TCREUR_Public/040913.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, September 13, 2004, Vol. 5, No. 181

                            Headlines

F I N L A N D

FINNAIR OYJ: August Passenger Traffic Up 20% Year-on-year
M-REAL CORPORATION: Full-year Results to Remain in Red, Says CEO


F R A N C E

TITUS INTERACTIVE: Court Prolongs Observation Period
WAVECOM SA: Abandon Handset Business, New CEO Tells Board


G E R M A N Y

ALLES DIGITALES: Creditors Meeting Set October 12
BABCOCK BORSIG: Brings Dispute with TUI to Court
BACKEREI MORGENSTERN: Under Bankruptcy Administration
CITY KURIER: Final Meeting of Creditors Set October 27
"INBAUPRODUKT"-INNENAUSBAUSYSTEME: Bankruptcy Proceedings Begin

KBH KOMMUNALBERATERHAUS: Last Day for Filing Claims October 5
PRO ENTSORGUNGS: Court Appoints Insolvency Administrator
STS SCHWEIBARBEITEN: First Creditors Meeting November 4
WUDI ELEKTROSERVICE: Administrator's Report Out November 9
"ZEIK" RESTAURANTBETRIEBS: Deadline for Claims October 11


I T A L Y

ALITALIA SPA: CEO Won't Hesitate to File for Liquidation
APRILIA: Ducati Continues to Woo Cash-strapped Rival
CIRIO FINANZIARIA: Court Approves Bombril Auction
PARMALAT DOMINICANA: Local Business Groups Oppose Sale


K Y R G Y Z S T A N

ALMASH: Sets Meeting of Creditors September 28
INTYMAK: Creditors Meeting September 23
KURULUSH-BANK: Public Auction of Assets September 20


N E T H E R L A N D S

SP AEROSPACE: Stork Interested in Buying Aerospace Activities
VENDEX KBB: New Owner Sells Stakes to Permira, Cinven


R U S S I A

AYKINSKY DAIRY: Appoints L. Glushenko Insolvency Manager
CRYSTAL: Undergoes External Management Procedure
IMPULSE: Pskov Court Opens Bankruptcy Proceedings
IVANOVSKY KHLADO: Insolvency Manager Takes over Daily Operations
KANSKY COMBINE: Court Sets November 24 Hearing

MARYANOVSKY: Undergoes Bankruptcy Supervision Procedure
MELEKESSKAYA SPINNING-WEAVING: Bankruptcy Proceedings Begin
OBORON-ENERGO: Moscow Court Appoints Insolvency Manager
RYLSKY CAR-REPAIR: Creditors Have Until October 6 to File Claims
SHCEKINSKAYA POULTRY: Under Bankruptcy Supervision

SIB-OIL-GAS-STROY: Deadline for Proofs of Claim October 4
SOKOL-REM-MASH: Undergoes External Management Procedure
TRANSNERUD: Declared Insolvent


S P A I N

IZAR: Unions Threaten to Strike Tomorrow


S W E D E N

SAS GROUP: Raises Fuel Surcharge on Domestic, European Routes


U K R A I N E

CHISTOPILSKE: Court Begins Bankruptcy Supervision
DNIPROAGROCOMPLEX: Deadline for Proofs of Claim September 19
DRUZHBA: Under Bankruptcy Supervision
HLIBOROB: Court Appoints Temporary Insolvency Manager
NIZHNYODNIPROVETS: Bankruptcy Supervision Begins

PA-RI: Gives Creditors Until September 19 to File Claims
SVITANOK: Last Day for Filing Claims September 19
ZAPORIZHELECTROMONTAZH: Court Opens Sanction Procedure


U N I T E D   K I N G D O M

ACCLAIM ENTERTAINMENT: Names Stoy Hayward Administrator
A. D. CYCLES: Final Meeting of Creditors September 21
ADD CONTRACTS: Shop-and-Pub Fitter for Sale
A E INSTALLATIONS: Hires Parkin S Booth & Co as Liquidator
AMENTI LIMITED: Brings in Liquidator from Harrisons

ARIEL PRESS: Names Begbies Traynor Liquidator
BAE SYSTEMS: Net Debt for Six Months to June Slightly Down
BAKERSFIELD ENTERTAINMENT: Business, Assets for Sale
BEDWELL CONSTRUCTION: Special Winding up Resolution Passed
BRIDGEWATER COMMUNICATIONS: Calls in Liquidator

BRITANNIA COURIER: Former Director Receives Four-year Ban
COMTEC EDUCATION: Hires Joint Administrators from PKF
COVER-TECH LIMITED: Brings in Liquidator from Carter Backer
CROSSCHART LIMITED: Members Agree to Wind up Business
DATAMERC LIMITED: Sets Final General Meeting September 30

DAWSON INTERNATIONAL: Cuts First-half Pre-tax Loss to GBP1.3 Mln
DREWETT-HOLT: Extraordinary Winding up Resolution Passed
E B S DESIGNS: Calls in Liquidator from Marks Bloom
FFBP PRINT: Hires Liquidator from Maidment Judd
FIRST CALL: Members Final General Meeting September 30

H.N. SPORTS: Hires Wilson Pitts as Administrator
INDEX GEAR: Appoints Grant Thornton Administrator
IVAN HOUSLEY: Names Begbies Traynor Administrator
JOHN DAVIS: Appoints Moore Stephens Liquidator
KSM PRODUCTS: Winding up Resolutions Passed

LEGO MEDIA: Names PricewaterhouseCoopers Liquidator
MACARTNEY & DOWIE: Creditors Meeting September 16
MANGROVE LIMITED: Calls in Liquidator from Valentine & Co.
MYTRAVEL GROUP: To Break even this Year, Says CEO
NORTH EAST: Insolvency Service Disqualifies Boss

PRIMARY CARE: Members Pass Winding up Resolutions
P.W.S (NORTHERN): Hires Tenon Recovery as Liquidator
STRETFIELD LIMITED: Names Tomlinsons Administrator
UNITED BISCUITS: Senior Implied Rating Slides to B1
UNITED BISCUITS: Blames Tough Trading in U.K. for Results

UNITED BISCUITS: Senior Subordinated Notes Lowered to 'B-'
W F INTERNATIONAL: Sets Creditors Meeting September 21
YOUR MORE: Receivers Selling Retailer as Going Concern


                            *********


=============
F I N L A N D
=============


FINNAIR OYJ: August Passenger Traffic Up 20% Year-on-year
---------------------------------------------------------
Finnair Oyj's scheduled traffic for August increased by 19.9%
compared to last year's figure for the same month.  Passenger
load factor was 68.8%, up 0.5 percentage points.  The major
driver for the growth was the 19.0% increase in capacity.

Altogether, the Finnair Group transported 657,400 passengers,
which is 11.7% more than a year ago.  The total traffic (RPK's),
summing up both scheduled and leisure traffic, increased by
15.9%, while the capacity (ASK = available seat kilometers) was
also up by 15.9%, resulting in a passenger load factor of 72.9%,
which is same than last year.

Departure punctuality of scheduled flights was 88.3% (based on a
fifteen minute standard), 5.9 points lower than in August 2003.
Including leisure flights departure punctuality was 87.3% (-6.2
p.p.). The main reason for the deterioration of punctuality was
an illegal industrial action by the ramp personnel.  Arrival
punctuality of scheduled flights was 90.4% and that of all
operations was 88.9%.  Finnair is one of the most punctual and
regular airlines in Europe.

Finnair's Tallinn-based subsidiary Aero Airlines a.s. carried
9,300 passengers (+28.4%) on Tallinn-Helsinki route.  During
August, Stockholm-based Nordic Airlink carried 34,000 passengers
on its Scandinavian routes.

                      Scheduled Traffic

(a) In scheduled traffic (international + domestic) revenue
    passenger kilometers increased by 19.9%.  The change in
    capacity was +19.0%. Passenger load factor was 68.8%, 0.5
    percentage points higher than last year.

(b) In scheduled international traffic, total number of
    passengers was up by 17.9%, partly affected by adding Nordic
    Airlink figures.  Capacity in ASKs was +22.2%, while RPKs
    increased by 21.2%.

(c) In European scheduled traffic, ASKs increased by 9.9%, and
    as RPKs increased by 8.2%, the passenger load factor was
    59.2%, down 0.9 points from previous year.

(d) In North Atlantic scheduled traffic, capacity increased by
    3.3%.  Change in RPKs was +11.4%, and passenger load factor
    for August was 89.5%, 6.5 points higher than previous year.

(e) In Asian scheduled traffic, capacity increase was 49.4%
    mainly due to adding frequencies to Shanghai and Osaka since
    beginning of June.  The passenger traffic was up by 39.9%.
    Passenger load factor was 79.8%, 5.5 percentage points down.

(f) Domestic scheduled traffic increased by 6.5% on a capacity
    decrease of -4.2%.  Passenger load factor improved by 5.5
    percentage points to 54.8%.

                         Leisure Traffic

ASKs for leisure traffic increased in August by 4.6%, and RPKs
increased by 4.9%, resulting in a passenger load factor of
90.0%, 0.3 points higher than last year.

                             Cargo

Cargo traffic increased by 31.8% in terms of cargo tons carried.
Growth in scheduled traffic was +19.7%.  Increase in Asian
traffic was 40.9%. Volume in European traffic increased by 9.0%.
In North-Atlantic traffic cargo volume increased by 0.4%.  Cargo
traffic carried on chartered cargo flights increased over 500%.
The cargo load factor was 58.2%.  The cargo load factor in the
Far Eastern traffic was 71.5% and in the North Atlantic traffic
69.2%.

Full traffic performance data are available free of charge at
http://www.finnairgroup.com/linked/en/sijoittaja/Monthly_traffic
_data_Aug_2004.pdf

Finnair Plc
Communications

                            *   *   *

Finnair Oyj warned last month it would post a full-year loss due
to record-high fuel costs for 2004.  The Finnish flag carrier
narrowed its second-quarter loss but says an increase in fuel
prices could keep the current quarter weak.  Overall, results
would improve but will still be in red.  It previously said it
would return to profit this year after an EUR18.9 million
operating loss in 2003.  For April to June pre-tax loss was
EUR1.9 million, down from EUR6.4 million a year ago.

CONTACT:  FINNAIR OYJ
          Mr. Taneli Hassinen, Financial Communications Officer
          Phone: +358 9 818 4976
          Mr. Petteri Kostermaa, VP Traffic Planning
          Phone: +358 9 818 8504
          Mr. Timo Riihimaki, Assistant Vice President
          Phone: +358 9 818 5487


M-REAL CORPORATION: Full-year Results to Remain in Red, Says CEO
----------------------------------------------------------------
Chief Executive Officer Hannu Anttila commented on M-real's
profitability during the company's Extraordinary General Meeting
on 6 September 2004.

According to him, M-real's result will remain in the red this
year, but will possibly turn to profit in 2005, provided the
demand for paper will continue to revive, the announced paper
price increases will go through, the savings and efficiency
improvement program will succeed and the rights offering will be
implemented as planned.

                            *   *   *

Moody's ratings of M-real Oyj and Metsa Group Financial Services
Oy remain under review for possible downgrade despite their plan
to refinance.  The company' Ba1 ratings is under review for
possible downgrade following a decline in the group's
operational and financial performance.

M-real reported an operating loss of EUR19.9 million in the
second quarter ending June 30, 2004.  Moody's sees no clear sign
of its marked price for key paper grades improving, and it
predicts the company to continue facing challenges in reducing
absolute level of indebtedness.

CONTACT:  M-REAL CORPORATION
          Hannu Anttila, President and CEO
          Phone: + 358 10 469 4611

          Juhani Poho, CFO
          Phone: +358 10 469 5283
          Media contacts:
          Jyrki Antikainen
          Phone: + 358 10 469 4940
          Mobile: +358 50 357 4292

          IR Contacts
          Antti Nummi
          Phone: +358 10 469 4432
          Mobile: +358 50 598 9629


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


TITUS INTERACTIVE: Court Prolongs Observation Period
----------------------------------------------------
Titus Interactive (ISIN : FR0000050122 ; Reuters TITP.LN) says
the Tribunal de Commerce de Meaux has extended the company's
observation period until February 7, 2005.  The extension covers
all subsidiaries placed under judicial administration on June 7,
2004.  The purpose of this extension is to allow the management
to finalize the business plan it will file with the Greffe du
Tribunal de Meaux.  In order for the investors to be fully
informed when trading Titus Interactive shares, trading will
resume once the business plan is filed with the Court.

Titus Interactive was founded in 1985 by Herve and Eric Caen.
The company quickly grew into one of the world's leading multi-
platform software developers and publishers.  Titus has
developed a number of highly acclaimed games for both PC and
console.  With offices in Paris, Los Angeles, London, Hamburg,
and Tokyo, the company has established an extensive distribution
network.  For the fiscal year 2003/2004 ending June 30, 2004,
Titus Interactive Group reported group net revenue of EUR41.1
million. Titus trades on the European exchange Euro NM under the
following codes: TITP.LN,ISIN Fr0000050120.

CONTACT:  TITUS INTERACTIVE
          Parc de l'Esplanade
          12 rue Enrico Fermi
          Saint Thibaut dex Vignes
          77462 Lagny Sur Marne Cedex
          France
          Phone (US): (818) 709 3692
          Phone (France): 08 92 68 94 95
          Web site: http://www.titusgames.com


WAVECOM SA: Abandon Handset Business, New CEO Tells Board
---------------------------------------------------------
Wavecom S.A. plans to further restructure the organization as it
focuses on accelerating growth in its vertical markets business,
which includes automotive, machine-to-machine (M2M), and
consumer products such as wireless local loop phones, mobile
computers and wireless PDAs.  This restructuring will include
the exit from the handset market, as well as the termination of
semiconductor development.  The company's new structure, which
is to be put in place immediately, will result in significant
additional headcount reductions, primarily from the closure of
the Personal Communication Devices (PCD) business unit and the
semiconductor design group, as well as reductions of support
functions in Asia and France.

Wavecom's CEO, Ron Black, along with the Board of Directors and
the senior management team, made the strategic decision to
refocus the company's business entirely on vertical markets both
because of the company's strong position in several of these
markets and its inability to find a partner for its handset
business in a timely manner.

Commenting on the announcement, Mr. Black said: "Over my first
three weeks on the job, I have visited customers and partners
around the world, all of which asked us to move quickly to focus
the company and regain profitability.  We believe this
restructuring, our significant position in several of the
vertical markets, and long history of technology innovation in
both GSM-based and CDMA-based standards, will enable us to
achieve this goal.  In fact, we are targeting to achieve
breakeven during in the second half of 2005 with a quarterly
revenue run rate of EUR40 million and a gross margin of 33% to
35%.  Longer-term, we also believe the unique requirements of
the various vertical markets offer exciting opportunities for
new products and services that will fuel future profitable
growth."

With more than eight years of experience in the vertical
markets, Wavecom has a leadership position in the automotive and
M2M sub-segments, and is a pioneer in both wireless PDAs and
wireless local loop products.  Over the medium-term, the company
believes that the non-handset wireless market will more than
double from 2004 to 2006, with global shipments around 40
million units by 2006.

From an organization standpoint, the company's restructuring
will focus on better serving customers and driving revenue
growth in three geographic regions: the Americas, Asia-Pacific
(APAC) and Europe, Middle East and Africa (EMEA). Leading the
Americas region will be Pierre Piver, formerly head of the
Vertical Applications Business Unit; the APAC region will be led
by Didier Dutronc, formerly head of the Personal Communication
Device Business Unit; and continuing to lead the EMEA sales team
will be Franck Souguir.

In connection with the reorganization, Wavecom's Chief Financial
Officer, Deborah Choate, has decided to resign in order to
pursue a new business opportunity.  Ms. Choate, who joined the
company as CFO in 1998, played a key role in bringing the
company public in 1999 and during her six-year tenure has
provided invaluable support to the company's management team and
the investor community.  She will be succeeded by Chantal
Bourgeat, previously Director of Finance and Administration at
Wavecom S.A.

Following the restructuring, the company expects its global
workforce will not exceed 300, compared to 860 at December 31,
2003.  Headcount reductions are expected to be concluded by the
end of 2004.  The amount of charges to be incurred in connection
with the headcount reduction is estimated to be a maximum of
EUR17 million, the bulk of which is expected to be expensed in
the fourth quarter of 2004.

Wavecom will announce its third quarter 2004 results on October
27 at 7:30 a.m. Paris time to be followed in the afternoon by a
conference call hosted by management commenting on the results.

About Wavecom

Wavecom (Nasdaq:WVCM)(Euronext:AVM)(ISIN: FR0000073066) is a
leading provider of integrated technology solutions for wireless
voice and data applications to the vertical markets of
automotive, machine-to-machine and consumer (wireless local
loop, mobile computing and wireless PDAs).  Wavecom's offering
includes all the software and hardware elements that are
necessary to develop truly innovative wireless devices, as well
as the development tools and services needed to bring them to
market quickly and easily.

Founded in 1993 and headquartered near Paris in Issy-les-
Moulineaux, Wavecom has subsidiaries in Hong Kong (PRC), Seoul
(South Korea), San Diego (U.S.A.) and Darmstadt (Germany).
Wavecom is publicly traded on Euronext Paris, France and on the
NASDAQ New York, U.S.

CONTACT:  WAVECOM S.A.
          Web site: http://www.wavecom.com

          Lisa Ann Sanders
          Phone: +33 1 46 29 41 81
          Investor Relations Director
          E-mail: lisaann.sanders@wavecom.com

          or

          Ogilvy Public Relations Worldwide
          John D. Lovallo
          Phone: 212-880-5216
          E-mail: john.lovallo@ogilvypr.com


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


ALLES DIGITALES: Creditors Meeting Set October 12
-------------------------------------------------
The insolvency court of Hamburg opened bankruptcy proceedings
against Alles Digitales Telekommunikation Online-Dienste GmbH &
Co. KG on August 24.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until October 12, 2004 to register their claims with court-
appointed provisional administrator Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting on November 12, 2004, 10:10 a.m. at the district
court of Hamburg 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:  ALLES DIGITALES TELEKOMMUNIKATION ONLINE-DIENSTE MBH
          Krohnskamp 15, 22301 Hamburg
          Contact:
          Frank Worczinsk

          Dirk Decker, Insolvency Manager
          Speersort 4-6, 20095 Hamburg
          Phone: 303010
          Fax: 30301435

          INSOLVENCY COURT OF HAMBURG
          Insolvenzgericht, WeidestraBe 122d, 22083 Hamburg
          Saal 1, 2. Ebene


BABCOCK BORSIG: Brings Dispute with TUI to Court
------------------------------------------------
Insolvent German conglomerate, Babcock Borsig, has sued local
travel group, TUI, in relation to a deal five years ago,
according to Die Welt.

The report says the company has applied for declaratory action
against TUI at a Duisburg court.  TUI is accused of overpricing
the three subsidiaries it sold to Babcock, which bought a
majority stake in them in 1999.  These subsidiaries are HDW,
Preussag Noell and Preussag Wasser-und Rohrtechnik.  Prior to
filing the case, Babcock tried to reach an out-of-court
settlement with TUI.

Composed of around 24 companies offering different services,
Babcock's insolvency is considered the second largest in Germany
since World War II.  Babcock is also blaming TUI, a former
shareholder, for its woes.

CONTACT:  BABCOCK BORSIG AG
          Duisburger Str. 375
          46049 Oberhausen
          Phone: +49 (0) 208 833 0
          Fax: +49 (0) 208 833 2519
          Web site: http://www.babcockborsig.de


BACKEREI MORGENSTERN: Under Bankruptcy Administration
-----------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Backerei Morgenstern GmbH on August 24.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 26,
2004 to register their claims with court-appointed provisional
administrator Hans-Jurgen Paul.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2004 at Saal 1.043, Justizzentrum,
Thuringer Str. 16, 06112 Halle 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.

Relevant documents may be viewed at the administrator's office
two weeks before the meeting.

CONTACT:  BACKEREI MORGENSTERN GMBH
          Hohenthalschacht-Ring 1, 06311 Helbra
          Contact:
          Karin Corente, Manager

          Hans-Jurgen Paul, Insolvency Manager
          Getzelauer Str. 2, D-04279 Leipzig
          Phone: 0341/336090
          Fax: 0341/3360934


CITY KURIER: Final Meeting of Creditors Set October 27
------------------------------------------------------
A final meeting of the creditors of City Kurier GmbH is
scheduled on October 27, 2004, 10:15 a.m. at Saal 1.043,
Justizzentrum, Thuringer Str. 16, 06112 Halle.

The district court of Halle-Saalkreis on July 15, 2004
discontinued the bankruptcy proceeding of the city for lack of
assets to cover the costs of the proceedings.

CONTACT:  CITY KURIER GMBH
          Am Hohen Stein 4, 06618 Schonburg (HRB 12547)
          Contact:
          Ronald Frohn, Manager
          Naumburger StraBe 26
          06618 PrieBnitz

          Thomas Jaeschke, Insolvency Manager
          Domplatz 3, D-06618
          Naumburg
          Phone: 03445/201820
          Fax: 03445/201821


"INBAUPRODUKT"-INNENAUSBAUSYSTEME: Bankruptcy Proceedings Begin
---------------------------------------------------------------
The insolvency court of the district court of Hamburg opened
bankruptcy proceedings against "Inbauprodukt"-Innenausbausysteme
GmbH & Co., on August 24.  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 Michael W.
Scholz.

Creditors and other interested parties are encouraged to attend
the meeting on November 19, 2004, 9:50 a.m. at the insolvency
court of Hamburg 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:  "INBAUPRODUKT"-INNENAUSBAUSYSTEME GMBH & CO.
          Friedrich-Ebert-Damm 323, 22159 Hamburg
          Contact:
          Claus Winter, Manager

          Michael W. Scholz, Insolvency Manager
          WelckerstraBe 8, 20354 Hamburg
          Phone: 228190

          INSOLVENCY COURT OF HAMBURG
          WeidestraBe 122d, 22083 Hamburg
          Saal 1, 2. Ebene


KBH KOMMUNALBERATERHAUS: Last Day for Filing Claims October 5
-------------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against KBH Kommunalberaterhaus GmbH on August 24.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 5, 2004
to register their claims with court-appointed provisional
administrator Rudiger Bauch.

Creditors and other interested parties are encouraged to attend
the meeting on November 2, 2004, 10:40 a.m. at Saal 1.044,
Justizzentrum, Thuringer Str. 16, 06112 Halle 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 2, 2004, 10:30 a.m. at the
same venue.

Related documents are available for inspection at the
administrator's office two weeks before the meeting.

CONTACT:  KBH KOMMUNALBERATERHAUS GMBH
          Wenzelsstr. 21, 06618 Naumburg (HRB 13384)
          Contact:
          Siegfried Mettig, Manager

          Rudiger Bauch, Insolvency Manager
          SternstraBe 13, D-06108 Halle
          Phone: 0345/5200111
          Fax: 0345/5200066


PRO ENTSORGUNGS: Court Appoints Insolvency Administrator
--------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against PRO Entsorgungs- und Recycling-Gesellschaft
mbH on August 17.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until October 26, 2004 to register their claims with court-
appointed provisional administrator Dr. Jur. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on November 16, 2004, 9:30 a.m. at Saal 1.043,
Justizzentrum, Thuringer Str. 16, 06112 Halle 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.

CONTCT:  PRO ENTSORGUNGS- UND RECYCLING-GESELLSCHAFT MBH
         Hohenthurm, Prager Str. 45, 06128 Halle

         Dr. Jur. Rainer Eckert, Insolvency Administrator
         Universitatsring 6, D-06108 Halle
         Phone: 0345/530490
         Fax: 0345/5304926


STS SCHWEIBARBEITEN: First Creditors Meeting November 4
-------------------------------------------------------
The insolvency court of Esslingen opened bankruptcy proceedings
against STS SchweiBarbeiten, Rohrleitungsbau und Anlagenbau GmbH
on August 23 for non-payment of debt.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 4, 2004 to register their claims
with court-appointed provisional administrator Gerhard Seil.

Creditors and other interested parties are encouraged to attend
the meeting on November 4, 2004, 9:00 a.m. at the district court
of Esslingen 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.

STS SchweiBarbeiten is engaged in welding engineering, and
piping and equipment manufacturing.

CONTACT:  STS SCHWEIBARBEITEN, ROHRLEITUNGSBAU UND ANLAGENBAU
          GF Jovan Stavanovic
          Heiligkreuzstr. 22, 72622 Nurtingen

          Gerhard Seil
          Radeweg 5, 73733 Esslingen
          Phone: 0711/93280-0
          Fax: 0711/93280-90

          DISTRICT COURT OF ESSLINGEN
          RitterstraBe 5 (Eingang StrohstraBe)
          Saal 1


WUDI ELEKTROSERVICE: Administrator's Report Out November 9
----------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Wudi Elektroservice GmbH on August 12.
Consequently, all pending proceedings against the company have

been automatically stayed.  Creditors have until October 19,
2004 to register their claims with court-appointed provisional
administrator Dr. Jur. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2004 at Saal 1.043, Justizzentrum,
Thuringer Str. 16, 06112 Halle 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.

Related documents are available for inspection at the
administrator's office two weeks before the meeting.

CONTACT:  WUDI ELEKTROSERVICE GMBH
          Hauptstr. 209 c, 06528 Brucken (HRB 11490)
          Contact:
          Frank Wudi, Manager

          Dr. Jur. Rainer Eckert, Insolvency Manager
          Universitatsring 6
          D-06108 Halle
          Phone: 0345/530490
          Fax: 0345/5304926


"ZEIK" RESTAURANTBETRIEBS: Deadline for Claims October 11
---------------------------------------------------------
The insolvency court of Hamburg opened bankruptcy proceedings
against "ZEIK" Restaurantbetriebs-GmbH on August 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 11,
2004 to register their claims with court-appointed provisional
administrator Jens-Soren Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on November 11, 2004, 11:05 at the insolvency court
of Hamburg 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:  "ZEIK" RESTAURANTBETRIEBS-GMBH
          OberstraBe 14a, 20144 Hamburg
          Contact:
          Axel Henkel, Manager

          Jens-Soren Schroder, Insolvency Manager
          Raboisen 38, 20095 Hamburg
          Phone: 334460
          Fax: 33446111

          INSOLVENCY COURT OF HAMBURG
          Insolvenzgericht, WeidestraBe 122d
          22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18)


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


ALITALIA SPA: CEO Won't Hesitate to File for Liquidation
--------------------------------------------------------
Alitalia CEO Giancarlo Cimoli told shareholders last week
management will stick to its September 15 deadline for unions to
approve the proposed restructuring plan of the airline.

According to the Financial Times, Mr. Cimoli also vowed to file
for receivership and even liquidation if a deal is not reached
by Wednesday.  The approval of the union is a critical
requirement for the release of a EUR400 million government-
guaranteed bridging loan.  Failure to get this loan spells
certain demise for the airline that has no more cash to sustain
operation beyond this month.  The sticking point in Mr. Cimoli's
plan is the 5,000 proposed job-cuts.  Unions want a smaller
number.

The shareholders' meeting also saw the postponement of plans to
decrease the company's authorized share capital -- currently
pegged at EUR1.433 billion -- as shareholders' equity fell to
EUR912 million.

Mr. Cimoli, meanwhile, denounced Italian airport fees, which
according to him are discriminatory and favored certain carriers
like Ryanair.  He called for the revision of the fee system.

CONTACT:  ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://www.alitalia.it


APRILIA: Ducati Continues to Woo Cash-strapped Rival
----------------------------------------------------
Ducati Motor Holding S.p.A. (NYSE: DMH, Borsa Italiana S.p.A.:
DMH), a leading manufacturer of high performance motorcycles,
confirmed its interest in the Aprilia Group, reiterating its
offer made on July 30, 2004.

In addition, Ducati has confirmed its interest in Moto Guzzi and
Aprilia's off-road project, recognizing an indicative value of
EUR40 million for these assets.

Founded in 1926, Ducati builds racing-inspired motorcycles
characterized by unique engine features, innovative design,
advanced engineering and overall technical excellence.  The
Company produces motorcycles in five market segments which vary
in their technical and design features and intended customers:
Superbike, Supersport; Monster, Sport Touring and Multistrada.

The company's motorcycles are sold in more than 60 countries
worldwide, with a primary focus in the Western European, Japan
and North American markets.  Ducati has won twelve of the last
fourteen World Superbike Championship titles and more individual
victories than the competition put together.  For more
information about the company, visit http://www.ducati.com.

                            *   *   *

Aprilia has been in trouble since posting a net loss of EUR43.1
million in 2003.  The company avoided bankruptcy in May after it
secured a credit line to pay interest on a EUR100 million bond.
In July 18, Ducati and Aprilia entered into a two-week exclusive
negotiation, which failed.  Aprilia since then held talks with
Piaggio and reached an agreement to initially fuse the two
firms.  Piaggio expects to completely purchase Aprilia at the
end of October.

CONTACT:  Aprilia S.p.A.
          Web site: http://www.aprilia.com/

          DUCATI MOTOR HOLDING S.p.A.
          3-40132 Bologna
          Italy

          Fabrizio Nardi
          Investor Relations
          Phone: +39-051-6413-111
              or +39-051-6413-213
          E-mail: IR@ducati.com
          Web site: http://www.ducati.com

          PIAGGIO S.p.A.
          23, Viale Rinaldo Piaggio
          56025 Pontedera, Pisa, Italy
          Phone: +39-587-27-21-11
          Fax: +39-587-27-22-74
          Web site: http://www.piaggio.com


CIRIO FINANZIARIA: Court Approves Bombril Auction
-------------------------------------------------
A Brazilian court has given the go-signal to the auction of
Bombril, the firm whose ownership is being disputed by its
former Brazilian owner and Italian food group Cirio.

"The court has decided on an auction," a legal source was quoted
by Reuters.

The manufacturer of household cleaning products came under the
control of a court-appointed administrator in July 2003.  Former
owner Ronaldo Sampaio Ferreira, who requested for the auction,
said 100% of ordinary voting shares, or 38% of Bombril's share
capital will be auctioned.  The request was actually filed last
month but was kept private.  Banco Nacional de Desenvolvimento
Economico e Social has been asked to value the stake.

Cirio's administrators are scheduled to visit Brazil later this
month to settle disagreements with Cirio minority shareholders
and former Bombril stakeholders.  BNDES and Brazilian fund Previ
are minority shareholders in Bombril.

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

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


PARMALAT DOMINICANA: Local Business Groups Oppose Sale
------------------------------------------------------
Top honchos of two merchant organizations in Dominican Republic
are raising objections to the proposed sale of Parmalat
Dominicana by its Italian parent.

Italian parent Parmalat Finanziaria filed for bankruptcy late
last year after exposing a complicated network of fraudulent
transactions worldwide.  It is now selling assets, including
those in Latin America, as part of its restructuring effort.  In
the Dominican Republic, DR1 Daily News quoted dairy producers
saying the Italians plan to sell their shares in a milk
processing plant formerly used for a government school breakfast
program.

Alberto Leroux, the president of the Consejo Nacional del
Comercio en Provisiones, and Julian Antonio Parra, the president
of the Asociacion Nacional de Comerciantes Mayoristas de los
Mercados, cited the long history of the properties for their
objection to the sale to dairy producers backed by Venezuelan
investors.  According to them, in 1994 the government through
INESPRE signed an agreement with dairy producers regarding a
lease on the milk processing plant, which the Swedish government
utilized for its program to provide milk for school breakfasts
at a low cost.  The dairy producers leased the land and
buildings for RD$100 a year.  Shortly thereafter, these
properties were passed on to Parmalat International, which
quickly reduced the share participation of the local dairy
industrialists, they said.

They are urging the government to regain control of the milk
processing plant to continue the school breakfast program.
According to them, Parmalat has no right to sell a property it
does not own.  They add the dairy farmers are only lessors and
not owners of the plant.  The properties, according to them, are
now worth RD$500 million.

CONTACT:  PARMALAT DOMINICANA S.A.
          Calle Real No. 2, esq. Mirador del Este
          Villa Duarte
          Santo Domingo, Republica Dominicana
          Phone:  (809) 595-0000
          Fax:  (809) 595-2056
          E-mails: parmalat_do@parmalat.com.do
                   servicio_clientes@parmalat.com.do
          Web site: http://parmalat.com.do/

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


===================
K Y R G Y Z S T A N
===================


ALMASH: Sets Meeting of Creditors September 28
----------------------------------------------
The temporary insolvency manager of Kyrgyz-Kazakh LLC Almash has
called for a creditors meeting on September 28, 2004, 10:00 a.m.
to discuss his report.  The meeting will take place at Bishkek,
Kok-Djar district, 18, apt. 67.  Proxies must have authorization
to vote.  For more information, call (0-312) 43-19-86.


INTYMAK: Creditors Meeting September 23
---------------------------------------
The temporary insolvency manager of Joint Farm Intymak has
called for a creditors' meeting on September 23, 2004, 10:00
a.m. to discuss his report.  The meeting will take place at
Issyk-Ata region, Nurmanbet village, Ayil Okmotu building.
Proxies must have authorization to vote.  For more information,
call (0-312) 23-77-29.


KURULUSH-BANK: Public Auction of Assets September 20
----------------------------------------------------
The Agency for Reorganization and Restructuring Debts will
auction the properties of Joint-Stock Commercial Bank Kurulush-
Bank on September 20, 2004, 9:00 a.m. at Kyrgyzstan, Bishkek,
Manas Avenue, 28.

The assets for sale are:

(a) Lot 1: Two-room apartment, located at Bishkek, 7th district,
    46, apartment 26, 9th floor.  The apartment occupies a land
    area of 52.4 square meters.  Starting price is US$17,100.

(b) Lot 2-7: Bank equipment

For more information, call (0-312) 21-97-43.


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


SP AEROSPACE: Stork Interested in Buying Aerospace Activities
-------------------------------------------------------------
Stork has signed a letter of intent with Mr. A. A. Deterink, the
receiver for SP Aerospace & Vehicle Systems that was recently
declared bankrupt, for the acquisition of the assets relating to
the aerospace activities of SP Aerospace & Vehicle Systems in
Geldrop, the Netherlands.

Stork is currently carrying out a feasibility investigation into
these activities, and expects to reach a final decision shortly.
The activities include the development and production of the
landing gear for the successful NH90 helicopter project in which
Stork is a participant.  The intended acquisition means that
Stork will be able to ensure continuity of the production and
supply of the landing gear for the NH90.

Stork will make its best efforts to resume the operations at the
required level as quickly as possible, and to continue them as
efficiently as possible, with a majority of the permanent
employees.  The works councils and trade unions concerned have
been informed of these developments.

SP Aerospace specializes in the development and production of
aircraft landing gear and other highly loaded aerospace
components for the NH90 and Apache helicopters, the F16, the JSF
and other programs.  NH90 is a highly successful European
helicopter program handled by NH-Industries, the European
consortium of Stork Aerospace (5.5%), Eurocopter
(France/Germany, 62.5%) and Agusta (Italy, 32%).  Including very
recent additional orders from Oman (20) and Australia (12), the
production contracts now comprise a total of 357 aircraft,
representing a value to Stork of EUR287 million over a period of
15 years.

Stork Aerospace develops and produces advanced components and
systems for the aviation and aerospace industry, and supplies
integrated services to aircraft owners and operators.  The group
achieved a turnover of EUR478 million in 2003 with 3,000
employees out of the total Stork turnover of EUR1.94 billion.

CONTACT:  SP AEROSPACE & VEHICLE SYSTEMS
          Eindhovenseweg 120
          P.O. Box 436
          5660 AK Geldrop, The Netherlands
          Phone: +31 40-2809191
          Fax: +31 40-2809123
          E-mail: spcentral@sp-aerospace.com
          Web site: http://www.sp-aerospace.com

          STORK N.V.
          Dick Kors
          Phone: +31 (0)35 695 75 75
                 +31 (0)6 51 98 40 54


VENDEX KBB: New Owner Sells Stakes to Permira, Cinven
-----------------------------------------------------
Global buyout house Kohlberg Kravis Roberts sold 44%, or almost
half of its equity holding in Dutch non-food retailer Royal
Vendex.

Kohlberg Kravis gave U.K. private equity firms Permira and
Cinven, a 22% holding each, Reuters reports.  Financial details
were not disclosed, but it is thought the two have committed
around US$200 million (EUR165 million).

Kohlberg Kravis led the VDXX Acquisition consortium to buy a 91%
stake in Royal Vendex in a EUR1.5 billion PTP (private to
public) deal in July.  The deal is the largest investment since
the firm bought U.S. food and tobacco company RJR Nabisco.  The
group originally comprised of Kohlberg Kravis, AlpInvest, and
Change Capital Partners, but Change Capital withdraw a month
before the deal was completed.

In August, Moody's withdrew all ratings of Koninklijke Vendex
KBB after the repayment of the firm's rated securities by its
new owners.  The ratings withdrawn were Vendex's senior implied
rating of Ba2, issuer rating of Ba2, and EUR200 million senior
subordinated notes due 2010 rated B1.  Moody's said it expects a
material change in the company's future capital structure after
the buyout.  The rating action concludes the review initiated in
April.

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


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


AYKINSKY DAIRY: Appoints L. Glushenko Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Komi republic has commenced bankruptcy
supervision procedure on municipal unitary enterprise Aykinsky
Dairy.  The case is docketed as A29-3363/04-3B.  Mr. L.
Glushenko has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 169040, Russia,
Komi republic, Ust-Vymsky region, Aykino, Isakova Str. 1.

CONTACT:  Mr. L. Glushenko
          Temporary Insolvency Manager
          169040, Russia,
          Komi republic, Ust-Vymsky region,
          Aykino, Isakova Str. 1


CRYSTAL: Undergoes External Management Procedure
------------------------------------------------
The Arbitration Court of Kabardino-Balkariya republic has
commenced external management bankruptcy procedure on OJSC vodka
distillery Crystal.  The case is docketed as A20-3254/02.  Mr.
R. Tarasov has been appointed external insolvency manager.

CONTACT:  VODKA DISTILLERY CRYSTAL
          361115, Russia,
          Kabardino-Balkariya republic,
          Maysky, 9th May Str. 1

          Mr. R. Tarasov
          External Insolvency Manager
          361115, Russia,
          Kabardino-Balkariya republic,
          Maysky, 9th May Str. 1


IMPULSE: Pskov Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Arbitration Court of Pskov region has declared OJSC Impulse
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A52/3220/2003/4.  Mr. S. Kovalenko has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 182100, Russia, Velikiye Luki, Gogolya Str. 3.

CONTACT:  IMPULSE
          182100, Russia,
          Velikiye Luki, Gogolya Str. 3

          Mr. S. Kovalenko
          Insolvency Manager
          182100, Russia,
          Velikiye Luki, Gogolya Str. 3
          Phone: 8 (81153) 9-18-54, 3-79-28


IVANOVSKY KHLADO: Insolvency Manager Takes over Daily Operations
----------------------------------------------------------------
The Arbitration Court of Ivanovo region has commenced bankruptcy
supervision procedure on OJSC Ivanovsky Khlado Combine.  The
case is docketed as A1203/1-B.  Ms. Z. Barinova has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to Russia, Ivanovo,
Teatralnaya Str. 16, Office 52.  A hearing will take place on
December 6, 2004, 9:30 a.m.

CONTACT:  IVANOVSKY KHLADO COMBINE
          Russia, Ivanovo,
          Sosnevo m., 11th Passage

          Ms. Z. Barinova
          Temporary Insolvency Manager
          Russia, Ivanovo,
          Teatralnaya Str. 16, Office 52


KANSKY COMBINE: Court Sets November 24 Hearing
----------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision procedure on OJSC Kansky Combine of Grain Products.
The case is docketed as A33-10111/04-s4.  Mr. A. Zyatkov has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 663624, Russia,
Krasnoyarsk region, Kansky region, Bolshaya Urya, Moskovskaya
Str. 5, Apartment 2.  A hearing will take place at Russia,
Krasnoyarsk, Lenina Pr. 143, Room 22 on November 24, 2004, 2:00
p.m. (local time).

CONTACT:  KANSKY COMBINE OF GRAIN PRODUCTS
          663601, Russia,
          Krasnoyarsk region, Kansk,
          Fabrichnaya Str. 12

          Mr. A. Zyatkov
          Temporary Insolvency Manager
          663624, Russia,
          Krasnoyarsk region, Kansky region,
          Bolshaya Urya, Moskovskaya Str. 5,
          Apartment 2


MARYANOVSKY: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on agricultural production complex
pedigree livestock-breeding factory Maryanovsky.  The case is
docketed as K/E-93/04.  Mr. S. Vinnik has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 644099, Russia,
Omsk, Post Office, Post User Box 2699.  A hearing will take
place at the Arbitration Court of Omsk region on November 30,
2004, 2:00 p.m.

CONTACT:  MARYANOVSKY
          646062, Russia,
          Omsk region, Maryanovsky region,
          Maryanovsky, Lenina Pr. 17

          Mr. S. Vinnik
          Temporary Insolvency Manager
          644099, Russia,
          Omsk, Post Office,
          Post User Box 2699
          Phone: (3812) 23-53-49


MELEKESSKAYA SPINNING-WEAVING: Bankruptcy Proceedings Begin
-----------------------------------------------------------
The Arbitration Court of Ulyanovsk region has declared OJSC
Melekesskaya Spinning-Weaving Manufacturing insolvent and
introduced bankruptcy proceedings.  The case is docketed as A72-
9696/03-K8-B.  Mr. A. Sobitnyuk has been appointed insolvency
manager.  Creditors have until October 6, 2004 to submit their
proofs of claim to 433513, Russia, Ulyanovsk region,
Dimitrovograd, Post User Box 968.

CONTACT:  MELEKESSKAYA SPINNING-WEAVING MANUFACTURING
          Russia, Ulyanovsk region,
          Dimitrovograd, Kuybysheva Str. 226

          Mr. A. Sobitnyuk
          Insolvency Manager
          433513, Russia,
          Ulyanovsk region, Dimitrovograd,
          Post User Box 968


OBORON-ENERGO: Moscow Court Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Moscow region has declared CJSC Oboron-
Energo insolvent and introduced bankruptcy proceedings.  The
case is docketed as A40-1793/04-86-6B.  Mr. V. Karnaukh has been
appointed insolvency manager.  Creditors have until October 6,
2004 to submit their proofs of claim to 127322, Russia, Moscow,
Post User Box 46.

CONTACT:  OBORON-ENERGO
          117342, Russia, Moscow,
          Butlerova Str. 17

          Mr. V. Karnaukh
          Insolvency Manager
          127322, Russia, Moscow,
          Post User Box 46


RYLSKY CAR-REPAIR: Creditors Have Until October 6 to File Claims
----------------------------------------------------------------
The Arbitration Court of Kursk region has declared OJSC Rylsky
Car-Repair Factory insolvent and introduced bankruptcy
proceedings.  The case is docketed as A35-398/04 g.  Mr. V.
Zherdev has been appointed insolvency manager.  Creditors have
until October 6, 2004 to submit their proofs of claim to 307370,
Russia, Kursk region, Rylsk, Kirova Str. 2.

CONTACT:  RYLSKY CAR-REPAIR FACTORY
          307370, Russia,
          Kursk region, Rylsk,
          Kirova Str. 2

          Mr. V. Zherdev
          Insolvency Manager
          307370, Russia, Kursk region,
          Rylsk, Kirova Str. 2


SHCEKINSKAYA POULTRY: Under Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Tula region has commenced bankruptcy
supervision procedure on OJSC Shcekinskaya Poultry Farm.  The
case is docketed as A68-65/B-04.  Mr. V. Ovchinnikov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 300026, Russia,
Tula, Ryazanskaya Str. 1, Room 601, Tula, Post User Box 1451.
A hearing will take place at the Arbitration Court of Tula
region on November 1, 2004, 10:00 a.m.

CONTACT:  SHCEKINSKAYA POULTRY FARM
          301226, Tula region,
          Schekinske region, Karamyshevo

          Mr. V. Ovchinnikov
          Temporary Insolvency Manager
          300026, Russia,
          Tula, Ryazanskaya Str. 1, Room 601
          Tula, Post User Box 1451

          The Arbitration Court of Tula region:
          Russia, Tula,
          Sovetskaya Str. 112, Hall #36


SIB-OIL-GAS-STROY: Deadline for Proofs of Claim October 4
---------------------------------------------------------
The Arbitration Court of Khanty-Mansiysky autonomous region has
declared CJSC Sib-Oil-Gas-Stroy insolvent and introduced
bankruptcy proceedings.  The case is docketed as A75-182-B/04.
Mr. E. Maratkanov has been appointed insolvency manager.
Creditors have until October 4, 2004 to submit their proofs of
claim to 628181, Russia, Tyumen region, Khanty-Mansiysky
autonomous region, Nyagan-1, Post User Box 19.

CONTACT:  SIB-OIL-GAS-STROY
          627780, Russia,
          Tyumen region, Khanty-Mansiysky autonomous region,
          Oktyabrsky region, Ungan, Mira Pr. 3

          Mr. E. Maratkanov
          Insolvency Manager
          628181, Russia, Tyumen region,
          Khanty-Mansiysky autonomous region,
          Nyagan-1, Post User Box 19


SOKOL-REM-MASH: Undergoes External Management Procedure
-------------------------------------------------------
The Arbitration Court of Vologda region has commenced external
management bankruptcy procedure on OJSC Sokol-Rem-Mash.  The
case is docketed as A13-11672/03-25.  Mr. N. Kazakov has been
appointed external insolvency manager.

CONTACT:  SOKOL-REM-MASH
          162136, Russia,
          Vologda region, Sokol,
          1st Glushitskaya Str. 5

          Mr. N. Kazakov
          External Insolvency Manager
          160000, Russia,
          Vologda, Sovetsky Pr.
          Office 222


TRANSNERUD: Declared Insolvent
------------------------------
The Arbitration Court of Kareliya republic has declared LLC
shipping company Transnerud insolvent and introduced bankruptcy
proceedings.  The case is docketed as A26-192/04-18.  Mr. A.
Pirogov has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 185007, Russia, Kareliya
republic, Petrozavodsk, Post User Box 27.

CONTACT:  TRANSNERUD
          185034, Russia,
          Kareliya republic,
          Petrozavodsk, Yuzhnaya industrial zone

          Mr. A. Pirogov
          Insolvency Manager
          185007, Russia,
          Kareliya republic, Petrozavodsk,
          Post User Box 27


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


IZAR: Unions Threaten to Strike Tomorrow
----------------------------------------
Negotiations between Sociedad Estatal de Participaciones
Industriales (SEPI) and the entities which will be most affected
by its proposed viability plan for Izar will start soon.

Talks will center on the plan to separate the shipbuilder's
military and civil units, according to El Pais.  Participants
will likely include unions, regional government authorities and
investment banks.

SEPI, the government agency managing state-owned companies,
wants to form a new Izar with just four of the 10 shipyards of
the old Izar.  These shipyards are in Cadiz, Cartagena, Ferrol
and Puerto Real -- all military shipyards.  The talks will
tackle a possible redundancy plan and the search for interested
private investors willing to purchase the other six shipyards.
SEPI estimates Izar would continue losing around EUR150 million
and EUR200 million yearly and might face bankruptcy if it
continues to operate in its current form.

Meanwhile, trade unions will stage a two-hour strike on
September 14 to protest SEPI's viability plan.  They have also
informed the governments, in whose regions are located the
excluded shipyards, of possible strikes between September 15 and
30.  These actions, however, would depend on the results of
talks between SEPI and trade unions regarding industrial
measures to be taken at the most affected shipyards.

Workers also called on the Spanish government to urge the
European Commission to drop its case against Izar for illegal
state aid.  The Commission has ordered the company to return
some US$372.2 million in government funding.

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

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


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


SAS GROUP: Raises Fuel Surcharge on Domestic, European Routes
------------------------------------------------------------
On May 14, the SAS Group announced that ticket prices would be
raised by EUR4-6 as a result of increases in aviation fuel
costs.  There have subsequently been further increases in the
cost of aviation fuel and these are now approximately 15-20%
higher than at the end of May.

As a consequence of this, and in line with other European and
American airlines, SAS Scandinavian Airlines in Denmark and
Sweden, and SAS Braathens, are increasing the fuel surcharge by
EUR2 on their domestic and European routes.

CONTACT:  SCANDINAVIAN AIRLINES SYSTEM
          Information Department
          Contact:
          Susanne Larsen, Chief Executive Officer
          Phone: +45 32 32 30 44
          Troels Rasmussen, Head of Information
          Phone: +45 32 32 46 75


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


CHISTOPILSKE: Court Begins Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Herson region has commenced bankruptcy
supervision procedure on OJSC Chistopilske (code EDRPOU
05306548).  The case is docketed as 5/185-B.  Arbitral manager
Mr. Sergij Kosenko (License Number AA 249849 approved October
22, 2001) has been appointed temporary insolvency manager.  The
company holds account number 26009301190872 at Prominvestbank,
Energodar branch, MFO 0313098.

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

(a) CHISTOPILSKE
    74400, Ukraine, Herson region,
    V. Rogachivskij district,
    Chistopilske, Lenin Str. 15

(b) Mr. Sergij Kosenko
    Temporary Insolvency Manager
    73000, Ukraine, Herson region,
    Vijskovij Avenue, 6/8

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


DNIPROAGROCOMPLEX: Deadline for Proofs of Claim September 19
------------------------------------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure on LLC Dniproagrocomplex (code
EDRPOU 23359330).  The case is docketed as B 29/123/04.  Mr.
Roman Bajduk (License Number AA 669664 approved on September 9,
2003) has been appointed temporary insolvency manager.  The
company holds account number 26004170063001 at CJSC Alfa-Bank,
Dnipropetrovsk branch, MFO 307134.

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

(a) DNIPROAGROCOMPLEX
    51200, Ukraine, Dnipropetrovsk region,
    Novomoskovsk, Komsomolska Str. 23/48

(b) Mr. Roman Bajduk
    Temporary Insolvency Manager
    49125, Ukraine, Dnipropetrovsk region,
    Chervonogo Kozatstva Str. 27/46
    Phone: (0562) 24-16-56

(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
    49600, Ukraine, Dnipropetrovsk region,
    Kujbishev Str. 1a


DRUZHBA: Under Bankruptcy Supervision
-------------------------------------
The Economic Court of Zakarpatska region has commenced
bankruptcy supervision procedure on LLC Druzhba (code EDRPOU
03747739).  The case is docketed as 16/193.  Arbitral manager
Mr. Mihajlo Kabal (License Number AA 047539 approved on July 4,
2001) has been appointed temporary insolvency manager.  The
company holds account number 260073682 at JSPPB Aval, Irshava
branch, MFO 312345.

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

(a) DRUZHBA
    Ukraine, Zakarpatska region,
    Irshava district, Mala Roztoka, 50

(b) Mr. Mihajlo Kabal
    Temporary Insolvency Manager
    Ukraine, Zakarpatska region,
    Irshava, Naberezhna Str. 1-B/38

(c) ECONOMIC COURT OF ZAKARPATSKA REGION
    88000, Ukraine, Uzhgorod region,
    Kotsubinski Str. 2a


HLIBOROB: Court Appoints Temporary Insolvency Manager
-----------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on Agricultural LLC Hliborob (code EDRPOU
00707082) on August 9, 2004.  The case is docketed as B-19/54-
04.  Arbitral manager Mr. D. Kaluzhnij (License Number AA 779114
approved on July 1, 2004) has been appointed temporary
insolvency manager.  The company holds account number
26002301197 at OJSC Oshadbank of Ukraine, Novovodolazkij branch
2854, MFO 350200.

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

(a) AGRICULTURAL HLIBOROB
    Ukraine, Harkiv region,
    Novovodolazkij district, Odrinka

(b) Mr. D. Kaluzhnij
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    Pushkinska Str. 79/12

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi square, 5,
    Derzhprom, 8th entrance


NIZHNYODNIPROVETS: Bankruptcy Supervision Begins
------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Agricultural LLC nizhnyodniprovets
(code EDRPOU 00847802) on July 21, 2004.  The case is docketed
as B 26/58/04.  Mr. Oleksij Zosimenko (License Number AA 047852)
has been appointed temporary insolvency manager.  The company
holds account number 26008900720100 at JSPPB Aval, MFO 305653.

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

(a) AGRICULTURAL NIZHNYODNIPROVETS
    Ukraine, Dnipropetrovsk region,
    Dnipropetrovsk district,
    Yuvilejne, Teplichna Str. 27

(b) Mr. Oleksij Zosimenko
    Temporary Insolvency Manager
    Ukraine, Dnipropetrovsk region,
    Titov Str. 13/6

(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
    49600, Ukraine, Dnipropetrovsk region,
    Kujbishev Str. 1a


PA-RI: Gives Creditors Until September 19 to File Claims
--------------------------------------------------------
The Economic Court of Sumi region has commenced bankruptcy
supervision procedure on LLC Pa-Ri (code EDRPOU 21115322).
The case is docketed as 7/53-04.  Mr. Zakorko Vadim (License
Number AA 719836 approved on February 19, 2004) has been
appointed temporary insolvency manager.  The company holds
account number 2600902500600 at JSCB Nadra, MFO 337535.

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

(a) PA-RI:
    41300, Ukraine, Sumi region,
    Krolevets, K. Marks Str. 15

(b) ECONOMIC COURT OF SUMI REGION
    40000, Ukraine, Sumi region,
    Ribalko Str. 2


SVITANOK: Last Day for Filing Claims September 19
-------------------------------------------------
The Economic Court of Vinnitsya region has commenced bankruptcy
supervision procedure on Agricultural LLC Svitanok (code EDRPOU
30720134).  The case is docketed as 5/200-04.  Mr. Vasil Glebov
(License Number AA 249750 of October 19, 2001) has been
appointed temporary insolvency manager.  The company holds
account numbers 26043743 and 26043742 at JSPPB Aval, Vinnitsya
regional branch.

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

(a) AGRICULTURAL SVITANOK
    24015, Ukraine, Vinnitsya region,
    Mogiliv-Podilskij district,
    Grobarivka

(b) Mr. Vasil Glebov
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Hmelnitske Shose, 23
    Phone: 8 (0432) 32-75-22

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


ZAPORIZHELECTROMONTAZH: Court Opens Sanction Procedure
------------------------------------------------------
The Economic Court of Zaporizhya region has commenced bankruptcy
supervision procedure on OJSC Zaporizhelectromontazh (code
EDRPOU 01417110) and launched a sanction procedure.  The case is
docketed as 25/125.  Arbitral manager Mr. I. Buryak (License
Number AA 249531) has been appointed temporary insolvency
manager and Zaporizhelectromontazh general manager Mr. D. Naboka
as sanction manager.  The company holds account number
26002301155598 at Prominvestbank, Zaporizhya central branch, MFO
313355.

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

(a) ZAPORIZHELECTROMONTAZH
    69091, Ukraine, Zaporizhya region,
    Nizhnyo-Dniprovska Str. 8

(b) Mr. I. Buryak
    Temporary Insolvency Manager
    69039, Ukraine, Zaporizhya region,
    Kujbishev Str. 71


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


ACCLAIM ENTERTAINMENT: Names Stoy Hayward Administrator
-------------------------------------------------------
Antony David Nygate and Malcolm Cohen have been appointed joint
administrators for Acclaim Entertainment Limited.  The
appointment was made August 27 and 31, 2004.  The company
markets and sells interactive entertainment software.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Joint Administrators:
          Antony David Nygate
          Malcolm Cohen
          (IP Nos 9237, 6825/01)
          Phone: 020 7486 5888
          Fax:   020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdo.co.uk


A. D. CYCLES: Final Meeting of Creditors September 21
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF A. D. Cycles Limited
                        (In Liquidation)

Notice is hereby given, pursuant to Section 146 of the
Insolvency Act 1986, that the Final Meeting of Creditors of A.
D. Cycles Limited will be held within the offices of PKF,
Accountants and Business Advisors at 17 Rothesay Place,
Edinburgh EH3 7SQ on Tuesday, September 21, 2004 at 12:00 noon
for the purposes of receiving the Liquidator's Report on the
conduct of the winding-up, to determine the manner in which the
books, accounts and documents of the Company should be disposed,
and determining whether, in terms of Section 174 of the
Insolvency Act 1986, the Liquidator should receive his release.

Any creditor entitled to attend and vote at the above Meeting is
entitled to appoint a proxy to attend and vote in their stead,
and such proxy need not be a creditor.  A proxy to be used at
the Meeting must be lodged with me at PKF, Accountants and
Business Advisors, 17 Rothesay Place, Edinburgh EH3 7SQ on or
before the Meeting.

Robert W. Barclay, Joint Liquidator
August 10, 2004

CONTACT:  PKF
          17 Rothesay Place
          Edinburgh EH3 7SQ
          Phone: 0131 2253688
          Fax: 0131 2256017
          E-mail: info.edinburgh@uk.pkf.com
          Web site: http://www.pkf.co.uk


ADD CONTRACTS: Shop-and-Pub Fitter for Sale
-------------------------------------------
Joint administrative receivers, Charles Escott and Matthew
Dunham, offer for sale the business and assets of Add Contracts
Limited (in administrative receivership).

Add Contracts Limited, a shop-and-pub fitter, operates from a
4,356 square-meter freehold manufacturing facility in Doncaster,
South Yorkshire.  It also has a three-acre site with development
potential.

The company achieved a turnover GBP3.4 million in seven months
to April 2004.  Add Contracts also have a good quality customer
base and a flexible, skilled and experienced workforce.

CONTACT:  ROBSON RHODES L.L.P.
          St. George House
          40 Great George Street
          Leeds LS1 3 DQ
          Phone: 0113 225 4000
          Fax: 0113 225 4002

          Paul Seddon
          Phone: 0113 225 4172
          E-mail: seddon@rsmi.co.uk


A E INSTALLATIONS: Hires Parkin S Booth & Co as Liquidator
----------------------------------------------------------
At an extraordinary general meeting of the A E Installations
(UK) Limited on August 31, 2004 held at the offices of Parkin S
Booth & Co, 44 Old Hall Street, Liverpool L3 9EB, the ordinary
and extraordinary resolutions to wind up the company were
passed.  Robert M Rutherford of Parkin S Booth & Co, 44 Old Hall
Street, Liverpool L3 9EB has been appointed liquidator for the
purpose of such winding-up.

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


AMENTI LIMITED: Brings in Liquidator from Harrisons
---------------------------------------------------
At an extraordinary general meeting of the members of the Amenti
Limited on September 7, 2004 held at 9 Chalfont Court, Lower
Earley, Reading, the special resolution to wind up the company
was passed.  P R Boyle of Harrisons, 4 St Giles Court,
Southampton Street, Reading, Berkshire RG1 2QL has been
appointed liquidator for the purpose of winding-up the company.

CONTACT:  HARRISONS
          4 St Giles Court,
          Southampton Street,
          Reading RG1 2QL
          Liquidator:
          P R Boyle
          Phone: 0118 951 0798
          Fax:   0118 939 4409
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


ARIEL PRESS: Names Begbies Traynor Liquidator
---------------------------------------------
At an extraordinary general meeting of the members of the Ariel
Press International Limited on September 2, 2004 held at 4th
Floor, 12 Leadenhall Street, London EC3V 1LP, the ordinary and
extraordinary resolutions to wind up the company were passed.
Vivian Murray Bairdstow and Paul Michael Davis of Begbies
Traynor (South) LLP, 32 Cornhill, London EC3V 3LJ have been
appointed joint liquidators of the company for the purpose of
the voluntary winding-up.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill,
          London EC3V 3LJ
          Joint Liquidators:
          Vivian Murray Bairdstow
          Paul Michael Davis
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


BAE SYSTEMS: Net Debt for Six Months to June Slightly Down
----------------------------------------------------------
BAE Systems is an international company engaged in the
development, delivery and support of advanced defense and
aerospace systems in the air, on land, at sea and in space.

The company designs, manufactures and supports military
aircraft, surface ships, submarines, radar, avionics,
communications, electronics and guided weapon systems.  It is a
pioneer in technology with a heritage stretching back hundreds
of years.  It is at the forefront of innovation, working to
develop the next generation of intelligent defense systems.

BAE Systems has major operations across five continents and
customers in some 130 countries.  The company has more than
90,000 people and generates annual sales of over GBP12 billion
through its wholly owned and joint venture operations.

Highlights

(a) Programs business continues to be stabilized

    (i) benefiting from elimination of excessive risk,

   (ii) progress towards establishing a way forward for Typhoon;

(b) Customer Solutions & Support addressing U.K. growth
    opportunities;

(c) Land sector position strengthened with acquisition of Alvis
    plc;

(d) North America delivering growth and new technology business
    wins;

(e) Airbus performing well -- outlook improving;

(f) Cash flow outlook good for the second half of the year;

(g) Earnings per share[2] up 22% at 8.8p.

Results in brief
                     Six months to       Six months to
                     30 June 2004         30 June 2003

Order book[1]      GBP45.2 billion      GBP46.4 billion

Sales              GBP6,125 million     GBP5,682 million

Profit before
Interest[2]        GBP486 million       GBP465 million

Earnings per
Share[2]                 8.8p               7.2p

(Loss)/profit
before interest[3]   GBP(202) million      GBP188 million

Loss per share[3]        (13.7)p             (1.9)p

Dividend per share          3.7p               3.7p

Operating cash
inflow               GBP119 million       GBP273 million

Net debt             GBP1,070 million     GBP1,254 million

Outlook

The overall outlook for the company's performance for 2004
remains as indicated earlier in the year.

Good sustained underlying growth, before taking account of
currency translation, is anticipated across the company's
operations in North America and in International Partnerships.
The performance of the Program business is expected to continue
to be restrained with some U.K. Ministry of Defense production
programs still in early phases of maturity.  As previously
indicated, margins in Customer Solutions & Support are expected
to continue to trend downwards notwithstanding the strong first
half performance.  Despite a slower than planned recovery in the
Avionics business, the company's defense businesses overall are
expected to be slightly ahead of 2003.

Airbus continues to perform well.  Deliveries are expected to be
similar to, or slightly ahead of, last year but a slightly lower
value mix is anticipated in the second half of this year.

---------

[1] Including share of joint ventures' order books and after the
    elimination of intra-group orders of GBP1.6 billion (2003
    GBP2.4 billion)

[2] Before goodwill amortization and impairment of GBP688
    million (2003 GBP274 million) and exceptional items of
    GBPnil (2003 GBP3 million)

[3] basic earnings per share in accordance with Financial
    Reporting Standard 14

Chairman's letter to shareholders

This is my first letter to shareholders since my appointment as
chairman in July.  I have joined the company at an interesting
time.

My predecessor Sir Richard Evans has been instrumental in
steering the company through its transformation from a U.K.-
centric aircraft manufacturer into a transatlantic, systems-
based defense and aerospace company.  On behalf of the
Board, I would like to thank Dick for the enormous contribution
he has made to the development of BAE Systems.  Under his
leadership BAE Systems has been able to take its place amongst
the now small group of companies at the very top of the world's
defense and aerospace industry.

This transformation has not been easy and despite these advances
there remains much to do.  In particular, we have to continue to
pursue the work, on which Mike Turner and his executive team has
been vigorously engaged, to improve returns across our
operations.

As part of my introduction to the company I have met with people
in the company's business operations.  My early impression of
BAE Systems is of a company rich in technology and with
excellent people.  I see a company that has had a turbulent time
but which is now benefiting from improved stability.

From the progress the company has made recently it is clear that
there is a real focus on delivering improved performance.  This
is an exciting company with good prospects and I look forward to
working with the executive team to deliver our goal of enhancing
value for shareholders.

The Board is declaring a maintained interim ordinary dividend of
3.7p per share.

Dick Olver
Chairman
8 September 2004

A full copy of the financial and group reviews is available free
of charge at http://bankrupt.com/misc/reviews.htm.

CONTACT:  BAE SYSTEMS PLC
          Warwick House,
          PO Box 87, Farnborough Aerospace Center
          Farnborough Hampshire GU14 6YU,
          United Kingdom
          Phone: +44-1252 373232
          Fax: +44-1252 383000
          Web site: http://www.baesystems.com


BAKERSFIELD ENTERTAINMENT: Business, Assets for Sale
----------------------------------------------------
The joint administrative receivers offer for sale the business
and assets of Bakersfield Entertainment Limited (in
administrative receivership), a late night venue/club operator.

Principal Features of the Company

(a) The company operates from 8 leasehold premises in:

       (i) Preston,

      (ii) Newcastle upon Tyne,

     (iii) Carlisle,

      (iv) Rugby,

       (v) Milton Keynes,

      (vi) Doncaster,

     (vii) Edinburgh, and

    (viii) Liverpool

(b) The business was established in March 200 and operates under
    the "Mood" branding;

(c) Annual turnover of around GBP16 million;

(d) Large investment of around GBP9 million in refurbishing the
    units; and

(e) The company employs 103 full-time and 275 part-time staff
    across the locations.

CONTACT:  KPMG L.L.P.
          Aquis Court
          31 Fishpool Street
          St. Albans
          Hertfordshire AL3 4RF

          Rob Croxen
          Phone: 01727 733 146
          Fax: 01727 733 128
          E-mail: rob.croxen@kpmg.co.uk


BEDWELL CONSTRUCTION: Special Winding up Resolution Passed
----------------------------------------------------------
At an extraordinary general meeting of the Bedwell Construction
Limited on August 26, 2004 held at The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG, the subjoined
special resolution to wind up the company was passed.  Lloyd
Biscoe of Begbies Traynor, The Old Exchange, 234 Southchurch
Road, Southend-on-Sea, Essex SS1 2EG has been appointed
liquidator for the purpose of such winding-up.

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


BRIDGEWATER COMMUNICATIONS: Calls in Liquidator
-----------------------------------------------
At an extraordinary general meeting of the Bridgewater
Communications Limited on September 1, 2004, held at The
Rhinewood Inn and Hotel, Glazebrook Lane, Glazebrook, near
Warrington WA3 5BB, the subjoined resolutions to wind up the
company were passed.  Richard Ian Williamson of Campbell
Crossley and Davis, 348-350 Lytham Road, Blackpool FY4 1DW has
been appointed the liquidator of the company for the purpose of
such winding-up.

CONTACT:  CAMPBELL CROSSLEY AND DAVIS
          348-350 Lytham Road,
          Blackpool FY2 1DW
          Liquidator:
          Richard Ian Williamson
          Phone: 01253 349331
          Fax:   01253 348434
          Web site: http://www.campbell-crossley-davis.co.uk


BRITANNIA COURIER: Former Director Receives Four-year Ban
---------------------------------------------------------
The director of a courier and car services business, which
failed with debts of GBP760,000, has been disqualified by the
High Court of Justice for a period of four years from acting as
company director.

Terence David Ellis of Allgroft Road, London NW5, was a director
of Britannia Courier And Executive Car Services Limited, which
carried out business from premises at 3 Skyliners, Limeharbour,
Docklands, London E14 9TS.

Britannia Courier And Executive Car Services Limited was placed
into voluntary liquidation on April 15, 2002 with estimated
debts of GBP760,000 owed to creditors.

The Disqualification Order, made on August 23, 2004 prevents Mr.
Ellis from being a director of a company or, in any way, whether
directly or indirectly, being concerned in or taking part in the
promotion, formation or management of a company for the above
period.

Matters of unfit conduct, found by the Court, included that Mr.
Ellis:

(a) By the date of liquidation amounts due to HM Customs and
    Excise (HMCE) in respect of VAT dating back to VAT period
    11/00 totaled GBP107,467. Furthermore, surcharge
    assessments that had been raised in relation to periods
    05/00, 08/00 and 11/00 were outstanding;

(b) No payments were made to HMCE in respect of VAT after 13
    February 2001, despite the fact that the company traded on
    until January 2002. By the date of the liquidation, the
    Inland Revenue were owed GBP31,383 in respect of PAYE/NIC
    for the 2000/2001 and 2001/2002 tax periods; and

(c) Over the final trading period from August 31, 2001 until
    March 18, 2002 payments out of the company's main bank
    account amounted to GBP412,739 yet none of that amount was
    paid to Crown departments.

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

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

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


COMTEC EDUCATION: Hires Joint Administrators from PKF
-----------------------------------------------------
Susan Jane Stockley and Keith Roger Morgan have been appointed
joint administrators for Comtec Education Plc.  The appointment
was made September 2, 2004.

The company sells office equipment.  Its registered office is
located at 124 High Street, Midsomer Norton, Bath BA3 2DA.

CONTACT:  PKF
          Pannell House,
          6-7 Litfield Place,
          The Promenade, Clifton,
          Bristol BS8 3LX
          Joint Administrator:
          S J Stockley
          (IP No 7889)
          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 Administrator:
          Keith Roger Morgan
          (IP No 6831)
          Phone: 029 2064 6200
          Fax: 029 2064 6201
          E-mail: info.cardiff@uk.pkf.com
          Web site: http://www.pkf.co.uk


COVER-TECH LIMITED: Brings in Liquidator from Carter Backer
-----------------------------------------------------------
At an extraordinary general meeting of the members of the Cover-
Tech Limited on August 27, 2004 held at the offices of Valentine
& Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
ordinary and extraordinary resolutions to wind up the company
were passed.  John Alfred George Alexander and Melvyn Julian
Carter of Carter Backer Winter, Enterprise House, 21 Buckle
Street, London E1 8NN have been appointed joint liquidators of
the Company for the purpose of the voluntary winding-up.

CONTACT:  CARTER BACKER WINTER
          Enterprise House
          21 Buckle Street,
          London E1 8NN
          Joint Liquidators:
          John Alfred George Alexander
          Melvyn Julian Carter
          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


CROSSCHART LIMITED: Members Agree to Wind up Business
-----------------------------------------------------
At an extraordinary general meeting of the Crosschart Limited on
August 26, 2004 held at Tomlinsons, St John's Court, 72 Gartside
Street, Manchester M3 3EL, the resolutions to wind up the
company were passed.  Alan H Tomlinson of Tomlinsons, St John's
Court, 72 Gartside Street, Manchester M3 3EL has been appointed
as liquidator for the purpose of such winding-up.

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


DATAMERC LIMITED: Sets Final General Meeting September 30
---------------------------------------------------------
The final general meeting of the members of Datamerc Limited
will be on September 30, 2004 commencing at 12:00 noon.  It will
be held at Sherwood House, 7 Glasgow Road, Paisley PA1 3QS.

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 Campbell Dallas, Sherwood House, 7 Glasgow Road, Paisley
PA1 3QS not later than 12:00 noon, September 29, 2004.

CONTACT:  CAMPBELL DALLAS
          Sherwood House,
          7 Glasgow Road,
          Paisley PA1 3QS
          Liquidator:
          D Forsyth
          Phone: 0141 887 4141
          Fax:   0141 887 1103
          E-mail: psly@camdal.com
          Web site: http://www.camdal.com


DAWSON INTERNATIONAL: Cuts First-half Pre-tax Loss to GBP1.3 Mln
----------------------------------------------------------------
Performance Review

(a) Substantial progress achieved in first six months,

(b) Financial position stabilized,

(c) Operational efficiency improved across all businesses,

(d) Ballantyne Cashmere sale completed,

(e) Joseph Dawson business sold subject to shareholder
    agreement,

Financial Review

(a) Turnover GBP27.9 million (2003: GBP24.8 million),

(b) Operating loss GBP3.6 million (2003: GBP9.2 million),

(c) Loss before tax GBP1.3 million (2003: GBP9.5 million),

(d) Basic loss per share 1.2 pence (2003: 9.4p),

(e) Gearing 21% (2003: 44%),

Commenting on the interim results to 3 July 2004, chairman Mike
Hartley said: "Substantial progress has been made in the six
month period to 3 July 2004.  All businesses within the group
reported year on year improvements in both turnover and
operating results.  The financial position has been stabilized
and we expect to announce new debt facilities to the market
shortly.  The business can now focus on delivering further
improvements in operating results and on future business
development."

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

CONTACT:  DAWSON INTERNATIONAL
          Mike Hartley, Chairman
          Phone: 07711 734631
          Web site: http://www.dawson-international.co.uk

          Media Enquiries:
          Gordon Beattie
          Beattie Media
          Phone: 07768 588163


DREWETT-HOLT: Extraordinary Winding up Resolution Passed
--------------------------------------------------------
At an extraordinary general meeting of the Drewett-Holt Holdings
Limited on September 1, 2004 held at 60-62 High Street,
Harpenden, Hertfordshire AL5 2SP, the extraordinary resolution
to wind up the company was passed.  Anthony David Kent of
Maidment Judd, 60-62 High Street, Harpenden, Hertfordshire AL5
2SP has been appointed liquidator for the purpose of such
winding-up.

CONTACT:  MAIDMENT JUDD
          60-62 High Street, Harpenden,
          Hertfordshire AL5 2SP
          Liquidator:
          Anthony David Kent
          Toll Free No: 0800 068 7154
          Phone: +44 (0) 1582 469 700
          Fax:   +44 (0) 1582 460 674
          Web site: http://www.maidmentjudd.com


E B S DESIGNS: Calls in Liquidator from Marks Bloom
---------------------------------------------------
At an extraordinary general meeting of the members of the E B S
Designs (UK) Limited on September 2, 2004 held at 60-62 Old
London Road, Kingston upon Thames, Surrey, the extraordinary
resolution to wind up the company was passed.  Philip Weinberg
of Marks Bloom, 60-62 Old London Road, Kingston upon Thames KT2
6QZ has been nominated liquidator for the purpose of the
winding-up.

CONTACT:  MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames,
          Surrey KT2 6QZ
          Liquidator:
          Philip Weinberg
          Phone: +44 (0) 20 85499951
          Fax:   +44 (0) 20 85496218
          Web site: http://www.marksbloom.co.uk


FFBP PRINT: Hires Liquidator from Maidment Judd
-----------------------------------------------
At an extraordinary general meeting of the FFBP Print Direction
Limited on September 1, 2004 held at 60-62 High Street,
Harpenden, Hertfordshire AL5 2SP, the extraordinary resolution
to wind up the company was passed.  Anthony David Kent of
Maidment Judd, 60-62 High Street, Harpenden, Hertfordshire AL5
2SP has been appointed liquidator for the purpose of such
winding-up.

CONTACT:  MAIDMENT JUDD
          60-62 High Street, Harpenden,
          Hertfordshire AL5 2SP
          Liquidator:
          Anthony David Kent
          Toll Free No: 0800 068 7154
          Phone: +44 (0) 1582 469 700
          Fax:   +44 (0) 1582 460 674
          Web site: http://www.maidmentjudd.com


FIRST CALL: Members Final General Meeting September 30
------------------------------------------------------
The final general meeting of the members of First Call (Leisure)
Limited will be on September 30, 2004 commencing at 12:00 noon.
It will be held at the offices of BDO Stoy Hayward LLP, 8 Baker
Street, London W1U 3LL.

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 BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL not
later than 12:00 noon, September 29, 2004.

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


H.N. SPORTS: Hires Wilson Pitts as Administrator
------------------------------------------------
Sports Agents H.N. Sports Limited has appointed D F Wilson and J
N R Pitts as joint administrators.  The appointment was made
August 31, 2004.  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


INDEX GEAR: Appoints Grant Thornton Administrator
-------------------------------------------------
Ian S Carr has been appointed administrator for Index Gear &
Engineering Limited.  The appointment was made August 31, 2004.

CONTACT:  GRANT THORNTON
          Byron House,
          Cambridge Business Park,
          Cowley Road, Cambridge CB4 0WZ
          Administrator:
          Ian S Carr
          (IP No 8741)
          Phone: 01 223 225600
          Fax:   01 223 225619
          Web site: http://www.grant-thornton.co.uk


IVAN HOUSLEY: Names Begbies Traynor Administrator
-------------------------------------------------
Peter A Blair and Richard A B Saville have been appointed as
joint administrators for Ivan Housley Poultry Limited.  The
appointment was made September 2, 2004.

The company sells meat and meat products.  Its registered office
is located at Regency House, 21 The Ropewalk, Nottingham NG1
5DU.

CONTACT:  BEGBIES TRAYNOR
          Regency House
          21 The Ropewalk
          Nottingham NG1 5DU
          Joint Administrators:
          Peter A Blair
          Richard A B Saville
          (IP Nos 008886 and 007829)
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


JOHN DAVIS: Appoints Moore Stephens Liquidator
----------------------------------------------
At an extraordinary general meeting of the John Davis Chemical
Engineering Limited on September 3, 2004 held at Moore Stephens
Corporate Recovery, Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB, the ordinary and extraordinary resolutions to
wind up the company were passed.  Nigel Price of Moore Stephens
Corporate Recovery, Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB has been appointed liquidator of the company
for the purpose of the voluntary winding-up.

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


KSM PRODUCTS: Winding up Resolutions Passed
-------------------------------------------
At an extraordinary general meeting of the KSM Products Limited
on September 2, 2004 held at Moore Stephens Corporate Recovery,
Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB, the
ordinary and extraordinary resolutions to wind up the company
were passed.  Nigel Price of Moore Stephens Corporate Recovery,
Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB has been
appointed liquidator of the company for the purpose of the
voluntary winding-up.

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


LEGO MEDIA: Names PricewaterhouseCoopers Liquidator
---------------------------------------------------
At a meeting of Lego Media International Limited on August 25,
2004, the special and ordinary resolutions to wind up the
company were passed.  Richard Setchim and Jonathan Sisson of
Plumtree Court, London EC4A 4HT have been appointed joint
liquidators of the company for the purpose of such winding-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


MACARTNEY & DOWIE: Creditors Meeting September 16
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

    IN THE MATTER OF Macartney & Dowie Investment Manage Pl

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Macartney & Dowie
Investment Manage Pl will be held at The Spa Hotel Mount Ephraim
Tunbridge Wells TN4 8XJ on September 16, 2004 at 10:00 a.m. for
the purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee.  (Sections
99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at The Meeting
House Mittle Mount Sion Tunbridge Wells TN1 1YS 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
The Meeting House Mittle Mount Sion Tunbridge Wells TN1 1YS
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 Smith & Williamson, The Meeting House Mittle
Mount Sion Tunbridge Wells TN1 1YS two business days prior to
the meeting.

By Order of the Board.

P. Linnecar, Director
August 23, 2004

CONTACT:  SMITH & WILLIAMSON
          The Meeting House
          Little Mount Sion
          Tunbridge Wells
          Kent TN1 1YS
          Phone: 01892 529922
          Fax: 01892 521225
          E-mail: naj@smith.williamson.co.uk
          Web site: http://www.smith.williamson.co.uk


MANGROVE LIMITED: Calls in Liquidator from Valentine & Co.
----------------------------------------------------------
At an extraordinary general meeting of the Mangrove Limited on
August 27, 2004 held at the offices of Valentine & Co., 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the ordinary
and extraordinary resolutions to wind up the company were
passed.  Mark S Reynolds of 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS has been appointed liquidator for the
purpose of such winding-up.

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


MYTRAVEL GROUP: To Break even this Year, Says CEO
-------------------------------------------------
MyTravel plc provides a trading update, confirming that its
results for the 12 months to 30 September 2004 are likely to
show a significant improvement over 2002/03, and an update in
relation to the restructuring of its balance sheet.

Trading

MyTravel Chief Executive Peter McHugh said: "At the annual
results in December 2003, we set the objective of a significant
improvement in results for the current year.  We now believe the
operating result for the 12 months to 30 September 2004 will
approach break-even.  We are making good progress towards
achieving the turnaround and we are targeting a further trading
improvement in 2004/05.

"After a difficult start, the U.K. market for summer 2004 has
improved.  The U.K. division will be profitable for the summer
season.  For the 12 months to 30 September, while the U.K.
division will still show a loss, its performance will be
significantly better than in 2003.  Both Northern Europe and
North America are having excellent summers and will be
profitable for the current year.  For the Winter season,
bookings are encouraging for all divisions."

As previously announced, MyTravel has changed its accounting
reference date to 31 October.  Accordingly the current
accounting period runs from 1 October 2003 to 31 October 2004.

Restructuring

Having considered the options for a restructuring of the
company's balance sheet, MyTravel will meet with representatives
of its major lending banks and facility providers to propose a
financial restructuring, which includes the conversion of its
unsecured debt into MyTravel equity.  The proposal has been
discussed in advance with MyTravel's principal lenders.

Although the proposal does not quantify the total amount of
equity to be issued, it is the Board's view that any such debt
for equity conversion would result in very significant dilution
for existing holders of equity and bonds.  The form and terms of
any restructuring remain subject to negotiation.  Implementation
of the proposal will require the agreement of the company's
lending banks and facility providers and the approval of the
company's convertible bondholders and ordinary shareholders.

MyTravel Chairman Michael Beckett said: "We announced at the
Annual General Meeting earlier this year the Board's intention
to seek to rebuild the financial position of the Group and the
initiation of a process to achieve this.  Although MyTravel's
current financial arrangements are in place until mid-2006, the
Board believes it is in the interest of the company and all its
stakeholders to complete the restructuring at the earliest
opportunity.  I am confident that MyTravel will emerge from the
restructuring process with a significantly improved balance
sheet that will give us a sound basis for the health of the
business going forward."

CONTACT:  BRUNSWICK GROUP LLP
          Phone: 020 7404 5959
          Sophie Fitton/William Cullum


NORTH EAST: Insolvency Service Disqualifies Boss
------------------------------------------------
A director of a property trading business that failed with total
debts estimated at GBP144,000 has given an Undertaking not to
hold directorships or take any part in company management for
three years.

The Undertaking by Alexander Leonard Clifford Figg, 42, of Flood
Street, London, SW3, was given in respect of his conduct as a
director of North East Industrial Property Limited (NEIP), which
carried out business from premises at 22 Ives Street, London,
SW3 2ND.

Acceptance of the Undertaking on July 15, 2004 prevents Mr. Figg
from being a director of a company or, in any way, whether
directly or indirectly, being concerned or taking part in the
promotion, formation or management of a company for three years.

NEIP was placed into compulsory liquidation by Order of the High
court of Justice on October 24, 2001.  The company has an
estimated total deficiency of GBP144,000.

The Official Receiver at London conducted the investigation and
disqualification procedure.

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

Matters of unfit conduct, not disputed by Mr. Figg, were that he
caused NEIP to:

(a) Act in breach of its statutory obligations to submit timely
    returns and payments to the Crown; and

(b) Trade to the detriment of the Crown from March 2000 to
    liquidation.

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

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

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


PRIMARY CARE: Members Pass Winding up Resolutions
-------------------------------------------------
At an extraordinary general meeting of the members of the
Primary Care Group Holdings Plc on August 25, 2004 held at The
Chase Hotel, Higham Lane, Nuneaton, Warwickshire CV11 4AG, the
special resolutions to wind up the company were passed.  Ian
Pattinson has been appointed liquidator for the purpose of such
winding-up.


P.W.S (NORTHERN): Hires Tenon Recovery as Liquidator
----------------------------------------------------
At an extraordinary general meeting of the members of the P.W.S
(Northern) Limited on September 2, 2004 held at Tenon Recovery,
Arkwright House, Parsonage Gardens, Manchester M3 2LF, the
ordinary and extraordinary resolutions to wind up the company
were passed.  Derek Oakley has been appointed liquidator for the
purpose of such winding-up.

CONTACT:  TENON RECOVERY
          Arkwright House
          Parsonage Gardens,
          Manchester M3 2LF
          Liquidator:
          Derek Oakley
          Phone: 0161 834 3313
          Fax:   0161 835 3480
          E-mail: manchester@tenongroup.com
          Web site: http://www.tenongroup.com


STRETFIELD LIMITED: Names Tomlinsons Administrator
--------------------------------------------------
Alan Howard Tomlinson has been appointed as administrator for
Stretfield Limited.  The appointment was made August 27, 2004.

The company's previous name is VU 2 Media Limited engaged in
adult education.  Its registered office is located at 49-51
Brewhouse Hill, Wheathampstead AL4 8AN.

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


UNITED BISCUITS: Senior Implied Rating Slides to B1
---------------------------------------------------
Moody's Investors Service downgraded the senior implied rating
of United Biscuits Finance Plc to B1 from Ba2 in conclusion of a
review initiated after the company announced acquisition plans
in July.

Other ratings affected are:

(a) United Biscuits' senior subordinated notes downgraded to B3,

(b) Unsecured issuer rating downgraded to B3 from B1,

(c) United Biscuits Finance Plc's GBP169.8 million senior
    subordinated notes downgraded to B3 from B1

(d) Regentrealm Ltd.'s existing senior secured credit facilities
    rating downgraded to Ba3 and will be withdrawn at completion
    of the proposed refinancing

(e) (P) Ba3 rating assigned to the proposed GBP482.4 million
    senior secured credit facilities A and B and revolving
    credit facility borrowed at Regentrealm Limited

(f) (P) B1 rating assigned to the proposed GBP200.0 million
    senior secured credit facility "first loss" term loan C
    borrowed at United Biscuits (U.K.) Limited

United Biscuits said in July it agreed to acquire the U.K.
assets of Jabob's Biscuit Group.  The current rating action is
based on expectations the transaction will obtain clearance from
U.K. competition authorities soon.  It reflects the
significantly increased financial leverage United Biscuit
suffered following the proposed acquisition.

The ratings downgrade also incorporates the difficult market
conditions that United Biscuits continues to face in its
domestic biscuit market, and the firm's weak free cash-flow
generation during the last 12 months.

Positively, the rating reflects belief the proposed acquisition
is a good strategic fit with the company's existing business,
and will strengthen the company company's leadership in the U.K.
branded biscuit market.

The outlook for all ratings is stable on the confidence that
United Biscuits' restructuring and strategic initiatives should
enable the company to stem further declines in operating
profitability and support its cash-flow generation over the
medium-term.

CONTACT:  UNITED BISCUITS FINANCE PLC
          Hayes Park North, Hayes End Road, Hayes
          London UB4 8EE,
          United Kingdom
          Phone: +44-20-8234-5000
          Fax: +44-20-8734-5555
          Web site: http://www.unitedbiscuits.co.uk


UNITED BISCUITS: Blames Tough Trading in U.K. for Results
---------------------------------------------------------
United Biscuits reported a fall in first-half profit largely due
to difficulties at its U.K. market.

The chief executive of the biscuits and snacks maker, Malcolm
Ritchie, said: "Tough trading conditions in the U.K. reduced the
effect of a solid performance in Northern Europe and continued
growth in southern Europe."  First-half result was GBP64.7
million (IS$114.9 million), compared with GBP68.0 million a year
earlier.

It said group turnover for the first half remained broadly level
at GBP652.5 million, compared to GBP655.4 million a year
earlier, including currency translation losses of GBP7.3
million.

The company's branded sales figure was notable at 88% of total
revenues, versus 87% a year earlier.  Mr. Ritchie said the
firm's strategy to deliver branded growth is further fortified
by its acquisition of Triunfo and the proposed acquisition of
Jacob's.

"In the near term the trading outlook in the U.K. remains
challenging but longer term we are confident about prospects
based on strong business fundamentals," he said.

CONTACT:  UNITED BISCUITS FINANCE PLC
          Hayes Park North, Hayes End Road, Hayes
          London UB4 8EE,
          United Kingdom
          Phone: +44-20-8234-5000
          Fax: +44-20-8734-5555
          Web site: http://www.unitedbiscuits.co.uk


UNITED BISCUITS: Senior Subordinated Notes Lowered to 'B-'
----------------------------------------------------------
Fitch Ratings downgraded United Biscuits (UB) Group's senior
subordinated notes to 'B-' from 'B+'.  All other ratings have
also been downgraded.  The Outlook for all ratings is Stable.

Following the information provided in UB's H1 2004 results,
Fitch has downgraded the ratings on the group's senior
subordinated notes by two notches to 'B-' and resolved the
Negative Rating Watch (RWN).  On 29 July 2004 Fitch had placed
the notes on RWN, due to the additional senior secured debt to
be raised by the company for the Jacob's acquisition.  The
ratings on the notes are one notch below UB's Senior Unsecured
rating to reflect Fitch's view of deterioration in the recovery
prospects for the note-holders.  Previously the notes were rated
at the same level as the Senior Unsecured rating.

Fitch has also downgraded UB's Senior Secured and Senior
Unsecured ratings by one notch to 'BB' and 'B' respectively to
reflect the company's higher leverage as a result of both the
Jacob's and Triunfo acquisitions.  Fitch notes the continued
margin pressure that UB faces in its main U.K. market from both
retailers and competitors.  It also believes that in the short
term, higher interest payments, additional restructuring charges
and marketing spend will continue to affect the company's free
cash flow generation.  However, Fitch acknowledges that the re-
financing of the senior facilities in August 2004 has deferred
the amortization pressure that the company was expected to face
from 2005 onwards.  The Jacob's acquisition is expected to give
UB a higher share of the branded biscuit and snack market in the
UK, while the Triunfo acquisition has increased UB's market
share of the Portuguese biscuit market to 39%.

For H1 2004, UB achieved sales and EBITDA of GBP653 million and
GBP65 million respectively, compared to GBP655 million and GBP68
million in H1 2003.  During the period UB was able to increase
its branded sales as a percentage of total sales to 88% from 87%
in 2003; however, sales of prioritized brands were similar to
that for H1 2003.  As a result of the refinancing Fitch
calculates pro-forma total and senior leverage to be
approximately 5.0x and 3.5x respectively compared with total and
senior leverage of 4.1x and 2.6x at FYE03.

The following ratings of UB have been downgraded. The ratings
are subject to Office of Fair Trade approval of the Jacob's
acquisition.  The 'first-loss' senior debt tranche of GBP200
million is not rated by Fitch.

(a) United Biscuits Finance plc's GBP165 million 10.75% senior
    subordinated notes due 2011 and EUR192.8 million 10.625%
    senior subordinated notes due 2011: to 'B-' from 'B+';

(b) Regentrealm Limited's GBP482 million senior secured
    facilities: to 'BB' from 'BB+', and its senior unsecured
    facilities to 'B' from 'B+'.

CONTACT:  FITCH RATINGS
          Junaid Jafar, London
          Phone: +44 (0) 20 7417 3499

          Giulio Lombardi
          Phone: +44 (0) 20 7417 6314

          Stefano Podesta
          Phone: +44 (0) 20 7417 4316

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


W F INTERNATIONAL: Sets Creditors Meeting September 21
------------------------------------------------------
The creditors of W F International Limited will meet on
September 21, 2004 commencing at 10:30 a.m.  It will be held at
The Monkey Island Hotel, Monkey Island Lane, Bray, Maidenhead,
Berkshire SL6 2EE.  Creditors who want to be represented at the
meeting may appoint proxies.


YOUR MORE: Receivers Selling Retailer as Going Concern
------------------------------------------------------
Gary Wilson and Robert Hunter Kelly as Joint Administrators
offer Your More Store Limited's business and assets as a going
concern.

Your More Store is a renowned value retailer of clothing, house
wares, textiles, stationery and toys.

Key assets include:

(a) Annual turnover of approximately GBP55 million;

(b) Full range of Autumn stocks with a book value in excess of
    GBP10 million and key Christmas ranges in progress;

(c) 180 leasehold retail stores in convenient high street
    locations throughout Scotland, Northern England and Northern
    Ireland;

(d) Fixed assets including freehold and leasehold property,
    equipment, shopfittings and computers with a book value of
    GBP3.7 million;

(e) Outsourced central warehousing and distribution facility;
    and

(f) 1,400 employees.

CONTACT:  ERNST & YOUNG L.L.P.
          Lindsey Hudson
          Phone: 0113 298 2326
          Fax: 0113 298 2206
          Web site: http://www.ey.com


                            *********


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

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

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

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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