TCREUR_Public/040910.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, September 10, 2004, Vol. 5, No. 180

                            Headlines

C Z E C H   R E P U B L I C

IP BANKA: U.N. Commission to Hear Govt's Claim Against Nomura


F R A N C E

PERRIER: Parent's Plan for Water Brand Known Later this Month
VALIANCE FIDUCIAIRE: 5 Bidders Vie for Security Transport Firm
VIVENDI UNIVERSAL: Local Consortium Acquires Canal+ N.V.


G E R M A N Y

BCB BARTELS: Creditors Have Until December 31 to File Claims
BERTELSMANN AG: First-half Net Income Jumps to EUR550 Million
ELWE KURT: Creditors to Meet September 21
GROHE AG: Moody's Lowers 11.5% Senior Notes Due 2010 to Caa1
HEIDELBERGER DRUCKMASCHINEN: Names Mark Wossner New Chairman

INTERAKTIVE MEDIEN: Baden-Baden Court Appoints Administrator
INTER-MARKT GESELLSCHAFT: Under Bankruptcy Administration
JETTER AG: 2003 Net Loss Down to EUR1.8 Million
MARQUART POWER: Creditors Meeting Set September 17
MSZ-MONTAGE: Cottbus Court Appoints Insolvency Manager

VEREINIGTE DEUTSCHE: Creditors Approve Restructuring Plan
VOLKSWAGEN BANK: Outlook Negative on Acquisition Plans
WALBURG H.N.: Deadline for Filing Claims September 20


H U N G A R Y

BORSODCHEM RT: VCP to Divest Shares Via Private Placement
MALEV HUNGARIAN: Deadline for Bids October 20


I T A L Y

FINMATICA SPA: Only Four Subsidiaries Will Avoid Bankruptcy
PARMALAT FINANZIARIA: Recovery As Early As 2005, Says Minister
SSC NAPOLI: Receivers Drop Appeal of Division B Relegation


N E T H E R L A N D S

ROYAL AHOLD: Fixed Asset Impairments at U.S. Unit Down 26%


R U S S I A

BUILDING MATERIALS: Proofs of Claim Deadline September 30
CHELYABINSK-COAL: Bankruptcy Proceedings Begin
CHEREPANOVSKY COMBINE: Court Hires External Insolvency Manager
FACTORY STELLA: Moscow Court Opens Bankruptcy Proceedings
FLAKON: Under Bankruptcy Supervision

INSTRUMENT: Court Sets November 16 Hearing
KAMCHAT-PLASTIC: Declared Insolvent
KRASNOUFIMSKY EXPERIMENTAL: Under Bankruptcy Supervision
LEVIKHINSKY MINE: Creditors Have Until October 5 to File Claims
MELEUZOVSKY FOOD: Names R. Khalilulin Insolvency Manager

POLI-COLOR: Ordered to Undergo External Management Procedure
SELKHOZ-KHIMIYA: Insolvency Manager to Auction Company Today
SPECIALIZED MANAGEMENT: Deadline for Filing Claims October 5
TEXTILE MACHINES: Undergoes Bankruptcy Supervision Procedure
TYUMENSKY PLANT: Court Sets September 28 Hearing
YUKOS OIL: Not Selling Stake in Lithunian Refinery
YUKOS OIL: Suspends Regional Tax Payments


T U R K E Y

DOGUS HOLDINGS: 'B+' Ratings Affirmed; Outlook Stable


U K R A I N E

CHERKASSINVESTBUD: Court Starts Bankruptcy Supervision
ENSTI: Appoints Temporary Insolvency Manager
KARLIVKA' ELEVATOR: Declared Insolvent
KRYMAUTO-GAZ: Court Orders Debt Moratorium
LIFTSERVICE: Bankruptcy Supervision Begins

PAVLIV: Proofs of Claim Deadline Set September 18
RESOURCE-HOLDING: Insolvency Manager Takes over Helm
SOUTH-EAST: Bankruptcy Case Pending in Donetsk Court
SPECROBOTA: Lviv Court Commences Bankruptcy Proceedings
TROSTYANETS' ELECTROPOBUTPRILAD: Bankruptcy Supervision Begins
VINNITSYA' BEARING: Selling Property Complex for UAH4.3 Million
ZOLOCHIV' TIN: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

ABI PROPERTY: Members Meeting October 7
ADAM ONE: Hires Joint Liquidators from Deloitte & Touche
ALEXANDER DENNIS: New Owners Planning to Invest GBP10 Million
ALTREC DESIGNS: May Appoint Liquidation Committee September 15
ANTHONY JACKSON'S: Winding up Resolutions Passed

BERNBOROUGH INVESTMENT: Sets Members Meeting October 7
BRANCOTE HOLDINGS: Special Winding up Resolution Passed
C.I. MARTIN: Meeting of Creditors Set Wednesday
COGENTA LIMITED: Hires Tenon Recovery as Administrator
COMTEC BUSINESS: Brings in Joint Administrators from PKF

COUNTY ROOFING: Creditors to Meet September 15
COURTS PLC: HM Customs Questions Customer Tax Exemptions
COURTS PLC: Files Annual Report with U.K.L.A.
DATAPRIDE COMMUNICATIONS: In Administrative Receivership
DIVA CONSTRUCTION: May Form Liquidation Committee Wednesday

DOMESTIC PLUMBING: First Liquidation Meeting Set September 15
EGG PLC: Financial Strength Affirmed at D+; Outlook Stable
ENI BBH: Hires Joint Liquidators from Ernst & Young
EQUITABLE LIFE: Auditor Runs Risk of Losing License
EXPRESSO EXCHANGE: Holds Creditors' Meeting September 15

HIBERNIAN KBB: Bersntein Group Appoints Receiver
HIGH TIMES: May Nominate Liquidator September 15
JOHN CLARKE: Yorkshire Bank Appoints Deloitte & Touche Receiver
KINGSCOURT FOODS: GE Heller Appoints Ernst & Young Receiver
LAZIAN LIMITED: Calls in Liquidator from Stoy Hayward

LEGGMASON INVESTORS: General Meeting Set October 15
RED BUS: Members Final Meeting Set October 1
RICHARDSONS GARAGE: Names Grant Thornton Administrator
ROY BLOOM: Hires Stoy Hayward as Administrator
STP WINDOWS: Names KPMG Administrator

TECHNOLOGY PRODUCTS: Hires Wilson Pitts Administrator
TRINITY INSURANCE: Creditors to Receive Further 2.5% Payment
VICTORY HEALTH: Sets Final Meeting October 11
YALE LIMITED: Members General Meeting Set October 5


                            *********


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


IP BANKA: U.N. Commission to Hear Govt's Claim Against Nomura
-------------------------------------------------------------
The Czech Republic can argue its case that Japanese investment
bank Nomura is liable for billions of crowns in damages,
according to an interim award issued September 7 by an UNCITRAL
arbitral tribunal seated in Zurich.  Squire, Sanders & Dempsey
L.L.P. represents the government in the landmark arbitration.

The Czech Republic and the National Property Fund seek damages
estimated at CZK103 billion to CZK263 billion, or US$3.3 billion
to US$8.5 billion, respectively.  The government claims it is
owed billions to cover losses stemming from the privatization
and failure of Investicni a Pos Banka, or I.P.B., once the third
largest bank in the Czech Republic.  The matter is being heard
by an arbitral tribunal of the United Nations Commission on
International Trade Law.

"This is a significant decision in a landmark case involving
privatization in cross-border transactions which are becoming
more prevalent in our global economy," said George von Mehren,
lead lawyer for the Czech Republic and the National Property
Fund.  Mr. von Mehren also is co-leader of the International
Dispute Resolution practice for Squire Sanders.

Mr. von Mehren said the decision has legal significance because
the Swiss tribunal will hear the Czech government's claim for
damages even though the government was not a party to the
arbitration agreement made during the 1998 sale and purchase
agreement that gave Nomura shares in I.P.B. and the agreement
under which the government is making its claim.

In the arbitration claim filed in 2002 against Nomura and its
subsidiary Saluka Investments B.V., the Czech Republic and the
National Property Fund allege that Nomura breached the agreement
and engaged in other illegal acts arising out of or in
connection with the agreement, causing damages by participating
in the fall of I.P.B. and by benefiting from transactions that
preceded the bank's fall.

"More importantly, this interim award means that the Czech
Republic, which placed the bank under forced administration just
two years after the sale, will be able to tell the tribunal
about the major financial challenges the government has had to
face as a result of the failure," Mr. von Mehren said.  "We are
extremely pleased that the tribunal will let the story of
Nomura's involvement in I.P.B. be heard in a single forum."

Lawyers from Squire Sanders offices in Brussels, Cleveland,
London, Prague and Washington DC participate in the government
representation.  Squire Sanders also represents the Czech
Republic in a US$1 billion claim brought against the Czech
Republic by Saluka under the bilateral investment treaty between
the Netherlands and the Czech Republic.

Squire, Sanders & Dempsey L.L.P., founded in 1890, is one of the
largest U.S.-based international law firms with more than 700
lawyers who represent the interests of clients throughout the
world.  The firm's offices in the Americas are in Cincinnati,
Cleveland, Columbus, Houston, Los Angeles, Miami, New York, Palo
Alto, Phoenix, San Francisco, Tampa, Tysons Corner, Washington
DC and Rio de Janeiro. In Europe, offices are in Bratislava,
Brussels, Budapest, London, Madrid, Milan, Moscow and Prague.
The firm also has associations with legal firms in Bucharest,
Dublin and Taipei.

CONTACT:  SQUIRE, SANDERS & DEMPSEY L.L.P.
          Web site: http://www.ssd.com
          Drez Jennings
          Phone: +1.800.743.1773
          E-mail: djennings@ssd.com


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


PERRIER: Parent's Plan for Water Brand Known Later this Month
-------------------------------------------------------------
The future of French mineral water firm, Perrier, will be known
later this month when parent company Nestle Waters makes its
final decision on the subsidiary, Le Figaro says.  Nestle Waters
Chairman Frits van Dijk, who announced the timetable, refused to
give additional details.

About 500 Perrier employees marched through the streets of
Vergeze, southern France, in protest against a possible sale of
the company.  The employees brought along giant inflatable
Perrier water bottles and placards accusing Nestle of ruining
jobs in France in general and in the Gard region in particular.
Nestle has not denied it is considering the sale of the Perrier
brand it acquired in 1992.  Nestle is facing stiff opposition
from unions to its plan to reduce Perrier's employees by 1,047
from the current 4,100.

CONTACT:  NESTLE WATERS FRANCE S.A.
          9, Rue Maurice
          Mallet TSA 40001
          92793 ISSY Les Moulineaux
          Cedex 9
          Phone: 33 (0) 1 41 23 38 00
          Fax: 33 (0) 1 41 23 69 00
          Web site: http://www.nestle-waters.com


VALIANCE FIDUCIAIRE: 5 Bidders Vie for Security Transport Firm
--------------------------------------------------------------
Five interested buyers are on a run-off to acquire the failed
French security transport company, Valiance Fiduciaire, Le Monde
says.

The company wrapped up the bidding process on Monday after
receiving bids from Groupe 4 Falck of Denmark, the Swedish
company Securitas, French entrepreneur Alain Breau, and a group
of Valiance employees aiming for a leveraged buyout.

Brink's, Valiance Fiduciaire's direct rival in France, has also
submitted an offer to acquire some of the company's operations.
The bid of Mr. Breau, chairman of French transport group Mory,
is in partnership with Matlin Patterson, an international fund
specializing in company turnarounds.

CONTACT:  BRINK'S FRANCE S.A.
          49, Rue de Provence
          75431 Paris Cedex 09
          Phone: (33-1) 5507-6000
          Fax: (33-1) 4016-5040
          E-mail: communications@brinks.fr
          Web site: http://www.brinks.fr

          GROUP 4 FALCK A.S.
          Polititorvet
          DK-1780 Copenhagen V.
          Phone: (+ 45) 70 13 43 43
          Fax: (+45) 33 91 00 26
          E-mail: contact@group4falck.com
          Web site: http://www.group4falck.com

          MATLIN PATTERSON GLOBAL ADVISERS LLC
          9 Park Place
          St. James'
          London SW1A 1LP
          Phone: 44 0207 647 8360
          Fax: 44 0207 499 8671
          Web site: http://www.matlinpatterson.com

          MORY GROUP
          28, Avenue Jean Lolive
          93507 Pantin Cedex - France
          Phone: 01 49 15 47 00
          Fax: 01 49 15 47 10
          E-mail: mory@morygroup.com
          Web site: http://www.morygroup.com

          SECURITAS AB
          P.O. Box 12307
          SE-102 28 Stockholm,
          Sweden
          Phone: +46 8 657 74 00
          Fax: +46 8 657 70 72
          E-mail: info@securitasgroup.com
          We site: http://www.securitasgroup.com


VIVENDI UNIVERSAL: Local Consortium Acquires Canal+ N.V.
--------------------------------------------------------
A consortium led by private equity specialist Greenfield Capital
Partners has acquired the Dutch arm of Canal+ for an undisclosed
sum, Dow Jones reports.

Financial details of the transaction were not disclosed, but the
report says analysts value the deal at between EUR25 million and
EUR50 million (US$30 million - US$60 million).  Following the
acquisition, Hans Wolfert, partner in Airbridge Investments, a
member of the consortium, will become the new chairman of Canal+
N.V.  The sale is the latest in the string of disposals by
French media and communications conglomerate Vivendi Universal.

Canal+ N.V. operates satellite platform CanalDigitaal and a
number of pay-TV channels under the name Canal+ NL.  The
consolidated turnover for the group for the financial year 2003
was approximately EUR110 million.  The group employs 80 workers
in the Netherlands and has over 500,000 digital TV subscribers
as well as approximately 225,000 pay-TV subscribers.

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


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


BCB BARTELS: Creditors Have Until December 31 to File Claims
------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against BCB Bartels Consult GmbH on August 26.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 31,
2004 to register their claims with court-appointed provisional
administrator Wolfgang Kuhnel.

Creditors and other interested parties are encouraged to attend
the meeting on September 28, 2004, 9:30 a.m. 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 on February 15, 2005, 9:30 a.m. at the
district court of Charlottenburg.

CONTACT:  BCB BARTELS CONSULT GMBH BERLIN
          Kurfurstendamm 103,10711 Berlin

          Wolfgang Kuhnel, Insolvency Manager
          Paderborner Str. 2, 10709 Berlin

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


BERTELSMANN AG: First-half Net Income Jumps to EUR550 Million
-------------------------------------------------------------
First-half Highlights

(a) Operating EBIT increases strongly to EUR596 million,

(b) Organic revenue growth 4%,

(c) BMG and RTL Group contribute significantly to rise in
    profits,

(d) Net income for the first six months increases to EUR550
    million,

(e) No. of employees rises to more than 74,600 worldwide.

Bertelsmann significantly improved its year-on-year financial
results for the first half of 2004. Operating EBIT increased to
EUR596 million (previous year: EUR186 million).  The BMG music
division's recorded music triumphs and RTL Group's excellent
business performance made an essential contribution to this rise
in earnings.  Arvato and Random House strongly increased their
operating results.  Direct Group held its position in a
difficult market environment and was able to maintain its
operating result.  At Gruner + Jahr, the launch of new magazines
resulted in a slight earnings decline.  In reviewing the first
half-year results, it is important to be aware that some
Bertelsmann divisions customarily achieve the majority of their
earnings in the second half of the year.

Revenues rose by 3.2 percent to EUR8.1 billion (previous year:
EUR7.9 billion).  Adjusted for portfolio and currency effects,
organic revenue growth was slightly higher, at 4.0%.  This
revenue increase is attributable to a positive overall business
development during the period under review.

Net income before minority interests improved considerably, to
EUR550 million for the first six months (previous year: EUR142
million).  Special items totaled EUR247 million (previous year:
EUR538 million), largely from the sale of the Bertelsmann
Building in New York (EUR177 million).  Since January 1, 2004,
Bertelsmann has applied IFRS 3.  As a result of this, regular
amortization of goodwill no longer applies.

Bertelsmann AG Chairman & CEO Gunter Thielen commented: "In the
past two years, Bertelsmann has increased its operating
profitability considerably.

"Our recent consolidation efforts are paying off, and we are
back on a growth track.

"Bertelsmann is steadily increasing its scope for investments to
strengthen our core businesses and expand in new growth markets.
"We will pursue appropriate opportunities when they become
available."

Deputy Chairman and Chief Financial Officer Siegfried Luther
declared: "Our business performance during the first half of
2004 was very encouraging.  We remain confident for the full
fiscal year 2004 and continue to expect a year-on-year
improvement in operating results."

                      Additional Disclosures

Investments for the period under review totaled EUR446 million
(previous year: EUR342 million).

Net financial debt decreased by EUR228 million and amounted to
EUR592 million at June 30, 2004.  The sale of the Bertelsmann
Building in New York and the reduction of holdings in the sports
rights trader Sportfive contributed to this reduction.

The number of employees rose to 74,602, up from 73,221 at the
end of 2003.

                            Divisions

RTL Group (Revenues: EUR2.5 billion; Operating EBIT: EUR373
million) significantly increased both its revenues and Operating
EBIT.  RTL Group was able to maintain its positive business
development of the previous year, with the full consolidation
effect of M6 adding earnings of EUR60 million.  All profit
centers had positive operating results, with significant
improvements in the operations in Spain, Holland and at M6 in
France.  The German family of channels continues to be the
greatest mainstay of revenues and profits despite the slight
decline in advertising income.  Five in the UK continues to grow
both audience and advertising market share and Fremantle Media
made a significant contribution to earnings growth following the
continued worldwide success of the Idols format and growth in
its US business.

Random House (Revenues: EUR818 million; Operating EBIT: EUR31
million) reported significant revenue growth and improved
operating results year on year in all its major markets from
sales; the euro-denominated sales and operating results overcame
the impact of the weak US dollar exchange rate. In the US,
Random House's operating performance benefited from numerous
stand-out publishing achievements, such as the publication of
"My Life" by former President Bill Clinton, which sold more than
one million hardcovers in its first week, and the continuing
success of the biggest-selling adult fiction hardcover ever, Dan
Brown's "The Da Vinci Code", with half-year printings totaling
2.7 million additional copies.

With especially strong sales and profits in the UK and
Australia, the Random House UK Group posted a very impressive
increase in its operating results over the same span last year.
In Germany, Verlagsgruppe Random House sales were up
considerably year on year with operating results somewhat
impacted by restructuring costs from the integration of the
Heyne publishing businesses.  Random House's start-up joint
ventures in Asia got off to an excellent start, especially in
Korea.

Gruner + Jahr (Revenues: EUR1.2 billion; Operating EBIT: EUR96
million) showed a slight year-on-year decline in revenues for
the first half of 2004, due to the sale of the Eastern European
newspaper business.  Adjusted for currency effects and portfolio
changes, Gruner + Jahr registered solid organic growth.  Nearly
all businesses generated operating results above previous year,
in particular the German magazine and printing businesses.  The
launch of new innovative products, especially in the French TV
guide segment with the new titles "TV Grandes Chaines" and "Tele
2 Semaines," resulted in an overall slight decline in earnings.

BMG (Revenues: EUR1.2 billion; Operating EBIT: EUR74 million)
dramatically increased its operating result against a backdrop
of higher revenues and further cost-cutting measures. The
division accelerated the momentum that began during the second
half of 2003 by continuing to reinforce its creative focus and
marketing edge.  In fact, organic growth was in the double
digits when adjusted for negative currency effects.  Thus, BMG
outperformed its competition in a market environment that
continued to be difficult.  BMG added market share in key
markets around the world with creative and chart successes from
acts like Usher, Avril Lavigne, Kenny Chesney, Outkast, Maroon
5, Velvet Revolver, Dido, Britney Spears, Kyo, and Will Young.

The media services provider Arvato (Revenues: EUR1.7 billion;
Operating EBIT: EUR80 million) increased its revenues over
previous year.  High organic growth more than compensated for
negative currency effects.  Operating result grew considerably
and more strongly than revenues.

All business units contributed to this growth in revenues and
steep rise in earnings. The biggest mainstays of growth were
Arvato Direct Services, the Customer Relationship Management
services provider, and Arvato Storage Media, which was able to
grow in the stagnant CD market while also participating in the
rapid growth of the DVD market.  Arvato's results were impacted
by restructuring measures at Arvato Print International, where a
labor dispute in Spain that had been going on for over a year
was concluded in spring.

Nearly half of Direct Group's (Revenues: EUR1.1 billion;
Operating EBIT: EUR-16 million) revenue decline is attributable
to negative currency effects.  Nevertheless, the division
managed to maintain its operating result on par with the
previous year, thanks among other things to cost-cutting
measures and a continued focus on core business.  France Loisirs
delivered a balanced result.  The US book club Bookspan improved
its result year on year.

The Club business in Spain again increased its return on sales.
The US music club BMG Direct improved its earnings while
maintaining its revenues, thereby increasing its return on
sales.  Meanwhile, a continuing overall consumer reluctance
dampened business performance in Germany.  The club business in
the UK reduced its operating loss slightly.  In China, the
division is systematically investing in building a chain of
shops for the club business.

Figures at a Glance          Jan 1, 2004 to      Jan 1, 2003 to
(in EUR millions)              Jun 30, 2004        Jun 30, 2003
                                                     (adjusted)

Revenues                              8,136               7,883

Operating EBIT by divisions             638                 275

Corporate/Consolidation                 (42)                (89)

Operating EBIT                          596                 186

Special items                           247                 538

EBIT                                    843                 724

Regular amortization of goodwill          -                (306)

Net interest                            (39)                (52)

Other financial expense and income      (65)               (120)

Taxes on income                        (189)               (104)

Net income before minority interests    550                 142

Minority interests                     (104)                (32)

Net income after minority interests     446                 110

Investments                             446                 342

                            At Jun 30, 2004     At Dec 31, 2003

Net financial debt                      592                 820

Employees                            74,602              73,221

Definition of Operating EBIT: Operating EBIT refers to earnings
before financial result, taxes, amortizations of goodwill and
special items.  Under the new IFRS 3, regular amortization of
goodwill no longer applies.  Bertelsmann has adopted IFRS 3 as
of January 1, 2004.  Operating EBIT is comparable to the
Operating EBITA index used in past reporting.

Division                    Revenues            Operating EBIT
                       1/1/04     1/1/03      1/1/04     1/1/03

RTL Group               2,457      2,212         373        250

Random House              818        747          31         12

Gruner + Jahr           1,223      1,240          96        111

BMG                     1,694      1,086          74       (135)

Arvato                  1,695      1,639          80         54

Direct Group            1,052      1,134         (16)       (17)

Total Divisions         8,439      8,058         638        275

Corporate                   7          5         (32)       (58)

Consolidation/Other      (310)      (180)        (10)       (31)

Total Group             8,136      7,883         596        186

                      About Bertelsmann AG

Bertelsmann, a media company, commands globally leading
positions in the major markets.  Its core business is the
creation of first-class media content: Bertelsmann includes RTL
Group, Europe's No. 1 in television and radio, as well as the
world's biggest book-publishing group, Random House, with
more than 100 publishing imprints (Alfred A. Knopf, Bantam,
Goldmann). Gruner + Jahr, the European No.1 in magazine
publishing (Stern, Geo, Capital) and Sony BMG Music
Entertainment with artists such as Anastacia, Alicia Keys,
Beyonce, Dido and Usher also stand for creativity and powerful
brands.

Bertelsmann's direct-to-customer businesses are bundled in
Direct Group: book and music clubs with 32 million members all
over the world.  The Arvato division bundles the group's media
services, which include the expanding units Arvato Logistics
Services and Arvato Direct Services (distribution, service
centers, customer relationship management), along with state-of-
the-art printers, storage media production and comprehensive IT-
services.

CONTACT:  BERTELSMANN AG
          Carl-Bertelsmann-StraBe 270
          33311 Gutersloh
          Germany
          E-mail: press@bertelsmann.com
          Web site: http://www.bertelsmann.com

          Oliver Herrgesell
          Senior Vice President Media Relations
          Phone: +49-52 41-80 24 66
          E-mail: oliver.herrgesell@bertelsmann.com


ELWE KURT: Creditors to Meet September 21
-----------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against ELWE Kurt Franz GmbH & Co. KG 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 Stefan Ebelling.

Creditors and other interested parties are encouraged to attend
the meeting on September 21, 2004 at the district court of
Braunschweig 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 November
10, 2004.

CONTACT:  ELWE KURT FRANZ GMBH & CO. KG
          ElwestraBe 6, 38162 Cremlingen
          (AG. Braunschweig -- HRA 13273 --),

          KURT FRANZ BETEILIGUNGS GMBH
          ElwestraBe 6, 38162 Cremlingen
          Contact:
          Kurt Franz, Manager
          Eckhard Tacke, Manager
          Andreas Muller, Manager

          Stefan Ebeling, Insolvency Manager
          Kurt-Schumacher-StraBe 21
          D-38102 Braunschweig
          Phone: (0531) 2436826
          Fax: (0531) 24368331

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


GROHE AG: Moody's Lowers 11.5% Senior Notes Due 2010 to Caa1
------------------------------------------------------------
Moody's Investors Service downgraded the existing 11.5% senior
notes due 2010 of Grohe AG (Grohe) from B2 to Caa1, and affirmed
its other ratings following recapitalization of the debt
instrument.  Moody's said the notes have been severely
restricted following the recapitalization.

In May, Grohe's existing shareholders sold their shareholding to
a consortium led by Texas Pacific Group and CSFB Private Equity.
The deal was funded through an EUR800 million of senior secured
term facilities, a mezzanine bridge of EUR329 million, EUR58
million of cash on hand at Grohe and EUR455 million of equity.
The transaction was completed in July.

Now, Grohe is planning to issue EUR335 million of senior notes
to raise cash to refinance its obligations under its mezzanine
facility and pay for expenses related to the transaction.

Following the acquisition, Moody's assigned a B1 senior implied
rating to Grohe Holding GmbH, which is the indirect owner of
Grohe Water Technology AG & Co. KG.  It assigned a senior
implied rating of B1 to Grohe Holding GmbH, a (P)B3 rating to
the proposed EUR335 million senior notes due 2014 at Grohe
Holding GmbH, a B1 rating to the EUR900 million of senior
secured credit facilities at Glacier Zweite Beteiligungs GmbH,
and an unsecured issuer rating of Caa1 for Grohe Holding GmbH.

Moody's affirmed Grohe's Ba3 senior implied rating, and B2
unsecured issuer rating, and the Ba3 senior secured credit
facilities at Grohe Beteiligungs AG & Co. KG (EUR370.0 million
in term loans), and the Ba2 senior secured credit facilities at
Grohe Water Technology AG & Co. KG (EUR50.0 million revolver and
EUR180.0 million term loan, at close).  Moody's will
subsequently withdraw the ratings following the repayment of
substantially all outstanding legacy debt of Grohe AG, Grohe
Beteiligungs AG & Co. KG and Grohe Water Technology AG & Co. KG.

The outlook for all ratings is stable reflecting expectations
that company will use its strong cash flow to reduce existing
debt levels, and that financial leverage of the company will
remain at current levels.

CONTACT:  GROHE AG
          Corporate Communication
          Dr. Bernd Buhmann
          Phone: +49 2372 932421


HEIDELBERGER DRUCKMASCHINEN: Names Mark Wossner New Chairman
------------------------------------------------------------
Dr. Mark Wossner took over from Dr. Klaus Sturany the
chairmanship of the Supervisory Board of Heidelberger
Druckmaschinen AG starting September 6, 2004.  Dr. Wossner has
already been elected as the new Chairman by the Heidelberg
Supervisory Board Committee.  He was appointed as a member of
the company's Supervisory Board on July 30, 2004, directly after
this year's Heidelberg Annual General Meeting.

Dr. Wossner, currently Chairman of the Advisory Board and
Chairman at Citigroup Global Markets Deutschland AG & Co KGaA,
served as Chairman of the Management Board of Bertelsmann AG
from 1982 to 1998 and from then until 2000 as Chairman of the
company's Supervisory Board.  Dr. Wossner is also a member of
several other Supervisory Boards, including that of
DaimlerChrysler AG.

Dr. Sturany, CFO at RWE AG, will remain a member of the
Heidelberg Supervisory Board.

The Heidelberg Press Lounge, which can be found at
http://www.journalist.heidelberg.com,contains a Curriculum
Vitae and photograph of Dr. Wossner.

CONTACT:  HEIDELBERGER DRUCKMASCHINEN AG
          Corporate Communications:
          Thomas Fichtl
          Phone: +49 6221 92 4747
          Mobile: +49 173 3186947
          E-mail: thomas.fichtl@heidelberg.com


INTERAKTIVE MEDIEN: Baden-Baden Court Appoints Administrator
------------------------------------------------------------
The district court of Baden-Baden opened bankruptcy proceedings
against Interaktive Medien GbR on August 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 3 to register their claims
with court-appointed provisional administrator Dr. Ferdinand
KieBner.

Creditors and other interested parties are encouraged to attend
the meeting on November 2, 2004, 10:30 a.m. at the district
court of Baden-Baden 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:  INTERAKTIVE MEDIEN GBR
          Orchideenweg 12, 76571 Gaggenau

          Dr. Ferdinand KieBner, Insolvency Administrator
          Eisenbahnstr. 19-23, 77855 Achern. 2

          DISTRICT COURT OF BADEN-BADEN
          76532 Baden-Baden, Gutenbergstr. 17
          Stockwerk/Raum EG 009 a


INTER-MARKT GESELLSCHAFT: Under Bankruptcy Administration
---------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against INTER-MARKT Gesellschaft fur Immobilien-
Entwicklung mbH on August 24.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 19, 2004 to register their claims
with court-appointed provisional administrator Dr. Petra
Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting on October 13, 2004, 10:55 a.m. 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 on January 12, 2005, 10:35 a.m. at the
district court of Charlottenburg.

CONTACT:  INTER-MARKT GESELLSCHAFT FUR IMMOBILIEN-ENTWICKLUNG
          GoethestraBe 81, 10623 Berlin
          Contact:
          Heinz Rosenthal, Manager
          Heideweg 7, 19322 Lindenberg

          Dr. Petra Hilgers, Insolvency Manager
          Goethestr. 85, 10623 Berlin

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


JETTER AG: 2003 Net Loss Down to EUR1.8 Million
-----------------------------------------------
German automation technology specialist Jetter AG was able to
reduce its losses in the 2003 fiscal year ending March 31, 2004,
Borsen Zeitung says.

By cutting cost, the company managed to lower net losses from
EUR6.9 million in 2002-2003 to EUR1.8 million in 2003-2004.
Jetter was also able to slash losses from ordinary activities
from EUR7 million to EUR2.3 million, while registering an EBIT
of -EUR2.3 million.  The group also posted a 2% increase in
turnover.

Jetter's management is optimistic for fiscal year 2004 after
registering EUR4 million in turnover in the first two months.
The company forecasts an EBIT of EUR18 million to EUR20 million
for the current year.

CONTACT:  JETTER AG
          GraterstraBe 2
          D-71642 Ludwigsburg
          Germany
          Phone: +49 7141 2550-0
          Fax: +49 7141 2550-425
          Web site: http://www.jetter.de


MARQUART POWER: Creditors Meeting Set September 17
--------------------------------------------------
The district court of Cloppenburg opened bankruptcy proceedings
against Marquart Power GmbH on August 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 12, 2004 to register
their claims with court-appointed provisional administrator Hans
Peter Goken.

Creditors and other interested parties are encouraged to attend
the meeting on September 17, 2004, 9:10 a.m. at Saal 6,
Hauptgebaude, BurgstraBe 9, 49661 Cloppenburg 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 on November 26, 2004, 9:10 a.m. at the
same venue.

CONTACT:  MARQUART POWER GMBH
          Mollerskamp 12, 49624 Loningen
          Contact:
          Hans Marquart, Manager
          Auf der Lage 19, 49624 Loningen

          Hans Peter Goken, Insolvency Manager
          MuhlenstraBe 11, D-26169 Friesoythe
          Phone: 04491/92950
          Fax: 04491/929544


MSZ-MONTAGE: Cottbus Court Appoints Insolvency Manager
------------------------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against MSZ-Montage, SchweiBtechnik Zeitarbeit GmbH on August
26.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until October 1,
2004 to register their claims with court-appointed provisional
administrator Dr. Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting on November 4, 2004, 1:00 p.m. at the district court
of Cottbus 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:  MSZ-MONTAGE, SCHWEIBTECHNIK, ZEITARBEIT GMBH
          (Registergericht: Cottbus HRB 5627)
          Forster Str. 32, 03172 Guben

          Dr. Christoph Junker, Insolvency Administrator
          Karcherallee 25 a, 01277 Dresden

          DISTRICT COURT OF COTTBUS
          Gerichtsplatz 2, 03046 Cottbus, Saal 313


VEREINIGTE DEUTSCHE: Creditors Approve Restructuring Plan
---------------------------------------------------------
German conglomerate Vereinigte Deutsche Nickel-Werke (VDN)
avoided insolvency after the creditors of its metal products
subsidiary, Deutsche Nickel, voted unanimously in favor of a
restructuring package, Suddeutsche Zeitung says.

The creditors have reportedly waived Deutsche Nickel's overdue
interest payments until December 31, 2004, thus allowing the
firm to restructure and invest in growth.  Deutsche Nickel
currently employs 3,500 workers.

CONTACT:  DEUTSCHE NICKEL A.G.
          Rosenweg 15
          58239 Schwerte
          Phone: +49-23 04-108-0
          Fax: +49-23 04-861-64
          E-mail: postmaster@deutsche-nickel.de
          Web site: http://www.deutsche-nickel.de


VOLKSWAGEN BANK: Outlook Negative on Acquisition Plans
------------------------------------------------------
Moody's Investors Service changed the outlook for the short-term
and financial strength ratings of Volkswagen Bank GmbH (VW
Bank), citing concerns over its business strategy.

The bank plans to acquire a 50% stake in Dutch car leasing
company LeasePlan Corporation N.V.  Moody's is concern the
transaction might have adverse implications for the bank's
business and financial risk profile.  This is the primary reason
for its decision to change to negative from stable the outlook
on the firm's P-1 and C+ short-term and financial strength
ratings, says Moody's.

The rating agency will see whether Leasebank will operate as a
separate entity, or be integrated into the bank.  It will review
whether there would be material cost savings or revenue
enhancements should the businesses combine.

It warned "... in light of the financial importance of VW Bank's
investment in LeasePlan, an improvement or deterioration in the
leasing company's financial profile could have an impact on VW
Bank's credit quality."

The rating agency's existing negative outlook on the bank's A2
long-term rating remains in place.  The outlook reflects the
negative outlook of its ultimate parent, automotive group
Volkswagen AG, Moody's says.

CONTACT:  Volkswagen Bank
          Web site: http://www.volkswagenbank.de/


WALBURG H.N.: Deadline for Filing Claims September 20
-----------------------------------------------------
The district court of Eschwege opened bankruptcy proceedings
against Walburg H.N. e.V., on August 24.  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
Sandra Mitter.

Creditors and other interested parties are encouraged to attend
the meeting on October 20, 2004, 10:45 a.m. at Sitzungssaal 2 I.
Stock, Gebaude Friedr.-Wilh.-StraBe 39, 37269 Eschwege 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:  WALBURG H.N. E.V.
          BahnhofstraBe 5, 37235 Hessisch Lichtenau
          Contact:
          Ralf Herbert, Board of Director

          Sandra Mitter, Insolvency Manager
          Wilhelmshoher Allee 270
          34131 Kassel
          Phone: 0561/3166-311
          Fax: 0561/3166-312


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


BORSODCHEM RT: VCP to Divest Shares Via Private Placement
---------------------------------------------------------
BorsodChem Rt's Board of Directors informs its shareholders
about the results of the Company's capital structure review.

               Result of Capital Structure Review

International Secondary Offering

Further to the announcements made on 8 June and 5 July 2004,
BorsodChem Rt announces that it has completed the review of its
capital structure and that VCP Capital Partners
Unternehmensberatungs AG, through its subsidiaries CE Oil & Gas
Beteiligung und Verwaltung AG (CEOG) and VCP Industrie
Beteiligungen AG, the majority shareholders of the Company, has
concluded its review of its options in respect of its holdings
in BorsodChem.

BorsodChem further announces that it has been informed by VCP
that it intends to sell a portion of its holding in BorsodChem
by way of a private placement of shares and Global Depositary
Receipts (GDRs) to international and Hungarian institutional
investors (International Offering).  Such portion may be
significant.  When determining the size of the International
Offering, VCP intends to be mindful of the liquidity needs of
institutional investors.

It is expected that the International Offering will be concluded
within Q4 2004 and that BorsodChem will make a further
announcement in respect of the International Offering in
September 2004.

HSBC Bank plc is global co-coordinator and bookrunner of the
International Offering.

In this connection, BorsodChem also announces that it has agreed
to sell its holding in Tiszai Vegyi Kombinat Reszvenytarsasag
(TVK), representing 3,760,979 ordinary shares to VCP's
subsidiary CEOG.  The purchase price per share is HUF5,503,
which is HUF100 higher per share than the IFRS book value.  The
condition of acquiring these shares, which represents a 15.4%
stake in TVK (this represents a 15.52% direct influence), is the
payment of the purchase price for the shares, which is payable
on completion of the International Offering.  However, in the
event that the International Offering is not completed by 30
November 2004, the agreement in respect of the sale may be
rescinded by CEOG.

Since it is expected that the long-term ethylene supply
agreement with TVK will become fully effective shortly,
BorsodChem no longer considers the holding of a stake in TVK to
be of strategic importance.  Accordingly, and as TVK makes no
contribution to the Company in terms of revenue or dividend, the
Company has determined that a sale of the TVK stake should be
sought and that the cash resulting from the sale should be more
effectively deployed for further expanding its own business and
by primarily taking advantage of acquisition opportunities.  The
Company intends to fund its current capital expenditure program
from existing and internal sources."

                     Overview of BorsodChem

BorsodChem is a leading European producer of both speciality and
commodity chemicals and is one of the largest listed companies
in Hungary.  Its  core products are the isocyonates-based
products MDI and TDI and PVC.  BorsodChem is the largest
producer of PVC in the Central and Eastern European Region, the
only producer of MDI in the CEE region and a leading producer of
TDI in the CEE region.

BorsodChem believes that it holds a strong competitive position
in Central and Eastern Europe, enabling it to pursue growth
opportunities in the PVC and isocyanate-based chemicals markets.

                     BorsodChem's Strategy

BorsodChem's goal is to continue to expand capacity and
strengthen its market position taking further advantage of
economies of scale, and to serve more effectively its growing
target markets for isocyanates and PVC.

BorsodChem also announces that it will release re-stated
financial statements of the last three financial years on Monday
6 September 2004.  These financial statements have been re-
stated due to the full consolidation of BC Eromu Kft., announced
at the time of the half-year.  These financial statements will
also be available at the headquarters of the Company in
Kazincbarcika (Kazincbarcika, Bolyai ter 1.) and its branch
office in Budapest (Budapest, Vaci utca 55.) or at
http://www.borsodchem.huand http://www.bse.hu.

This announcement does not contain or constitute an offer or
invitation to purchase or subscribe for any securities of
BorsodChem and should not be relied upon in connection with any
decision to purchase or subscribe for any such securities.

Stabilisation/F.S.A.

The information contained herein is restricted and is not for
publication, distribution or release in or into the United
States of America, Canada or Japan.  This announcement is not an
offer of securities for sale or a solicitation of an offer to
purchase securities in the United States or any other
jurisdiction.  The shares and GDRs referred to herein (the
Securities) have not been and will not be registered under the
U.S. Securities Act of 1933, as amended (the Securities Act),
and may not be offered or sold in the United States (as such
term is defined in Regulation S under the Securities Act) absent
registration under the Securities Act or an applicable exemption
from such registration.  There will be no public offering of the
Securities in the United States.

Laszlo F. Kovacs
Chief Executive Officer

                            *   *   *

In April, Standard & Poor's Ratings Services assigned its 'BB'
long-term corporate credit rating to BorsodChem Rt, a chemicals
group based in Hungary, reflecting the group's position in
various segments of the Central and Eastern European chemicals
market.  The outlook is stable.

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

          Laszlo F. Kovacs
          Chief Executive Officer


MALEV HUNGARIAN: Deadline for Bids October 20
---------------------------------------------
The Hungarian government opened the bidding process for troubled
national carrier Malev Hungarian Airlines, Forbes reports.

The State Privatization Agency said it will accept bids for the
one-round open tender until October 20.  The selloff offer for
its 99.95% stake is the latest in the government's attempt to
dispose of the airline.

Buyers are required to pay 90% of the purchase price in cash,
inject fresh capital and assume Malev's debts.  The report did
not mention the asking price.  As of July, Malev's debt stood at
HUF36.7 billion (US$179 million, EUR148 million).  Of this
amount, HUF33 billion is guaranteed by the government.  An
additional requirement in the bid is a plan to preserve Malev's
status as Hungary's national airline, a move understood to give
the airline competitive edge within the European Union.

Possible bidders for the carrier are Chinese carrier Hainan
Airlines, Austrian Airlines and Air France-KLM.

Malev's first-half results showed audited pre-tax losses of
HUF3.9 billion, down HUF1.5 billion from the year before.  Sales
rose 20% to HUF59.4 billion.  Cost was cut by HUF3 billion,
becoming eligible for government subsidies worth HUF3 billion.
The airline expects to break even by the end of the year.

CONTACT:  MALEV HUNGARIAN AIRLINES
          Hotline: 06-40-212121
          Web site: http://www.malev.hu


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


FINMATICA SPA: Only Four Subsidiaries Will Avoid Bankruptcy
-----------------------------------------------------------
Bankruptcy and liquidation can now be seen on the horizon for
Italian software group Finmatica, despite positive results in
efforts to save the profitable banking and finance software
divisions, Il Sole 24 Ore says.

This came after Finmatica's chief executive Massimo Brunelli met
Monday with creditor banks, which include Banca Intesa,
Capitalia and UniCredit.  According to sources cited by a U.K.
news agency, the banks are willing to transfer the profitable
divisions to a new company called Nuova Trend.  These divisions
are Trend, Infotrend, Finmatica TradeMark Ltd. and Sintel
Progetti.  Together, these business units posted an overall
turnover of EUR12.5 million for the first half of 2004.  Around
65% to 70% of Italian banks as well as the Italian central bank
use Trend's banking software in their operations.

CONTACTS: FINMATICA S.p.A.
          Via Cannizzaro
          83/A 00156 Roma
          Phone: +39 06/439911
          Fax: +39 06/43991259
          Web site: http://www.finmatica.com


PARMALAT FINANZIARIA: Recovery As Early As 2005, Says Minister
--------------------------------------------------------------
The Italian minister for productive activities, Antonio Marzano,
is confident that Parmalat would return to profitability in
2005, La Stampa says.

Mr. Marzano believes Parmalat would be able to fulfill the
targets drawn in the business plan drafted by compulsory
administrator Enrico Bondi.  He also said the failed dairy giant
would cut its 2004 losses.

Meanwhile, the company's supervisory board met Wednesday to
discuss and approve the sale of Parmalat's travel subsidiary,
Parmatour.

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

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


SSC NAPOLI: Receivers Drop Appeal of Division B Relegation
----------------------------------------------------------
The Regional Administrative Court of Lazio, hearing the appeal
challenging the relegation of SSC Napoli to Division B, has
dismissed the case, Agencia Giornalistica Italia says.

The appellate court cited the decision of the receivers to
abandon the appeal, following the sale of the football club to
businessman Aurelio De Laurentiis last week.  Mr. Laurentiis
plans to enlist the club in Serie C1.

Former owner Luciano Gaucci, who is also challenging the
relegation, was urged by the Lazio court to file his own
lawsuit, as he is not a party in the dismissed appeal.

                            *   *   *

Judge Paolo Celentano, of the Court of Naples, is handling the
bankruptcy case of Societa' sportiva Calcio Napoli.  The club's
receivers are Nicola Rascio, Francesco Fimmano' and Aldo
Contieri.


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


ROYAL AHOLD: Fixed Asset Impairments at U.S. Unit Down 26%
----------------------------------------------------------
Royal Ahold published additional information regarding the
results of its U.S. retail operations in the second quarter of
2004 in order to provide more information about the decline in
operating income at such operations in that quarter.

This information is in addition to that provided in Ahold's
press release issued on August 26, 2004.  The decline in
operating income at Ahold's U.S. retail operations in the second
quarter of 2004 is compared to the second quarter of 2003.  This
additional information is set forth in the table below.

x 1 million USD             Q2 2004 Q2 2003 change
Fixed asset impairments         -26     0     -26
Real estate gains                 2    18     -16
Integration costs               -15     0     -15

Ahold believes that the information set forth above provides
clarification about the results of its U.S. retail operations in
the second quarter of 2004.

CONTACT:  ROYAL AHOLD
          Albert Heijnweg 1, Zaandam
          P.O. Box 3050, 1500 HB Zaandam
          The Netherlands
          Phone: +31 (0)75 659 5720
          Fax: +31 (0)75 659 8302
          Web site: http://www.ahold.com


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


BUILDING MATERIALS: Proofs of Claim Deadline September 30
---------------------------------------------------------
The Arbitration Court of Voronezh region has declared municipal
enterprise anninsky factory Building Materials insolvent and
introduced bankruptcy proceedings.  The case is docketed as A14-
5453-02/277/20b.  Mr. N. Korobkin has been appointed insolvency
manager.  Creditors have until September 30, 2004 to submit
their proofs of claim to 394005, Russia, Voronezh-5, Post User
Box 15.

CONTACT:  BUILDING MATERIALS
          Russia, Voronezh region,
          Anna, Krasny Oktyabr Str. 25

          Mr. N. Korobkin
          Insolvency Manager
          394005, Russia,
          Voronezh-5, Post User Box 15


CHELYABINSK-COAL: Bankruptcy Proceedings Begin
----------------------------------------------
The Arbitration Court of Chelyabinsk region has declared OJSC
Chelyabinsk-Coal insolvent and introduced bankruptcy
proceedings.  The case is docketed as A76-5113/02-32-193.  Mr.
E. Lysov has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 454087, Russia, Chelyabinsk,
Blyukhera Str. 69.

CONTACT:  CHELYABINSK-COAL
          454087, Russia,
          Chelyabinsk, Blyukhera Str. 69

          Mr. E. Lysov
          Insolvency Manager
          454087, Russia,
          Chelyabinsk, Blyukhera Str. 69


CHEREPANOVSKY COMBINE: Court Hires External Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
external management bankruptcy procedure on subsidiary OJSC
Cherepanovsky Combine of Grain Products (TIN 5440100767).  The
case is docketed as A45-18546/02-SB/3858.  Mr. A. Tyutyunkin has
been appointed external insolvency manager.

CONTACT:  CHEREPANOVSKY COMBINE OF GRAIN PRODUCTS
          633522, Russia,
          Novosibirsk region, Cherepanovo,
          Partizanskaya Str. 103

          Mr. A. Tyutyunkin
          External Insolvency Manager
          633564, Russia,
          Novosibirsk region, Maslyanino,
          Partizanskaya Str. 9
          Phone: 8-383-47-21-705
          Fax:   8-383-47-21-589


FACTORY STELLA: Moscow Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Moscow region has declared OJSC Factory
Stella (TIN 7735053611) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A40-35767/03-44-26B.  Mr.
L. Gurevich has been appointed insolvency manager.
Creditors may submit their proofs of claim to 105118, Russia,
Moscow, Burakova Str. 27, Building 3.

CONTACT:  FACTORY STELLA
          Russia, Moscow,
          Zelenograd, North industrial zone

          Mr. L. Gurevich
          Insolvency Manager
          105118, Russia,
          Moscow, Burakova Str. 27, Building 3
          Phone/Fax: (095) 785-36-43


FLAKON: Under Bankruptcy Supervision
------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on CJSC Flakon: Moscow-Paris/Moscow
Crystal Factory in Name of M. I. Kalinin.  The case is docketed
as A40-18407/04-103-14 B.  Ms. L. Ustinovskaya has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 117418, Russia,
Moscow, Post User Box 54.  A hearing will take place on November
16, 2004.

CONTACT:  FLAKON: MOSCOW-PARIS/MOSCOW CRYSTAL FACTORY IN NAME OF
          M. I. KALININ
          125015, Russia, Moscow,
          Bolshaya Novodmitrovskaya Str. 36/4

          Ms. L. Ustinovskaya
          Temporary Insolvency Manager
          117418, Russia,
          Moscow, Post User Box


INSTRUMENT: Court Sets November 16 Hearing
------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision procedure on LLC Instrument (TIN/OKPO
3233006995/32088031).  The case is docketed as A09-3640/04-8.
Ms. N. Egorova has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 127349, Russia,
Moscow, Post User Box 58.  A hearing will take place on November
16, 2004, 10:00 a.m.

CONTACT:  INSTRUMENT
          241031, Russia,
          Bryansk, Schyorsa Avenue, 7

          Ms. N. Egorova
          Temporary Insolvency Manager
          127349, Russia,
          Moscow, Post User Box 58
          Phone: (095) 973-52-58, 500-70-57


KAMCHAT-PLASTIC: Declared Insolvent
-----------------------------------
The Arbitration Court of Kamchatka region has declared OJSC
Kamchat-Plastic insolvent and introduced bankruptcy proceedings.
The case is docketed as A24-1367/2000-03.  Mr. E. Khramenok has
been appointed insolvency manager.

Creditors have until September 30, 2004 to submit their proofs
of claim to 683023, Russia, Petropavlovsk-Kamchatsky, 23 GOS,
Post User Box 113.  A hearing will take place on October 29,
2004.

CONTACT:  KAMCHAT-PLASTIC
          683042, Russia, Kamchatka region,
          Petropavlovsk-Kamchatskiy,
          Dalnyaya Str. 1.
          Phone: (415-22) 5-36-11

          Mr. E. Khramenok
          Insolvency Manager
          683023, Russia,
          Petropavlovsk-Kamchatsky, 23 GOS,
          Post User Box 113


KRASNOUFIMSKY EXPERIMENTAL: Under Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on OJSC Krasnoufimsky
Experimental Factory.  The case is docketed as A60-15512/2004-
S1.  Mr. S. Sivkov has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to:

(a) Temporary Insolvency Manager
    624134, Russia,
    Sverdlovsk region, Novouralsk-4,
    Post User Box 92

(b) The Arbitration Court of Sverdlovsk region
    620075, Russia,
    Ekaterinburg, Lenina Pr. 34

(c) Krasnoufimsky Experimental Factory
    Russia, Sverdlovsk region,
    Krasnoufimsk, Mizerova Str. 65


LEVIKHINSKY MINE: Creditors Have Until October 5 to File Claims
---------------------------------------------------------------
The Arbitration Court of Sverdlovsk region has declared LLC
Levikhinsky Mine insolvent and introduced bankruptcy
proceedings.  The case is docketed as A60-33370/2003-S1.  Mr. A.
Bashkov has been appointed insolvency manager.  Creditors have
until October 5, 2004 to submit their proofs of claim to 620141,
Russia, Ekaterinburg, Olkhovskaya Str. 25/1-13.

CONTACT:  LEVIKHINSKY MINE
          624156, Russia,
          Sverdlovsk region,
          Kirovograd, Levikha P

          Mr. A. Bashkov
          Insolvency Manager
          620141, Russia, Ekaterinburg,
          Olkhovskaya Str. 25/1-13


MELEUZOVSKY FOOD: Names R. Khalilulin Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on OJSC Meleuzovsky Food
Combine.  The case is docketed as A07-16424/03-A/ADM.  Mr. R.
Khalilulin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) Meleuzovsky Food Combine
    453850, Russia,
    Bashkortostan republic,
    Meleuz, Lazo Str. 1

(b) The Arbitration Court of
    Bashkortostan republic
    450057, Russia,
    Bashkortostan republic, Ufa,
    Oktyabrskoy Revolyutsii Str. 63A


POLI-COLOR: Ordered to Undergo External Management Procedure
------------------------------------------------------------
The Arbitration Court of Orenburg region has commenced external
management bankruptcy procedure on OJSC Poli-Color.  The case is
docketed as A47-2188/04-14gk.  Mr. Y. Osipov has been appointed
external insolvency manager.

CONTACT:  POLI-COLOR
          Russia, Orenburg region,
          Severny region, Dymka

          Mr. Y. Osipov
          External Insolvency Manager
          460036, Russia,
          Orenburg, Vostochnaya Str. 86,
          Post User Box 1569


SELKHOZ-KHIMIYA: Insolvency Manager to Auction Company Today
------------------------------------------------------------
The insolvency manager of OJSC Selkhoz-Khimiya will auction the
company today, September 11, 2004 at 2:00 p.m.  The bidding will
take place at Russia, Tyumen region, Kazansky region, Novo-
Seleznyevo, Kalinina Str. 21.  Starting price is RUB837,400.

The list of documentary requirements for participant is
available at Russia, Tyumen region, Kazansky region, Novo-
Seleznyevo, Kalinina Str. 21.  To participate, bidders must
deposit RUB120,000 to the settlement account
40702810367260100025 in Kazansky branch of Sberbank of Russia,
BIC 047102651; correspondent account 30101810800000000651, TIN
7707083893.

CONTACT:  SELKHOZ-KHIMIYA
          Russia, Tyumen region,
          Kazansky region, Novo-Seleznyevo,
          Kalinina Str. 21


SPECIALIZED MANAGEMENT: Deadline for Filing Claims October 5
------------------------------------------------------------
The Arbitration Court of Moscow region has declared CJSC
Specialized Management on Tunnel Works #28 of Shaft-Sinking and
Tunneling insolvent and introduced bankruptcy proceedings.  The
case is docketed as A40-5746/03-38-4B.  Mr. L. Mirabyan has been
appointed insolvency manager.  Creditors have until October 5,
2004 to submit their proofs of claim to 117303, Russia, Moscow,
Post User Box 126.

CONTACT:  SPECIALIZED MANAGEMENT ON TUNNEL WORKS #28 OF SHAFT-
          SINKING AND TUNNELING
          117218, Russia, Moscow,
          Krzhizhanovskogo Str. 15, Building 7

          Mr. L. Mirabyan
          Insolvency Manager
          117303, Russia,
          Moscow, Post User Box 126


TEXTILE MACHINES: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision procedure on OJSC Special Design Office of Textile
Machines.  The case is docketed as A48-3350/04-16b.  Mr. V.
Sinegubkin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 302028, Russia,
Orel, Gorkogo Str. 4, Office 29.

CONTACT:  Mr. V. Sinegubkin
          Temporary Insolvency Manager
          302028, Russia,
          Orel, Gorkogo Str. 4,
          Office 29
          Phone: (086-2) 47-49-08
          Fax:   (086-22) 9-50-76


TYUMENSKY PLANT: Court Sets September 28 Hearing
------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on CJSC Tyumensky Plant of Building
Machines.  The case is docketed as A70-5399/3-04.  Mr. E.
Ospanov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 625046, Russia,
Tyumen, Olimpiyskaya Str. 18/212, Post User Box 3215.  A hearing
will take place on September 28, 2004, 11:00 a.m.

CONTACT:  Mr. E. Ospanov
          Temporary Insolvency Manager
          625046, Russia,
          Tyumen, Olimpiyskaya Str. 18/212
          Post User Box 3215


YUKOS OIL: Not Selling Stake in Lithunian Refinery
--------------------------------------------------
Yukos Oil denied reports it plans to sell its stake in Lithunian
company, Mazeikiu Nafta, to solve its crippling tax bills.

Yukos spokesman Alexander Shadrin told Reuters: "We have no
plans to sell our strategic assets, including Mazeikiu."

The statement was in response to a report by Vedomosti business
daily saying Yukos was in talks to sell its 53.6% stake in the
complex.  Yukos is currently facing a total claim of US$4.1
billion for back taxes in 2001 in addition to a US$3.4 billion
bill for 2000.  Last month, it already missed a deadline to pay
the 2000 debt.

Mazeikin Nafta includes the Mazeikin oil refinery that can
process 12 million tons of oil a year, the Butinge sea export
terminal that can handle eight million tons of oil a year, and
the Birzai oil pipeline main.  Yukos took over the company in
2002, and was able to take it to profit again last year.

CONTACT:  YUKOS OIL
          Investor Relations
          Alexander Gladyshev
          Phone: +7 095 788 00 33
          E-mail: investors@yukos.ru

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

          International Information Department
          Hugo Erikssen
          Phone: + 7 095 540-63-13
          E-mail: inter@yukos.ru


YUKOS OIL: Suspends Regional Tax Payments
-----------------------------------------
Yukos Oil on Wednesday sent a letter informing governors of five
Russian regions it will stop paying taxes, MosNews reports.

Mikhail Trushin, first deputy president and chairman of the
board of directors of Yukos Moscow, sent the advisory to
authorities of Samara, Tomsk, Irkutsk, Khanty Mansi autonomous
district, and Krasnoyarsk territory.  The subsidiaries include
Tomskneft, Samaraneftegaz, Yuganskneftegaz.

The decision is in connection with the ruling of the Basmanny
court of Moscow to arrest the funds on the accounts of Yukos
subsidiaries operating in the areas.  The sum arrested was RUB76
million (US$2.6 billion).

Investment bank Dresdner Kleinwort Wasserstein is currently
evaluating Yuganskneftegaz for a possible sale to pay Yukos'
back tax bills.  Yukos' total tax bill for 2000 and 2001 is now
US$6.1 billion.  Analysts expect the figure to reach more than
US$10 billion once authorities complete its review of the firm's
accounts.

CONTACT:  YUKOS OIL
          Investor Relations
          Alexander Gladyshev
          Phone: +7 095 788 00 33
          E-mail: investors@yukos.ru

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

          International Information Department
          Hugo Erikssen
          Phone: + 7 095 540-63-13
          E-mail: inter@yukos.ru


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


DOGUS HOLDINGS: 'B+' Ratings Affirmed; Outlook Stable
-----------------------------------------------------
Fitch Ratings affirmed Dogus Holding's Senior Unsecured foreign
and local currency ratings at 'B+' with Stable Outlook.

The affirmation follows the revised rating Outlook on Dogus'
bank subsidiary Garantibank (also rated 'B+') on 27 August 2004,
in the wake of Turkey's Sovereign Outlook change.  Fitch has
affirmed Dogus with a Stable Outlook to reflect the holding
company's structural subordination to Garantibank.

Dogus as a holding company depends on dividend income, service
income and capital gains from the sale of its equity holdings in
subsidiaries.  With dividend and service income limited until
2004, the company has been following its successful strategy of
gradually disposing shares in its subsidiaries to de-leverage.
With the non-financial operations strengthening and banking
operations generating profits, Dogus stands to further benefit
from an improvement in dividend income generation.  Dogus is
also expected to continue with its stake disposal strategy for
de-leveraging.

Dogus Group owns 63.6% of Garantibank.  The bank, together with
other Dogus-owned financial companies, generated roughly 80% of
the group's EBITDA of US$381 million in H104.  As one of Dogus'
most valuable assets, Garantibank forms an important element in
Dogus' rating matrix.  The Positive Outlook on Garantibank's
rating signals an upgrade within the next 12-18 months if there
is no material change from Fitch's assumptions at the time the
Outlook was assigned.  Dogus' ratings are, however, expected to
remain at the current level unless there is a substantial cash
injection to cut down its leverage.  Fitch will continue to
monitor Dogus Holding's de-leveraging efforts and cash
generation development in its subsidiaries.

Founded in 1975 and wholly owned by the Sahenk family, Dogus is
a member of the Dogus Group, a diversified Turkish conglomerate
with interests in a variety of financial services (including
banking, leasing, factoring, insurance), automotive, food
retail, construction, tourism and media.

CONTACT:  FITCH RATINGS
          Kaan Kiziroglu, Istanbul
          Phone: +90 212 279 1065

          Larissa Malycheva London
          Phone: +44 20 7417 42 07

          Media Relations:
          Alex Clelland, London
          Phone: +44 20 7862 408


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


CHERKASSINVESTBUD: Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Cherkassy region has commenced bankruptcy
supervision procedure on CJSC Cherkassinvestbud (code EDRPOU
30947050).  The case is docketed as 08/3291.  Arbitral manager
Mr. O. Pashenko has been appointed temporary insolvency manager.

Creditors have until September 18, 2004 to submit their proofs
of claim to:

(a) CHERKASSINVESTBUD
    Ukraine, Cherkassy region,
    Cherkassy district, Geronomivka,
    Geronomivska Str. 1

(b) Mr. O. Pashenko
    Temporary Insolvency Manager
    18002, Ukraine, Cherkassy region,
    Lenin Str. 31/1, a/b 558
    Phone: (0472) 45-54-64

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


ENSTI: Appoints Temporary Insolvency Manager
--------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on CJSC Ensti (code EDRPOU 23503270).
The case is docketed as 23/5-B.  Arbitral manager Mr. M.
Titarenko (License Number AA 719846 approved on February 19,
2004) has been appointed temporary insolvency manager.  The
company holds account number 260073010476 at JSB National
investments, Kyiv branch, MFO 300498.

Creditors have until September 18, 2004 to submit their proofs
of claim to:

(a) ENSTI
    Ukraine, Kyiv region,
    Sklyarenko Str. 5

(b) Mr. M. Titarenko
    Temporary Insolvency Manager
    01033, Ukraine, Kyiv region,
    Saksoganskij Str. 14/18

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


KARLIVKA' ELEVATOR: Declared Insolvent
--------------------------------------
The Economic Court of Poltava region declared OJSC Karlivka'
Elevator (code EDRPOU 00955696) insolvent and introduced
bankruptcy proceedings on July 29, 2004.  The case is docketed
as 10/72.  Arbitral manager Mr. Andrij Sergiyenko (License
Number AA 668326 approved on October 29, 2003) has been
appointed liquidator/insolvency manager.

CONTACT:  KARLIVKA' ELEVATOR
          Ukraine, Poltava region,
          Karlivka, Zavodska Str. 1a

          Mr. Andrij Sergiyenko
          Liquidator/Insolvency Manager
          39400, Ukraine, Poltava region,
          Mashivka, Lenin Str. 131/2

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


KRYMAUTO-GAZ: Court Orders Debt Moratorium
------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on CJSC Krymauto-Gaz (code EDRPOU
19454904) on July 23, 2004 and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as 2-
20/10972-2004.  Arbitral manager Mr. Oleksandr Chobot (License
Number AA 630035 approved on November 10, 2003) has been
appointed temporary insolvency manager.  The company holds
account number 26003072170001 at Ukrsibbank, Krym regional
branch, MFO 384801.

Creditors have until September 18, 2004 to submit their proofs
of claim to:

(a) KRYMAUTO-GAZ
    95050, Ukraine, AR Krym region,
    Simferopol, Lavandovij Lane, 2

(b) Mr. Oleksandr Chobot
    Temporary Insolvency Manager
    61080, Ukraine, Harkiv region,
    Gagarin Lane, 187

    95050, Ukraine, AR Krym region,
    Simferopol, Lavandovij Lane, 2
    Phone: (0652) 52-12-46 (057) 713-69-29

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


LIFTSERVICE: Bankruptcy Supervision Begins
------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on OJSC Liftservice (code EDRPOU
03336114).  The case is docketed as 19/93(04).  Mr. O. Klimenko
(License Number AA 783152 approved on May 13, 2004) has been
appointed temporary insolvency manager.  The company holds
account number 26004205194099 at CB Privatbank, MFO 313399.

Creditors have until September 18, 2004 to submit their proofs
of claim to:

(a) LIFTSERVICE
    59035, Ukraine, Zaporizhya region,
    Jamyanij Lane, 8

(b) Mr. O. Klimenko
    Temporary Insolvency Manager
    69063, Ukraine, Zaporizhya region,
    Lenin Avenue, 44/33

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


PAVLIV: Proofs of Claim Deadline Set September 18
-------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on Agricultural LLC Pavliv on July 22,
2004.  The case is docketed as 6/236-4/121.  Mr. Pavlo Duplika
(License Number AA 250381 approved on March 28, 2002) has been
appointed temporary insolvency manager.

Creditors have until September 18, 2004 to submit their proofs
of claim to:

(a) PAVLIV
    80250, Ukraine, Lviv region,
    Radehivskij district, Pavliv

(b) Mr. Pavlo Duplika
    Temporary Insolvency Manager
    82100, Ukraine, Lviv region,
    Drogobich, Kotlyarevskij Str. 55
    Phone: (03244) 3-83-94

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


RESOURCE-HOLDING: Insolvency Manager Takes over Helm
----------------------------------------------------
The Economic Court of Donetsk region declared LLC Resource-
Holding (code EDRPOU 32516204) insolvent and introduced
bankruptcy proceedings on August 10, 2004.  The case is docketed
as 42/113 B.  LLC Prodtorg (Donetsk) has been appointed
liquidator/insolvency manager.  The company holds account number
26009164498001 at JSCB Kapital, Donetsk branch, MFO 334828.

Creditors have until September 18, 2004 to submit their proofs
of claim to:

(a) RESOURCE-HOLDING
    83096, Ukraine, Donetsk region,
    Panfilov Avenue, 112

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


SOUTH-EAST: Bankruptcy Case Pending in Donetsk Court
----------------------------------------------------
The Economic Court of Donetsk region declared LLC South-East
Industrial Group (code EDRPOU 32088091) insolvent and introduced
bankruptcy proceedings on August 10, 2004.  The case is docketed
as 42/114 B.  LLC Prodtorg (Donetsk) has been appointed
liquidator/insolvency manager.  The company holds account number
26000146998001 at JSCB Kapital, Donetsk branch, MFO 334828.

Creditors have until September 18, 2004 to submit their proofs
of claim to:

(a) SOUTH-EAST INDUSTRIAL GROUP
    83008, Ukraine, Donetsk region,
    Reaktivna Str. 10/5

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


SPECROBOTA: Lviv Court Commences Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of Lviv region declared Joint Enterprise
Scientific-Technical Production Firm Specrobota (code EDRPOU
21627559) insolvent and introduced bankruptcy proceedings on
July 6, 2004.  The case is docketed as 24/3-B.  Arbitral manager
Mr. V. Dranchenko (License Number AA 630098 approved on December
11, 2003) has been appointed liquidator/insolvency manager.

CONTACT:  JOINT ENTERPRISE SCIENTIFIC-TECHNICAL PRODUCTION FIRM
          SPECROBOTA
          Ukraine, Kyiv region,
          Yaroslaviv Val Str. 13b

          Mr. V. Dranchenko
          Liquidator/Insolvency Manager
          04074, Ukraine, Kyiv region, a/b 73

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


TROSTYANETS' ELECTROPOBUTPRILAD: Bankruptcy Supervision Begins
--------------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on OJSC Trostyanets' Plant
Electropobutprilad (code EDRPOU 14307898) on August 5, 2004.
The case is docketed as 12/84-04.  Mr. Vyacheslav Kovtunenko
(License Number AA 668260 approved on September 26, 2003) has
been appointed temporary insolvency manager.  The company holds
account number 26002275527004 at CB Privatbank, Sumi branch, MFO
337546.

Creditors have until September 18, 2004 to submit their proofs
of claim to:

(a) TROSTYANETS' PLANT ELECTROPOBUTPRILAD
    Ukraine, Sumi region,
    Trostyanets, Gorkij Str. 56

(b) Mr. Vyacheslav Kovtunenko
    Temporary Insolvency Manager
    Ukraine, Sumi region,
    Pselska Str. 4/9

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


VINNITSYA' BEARING: Selling Property Complex for UAH4.3 Million
-------------------------------------------------------------
Branch of Agency of bankruptcy questions in Vinnitsya region and
the liquidator of OJSC Vinnitsya' Bearing Plant will auction the
firm's properties on September 17, 2004, 10:00 a.m. at Ukraine,
Vinnitsya, Hmelnitske shose, 2-a, conference hall, 1st floor.

Up for sale is a property complex consisting of buildings and
constructions occupying a land area of 198,403.3 square meters.
Starting price is UAH4,381,600 (inclusive of VAT).  The property
is located at Ukraine, Vinnitsya, Tarnogrodskij Str. 46.

To participate, bidders must deposit an amount equivalent to 5%
of the value of the property being sold and pay a registration
fee of UAH34 on or before September 13, 2004.  The amount must
be deposited to account number 26008100870001 at JSCIB
Ukrsibbank, Vinnitsya branch, MFO 302645, EDRPOU 21730889.

Participants must submit competitive propositions on or before
September 13, 2004 to Ukraine, Vinnitsya, Hmelnitske shose, 2-
A/601.

CONTACT:  AUCTION COMMITTEE
          Ukraine, Vinnitsya region,
          Hmelnitske shose, 2-A/601.
          Phone: (0432) 52-03-41
          Fax: (0432) 52-03-41


ZOLOCHIV' TIN: Under Bankruptcy Supervision
-------------------------------------------
The Economic Court of Lviv region has commenced bankruptcy
supervision procedure on LLC Zolochiv' Tin Plant (code EDRPOU
05522430).  The case is docketed as 186-6/91-4/34.  Arbitral
manager Mr. Ivan Skochko (License Number AA 484209) has been
appointed temporary insolvency manager.  The company holds
account number 26002032825 at JSC Credit-bank, Zolochiv branch,
MFO 325365.

Creditors have until September 18, 2004 to submit their proofs
of claim to:

(a) ZOLOCHIV' TIN PLANT
    Ukraine, Lviv region,
    Zolochiv, L. Ukrainki Str. 2

(b) Mr. Ivan Skochko
    Temporary Insolvency Manager
    Ukraine, Lviv region,
    Zolochiv, Shashkevich Str. 76/1

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


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


ABI PROPERTY: Members Meeting October 7
---------------------------------------
Name of Companies:
Abi Property Development Limited
Britton Street Developments Limited
Minstergate Plc
Minstergate Properties Limited
Sheepscar Developments Limited
Steepstep Limited

The final meetings of the members of these companies will be on
October 7, 2004 commencing at 10:00 a.m. and thereafter at 15-
minute intervals.  It will be held at the offices of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Benson House, 33 Wellington
Street, Leeds LS1 4JP not later than 12:00 noon, October 6,
2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street,
          Leeds LS1 4JP
          Joint Liquidator:
          R Marsh
          Phone: [44] (113) 289 4000
          Fax:   [44] (113) 289 4460
          Web site: http://www.pwcglobal.com


ADAM ONE: Hires Joint Liquidators from Deloitte & Touche
--------------------------------------------------------
Name of Companies:
Adam One Limited
Adam Two Limited
Barclays Asset Finance Limited
Barclays Nominees (Depository Services) Limited
Barclays Vehicle Management Services Limited
BMBF (No.30) Limited
BM Dormant (No.5) Limited
Camalot Cars Limited
GS Collections Limited

During the general meetings of these companies, the special and
ordinary resolutions to wind up the companies were passed.  J R
D Smith and N J Dargan of Athene Place, 66 Shoe Lane, London
EC4A 3WA have been appointed joint liquidators of the companies.

CONTACT:  DELOITTE AND TOUCHE LLP
          Athene Place,
          66 Shoe Lane,
          London EC4A 3WA
          Joint Liquidators:
          J R D Smith
          N J Dargan
          Phone: 00 44 (0) 207 936 3000
          Fax:   00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


ALEXANDER DENNIS: New Owners Planning to Invest GBP10 Million
-------------------------------------------------------------
Scottish bus manufacturer Alexander Dennis is now finalizing a
GBP10 million investment program after its rescue from
administration in May.

Company officials are in discussions with Falkirk council,
Scottish Enterprise and SE Forth Valley, regarding a support
package.  The group is restructuring the company it bought from
Transbus, part of the bankrupt Mayflower Group.  Under the
investment program, it will shift its headquarters and some
process operations in Larbert back to the main site at Falkirk.
The move will help the company save costs.  According to The
Herald, Jim Hastie, chief executive, said Larbert had been
costing GBP4.5 million a year, part of a huge GBP66 million
overhead run by Transbus.

The new owners plan to save 33% from property bills and 40% from
overhead costs.  It is also cutting 200 of its 1500 jobs and
closing two sites.

CONTACT:  ALEXANDER DENNIS LIMITED
          Media Enquires:
          Phone: 01483 571271
          Web site: http://www.alexander-dennis.com/


ALTREC DESIGNS: May Appoint Liquidation Committee September 15
--------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Altrec Designs Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Altrec Designs Ltd.
will be held at 4 Dancastle Court 14 Arcadia Avenue London N3
2HS on September 15, 2004 at 12:00 p.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Valentine & Co. 4 Dancastle Court 14 Arcadia
Avenue London N3 2HS two business days prior to the meeting.

By Order of the Board.

A. Styler, Director
August 10, 2004

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue
          London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


ANTHONY JACKSON'S: Winding up Resolutions Passed
------------------------------------------------
Name of Companies:
Anthony Jackson's Foodfare Limited
Billjive Limited
Dairyglen Travel Limited
East Herts Research Limited
Hillards Pension Trustees Limited
Moody & Midgley Limited
Riverway Finance Company Limited
W H Richards Limited

At the extraordinary general meeting of these companies on
August 24, 2004 the special and ordinary resolutions to wind up
the companies were passed.  Richard Setchim and Tim Walsh of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of the companies for the
purpose of such windings-up.

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


BERNBOROUGH INVESTMENT: Sets Members Meeting October 7
------------------------------------------------------
The general meeting of the members of Bernborough Investment
Company will be on October 7, 2004 commencing at 11:00 a.m.  It
will be held at 66 Shoe Lane, London EC4A 3WA.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Deloitte & Touche, 66 Shoe Lane, London EC4A 3WA not later
than 12:00 noon, October 6, 2004.

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


BRANCOTE HOLDINGS: Special Winding up Resolution Passed
-------------------------------------------------------
At an extraordinary general meeting of the Brancote Holdings
Limited on August 25, 2004 held at 9670 Gateway Drive, Reno,
Nevada, USA, the subjoined special resolution to wind up the
company was passed.  Malcolm Cohen of BDO Stoy Hayward LLP, 8
Baker Street, London W1U 3LL has been appointed liquidator for
the purpose of such winding-up.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Liquidator:
          Malcolm Cohen
          Phone: 020 7486 5888
          Fax:   020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdo.co.uk


C.I. MARTIN: Meeting of Creditors Set Wednesday
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF C I Martin Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of C.I. Martin Ltd. will
be held at 59-63 Station Road Northwich CW9 5LT on September 15,
2004 at 11:00 a.m. for the purpose of having a full statement of
the position of the Company's affairs, together with a list of
the Creditors of the Company and the estimated amount of their
claims, laid before them, and for the purpose, if thought fit,
of nominating a Liquidator and of appointing a Liquidation
Committee.  (Sections 99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Hadfield House
Hadfield Street Northwich CW9 5LU not later than 12:00 noon on
the business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
Hadfield House Hadfield Street Northwich CW9 5LU before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

Laurence S. Burt of Ganley Burt Hadfield House Hadfield Street
Northwich CW9 5LU is a person qualified to act as an Insolvency
Practitioner in relation to the Company who will, during the
period before the day of the Meeting furnish creditors free of
charge with such information concerning the Company's affairs as
they may reasonably require.

By Order of the Board.

C. I. Martin, Director
August 23, 2004

CONTACT:  GANLEY BURT
          Hadfield House
          Hadfield Street
          Northwich
          Cheshire CW9 5LU
          Phone: 01606 42968


COGENTA LIMITED: Hires Tenon Recovery as Administrator
------------------------------------------------------
S R Thomas and S J Parker have been appointed administrators for
software house Cogenta Limited.  The appointment was made August
26, 2004.  Its registered office is located at Moor Park House,
Moor Park Lane, Farnham, Surrey GU9 8EN.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Administrators:
          S R Thomas
          S J Parker
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


COMTEC BUSINESS: Brings in Joint Administrators from PKF
--------------------------------------------------------
Sue Stockley and Keith Roger Morgan as joint administrators for
Comtec Business Systems Limited.  The appointment was made
August 31, 2004.

The company sells and service office equipment.  Its registered
office is located at Unit 21, Burnett Business Park, Gypsy Lane,
Keynsham, Bristol BS31 2ED.

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

          PKF
          18 Park Place,
          Cardiff CF10 3PD
          Joint Administrators:
          Sue Stockley
          Keith Roger Morgan
          (IP Nos 7889, 6831)
          Phone: 029 2064 6200
          Fax:   029 2064 6201
          E-mail: info.cardiff@uk.pkf.com
          Web site: http://www.pkf.co.uk


COUNTY ROOFING: Creditors to Meet September 15
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF County Roofing Services Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of County Roofing Services
Ltd. will be held at Enterprise House 21 Buckle Street London E1
8NN on September 15, 2004 at 12:30 p.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Hill House
Highgate Hill London N19 5UU not later than 12:00 noon on the
business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
Hill House Highgate Hill London N19 5UU before the Meeting, a
statement giving particulars of their security, the date when it
was given, and the value at which it is assessed.

John A. Alexander of Carter Backer Winter Enterprise House 21
Buckle Street London E1 8NN is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.

By Order of the Board.

V. Surry, Director
August 17, 2004

CONTACT:  CARTER BACKER WINTER
          Enterprise House
          21 Buckle Street
          London E1 8NN
          Phone: + 44 (0) 20 7309 3800
          Fax: + 44 (0) 20 7309 3801
          E-mail: info@cbw.co.uk
          Web site: http://www.cbw.co.uk


COURTS PLC: HM Customs Questions Customer Tax Exemptions
--------------------------------------------------------
The London Tribunal Center has released the written findings of
its interim decision regarding Courts Plc's appeal against a
challenge by HM Customs & Excise on the Company's decision not
to levy VAT on five year structural guarantee products offered
to its customers.

While the Tribunal findings are at an interim stage only, some
of the initial findings are favorable and others are considered
unfavorable.  It is considered that the next stage will be a
further hearing.  Therefore it is too early to judge the
possible financial implications of these preliminary findings on
the Company.  The Company and its advisers are in the process of
studying the Tribunal's findings as set out in its report in
detail, both to quantify the potential impact of the preliminary
findings and to decide which aspects of the findings to
challenge at the next stage.  The Company will update
shareholders on its progress in this process as part of its
Annual General Meeting to be held on Friday, 24 September 2004.

CONTACT:  GCG HUDSON SANDLER
          Jessica Rouleau
          Phone: 020 7796 4133


COURTS PLC: Files Annual Report with U.K.L.A.
---------------------------------------------
In accordance with the U.K.L.A.'s Listing Rules 9.31 and 14.4,
two copies of the Annual Report & Accounts for the year ended 31
March 2004 and the accompanying notice of the Annual General
Meeting and proxy form have been submitted to the U.K.L.A.
These documents will shortly be available for inspection at the
U.K.L.A.'s Document Viewing Facility, which is situated at:

The Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5H
Tel: 020 7676 1000


DATAPRIDE COMMUNICATIONS: In Administrative Receivership
--------------------------------------------------------
Nicol Garcia Villar called in Peter A Blair and Timothy J E
Dolder as joint administrative receivers for advertising company
Datapride Communications Limited (Reg No 03061085, Trade
Classification: 7440).  The application was filed August 31,
2004.

CONTACT:  BEGBIES TRAYNOR
          Regency House
          21 The Ropewalk
          Nottingham NG1 5DU
          Joint Administrative Receiver:
          Peter A Blair
          (Office Holder No 8886)
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com

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


DIVA CONSTRUCTION: May Form Liquidation Committee Wednesday
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Diva Construction Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Diva Construction Ltd.
will be held at 4 Dancastle Court 14 Arcadia Avenue London N3
2HS on September 15, 2004, at 2:00 p.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Valentine & Co. 4 Dancastle Court 14 Arcadia
Avenue London N3 2HS two business days prior to the meeting.

By Order of the Board.

D. Nugent, Director
August 18, 2004

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue
          London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


DOMESTIC PLUMBING: First Liquidation Meeting Set September 15
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Domestic Plumbing & Heating Ltd
                        (in Liquidation)

I, of KPMG Delta House Dundee Technology Park Dundee DD2 1SW
hereby give notice that I was appointed Interim Liquidator of
Domestic Plumbing & Heating Ltd. on August 5, 2004 by the
Interlocutor of the Sheriff at Sheriff at Dundee.

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
The Swallow Hotel Dundee DD2 5JT on September 15, 2004 at 11:00
a.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.

Blair C. Nimmo, Interim Liquidator
September 17, 2004

CONTACT:  KPMG CORPORATE RECOVERY
          Unit 2 Delta House
          Dundee Technology Park
          Dundee DD2 1SW
          Web site: http://www.kpmg.co.uk


EGG PLC: Financial Strength Affirmed at D+; Outlook Stable
----------------------------------------------------------
Moody's Investors Service affirmed the financial strength rating
of Egg Banking plc at D+, while downgrading its long- and short-
term debt and deposit ratings A3/Prime-2 from A2/Prime-1.
Further ratings downgraded were:

(a) Senior unsecured to A3 from A2,

(b) Subordinate to Baa1 from A3,

(c) Junior subordinate to Baa1 from A3,

(d) Commercial Paper to Prime-2 from Prime-1,

(e) Other short-term to Prime-2 from Prime-1

(f) Egg Funding One LP's preferred Stock to (P) Baa2 from (P)
    Baa1

All ratings now have a stable outlook.

Moody's said the action reflects the marginally weaker support
from parent Prudential, which is disposing its 79% majority
shareholding in the bank.  The rating agency said it also
reflects the "limited synergies likely to be seen in the mid-
term between the bank and the insurance company given Egg's
focus on unsecured lending."

CONTACT:  EGG PLC
          1 Waterhouse Sq., 138-142 Helborn
          London EC1N 2NA
          United Kingdom
          Phone: +44 20 7526 2500
          Fax:   +44 20 7526 2655
          Web site: http://www.egg.com


ENI BBH: Hires Joint Liquidators from Ernst & Young
---------------------------------------------------
Name of Companies:
ENI BBH Limited
ENI Brupex Limited
ENI Energy Limited
ENI International Exploration Limited
ENI Linv Limited
ENI Methodplan Limited
ENI MHH Limited
ENI Mitre Limited
ENI Mog Limited
ENI Neptune Limited

At extraordinary general meetings of these companies on August
20, 2004 held at Ebury Bridge House, 10 Ebury Bridge Road,
London SW1W 8PZ, the special resolution to wind up the company
was passed.  Elizabeth Anne Bingham and Alan Lovett of Ernst &
Young LLP, 1 More London Place, London SE1 2AF has been
appointed joint liquidators for the purpose of such winding-up.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Joint Liquidators:
          Elizabeth Anne Bingham
          Alan Lovett
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


EQUITABLE LIFE: Auditor Runs Risk of Losing License
---------------------------------------------------
Britain's accountancy disciplinary body is investigating Ernst &
Young for its role as auditor in the collapse of Equitable Life,
The Scotsman reports.

The probe follows the completion of an initial investigation by
the Joint Disciplinary Scheme (JDS).  A joint disciplinary
tribunal will now be appointed to see whether the firm failed in
its duty to warn the society of potential liabilities arising
from its transactions.  Ernst & Young had said the complaints of
its failings by the JDS were "unfounded and misguided".

Ernst & Young, which was auditor to Equitable until 2001, is
being sued by the society for GBP2.05 billion.  The latter is
alleging Ernst & Young failed to make sure Equitable made
sufficient provisions to meet its liabilities to Guaranteed
Annuity Rate policyholders.

Equitable Life was forced to close to new business in 2000 after
losing a case in the House of Lords against policyholders
demanding the firm honor its commitment on annuity rates.  The
court's ruling blew a GBP1.5 billion hole in the firm's
accounts.

Ernst & Young risks losing its license as auditor should it be
proven guilty.  Lesser penalties could range from a reprimand or
severe reprimand, to an unlimited fine.

An Ernst & Young spokesman confirmed it received formal
complaints from the JDS relating to the audit opinions given on
the financial statements of Equitable Life for the years 1990 to
2000.  Partner Paul McNamara and former partner Richard Combes
been named in the complaints.

CONTACT:  THE EQUITABLE LIFE ASSURANCE SOCIETY
          Walton Street
          Aylesbury Buckinghamshire HP21 7QW
          United Kingdom
          Phone: +44 20 0870 901 0052
          Web site: http://www.equitable.co.uk


EXPRESSO EXCHANGE: Holds Creditors' Meeting September 15
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Expresso Exchange Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency

Act 1986, that a meeting of Creditors of Expresso Exchange Ltd.
will be held at 44 Old Hall Street Liverpool L3 9EB on September
15, 2004 at 11:30 a.m. for the purpose of having a full
statement of the position of the Company's affairs, together
with a list of the Creditors of the Company and the estimated
amount of their claims, laid before them, and for the purpose,
if thought fit, of nominating a Liquidator and of appointing a
Liquidation Committee.  (Sections 99-101 of the said Act)

John C. Moran of Parkin S. Booth & Co. 44 Old Hall Street
Liverpool L3 9EB is a person qualified to act as an Insolvency
Practitioner in relation to the Company who will, during the
period before the day of the Meeting furnish creditors free of
charge with such information concerning the Company's affairs as
they may reasonably require.

By Order of the Board.

S. R. Lewis, Director
August 16, 2004

CONTACT:  PARKIN S. BOOTH
          44 Old Hall Street
          Liverpool L3 9EB
          Phone: 0151 236 4331
          Fax: 0151 255 0108
          E-mail: lp@parkinsbooth.co.uk
          Web site: http://www.middletonpartners.co.uk


HIBERNIAN KBB: Bersntein Group Appoints Receiver
------------------------------------------------
Bernstein Group plc called in Roderick Michael Withinshaw as
joint administrative receiver for Hibernian KBB Distribution
Limited (Reg No 2304580).

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


HIGH TIMES: May Nominate Liquidator September 15
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF High Times Loft Conversions Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of High Times Loft
Conversions Ltd. will be held at 48 Langham Street London W1W
7AY on September 15, 2004 at 10:30 a.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at 48 Langham
Street London W1W 7AY not later than 12.00 noon on the business
day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
48 Langham Street London W1W 7AY before the Meeting, a statement
giving particulars of their security, the date when it was
given, and the value at which it is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Middleton Partners, 48 Langham Street London
W1W 7AY two business days prior to the meeting.

By Order of the Board.

C. Sproat,
July 2, 2004

CONTACT:  MEDDLETON PARTNERS
          48 Langham Street
          London W1W 7AY
          Phone:  0845 061 6000
                  020 7908 6190
          Fax: 020 7908 6111
          E-mail: enquiries@middletonpartners.co.uk
          Web site: http://www.middletonpartners.co.uk


JOHN CLARKE: Yorkshire Bank Appoints Deloitte & Touche Receiver
---------------------------------------------------------------
Yorkshire Bank PLC called in Angus Matthew Martin and Ian Brown
as joint administrative receivers for John Clarke (Mortgages)
Limited.  The appointment was made August 26, 2004 (Reg No
1096553).  The company is engaged in financial services.

CONTACT:  DELOITTE & TOUCHE LLP
          1 City Square, Leeds,
          West Yorkshire LS1 2AL
          Joint Administrative Receivers:
          Angus Matthew Martin
          Ian Brown
          Phone: +44 (0) 113 243 9021
          Fax:   +44 (0) 113 244 5580
          Web site: http://www.deloitte.com


KINGSCOURT FOODS: GE Heller Appoints Ernst & Young Receiver
-----------------------------------------------------------
GE Heller Limited called in Simon Allport and Garry Wilson as
joint administrative receivers for Kingscourt Foods Limited (Reg
No 04667727, Trade Classification: 04).  The application was
filed August 27, 2004.

CONTACT:  ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Joint Administrative Receivers:
          Simon Allport
          Garry Wilson
          Phone: +44 [0] 161 333 3000
          Fax:   +44 [0] 161 333 3001
          Web site: http://www.ey.com


LAZIAN LIMITED: Calls in Liquidator from Stoy Hayward
-----------------------------------------------------
At an extraordinary general meeting of the Lazian Limited on
August 31, 2004 held at 16 J. L. Jend. Sudirman Kar 50, Jakarta
12930, Indonesia, the subjoined special resolution to wind up
the company was passed.  Malcolm Cohen of BDO Stoy Hayward LLP,
8 Baker Street, London W1U 3LL has been appointed liquidator for
the purpose of such winding-up.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Liquidator:
          Malcolm Cohen
          Phone: 020 7486 5888
          Fax:   020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdo.co.uk


LEGGMASON INVESTORS: General Meeting Set October 15
---------------------------------------------------
The general meeting of the contributories of Leggmason Investors
Finance No.2 Plc will be on October 15, 2004 commencing at 10:30
a.m.  It will be held at the offices of Tenon Recovery, Sherlock
House, 73 Baker Street, London W1U 6RD.

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:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Joint Liquidator:
          S R Thomas
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


RED BUS: Members Final Meeting Set October 1
--------------------------------------------
The final meeting of the members of Red Bus Music
(International) Limited will be on October 1, 2004 commencing at
11:00 a.m.  It will be held at the offices of Grant Thornton UK
LLP, Grant Thornton House, 22 Melton Street, Euston Square,
London NW1 2EP.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Grant Thornton UK LLP, Grant Thornton House, 22 Melton
Street, Euston Square, London NW1 2EP not later than 12:00 noon,
September 30, 2004.

CONTACT:  GRANT THORNTON UK LLP
          22 Melton Street, Euston Square,
          London NW1 2EP
          Liquidator:
          J Earp
          Phone: 020 7383 5100
          Fax:   020 7383 4715
          Web site: http://www.grant-thornton.co.uk


RICHARDSONS GARAGE: Names Grant Thornton Administrator
------------------------------------------------------
Nigel Morrison and Richard Michael Hawes have been appointed
administrators for Richardsons Garage (Wellington) Limited.  The
appointment was made August 27, 2004.  The company sells motor
vehicles and petrol.

CONTACT:  GRANT THORNTON
          43 Queen Square,
          Bristol BS1 4QR
          Administrators:
          Nigel Morrison
          Richard Michael Hawes
          (IP Nos 8938, 8954)
          Phone: 0117 926 8901
          Fax:   0117 926 5458
          Web site: http://www.grant-thornton.co.uk


ROY BLOOM: Hires Stoy Hayward as Administrator
----------------------------------------------
Anthony David Nygate and David Harry Gilbert have been appointed
administrators for bookshop Roy Bloom Limited.  The appointment
was made August 31, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Administrators:
          Anthony David Nygate
          David Harry Gilbert
          (IP Nos 9237, 2376/01)
          Phone: 020 7486 5888
          Fax:   020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdo.co.uk


STP WINDOWS: Names KPMG Administrator
-------------------------------------
Brian Green and Paul Andrew Flint have been appointed
administrators for STP Windows Limited.  The appointment was
made August 27, 2004.

CONTACT:  KPMG LLP
          St James' Square,
          Manchester M2 6DS
          Administrator:
          Brian Green
          Paul Andrew Flint
          (IP No 8709, 9075)
          Phone: (0161) 838 4000
          Fax:   (0161) 838 4040
          Web site: http://www.kpmg.co.uk


TECHNOLOGY PRODUCTS: Hires Wilson Pitts Administrator
-----------------------------------------------------
D F Wilson and J N R Pitts have been appointed as joint
administrators for Technology Products.  The appointment was
made August 26, 2004.

The company manufactures and repairs PC.  Its registered office
is c/o Wilson Pitts, Glendevon House, Hawthorn Park, Coal Road,
Leeds LS14 1PQ.

CONTACT:  WILSON PITTS
          Glendevon House,
          Hawthorn Park,
          Coal Road, Leeds LS14 1PQ
          Joint Administrators:
          D F Wilson
          J N R Pitts
          (IP Nos 703, 7851)
          Phone: 0113-2375560
          Fax:   0113-2375561
          Web site: http://www.wilson-pitts.co.uk


TRINITY INSURANCE: Creditors to Receive Further 2.5% Payment
------------------------------------------------------------
Following a review of the latest financial position, the Scheme
Administrator of Trinity Insurance Company Limited, Paul Evans
of PricewaterhouseCoopers, has set a revised payment percentage
of 67.5%.  Creditors will therefore benefit from a further 2.5%
of their Established Liabilities above the current payment level
of 65%.

Paul Evans, partner in the Solutions for Discontinued Insurance
Business practice at PricewaterhouseCoopers, said: "I am very
pleased with progress in bringing the Trinity estate towards
final closure and I expect to have agreed most of the remaining
claims exposures by the first half of 2005."

Omni Whittington Insurance Services Limited, the run-off
management company for Trinity, will be processing the
additional payments to scheme creditors in the next few weeks.
Any queries surrounding claims' agreement and payment should be
directed to Omni on +44 (0) 1452 428 100.

                            *   *   *

Trinity's original Scheme of Arrangement became effective on 18
March 1993 after receiving High Court sanction.  Trinity's
amending Scheme of Arrangement, which introduced a mechanism to
allow claims from scheme creditors to be finalized and valued,
bringing the affairs of Trinity to a close quicker than would be
the case under the original scheme (a run-off scheme), became
effective on 16 December 2003.

The initial payment percentage was set at 10% in January 1994
and has been increased in various stages to 65% by August 2003.
Trinity had paid scheme creditors a total of US$142 million by
the end of 2003.

CONTACT:  PRICEWATERHOUSECOOPERS BUSINESS RECOVERY SERVICES
          Jenny Britton
          Business Recovery Services Communications Executive
          Phone: 020 7212 2970
          Mobile: 07855 522485

          Paul Evans
          Partner
          Phone: 020 7804 5633


VICTORY HEALTH: Sets Final Meeting October 11
---------------------------------------------
The final meeting of the members of Victory Health Reinsurance
Company Limited will be on October 11, 2004 commencing at 10:30
a.m.  It will be held at the offices of PricewaterhouseCoopers
LLP, Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, October 8, 2004.

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


YALE LIMITED: Members General Meeting Set October 5
---------------------------------------------------
The general meeting of the members of Yale Limited will be on
October 5, 2004 commencing at 10:30 a.m.  It will be held at
Moore Stephens, Scottish Provident Building, 7 Donegall Square
West, Belfast BT1 0JH.

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 Moore Stephens, Scottish Provident Building, 7 Donegall
Square West, Belfast BT1 0JH not later than 12:00 noon, October
4, 2004.

CONTACT:  MOORE STEPHENS
          Scottish Provident Building
          7 Donegall Square West,
          Belfast BT1 0JH
          Liquidator:
          D W J McLean
          Phone: 028 9032 9481
          Fax:   028 9043 9185
          Web site: http://www.moorestephens.co.uk


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed
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