-labor years.  Top manning to execute this
contract is expected to be 2,200 persons in 2006.

"The onshore oil and gas processing market is becoming
increasingly important to us, and this contract confirms our
strong position," says Aker Stord's Managing Director, Mr. Nils
Arne Hatleskog.  During the last 14 months, Aker Stord has won
four large installation contracts for the Karsto, Snohvit and
Ormen Lange onshore plants in Norway.

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

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

Field Development Europe is a multidisciplinary and technology
based organization covering all technical and management
functions for carrying out development of oil and gas fields
world-wide, from wellheads to receiving terminal.

Aker Stord is Aker Kvaerner's assembly yard for modules and
topsides for fixed and floating oil and gas production
platforms.  Aker Stord is within Aker Kvaerner responsible for
multi discipline and mechanical construction contracts for
onshore oil and gas plants in Norway.  Within decommissioning of
offshore structures Aker Stord has a special responsibility for
methods and execution of topsides demolition.

Aker Kvaerner Elektro is a complete EPC supplier of electrical,
instrument and telecommunications (EIT) to customers in the oil
and gas processing industry onshore and offshore.  The company
possesses wide experience and expertise in its field and has a
staff of 1,700 dedicated professionals committed to delivering
optimum solutions.  Aker Kvaerner Elektro is geographically
co-located with our customers, and our goal is to create trust
and long-term relations through being reliable, competitive,
deliver quality and meet our customers' expectations.

                            *   *   *

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

CONTACT:  AKER KVAERNER A.S.A.
          Media:
          Torbjorn Andersen
          Senior Vice President, Group Communications
          Phone: +1 281 250 7286

          Investor relations:
          Lasse Torkildsen
          Vice President, Investor Relations
          Phone: +47 67 51 30 39

          Supplier contact:
          Svein Folgero
          Procurement Manager, Aker Stord
          Phone: +47 53 41 82 30


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


AGRO-VTOR-MED: Proofs of Claim Deadline Expires September 16
------------------------------------------------------------
The Arbitration Court of Khakasiya republic has declared LLC
Agro-Vtor-Med insolvent and introduced bankruptcy proceedings.
The case is docketed as A74-2806/03-K1.  Mr. E. Pfau has been
appointed insolvency manager.  Creditors have until September
16, 2004 to submit their proofs of claim to 655017, Russia,
Khakasiya republic, Abakan, Igarskaya Str. 8.

CONTACT:  AGRO-VTOR-MED
          655017, Russia,
          Khakasiya republic,
          Abakan, Igarskaya Str. 8

          Mr. E. Pfau
          Insolvency Manager
          655017, Russia,
          Khakasiya republic,
          Abakan, Igarskaya Str. 8


CHEREMKHOVSKY: Irkutsk Court Appoints Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Irkutsk region has declared OJSC meat
combine Cheremkhovsky insolvent and introduced bankruptcy
proceedings.  The case is docketed as A19-4249/01-8.  Mr. L.
Filyurin has been appointed insolvency manager.

Creditors have until September 16, 2004 to submit their proofs
of claim to 664081, Russia, Irkutsk, Post User Box 54.

CONTACT:  CHEREMKHOVSKY
          665412, Russia,
          Irkutsk region, Cheremkhovo,
          Turgeneva Str. 33

          Mr. L. Filyurin
          Insolvency Manager
          664081, Russia,
          Irkutsk, Post User Box 54


CHEREPANOVSKOYE TECHNICAL: Court Sets October 13 Hearing
--------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on Cherepanovskoye Technical
Repair Enterprise.  The case is docketed as A45-7071/04-SB/93.
Mr. V. Bezgachev has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 630073, Russia,
Novosibirsk, K. Marksa Str. 57, Office 408.  A hearing will take
place on October 13, 2004, 10:00 a.m.

CONTACT:  CHEREPANOVSKOYE TECHNICAL REPAIR ENTERPRISE
          632522, Russia,
          Novosibirsk region, Cherepanovo,
          Furmanovo Str. 1

          Mr. V. Bezgachev
          Temporary Insolvency Manager
          630073, Russia,
          Novosibirsk, K. Marksa Str. 57,
          Office 408


FERRO-CONCRETE: Court Appoints External Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
external management bankruptcy procedure on OJSC Plant of
Ferro-Concrete Products-7.  The case is docketed as
A45-7362/03-SB/186.  Mr. V. Kugushev has been appointed external
insolvency manager.

CONTACT:  PLANT OF FERRO-CONCRETE PRODUCTS-7
          Russia, Novosibirsk,
          Sofiyskaya Str. 14

          Mr. V. Kugushev
          External Insolvency Manager
          630005, Russia,
          Novosibirsk, Frunze Str. 124,
          Apartment 508


NELIDOVSKY FURNITURE: Appoints A. Pereverzov Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tver region has declared OJSC
Nelidovsky Furniture Combine insolvent and introduced bankruptcy
proceedings.  The case is docketed as A66-3551-04.  Mr. A.
Pereverzov has been appointed insolvency manager.  Creditors
have until September 16, 2004 to submit their proofs of claim to
170006, Russia, Tver, Bebelya Str. 2, Building 1, Apartment 4a.

CONTACT:  NELIDOVSKY FURNITURE COMBINE
          172500, Russia,
          Tver Region, Nelidovo,
          Lyutinskaya Str. 17

          Mr. A. Pereverzov
          Insolvency Manager
          170006, Russia,
          Tver, Bebelya Str. 2,
          Building 1, Apartment 4a


NOVOSIBIRSK-METRO-STROY: Declared Insolvent
-------------------------------------------
The Arbitration Court of Novosibirsk region has declared OJSC
Novosibirsk-Metro-Stroy (TIN 5407126655) insolvent and
introduced bankruptcy proceedings.  The case is docketed as
A45-3093 /04-SB/30.  Mr. S. Davber has been appointed insolvency
manager.  Creditors have until September 16, 2004 to submit
their proofs of claim to 630099, Russia, Novosibirsk,
Zhurinskaya Str. 37.

CONTACT:  NOVOSIBIRSK-METRO-STROY
          630099, Russia,
          Novosibirsk,
          Zhurinskaya Str. 37

          Mr. S. Davber
          Insolvency Manager
          630099, Russia,
          Novosibirsk,
          Zhurinskaya Str. 37


NOVOSIBIRSKOYE AIR: Undergoes External Management Procedure
-----------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
external management bankruptcy procedure on Federal State
Unitary Enterprise Novosibirskoye Air Enterprise (TIN
5402109896, OGRN 102540102503).  The case is docketed as
A45-2557/04-SB/21.  Mr. K. Khmelevsky has been appointed
external insolvency manager.

CONTACT:  NOVOSIBIRSKOYE AIR ENTERPRISE
          630123, Russia,
          Novosibirsk, Airport Str. 2/3

          Mr. K. Khmelevsky
          External Insolvency Manager
          630123, Russia,
          Novosibirsk, Airport Str. 2/3


OCTYABRSKYAYA FURNITURE: Proofs of Claim Deadline September 16
--------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has declared
OJSC Octyabrskyaya Furniture Factory (TIN 0265012403) insolvent
and introduced bankruptcy proceedings.  The case is docketed as
A07-4504/04-G-MOG.  Mr. S. Illarionov has been appointed
insolvency manager.  Creditors have until September 16, 2004 to
submit their proofs of claim to 450081, Russia, Bashkortostan
republic, Ufa, Post User Box 192.

CONTACT:  OCTYABRSKYAYA FURNITURE FACTORY
          452620, Russia,
          Bashkortostan republic, Oktyabrsky,
          Kosmonavtov Str. 19

          Mr. S. Illarionov
          Insolvency Manager
          450081, Russia,
          Bashkortostan republic, Ufa,
          Post User Box 192


PLASTIC MANUFACTURE: Under Bankruptcy Supervision
-------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on CJSC Factory of Plastic
Manufacture.  The case is docketed as A45-6234/04-SB/88.  Mr. Y.
Petruschenkov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 630082, Russia,
Novosibirsk, Dachnaya Str. 21/1.  A hearing will take place on
September 18, 2004, 10:00 a.m.

CONTACT:  FACTORY OF PLASTIC MANUFACTURE
          630005, Russia,
          Novosibirsk, Frunze Str. 49

          Mr. Y. Petruschenkov
          Temporary Insolvency Manager
          630082, Russia,
          Novosibirsk, Dachnaya Str. 21/1


YUKOS OIL: Puts Responsibility of Possible Social Unrest on Govt
----------------------------------------------------------------
On August 31, the Basmanny Court of the City of Moscow satisfied
the application of the General Prosecutor's Office of Russia to
impose a cumulative arrest in the amount of RUR76 billion on
funds currently located in and accruing to the accounts of the
main production subsidiaries of Yukos Oil Company.

The arrest has resulted in the compete blockage of the accounts
of Company's subsidiaries and has deprived them of the
opportunity to make any payments, including the payment of
wages, taxes, and current operating expenses.

As a result of the unprecedented nature of the ruling, YUKOS Oil
Company considers itself obliged to make these statement:

(a) The motion was filed in the context of a new criminal case,
    initiated by an investigator of the General Prosecutor's
    Office, Y. Tiutiunnik, and is based on the astounding
    assumption that the funds in the accounts of Yukos Oil
    Company's enterprises, belong to a private individual -
    Irina Golub, General Manager of Yukos-FBC LLC.  As it is
    legally impossible to file criminal charges against a legal
    entity, the General Prosecutor's Office has brought an
    accusation of tax evasion in the entire amount of RUR 76
    billion against one person -- the manager of the company
    providing accounting services to subsidiaries of YUKOS Oil
    Company.  Moreover, the investigators believe that the
    accountant not only evaded taxes but also misappropriated
    the entire RUR76 billion.  The investigating authorities do
    not, however, accuse Ms. Golub of embezzlement but claim
    that she deposited and kept the money "obtained by crime" on
    the subsidiaries' accounts.

(b) The arrest of accounts paralyzes Yukos' operations because
    it makes it impossible for its subsidiaries not only to pay
    suppliers, vendors and contractors, but also to pay wages to
    its employees.  In the immediate future that decision might
    serve as the direct cause of increased social tension in the
    regions of Company's operations.  In such case, the
    responsibility for the possible consequences and halt in
    production will fully rest on the investigator who applied
    for the arrest.

(c) The arrest of accounts of Yukos Oil Company's subsidiaries
    also denies them the ability to pay taxes and other
    mandatory payments to the budget which seriously impacts the
    financial condition of the regions of Company's main
    operations: Samara, Tomsk and Irkutsk Oblasts, Khanty-
    Mansiisk and Evenkia Autonomous Areas.  Also, the
    uninterrupted supply of fuel and petroleum products to over
    40 regions of the Russian Federation will be jeopardized.

(d) It is absolutely obvious that individual representatives of
    the General Prosecutor's Office, seeing that the Company is
    doing its utmost to repay as soon as possible the entire
    court-sanctioned tax liability for 2000, are taking measures
    to obstruct such payment.  During the course of July, the
    Company paid US$700 million towards its tax liability.  By
    September 1, the amount paid exceeded US$2 billion, and by
    mid-September that amount was to have increased to US$2.5
    billion so as to ensure that the Company fully meets by the
    end of September the budgetary payment obligations imposed
    by court.  Yukos Oil Company's achievement in complying with
    the court ruling and the demands of the court bailiffs
    served to forestall the scenario of a fire sale of the
    Company's most valuable assets, for example, in the first
    instance, 'Yuganskneftegas'.  The action of the General
    Prosecutor's Office investigator has actually doubled Yukos
    Oil Company's tax liability and blocked the funds of
    Company's subsidiaries.

(e) Being cognizant of its responsibility to the state,
    employees, shareholders, the regions of Company's main
    operations, and to all its shareholders, Yukos' management
    is resolved to spare no effort to prevent the destruction of
    the Company and to ensure the speediest repayment of its tax
    liability for 2000.  Meanwhile, all legal means available
    will be taken both in Russian and international courts in
    order to protect the Company and thousands of its employees
    from arbitrary acts of certain officials.

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

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

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


YUKOS OIL: Authorities Jock up Back Tax Assessment to US$4.1 Bln
----------------------------------------------------------------
The Federal Tax Service has issued Yukos Oil a US$4.1 billion
back-tax bill for 2001, an increase of US$700 million from its
estimates early in July.

The Moscow Times, citing Yukos spokesman Alexander Shadrin, said
tax officials delivered the bill Friday, and demanded immediate
payment.  The firm failed to do so by the end of the day -- two
days after the deadline for its outstanding US$1.4 billion tax
bill for 2000.  Yukos said it would appeal the ruling.

The Federal Tax Service in a statement accused Yukos of evading
taxes by diverting oil sales to related companies.  It pegged
Yukos' unpaid taxes and fines at RUB119.9 billion.  The new
order raises Yukos' total tax debt for 2000 and 2001 to US$7.5
billion.  The claim is expected to balloon even further after
authorities examine the firm's subsequent tax accounts.
Authorities are now looking into the company's 2002 books.

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

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

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


=====================
S W I T Z E R L A N D
=====================


SAIRLINES: Third-class Creditors to Get Up to 49.4% in Dividend
---------------------------------------------------------------
The liquidators of SAirLines in debt restructuring
liquidation -- Karl Wuthrich of Wenger Plattner and Roger Giroud
of Giroud & Anderes -- has sent out a second circular to the
company's creditors.

In the circular, the liquidators report on their activities to
date.  One of the main areas of focus has been preparations for
the sale of Avireal AG and the Cargolux shareholding,
respectively.  Both sales are still pending at the present time.
Work on the schedule of claims began some time ago.  It involves
the assessment of claims which, in some cases, are based on
highly complex legal relationships.  Further complicating
matters is the 2001 merger between SAirLines and S Air Services,
S Air Logistics and S Air Relations, which must also be taken
into account.  The schedule of claims will probably be submitted
to the creditors for inspection during 2005.

Enclosed with the circular is a statement of the assets of the
company as at 31 December 2003.  It states that the dividend for
third-class claims is estimated at between 0.8% and 49.4%.  The
next circular is planned for the autumn of 2004.

Election of a new member of the Creditors' Committee

At its meeting on 30 March 2004, the Creditors' Committee
elected Maryann Rohner of Zurich to their number. She succeeds
Andreas Casutt, who has stepped down.

A copy of the circular is available free of charge at:
http://bankrupt.com/misc/SAirGroup_Circular2.pdf

CONTACT:  Liquidator
          Web site: http://www.liquidator-swissair.ch
          Filippo Th. Beck
          Wenger Plattner
          Phone: 043 222 38 00
          Fax: 043 222 38 01


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


AGROPRODEKSPORT: Vinnitsya Court Opens Bankruptcy Proceedings
-------------------------------------------------------------
The Economic Court of Vinnitsya region declared LLC
Agroprodeksport (code EDRPOU 30870569) insolvent and introduced
bankruptcy proceedings on January 13, 2004.  The case is
docketed as 5/598-03.   Mr. U. Tushevskij (License Number AA
250425 approved on March 29, 2002) has been appointed
liquidator/insolvency manager.

CONTACT:  AGROPRODEKSPORT
          Ukraine, Vinnitsya region,
          Zhmerinka, Kiyivska Str. 55

          Mr. U. Tushevskij
          Liquidator/Insolvency Manager
          21016, Ukraine, Vinnitsya region,
          40-richya Peremogi Str. 27-A,
          room 57
          Phone: 8 (0432) 35-63-09

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


AUTO 11849: Names O. Dunayevskij Liquidator
-------------------------------------------
The Economic Court of Zhitomir region declared OJSC Auto
Transport Enterprise 11849 (code EDRPOU 03116720) insolvent on
July 13, 2004.  The case is docketed as 4/21 B.  Arbitral
manager Mr. O. Dunayevskij (License Number AA 250042 of November
19, 2004) has been appointed liquidator/insolvency manager.

CONTACT:  AUTO TRANSPORT ENTERPRISE 11849
          Ukraine, Zhitomir region,
          Novograd-Volinskij

          Mr. O. Dunayevskij
          Liquidator/Insolvency Manager
          10009, Ukraine, Zhitomir region,
          a/b 62


DEMIDIVSKIJ GRANITE: Under Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Vinnitsya region has commenced bankruptcy
supervision procedure on CJSC Demidivskij Granite Quarry (code
EDRPOU 05470803).  The case is docketed as 10/111-04.  Mr.
Yevgen Misnik (License Number AA 419244 approved on October 21,
2002) has been appointed temporary insolvency manager.  The
company holds account number 260027279161002 at CB Privatbank,
Zhmerinki branch, MFO 302689.

Creditors have until September 13, 2004 to submit their proofs
of claim to:

(a) DEMIDIVSKIJ GRANITE QUARRY
    23113, Ukraine, Vinnitsya region,
    Mogilivka

(b) Mr. Yevgen Misnik
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    O. Kobilyanska Str. 5-A

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


DIBROVA: Gives Creditors Until September 13 to File Claims
----------------------------------------------------------
The Economic Court of Lviv region has commenced bankruptcy
supervision procedure on CJSC Dibrova (code EDRPOU 02030229).
The case is docketed as 6/52-7/24.  Arbitral manager Mr. Y.
Onushkanich (License Number 484203 approved on April 2, 2003)
has been appointed temporary insolvency manager.  The company
holds account number 26009301450037 at Prominvestbank, Borislav
branch, MFO 325406.

Creditors have until September 13, 2004 to submit their proofs
of claim to:

(a) DIBROVA
    82300, Ukraine, Lviv region,
    Borislav, Drogobitska Str. 94a

(b) Mr. Y. Onushkanich
    Temporary Insolvency Manager
    Ukraine, Lviv region,
    Strijska Str. 71b/3

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


ENERGOBUDIVNIK: Proofs of Claim Deadline September 13
-----------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on CJSC Energobudivnik (code
EDRPOU 00120075) on July 12, 2004.  The case is docketed as
B-7/106.  Mr. Svyatoslav Lototskij has been appointed temporary
insolvency manager.  The company holds account number
26001301690658 at Prominvestbank, MFO 336462.

Creditors have until September 13, 2004 to submit their proofs
of claim to:

(a) ENERGOBUDIVNIK
    Ukraine, Ivano-Frankivsk region,
    Galitskij district, Burshtin

(b) Mr. Svyatoslav Lototskij
    Temporary Insolvency Manager
    Ukraine, Ivano-Frankivsk region,
    Shevchenko Str.9

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


HIZHINSKE: Bankruptcy Case Pending Before Cherkassy Court
---------------------------------------------------------
The Economic Court of Cherkassy region declared Agricultural LLC
Hizhinske (code EDRPOU 03791166) insolvent and introduced
bankruptcy proceedings on June 23, 2004.  The case is docketed
as 08/493.  Arbitral manager Mr. I. Nikiforov has been appointed
liquidator/insolvency manager.

CONTACT:  HIZHINSKE
          Ukraine, Cherkassy region,
          Lisyanskij district, Hizhintsi

          Mr. I. Nikiforov
          Liquidator/Insolvency Manager
          Ukraine, Cherkassy region,
          Rizdvyana Str. 170

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


NEDRIGAJLIV RAJAGROBUD: Declared Insolvent
------------------------------------------
The Economic Court of Sumi region declared LLC Nedrigajliv
Rajagrobud (code EDRPOU 03586489) insolvent and introduced
bankruptcy proceedings on August 2, 2004.  The case is docketed
as 6/45-04.  Mr. Valentin Sklyar (License Number AA 487710
approved on April 30, 2003) has been appointed
Liquidator/Insolvency Manager.

CONTACT:  NEDRIGAJLIV RAJAGROBUD
          42100, Ukraine, Sumi region,
          Nedrigajliv

          Mr. Valentin Sklyar
          Liquidator/Insolvency Manager
          40011, Ukraine, Sumi region,
          Shevchenko Avenue, 10, room 109

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


POBEDA: Insolvency Manager Takes over Helm
------------------------------------------
The Economic Court of AR Krym region declared Agricultural LLC
Pobeda (code EDRPOU 03759792) insolvent and introduced
bankruptcy proceedings on July 22, 2004.  The case is docketed
as 2-6/614-2004.  Arbitral manager Mr. Krasov Oleg (License
Number AA 047663 approved on July 24, 2001) has been appointed
liquidator/insolvency manager.  The company holds account number
26004376 at JSPPB Aval, Bahchisaraj branch, MFO 324344.

Creditors have until September 13, 2004 to submit their proofs
of claim to:

(a) AGRICULTURAL POBEDA
    98450, Ukraine, AR Krym region,
    Bahchisaraj district, Dolinne, Lenin Str. 38

(b) Mr. Krasov Oleg
    Liquidator/Insolvency Manager
    95000, Ukraine, AR Krym region,
    Simferopol, Poshtamt, a/b 111
    Phone: 8 (0652) 51-15-63

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


RODINA: Court Orders Debt Moratorium
------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Rodina (code EDRPOU 03750753) on
June 29, 2004.  Prior to this the court ordered a moratorium on
satisfaction of creditors' claims on March 24, 2004.  The case
is docketed as 19/113(04).  Arbitral manager Mr. V. Ishenko
(License Number AA 719771) has been appointed temporary
insolvency manager.  The company holds account number
26003325014720 at Ukrsocbank, Melitopol branch, MFO 313463.

Creditors have until September 13, 2004 to submit their proofs
of claim to:

(a) RODINA
    72000, Ukraine, Zaporizhya region,
    Priazovskij district,
    Georgiyevka, Lenin Str. 46

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

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


UKRTSVETMET: Court Appoints Temporary Insolvency Manager
--------------------------------------------------------
The Economic Court of Sevastopol has commenced bankruptcy
supervision procedure on LLC Ukrtsvetmet (code EDRPOU 31771996).
The case is docketed as 20-9/012.   Mr. Atik Drogajtsev (License
Number AA 047902 approved on October 19, 2001) has been
appointed temporary insolvency manager.  The company holds
account number 26005373343001 at CB Privatbank, Sevastopol
branch, MFO 324935.

Creditors have until September 13, 2004 to submit their proofs
of claim to:

(a) UKRTSVETMET
    Juridical address:
    Ukraine, AR Krym region,
    Sevastopol, G. Lebed Str. 14/10

    Actual address:
    Ukraine, AR Krym region,
    Sevastopol, M. Gelovani Str. 15/17-13

(b) Mr. Atik Drogajtsev
    Temporary Insolvency Manager
    Ukraine, AR Krym region,
    Sevastopol, P. Korchagin Str. 34/22

(c) ECONOMIC COURT OF SEVASTOPOL REGION
    99011, AR Krym region,
    Sevastopol, Pavlichenko Str. 5


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


1.618 DESIGN: Creditors Meeting Set September 14
------------------------------------------------
The creditors of 1.618 Design Limited will meet on September 14,
2004 commencing at 3:00 p.m.  It will be held at 29-30 Fitzroy
Square, London W1T 6ET.

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.

CONTACT:  Phillip Anthony Roberts, Liquidator
          29-30 Fitzroy Square,
          London W1T 6ET


ABBEYZONE LIMITED: Liquidator to Give Update September 14
---------------------------------------------------------
The creditors of Abbeyzone Limited will meet on September 14,
2004 commencing at 10:30 a.m.  It will be held at the offices of
Sargent & Company Limited, 36 Clare Road, Halifax HX1 2HX.

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.  Creditors who want to be represented
at the meeting may appoint proxies.  Proxy forms must be lodged
with Sargent & Company Limited, 36 Clare Road, Halifax HX1 2HX
not later than 12:00 noon, September 13, 2004.

CONTACT:  SARGENT & COMPANY LIMITED
          36 Clare Road,
          Halifax HX1 2HX


A & B PLANT: Members Agree to Wind up Business
----------------------------------------------
At an extraordinary general meeting of the members of the A & B
Plant Hire (North West) Limited Company on August 26, 2004 held
at Tomlinsons, St John's Court, 72 Gartside Street, Manchester
M3 3EL, the ordinary and extraordinary resolutions to wind up
the company were passed.  A H Tomlinson of Tomlinsons, St John's
Court, 72 Gartside Street, Manchester M3 3EL has been appointed
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


ADROIT PACKAGING: May Appoint Liquidator September 13
-----------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

            IN THE MATTER OF Adroit Packaging Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Adroit Packaging Ltd.
will be held at Brooklands Hotel Barnsley Road Dodsworth S75 3JT
on September 13, 2004 at 11:15 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 Airedale House
77 Albion Street Leeds LS1 5AP 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
Airedale House 77 Albion Street Leeds LS1 5AP before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Kroll, Airedale House 77 Albion Street Leeds
LS1 5AP two business days prior to the meeting.

By Order of the Board.

J. Golpin, Director
August 20, 2004

CONTACT:  KROLL GLASGOW
          Airedale House
          77 Albion Street
          5th Floor
          Leeds LS1 5AP
          Phone: 44 (0) 113 386 0800
          Fax: 44 (0) 113 244 9305
          Web site: http://www.krollworldwide.com


ADVANCEPOOL LIMITED: Meeting of Creditors Set September 14
----------------------------------------------------------
The creditors of Advancepool Limited will meet on September 14,
2004 commencing at 11:00 a.m.  It will be held at The Express By
Holiday Inn, Clasper Way, near Metro Centre, Gateshead NE16 3BE.

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.  Creditors who want to be represented
at the meeting may appoint proxies.  Proxy forms must be lodged
with C12 Marquis Court, Marquis Way, Team Valley, Gateshead NE11
0RU not later than 12:00 noon, September 13, 2004.

CONTACT:  C12 MARQUIS COURT
          Marquis Way, Team Valley,
          Gateshead NE11 0RU


ALEXANDER SHERIDAN: Names Joint Administrators from PKF
-------------------------------------------------------
Kerry Bailey and Jonathan D Newell have been appointed as joint
administrators for Alexander Sheridan Limited.  The appointment
was made August 19, 2004.

The company manufactures other outwear.  Its registered office
is located at Sovereign House, Queen Street, Manchester M2 5HR.

CONTACT:  PKF
          Sovereign House,
          Queen Street,
          Manchester M2 5HR
          Joint Administrators:
          Kerry Bailey
          Jonathan D Newell
          (IP Nos 8780, 6419)
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk


B A PARKER: Calls in Liquidator
-------------------------------
At an extraordinary general meeting of the members of the b A
Parker Haulage Limited Company on August 26, 2004 held at Dains,
1st Floor, Gibraltar House, Crown Square, First Avenue, Burton
on Trent DE14 2WE, the ordinary and extraordinary resolutions to
wind up the company were passed.  M F P Smith of Dains, St Johns
Court, Wiltell Road, Lichfield, Staffordshire has been appointed
liquidator for the purpose of such winding-up.

CONTACT:  DAINS
          St Johns Court
          Wiltell Road, Lichfield,
          Staffordshire
          Liquidator:
          M F P Smith
          Web site: http://www.dains.com


BARNSLEY ALHAMBRA: Sets Creditors Meeting September 10
------------------------------------------------------
Name of Companies:
Barnsley Alhambra Limited
Greycoat Bishopsgate Limited
Greycoat Cannon Street Construction Limited
Greycoat Cannon Street (No. 2) limited
Greycoat City Estates Limited
Greycoat Finance Limited
Greycoat London Estates Investments Limited
Greycoat Management And Finance Limited
Precis (2270) Limited
Precis (2271) Limited

The unsecured creditors of these companies will meet on
September 10, 2004 commencing at 11:00 a.m.  It will be held at
Saint Bride Institute, 14 Bride Lane, Fleet Street, London EC4Y
8EQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG LLP, PO Box 695, 8 Salisbury Square, London
EC4Y 8BB not later than 12:00 noon, September 9, 2004.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Joint Administrative Receiver:
          R Heis
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


B & EM: Names Liquidator from Mazars
------------------------------------
At an extraordinary general meeting of the B & EM Welding Ltd
Company on August 26, 2004 held at The Atrium, Park Street West,
Luton, Bedfordshire LU1 3BE, the ordinary and extraordinary
resolutions to wind up the company were passed.  Martin Dominic
Pickard of Mazars, The Atrium, Park Street West, Luton,
Bedfordshire LU1 3BE has been appointed as liquidator of the
company for the purpose of the voluntary winding-up.

CONTACT:  MAZARS
          The Atrium
          Park Street West,
          Luton, Bedfordshire LU1 3BE
          Liquidator:
          Martin Dominic Pickard
          Phone: 01582 700700
          Fax:   01582 700701
          Web site: http://www.mazars.co.uk


BENFLEET FOOD: May Appoint Liquidator Next Week
-----------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

          IN THE MATTER OF Benfleet Food & Wines Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Benfleet Food & Wines
Ltd. will be held at 33-33A Higham Road London E17 6EA on
September 10, 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)

Harjinder Johal of Ashcrofts 33-33A Higham Hill Road London E17
6EA 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. S. Dayal, Director
August 20, 2004

CONTACT:  ASHCROFTS
          33/33A Higham Hill Road
          London
          E17 6EA
          E-mail: info@ashcrofts.net
          Web site: http://www.ashcrofts.net

          Harjinder S. Johal
          Phone: 020 8503 2682
          Fax: 020 8503 2678


BLUNDELL AND DOOLAN: Hires Liquidators from Harrisons
-----------------------------------------------------
At an extraordinary general meeting of the members of the
Blundell and Doolan Limited Company on August 26, 2004 held at
Garston Community Centre, 2 Speke Road, Garston, Liverpool L19
2PA, the ordinary and extraordinary resolutions to wind up the
company were passed.  J C Sallabank and P R Boyle of Harrisons,
35 Waters Edge Business Park, Modwen Road, Manchester M5 3EZ
have been appointed joint liquidators for the purpose of such
winding-up.

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


CHESTERFIELD COLOURGRAPHICSL: Calls in Liquidator from P&A
----------------------------------------------------------
At an extraordinary general meeting of the Chesterfield
Colourgraphics Limited Company on August 24, 2004 held at 93
Queen Street, Sheffield S1 1WF, the extraordinary resolutions to
wind up the company were passed.  Allan Cooper and John Russell,
of The P&A Partnership, 93 Queen Street, Sheffield S1 1WF,
Insolvency Practitioners duly qualified under the Insolvency Act
1986 have been appointed the liquidators of the company for the
purpose of such winding-up.

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


COMPAREIT LIMITED: Extraordinary Winding up Resolution Passed
-------------------------------------------------------------
At an extraordinary general meeting of the Compareit Limited
Company on August 26, 2004 held at 32 High Street, Manchester M4
1QD, the subjoined extraordinary resolution to wind up the
company was passed.  Stephen James Wainwright and Stephen Lord
of Poppleton & Appleby, 32 High Street, Manchester M4 1QD have
been appointed liquidators for the purpose of such winding-up.

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


DELTA UTILITIES: Hires Liquidator from P&A Partnership
------------------------------------------------------
At an extraordinary general meeting of the Delta Utilities
Limited Company on August 24, 2004 held at 93 Queen Street,
Sheffield S1 1WF, the extraordinary resolutions to wind up the
company were passed.  John Russell and Allan Cooper of The P&A
Partnership, 93 Queen Street, Sheffield S1 1WF, Insolvency
Practitioners duly qualified under the Insolvency Act 1986 have
been appointed the liquidators of the company for the purpose of
such winding-up.

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


DENMARK DEVELOPMENTS: Insolvency Service Bans Former Director
-------------------------------------------------------------
The director of a building contractor business that failed with
total debts of around GBP365,000 has given an Undertaking not to
hold directorships or take any part in company management for
eight years.

The Undertaking by Denzil Simon Earland, 38, of Aberdare,
Rhondda Cynon Taff, was given in respect of his conduct as
director of Denmark Developments Limited, which carried on
business from premises at 8 Bute Street, Aberdare, Rhondda Cynon
Taff, CF44 8LD.

Acceptance of the Undertaking on August 16, 2004 prevents Denzil
Simon Earland from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for the
above period. Denmark Developments Limited was placed into
voluntary liquidation on June 27, 2002 with an estimated
deficiency of GBP365,004 owed to creditors.

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

Matters of unfit conduct, not disputed by Denzil Simon Earland:

(a) He caused Denmark Developments Limited to trade to
    the detriment of creditors; and

(b) He made transactions to the detriment of creditors.

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

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

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


EMBANKMENT ENTERPRISES: Hosting Creditors Meeting Friday
--------------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

         IN THE MATTER OF Embankment Enterprises Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Embankment Enterprises
Ltd. will be held at Rifsons House 63-64 Charles Lane London NW8
7SB on September 10, 2004, at 12:30 p.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Rifsons, Rifsons House 63-64 Charles Lane
London NW8 7SB two business days prior to the meeting.

By Order of the Board.

D. Greenwood, Director
August 6, 2004

CONTACT:  RIFSONS
          Rifsons House
          63-64 Charles Lane
          St. Johns Wood
          London NW8 7SB
          Phone:  +0207+586+7032 (2 lines)
                  +0207+586+9831 (3 lines)
          Fax: +0207+586+9834
          E-mail: rifsons@wol.net.pk
          Web site: http://www.rifsons.com


ESHER HOLDINGS: Hires Liquidators from Wilder Coe
-------------------------------------------------
At an extraordinary general meeting of the members of the Esher
Holdings Limited Company on August 23, 2004 held at the offices
of Morrisons, Clarendon House, Clarendon Road, Redhill, Surrey
RH1 1FB, the special, ordinary and extraordinary resolutions to
wind up the company were passed.  Norman Cowan and Mark Pearce
Riley of Wilder Coe, 12th Floor, Southgate House, St George's
Way, Stevenage SG1 1HG have been appointed joint liquidators for
the purpose of such winding-up.

CONTACT:  WILDER COE
          12th Floor, Southgate House,
          St George's Way,
          Stevenage SG1 1HG
          Joint Liquidators:
          Norman Cowan
          Mark Pearce
          Phone: 01438 847200
          Fax:   01438 847150
          Web site: http://www.wildercoe.co.uk


EURO TRADE: Brings in Administrator from Begbies Traynor
--------------------------------------------------------
Peter A Blair has been appointed as administrator fro Euro Trade
Holdings Limited.  The appointment was made August 17, 2004.

The company is engaged in incinerating animals.  Its registered
office is located at Regency House, 21 The Ropewalk, Nottingham
NG1 5DU.

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


FINAN CONSTRUCTION: Winding up Resolutions Passed
-------------------------------------------------
At an extraordinary general meeting of the members of the Finan
Construction & Development Limited Company on August 19, 2004
held at Gladstone House, 77-79 High Street, Egham, Surrey TW20
9HY, the ordinary and extraordinary resolutions to wind up the
company were passed.  Keith Aleric Stevens of Wilkins Kennedy,
Gladstone House, 77-79 High Street, Egham, Surrey TW20 9HY has
been appointed liquidator of the company for the purpose of the
voluntary winding-up.

CONTACT:  WILKINS KENNEDY
          Gladstone House
          77-79 High Street,
          Egham, Surrey TW20 9HY
          Liquidator:
          Keith Aleric
          Phone: +44 (0) 1784 435561
          Fax:   +44 (0) 1784 430584
          E-mail: egham@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com


GEMMA LIMITED: Creditors Meeting Set September 13
-------------------------------------------------
The creditors of Gemma Limited will meet on September 13, 2004
commencing at 10:00 a.m.  It will be held at Albert Chambers,
221-223 Chingford Mount Road, London E4 8LP.

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.  Creditors who want to be represented
at the meeting may appoint proxies.  Proxy forms must be lodged
with A Segal & Co., Albert Chambers, 221-223 Chingford Mount
Road, London E4 8LP between 10:00 a.m. and 4:00 p.m. on or
before September 9, 2004.

CONTACT:  A SEGAL & CO.
          Albert Chambers
          221-223 Chingford Mount Road,
          London E4 8LP


LAUREN MAY: Extraordinary Winding up Resolution Passed
------------------------------------------------------
At an extraordinary general meeting of the Lauren May Limited
Company on August 13, 2004 held at the offices of Grant
Thornton, of Water's Edge, Clarendon Dock, Belfast BT13 BH, the
extraordinary resolution to wind up the company was passed.

CONTACT:  GRANT THORNTON
          Water's Edge
          Clarendon Dock,
          Belfast BT13 BH
          Phone: 028 9031 5500
          Fax:   028 9031 4036
          Web site: http://www.grant-thornton.co.uk


METROPOLITAN RECRUITMENT: Appoints Wilkins Kennedy Administrator
----------------------------------------------------------------
Keith Aleric Stevens and Colin George Wiseman have been
appointed as joint administrators for Metropolitan Recruitment
Limited.  The appointment was made August 19, 2004.

The company is engaged in employment recruitment.  Its
registered office is located at Carlton House, 101 New London
Road, Chelmsford, Essex CM2 0PP.

CONTACT:  WILKINS KENNEDY
          77-79 High Street,
          Egham, Surrey TW20 9HY
          Joint Administrator:
          Keith Aleric Stevens
          (IP No 008065)
          Phone: +44 (0) 1784 435561
          Fax:   +44 (0) 1784 430584
          E-mail: egham@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com

          WILKINS KENNEDY
          Bridge House,
          4 Borough High Street,
          London SE1 9QR
          Joint Administrator:
          Colin George Wiseman
          (IP No 6712)
          Phone: +44 (0) 20 7403 1877
          Fax:   +44 (0) 20 7403 1605
          E-mail: london@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com


OFFSHORE CRANE: KPMG Sells Business to TSI for Undisclosed Sum
--------------------------------------------------------------
The Joint Provisional Liquidators of Aberdeen- based Offshore
Crane Engineering Ltd., Blair Nimmo and Neil Armour of KPMG
Corporate Recovery, sold the business and assets of the company
to TSI (Crane) Ltd., a new subsidiary of TSI (U.K.) Limited.
The deal will preserve 52 jobs.

Blair Nimmo, Joint Provisional Liquidator and Head of KPMG
Corporate Recovery in Scotland said: "We are delighted that we
have been able to achieve a quick sale of this business as a
going concern, saving a number of local jobs in the process."

Maureen Hepburn, Managing Director of TSI (U.K.) Ltd. said: "TSI
is delighted with this acquisition since it further enhances the
quality service offering of the TSI group to the oil and gas
market.  The new company is retaining key personnel with many
years experience of the crane service sector and aims to return
to 'business as usual' as soon as possible for the benefit of
customers, suppliers and staff."

Bob Glatley, former Chairman of Offshore Crane Engineering Ltd.
said: "It was obviously a sad day when the old company went into
provisional liquidation but I firmly believe that this new
company will flourish under TSI's wing and I look forward to
working with the business to continue to give the industry 'best
in class' service."

Blair Nimmo and Neil Armour of KPMG Corporate Recovery were
appointed as Joint Provisional Liquidators of Aberdeen-based
Offshore Crane Engineering Ltd on Friday 20 August 2004.

CONTACT:  KPMG CORPORATE RECOVERY
          Judith Dow, KPMG Corporate Communications
          Phone: 0207 694 8584
          Mobile: 07786 197718
          E-mail: judith.dow@kpmg.co.uk


PARTINGTON DEVELOPMENT: Sets Members Meeting September 27
---------------------------------------------------------
The final meeting of the members of the Partington Development
Company Ltd will be on September 27, 2004 commencing at 11:00
a.m.  It will be held at Royce Peeling Green, The Copper Room,
Deva Centre, Trinity Way, Manchester M3 7BG.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Royce Peeling Green, The Copper Room, Deva Centre, Trinity
Way, Manchester M3 7BG not later than 12:00 noon, September 24,
2004.

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


QUEENS GARDENS: Hires Liquidators from Wilson Pitts
---------------------------------------------------
At an extraordinary general meeting of the members of the Queens
Gardens (Hull) Limited Company on August 25, 2004 held at Wilson
Pitts, Glendevon House, Hawthorn Park, Coal Road, Leeds LS14
1PQ, the ordinary and extraordinary resolutions to wind up the
company were passed.  D F Wilson and J N R Pitts have been
appointed joint liquidators for the purpose of such winding-up.

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


RANK GROUP: Outlook Negative as Performance Deteriorates
--------------------------------------------------------
Fitch Ratings changed Rank Group Plc's rating Outlook to
Negative from Stable.  At the same time, the agency affirmed
Rank's ratings at Senior Unsecured 'BB+' and Short-term 'B',
after an announcement of its plan to separate both Deluxe Film
and Deluxe Media from the rest of this U.K. leisure group.

The Negative Outlook also reflects the recent deterioration in
the operating performance of Rank's gaming casino, and the
continued weakening performance of its bingo operations in H104.
Also of concern are the uncertainties about the timing of the
expected UK gaming deregulation as well as its impact on the
competitive landscape.

In Fitch's view, the intended separation of Deluxe does not
significantly worsen the business risk profile of the group.
Deluxe suffers from a high working capital requirement, in the
form of customer advances to film studios, whose quality is
difficult to assess.  The industry is faced with rapid
technological changes as evidenced by the sharp decline of video
duplication that Deluxe has been unable to offset with an
increase in DVD replication revenues.  Although at 17% of total
profits in H104, Fitch does not consider that these operations
provide the group with profit diversification in terms of
quality.

Rank has not decided upon the method by which Deluxe will be
separated.  Using Fitch's assumption that a disposal were
executed and the proceeds returned to shareholders and the
working capital inflow coming from the repayment of the Deluxe
contract advances representing GBP229.2 million at YE03 is
applied to debt reduction, the group's lease-adjusted coverage
and leverage ratios might only be moderately negatively affected
by the potential transaction.  It is unclear to what extent the
disposal proceeds, if any, would be used to repay shareholders
or be used to reduce debt.

Rank's consolidated operating profit fell by 12% in H104 after
adjustment for exchange rates.  Deluxe divisional profit fell to
GBP17.1 million in H104 from GBP26.5 million in H103 on the back
of a widening of the video and DVD duplication losses, while the
operating profit of film processing declined slightly due to
contract losses.

Its H104 divisional profit does not take into account the GBP23
million provisions related to the loss of a major DVD contract
that will affect profit from 2005 onwards. Gaming operating
profit went down 4% due to more difficult trading conditions in
Grosvenor Casinos.

London and provincial attendance have been held back by the
introduction of new E.U. legislation on guest identification in
March 2004.  New competitors have emerged in seven key locations
and roulette has become increasingly available in high street
venues through fixed odds betting terminals.

CONTACT:  FITCH RATINGS
          Olivier de Combarieu, Paris
          Phone: +33 1 44 29 91 26

          Frederic Gits, London
          Phone: +44 (0) 207 417 4230

          Media Relations:
          Alex Clelland, London
          Phone: +44 20 7862 4084


RANK GROUP: Expects Larger Seasonal Losses for Deluxe Media
-----------------------------------------------------------
Interim Results for the six months ended 30 June 2004

Highlights:

(a) Earnings per share* of 7.8p (2003 - 7.7p), 2.2p after
    goodwill amortization and exceptional items (2003 - 3.8p);

(b) Group operating profit* of GBP80.2 million (2003 - GBP94.4
    million); GBP49.4 million after goodwill amortization
    and exceptional items (2003 - GBP64.0 million);

(c) Profit before tax* of GBP63.9 million (2003 - GBP80.2
    million); GBP29.0 million after exceptional items and
    goodwill amortization (2003 - GBP53.8 million);

(d) Gaming operating profit* down 4% to GBP54.7 million (2003 -
    GBP57.1 million), reflecting more challenging short-term
    trading conditions in casinos;

(e) Hard Rock operating profit of GBP11.6 million (2003 -
    GBP13.3 million), with improved like for like sales in
    restaurants but a lower distribution from hotels;

(f) Deluxe operating profit* of GBP19.2 million (2003 - GBP27.8
    million), with Film in-line with expectations but larger
    seasonal losses in Media;

(g) Net debt decreased to GBP668.1 million (2003 year end -
    GBP700.5 million);

(h) Interim dividend increased to 4.8p (2003 - 4.6p);

(i) Board to investigate separation of Deluxe Film and Deluxe
    Media from the rest of the Group.

---------
* before goodwill amortization and exceptional items

Commenting on the results, Mike Smith, Chief Executive, said:
"This has been a challenging first half for Rank.  Trading
conditions in Gaming resulted in a more modest performance and,
as expected, Deluxe Media had a more difficult half-year.  Film
performed in line with expectations.  Current trading trends in
Hard Rock and Deluxe Film are similar to the first half whilst
Gaming is showing signs of improvement.  The outcome for the
full year will be influenced by these trends and by the seasonal
performance of Deluxe Media.

"Recent investments have continued to improve the long-term
prospects for each of the Group's businesses.  Gaming is well
positioned for the now anticipated deregulation of the U.K.
industry; Hard Rock has returned to positive top line growth
with further opportunities for the brand in hotels and casinos;
and while Deluxe Media faces some short term challenges, Deluxe
Film has an excellent contract position and is now increasingly
oriented towards additional, high value digital services.  In
order to take full advantage of the scale and scope of
opportunities now facing each of the Group's businesses, the
Board believes that, in principle, and subject to a detailed
review of the implications, now would be an opportune time to
separate both Deluxe Film and Deluxe Media from the rest of the
Group."

A full copy of the report is available free of charge at:
http://bankrupt.com/misc/Rank_1H2004.htm

CONTACT:  RANK GROUP PLC
          Phone: 020 7706 1111
          Contact:
          Mike Smith, Chief Executive
          Ian Dyson, Finance Director
          Peter Reynolds, Director of Investor Relations


ROYAL MAIL: Posts Worst Quarterly Performance in Three Years
------------------------------------------------------------
Royal Mail published its 'service performance' for the first
quarter of 2004/05.  These results show that Royal Mail failed
to achieve minimum performance levels for all 15 license
targets.

Worryingly, the results show that only 6 of the U.K.'s 121
postcode areas were above the minimum average target of 92.5% of
1st class letters delivered the next day.  Overall Royal Mail
managed to deliver only 88.3% of 1st class letters on time.
This is the poorest quarterly performance for more than 3 years.
It means that over 1.7 million 1st class letters were not
delivered each day in April, May and June.

Peter Carr, Chairman of Postwatch commenting on the continuing
poor service said: "We are consistently promised by Royal Mail
that performance will improve.  These results show service
levels in the first quarter of this year did not improve on last
year's very poor performance in 11 of the 15 targets.

"For the last 3 years, customers have been paying higher prices
for a declining service.  This is a bad consumer equation.

"Reports of improvements in recent months are welcome but the
Management has an uphill task to reach all of the service
targets by the end of the year.

These results will pose two serious problems for the new
Regulator at Postcomm.  He has yet to decide upon penalties for
Royal Mail's failure to meet last year's targets.

In addition, the next price control must link prices to the
achievement of all of the minimum service targets.  No price
increases without service!"

A full copy of the release is available free of charge at
http://bankrupt.com/misc/RoyalMail_Q1Performance.pdf.

CONTACT:  ROYAL MAIL HOLDINGS PLC
          148 Old St.
          London EC1V 9HQ,
          United Kingdom
          Phone: +44 20 7250 2888
          Fax:   +44 20 7250 2244
          Web site: http://www.royalmailgroup.com


ROYAL MAIL: Improves on Lousy Spring Performance
------------------------------------------------
Royal Mail said more than nine in ten First Class letters are
now arriving the day after posting following a temporary dip in
performance between April and June.

Preliminary figures for August show First Class, next-day
delivery performance is currently hitting around 92% -- a major
improvement of five percentage points above May, the period when
there was the greatest level of operational change.

"There is now real evidence the service is getting better," said
Royal Mail's Chief Executive, Adam Crozier.

"Clearly there were some problems in the spring but the service
has improved, month-on-month, since May.  We are now approaching
our target level for First Class mail."

An analysis published in conjunction confirms Royal Mail's
earlier reports that service dipped in the spring while the
company bedded in a massive modernization program in the letters
business.

"The changes were not optional but are essential to improve
efficiency, and ensure Royal Mail can compete profitably with a
high quality service against growing competition in the mail
market," said Mr. Crozier.

During the period between April and June 2004, 88.3% of First
Class letters were delivered the next working day.  The low
point came in May when First Class fell to 87.2% but there has
since been a significant improvement.  In July, independent
research shows 90.9% of First Class mail arrived the following
day and preliminary figures for August are showing a performance
of around 92% -- the highest level since the end of last summer.

Royal Mail also confirmed that more than GBP50 million initially
is being returned to customers who suffered service disruption
last financial year, when the unofficial strike action last
autumn was the biggest single factor leading to Royal Mail
failing its service targets.

More than GBP35 million is being credited to business customers
under Royal Mail's new bulk mail compensation scheme.  This is
on top of GBP16.5 million already paid to individual customers
and small businesses.

Mr. Crozier, who took personal day-to-day control of the letters
business in early May, said: "We still have some way to go but
we are making progress.

"We have implemented around 95% of the operational changes in
our modernization program for the letters business, involving
changing the jobs of 140,000 postmen and women and restructuring
the entire national transport operation.  We have also improved
the security of the mail."

Postcomm and Postwatch have both supported Royal Mail's
modernization plans.

Mr. Crozier stressed: "Delivering consistent, high quality
service remains Royal Mail's number one priority."

He added: "Royal Mail is now operating profitably after
launching its renewal plan two and a half years ago when the
company was losing more than 1 million every working day.  Only
a business that is successful financially can continue
delivering the one-price-goes-anywhere universal service to the
U.K.'s 27 million addresses in a market that will be open to
full competition from rivals in 2 1/2 years, perhaps less."

Mr. Crozier said the performance in the spring was not good
enough and he repeated the apology to customers that he had
delivered at that time.

"Everyone in Royal Mail is focused on making further
improvements to Royal Mail's service to customers," he said.

"Royal Mail's postmen and women have shown a fantastic
commitment to improving service in recent months.  The
improvements we are making are down to their dedication.  I'm
also pleased at the constructive support we've had from the
Communication Workers Union as the operational changes have been
introduced."

Fair Compensation for Customers

Mr. Crozier added: "We are absolutely committed to delivering
high quality customer service and we believe that when we fail
to hit agreed standards, customers should get fair compensation.

"Our scheme is unique in the industry.  It was announced in
October 2003 and was backdated for the full 12 months of the
last financial year.  Unlike rival companies, there is no
exclusion for strike action, even when it's unofficial, which
was the major factor behind last year's disruption.

"We have applied the scheme, which was agreed by Postcomm, in a
fair way.  We believe this is the fairest scheme in Europe and
there is an open and transparent appeals process to ensure it is
applied correctly."

Royal Mail's bulk compensation scheme makes credits to customers
' accounts if they have paid 80% of their bills on time and if
annual Quality of Service targets for bulk business products are
failed by more than one per cent.  The scheme refunds 0.1% of a
customer's bill for every 0.1% drop in performance below the set
target for that service, to a maximum of 5%.

Full details about the compensation scheme and how the
calculations have been made can be obtained from the Royal Mail
Web site.  Royal Mail is encouraging customers to visit the
site, where they can also find details on how to make inquiries
or appeals about the level of compensation.

CONTACT:  ROYAL MAIL HOLDINGS PLC
          148 Old St.
          London EC1V 9HQ,
          United Kingdom
          Phone: +44 20 7250 2888
          Fax:   +44 20 7250 2244
          Web site: http://www.royalmailgroup.com


SIMPLE DESIGN: Appoints HKM LLP Liquidator
------------------------------------------
At an extraordinary general meeting of the members of the Simple
Design Limited Company on August 23, 2004 held at The Old Mill,
9 Soar Lane, Leicester LE3 5DE, the ordinary and extraordinary
resolutions to wind up the company were passed.  John Phillip
Walter Harlow has been appointed liquidator for the purpose of
such a winding-up.

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


SIMPLE TALK: Winding up Resolutions Passed
------------------------------------------
At an extraordinary general meeting of the members of the Simple
Talk Limited Company on August 18, 2004 held at The Belmont
Hotel, De Montfort Street, Leicester LE1 7GR, the ordinary and
extraordinary resolutions to wind up the company were passed.
John Phillip Walter Harlow has been appointed liquidator for the
purpose of such a winding-up.

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


ST DAVID'S: Creditors Meeting Set September 16
----------------------------------------------
The creditors of St David's Investment Trust Plc will meet on
September 16, 2004 commencing at 11:00 a.m.  It will be held at
the offices of Ernst & Young LLP, One More London Place, London
SE1 2AF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Ernst & Young LLP, Ten George Street, Edinburgh
EH2 2DZ not later than 12:00 noon, September 15, 2004.

CONTACT:  ERNST & YOUNG LLP
          Ten George Street,
          Edinburgh EH2 2DZ
          Joint Administrative Receiver:
          T M Burton
          Phone: +44 [0] 131 777 2000
          Fax: +44 [0] 131 777 2001
          Web site: http://www.ey.com


SUPERIOR LIMITED: Insolvency Service Orders 8-year Ban for Exec
---------------------------------------------------------------
A director of a business that failed with total debts estimated
at around GBP136,000 has been disqualified in the Scarborough
County Court from acting as a company director for eight years.

Charles Richard Theakston, 56, of Fridaythorpe, Driffield, East
Yorkshire, was a director of Superior (Grain & Milling
Equipment) Limited, which carried on business from his home
address

Superior (Grain & Milling Equipment) Limited was placed into
compulsory liquidation by Order of the Scarborough County Court
on May 15, 2002. The company has an estimated total deficiency
of GBP136,000.

The Disqualification Order made on July 28, 2004 prevents Mr.
Theakston from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for eight
years.

The Official Receiver at Hull had conduct of the investigation
and brought the disqualification proceedings on behalf of the
Secretary of State for Trade and Industry.

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

Matters of unfit conduct, found by the court, not disputed by
Mr. Theakston were that:

(a) He caused or allowed the company to trade to the detriment
    of HM Customs & Excise;

(b) From October 2000 to the date the company was wound up VAT
    debts rose by GBP24,179;

(c) Between January 2001 and the winding up date over GBP570,000
    was paid out from the company's bank account of which only
    GBP24 went to HM Customs & Excise; and

(d) He also failed to maintain, preserve, or deliver up proper
    accounting records with the result that it proved impossible
    to check the extent and value of transactions with other
    businesses associated with Mr. Theakston.

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

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

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


TUDOR FABRICS: Names PricewaterhouseCoopers Liquidator
------------------------------------------------------
At a meeting of Tudor Fabrics Limited the special and ordinary
resolutions to wind up the company were passed.  Stuart D
Maddison and Alistair M Grove of PricewaterhouseCoopers LLP,
Donington Court, Pegasus Business Park, Castle Donington DE74
2UZ have been appointed joint liquidators of the company for the
purpose of such winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Donington Court
          Pegasus Business Park,
          Castle Donington CE74 2UZ
          Joint Liquidators:
          Stuart D Maddison
          Alistair M Grove
          Phone: [44] (1509) 604 000
          Fax:   [44] (1509) 604 010
          Web site: http://www.pwc.com


TWP TRADECO: Appoints Deloitte & Touche Liquidator
--------------------------------------------------
At an extraordinary general meeting of the TWP Tradeco 3 Limited
Company on August 24, 2004 held at Charter House, Sandford
Street, Lichfield, the resolutions to wind up the company were
passed.  Andrew Philip Peters and Robert Alexander Henry Maxwell
of Deloitte & Touche LLP, Four Brindleyplace, Birmingham B1 2HZ
have been appointed joint liquidators for the purposes of such
winding-up.

CONTACT:  DELOITTE & TOUCHE LLP
          Four Brindleyplace,
          Birmingham B1 2HZ
          Joint Liquidators:
          Andrew Philip Peters
          Robert Alexander Henry Maxwell
          Phone: +44 (0) 121 632 6000
          Fax:   +44 (0) 121 695 5678
          Web site: http://www.deloitte.com


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

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


BELGIUM
-------
Carestel                                          178      (68)
City Hotels                                       210      (15)
Real Software                                     176       17


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


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


FRANCE
------
Arbel                                             213       47
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Charbo de France                                4,738    2,868
Cofidur S.A.                          (5)         102       19
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                                   233       29
LVL Medical Group                                 149       (6)
Pneumatiques Kleber S.A.             (34)         480      139
SDR Picardie                        (135)         413      N.A.
Soderag                                           404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin            TRCN        (0)         134       10
Usines Chauson                       (23)         249       35


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


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


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


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


POLAND
------
Animex S.A.               ANX         (1)         108      (86)
Exbud Skanska S.A.        EXBUF       (9)         315     (330)
Media Capital                                     399      (85)
Mostostal Zabrze                                  227      336
Stalexport                                        229       51


RUSSIA
------
Kamchatskenergo                                   291    7,320
Zil Auto                                          333  (10,769)


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


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Nuclear Fuels Plc         (2,627)      40,326     (977)
Center Parcs (UK)
    Group Plc                        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group                                     396        4
Dawson Holdings           DWSN       (29)         142      (29)
Dignity PLC                                       485      (89)
Easynet Group                                     323       38
Electrical and Music      EMI
   Industries Group                 (885)       3,472     (293)
Euromoney                                         167        2
Gallaher Group            GLH       (543)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109      (10)
HMV Group PLC             HMV       (211)         997      (56)
Intertek Testing Services ITRK      (134)         508       77
Invensys PLC                                    5,885      882
IPC Media Ltd.                      (685)         254       16
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United                                      144      (29)
Manchester City                      (17)         154      (21)
Misys PLC                 MSY       (161)         934       44
Mytravel Group                                  2,551     (533)
Orange PLC                ORNGF     (594)       2,902        7
PD Ports PLC                                      361        0
Premier Foods                                   1,105       34
Regus Plc                                         367       60
Rentokil Initial Plc      RTO     (1,130)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                                         178     (162)

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


                            *********


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

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

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

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

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

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


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