TCREUR_Public/040908.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

          Wednesday, September 8, 2004, Vol. 5, No. 178

                            Headlines

A U S T R I A

VA TECHNOLOGIE: Main Shareholder Sets Condition for Stake Sale
VA TECHNOLOGIE: Board Vows to Reject Siemens' Hostile Takeover


F R A N C E

ALCATEL: Explains Treatment of Business Transferred to TCL


G E R M A N Y

AMOLSCH UND NAGEL: Deadline for Filing Claims September 28
ATN MOTORS: Under Bankruptcy Administration
BACKSTUBE ALTENGONNA: Court Brings in Insolvency Administrator
CELANESE AG: Hikes Prices; Cites Increase in Raw Material Cost
DRESDNER BANK: Eurobond to Finance Loan to Ukreximbank Gets 'B+'

GROHE HOLDING: Rating Downgraded to 'B+'; Outlook Stable
KABEL DEUTSCHLAND: Moody's Keeps Ratings As Is
KOMMANDITGESELLSCHAFT SCHLESWIG: Bankruptcy Proceedings Nixed
NORBERT KURTH: First Creditors Meeting Set September 30
SCHURO ELEKTRO: Gera Court Appoints Insolvency Administrator

SEEMANN GMBH: Administrator to Present First Report November 10
SEIBERT GMBH: Deadline for Filing Claims September 20
WESTLB AG: Sells EUR25 Million Bearer Bonds


G R E E C E

PIRAEUS BANK: 'C' Individual Rating Affirmed; Outlook Stable


H U N G A R Y

BORSODCHEM RT: Restated Financial Statements Out
PAKS NUCLEAR: Back in Harness After Year-long Inactivity
PANNONPLAST RT: Posts Voting Conditions at September 10 EGM


I T A L Y

EMMEGI: Shutting down Production for Four Months
PARMALAT U.S.A.: Farmland Seeks Permission to Hire EVP, CFO
SSC NAPOLI: De Laurentiis Wins Bid; Enters Club in C1 League


N E T H E R L A N D S

PETROPLUS INTERNATIONAL: E.U. OKs RIVR's Proposed Equity Offer
ROYAL SHELL: BG Group to Absorb Rosetta Stake
ROYAL SHELL: Exploring Options for Power Arm


R U S S I A

AGRO-SNAB: Altay Court Appoints Insolvency Manager
BASHKIR-UGOL: Bashkortostan Court Opens Bankruptcy Proceedings
IRKUTSKY COMBINE: Deadline for Proofs of Claim September 19
KHIM-STROY: Gives Creditors Until September 19 to Prove Claims
KNYAZHPOGOSTSKY BAKERY: Under Bankruptcy Supervision

MELNIKOVSKOYE: Names A. Krulikovsky Insolvency Manager
MUNICIPAL AND THERMAL: Proofs of Claim Deadline September 16
OB-TRUB-PROVOD-STROY: Court Confirms Insolvent Status
REGIONAL CLEARING: Insolvency Manager Takes over Helm
REVDINSKY STONE-CRUSHING: Under Bankruptcy Supervision

SHEBEKINSKY BIOCHEMICAL: Bankruptcy Proceedings Begin
TERMINAL: Tyumen Court Appoints Insolvency Manager
TINNED FOOD: Undergoes Bankruptcy Supervision Procedure
VORONEZHSKY MECHANICAL: Declared Insolvent
YAMAL: Court Sets September 30 Hearing
YUKOS OIL: 'Can't Draw Cash? Open New Account,' Firm Tells Units


S P A I N

CAIXA TARRAGONA: Individual Rating Affirmed at 'B/C'
TYBOR: Falling Sales Forces Firm to Close Down


S W E D E N

LM ERICSSON: Rating Raised to 'BB+'; Outlook Positive


T U R K E Y

DISBANK: Individual Rating Downgraded to 'D'; Outlook Stable


U K R A I N E

BIP: Kyiv Court Opens Bankruptcy Proceedings
DAVIDIVSKE: Deadline for Submission of Claims September 14
DRUZHBA: Bankruptcy Proceedings Begin
KALUSH' YAVA: Proofs of Claim Deadline Set September 14
KATERINOPIL' AUTO 17138: Declared Insolvent

NADIYA: Insolvency Manager Takes over Day-to-day Operation
NIZHINSKIJ AGROTEHSERVICE: Names Sergij Bulichov Liquidator
SHLYAH: Under Bankruptcy Supervision
SPODAHIVSKE: Vinnitsya Court Hearing Bankruptcy Case
SVITANOK: Insolvent Status Confirmed
YAMPILSKIJ AGROHIM: Sumi Court Opens Bankruptcy Proceedings
ZHOVTEN: Undergoes Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

AQUITAINE GROCERIES: Liquidator's Final Report Out October 22
AWP ELECTRONICS: Members, Creditors Meeting October 1
BUYING POWER: Sets Final General Meeting October 1
EG FIRTH: Final Members Meeting Set October 1
EMPIRE ECHOES: Director Gets 14-year Ban

EQUITABLE LIFE: Local Accounting Watchdog Wraps up E&Y Probe
FLEET ARBITRATION: Sets Final Meeting October 18
HOMESMART U.K.: Members to Meet Monday
HOUSTON FINANCIAL: Sets Final General Meeting October 1
JAMES BURNHILL: Liquidator to Give Update October 1

KERVE LIMITED: Ex-directors Censured, Banned from Holding Office
MATLEY LIMITED: Insolvency Service Bans Former Exec
PITTARDS: Books GBP1.2 Million First-half Loss
POSITIVE RESULTS: Sets Creditors Meeting September 13
RANK GROUP: Outlook Changed to Negative; S&P Cites Gloomy Future

REGUS GROUP: Reduces First-half Operating Loss by Almost 90%
SCHRODER EUROPEAN: Members General Meeting Set October 8
TEAM LOGISTICS: Members Final Meeting Set October 1
UMC INDUSTRIES: General Meeting of Members October 5
WARRANTS AND VALUE: Sets Final General Meeting September 13

WATERFORD WEDGEWOOD: Credit Rating Lowered to Caa2
WEMBLEY PLC: Reports Strong Overall Operating Performance
WOODLANDS SCHOOL: Interim Liquidator Appointed


                            *********


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


VA TECHNOLOGIE: Main Shareholder Sets Condition for Stake Sale
--------------------------------------------------------------
State-owned Osterreichische Industrieholding AG (OIAG) will only
sell its 15% stake in VA Technologie AG to Siemens if management
agrees to the takeover.

The German technology group, along with Austrian industrialist
Mirko Kovats, has mounted a hostile takeover of the unprofitable
local engineering firm.  OIAG, which holds the largest stake in
VA Technologie, adds it will not sell the stake if the takeover
would not be in the best interest of the company.

Critics, however, believe a Siemens takeover will lead to the
breakup of the company, as the German firm is only interested in
its energy infrastructure and transmission divisions.  No less
than Austrian minister of economic affairs, Martin Bartenstein
is opposed to the plan.  He also wants OIAG to remain a key
stockholder of the company.

CONTACT:  VA TECHNOLOGIE AG
          Bettina Pepek
          Press Officer
          Phone: +43 1/89100-3400
          Fax: +43 1/89100-4103
          E-mail: bettina.pepek@vatech.at

          Wolfgang Schwaiger
          Head of Strategy
          Communications and Investor Relations
          Phone: +43 70/6986-9222
          Fax: +43 70/6980-3416
          E-mail: wolfgang.schwaiger@vatech.at

          OTERREICHISCHE INDUSTRIEHOLDING AG
          Dresdner Strasse 87
          1201 Vienna
          Phone: +43/1/711 14-0
          Fax: +43/1/711 14-245
          E-mail: oiag@oiag.at


VA TECHNOLOGIE: Board Vows to Reject Siemens' Hostile Takeover
--------------------------------------------------------------
Klaus Sernetz, chairman of the board of VA Technologie (VA
TECH); and Gerhard Falch, Deputy Chairman, held a meeting on
September 2, 2004 with Siemens Munich to clarify the intentions
of Siemens Group.

Additionally, VA TECH once again emphasized very clearly that it
would reject a possible hostile takeover of the VA TECH.
Siemens Germany confirmed the content of the press releases
issued at the same time by Siemens Austria.  However, it was
clearly stated that the Siemens bodies (Central Board and
Supervisory Board) have not yet addressed the issue.  Whether or
not there will be a takeover bid at all, and if yes, what form
it would take, have not been decided by Siemens yet in any way.

Contrary to other announcements made, all big banks have pledged
support for the concept presented by the VA TECH Board with
respect to restructuring and capital increase, and will continue
to do so.  The Extraordinary General Assembly scheduled for
September 21, 2004 will be held as planned.

VA Technologie AG (VA TECH) is a focused technology and service
company, which provides value to customers over the entire plant
life cycle.  Leading international positions are held in
Metallurgy, Power Generation, Transmission and Distribution and
Infrastructure.  In 2003, VA TECH achieved sales of EUR3.9
million according to IFRS with a workforce of 17,478 employees.

CONTACT:  Bettina Pepek
          Press Officer
          Phone: +43 1/89100-3400
          Fax: +43 1/89100-4103
          E-mail: bettina.pepek@vatech.at

          Wolfgang Schwaiger
          Head of Strategy
          Communications and Investor Relations
          Phone: +43 70/6986-9222
          Fax: +43 70/6980-3416
          E-mail: wolfgang.schwaiger@vatech.at


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


ALCATEL: Explains Treatment of Business Transferred to TCL
----------------------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) and TCL announced the
start of operations of their joint venture TCL & Alcatel Mobile
Phones Limited on August 31, 2004.  The business contributed to
the joint venture by Alcatel will be accounted for as
discontinued operations for the period January 1, 2004 to August
30, 2004.  The 45% of the joint venture owned by Alcatel will
thereafter be consolidated as an equity affiliate.

For comparison purposes the table below gives quarterly pro
forma net sales and income (loss) from operations for
year-to-date 2004 and for 2003 consistent with the current
structure.

The business contributed to the joint venture reported into the
mobile communications group.  Alcatel will report third quarter
results on October 28, 2004.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                 2004   2003                 2003

Euro millions    Q2[1]  Q1[1]  Q4[1]  Q3[2]  Q2[3]  Q1[3]  12M

Sales *        2,951   2,570  3,488  2,753  2,866  2,653  11,760

Income from Operations *
                 213    104     338    172     46   (104)    452

Unit shipments (sell-out)
                1.80   1.90    2.90   1.53   1.52   1.73    7.68
millions
Pro forma adjustments:

Sales          (127)  (140)    (243)  (118)  (101)  (140)  (602)

Income from Operations
                 23     18        2     28     34     25     89

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Sales and income from operations excludes for comparison
purposes mobile phones, optical fiber, SAFT and Optronics as:

[1] excludes mobile phones and optical fiber
[2] excludes mobile phones, optical fiber and SAFT
[3] excludes mobile phones, optical fiber, SAFT and Optronics
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

About Alcatel

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

                            *   *   *

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

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


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


AMOLSCH UND NAGEL: Deadline for Filing Claims September 28
----------------------------------------------------------
The district court of Karlsruhe opened bankruptcy proceedings
against Amolsch und Nagel GmbH on August 24, after the company
was found insolvent and unable to pay debts.   Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 28, 2004 to register
their claims with court-appointed provisional administrator
Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2004, 10:00 a.m. at the district
court of Karlsruhe 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:  AMOLSCH UND NAGEL GMBH
          (Amtsgericht Karlsruhe -- HRB 1738)

          Michael Pluta, Insolvency Administrator
          Albstr. 14, 70597 Stuttgart
          Phone: (0711) 7696880

          DISTRICT COURT OF KARLSRUHE
          SchloBplatz 23, 76131 Karlsruhe, Saal IV/1. OG


ATN MOTORS: Under Bankruptcy Administration
-------------------------------------------
The district court of Konstanz opened bankruptcy proceedings
against ATN Motors on August 23.  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 Manuela Dietzel.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2004, 11:00 a.m. at the district
court of Konstanz 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.

CCONTACT:  ATN MOTORS
           Inh. Heidi Nubell, Gartenstr. 20, 78351
           Bodman-Ludwigshafen, whft. Blaikenstr. 1, 72459
           Albstadt

           Manuela Dietzel, Insolvency Manager
           Carl-Benz-Str. 5, 88696 Owingen

           DISTRICT COURT OF KONSTANZ
           78462 Konstanz, Nebengebaude
           Gerichtsgasse 9, I. OG, Saal 102


BACKSTUBE ALTENGONNA: Court Brings in Insolvency Administrator
--------------------------------------------------------------
The district court of Gera opened bankruptcy proceedings against
Backstube Altengonna GmbH on August 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 5, 2004 to register their
claims with court-appointed provisional administrator J.
Schneider.  Creditors must declare to the administrator their
security interests in the personal property or rights of the
debtor.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2004, 9:00 a.m. at the district
court of Gera 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:  BACKSTUBE ALTENGONNA GMBH
          GF, Am Gonnabach 01, 07778 Altengonna

          J. Schneider
          Tatzendpromenade 2a, 07745 Jena

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


CELANESE AG: Hikes Prices; Cites Increase in Raw Material Cost
--------------------------------------------------------------
Celanese Chemicals will raise selling prices (list and off-list)
for 2-ethylhexanoic acid, n-butyric acid and i-butyric acid,
effective October 1, 2004 or as contracts allow.  This measure
is a consequence of ongoing increases of raw material prices.

The increase in these regions is:

Europe: EUR75/mt
U.S.: US$0.04/lb
Asia: US$90/mt

Celanese Chemicals is a world leader in the production of
acetyls, emulsions and certain specialty chemicals, with sales
of around EUR2.7 billion in 2003.  Headquartered in Dallas,
Texas, Celanese Chemicals employs approximately 4,000 people
worldwide and operates 14 production facilities and 3 research
centers in the United States, Germany, Canada, Mexico,
Singapore, Spain, Sweden and Slovenia.

Celanese AG is a global chemicals company with leading positions
in its key products and world-class process technology.  The
Celanese portfolio consists of four main businesses: Chemical
Products, Acetate Products, Technical Polymers Ticona and
Performance Products.  The Performance Products business
consists of Nutrinova sweeteners and food ingredients.  Celanese
generated sales of around EUR4.1 billion in 2003 and has about
9,500 employees.  The company has 24 production plants and six
research centers in 10 countries mainly in North America, Europe
and Asia.  Celanese AG shares are listed on the Frankfurt stock
exchange (stock exchange symbol CZZ) and on the New York Stock
Exchange (symbol CZ).

                            *   *   *

Celanese AG reported a second quarter operating profit of EUR54
million compared to EUR109 million in the same period last year,
which included EUR90 million of insurance recoveries related to
the previously disclosed plumbing litigation cases.  In the
second quarter 2004 report, the company said it had a net loss
of EUR91 million, or EUR1.85 per share, compared to net earnings
of EUR96 million, or EUR1.95 per share, in the same period last
year.

In August, Standard & Poor's Ratings Services affirmed its 'B+'
corporate credit ratings on BCP Caylux Holdings Luxembourg
S.C.A. and its Frankfurt, Germany-based Celanese AG subsidiary
and removed them from CreditWatch where they were placed with
negative implications on December 16, 2003.  The outlook is
stable.

CONTACT:  CELANESE AG
          Frankfurter StraBe 111
          61476 Kronberg im Taunus, Germany
          Phone: +49 69 305 16000
          Fax:   +49 69 305 16006
          Web site: http://www.celanese.com


DRESDNER BANK: Eurobond to Finance Loan to Ukreximbank Gets 'B+'
----------------------------------------------------------------
Fitch Ratings assigned Dresdner Banks AG's upcoming issue of
limited recourse loan participation notes an expected Long-term
'B+' rating.  The notes are to be used solely for financing a
loan to The State Export-Import Bank of Ukraine (Ukreximbank,
rated Long-term foreign currency 'B+') under a loan agreement.
The rating is contingent upon receipt of final documentation
conforming materially to information already received and the
final rating will be confirmed at that time.

Dresdner Bank AG will only pay noteholders amounts (principal
and interest), if any, received from Ukreximbank under the loan
agreement.

The loan agreement between the Dresdner Bank AG and Ukreximbank
contains a cross acceleration clause and a covenant that
Dresdner Bank AG's claims under the loan agreement will rank at
least pari passu with the claims of other unsubordinated
borrowers, save those preferred by relevant (bankruptcy,
liquidation etc.) laws.  Other covenants limit mergers and
disposals by Ukreximbank and its subsidiaries, transactions
between the bank and its affiliates and dividend payments.
Ukreximbank has also covenanted to comply with the capital
adequacy requirements of the National Bank of Ukraine.

The loan agreement contains a negative pledge clause, which
allows for a degree of securitization by Ukreximbank.  Were such
a deal to be undertaken, Fitch comments that the nature and
extent of any over-collateralization would be assessed by the
agency for any potential impact on unsecured creditors.

Noteholders will benefit from a put option in the event of a
change in control of Ukreximbank, which is 100%-owned by the
Ukrainian state (represented by the Cabinet of Ministers of
Ukraine).  Ukreximbank's Long-term rating is driven by the
potential for support from the Ukrainian state (also rated
'B+').

Ukreximbank was founded in 1992 and was the sixth largest
Ukrainian bank by assets at end-2003, with a network of 73
branches and outlets across Ukraine.  In addition to its
commercial banking activities, Ukreximbank is the only Ukrainian
bank that acts as a financial agent of the Ukrainian government
in attracting and servicing international loans to Ukrainian
corporates, which are extended under state guarantee.

CONTACT:  FITCH RATINGS
          James Longsdon, London
          Phone: +44 20 7417 4309

          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

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


GROHE HOLDING: Rating Downgraded to 'B+'; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-based sanitary-products
manufacturer Grohe Holding GmbH (Grohe, successor to GROHE
Aktiengesellschaft) to 'B+' from 'BB-' following the completion
of the secondary buyout of the company.  The rating was removed
from CreditWatch, where it had been placed on June 1, 2004.  The
outlook is stable.

At the same time, Standard & Poor's assigned its 'B+' rating to
Grohe's EUR900 million senior secured credit facilities with
final maturity in 2013.

In addition, a recovery rating of '3' has been assigned,
indicating Standard & Poor's expectation of meaningful
recoveries (in the range of 50%-80%) for senior lenders in the
event of default.

Furthermore, Standard & Poor's assigned its 'B-' senior secured
debt rating to the proposed EUR335 million high-yield bond
maturing in 2014.  The rating is subject to final documentation.
The proceeds from the bank facilities have been used, and the
proceeds from the bond will be used to fund the recent secondary
buyout of Grohe by a consortium led by Texas Pacific Group and
Credit Suisse First Boston Private Equity from BC Partners.

"The rating actions reflect Grohe's weaker financial profile,
due to an increased use of leverage after the secondary buyout,"
said Standard & Poor's credit analyst Eve Greb.  At June 30,
2004, the group had pro forma total debt of EUR1.15 billion
(US$1.4 billion) compared with EUR0.7 billion before the
secondary buyout, which was finalized by the end of August 2004.
Therefore, pro forma total pension-adjusted debt to EBITDA
increased to 6.6x by the end of June 2004 from 4.9x by the end
of 2003, which was an already weak figure for the rating
category.

With pro forma sales of EUR896 million for the 12 months ended
June 30, 2004, Grohe is the leading supplier of sanitary
fittings (faucets and showers) in Europe, and ranks second in
Europe in sanitary-technology products, behind Geberit AG
(BBB/Stable/--).  The ratings on Grohe, the holding company (via
two intermediary holdings) of Germany-based manufacturer Grohe
Water Technology AG & Co.  KG, are constrained by the group's
aggressive financial profile, a still-significant exposure (24%
of sales) to the depressed German market, and exposure to
exchange rate fluctuations, as manufacturing facilities are
mainly located in the euro zone.  The ratings are supported by
its solid market position in the fragmented European sanitary
fittings industry, good geographical diversity, strong brand
name, and the importance of the renovation and refurbishment end
market (70% of total sales).  This market is moderately cyclical
and enjoys sound fundamentals.

"We expect Grohe to generate and use free cash flow to
deleverage its balance sheet at an acceptable level for the
rating category," said Ms. Greb.  "We expect EBITDA cash
interest coverage to exceed 2.5x, and total pension-adjusted
debt to EBITDA to be about 5.0x over the medium term."

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

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analyst E-mail Addresses
          eve_greb@standardandpoors.com
          peter_tuving@standardandpoors.com
          xavier_buffon@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


KABEL DEUTSCHLAND: Moody's Keeps Ratings As Is
----------------------------------------------
The remedy package Kabel Deutschland GmbH is proposing to remove
the obstacles to its pending acquisitions has no immediate
effect to its ratings or outlook, says Moody's.

In a statement dated September 3, the rating agency said the
proposed remedy package is not enough to "warrant any rating
changes at this time."  Moody's gives Kabel a Caa1 long-term
Issuer Rating and a B1 long-term Senior Implied Rating.  Both of
Kabel's euro- and dollar-denominated proposed notes carry a (P)
B3 rating.  Each rating has a stable outlook.

The Federal Cartel Office earlier rejected Kabel's proposed
acquisitions on competition grounds.  To cure this, the company
is proposing to upgrade more than 50% of homes passed for
high-speed internet access over the next three years.

"While Moody's views the proposed commitment to increase the
scope of the company's high-speed internet business plan as a
credit negative, the magnitude of the expected capital
requirements associated with the proposed plan (and the
incremental business risks) are not sufficient to warrant any
rating changes at this time," Moody's statement reads.

Based in Germany, KDG is the largest network Level 3 cable
television provider in Germany.  For the year ending 31 December
2003, the company reported pro forma revenues of approximately
EUR1,067.5 million.

CONTACT:  Moody's Investors Service
          Michael West (Germany)
          Managing Director
          European Corporate Finance
          Moody's Deutschland GmbH
          Phone: 44 20 7772 5456 (Journalists)
                 44 20 7772 5454 (Subscribers)

          Ted Barac (London)
          VP - Senior Credit Officer
          European Corporate Finance
          Moody's Investors Service Ltd.
          Phone: 44 20 7772 5456 (Journalists)
                 44 20 7772 5454 (Subscribers)


KOMMANDITGESELLSCHAFT SCHLESWIG: Bankruptcy Proceedings Nixed
-------------------------------------------------------------
The district court of Husum cancelled the insolvency proceedings
of Kommanditgesellschaft Schleswig-Holsteinische Kase-Absatz
GmbH & Co. for lack of assets to cover the costs of the
proceedings.

Kommanditgesellschaft Schleswig-Holsteinische is represented by
Pellworm Schleswig-Holsteinische Kase-Absatz Gesellschaft mbH
through Birgit Mollgaard.

CONTACT:  KOMMANDITGESELLSCHAFT SCHLESWIG-HOLSTEINISCHE
          Pellwormer Inselmilch, Liliencronweg 3, 25849


NORBERT KURTH: First Creditors Meeting Set September 30
-------------------------------------------------------
The district court of Eutin opened bankruptcy proceedings
against Norbert Kurth, Heizungs- und Sanitarbau GmbH on August
20.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until September
30, 2004 to register their claims with court-appointed
provisional administrator Dr. Wilhelm Wessel.

Creditors and other interested parties are encouraged to attend
the meeting on October 29, 2004, 9:15 a.m. at the district court
of Eutin 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 company will post additional notices at
http://www.insolvenzveroeffentlichungen.de.

CONTACT:  NORBERT KURTH, HEIZUNGS- UND SANITARBAU GMBH
          LindenstraBe 48, 23611 Bad Schwartau

          Dr. Wilhelm Wessel, Insolvency Administrator
          RoeckstraBe 1, 23568 Lubeck

          DISTRICT COURT OF EURINT
          Jungfernstieg 3, 1. Stock, Saal B


SCHURO ELEKTRO: Gera Court Appoints Insolvency Administrator
------------------------------------------------------------
The district court of Gera opened bankruptcy proceedings against
Schuro Elektro-GmbH on August 24.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 20, 2004 to register their claims
with court-appointed provisional administrator J. Schneider.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2004, 10:30 a.m. at the district
court of Gera 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:  SCHURO ELEKTRO-GMBH
          Gessentalstr. 26, 07551 Gera

          J. Schneider, Insolvency Manager
          Tatzendpromenade 2a, 07745 Jena

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


SEEMANN GMBH: Administrator to Present First Report November 10
---------------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
clothing company Seemann GmbH on August 18, 2004.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 20, 2004 to
register their claims with court-appointed provisional
administrator Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2004 at the district court of Koln
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:  SEEMANN GMBH
          Barbarastr. 3-9, 50735 Koln
          Contact:
          Michael Seemann
          Barbarastr. 3-9, 50735 Koln

          Jana Dettmer, Insolvency Manager
          Weyerstr. 54, 50676 Koln
          Phone: 0221/92 12 17 - 0
          Fax: +4922192121720.

          DISTRICT COURT OF KOLN
          Hauptstelle, Luxemburger StraBe 101, 50939 Koln,
          Erdgeschoss, Saal 14


SEIBERT GMBH: Deadline for Filing Claims September 20
-----------------------------------------------------
The district court of Kaiserslautern opened bankruptcy
proceedings against Seibert on August 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 20, 2004 to register
their claims with court-appointed provisional administrator
Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting on October 21, 2004, 11:40 a.m. at the district
court of Kaiserslautern 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:  SEIBERT GMBH
          Konigstr. 123
          67655 Kaiserslautern (HRB 2383)
          Contact:
          Karl-Peter Seibert, Managing Director
          Ernst-Christmann, Managing Director
          Str. 9, 67659 Kaiserslautern

          Peter Depre
          O 4 13-16, 68161 Mannheim
          Phone: 0621/120-7810
          Fax: 0621/153800

          DISTRICT COURT OF KAISERSLAUTERN
          Saal 13, Justizzentrum, BahnhofstraBe 24, 67655


WESTLB AG: Sells EUR25 Million Bearer Bonds
-------------------------------------------
The offer period for WestLB AG's reverse convertible on shares
of Allianz AG started Monday.  It is due to end on September 17,
2004.  The bearer bond, reverse convertible at the issuer's
option, has an interest rate of 5% p.a.  With a total volume of
EUR25 million, the issue is available in denominations of
EUR5,000.  The initial offer price of the reverse convertible is
100%.  Payment date is September 24, 2004.

The bonds will be redeemed on March 25, 2005 either at par
(scenario A) or by delivery of shares of Allianz AG at a strike
price yet to be fixed (scenario B).  The number of shares to be
delivered and the reference for the share will be fixed on
September 20, 2004.

The bearer bond will be listed on the Frankfurt and Stuttgart
(EUWAX) Stock Exchanges (Freiverkehr).

CONTACT:  WESTLB AG
          Dusseldorf Head Office
          Herzogstrabe 15
          40217 Dusseldorf
          Phone: (0211) 826-01
          Fax: (0211) 826-6119
          E-mail: info@westlb.de

          Munster Head Office
          Friedrichstrabe 1
          48145 Munster
          Phone: (02 51) 412-01
          Fax: (02 51) 412 2921
          E-mail: info@westlb.de


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


PIRAEUS BANK: 'C' Individual Rating Affirmed; Outlook Stable
------------------------------------------------------------
Fitch Ratings affirmed Piraeus Bank's (PBG) ratings at Long-term
'BBB+', Short-term 'F2', Individual 'C' and Support '3'.  The
Outlook on the Long-term rating remains Stable.

The Long-term, Short-term and Individual ratings reflect PBG's
solid position in the Greek retail banking market and improving
underlying operating profitability.  They also consider the
bank's rapid loan growth and the relatively large proportion of
its capital invested in fixed assets and equity investments.

The removal of lending restrictions, low interest rates and
strong economic growth have created strong demand for credit in
Greece, which is underpinning the rise in PBG's capacity for
generating revenues.  Cost efficiency has also improved, as PBG
has integrated acquired subsidiaries into the group and invested
heavily in IT systems, enabling it to absorb greater volumes
with a marginal increase in costs.  Lending to retail customers
and small- and medium- sized enterprises (SME) at healthy
spreads is expected to continue to drive profitability growth.
However, as demand for credit wanes, Fitch would expect spreads
in the system to tighten towards the EU average.  Fitch would
like to see the bank further reduce its cost base and continue
to develop sources of fee income in anticipation of spreads
narrowing.

PBG is exposed to credit risk from rapid loan growth and the
limited default data available in Greece makes it difficult to
predict how the retail portfolio will perform should
macro-economic conditions deteriorate.  However, data collection
is improving and the bank's risk management systems have been
upgraded.   Since the Hellenic Industrial Development Bank
(ETBA) acquisition in 2002, gross non-performing loans (NPL)
have fallen as a proportion of total loans to a reasonable 3.
9% by end-June 2004 from 4.2% at end-2002.   Liquidity is
tightening but PBG is protected by a sizeable portfolio of Greek
government debt.

Fitch considers the bank's capital base to be satisfactory.
PBG's Tier 1 ratio was 9.7% at end-June 2004, providing some
scope for the bank to continue its rapid expansion.   The agency
notes that the bank has a large proportion of its capital tied
up in equity investments but also that management has plans to
reduce its equity stakes to free up capital to invest in its
core retail banking business.

PBG is the fifth largest retail bank in Greece by total assets
with a share of the national lending and deposit taking & repo
market of 10.7% and 8.6%, respectively at end-June 2004.

CONTACT:  FITCH RATINGS
          Matthew Hegarty, London
          Phone: +44 (0) 20 7417 6319

          Cristina Torrella, Barcelona
          Phone: +34 93 323 8405

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


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


BORSODCHEM RT: Restated Financial Statements Out
------------------------------------------------
BorsodChem Rt. released on September 6, 2004 its restated
financial statements for 2001, 2002 and 2003.

The company cited the full consolidation of BC Eromu Kft. to
BorsodChem as the main reason for the modification of the
financial statements.  In December 2003, BorsodChem reached an
agreement with EMASZ Rt., 74% stakeholder of BC Eromu, to
acquire EMASZ's investment in Eromu.  As a result of the
agreement and discussion with the auditors, BorsodChem presently
has full control over the operation of BC Eromu.

In its site, the company said the reclassification of Eromu as
BorsodChem's 100% consolidated subsidiary has "no material
impact on net income and net asset value contained by former
statements."  The company explained the modification of the 2001
to 2003 financial statements were made to comply with the
applied practice and to ensure the comparability and agreement
of the investigated periods.

A copy of the changes in the restated financial statements is
available free of charge at
http://bankrupt.com/misc/borsodchem_restatedfs.htm.

CONTACT:  BORSODCHEM RT
          3700 Kazincbarcikav
          Bolyai ter 1 Kazincbarcika, Hungary
          Phone: +36 48 511 211
          Fax:   +36 48 511 511
          Web site: http://www.borsodchem.hu/english


PAKS NUCLEAR: Back in Harness After Year-long Inactivity
--------------------------------------------------------
Paks Nuclear Power Plant Rt resumed operations last week after
being shut down more than a year ago.  Hungary's Nuclear Power
Plant Rt was reconnected to the electricity grid Friday after
completing the required test runs at its No.2 reactor, Paks
management told Hungarian news agency MTI.

The power plant was closed in April of 2003 after the fuel rods
in a cleaning tank adjacent the reactor overheated.  The glitch
was blamed on the tank's manufacturers, French-German company
Framatome-ANP, which agreed to pay compensation.  The cost of
the clean-up was estimated at US$4.5 million.

In mid-July Paks received from the Hungarian Atomic Energy
Office license to restart the reactor, subject to certain
conditions.  The license runs until the end of the year, when
its current fuel reserve is expected to run out.

Paks Nuclear, which provides 40% of electricity demand in
Hungary, reported losses of HUF6.6 billion in 2003.  It expects
2004 losses to be below the HUF4.7 billion (EUR18.9 million)
projected for the year.

CONTACT:  ADA AMON or KRISZTIAN LUGOSI, ENERGY KLUB
          Postbox 411
          H-1519 Budapest, Hungary
          Phone/Fax: 36 (1) 166 8866;
          E-mail: lugo@nuke.zpok.hu


PANNONPLAST RT: Posts Voting Conditions at September 10 EGM
-----------------------------------------------------------
Pannonplast Industries Public Limited Company informs
shareholders that the conditions of exercising voting rights at
the Extraordinary General Meeting (EGM) on September 10, 2004 at
10 o'clock are:

(a) Shareholder may attend the EGM either in person or through a
    representative as of Act CXLIV of 1997 on Business
    Associations or through an authorized nominee as of Act CXX
    of 2001 on the Capital Market;

(b) In case of personal attendance if the shareholder is not a
    private individual, the right for representation shall be
    certified and the certification has to refer to the fact
    that the attending private individual may represent the
    given non-private individual shareholder;

(c) Different from the above-mentioned case is when the
    shareholders (whether private individuals or no) attend not
    in person but through an authorized person.  In this case an
    authorization at least for the given General Meeting is
    required, which must be comprised either in a public
    document or in a private document representing conclusive
    evidence due to the regulations set in the Act on Business
    Associations, or in case of a legal representation (e.g.
    minor shareholders) verification of the legal representation
    is required.  If the authorization is not for a private
    individual, the right for representation of the private
    individual attending the EGM should be certified according
    to the previous paragraph;

(d) If the authorization was issued abroad (either in Hungarian
    or any foreign languages), it has to be attested by the
    foreign local authority representing Hungary in the country
    of issue, or signed in front of a notary and it should
    include an authentication clause (Apostille) prescribed in
    the Hague convention, which was signed on the 5 day of
    October in 1961.  The authorization has to be presented
    during registration prior to the EGM.

(e) Further conditions of attending at the General Meeting,
    which are laid down in the applicable laws are:

     (i) The registry into the Registry of Shareholders of the
         given shareholder.  The record date is the fifth
         trading day on the stock exchange, prior to the
         announced date of the EGM, therefore the Company is
         going to close its Register of Shareholders on 3
         September, 2004 at 16 o'clock;

    (ii) Presentation of the original certificate of deposit of
         the shares during registration;

   (iii) In case this rule has to be applied according to the
         law, certification that the shareholder complied with
         the regulations of acquiring stake in a public limited
         company as set in the Act on Capital Market and in the
         Act on Business Associations and therefore exercising
         his voting right is not excluded.  Registration will
         close at 10 o'clock.

                            *   *   *

Pannonplast signed a new medium-term club loan with CIB Bank,
K&H Bank and OTP Bank on June 21, 2004.  The deal follows
intensive negotiations with its creditors on the restructuring
and refinancing of the originally EUR17.1 million three-year
loan that matured on October 9, 2003 and was prolonged several
times since.   The total amount of the tranches of the club loan
expiring mainly between 2006 and 2008 is nearly HUF8.5 billion,
which can be used in HUF or partly in EUR.

Pannonplast signed a new medium-term club loan with CIB Bank,
K&H Bank and OTP Bank on June 21, 2004.  The deal follows
intensive negotiations with its creditors on the restructuring
and refinancing of the originally EUR17.1 million three-year
loan that matured on October 9, 2003 and was prolonged several
times since.   The total amount of the tranches of the club loan
expiring mainly between 2006 and 2008 is nearly HUF8.5 billion,
which can be used in HUF or partly in EUR.

CONTACT:  PANNONPLAST Industries Plc.
          1225 Budapest, Nagytetenyi ut 216
          Phone: +36-1 207-1936
          Fax:   +36-1 207-1525
          E-mail: pannonplast@pannonplast.hu
          Web site: http://www.pannonplast.hu


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


EMMEGI: Shutting down Production for Four Months
------------------------------------------------
Fruit juice producer Emmegi, a unit of Italian food group
Parmalat Finanziaria, laid off workers for the second time in
months, Agenzia Giornalistica Italia reports.

The company axed workers at its Termini Imerese (Palermo) plant
in connection with a decision to halt production for four months
until December 6.  The firm explained to Flai-Cgil, Fai-Cisl and
Uila-Uil trade unions that during this period some workers will
be deployed to maintain the plants.  The move came just a month
after a layoff period of 13 weeks ended because of the loss of
supplies in stores.

Emmegi, which specializes in red orange juices, has a citrus
campaign set to start in January.  It plans to get at least
5,000 orange wagons, corresponding to 5 million kilos of the
fruit.  The firm has a capacity of more than 9 million kilos.


PARMALAT U.S.A.: Farmland Seeks Permission to Hire EVP, CFO
-----------------------------------------------------------
Farmland Dairies, LLC, a Parmalat U.S.A. Corporation subsidiary,
and its debtor-affiliate, requires additional senior management
to work in concert with James A. Mesterharm, the Chief
Restructuring Officer, and Martin J. Margherio, the President
and Chief Operating Officer, to implement restructuring
initiatives and effectively manage its business and financial
operations.

In this regard, Farmland asks Judge Drain for permission to
employ:

   -- Mikael B. Pederson, as Executive Vice-President, effective
      as of August 2, 2004; and

   -- Teresa E. Webb, as Chief Financial Officer, effective as
      of August 16, 2004.

The appointment of Mr. Pederson and Ms. Webb will provide
Farmland with additional experienced senior level management
necessary to contribute to its reorganization as a going
concern.

                     Services to be Provided

Mr. Pederson will be responsible for managing Farmland's milk
production business.  This includes administration of employees
and supervision of daily operations.

Ms. Webb will be responsible for oversight of Farmland's
finances, strategic accounting, and business development.

                          Qualifications

Mr. Pederson has a wealth of experience in the business of
production and distribution of milk and related dairy products.
Mr. Pederson began his career in the milk production and
distribution business over 25 years ago with Beatrice Foods,
where he served as Plant Superintendent at Meadow Gold Dairies
in Clarksburg, West Virginia.  In 1982, he joined Crowley Foods,
LLC, a dairy manufacturing company headquartered in Binghamton,
New York.  During his tenure at Crowley, Mr. Pederson served in
various capacities including Plant Manager, Division Manager,
Vice President and General Manager of Kemps Foods, Inc., a
wholly owned subsidiary of Crowley.  In July 1995, he was
appointed Vice-President of Operations.

Mr. Pederson was instrumental in three key acquisitions for
Crowley, which helped propel the once local fluid milk processor
into a diversified regional food company with estimated 2003
sales of US$577,000,000.  In addition, Mr. Pederson is actively
involved in local community affairs and serves as a member of
the board of directors of the American Civic Association.

Ms. Webb is a certified public accountant with nearly 20 years
of accounting experience in the milk production and distribution
business.  Following employment at several large accounting
firms, Ms. Webb joined Crowley as a staff accountant in 1984.
She was later promoted to Corporate Controller, and in September
of 1992, she was named Vice-President of Finance and Chief
Financial Officer.

During her tenure at Crowley, Ms. Webb was a key participant in
nine acquisitions of dairy businesses.  In addition, Ms. Webb
was appointed President of Kemps, and along with Mr. Pederson,
was responsible for the restructuring of Kemps and a turn around
of US$2,000,000 in annual losses to annual profits of
US$3,300,000.  Ms. Webb also is a member of the board of
directors of United Health Services and The Broome Community
College Foundation, and also serves on the Broome County IDA
Loan Committee.

                      Disclosure of Conflict

In September 2001, Crowley was purchased by National Dairy
Holdings, LP.  Thereafter, Mr. Pederson retained his position as
Vice-President of Operations of Crowley.  In January 2002, Ms.
Webb was named Vice-President Finance and Corporate Controller
of NDH.

In April 2004, HP Hood, LLC, purchased Crowley and Marigold
Foods from NDH, at which time Ms. Webb resigned her position
with NDH and was named Senior Vice-President of Hood.  On June
18, Mr. Pederson resigned his position at Crowley and joined NDH
as Vice-President.

On July 14, 2004, Debtor Milk Products of Alabama, LLC, executed
an asset purchase agreement with NDH for the sale of Milk
Products' business operations in Decatur.  On August 5, the
Bankruptcy Court approved bidding procedures and authorized,
among other things, the payment of a break-up fee and expense
reimbursement to NDH in connection with the sale.

Mr. Pederson attests that he had no involvement in the
negotiation or documentation of the purchase agreement during
his employment at NDH.

                        Terms of Retention

The salient terms of Mr. Pederson's and Ms. Webb's employment
agreements are:

   (1) The initial term of employment will be two years;

   (2) Mr. Pederson will be paid a US$205,000 base salary.  He
       will be eligible for an annual bonus up to a maximum
       amount equal to 70% of the Base Salary.  The amount and
       payment terms of the Bonus will be determined solely by
       Farmland;

   (3) Ms. Webb will be paid a US$237,000 base salary.  She will
       be eligible for an annual bonus up to a maximum amount
       equal to 70% of the Base Salary.  The amount and payment
       terms of the Bonus will be determined solely by Farmland;
       and

   (4) If Mr. Pederson's or Ms. Webb's employment is terminated
       without cause by Farmland or with good reason by Mr.
       Pederson or Ms. Webb, the Executives will be eligible to
       receive, subject to execution of a separation agreement
       and release, severance pay in the form of continued
       payment of their Base Salary for 12 months following the
       date of termination.

       "Cause" means:

       -- The willful failure or refusal by the Executive to
          perform her duties or responsibilities, other than due
          to disability;

       -- Dishonesty in the performance of the Executive's
          duties or responsibilities to Farmland;

       -- The Executive's willful failure or refusal to follow
          the reasonable and lawful directions of any Farmland
          officer or employee properly supervising the
          Executive;

       -- Any material violation of Farmland's policies and
          procedures by the Executive;

       -- The Executive's engaging in misconduct that may be
          injurious to Farmland including, but not limited to,
          damage to its reputation or standing in its industry;

       -- The Executive's having been indicted, convicted of, or
          entered a plea of guilty or nolo contendere to any
          crime that constitutes a felony or a misdemeanor
          involving moral turpitude;

       -- The material breach by the Executive of any written
          covenant or agreement with Farmland not to disclose
          any information pertaining to the company; or

       -- The breach by the Executive of any material provision
          of the Employment Agreement, or any material provision
          of Farmland's policies, rules or regulations.

       "Good Reason" means:

       -- The Executive's assignment to a position that in
          Farmland's judgment is not an executive position --
          although duties may differ without giving rise to a
          termination by the Executive for Good Reason;

       -- The relocation of the Executive's principal place of
          employment in Wallington, New Jersey, to a location
          more than 60 miles from its present site, unless the
          relocation does not increase the Executive's commute
          by more than 20 miles, except for required travel on
          Farmland's business to an extent substantially
          consistent with the Executive's business travel
          obligations; or

       -- Farmland's failure to obtain an agreement from its
          successor, if any, to assume and agree to perform the
          Employment Agreement.

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

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


SSC NAPOLI: De Laurentiis Wins Bid; Enters Club in C1 League
------------------------------------------------------------
Italian film mogul Aurelio De Laurentiis is now the new owner of
Italian football club SSC Napoli after the Italian football
federation FIGC handed him Sunday the control of the club.

Mr. De Laurentiis, who outbid Perugia Gaucci in the auction for
the club, has also enrolled a newly formed Napoli club in the
Serie C1 competition, says Eurosport.  "The Italian Football
Federation will enter us into Serie C1," he said.

FIGC also gave Mr. De Laurentiis ten days to sign players.  Mr.
De Laurentiis said in an interview with Radio Kiss Kiss, "The
first thing that I will do is put together a new management
structure. We need to build a team that knows how to entertain."

Mr. De Laurentiis has promised to take Napoli back into European
competition within five years.


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


PETROPLUS INTERNATIONAL: E.U. OKs RIVR's Proposed Equity Offer
--------------------------------------------------------------
With reference to the press releases of 18 May 2004, 17 June
2004 and 27 July 2004, Petroplus International N.V. and RIVR
Acquisition B.V. jointly confirm that the European Commission
has approved the intended public offer by RIVR for all
outstanding ordinary shares in the share capital of Petroplus
(the Equity Offer).  Obtaining this regulatory approval was one
of the conditions that needed to be satisfied prior to making a
public Offer.

As indicated in the press releases of 18 May 2004, 17 June 2004
and 27 July 2004, the intended Equity Offer would be made in
combination with the intended consent solicitation from holders
of a majority of the 10.5% Senior Notes due 2010 (Senior Notes)
for proposed amendments to (or deletions of) certain provisions
set out in the trust deed and the intended public offer for the
Senior Notes (the "Senior Notes Offer" and the Equity Offer and
Senior Notes Offer together "the Offers").

Parties are continuing to work hard on preparations for the
intended Offers including discussions with all parties involved
and will provide more specific information as to timing of the
intended Offers no later than 30 September 2004.

This press release also appears in Dutch.  In the event of any
inconsistency, the English version will prevail over the Dutch
version.

Profile of Petroplus International N.V.

Petroplus was established 10 years ago and has since developed
into a leading player in the European midstream oil market.  The
midstream sector encompasses refining, marketing and logistics
(predominantly tank storage).

Petroplus is the owner of refineries in Antwerp (Belgium),
Cressier (Switzerland) and Teesside (United Kingdom) with a
total capacity of 240,000 barrels per day including its Antwerp
desulphurization capacity.  Petroplus has a sales volume in
excess of 23 million tons a year of oil products and a storage
capacity of almost 5 million m3 throughout Western Europe.

Petroplus, with its head office in Rotterdam and regional head
offices in Zug and Hamburg, has branch offices in more than 20
countries and employs approximately 1000 employees.  Petroplus
is publicly listed in the NextPrime segment of the Official
Segment of Euronext Amsterdam N.V.

The Carlyle Group and Riverstone Holdings

The Carlyle Group is a global private equity firm with more than
US$18.3 billion under management.  The Carlyle Group employs a
conservative, proven, and disciplined investment approach.  The
Carlyle Group invests in buyouts, venture, real estate, and
leveraged finance, in North America, Europe, and Asia, focusing
on aerospace, automotive & transportation, consumer, defense,
energy & power, healthcare, industrial, technology & business
services, and telecommunications & media.  Since 1987, the firm
has invested US$10.8 billion of equity in 300 transactions.  The
Carlyle Group employs more than 540 people in 14 countries.  The
Carlyle Group will participate in the transaction through the
combined equity investments from its European buyout fund and
its dedicated energy and power fund.

The Carlyle Group manages two buyout funds in Europe: (i)
Carlyle Europe Partners I, a EUR1 billion fund launched in 1998
which has completed 16 investments, and is now fully invested
and (ii) Carlyle Europe Partners II, which has completed three
transactions worth over EUR2 billion.  A team of 40 investment
professionals located in five offices across Europe manages
Carlyle Europe Partners I and Carlyle Europe Partners II.

Riverstone Holdings LLC and The Carlyle Group are the co-general
partners of the Carlyle/Riverstone Global Energy and Power Fund
II, a US$1.1 billion private equity fund established to make
investments in the energy and power industry globally.
Riverstone, a New York-based energy and power focused private
equity firm founded in 2000, has approximately US$1.5 billion
under management with Carlyle.  Riverstone conducts buyout and
growth capital investments in the midstream, upstream, power,
and oilfield service sectors of the energy industry.  To date,
the firm has committed approximately US$875 million to 10
investments across these four sectors.

                            *   *   *

This is a joint press release of Petroplus International N.V.
and RIVR Acquisition B.V.  This is not for release, publication
or distribution, in whole or in part, in or into the United
States, Canada, Australia or Japan.  This announcement and
related materials do not constitute an offer for either the
ordinary shares in Petroplus International N.V. or the 10.5%
Senior Notes due 2010, but the expectation is justified that an
offer will be made in due course as set out in this press
release and in the press releases issued on 18 May 2004, 17 June
2004 and 27 July 2004.

CONTACT:  PETROPLUS INTERNATIONAL N.V.
          Max Euwelaan 21
          NL-3062 Rotterdam,
          The Netherlands
          Phone: +31 10 242 5900
          Fax: +31 10 212 2708
          Web site: http://www.petroplus.nl
          Contact:
          Martijn L.D. Schuttevaer, Investor Relations Manager
          Phone: + 31 10 242 6046
          Mobile: + 31 65 208 3014
          E-mail: M.L.Schuttevaer@Petroplus.nl


ROYAL SHELL: BG Group to Absorb Rosetta Stake
---------------------------------------------
BG Group has finalized an agreement for the purchase of Shell
Egypt N.V. and Shell Austria GmbHs (collectively Shells)
interest in the Rosetta concession offshore Egypt.  The
transaction is subject to a number of conditions, including
Egyptian Government approval.

On 4 June 2004, Shell and Kuwait Foreign Petroleum Exploration
Company (KUFPEC) announced that they had reached an agreement
for the sale to KUFPEC of Shells 40% stake in the BG Group
operated Rosetta Concession in the Nile Delta.  BG Groups
pre-emption of the sale of Shells stake will increase its equity
interest in Rosetta from 40 to 80%.  The purchase price to BG
Group is approximately US$235 million, based upon an economic
effective date of 1 January 2003.

Stuart Fysh, BG Groups Executive Vice President and Managing
Director, Mediterranean Basin and Africa, said: "This
pre-emption provides us with an excellent opportunity to
increase our position in a high quality, BG Group operated
asset."

The Rosetta Concession includes the currently producing gas
field and onshore/offshore plant, together with three
development leases which are currently under negotiation and
subject to government approval.  These development leases
contain discovered, undeveloped fields, from which output will
eventually be sold under the Rosetta Gas Sales Agreement.

BG Group plc works across the spectrum of the gas chain. Active
on five continents in some 20 countries, it operates four
business segments - Exploration and Production, LNG,
Transmission and Distribution and Power.  BG is a significant
holder of hydrocarbon reserves on the U.K. Continental Shelf,
where it operates the Blake and Armada fields, as well as fields
in the Easington Catchment Area.  The company's core
geographical areas are the U.K., Egypt, North America, South
America, Kazakhstan, India and Trinidad & Tobago.

BG is an important participant in the development of the gas
business in Egypt, with both upstream and downstream
investments.  It has interests in two gas-producing areas
offshore the Nile Delta -- the Rosetta fields and the West Delta
Deep Marine (WDDM) Concession.

Rosetta started production in January 2001 and supplies the
domestic market, as do the first WDDM fields -- Scarab and
Saffron -- which started production in March 2003.  Rosetta has
established a position as a flexible and reliable source of gas
to the Egyptian domestic market.  Phase Two of the Rosetta
development will consist of an unmanned minimum facilities
wellhead platform tied back to the existing Rosetta platform.
First gas from the Phase Two project is scheduled to commence in
2005.

Before the announcement of the sale, the partner shares in
Rosetta were BG (operator), 40%; Shell, 40%; and Edison, 20%.
The following the announcement and the successful completion of
the transaction later this year, the partners shares will be BG
(operator), 80%; and Edison, 20%.

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

          BG GROUP
          Communications
          Chris Carter
          Trina Fahey
          Phone: + 44 (0) 118 929 3717

          Out of hours media pager:
          Phone: + 44 (0) 7693 309543

          Investor Relations
          Chris Lloyd
          Brian McCleery
          Helen Parris
          Phone: +44 (0) 118 929 3025


ROYAL SHELL: Exploring Options for Power Arm
--------------------------------------------
Royal Dutch/Shell has hired Citigroup to review options for its
international power venture, InterGen, sources told Reuters.

According to the report, four senior utility bankers not
involved in the plan believe Shell's options include a total
sell-off of the electricity generating business.  The potential
deal has a multi-million-dollar price tag.

Shell has a 68% stake in InterGen; U.S. building firm Bechtel
owns the rest.  It cannot be ascertained what assets are
included in InterGen's global portfolio since its accounts are
consolidated with the group's overall natural gas business, and
Bechtel is privately owned.  Bankers say the subsidiary runs at
a capacity of about US$6 billion including debt.

InterGen's affiliated 20 plants have a total capacity of 16,200
megawatts, which is about a fifth of the U.K.'s total.  Shell
made plans to float it in 2000, but was discouraged by global
events that affected power prices.

The review of InterGen is part of a restructuring aimed at
improving group-wide profitability.  Investors believe selling
non-core assets was a good way to restore its credibility with
shareholders after it shocked the market in January with
revelations it overestimated reserves by 20%.  Proceeds from the
sale will help finance the company's urgent search for new oil
and gas reserves.

Set up in 1995, InterGen has power plants in the United States,
Britain, the Philippines, Colombia, Mexico, China, Egypt,
Turkey, Australia, the Netherlands, Spain and Singapore.

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


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


AGRO-SNAB: Altay Court Appoints Insolvency Manager
--------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on OJSC Agro-Snab.  The case is docketed
as A03-5731/04-B.  Mr. M. Polyakov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 656002, Russia,
Barnaul, Vorovskogo Str. 140, Post User Box 130.  A hearing will
take place on October 10, 2004, 10:30 a.m.

CONTACT:  AGRO-SNAB
          659560, Russia, Altay region,
          Bystroistoksky region, Bystry Istok

          Mr. M. Polyakov
          Temporary Insolvency Manager
          656002, Russia,
          Barnaul, Vorovskogo Str. 140,
          Post User Box 130
          Phone: 616-414


BASHKIR-UGOL: Bashkortostan Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has declared
OJSC coal company Bashkir-Ugol (TIN 0262006480) insolvent and
introduced bankruptcy proceedings.  The case is docketed as
A07-11293/04-G-PAV.  Mr. V. Kryuchkov has been appointed
insolvency manager.

Creditors have until September 19, 2004 to submit their proofs
of claim to 453300, Russia, Bashkortostan republic, Kumertau,
Karla Marksa Str. 24.

CONTACT:  BASHKIR-UGOL
          453300, Russia,
          Bashkortostan republic,
          Kumertau, Karla Marksa Str. 24

          Mr. V. Kryuchkov
          Insolvency Manager
          453300, Russia,
          Bashkortostan republic,
          Kumertau, Karla Marksa Str. 24
          Phone: 4-27-85


IRKUTSKY COMBINE: Deadline for Proofs of Claim September 19
-----------------------------------------------------------
The Arbitration Court of Irkutsk region has declared OJSC
Irkutsky Combine of Grain Products insolvent and introduced
bankruptcy proceedings.  The case is docketed as
A19-20579/03-29.  Mr. I. Kolotin has been appointed insolvency
manager.

Creditors have until September 19, 2004 to submit their proofs
of claim to 664046, Russia, Irkutsk, Post User Box 4710.  A
hearing will take place on May 19, 2005, 10:00 a.m.

CONTACT:  IRKUTSKY COMBINE OF GRAIN PRODUCTS
          664014, Russia,
          Irkutsk, Polyarnaya Str. 85

          Mr. I. Kolotin
          Insolvency Manager
          664046, Russia,
          Irkutsk, Post User Box 4710
          Phone/Fax.: 22-65-11


KHIM-STROY: Gives Creditors Until September 19 to Prove Claims
--------------------------------------------------------------
The Arbitration Court of Tomsk region has declared LLC wood
working combine Khim-Stroy (TIN 7014038254) insolvent and
introduced bankruptcy proceedings.  The case is docketed as
A67-9315/03.  Mr. E. Pozhidaev has been appointed insolvency
manager.

Creditors have until September 19, 2004 to submit their proofs
of claim to:

(a) Mr. E. Pozhidaev
    Insolvency Manager
    634034, Russia,
    Tomsk, Kuleva Str. 33

(b) The Arbitration Court of Tomsk region
    634050, Russia,
    Tomsk, Kirova Pr. 10

(c) Khim-Stroy
    636019, Russia,
    Tomsk region, Seversk-19,
    Post User Box 169


KNYAZHPOGOSTSKY BAKERY: Under Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Komi republic has commenced bankruptcy
supervision procedure on municipal unitary enterprise
Knyazhpogostsky Bakery.  The case is docketed as A29-3752/04-3B.
Mr. A. Belyayev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 167004, Russia,
Komi republic, Syktyvkar, Post User Box 2423.  A hearing will
take place on October 19, 2004.

CONTACT:  KNYAZHPOGOSTSKY BAKERY
          169200, Russia,
          Komi republic, Emva,
          Senyukova Str. 56

          Mr. A. Belyayev
          Temporary Insolvency Manager
          167004, Russia,
          Komi republic, Syktyvkar,
          Post User Box 2423


MELNIKOVSKOYE: Names A. Krulikovsky Insolvency Manager
------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on OJSC Melnikovskoye.  The case is
docketed as A19-9108/04-8.  Mr. A. Krulikovsky has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) Mr. A. Krulikovsky
    Temporary Insolvency Manager
    664007, Russia,
    Irkutsk, Post User Box 1661

(b) Melnikovskoye
    Russia, Irkutsk region,
    Markovo, Fabrichnaya Str. 1.

A hearing will take place at the Arbitration Court of Irkutsk
region on October 25, 2004, 11:30 a.m.

CONTACT:  The Arbitration Court of Irkutsk region:
          664025, Russia,
          Irkutsk, Gagarina Avenue, 70,
          Room 317


MUNICIPAL AND THERMAL: Proofs of Claim Deadline September 16
------------------------------------------------------------
The Arbitration Court of Kemerovo region has declared Municipal
and Thermal Networks insolvent and introduced bankruptcy
proceedings.  The case is docketed as A27-13782/2003-4.  Mr. V.
Grishin has been appointed insolvency manager.  Creditors have
until September 16, 2004 to submit their proofs of claim to
645018, Russia, Novokuznetsk, Kirova Str. 64, Apartment 68.

CONTACT:  MUNICIPAL AND THERMAL NETWORKS
          654217, Russia,
          Kemerovo region,
          Novokuznetsky region, Talzhino,
          Sovetskaya Str. 1A

          Mr. V. Grishin
          Insolvency Manager
          645018, Russia,
          Novokuznetsk, Kirova Str. 64,
          Apartment 68


OB-TRUB-PROVOD-STROY: Court Confirms Insolvent Status
-----------------------------------------------------
The Arbitration Court of Khanty-Mansiysky autonomous region has
declared OJSC Irkutsky CJSC Ob-Trub-Provod-Stroy insolvent and
introduced bankruptcy proceedings.  The case is docketed as
A75-217-B/04.  Ms. E. Pugacheva has been appointed insolvency
manager.

Creditors may submit their proofs of claim to 664046, Russia,
Irkutsk, Post User Box 4710.  A hearing will take place on May
19, 2005, 10:00 a.m.

CONTACT:  OB-TRUB-PROVOD-STROY
          Russia,
          Khanty-Mansiysky autonomous region,
          Surgut, 30 Let Pobedy Str. 32

          Ms. E. Pugacheva
          Insolvency Manager
          628412, Russia,
          Tyumen region, Surgut,
          Post User Box 583


REGIONAL CLEARING: Insolvency Manager Takes over Helm
-----------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has declared OJSC Regional Clearing Centre (TIN
4703033790) insolvent and introduced bankruptcy proceedings.
The case is docketed as A56-5577/04.  Mr. I. Trubin has been
appointed insolvency manager.  Creditors have until September
17, 2004 to submit their proofs of claim to 193318, Russia,
Saint-Petersburg, Post User Box 54.

CONTACT:  Mr. I. Trubin
          Insolvency Manager
          193318, Russia,
          Saint-Petersburg,
          Post User Box 54


REVDINSKY STONE-CRUSHING: Under Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on state unitary enterprise
Revdinsky Stone-Crushing Plant.  The case is docketed as
A60-14225/2004-S3.  Mr. S. Efremovtsev has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 620130, Russia, Ekaterinburg, Post User Box 1.

CONTACT:  REVDINSKY STONE-CRUSHING PLANT
          623280, Russia,
          Sverdlovsk region, Revda,
          Butovaya Str. 2

          Mr. S. Efremovtsev
          Temporary Insolvency Manager
          620130, Russia,
          Ekaterinburg, Post User Box 1


SHEBEKINSKY BIOCHEMICAL: Bankruptcy Proceedings Begin
-----------------------------------------------------
The Arbitration Court of Belgorod region has declared OJSC
Shebekinsky Biochemical Plant insolvent and introduced
bankruptcy proceedings.  The case is docketed as A08-12622/03-2
B.  Mr. N. Adamov has been appointed insolvency manager.
Creditors have until September 16, 2004 to submit their proofs
of claim to 309592, Russia, Belgorod region, Shebekino,
Nizhegolskoye Shosse, 2.

CONTACT:  SHEBEKINSKY BIOCHEMICAL PLANT
          309592, Russia,
          Belgorod region, Shebekino,
          Nizhegolskoye Shosse, 2

          Mr. N. Adamov
          Insolvency Manager
          309592, Russia,
          Belgorod region, Shebekino,
          Nizhegolskoye Shosse, 2
          Phone: 8-095-504-14-49


TERMINAL: Tyumen Court Appoints Insolvency Manager
--------------------------------------------------
The Arbitration Court of Tyumen region has declared CJSC
Terminal insolvent and introduced bankruptcy proceedings.  The
case is docketed as A70-1021/3-04.  Mr. N. Pavlov has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 625026, Russia, Tyumen, Respubliki Str. 144.

CONTACT:  TERMINAL
          625012, Russia,
          Tyumen region, Tyumen region,
          Tyurinskaya base

          Mr. N. Pavlov
          Insolvency Manager
          625026, Russia,
          Tyumen, Respubliki Str. 144


TINNED FOOD: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Astrakhan region has commenced
bankruptcy supervision procedure on OJSC Tinned Food Factory.
The case is docketed as A06-488-b/3-14k/2004.  Mr. V. Shmaevsky
has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 414009, Russia,
Astrakhan, 1st Solikamskaya Str. 14/21.  A hearing will take
place on September 30, 2004, 2:00 p.m.

CONTACT:  TINNED FOOD FACTORY
          416510, Russia,
          Astrakhan region, Akhtubinsk,
          Mayakovskogo Str. 3

          Mr. V. Shmaevsky
          Temporary Insolvency Manager
          414009, Russia,
          Astrakhan, 1st Solikamskaya Str. 14/21


VORONEZHSKY MECHANICAL: Declared Insolvent
------------------------------------------
The Arbitration Court of Voronezh region has declared state
unitary subsidiary enterprise Voronezhsky Mechanical Plant (TIN
3665023405) insolvent and introduced bankruptcy proceedings.
The case is docketed as A14-9249-2004/33/7b.  Mr. V. Adarchenko
has been appointed insolvency manager.  Creditors have until
September 19, 2004 to submit their proofs of claim to 394028,
Russia, Voronezh, Bazovaya Str. 13.

CONTACT:  VORONEZHSKY MECHANICAL PLANT
          394055, Russia,
          Voronezh, Deputatskaya Str. 7

          Mr. V. Adarchenko
          Insolvency Manager
          394028, Russia,
          Voronezh, Bazovaya Str. 13


YAMAL: Court Sets September 30 Hearing
--------------------------------------
The Arbitration Court of Yamalo-Nenetsky autonomous region has
commenced bankruptcy supervision procedure on Yamal.  The case
is docketed as A81-1820/2715B-04.  Mr. N. Semashko has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 629400, Russia,
Yamalo-Nenetsky autonomous region, Labytnangi, GUPS, Post User
Box 583.  A hearing will take place on September 30, 2004, 9:00
a.m.

CONTACT:  YAMAL
          62900 Russia,
          Yamalo-Nenetsky autonomous region,
          Salekhard, Mayakovskogo Str. 19A

          Mr. N. Semashko
          Temporary Insolvency Manager
          629400, Russia,
          Yamalo-Nenetsky autonomous region,
          Labytnangi, GUPS,
          Post User Box 583.

          The Arbitration Court of
          Yamalo-Nenetsky autonomous region:
          629000, Russia,
          Salekhard, Chubynina Str. 37A


YUKOS OIL: 'Can't Draw Cash? Open New Account,' Firm Tells Units
----------------------------------------------------------------
In what appears to be a defiant move, Yukos Oil ordered
subsidiaries, whose accounts have been seized by the
government's bailiff service, to open new accounts.

"Those affiliates of Yukos whose accounts are seized will be
forced to open new accounts, which will be used only for funding
of daily operations, payment of taxes and salaries," The Moscow
Times quoted a company statement released Monday.

According to the report, the order in effect directs
subsidiaries to stop depositing revenues from direct crude oil
sales to clients and, instead, channel them to the new bank
accounts.  Since June this year, the government has seized a
number of Yukos deposits as part of its campaign to collect back
taxes.  Two of these accounts, belonging to Yuganskneftegaz and
Tomskneft, the company's main production units, contain US$2.6
billion.  Yukos' tax liability for 2000 alone is allegedly
US$3.4 billion, according to the government.

Yukos, which defended its move as necessary to sustain
operation, says it will inform the Federal Tax Service and the
Economic Development and Trade Ministry of its instruction to
subsidiaries.  The report did not say whether the government
cannot seize these new accounts as well.

Meanwhile, the crackdown on individuals who have links to the
troubled oil giant continued Monday.  According to the Times,
prosecutors raided the office and apartment of Yukos' chief
legal counsel, Dmitry Gololobov, and confiscated several
documents and computers.  Prosecutors justified the raid as part
of its investigation into alleged tax evasion at Yukos'
oil-production unit, Tomskneft-VNK.

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


CAIXA TARRAGONA: Individual Rating Affirmed at 'B/C'
----------------------------------------------------
Fitch Ratings affirmed Caixa d'Estalvis de Tarragona's (Caixa
Tarragona) ratings at Long-term 'A-', Short-term 'F2',
Individual 'B/C' and Support '3'.  The rating Outlook is Stable.

The Long-term, Short-term and Individual ratings of Caixa
Tarragona reflect its well-established local franchise, low risk
profile, healthy asset quality and underlying profitability, as
well as its sound capital adequacy.  They also consider its
small size, some regional and real estate sector loan
concentration and the need to improve cost efficiency.

Caixa Tarragona's pre-provision profitability remains sound,
based on its relatively wide net interest margin (NIM), from
having a large proportion of assets in lending, which is mainly
funded by a relatively large low-cost retail deposit base.
However, NIM has deteriorated due to low interest rates and
stiff competition as well as the expiration of held-to-maturity
government securities with historically high yields.  Underlying
profitability in the last 18 months was also supported by good
commission income generation (0.8% of average assets) and
non-recurrent capital gains from the sale of equity investments.
In spite of the latter and reasonably sound cost control, cost
growth has been higher than operating revenues, causing the
caja's cost/income ratio to deteriorate to 65.3% at end-H104
from 61.7% in 2002.

Caixa Tarragona's loan growth has been lower than sector average
in the past few years, highlighting its cautious approach to
risk-taking.  Also, the caja has built up its statistical loan
loss reserve ahead of time, and uses a more conservative
criterion relative to its peers in classifying impaired loans.
Asset quality indicators are healthy, with an impaired
loans-to-total loans ratio of 1% at end-June 2004 and ample loan
loss coverage.  Some risk concentration in the real estate
sector exists, but this ultimately converts into small
individual mortgage loans.  Liquidity is adequate, supported by
a stable retail deposit base and access to other funding
sources.  The caja's capital adequacy is sound, with a EU total
capital-to-weighted risks ratio of 12.8% (Tier 1: 8.63%) at
end-June 2004.

Caixa Tarragona is a small regional savings bank, or caja, based
in the Catalonian province of Tarragona.  It is expanding into
its neighboring province and Madrid.  It was the 32nd largest
caja (48th largest banking group) in Spain by total assets at
end-2003.  Its main activities are lending to individuals
(mainly housing mortgages) and SMEs as well as deposit-taking.

The credit research on Caixa Tarragona is available on Fitch's
subscription Web site -- http://www.fitchresearch.com-- or by
contacting Fitch Ratings Desk in London on +44 20 7417 6300.

CONTACT:  FITCH RATINGS
          Roger Turro, Barcelona
          Phone: +34 93 323 8406

          Cristina Torrella
          Phone: +34 93 323 8405

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


TYBOR: Falling Sales Forces Firm to Close Down
----------------------------------------------
Spanish textile manufacturer submitted Friday a redundancy plan
that involves all its 150 employees at its Gerona plant,
Expansion says.

The company, which has decided to end its operations, will
discuss the plan with workers today.  According to a Gerona
court, Tybor has accumulated more than EUR15 million in losses
in four years of operation due to declining sales.  The company
was placed into receivership in April.


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


LM ERICSSON: Rating Raised to 'BB+'; Outlook Positive
-----------------------------------------------------
Fitch Ratings upgraded Telefonaktiebolaget LM Ericsson's Senior
Unsecured rating to 'BB+' from 'BB-' and changed the Outlook to
Positive from Stable.

The upgrade reflects the significant improvement in Ericsson's
financial profile as reported in recent quarters, the completion
of its cost base restructuring and signs that revenue conditions
have begun to stabilize.  Fitch notes that Ericsson, as the
leader in the supply of mobile network infrastructure with about
30% of the market (including a 40% share of GSM networks), is
well placed to benefit from any improvement in demand
conditions.  The company also exhibits extremely sound liquidity
in the form of cash balances of SEK78 billion (EUR8.5 billion).

"Ericsson, along with all the equipment manufacturers, has been
through an extremely tough couple of years.  The company has
responded well though, coming out of the recession in equipment
spending with a much lighter cost base and a substantially
improved balance sheet." said Stuart Reid, Director in the
European TMT group.  "We no longer expect revenues to continue
to fall and believe the company is in good shape to operate
profitably in today's much reduced demand environment."

The Positive Outlook reflects Fitch's expectations that
Ericsson's financial profile will continue to improve in the
event of a moderate recovery in demand.  Its significantly
reduced cost base makes the likelihood of further improvement in
the rating increasingly dependent on the sustainability of
revenues.

Fitch believes Ericsson's operating revenues are unlikely to
exhibit further erosion in 2004, and that any possible weakness
will be driven by currency movements given the company's
exposure to the U.S. dollar.  With some growth in underlying
revenues (at constant currency) predicted for the year, and
significant progress made in the company's cost base
restructuring, a sustained return to profitability is
increasingly expected.

With current cash balances of SEK78 billion and a further US$1.
6 billion in available bank facilities, liquidity is extremely
good.  While Ericsson turned net cash positive in Q302 (when net
cash stood at SEK5.2 billion following its SEK30 billion rights
issue, operating cash flows have added significantly to this
position, which stood at SEK32 billion (EUR3.5 billion) at Q204.

Mobile spending plans are showing tentative signs of recovery,
with investment focused on addressing capacity constraints in 2G
networks and in the roll-out of 3G.  While to date spending on
3G has been based largely on meeting minimum levels of
investment needed to meet license obligations, the second half
of 2004 is expected to see increasing momentum in commercial 3G
launches.  As the leading provider of mobile infrastructure and
the market leader in both GSM and WCDMA networks, Ericsson
clearly stands to benefit from any improvement in mobile
spending.

CONTACT:  FITCH RATINGS
          Stuart Reid, London
          Phone: +44 (0) 20 7417 4323

          Raymond Hill
          Phone: +44 (0) 20 7417 4314

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


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


DISBANK: Individual Rating Downgraded to 'D'; Outlook Stable
------------------------------------------------------------
Fitch Ratings downgraded Disbank's Individual rating to 'D' from
'C/D'.  The bank's Long-term foreign and local currency,
Short-term foreign and local currency, Support and National
ratings have been affirmed at 'B+', 'B', '5'and 'A-,
respectively.  The Outlook is Stable.

The downgrade of the Individual rating reflects the bank's rapid
growth plans for the loan portfolio and sharply increasing
non-interest expenses.  In Fitch's opinion, the aggressive
growth may lead to a deterioration in asset quality,
particularly if the improving economy falters.  The sharp
increase in expenses resulted in the bank's unconsolidated
cost-to-income ratio deteriorating to 116.5% in H104, and this
is unlikely to improve materially without a sharp increase in
revenues as costs are expected to continue to rise on the back
of planned further expansion.  While capital ratios are
currently sound, and Disbank is one of the few Turkish banks to
have maintained positive free capital, Fitch believes that
capital and liquidity may come under pressure as the balance
sheet expands and transforms away from government securities
(23.2% of assets at end-June 2004).

Disbank's net income declined by 64% in H104 in comparison to
H103, due to a decline in trading income and rising non-interest
expenses.  Fitch expects the bank's performance for the full
year 2004 to be below its mid-size domestic peers'.  The bank's
funding profile has become more reliant on borrowed (wholesale)
funding than its peers as lending has grown rapidly,
particularly in 2003.  Fitch believes this reliance is likely to
increase as deposits struggle to grow apace with planned lending
expansion.

While the bank's growth strategy (if successful) will result in
a stronger franchise and increased revenues and profit, there
are significant risks attached, particularly given the bank's
comparatively weaker competitive position compared to its larger
peers', as well as the risks inherent in an improving but still
volatile operating environment.

Disbank was Turkey's seventh largest privately-owned commercial
bank by assets at end-2003.  It is majority-held by Dogan
Holding whose other interests include media and energy.

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

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

          Ed Thompson, New York
          Phone: +1 212 908 0364


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


BIP: Kyiv Court Opens Bankruptcy Proceedings
--------------------------------------------
The Economic Court of Kyiv declared LLC Bip (code EDRPOU
30965990) insolvent and introduced bankruptcy proceedings on
July 21, 2004.  The case is docketed as 43/112.  Arbitral
manager Mr. O. Naumenko (License Number AA 419213 approved on
September 25, 2002) has been appointed liquidator/insolvency
manager.

The company holds account numbers 260002856255002/840,
26008285625015/978, 26041285625005/980, 26001285625001/980 at CB
Privatbank, Kyiv branch; and MFO 321842 account number
2600600002293/980 at JSCB Prveks-bank, MFO 321983.

CONTACT:  BIP
          03150, Ukraine, Kyiv region,
          Chervonoarmijska Str. 23/52

          Mr. O. Naumenko
          Liquidator/Insolvency Manager
          Phone: 8 (067) 792-07-59

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


DAVIDIVSKE: Deadline for Submission of Claims September 14
----------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Davidivske (code EDRPOU 31581906)
on July 12, 2004.  The case is docketed as 19/92.  Mrs. N.
Chursina (License Number AA 249820) has been appointed temporary
insolvency manager.  The company holds account number
26003211928001 at CB Privatbank, Zaporizhya region branch, MFO
313399.

Creditors have until September 14, 2004 to submit their proofs
of claim to:

(a) DAVIDIVSKE
    72250, Ukraine, Zaporizhya region,
    Yakimivskij district, Davidivka,
    Radyanska Str. 27

(b) Mrs. N. Chursina
    Temporary Insolvency Manager
    72319, Ukraine, Zaporizhya region,
    Melitopol, Sirtsov Str. 40

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


DRUZHBA: Bankruptcy Proceedings Begin
-------------------------------------
The Economic Court of Sumi region declared LLC Agrofirm Druzhba
(code EDRPOU 30133744) insolvent and introduced bankruptcy
proceedings.  The case is docketed as 7/15.  Mr. Oleksandr Kekin
(License Number AA 668271 approved on September 22, 2003) has
been appointed liquidator/insolvency manager.

CONTACT:  AGROFIRM DRUZHBA
          Ukraine, Sumi region,
          Trostyanetskij district, Polyane

          Mr. Oleksandr Kekin
          Liquidator/Insolvency Manager
          40007, Ukraine, Sumi region, Borova Str. 13
          Phone: (0542) 21-34-27


KALUSH' YAVA: Proofs of Claim Deadline Set September 14
-------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on Kalush' CJSC Yava (code
EDRPOU 20539043) on July 12, 2004.  The case is docketed as
B-14/161.  Arbitral manager Mrs. Valentina Kornijchuk (License
Number AA 630069 approved on December 4, 2003) has been
appointed temporary insolvency manager.  The company holds
account number 26003301137 at Oshadbank, Kalush branch 6344, MFO
336547.

Creditors have until September 14, 2004 to submit their proofs
of claim to:

(a) KALUSH' YAVA
    77300, Ukraine, Ivano-Frankivsk region,
    Kalush, Litvin Str. 12

(b) Mrs. Valentina Kornijchuk
    Temporary Insolvency Manager
    77300, Ukraine, Ivano-Frankivsk region,
    Kalush, Yevshan Str. 5/77

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


KATERINOPIL' AUTO 17138: Declared Insolvent
-------------------------------------------
The Economic Court of Cherkassy region declared OJSC
Katerinopil' Auto Transport Enterprise 17138 (code EDRPOU
05461237) insolvent and introduced bankruptcy proceedings on
July 1, 2004.  The case is docketed as 08/4534.  Mr. Anatolij
Prihodko (License Number AA 250342 approved on February 27,
2002) has been appointed liquidator/insolvency manager.

CONTACT:  KATERINOPIL' AUTO TRANSPORT ENTERPRISE 17138
          Ukraine, Cherkassy region,
          Katerinopil, Cherkaska Str. 3

          Mr. Anatolij Prihodko
          Liquidator/Insolvency Manager
          Ukraine, Cherkassy region,
          Katerinopil district, Yerki, Sinna Str. 7
          Phone: 8 (04742) 5-02-40

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


NADIYA: Insolvency Manager Takes over Day-to-day Operation
----------------------------------------------------------
The Economic Court of Cherkassy region declared LLC Nadiya (code
EDRPOU 03791344) insolvent and introduced bankruptcy proceedings
on June 10, 2004.  The case is docketed as 01/232.  Mr. Anatolij
Prihodko (License Number AA 250342 approved on February 27,
2002) has been appointed liquidator/insolvency manager.

CONTACT:  NADIYA
          Ukraine, Cherkassy region,
          Mankivskij district, Kishentsi

          Mr. Anatolij Prihodko
          Liquidator/Insolvency Manager
          Ukraine, Cherkassy region,
          Katerinopil district, Yerki,
          Sinna Str. 7
          Phone: 8 (04742) 5-02-40

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


NIZHINSKIJ AGROTEHSERVICE: Names Sergij Bulichov Liquidator
-----------------------------------------------------------
The Economic Court of Chernigiv region declared OJSC Nizhinskij
Agrotehservice (code EDRPOU 03765750) insolvent and introduced
bankruptcy proceedings on May 18, 2004.  The case is docketed as
9/61 B.  Arbitral manager Mr. Sergij Bulichov (License Number AA
315497 approved on August 19, 2002) has been appointed
liquidator/insolvency manager.  The company holds account number
26002614 at JSPPB Aval, Nizhin branch, MFO 353531.

CONTACT:  NIZHINSKIJ AGROTEHSERVICE
          16600, Ukraine, Chernigiv region,
          Nizhin, Nosivskij shlyah, 5

          Mr. Sergij Bulichov
          Liquidator/Insolvency Manager
          16600, Ukraine, Chernigiv region,
          Nizhin, B. Hmelnitskij Str. 20,
          office 16
          Phone: 2-20-71
          Fax: 2-20-71

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


SHLYAH: Under Bankruptcy Supervision
------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Industrial-Building Enterprise
Shlyah (code EDRPOU 20362805) on July 5, 2004.  The case is
docketed as 27/42 B.  Mr. O. Gnyedov (License Number AA 249607)
has been appointed temporary insolvency manager.  The company
holds account number 26002301525334 at JSCB Prominvestbank, MFO
334516.

Creditors have until September 14, 2004 to submit their proofs
of claim to:

(a) INDUSTRIAL-BUILDING ENTERPRISE SHLYAH
    86101, Ukraine, Donetsk region,
    Makiyivka, Makiyivske quarry

(b) Mr. O. Gnyedov
    Temporary Insolvency Manager
    83050, Ukraine, Donetsk region,
    Vatutin Str. 3/60

(c) ECONOMIC COURT OF DONETSK REGION
    83048, Ukraine, Donetsk region,
    Artema Str. 157


SPODAHIVSKE: Vinnitsya Court Hearing Bankruptcy Case
----------------------------------------------------
The Economic Court of Vinnitsya region has commenced bankruptcy
supervision procedure on Agricultural LLC Spodahivske (code
EDRPOU 03731046).  The case is docketed as 10/103-04.  Mr. U.
Grushevskij (License Number AA 250425) has been appointed
temporary insolvency manager.  The company holds account number
26043981 at JSPPB Aval, Nemirivske branch, MFO 302247.

Creditors have until September 14, 2004 to submit their proofs
of claim to:

(a) AGRICULTURAL SPODAHIVSKE
    22812, Ukraine, Vinnitsya region,
    Nemirivskij district, Spodahi

(b) Mr. U. Grushevskij
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    40-richya Peremogi Str. 27-A/57
    Phone: 35-63-09

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


SVITANOK: Insolvent Status Confirmed
------------------------------------
The Economic Court of Lviv region declared LLC Svitanok (code
EDRPOU 02404210) insolvent and introduced bankruptcy proceedings
on May 25, 2004.  Arbitral manager Mrs. Lubov Kravchuk (License
Number AA 419462 approved on November 18, 2002) has been
appointed liquidator/insolvency manager.  The company holds
account number 260047448 at JSPPB Aval, Lviv regional branch,
MFO 325570.

CONTACT:  SVITANOK
          Ukraine, Lviv region,
          Sokalskij district, Perespa

          Mrs. Lubov Kravchuk
          Liquidator/Insolvency Manager
          80100, Ukraine, Lviv region,
          Chervonograd, Naberezhna Str. 23/38

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


YAMPILSKIJ AGROHIM: Sumi Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Economic Court of Sumi region declared OJSC Yampilskij
Agrohim (code EDRPOU 05490782) insolvent and introduced
bankruptcy proceedings.  The case is docketed as 7/64.  Mr.
Oleksandr Kekin (License Number AA 668271 approved on September
22, 2003) has been appointed liquidator/insolvency manager.

CONTACT:  YAMPILSKIJ AGROHIM
          Ukraine, Sumi region,
          Yampilskij district, Yampil,
          Lenin Str. 7

          Mr. Oleksandr Kekin
          Liquidator/Insolvency Manager
          40007, Ukraine, Sumi region, Borova Str. 13
          Phone: (0542) 21-34-27


ZHOVTEN: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Economic Court of Vinnitsya region has commenced bankruptcy
supervision procedure on Agricultural LLC Zhovten (code EDRPOU
03730779).  The case is docketed as 10/102-04.  Mrs. Nadiya
Voznyakevich (License Number AA 249802) has been appointed
temporary insolvency manager.   The company holds account number
260451622 at JSPPB Aval, Nemirivske branch, MFO 302247.

Creditors have until September 14, 2004 to submit their proofs
of claim to:

(a) AGRICULTURAL ZHOVTEN
    22845, Ukraine, Vinnitsya region,
    Nemirivskij district, Velika Bushinka

(b) Mrs. Nadiya Voznyakevich
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Hmelnitske shoes, 2A/712
    Phone: 39-97-85

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


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


AQUITAINE GROCERIES: Liquidator's Final Report Out October 22
-------------------------------------------------------------
The final meeting of the members and creditors of Aquitaine
Groceries Limited will be on October 22, 2004 commencing at
10:00 a.m. and 10:15 a.m. respectively.  It will be held at
Southfield House, 11 Liverpool Gardens, Worthing, West Sussex
BN11 1RY.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Numerica, 4th Floor, Southfield House, 11
Liverpool Gardens, Worthing, West Sussex BN11 1RY not later than
12:00 noon, October 21, 2004.

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


AWP ELECTRONICS: Members, Creditors Meeting October 1
-----------------------------------------------------
The general meeting of the members and creditors of AWP
Electronics (Surrey) Limited will be on October 1, 2004
commencing at 10:30 a.m. and 10:45 a.m. respectively.  It will
be held at 9-12 Gleneagles Court, Brighton Road, Crawley, West
Sussex RH10 6AD.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Baker Tilly, 9-12 Gleneagles Court, Brighton
Road, Crawley, West Sussex RH10 6AD not later than 12:00 noon,
September 30, 2004.

CONTACT:  BAKER TILLY
          9-12 Gleneagles Court
          Brighton Road, Crawley,
          West Sussex
          Liquidator:
          John David Ariel
          Phone: 01293 565165
          Fax:   01293 532695
          Web site: http://www.bakertilly.co.uk


BUYING POWER: Sets Final General Meeting October 1
--------------------------------------------------
The final general meeting of the Buying Power (Europe) Limited
will be on October 1, 2004 commencing at 11:00 a.m.  It will be
held at Ernst & Young LLP, 1 More London Place, London SE1 2AF.

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:  ERNST & YOUNG LLP
          1 More London Place,
          London SE1 2AF
          Joint Liquidator:
          M D Rollings
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


EG FIRTH: Final Members Meeting Set October 1
---------------------------------------------
Name of Companies:
EG Firth Limited
Record Electro Tools Limited
Record Fabrex Tools Limited
Record Gordon Tools Limited
Record Pressings & Forgings Limited
William Marples & Sons Limited
William Ridgeway & Sons Limited

The final meeting of the members of these companies will be on
October 1, 2004 commencing at 10:00 a.m. and a 5-minute interval
thereafter.  It will be held at the offices of Marchands
Associates, 100 Wakefield Road, Lepton, Huddersfield HD8 0DL.

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 Marchands Associates, 100 Wakefield Road, Lepton,
Huddersfield HD8 0DL not later than 12:00 noon, September 30,
2004.

CONTACT:  MARCHANDS ASSOCIATES
          100 Wakefield Road, Lepton,
          Huddersfield HD8 0DL
          Joint Liquidator:
          M Shaw
          Phone: 01484 607 444


EMPIRE ECHOES: Director Gets 14-year Ban
----------------------------------------
A director of a retail and wholesale of computer software and
hardware business that failed with debts of more than GBP9.4
million has been disqualified in the Manchester County Court
from acting as a company director for 14 years.

Joseph Evans, 44, of Minerva Street, Bulwell, Nottingham, was a
director of Empire Echoes Limited, which carried on business
from premises at Northern House, Moss Street East,
Ashton-under-Lyne, Lancashire.

Empire Echoes Limited was placed into voluntary liquidation on
June 12, 2001 with estimated debts of GBP9,435,811 owed to its
creditors.

The Disqualification Order, made on August 27, 2004, prevents
Joseph Evans from being a director of a company or, in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
14 years.

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.

According to the court, Joseph Evans:

(a) Caused or allowed the creation of false invoices addressed
    to Empire from Ebstar Business Systems Limited, dated from
    February 2, 2001 to March 14, 2001 totaling GBP47,305,559
    inclusive of VAT, which Ebstar have denied are genuine.  But
    when incorporated in the accounting records of Empire the
    VAT shown as purportedly paid by Empire to Ebstar reduces
    the debt due by Empire to Customs in the VAT quarter ended
    March 3, 2001, by GBP7,044,054 from GBP7,398,911 to
    GBP354,857;

(b) Failed to ensure that all of Empire's accounting records
    were delivered to the liquidator and/or HMCE, which has
    hampered the administration of the liquidation proceedings
    in that the liquidator is unable to:

        (i) Verify what directors remuneration was paid;

       (ii) Account for payment to Macon Holdings.

      (iii) Account for bank transfers paid to Connect
            Electronic

       (iv) To establish the trading relationships between
            Empire and DVD Technology Limited, Risepath Limited,
            North and South Limited, North South Co Limited,
            White Viva Limited, Gala Portables, DVD Technologies
            Limited and DVD Components Limited, and to ascertain
            whether or not any monies were outstanding to
            Empire.

        (v) Verify the claims submitted by HMCE and to ascertain
            the position in respect of VAT with Empire.

(c) Caused or allowed Empire to trade to the detriment of HMCE;
    and

(d) Failed to cooperate with the liquidator.

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


EQUITABLE LIFE: Local Accounting Watchdog Wraps up E&Y Probe
------------------------------------------------------------
Two Ernst & Young partners face unlimited fines and even
perpetual disqualification if an independent tribunal adopts the
findings of U.K.'s Joint Disciplinary Scheme (JDS).

The JDS, the regulator of U.K.'s accountancy profession, has
already forwarded to the tribunal the results of its three-year
probe into Ernst & Young's conduct as Equitable Life's auditor.
The damning findings could tarnish the reputation of the global
accounting giant more than the two partners named in the probe.

According to the JDS, Ernst & Young failed to act with
"objectivity and independence."  Accordingly, from 1990 to 1993,
it did not prepare Equitable's accounts in accordance with the
Companies Act as it applied to insurers.  From 1994 to 2000,
Equitable's accounts did not offer a "true and fair view" of its
financial position.  These actions, the JDS says, is akin to
rubber stamping the insurer's accounts for 11 years.

Equitable closed to new business in December 2000 after the
House of Lords ruled it could not renege on promises made to
policyholders.  This ruling came with a GBP1.5 billion bill,
according to the Telegraph, an amount the new Equitable board
hopes to recover via a damage suit against Ernst & Young.  This
case is set to reach the High Court next spring, according to
the paper.

The JDS accuses E&Y of "failure to understand Equitable Life
Assurance Society's business in relation to, inter alia,
bonuses, the reasonable expectations of policyholders, and those
ELAS with-profits pension policies which entitled the holder to
choose a pension at a guaranteed annuity rate."

This finding supports the conclusion of Lord Penrose, a Scottish
judge, who in March said Equitable had engaged in
"over-bonusing", or the practice of promising more in bonus
payouts than it could afford in order to win business over
competitors.  Ernst & Young's failure to stop this practice, let
alone spot it underscores its culpability.

"We believe that the complaints are unfounded and misguided and
we will be mounting a vigorous defense," an unnamed E&Y
spokesman told the Telegraph.


FLEET ARBITRATION: Sets Final Meeting October 18
------------------------------------------------
The final meeting of the Fleet Arbitration Centre Limited will
be on October 18, 2004 commencing at 10:00 a.m.  It will be held
at 66 Wigmore Street, London W1U 2HQ.

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.  Shareholders who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Numerica, 66 Wigmore Street, London W1U 2HQ
not later than 12:00 noon, October 15, 2004.

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


HOMESMART U.K.: Members to Meet Monday
--------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

             IN THE MATTER OF Homesmart UK Limited
             (In Creditors' Voluntary Liquidation)

Notice is hereby given pursuant to Section 106 of the Insolvency
Act 1986, that a general meeting of the members of Homesmart UK
Limited will be held at Bruntsfield House, 6 Bruntsfield
Terrace, Edinburgh, EH10 4EX on September 13, 2004 at 10:30 a.m.
to be followed at 10:45 a.m. by the final meeting of creditors
for the purposes of having an account laid before them, showing
how the winding up of the company has been conducted and the
property of the company has been disposed of and of hearing any
explanations that may be given by the liquidator.

K. V. Anderson, Liquidator
August 9, 2004

CONTACT:  SCOTT & PATERSON
          Conference House
          152 Morrison Street
          The Exchange
          Edinburgh EH3 8EB
          Phone: 0131 248 2638
          Fax: 0131 248 2608
          E-mail: mail@scottandpaterson.co.uk
          Web site: http://www.scottandpaterson.co.uk


HOUSTON FINANCIAL: Sets Final General Meeting October 1
-------------------------------------------------------
The final general meeting of the Houston Financial Services
Limited will be on October 1, 2004 commencing at 11:00 a.m.  It
will be held at 1 More London Place, London SE1 2AF.

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


JAMES BURNHILL: Liquidator to Give Update October 1
---------------------------------------------------
The general meting of the James Burnhall & Sons Limited will be
on October 1, 2004 commencing at 10:00 a.m.  It will be held at
the offices of Haines Watts, First Floor, Park House, Park
Square West, Leeds LS1 2PS.

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:  HAINES WATTS
          First Floor, Park House,
          Park Square West, Leeds LS1 2PS
          Liquidator:
          D M Walker
          Phone: 0113 398 1100
          Fax:   0113 398 1101
          Web site: http://www.hwca.com


KERVE LIMITED: Ex-directors Censured, Banned from Holding Office
----------------------------------------------------------------
Four directors of a ladieswear manufacturing business that
failed with total debts estimated at around GBP38,000 for P & K
Limited and GBP152,000 for Kerve Limited have given Undertakings
not to hold directorships or take any part in company management
for between three and nine years.

The Undertakings by Graham Lane, 56, of Sandfield Road,
Kirkby-in-Ashfield, Nottingham (9 years), Kirsty Elizabeth
Lane-Morrell, 27, of Sandfield Road, Kirkby-in-Ashfield,
Nottingham (4 years), Ian Stuart Morrell, 27, of Sandfield Road,
Kirkby-in-Ashfield, Nottingham (3 years), and John David Holman,
57, of Richmond Road, Kirkby-in-Ashfield, Nottingham (3 years),
were given in respect of their conduct as directors of P & K
(directors were Graham Lane, Ian Stuart Morrell, and Kirsty
Elizabeth Lane-Morrell) which carried out business from Unit 1,
Kingsley Street, Kirkby-in-Ashfield, Nottinghamshire, NG17 7BA,
and Kerve Limited (directors were John David Holman and Graham
Lane) which carried out business from Unit 28D, Kingsway,
Kirkby-in-Ashfield, Nottinghamshire NG16 7HD.

Acceptance of the Undertakings on August 2, 2004 prevents all
four directors 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 periods.

P & K Limited was placed into voluntary liquidation on August 9,
2002 with estimated debts of GBP38,121 owed to creditors while
Kerve Limited was placed into voluntary liquidation on December
12, 2002 with estimated debts of GBP152,591 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 the three directors of
P & K Limited, Graham Lane, Ian Stuart Morrell, and Kirsty
Elizabeth Lane-Morrell were that:

(a) The three directors failed to ensure P & K Limited submitted
    statutory VAT returns or remitted monies to the Crown on
    time.

(b) Graham Lane also acted as a director from March 2002 to
    August 2002 whilst undischarged from bankruptcy in
    contravention of Section 11 of the CDDA.

(c) Kirsty Elizabeth Lane-Morrell caused and allowed P & K to
    trade in a like manner to a previously failed insolvent
    company, HotORwot, so that there was no reasonable or
    probable expectation that P & K would trade successfully.

Matters of unfit conduct, not disputed by the two directors of
Kerve Limited, Graham Lane, and John David Holman were that:

(b) The two directors failed to ensure that Kerve Limited
    submitted statutory VAT returns or remitted monies to the
    crown on time.

(c) Graham Lane acted as a director of Kerve Limited from August
    2002 to December 2002 whilst undischarged from bankruptcy in
    contravention of Section 11 of the CDDA.

(d) Graham Lane caused and allowed Kerve Limited to trade in a
    like manner to a previously failed insolvent company, P & K
    Limited, so that there was no reasonable or probable
    expectation that Kerve Limited would trade successfully.

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


MATLEY LIMITED: Insolvency Service Bans Former Exec
---------------------------------------------------
A director of a business that distributes health food products
failed with debts of more than GBP481,000 has been disqualified
in The Royal Court of Justice for four years from acting as a
company director.

Mr. Peter Aynsley was a director of Matley Limited t/a
Swisshealth, which carried on business from premises at Unit 22,
Sovereign Park, Coronation Road, London, NW10 7PQ.  The company
was placed into voluntary liquidation on August 28, 2001 with
estimated debts of GBP481,151 owed to its creditors.

The Disqualification Order, made on March 15, 2004 prevents Mr.
Aynsley from being a director of a company or, in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
the above period.

Matters of unfit conduct, found by the Court, were that Mr.
Aynsley:

(a) allowed Matley to continue to trade at the risk and to the
    detriment of creditors from March 2001;

(b) failed to ensure that Matley maintained adequate accounting
    records to explain all of its transactions;

(c) failed to cooperate with the liquidator in that he has not
    returned his directors questionnaire despite several
    requests;

(d) abrogated his duties as the sole recorded director of
    Matley.

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


PITTARDS: Books GBP1.2 Million First-half Loss
----------------------------------------------
Leather specialist Pittards announced its chief executive has
resigned as it falls into the red for the first-half.

The company, which supplies leathers for famous gloves, saddle,
shoe and bag manufacturers, lost GBP1.2 million, well below
profits of GBP817,000 in the same period last year.  Its sales
went down GBP5 million to GBP38.5 million.  The firm said it
expects no profits this year, and is scrapping interim dividend.
It also plans to move shares from a full listing to the junior
Alternative Investment Market.

The announcement came as John Pittard chief executive and member
of founding family ended a 40-year relationship with the
company.  Robert Paisley, managing director of its struggling
raw materials business, also resigned.  According to The
Telegraph shares in the firm slipped 0.5 p to 39.5, the lowest
since early 2000, as it warned cost of exiting the division is
likely to top GBP1 million.

Pittards supplies leather for Adidas, Timberland, Nike and Louis
Vuitton.


POSITIVE RESULTS: Sets Creditors Meeting September 13
-----------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

    IN THE MATTER OF Positive Results (Travel & Leis Pro) L

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Positive Results
(Travel & Leis Pro) L will be held at Russell Square House 10-12
Russell Square London WC1B 5EH 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)

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 Griffins, Russell Square House 10-12 Russell
Square London WC1B 5EH two business days prior to the meeting.

By Order of the Board.

I. D. Horsham, Director
August 20, 2004

CONTACT:  GRIFFINS
          Russell Square House
          10-12 Russell Square
          London WC1B 5EH
          Phone: 020 7307 8200
          Fax: 020 7307 8222
          Web site: http://www.griffins.net


RANK GROUP: Outlook Changed to Negative; S&P Cites Gloomy Future
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
U.K.-based leisure and entertainment group Rank Group PLC (Rank)
to negative from stable, following a weaker-than-expected
performance in the first half of 2004 and uncertainty concerning
the group's future financial profile if Rank's film duplication
and media services unit, Deluxe, is separated from the group.

At the same time, Standard & Poor's affirmed its 'BBB-/A-3'
corporate credit ratings on the group, and its 'BBB-' senior
unsecured debt ratings on Rank and guaranteed subsidiary Rank
Group Finance PLC.

The outlook revision reflects Standard & Poor's concern for
Rank's ability to maintain an investment-grade financial profile
if the group decides to sell or demerge Deluxe.  On the other
hand, the ongoing weak profitability of Deluxe could still put
pressure on Rank's financial profile if the business unit is not
separated.

"Although the group's gaming business seems able to support
investment-grade ratings on a stand-alone basis, we remain
concerned about the group's potential loss of scale and
diversity following the potential separation of its Deluxe
business," said Standard & Poor's credit analyst Olli
Rouhiainen.

"For Rank to maintain investment-grade ratings, we will need to
be convinced that the group can maintain an investment-grade
financial profile while investing in its gaming business and
improving the performance of its Hard Rock Café unit."

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

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


REGUS GROUP: Reduces First-half Operating Loss by Almost 90%
------------------------------------------------------------
Regus Group plc, the leading provider of global outsourced
offices, announces unaudited results for the six months ended 30
June 2004.

Financial Highlights

                           H1 2004      H1 2003      Change
Turnover                   GBP124.9m    GBP129.4m     +2.4%
                                                    increase at
                                            constant currencies

Centre contribution         GBP16.4m   GBP2.0m loss      +
GBP18.4m improvement
REVPAW [*]                  GBP4,962      GBP4,426      +12%
improvement
EBITDA                      GBP10.1m    GBP8.0m loss      +
GBP18.1m improvement
EBITDA margin                 8.1%       (6.2%)      EBITDA
positive
Group operating loss         GBP3.1m  GBP28.2m loss  Reduced
                                                     losses by
                                                     GBP25.1m

The above financial highlights are presented pre-exceptionals

-------------
[*] REVPAW represents Annualized Revenue per Available
Workstation

Operational Highlights

(a) Group occupancy up 14% and pricing continues to improve on
    new sales

(b) Center costs reduced by 17%

(c) Cash generative at operating level

(d) 12 month workstation forward order book of GBP95 million at
    31 August 2004 (2003 GBP85 million)

(e) Acquisition of HQ Global Workplaces completed in August,
    with annualized synergies of at least US$20 million expected

Commenting, Regus Chairman John Matthews said: "The
reorganization of our business has created a platform for growth
and profitability.  In the past six months, we have built a
record forward order book and have seen a substantial rise in
enquiries as well as a reduction of discounting for new sales.
Costs remain firmly under control.  As a result we expect to see
continued revenue growth and are on track to achieve our
performance targets for 2004.

"With the recent acquisition of HQ which has consolidated our
position as the world's leading provider of global outsourced
offices, Regus is well placed to deliver a continuing
improvement in performance both in terms of cash generation and
profitability."

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

CONTACT:  REGUS GROUP PLC
          John Matthews, Chairman
          Mark Dixon, Chief Executive
          Stephen Jolly, Group Communications Director
          Phone: +44 1932 895135

          Financial Dynamics
          David Yates
          Richard Mountain
          Phone: + 44 20 7831 3113


SCHRODER EUROPEAN: Members General Meeting Set October 8
--------------------------------------------------------
The general meeting of the members of Schroder European Property
Advisers Limited will be on October 8, 2004 commencing at 10:00
a.m. It will be held at 16 The Havens, Ransomes Europark,
Ipswich, Suffolk IP3 9SJ.

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.


TEAM LOGISTICS: Members Final Meeting Set October 1
---------------------------------------------------
The final meeting of the members of Team Logistics Limited will
be on October 1, 2004 commencing at 10:30 a.m.  It will be held
at 17-19 Foley Street, London W1W 6DW.

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 Menzies Corporate Restructuring, 17-19 Foley Street, London
W1W 6DW not later than 12:00 noon, September 30, 2004.

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


UMC INDUSTRIES: General Meeting of Members October 5
----------------------------------------------------
The general meeting of the members of UMC Industries Limited
will be on October 5, 2004 commencing at 11:00 a.m.  It will be
held at the offices of Benedict Mackenzie LLP, 1 Liverpool
Terrace, Worthing, West Sussex BN11 1TA.

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 Benedict Mackenzie LLP, 1 Liverpool Terrace, Worthing, West
Sussex BN11 1TA not later than 12:00 noon, October 4, 2004.

CONTACT:  BENEDICT MACKENZIE LLP
          1 Liverpool Terrace, Worthing,
          West Sussex BN11 1TA
          Joint Liquidator:
          R Bajjon
          Phone: 01903 217712
          Fax:   01903 218812
          Web site: http://www.benemack.com


WARRANTS AND VALUE: Sets Final General Meeting September 13
-----------------------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

    IN THE MATTER OF Warrants and Value Investment Trust plc
             (In Members' Voluntary Liquidation)

Notice is hereby given, pursuant to Section 94 of the Insolvency
Act 1986, that a final general meeting of Warrants and Value
Investment Trust plc will be held at Ten George Street,
Edinburgh, EH2 2DZ on September 13, 2004 at 10:00 a.m. for the
purpose of having a final account laid before it showing how the
winding up of the company has been conducted and the property of
the company disposed of, and of hearing any explanations that
may be given by the liquidator.

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

T. M. Burton, Liquidator
August 3, 2004

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


WATERFORD WEDGEWOOD: Credit Rating Lowered to Caa2
--------------------------------------------------
Moody's Investors Service downgraded Waterford Wedgewood's
senior implied rating from B1 to B3, unsecured issuer rating
from B3 to Caa2, and EUR166.0 million in 9.875% mezzanine notes
due 2010 from B3 to Caa2.

The rating agency said, the action reflects Waterford Wedgwood's
disappointing financial performance since the initial ratings
assignment in November 2003.  Waterford reported
pre-exceptionals EBITDA of approximately EUR68.1 million for
total net debt of approximately EUR382.9 million for the fiscal
year ended March 31, 2004.

Moody's says the downgrade further reflects the fact that the
company now faces renewed challenges in delivering improvements
to its internal cash flow generation ability.  All the ratings
have a negative outlook reflecting Moody's concern the company
might suffer further credit deterioration.  Moody's says it is
up to management to improve control on cash flows and stimulate
end-demand for the company's remaining product lines to
stabilize its credit profile and further de-leverage the
business.

The rating action concludes review initiated on the company in
June.


WEMBLEY PLC: Reports Strong Overall Operating Performance
---------------------------------------------------------
Wembley plc, the track-based gaming group operating in the U.K.
and U.S.A., announced its interim results for the six months
ended 30 June 2004.

Operating performance in both the U.S. and U.K. gaming divisions
was strong, although profits overall were impacted by a weak
U.S. dollar.  An interim dividend of 19.5p per share was
declared.

Financial highlights
                    30 June 2004        30 June 2003

Average weekly
VLT revenue         $5.77m              $5.04m         +14.5%
Operating profit
(before exceptional
items)             GBP16.69m          GBP18.38m          -9.2%
Profit before tax
                   GBP17.63m          GBP18.50m          -4.7%
Earnings per share
                      30.6p              32.1p           -4.7%
Dividend per share
                      19.5p               6.5p        +200.0%

Underlying performance within the Lincoln Park, Rhode Island,
business was strong, with growth of 14.5% in the average weekly
video lottery terminal (VLT) revenue, which is the key
performance indicator of this business, to US$5.77 million
(2003: US$5.04 million).

Profitability of the U.K. gaming business increased by 43% to
GBP2.0 million (2003: GBP1.4 million).

Operating profit (before exceptional items) in the six-month
period was GBP16.7 million.  This was achieved despite a 13%
depreciation in the value of the US dollar to an average rate
for the first six months of GBP1:US$1.82 (2003: GBP1:US$1.61),
which adversely affected profit by approximately GBP2.2 million
compared to the same period last year.  Earnings per share at
30.6p were similarly affected.

An interim dividend of 19.5p per share (2003: 6.5p) was
declared.  This includes 13.0p per share in lieu of the
estimated final dividend for 2003 that was not paid as a result
of the anticipated sale of Wembley during 2004.

Claes Hultman, Chairman of Wembley, commented: "The Board of
directors and employees of Wembley have put the disappointment
of the lapsed BLB offer behind them.  Wembley remains a well
run, profitable and highly cash-generative business with a
strong balance sheet and good growth prospects in both its U.S.
and U.K. businesses.  The Board remains determined to confront
the issues facing the Group, to minimize the risks that it faces
and ultimately to find the best solutions for the benefit of
both the Company and its shareholders.

The Wembley Board will continue to explore opportunities to
maximize value within the Group, to improve the operational
performance of the businesses and to generate value for
shareholders from the growth opportunities within these
businesses.

At Lincoln Park, management are investigating ways of
introducing the balance of 457 VLTs onto the first floor of the
current building to give a further boost to VLT revenues."

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

CONTACT:  WEMBLEY PLC
          Claes Hultman
          Chairman and Chief Executive

          Mark Elliott
          Finance Director

          Phone: 020 7457 2020
          Thereafter: 020 8795 8003
          E-mail: corporate@wembleyplc.com

          COLLEGE HILL
          Matthew Smallwood
          Justine Warren
          Phone: 020 7457 2020


WOODLANDS SCHOOL: Interim Liquidator Appointed
----------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

     IN THE MATTER OF Woodlands School (Newton Stewart) Ltd.
                      (In Liquidation)

I, of Kroll Afton House 26 West Nile Street Glasgow G1 2PF
hereby give notice that I was appointed Interim Liquidator of
Woodlands School (Newton Stewart) Ltd. on August 5, 2004 by the
Interlocutor of the Sheriff at Sheriff at Stranraer.

The first meeting in the liquidation called in terms of Section
138(4) of the Insolvency Act 1986 and in accordance with Rule
4.12 of the Insolvency (Scotland) Rules 1986, will be held at
Afton House 26 West Nile Street Glasgow G1 2PF on September 13,
2004 at 12:00 p.m. for the purpose of choosing a liquidator,
appointing a Liquidation Committee and considering the other
Resolutions specified in Rule 4.12(3) of the aforementioned
Rules.

Creditors are entitled to vote at the meeting only if they have
lodged their claim with me at or before the meeting.  Creditors
may vote either in person or by proxy form, which may be lodged
with me at or before the meeting.

F. J. Gray, Interim Liquidator
August 11, 2004

CONTACT:  KROLL GLASGOW
          Afton House
          26 West Nile Street
          Glasgow G1 2PF
          Phone: 44 (0) 141 248 1250
          Fax: 44 (0) 141 248 1262
          Web site: http://www.krollworldwide.com


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter
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Copyright 2004.  All rights reserved.  ISSN 1529-2754.

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