TCREUR_Public/040914.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, September 14, 2004, Vol. 5, No. 182

                            Headlines

C Z E C H   R E P U B L I C

CZECH AIRLINES: Disagreement Among Politicians Could Stymie Sale


D E N M A R K

MAERSK AIR: Builds on Success of 'Fly as you like' Program


G E R M A N Y

BOHM DACHSERVICE: Creditors Claims Due September 27
BPMM GMBH: Hamburg Court Opens Insolvency Proceedings
DRESDNER BANK: Selling EUR1.1 Bln in Bad Loans, Says Report
FRANZ RANK: Public Auction of Assets September 16
HERBERT HECHT: Advertising Firm Under Bankruptcy Administration

IK-KUNSTSTOFFTECHNIK: Krefeld Court Appoints Insolvency Manager
KAMPS AG: Moody's Reviews Ratings for Further Downgrade
K.+H. KACHELOFEN: Bankruptcy Proceedings Aborted
KOMMANDITGESELLSCHAFT BANEHR'S: Creditors Meeting November 19
SALAMANDER SCHUH: Follows Parent to Insolvency Court

UMWELTKONTOR RENEWABLE: Applies for Insolvency Proceedings
VOLKSWAGEN AG: Negotiations Over Pay Freeze to Begin Tomorrow
WERBUNG GMBH: Completes Final Distribution of Assets


I T A L Y

ALITALIA SPA: Wants Amendments to Air France Alliance
VOLARE GROUP: Suspects Irregularities in 2001-2003 Accounts


N E T H E R L A N D S

KENDRION N.V.: Closes Sale of Automotive Plastics Business


N O R W A Y

FINDEXA II: S&P Honors Request to Withdraw Rating


R U S S I A

ALEKSEEVSKY: Creditors Have Until October 6 to File Claims
AZOVO-CHERNOMORSKAYA: Rostov Court Appoints Insolvency Manager
BEZHETSK-SEL-MASH: Court Sets November 2 Hearing
KHAROVSKY FACTORY: Undergoes Bankruptcy Supervision Procedure
METAL CONSTRUCTIONS: Bankruptcy Supervision Begins

MOTOR CONSTRUCTIONS: Last Day for Filing Claims October 5
NIKOLSK-OIL-PRODUCTS: Declared Insolvent
P.I. ZAYTSEV: Succumbs to Bankruptcy
SET POLIPAK: Undergoes Bankruptcy Supervision Procedure
THERMO-PLAST: Insolvency Manager Takes over Helm

TYUMENSKAYA FURNITURE: Tyumen Court Opens Bankruptcy Proceedings
VOLZHSKY FACTORY: Appoints S. Sadykov Insolvency Manager
YUKOS OIL: Govt Threatens to Cancel License of Main Refinery


S W E D E N

ABB LTD.: Bondholders Okay Early Redemption of 2005, 2006 Bonds


U K R A I N E

AGROKORM-PODILLYA: Court Appoints Insolvency Manager
DOLINA: AR Krym Court Opens Bankruptcy Proceedings
LVIVAGROREMMASHPOSTACH: Insolvency Manager Takes over Helm
OKTYABR: Last Day for Filing Claims September 20
PARMA AGRO: Gives Creditors Until September 20 to File Claims

RADEHIV' AGROSERVICE: Court Names A. Hutkij Liquidator
ROVENKI' AUTO 10912: Lugansk Court Confirms Insolvent Status
SITEK: Court Orders Debt Moratorium
SOLOMON: Names O. Ulinskij Temporary Insolvency Manager


U N I T E D   K I N G D O M

ADC SECURE: Creditors Final Meeting Set October 8
ALBERT ROAD: Members Final Meeting October 8
BAE SYSTEMS: 'BBB+'/'F2' Ratings Affirmed; Outlook Negative
BESTSHOT SALES: Liquidator to Present Final Report October 15
BLONDECELL LIMITED: Hires Mazars as Administrator

CHILTERN LEISURE: Members, Creditors Final Meeting October 11
CLEWS LEISURE: Hires Joint Liquidator from Begbies Traynor
COMPUTER TECHNOLOGY: List of Creditors, Claims Out Friday
CORUS GROUP: S&P Ups Ratings; Cites Favorable Industry Outlook
DARE TO BARE: Sets Final Meeting October 13

DIGITAL MEDIA: Liquidator's Final Report Out October 7
EXCALIBUR PLASTICS: Members Agree to Wind up Business
FINSON LIMITED: Directors Banned from Holding Executive Posts
FLY-ELITE LIMITED: Hires PricewaterhouseCoopers as Liquidator
FORBES MILLS: Appoints Joint Liquidators from Begbies Traynor

GLASS LONDON: May Appoint Liquidator Thursday
H R AIR: Sets Final General Meeting October 7
LIMEGRID PLC: Liquidator to Present Final Report October 12
MEZZANINE GROUP: Names Hurst Morrison Thomson Administrator
MID BEDS: Extraordinary Winding up Resolution Passed

MONITRON INTERNATIONAL: Creditors Meeting Set September 20
PARKINSONS HARNESSES: Sets Members Meeting October 12
PDC CONSTRUCTION: Hires Joint Liquidators from KPMG
PREMIER FOODS: Interim Results Meet IPO Expectations
QUIKTRAK TELECOMMUNICATIONS: Names Tenon Recovery Administrator

ROYAL & SUNALLIANCE: A.M. Best Affirms Ratings; Outlook Negative
SHOOTGLEN LIMITED: EBS AG Brings in Receiver from Grant Thornton
SINTEL LIMITED: Creditors Meeting Thursday
SLOGGETTS (PROPERTIES): Members Final Meeting Set October 4
TAILOR MADE: Meeting of Creditors September 17

THEATRE KAFE: Three Directors Get Four-year Ban
TRENDPAM MACHINERY: Calls in Liquidators from Wilder Coe
TURKDAWN LIMITED: Insolvency Service Disqualifies Director
U.K. COAL: First-half Pre-tax Loss Balloons to GBP5.8 Mln
UNIONS LEGAL: Hires Deloitte & Touche as Liquidator
WALKER AUTOMOTIVE: Sets Creditors Meeting September 24

* FSCS Declares 16 Firms in Default

* Large Companies with Insolvent Balance Sheets


                            *********


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


CZECH AIRLINES: Disagreement Among Politicians Could Stymie Sale
----------------------------------------------------------------
It is high time for the Czech government to privatize its
national carrier, the minister for transportation said.

UPI quoted Transport Minister Milan Simonovsky saying part or
all of Czech Airlines could be ready for sale either next year
or the year after.  The process may be hindered though by
ideological differences within the government.  The ruling
Social Democrats is working in partnership with the center-right
Christian Democrats and the neo-liberal Freedom Union.

CSA Czech Airlines booked a CZK270.4 million (US$10.2 million)
profit for the period January-June, its best first-half results
in a decade.  The carrier reported a loss of CZK292.5 million
(US$11 million) for the same period a year ago.  It is expected
to return to black with profits of around US$20 million this
year as modernization efforts pay off.  The impressive result,
according to the state-owned company, was partly caused by a 27%
increase in passenger uptake.  It flew 1.95 million passengers
during the period, as tourists and business travelers,
particularly in Prague -- one of the hottest tourist spots in
Europe -- increased.

CONTACT:  CESKE AEROLINIE a.s.
          Prague Ruzyni Airport
          160 08 Prague, 6, Czech Republic
          Phone: +42 220 104 310
          Fax:   +42 224 81 04 26
          Web site: http://www.csa.cz


=============
D E N M A R K
=============


MAERSK AIR: Builds on Success of 'Fly as you like' Program
----------------------------------------------------------
Maersk Air has further developed the "Fly as you like" concept,
first introduced in February 2004.

By way of introduction, this has included the painting of the
fleet, which consists of Boeing 737-500 and 737-700 aircraft.
As a component of the advancement of Maersk Air's visual
identity, we have updated our aircraft interior with a modern
Scandinavian look, presented as a lighter, more obliging cabin
interior.

Sales Director in Maersk Air Anne von Glasow says: "Our new
interior is designed to make a difference and thus make our
customers feel welcome and comfortable the moment they step
aboard.  We want to stand out from our competitors with our
unique 'Fly as you like' concept, and provide the customer with
a service and product not normally found in this price range.
The concept contains not only competitive prices and flexibility
on all ticket types, but also modern aircraft, the right
airports and service-minded, professional staff."

Maersk Air has developed ticket categories providing three
possibilities:

(a) From 31 October 2004, customers can use the three ticket
    categories on all routes.  Tickets continue to be one-way,
    and we fly direct to selected airports from Billund and
    Copenhagen.  To view all Maersk Air destinations visit
    http://www.maersk-air.com. The new ticket
    categories can be reserved from 10 September 2004.

(b) The Small ticket category consists of a basic price that
    covers transport from A to B. Small category pitch is 29
    inches.  In Maersk Air Boeing 737-700 aircraft there will
    be 100 Small category seats and in Boeing 737-500 aircraft
    78 seats.  Ticket changes, name changes and refunds can be
    made up to three hours before scheduled departure upon
    payment of a fee.  Coffee and tea are provided free of
    charge.  Additional food and beverages can be purchased from
    our onboard menu or be ordered via our Web site up to 30
    hours before scheduled departure.

(c) The Medium ticket category comprises of an additional charge
    for extra legroom on board the flight.  Medium category
    pitch is 32 inches.  Regardless of aircraft type, Maersk
    Air offers 24 seats in this category.  Ticket changes, name
    changes and refunds can be made up to three hours before
    scheduled departure upon payment of a fee.  Coffee and tea
    are provided free of charge.  Additional food and beverages
    can be purchased from our onboard menu or be ordered via our
    Web site up to 30 hours before scheduled departure.

The Large and XL ticket categories are collectively known as
Large, which offers a little more of everything.  Large category
pitch is 35 inches and if you book in good time you can choose
one of the extra wide X-large seats, which still are available
in the first row.  Tickets can be changed, transferred to
another individual or refunded right up to scheduled departure.
Food and beverages together with a daily newspaper are included.
Regardless of aircraft type, Maersk Air offers 16 seats in this
category.

Sales Director in Maersk air Anne von Glasow says: "Our
customers have successfully been able to use the 'Fly as you
like' concept since March this year.  We have acquired many new
passengers, and have paid special attention to the requirements
of both new and existing customers in order to provide new
initiatives to match their needs, and to make flying with Maersk
Air a unique experience.  These new initiatives form the
foundation for the 'Fly as you like' 2005 model."

                            *   *   *

In April, Maersk Air blamed two extraordinary expenditures for
its DKK622 million net loss for 2003.  The first was a DKK476
million write-down of the value of its aircraft, components and
spare parts primarily due to the fall of dollar exchange rate
during the year.  The second was DKK246 million in connection
with the sale of Maersk Air Ltd (U.K.).

CONTACT:  MAERSK AIR A/S
          Copenhagen Airport South
          2791 Dragor, Denmark
          Phone: +45 3231 4444
          Fax: +45 3231 4490
          Web site: http://www.maersk-air.com


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


BOHM DACHSERVICE: Creditors Claims Due September 27
---------------------------------------------------
The district court of Kleve opened bankruptcy proceedings
against wood construction company Bohm Dachservice GmbH on
August 30.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
September 27, 2004 to register their claims with court-appointed
provisional administrator Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2004, 2:15 p.m. at the district court
of Kleve 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:  BOHM DACHSERVICE GMBH
          Seilerbahn 14, 47495 Rheinberg
          Contact:
          Manuela Bohm, Manager

          Eberhard Stock, Insolvency Manager
          Wilhelmshofallee 75, 47800 Krefeld
          Phone: 02151/5813 140
          Fax: 02151/5813 134

          DISTRICT COURT OF KLEVE
          Hauptstelle, SchloBberg 1
          47533 Kleve, Erdgeschoss, C 58


BPMM GMBH: Hamburg Court Opens Insolvency Proceedings
-----------------------------------------------------
The insolvency court of Hamburg opened bankruptcy proceedings
against BPMM GmbH, a firm that maintains public landscapes, 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 Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2004 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:  BPMM GMBH
          BachstraBe 123, 22083 Hamburg
          Contact:
          Peter Carl Blum, Managing Director

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

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


DRESDNER BANK: Selling EUR1.1 Bln in Bad Loans, Says Report
-----------------------------------------------------------
Rumors are rife that Hypo Real Estate and Dresdner Bank will
dispose of bad loans this year to take advantage of current
buyout interest, Reuters reports.

Sources close to buyers and sellers said last week the two could
unload around EUR5 billion (US$6.1 billion) in bad German loans
in an end-of-year sale.  There is currently a high volume of
problem loans among German banks after the expected post-
reunification boom in the country failed to materialize.  Some
banks put their defaulting, or so-called non-performing loans,
up for sale, raising the prospects for massive disposals.

Hypo Real Estate has EUR3.7 billion in high-risk loans in a
total real estate loan book of EUR36.5 billion, according to its
August 2004 road show report.  Bidders, which include Merrill
Lynch, Lone Star, JP Morgan, Citigroup and GE Capital, are
willing to buy around 70% of face value, according to a Reuters
source.

Dresdner Bank has reportedly earmarked a portfolio of German
corporate loans, with a face value of EUR1.1 billion, for sale.
It already disposed of a large foreign loan portfolio in the
first quarter, partly reducing its exposure by nearly EUR20
billion.  A source said the bank already opened its books two
weeks ago to potential buyers, making a bid deadline likely
around the middle of October.

Dresdner, Hypo Real Estate, Goldman Sachs, JP Morgan and Lone
Star all declined to comment.  Merrill Lynch officials were not
immediately available for comment, according to Reuters.

CONTACT:  DRESDNER BANK AG
          Jurgen-Ponto-Platz 1
          60329 Frankfurt, Germany
          Phone: +49-692-63-12631
          Fax: +49-692-63-7234
          Web site: http://www.dresdner-bank.de


FRANZ RANK: Public Auction of Assets September 16
-------------------------------------------------
Karner & Co. GmbH is selling the assets of Franz Rank Automobile
on September 16, 2004, 9:00 a.m. at FruhlingstraBe 91, 83435 Bad
Reichenhall, Germany.

The assets for sale are:

(a) Workshop equipment

      (i) Motorbike lifting platform,

     (ii) Atlantic column platforms,

    (iii) Axis measurement machine,

     (iv) LZ turning lathes,

      (v) Brake drum-lathe,

     (vi) Tire mounting devices,

    (vii) Welding equipment,

   (viii) Werner director,

     (ix) Workshop press,

      (x) Toyota tools and testing equipment,

     (xi) Tools,

    (xii) Battery loaders,

   (xiii) Tool boards,

    (xiv) lawn mower, and

     (xv) etc.

(b) Stock

      (i) BMW spare parts,

     (ii) Toyota spare part stock

(c) Office furniture

      (i) Desks,

     (ii) Chairs,

    (iii) Computers,

     (iv) Printers,

      (v) Fax machines,

     (vi) Copier, and

    (vii) Cash-register

(d) Vehicles

      (i) Oldtimer Kat III: Unimog (OM 636/VIU, Bauj 1957,

     (ii) Toyota Celica St Coupe, EZ 03/78, and

    (iii) Toyota Corola (E9), EZ 03/89

CONTACT:  KARNER & CO. GMBH
          Dieter Frase
          Phone: +49 (0) 6136 75 44 13
                 +49 (0) 171 7439 186
          Fax: +49 (0) 6136 5475
          E-mail: frase.karner@goindustry.com


HERBERT HECHT: Advertising Firm Under Bankruptcy Administration
---------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against advertising firm Herbert Hecht Werbeagentur & Partner
GmbH on August 24.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until October 13, 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 10, 2004, 9:30 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:  HERBERT HECHT WERBEAGENTUR & PARTNER GMBH
          LeverkusenstraBe 54, 22761 Hamburg
          Contact:
          Bernd-Jurgen Leukel, Manager
          Rembert Schmuhl, Manager

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

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


IK-KUNSTSTOFFTECHNIK: Krefeld Court Appoints Insolvency Manager
---------------------------------------------------------------
The district court of Krefeld opened bankruptcy proceedings
against IK-Kunststofftechnik GmbH on August 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until November 29, 2004 to
register their claims with court-appointed provisional
administrator Wilhelm Klaas.

Creditors and other interested parties are encouraged to attend
the meeting on November 2, 2004, 9:20 a.m. at the district court
of Krefeld 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 January
4, 2005, 10:25 a.m.

CONTACT:  IK-KUNSTSTOFFTECHNIK GMBH
          Poststr. 85, 41334 Nettetal-Kaldenkirchen
          Contact:
          Norbert Houben, Manager
          Hauptstr. 131 a, 41372 Niederkruchten-Elmpt

          Wilhelm Klaas, Insolvency Administrator
          EichendorffstraBe 25
          47800 Krefeld
          Phone: (02151) 80 58 0
          Fax: +4902151805858

          DISTRICT COURT OF KREFELD
          Hauptgebaude, Nordwall 131
          47798 Krefeld, 2.Etage, Raum 214


KAMPS AG: Moody's Reviews Ratings for Further Downgrade
-------------------------------------------------------
Moody's Investors Service downgraded the senior implied rating,
unsecured issuer ratings, and senior notes of Kamps AG, and its
subsidiaries.  The ratings are under review for possible further
downgrade.

The rating downgrades are: (a) senior implied rating from B1 to
B2, (b) unsecured issuer rating from B1 to B2, (c) EUR240.0
million 8.0% senior notes due 2005 from B1 to B2, and (d)
EUR320.0 million 8.5% senior notes due 2009 from B1 to B2.

The rating actions are due to the continued weak operating
performance at Kamps' retail division in Germany, the impact of
the strong competition in its market, the ongoing weakness in
the German macroeconomic climate.  They reflect doubts regarding
the firm's ability to improve cash flow metrics and de-leverage
the business in line with Moody's expectations; concerns
regarding the implementation of the company's restructuring
program; and concerns about refinancing risk from the company's
maturing debt in September 2005.

The company's EBITDA margin declined to 6.7% during the first
half of 2004 from 8.9% in the same period last year.  Pro-forma
for the disposal of Harry's, Kamps' lease-adjusted net
debt/EBITDAR ratio was 6.4x at the end of June 2004 compared to
5.7x for financial year 2003 (ratios exclude EUR75.0 million
loan to Barilla).

CONTACT:  KAMPS AG
          Prinzenallee 11
          40549 Dusseldolf, Germany
          Phone: +49 211 530 6340
          Fax:   +49 211 530 63434
          Web site: http://www.kamps.de


K.+H. KACHELOFEN: Bankruptcy Proceedings Aborted
------------------------------------------------
The insolvency proceedings against K.+H. Kachelofen GmbH has
been discontinued for lack of sufficient assets to cover the
process.  K.+H. Kachelofen manufactures tiled stoves/ovens.  Its
business address is Glockenspitz 89, 47800 Krefeld.  The company
is represented by its managing director Bernd Trager of
Kanalstr. 39, 41460 Neuss.


KOMMANDITGESELLSCHAFT BANEHR'S: Creditors Meeting November 19
-------------------------------------------------------------
The insolvency court of Hamburg opened bankruptcy proceedings
against Kommanditgesellschaft Banehr's Innenausbau 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, 9:40 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:  KOMMANDITGESELLSCHAFT BANEHR'S INNENAUSBAU 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


SALAMANDER SCHUH: Follows Parent to Insolvency Court
----------------------------------------------------
German shoe manufacturer Salamander Schuh GmbH applied for
insolvency proceedings Wednesday last week, two days after
parent company, Garant Schuh + Mode, choked.

The opening of insolvency proceedings will affect around 171
personnel at its Kornwestheim head office and another 900
employees from its 100 branches across Germany, according to
Suddeutsche Zeitung.  It does not affect the other 1,000 staff
in 130 branches outside Germany since they operate as
independent units.

According to a former Salamander employee interviewed by
Suddeutsche Zeitung, one of the main reasons for Salamander's
collapse is the fact that Garant did not have the capacity to
manage the new subsidiary after buying it in June 2003.
Compared to Salamander's 1,000, Garant employs only 130 staff.

Insolvency administrator Hendrik Hefermehl believes Salamander
has a good chance of survival compared to Garant.  At the end of
July, the company posted a growth of 5.6% in contrast to the
shoemaking sector's 4.1% decline.

CONTACT:  SALAMANDER SCHUH GMBH
          Stammheimer Strabe 10
          70806 Kornwestheim
          Wegbeschreibung
          Phone: 00 49 (0) 71 54/15 10
          Fax: 00 49 (0) 71 54/15 12 00
          E-mail: info@salamander.de
          Web site: http://www.salamander.de


UMWELTKONTOR RENEWABLE: Applies for Insolvency Proceedings
----------------------------------------------------------
Umweltkontor Renewable Energy, German specialist of solar, wind
and hydropower sources, has filed for insolvency proceedings at
a Monchengladbach court, Borsen Zeitung says.

This came after the company failed to strike a deal with
creditor banks.  Umweltkontor said two of its six creditor banks
did not want to grant additional loans.  Umweltkontor
subsidiaries are not affected by its application for insolvency
proceedings.

CONTACT:  UMWELTKONTOR RENEWABLE ENERGY AG
          Brusseler Allee 23
          41812 Erkelenz
          Phone: +49-(0)2431-9452-0
          Fax: +49-(0)2431-9452-199
          E-mail: info@umweltkontor.com
          Web site: http://www.umweltkontor.com


VOLKSWAGEN AG: Negotiations Over Pay Freeze to Begin Tomorrow
-------------------------------------------------------------
Volkswagen AG and unions are to begin a highly complex
negotiation on Wednesday over the carmaker's plan to freeze pay
amidst a clamor for wage hike.

Europe's biggest carmaker is threatening to slash 30,000 jobs if
its 100,000 workers do not agree to a two-year wage freeze,
Bloomberg News reports.  The company aims to preserve 176,544
jobs in Germany while reducing labor spending by 30% over the
next seven years.  It wants to reduce high labor cost to contain
slow economic growth in the country.

Robert Heberger, an analyst at Merck Finck & Co. in Munich who
has a "sell" rating on the Volkswagen's stock, says: "Management
at Volkswagen is very serious about their plan to lower costs
and they have to be because they can't go on producing cars in
Germany and pay 20% more than the competition."

Unions, meanwhile, are demanding a 4% yearly raise.  Their
bargaining position, however, is weakened by the rise in German
unemployment in recent months.  In the five months to August,
unemployment rate was 10.6%, the highest level since May 2003.
The government is preparing to implement a law that lowers
benefits for the long-term unemployed and compel them to accept
low-paid jobs.

Volkswagen Chief Executive Officer Bernd Pischetsrieder in July
was forced to cut the carmaker's 2004 earnings target because of
"weak demand" and rising oil prices.  New car sales in Germany
were down 3% in August to 222,000 units, the German automobile
manufacturers association said last week.

CONTACT:  VOLKSWAGEN AG
          Brieffach 1848-2
          38436 Wolfsburg, Germany
          Phone: +49 53 61 90
          Fax:   +49 53 61 92 82 82
          Web site: http://www.volkswagen.de


WERBUNG GMBH: Completes Final Distribution of Assets
----------------------------------------------------
The insolvency proceedings of advertising company WL-WERBUNG
GmbH has been terminated following the final distribution of its
assets.  WL-WERBUNG operates from Bremsstrasse 12, 50969 Koln.

CONTACT:  Peter Bisa, Manager
          Kalmuntenerstr. 43, 51467 Bergisch Gladbach.


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


ALITALIA SPA: Wants Amendments to Air France Alliance
-----------------------------------------------------
Giancarlo Cimoli, chief executive of ailing Italian airline
Alitalia, says the carrier might end its alliance with French
carrier Air France.

According to Les Echos, the Italian flag carrier is questioning
some of the terms of its strategic partnership with the French
airline, which came into force in 2003.  Alitalia has been
pushing for adjustment in the terms, and if solutions can't be
found prior to the relaunch of the airline in two to three
months, it will move for the termination of the alliance, Mr.
Cimoli warns.  The report did not state what particular terms
Alitalia wants adjusted.

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


VOLARE GROUP: Suspects Irregularities in 2001-2003 Accounts
-----------------------------------------------------------
Struggling Italian airline Volare Group has hired the services
of KPMG to review its 2001, 2002 and 2003 accounts for possible
irregularities, Il Sole 24 Ore says.

The parent company of Volare Airlines, Volare Web and Air Europe
booked EUR300 million in debt and a EUR45 million net loss at
the end of 2003.  The group then underwent an EUR80 million
recapitalization, which saw the entry of new shareholder,
Eduardo Eurnekian, an Argentine entrepreneur.

Volare shareholders have agreed last week to postpone a planned
rights issue to support the balance sheet.  Initial estimates
put the value of a second rights issue at EUR50 million to EUR70
million but sector sources recently suggested the figure could
reach EUR130 million.  Meanwhile, the group's new chairman,
Giorgio Fossa, is reportedly holding talks with investment bank
Lazard.

CONTACT:  VOLARE GROUP S.p.A.
          Via Pirelli, 20
          20124 Milan
          Phone: (+39) 02 673 631
          Fax: (+39) 02 673 630 90
          Web site: http://www.volare-group.it


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


KENDRION N.V.: Closes Sale of Automotive Plastics Business
----------------------------------------------------------
Key Plastics L.L.C. completed the acquisition of Kendrion's RSL
and Systems group of companies.  The deal closed on September 9,
2004.

The operations of Kendrion's groups will be integrated with the
existing European operations of Key Plastics.  The European
group will be led by the current President of Key Plastics-
Europe, Rui Filinto.

In describing the acquisition, Mr. Filinto states: "The Kendrion
RSL and Systems Group are an ideal addition to Key Plastics
current operations.  Their product and customer portfolio
complement our operations and provide a greater range of
products and services to our customers globally."

Key Plastics global operations will now comprise 39 locations in
10 countries with over 6,000 employees producing US$750 million
in revenue annually.

          About Kendrion's Automotive Plastics Group

Kendrion's RSL and Systems groups employ more than 1,800 people
in seven facilities in Europe.  They supply parts to leading
global OEMs and Tier 1s.  Major customers include Volkswagen,
Opel and DaimlerChrysler, as well as many others.  The groups
operate 4 facilities in Germany and also have operations in
Portugal, Spain, and the Czech Republic.  Core products include
center consoles, sunroof and tailgate covers, headrests,
handles, ashtrays, and many others.  The operations generate
more than US$250 million in sales.

                       About Key Plastics

Northville, Michigan-based Key Plastics is a leading supplier of
plastic products to the automotive and light truck Tier 1 and
OEM markets.  Key Plastics engineers and produces value-added
components and sub-assemblies for exterior applications,
interior trim and functional under-hood products.  Key Plastics'
global operations comprise 21 manufacturing facilities, 3
technical centers and two mold-making facilities providing
concurrent program management and production services throughout
North America and Europe and Asia.

With over US$500 million in global sales annually, Key Plastics
employs over 4,500 people.  Mr. Ewing became Chairman and CEO of
Key Plastics in April 2001, when the company was acquired by the
Carlyle Management Group.  Key Plastics is an affiliate of the
Key Automotive Group and is controlled by an investment group
led by the Ewing Management Group.

The Key Automotive Group of companies comprises suppliers of
components and systems to the global automotive industry.  The
Key Automotive Group of companies collectively generates more
than US$2.0 billion in sales and employs approximately 15,000
employees in state-of-the-art technical and manufacturing
facilities in 17 countries in North America, Europe and Asia.

                  About Ewing Management Group

Based in Dallas, Texas, the Ewing Management Group is focused on
acquiring and managing under-performing companies in
manufacturing or asset-intensive industries.  Ewing Management
Group was formerly the Carlyle Management Group, an affiliate of
The Carlyle Group.

                            *   *   *

Kendrion N.V. realized a net loss of EUR6.8 million in the first
half year 2004 as compared with EUR44.7 million for the first
half year 2003.  Excluding non-recurring financing charges in
connection with the financial position of Kendrion, costs
related to the intended financial restructuring, and impairments
and book profits, underlying net profit amounts to EUR5.6
million (2003: EUR6.3 million).

Excluding Automotive Plastics and exceptional items, net result
for the first half year 2004 was EUR6.2 million (2003: EUR4.9
million), a rise of 27% thereby further increasing the quality
of the profit of the core activities.

Kendrion booked a net loss of EUR104.9 million in 2003. Economic
recovery in the most important home markets for Kendrion failed
to appear.  The fourth quarter was particularly disappointing,
primarily for its activities in the German automobile industry.

CONTACT:  KEY PLASTICS L.L.C.
          Peter McElroy
          Phone: 248-449-4104


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


FINDEXA II: S&P Honors Request to Withdraw Rating
-------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B+' long-term
corporate credit rating on Findexa II a.s., the Norway-based
publisher of classified directories.  The rating was withdrawn
at the company's request, following an IPO of Findexa's shares
and the repayment of high-yield notes issued by the company.

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

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


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


ALEKSEEVSKY: Creditors Have Until October 6 to File Claims
----------------------------------------------------------
The Arbitration Court of Volgograd region has declared OJSC
cheese producing factory Alekseevsky insolvent and introduced
bankruptcy proceedings.  The case is docketed as A12-3502/04-
S57.  Mr. A. Vasev 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:  ALEKSEEVSKY
          Russia, Volgograd region,
          Alekseevskaya,
          Krasnogvardeyskaya Str. 64

          Mr. A. Vasev
          Insolvency Manager
          400081, Russia,
          Volgograd, Dorozhnaya Str. 309


AZOVO-CHERNOMORSKAYA: Rostov Court Appoints Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on OJSC Azovo-Chernomorskaya TV-Radio-
Company (TIN 6163028596).  The case is docketed as A53-16674/03-
S2-8.  Mr. V. Ilyashov has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 344010, Russia,
Rostov-na-Donu, Varfolomeyeva Str. 266.  A hearing will take
place at the Arbitration Court of Rostov region on October 26,
2004, 2:30 p.m.

CONTACT:  AZOVO-CHERNOMORSKAYA TV-RADIO-COMPANY
          344101, Russia,
          Rostov-na-Donu,
          Leningradskaya Str. 7

          Mr. V. Ilyashov
          Temporary Insolvency Manager
          344010, Russia,
          Rostov-na-Donu,
          Varfolomeyeva Str. 266


BEZHETSK-SEL-MASH: Court Sets November 2 Hearing
------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on CJSC factory Bezhetsk-Sel-Mash.  The
case is docketed as A66-4522-04.  Mr. G. Chetverkin has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 170034, Russia,
Tver, Erofeeva Str. 5, office 26.  A hearing will take place on
November 2, 2004.

CONTACT:  BEZHETSK-SEL-MASH
          Russia, Tver region,
          Bezhetsk, Zavodskaya Str. 1

          Mr. G. Chetverkin
          Temporary Insolvency Manager
          170034, Russia,
          Tver, Erofeeva Str. 5,
          Office 26


KHAROVSKY FACTORY: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Vologda region has commenced bankruptcy
supervision procedure on OJSC Kharovsky Factory of Technological
Engineering.  The case is docketed as A13-5274/04-17.  Mr. A.
Kocheshkov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to Russia, Vologda,
Vorkutinskaya Str. 14, apartment 76.  A hearing will take place
at the Arbitration Court of Vologda region on November 30, 2004,
11:00 a.m.

CONTACT:  KHAROVSKY FACTORY OF TECHNOLOGICAL ENGINEERING
          Russia, Vologda region,
          Kharovsky region, Kharovsk

          Mr. A. Kocheshkov
          Temporary Insolvency Manager
          Russia, Vologda,
          Vorkutinskaya Str. 14,
          Apartment 76


METAL CONSTRUCTIONS: Bankruptcy Supervision Begins
--------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on OJSC Volzhsky Factory Metal
Constructions.  The case is docketed as A12-13286/04-s55.  Mr.
A. Zalyetnykh has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to Russia, Volgograd,
Rokossovskogo Str. 24, Apartment 134.

CONTACT:  VOLZHSKY FACTORY METAL CONSTRUCTIONS
          404130, Russia,
          Volgograd region, Volzhsky,
          Portovoya Str. 3

          Mr. A. Zalyetnykh
          Temporary Insolvency Manager
          Russia, Volgograd,
          Rokossovskogo Str. 24,
          Apartment 134


MOTOR CONSTRUCTIONS: Last Day for Filing Claims October 5
---------------------------------------------------------
The Arbitration Court of Voronezh region has declared OJSC
Developmental Bureau of Motor Constructions insolvent and
introduced bankruptcy proceedings.  The case is docketed as A14-
10693-03/40/16b.  Mr. G. Denisov has been appointed insolvency
manager.  Creditors have until October 5, 2004 to submit their
proofs of claim to 394006, Russia, Voronezh, Voroshilova Str.
22.

CONTACT:  DEVELOPMENTAL BUREAU OF MOTOR CONSTRUCTIONS
          Russia, Voronezh,
          Voroshilova Str. 22

          Mr. G. Denisov
          Insolvency Manager
          394006, Russia,
          Voronezh, Voroshilova Str. 22


NIKOLSK-OIL-PRODUCTS: Declared Insolvent
----------------------------------------
The Arbitration Court of Vologda region has declared LLC
Nikolsk-Oil-Products insolvent and introduced bankruptcy
proceedings.  The case is docketed as A13-2408/04-22.  Mr. S.
Tikhov has been appointed insolvency manager.  Creditors have
until October 5, 2004 to submit their proofs of claim to 162606,
Russia, Vologda region, Cherepovets, Post User Box 38.

CONTACT:  NIKOLSK-OIL-PRODUCTS
          Russia, Nikolsk,
          Sovetskaya Str. 61

          Mr. S. Tikhov
          Insolvency Manager
          162606, Russia,
          Vologda region, Cherepovets,
          Post User Box 38
          Phone: 57-41-51


P.I. ZAYTSEV: Succumbs to Bankruptcy
------------------------------------
The Arbitration Court of Rostov region has declared CJSC In Name
of P.I. Zaytsev (TIN 6111011810) insolvent and introduced
bankruptcy proceedings.  The case is docketed as A53-2926/04-S2-
30.  Mr. M. Makhnev has been appointed insolvency manager.
Creditors have until October 6, 2004 to submit their proofs of
claim to 344010, Russia, Rostov-na-Donu, Nakhichevansky Per.,
64, Office 1007.

CONTACT:  IN NAME OF P.I. ZAYTSEV
          Russia, Rostov region,
          Zelenogradskiy region, Leninka

          Mr. M. Makhnev
          Insolvency Manager
          344010, Russia,
          Rostov-na-Donu, Nakhichevansky Per. 64,
          Office 1007.


SET POLIPAK: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision procedure on LLC Set Polipak (TIN 6367009143, KPP
636701001).  The case is docketed as A55-7473/2004-13.  Mr. V.
Mozharov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 443086, Russia,
Samara, Novo-Sadovaya Str. 175.

CONTACT:  SET POLIPAK
          443527, Russia,
          Samara region, Volzhskiy region,
          Spiridonovka, Chapaevskaya Str. 32-2

          Mr. V. Mozharov
          Temporary Insolvency Manager
          443086, Russia,
          Samara, Novo-Sadovaya Str. 175
          Phone: (8462) 354-840
          Fax:   (8462) 354-857


THERMO-PLAST: Insolvency Manager Takes over Helm
------------------------------------------------
The Arbitration Court of Volgograd region has declared LLC
Thermo-Plast insolvent and introduced bankruptcy proceedings.
The case is docketed as A12-12752/04-S24.  Mr. A. Vasilyev has
been appointed insolvency manager.  Creditors may submit their
proofs of claim to 400081, Russia, Volgograd, Post User Box 309.

CONTACT:  THERMO-PLAST
          403870, Russia,
          Volgograd region, Kamyshin, promzone

          Mr. A. Vasilyev
          Insolvency Manager
          400081, Russia,
          Volgograd, Post User Box 309


TYUMENSKAYA FURNITURE: Tyumen Court Opens Bankruptcy Proceedings
----------------------------------------------------------------
The Arbitration Court of Tyumen region has declared LLC
Tyumenskaya Furniture Manufacture insolvent and introduced
bankruptcy proceedings.  The case is docketed as A-70-4571/3-04.
Mr. V. Novoselov has been appointed insolvency manager.
Creditors may submit their proofs of claim to Russia, Tyumen, R.
Lyuksemburg Str. 12b.

CONTACT:  TYUMENSKAYA FURNITURE MANUFACTURE
          625023, Russia,
          Tyumen, Kharkovskaya Str. 77

          Mr. V. Novoselov
          Insolvency Manager
          Russia, Tyumen,
          R. Lyuksemburg Str. 12b


VOLZHSKY FACTORY: Appoints S. Sadykov Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on OJSC Volzhsky Factory of
Beverages.  The case is docketed as A12-6304/04-s33.  Mr. S.
Sadykov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to Russia, Volgograd-
112, Ostravskaya Str. 18-26.

CONTACT:  Mr. S. Sadykov
          Temporary Insolvency Manager
          Russia, Volgograd-112,
          Ostravskaya Str. 18-26


YUKOS OIL: Govt Threatens to Cancel License of Main Refinery
------------------------------------------------------------
Authorities will decide in the coming weeks whether to revoke
the licenses of Yukos' Siberian unit, Yugansk, after it stopped
paying taxes, Reuters says.

Bailiffs have already frozen the accounts of Yukos in an effort
to extract payment for over US$7 billion in back taxes for 2000
and 2001.

A source from Russia's Resources Ministry said: "After analyzing
the way the licenses' terms are fulfilled our specialists have
concluded that non-payment of taxes is a serious enough reason
to suspend licenses and revoke them through court procedures."

According to him, Yugansk owes the government RUB3.55 billion
(US$121.5 million) in taxes for August and September.

Yukos spokesman Alexander Shadrin, meanwhile, reminded President
Vladimir Putin of his earlier pronouncements to fire officials
who wanted to bankrupt the company.  "I think we know now where
these officials are," he said.

Investment bank Dresdner Kleinwort Wasserstein is currently
assessing the value of Yugansk for a possible sale to pay Yukos'
tax arrears.  The unit produces 60% of Yukos' crude output.
Analysts estimate Yugansk's value at around US$15 billion, not
discounting allowances for political risks, such as the
withdrawal of licenses.

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

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

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


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


ABB LTD.: Bondholders Okay Early Redemption of 2005, 2006 Bonds
---------------------------------------------------------------
ABB Ltd., the leading power and automation technology group,
said bondholders have approved resolutions which give it the
option to redeem outstanding instruments of its EUR300 million,
5.375% bonds due in 2005 and EUR475 million, 5.125% bonds due in
2006.

The prices will be calculated on the same terms as the tender
offers announced on 29 July 2004.  Both bonds were issued by ABB
International Finance Limited.

Peter Voser, ABB's chief financial officer, says: "The
completion of this bond repurchase will reduce ABB's debt by
approximately US$800 million and is part of ABB's strategy to
cut gross debt to US$4 billion by the end of 2005."

Prior to the bondholders meetings, 57% (EUR156,591,000) of the
principal amount outstanding of 2005 bonds and 59%
(EUR215,200,000) of the principal amount outstanding of 2006
bonds had been validly tendered and accepted under the tender
offers, for which pricing and settlement dates are scheduled for
10 and 14 September 2004, respectively.

ABB intends to exercise its options to redeem early all of the
remaining outstanding 2005 and 2006 bonds.  The redemption date
is expected to be 29 September 2004, with the calculation of the
relevant redemption amounts scheduled for 27 September 2004.

Further information can be found online at
http://www.ABBbondtender.comor by contacting ABB or the dealer
managers.  A notice will also be published in the Luxemburger
Wort on 14 September 2004.  Mandated dealer managers for the
transaction are Barclays Capital, Commerzbank Securities and
Dresdner Kleinwort Wasserstein.

                         About ABB Ltd.

ABB Ltd. (http://www.abb.com)is a leader in power and
automation technologies that enable utility and industry
customers to improve performance while lowering environmental
impact.  The ABB Group of companies operates in around 100
countries and employs about 105,000 people.

CONTACT:  ABB LTD.
          Affolternstrasse 44
          8050 Zurich, Switzerland
          Phone: +41 43 317 7111
          Fax:   +41 43 317 4420
          Web site: http://www.abb.com


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


AGROKORM-PODILLYA: Court Appoints Insolvency Manager
----------------------------------------------------
The Economic Court of Hmelnitskij region declared LLC Agrokorm-
Podillya (code EDRPOU 00686888) insolvent and introduced
bankruptcy proceedings on August 11, 2004.  The case is docketed
as 13/23-B.  Mr. Oleg Sinishin (License Number AA 484194
approved on December 29, 2002) has been appointed
liquidator/insolvency manager.  The company holds account number
26008890001192 at JSCB Ukrsocbank, MFO 315456.

CONTACT:  AGROKORM-PODILLYA
          Ukraine, Hmelnitskij region,
          Kamyants-Podilskij district, Shutnivtsi

          Mr. Oleg Sinishin
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Dragomirov Str. 10a/29
          Phone: 8 (067) 920-50-78

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


DOLINA: AR Krym Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of AR Krym region declared Agro-Industrial
Firm Dolina (code EDRPOU 30833857) insolvent and introduced
bankruptcy proceedings on July 29, 2004.  The case is docketed
as 2-11/3170.  Arbitral manager Mr. Kuhta Vasil (License Number
719845 approved on February 19, 2004) has been appointed
liquidator/insolvency manager.

CONTACT:  AGRO-INDUSTRIAL FIRM DOLINA
          97577, Ukraine, AR Krym region,
          Simferopol district, Pionerske,
          Tereshkova Str. 14a

          Mr. Kuhta Vasil,
          Liquidator/Insolvency Manager
          95048, Ukraine, AR Krym region,
          Simferopol, a/b 2745

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


LVIVAGROREMMASHPOSTACH: Insolvency Manager Takes over Helm
----------------------------------------------------------
The Economic Court of Lviv region declared LLC
Lvivagroremmashpostach (code EDRPOU 00913597) insolvent and
introduced bankruptcy proceedings on June 15, 2004.  The case is
docketed as 6/365-7/156.  Arbitral manager Mr. Sergij Romanchuk
(License Number AA 047773 approved on October 10, 2001) has been
appointed liquidator/insolvency manager.

CONTACT:  LVIVAGROREMMASHPOSTACH
          79040, Ukraine, Lviv region,
          Gorodotska Str. 367

          Mr. Sergij Romanchuk
          Liquidator/Insolvency Manager
          79040, Ukraine, Lviv region,
          Zhuravlina Str. 9/1

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


OKTYABR: Last Day for Filing Claims September 20
------------------------------------------------
The Economic Court of Zaporizhya region has commenced bankruptcy
supervision procedure on LLC Agrofirm Oktyabr (code EDRPOU
00849238).  The case is docketed as 21/150.   Mr. Oleksandr
Potapov (License Number 779120) has been appointed temporary
insolvency manager.  The company holds account number
26005207628001 at CB Privatbank, Energodar branch, MFO 313399.

Creditors have until September 20, 2004 to submit their proofs
of claim to:

(a) AGROFIRM OKTYABR
    71400, Ukraine, Zaporizhya region,
    Velika-Bilozerka, Stepova Str. 24

(b) Mr. Oleksandr Potapov
    Temporary Insolvency Manager
    Ukraine, Zaporizhya region,
    Kamyanko-Dniprovskij district,
    Novodniprovska, Radyanska Str. 80

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


PARMA AGRO: Gives Creditors Until September 20 to File Claims
-------------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on LLC Parma Agro-Ltd. (code EDRPOU
31480958) on June 14, 2004.  The case is docketed as 17/171-B.
Arbitral manager Mr. Kostyantin Kostenko (License Number AA
668333 approved on October 23, 2003) has been appointed
temporary insolvency manager.  The company holds account number
260022546 at CB Privatbank, Novoushitskij branch, MFO 315405.

Creditors have until September 20, 2004 to submit their proofs
of claim to:

(a) PARMA AGRO-LTD.
    Ukraine, Hmelnitskij region,
    Novoushitskij district, Kucha

(b) Mr. Kostyantin Kostenko
    Temporary Insolvency Manager
    Ukraine, Hmelnitskij region,
    Volodimirska Str. 87/1-6

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


RADEHIV' AGROSERVICE: Court Names A. Hutkij Liquidator
------------------------------------------------------
The Economic Court of Lviv region declared OJSC Radehiv'
Agroservice (code EDRPOU 05489916) insolvent and introduced
bankruptcy proceedings on July 6, 2004.  The case is docketed as
6/92-8/52.  Mr. Hutkij A. has been appointed
liquidator/insolvency manager.

The company holds account number 26003060015002 at JSC Index-
bank, Lugansk regional branch, MFO 325279.

CONTACT:  RADEHIV' AGROSERVICE
          Ukraine, Lviv region,
          Radehiv, Mishugi Str. 18

          Mr. Hutkij A.
          Liquidator/Insolvency Manager
          Ukraine, Lviv region,
          Dnisterska Str. 2/48
          Phone: (0322) 70-68-38

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


ROVENKI' AUTO 10912: Lugansk Court Confirms Insolvent Status
------------------------------------------------------------
The Economic Court of Lugansk region declared OJSC Rovenki' Auto
Transport Enterprise 10912 (code EDRPOU 03113213) insolvent and
introduced bankruptcy proceedings on June 8, 2004.  The case is
docketed as 11/149 B.  Arbitral manager Mr. Ostrovskij Vadim
(License Number AA 250229 approved on January 14, 2002) has been
appointed liquidator/insolvency manager.  The company holds
account number 26006301230245 at Prominvestbank, Rovenki branch,
MFO 304502.

CONTACT:  ROVENKI' AUTO TRANSPORT ENTERPRISE 10912
          Ukraine, Lugansk region,
          Rovenki, Telman Str. 2a

          Mr. Ostrovskij Vadim
          Liquidator/Insolvency Manager
          91016, Ukraine, Lugansk region,
          Geroiv VVV square, 2/32

          ECONOMIC COURT OF LUGANSK REGION
          91000, Ukraine, Lugansk region,
          Geroiv VVV square, 3a


SITEK: Court Orders Debt Moratorium
-----------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Firm Sitek (code EDRPOU 20372078)
and ordered a moratorium on satisfaction of creditors' claims on
June 25, 2004.  The case is docketed as 15/126 B.  Arbitral
manager Mr. Vitalij Paterilov (License Number 783055 approved on
April 2, 2004) has been appointed temporary insolvency manager.
The company holds account number 2600117519030 at JSCB
Ukrsocbank, Donetsk regional branch, MFO 334011.

Creditors have until September 20, 2004 to submit their proofs
of claim to:

(a) FIRM SITEK
    83041, Ukraine, Donetsk region,
    Rudokopiv Str. 1

(b) Mr. Vitalij Paterilov
    Temporary Insolvency Manager
    83050, Ukraine, Donetsk region,
    a/b 6915

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


SOLOMON: Names O. Ulinskij Temporary Insolvency Manager
-------------------------------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure on LLC Solomon (code EDRPOU
31874585).  The case is docketed as B40/48/04.  Mr. O. Ulinskij
(License Number AA 783174) has been appointed temporary
insolvency manager.  The company holds account number
26007146260001 at CB Privatbank, Dnipropetrovsk branch, MFO
305299.

CONTACT:  SOLOMON
          49000, Ukraine, Dnipropetrovsk region,
          Geroiv Avenue, 81a

          Mr. O. Ulinskij
          Temporary Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region,
          Spaska Str. 5/11
          Phone: (0562) 47-46-37

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


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


ADC SECURE: Creditors Final Meeting Set October 8
-------------------------------------------------
The final meeting of the creditors of ADC Secure Limited will be
on October 8, 2004 commencing at 10:30 a.m.  It will be held at
No.1 St Swithin Street, Worcester WR1 2PY.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Creditors who want to be represented
at the meeting may appoint proxies.  Proxy forms must be lodged
with Smith & Williamson Limited, No.1 St Swithin Street,
Worcester WR1 2PY not later than 12:00 noon, October 7, 2004.

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


ALBERT ROAD: Members Final Meeting October 8
--------------------------------------------
The final general meeting of the members of Albert Road
Properties Limited (formerly Torquay Market Company Limited)
will be on October 8, 2004 commencing at 11:00 a.m.  It will be
held at One Bridewell Street, Bristol BS1 2AA.

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 Ernst & Young LLP, at One Bridewell Street, Bristol BS1 2AA
not later than 12:00 noon, October 7, 2004.

CONTACT:  ERNST & YOUNG LLP
          One Bridewell Street,
          Bristol BS1 2AA
          Liquidator:
          I Best
          Phone: +44 [0] 117 981 2050
          Fax:   +44 [0] 117 981 2051
          Web site: http://www.ey.com


BAE SYSTEMS: 'BBB+'/'F2' Ratings Affirmed; Outlook Negative
-----------------------------------------------------------
Fitch Ratings affirmed BAE Systems Plc's ratings at Senior
Unsecured 'BBB+' and Short-term 'F2'.  The Outlook remains
Negative.

The ratings reflect BAE's leading market positions, its
geographical diversification, its prime contracting capabilities
and the substantial order book, which represented 3.7x FY03
sales.  The company continues to expand into North America,
where it is a tier two supplier.  Activities in this country now
represent the largest business group within BAE, measured by
number of employees, and second largest in terms of revenues.
The company is expected to continue to pursue its growth
strategy in the U.S. through the acquisition of small-medium
sized entities.  Fitch believes BAE is unlikely to succeed in
becoming a prime contractor in the U.S. defense industry, due to
political reasons.

The negative outlook reflects concerns regarding the
sustainability of cash flow generation capability and the
maintenance of net debt levels (post acquisitions) as per FYE03.
Uncertainties related to terrorist attacks, especially in the
Kingdom of Saudi Arabia where BAE has a strong presence as prime
contractor through the Al Yamamah (AY) contract, also raise
operational concerns.  BAE also needs to show that good
relations with the U.K. Ministry of Defense (MoD) have been
restored by securing contracts that allow for adequate
profitability as per the company's announced targets.  It also
needs to show that full control on project management has been
regained, with a lack of exceptional charges.

While the U.K. MoD recently announced a restructuring of the
armed forces, which involves cuts to certain programs, it is not
expected that this will have a material impact on BAE's
performance.  Commitments to fighter jets Eurofighter and Joint
Strike Fighter and nuclear submarine Astute have been confirmed.
Fitch believes that BAE is well placed to benefit from the
redirection of the defense budget towards the development of new
technologies and network-enabled capabilities, which require
more modern and sophisticated equipment.

Net debt increased to GBP1.1 billion at 1H04 from GBP865 million
at FYE03 (GBP1.3 billion at FYE02).  Net debt/EBITDA stood at
1.0x at FYE03 (1.3x at FYE02 on an adjusted basis).  The agency
notes that debt reduction in 2003 was above expectations, partly
as a result of stronger operating cash flow, boosted by the high
oil prices in connection with the AY contract and an increase in
customer stage payments.  The agency believes that in FY04 the
company might experience some pressure on working capital as the
increase in customer advance payments (as per FY03) might not be
sustainable.  While high oil prices could partly compensate the
pressure on working capital, additional indebtedness
requirements are likely to arise.  The agency notes that BAE's
profit generation heavily relies on the Customer Solutions and
Support business group, which has represented over 40% of total
profit before goodwill amortization, impairment and exceptional
items since the year 2002.

BAE is Europe's largest defense equipment company and a 20%
shareholder in aircraft manufacturer Airbus.

CONTACT:  FITCH RATINGS
          Elisabetta Zorzi, Milan
          Phone: +39 02 87 90 87213

          Monica Klingberg Insoll, London
          Phone: +44 (0) 20 7417 4281

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


BESTSHOT SALES: Liquidator to Present Final Report October 15
-------------------------------------------------------------
The final meeting of the creditors of Bestshot Sales Limited
will be on October 15, 2004 commencing at 11:00 a.m.  It will be
held at the offices of Begbies Traynor (Incorporating Taylor
Gotham & Fry), The Old Exchange, 234 Southchurch Road, Southend-
on-Sea, Essex SS1 2EG.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Creditors who want to be represented
at the meeting may appoint proxies.  Proxy forms must be lodged
with Begbies Traynor (Incorporating Taylor Gotham & Fry), The
Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1
2EG not later than 12:00 noon, October 14, 2004.

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


BLONDECELL LIMITED: Hires Mazars as Administrator
-------------------------------------------------
Timothy Colin Hamilton Ball and Alastair Steven Wood have been
appointed as administrators for Blondecell Limited.  The
appointment was made August 23, 2004.  The company is engaged in
glass reinforced plastic engineering.

CONTACT:  MAZARS
          Regency House,
          3 Grosvenor Square,
          Southampton SO15 2BE
          Administrators:
          Timothy Colin Hamilton Ball
          Alastair Steven Wood
          (IP Nos 8018, 7929)
          Phone: 02380 232428
          Fax:   02380 232579
          Web site: http://www.mazars.co.uk


CHILTERN LEISURE: Members, Creditors Final Meeting October 11
-------------------------------------------------------------
The final meeting of the members and creditors of Chiltern
Leisure Plc will be on October 11, 2004 commencing at 10:00 a.m.
and 10:15 a.m. respectively.  It will be held at the offices of
Harris Lipman, 2 Mountview Court, 310 Friern Barnet Lane,
Whetstone, London N20 0YZ.

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 and creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Harris Lipman, 2 Mountview Court, 310 Friern
Barnet Lane, Whetstone, London N20 0YZ not later than 12:00
noon, October 8, 2004.

CONTACT:  HARRIS LIPMAN
          2 Mountview Court,
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ
          Liquidator:
          B D Lewis
          Phone: (020) 8446 9000
          Fax:   (020) 8446 9537
          Web site: http://www.harris-lipman.co.uk


CLEWS LEISURE: Hires Joint Liquidator from Begbies Traynor
----------------------------------------------------------
At an extraordinary general meeting of the members of the Clews
Leisure Limited on September 1, 2004 held at 1 Winckley Court,
Chapel Street, Preston PR1 8BU, the ordinary and extraordinary
resolutions to wind up the company were passed.  Gordon Craig of
Begbies Traynor, 1 Winckley Court, Chapel Street, Preston PR1
8BU has been appointed liquidator of the company for the purpose
of said winding-up.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street, Preston,
          Lancashire PR1 8BU
          Joint Liquidator:
          Gordon Craig
          Phone: 01772 202000
          Fax:   01772 200099
          Web site: http://www.begbies.com


COMPUTER TECHNOLOGY: List of Creditors, Claims Out Friday
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Computer Technology Distribution Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Computer Technology
Distribution Ltd. will be held at 4 Dancastle Court 14 Arcadia
Avenue London N3 2HS on September 17, 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)

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

By Order of the Board.

A. Benbow, Director
August 23, 2004

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


CORUS GROUP: S&P Ups Ratings; Cites Favorable Industry Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on U.K.-based steel consortium Corus
Group PLC to 'B+' from 'B', as a result of the ongoing favorable
outlook for the global steel industry.  The outlook is stable.

At the same time, Standard & Poor's raised its senior secured
bank loan ratings on Corus to 'BB-' from 'B+', and its senior
unsecured debt ratings on Corus and Corus Finance PLC to 'B-'
from 'CCC+'.  The 'B' short-term corporate credit rating on
Corus was affirmed.

"Continued price increases now scheduled for the fourth quarter
of 2004 suggest that steel prices should remain strong into the
first half of 2005.  Combined with a strong euro, high scrap
prices, and a relatively low level of long-term contracts (40%),
this should translate into relatively strong earnings for Corus
for 2004 and the first half of 2005," said Standard & Poor's
credit analyst Olivier Beroud.

Uncertainty remains, however, about the potential negative
impact on margins of further raw materials price increases in
2005.  The key for Corus is to take advantage of the favorable
market conditions to address the historically very weak
competitive position of its U.K. carbon steel business.

Furthermore, the ratings on Corus continue to reflect the
group's difficulties in achieving sustainable profits in its
U.K. operations after years of heavy restructuring.  Corus'
financial profile remains weak compared with those of its peers
due to low cash flow generation and the need for further
restructuring of its U.K. asset base.  The new restructuring
plan aims to restore competitiveness in relation to European
competitors by the end of 2006.  Even in today's strong pricing
environment, Standard & Poor's does not expect meaningful debt
reduction from Corus at a time when its competitors are able to
dedicate substantial free cash flows to debt reductions.

In the medium term, Standard & Poor's is concerned that western
European steelmakers such as Corus will face increased
competition from countries with a lower cost base (E.U.
accession and Commonwealth of Independent States countries) that
are gradually catching up in terms of production efficiency and
product quality.  Doubts remain as to whether Corus will be able
to bridge the competitive gap (five to six percentage points by
EBITDA margin) sufficiently in the next few years to generate an
adequate return over the cycle.

"Corus' continuing key challenge is the restructuring of its
U.K. operations into a business that is free cash flow positive
over the cycle.

The ongoing favorable market outlook and liquidity position
means the group has a window of opportunity to resolve this
problem," said Mr. Beroud.

In determining the success of Corus' restructuring efforts,
Standard & Poor's will look for evidence that the competitive
gap with European peers is narrowing.

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

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


DARE TO BARE: Sets Final Meeting October 13
-------------------------------------------
The final meetings of the members and creditors of Dare to Bare
Manufacturing Limited will be on October 13, 2004 commencing at
11:00 a.m. and 11:15 a.m. respectively.  It will be held at the
offices of Berg Kaprow Lewis LLP, 4 Shakespeare Road, London N3
1XE.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Berg Kaprow Lewis LLP, 4 Shakespeare Road,
London N3 1XE not later than 12:00 noon, October 12, 2004.

CONTACT:  BERG KAPROW LEWIS LLP
          4 Shakespeare Road,
          London N3 1XE
          Liquidator:
          S T Bennett
          Web site: http://www.bergkaprowlewis.co.uk


DIGITAL MEDIA: Liquidator's Final Report Out October 7
------------------------------------------------------
The general meeting of the members of Digital Media and
Marketing Limited will be on October 7, 2004 commencing at 12:00
noon.  It will be held at Dains, St John's Court, Wiltell Road,
Lichfield, Staffordshire WS14 9DS.

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 Dains, St John's Court, Wiltell Road, Lichfield,
Staffordshire WS14 9DS not later than 12:00 noon, October 6,
2004.

CONTACT:  DAINS
          St Johns Court
          Wiltell Road, Lichfield,
          Staffordshire WS14 9DS
          Liquidator:
          M F P Smith
          Web site: http://www.dains.com


EXCALIBUR PLASTICS: Members Agree to Wind up Business
-----------------------------------------------------
At an extraordinary general meeting of the Excalibur Plastics
Limited on September 3, 2004 held at the offices of Royce
Peeling Green, The Copper Room, Deva Centre, Trinity Way,
Manchester M3 7BG, the ordinary and extraordinary resolutions to
wind up the company were passed.  Peter Jones and Roderick
Michael Withinshaw of Royce Peeling Green, The Copper Room, Deva
Centre, Trinity Way, Manchester M3 7BG have been appointed joint
liquidators of the company for the purpose of such winding-up.

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


FINSON LIMITED: Directors Banned from Holding Executive Posts
-------------------------------------------------------------
Two directors of businesses, which supplied the roof and
cladding industry and sold and designed specialist imported
materials, have given Undertakings not to hold directorships or
take any part in company management for five and four years.

The Undertaking by John Anthony Finney, 68, and David John
Finney, 38, both of Bakewell, Derbyshire, were given in respect
of their conduct as a directors of Finson (Fabrications) Limited
and Finson (Roofing and Cladding) Limited both of which traded
from Admirals Yard, Eckington Business Park, Rotherside Road,
Eckington, Sheffield S21 4HL.

Acceptance of the Undertakings on August 26, 2004 prevents John
Anthony Finney and David John Finney from being directors 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 five and four years respectively.

Finson (Fabrications) Limited was placed into voluntary
liquidation on October 22, 2002 with estimated debts of
GBP382,504 owed to its creditors.  Finson (Roofing and Cladding)
Limited was placed into voluntary liquidation on October 22,
2002 with estimated debts of GBP237,644 owed to its creditors.

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

Matters of unfit conduct, not disputed by John Anthony Finney,
were:

(a) That during the period from January 31, 2001 at the latest
    to the end of trading on 4 October 2002, he caused Finson
    (Fabrications) Limited to trade whilst insolvent to the
    detriment of trade creditors and the Crown;

(b) That he caused Finson (Roofing and Cladding) Limited to fail
    to deal properly with its taxation affairs; and

(c) That he caused Roofing to enter into transactions, which
    were to the detriment of creditors and to his express
    benefit.

Matters of unfit conduct, not disputed by David John Finney,
were:

(a) That during the period from January 31, 2001 at the latest
    to the end of trading on October 4, 2002, he caused Finson
    (Fabrications) Limited to trade whilst insolvent to the
    detriment of trade creditors and the Crown;
(b) That he allowed Roofing to fail to deal properly with its
    taxation affairs; and

(c) That he allowed Roofing to enter into transactions, which
    were to the detriment of creditors and for the express
    benefit of his co-director, and brother, John Finney.

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


FLY-ELITE LIMITED: Hires PricewaterhouseCoopers as Liquidator
-------------------------------------------------------------
At an extraordinary general meeting of the Fly-Elite Limited
Company on September 3, 2004 held at Plumtree Court, London EC4A
4HT, the ordinary and extraordinary resolutions to wind up the
company were passed.  Ian Christopher Oakley Smith and David
James Waterhouse of PricewaterhouseCoopers LLP, Plumtree Court,
London EC4A 4HT have been appointed liquidators of the Company
for the purpose of its voluntary winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court,
          London EC4A 4HT
          Joint Liquidators:
          Ian Christopher Oakley Smith
          David James Waterhouse
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


FORBES MILLS: Appoints Joint Liquidators from Begbies Traynor
-------------------------------------------------------------
At an extraordinary general meeting of the members of the Forbes
Mills Associates Limited on August 26, 2004 held at Regus, 12
Leadenhall Street, London EC3V 1LP, the ordinary and
extraordinary resolutions to wind up the company were passed.
Paul Michael Davis and Timothy John Edward Dolder of Begbies
Traynor (South) LLP, Chiltern House, 24-30 King Street, Watford
WD18 0B have been appointed joint liquidators of the Company for
the purpose of the voluntary winding-up.

CONTACT:  BEGBIES TRAYNOR
          Chiltern House,
          24-30 King Street,
          Watford WD18 0BP
          Joint Liquidators:
          Paul Michael Davis
          Timothy John Edward Dolder
          Phone: 01923 812900
          Fax:   01923 812999
          Web site: http://www.begbies.com


GLASS LONDON: May Appoint Liquidator Thursday
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

     IN THE MATTER OF Glass (Structural Services) London Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Glass (Structural
Services) London Ltd. will be held at 4 Dancastle Court 14
Arcadia Avenue London N3 2HS on September 16, 2004, at 12:00
noon for the purpose of having a full statement of the position
of the Company's affairs, together with a list of the Creditors
of the Company and the estimated amount of their claims, laid
before them, and for the purpose, if thought fit, of nominating
a Liquidator and of appointing a Liquidation Committee.
(Sections 99-101 of the said Act)

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

By Order of the Board.

B. Wright, Director
August 19, 2004

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


H R AIR: Sets Final General Meeting October 7
---------------------------------------------
The final general meeting of the H R Air Services Limited will
be on October 7, 2004 commending at 11:00 a.m.  It will be held
at One Bridewell Street, Bristol BS1 2AA.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.

CONTACT:  ERNST & YOUNG LLP
          One Bridewell Street,
          Bristol BS1 2AA
          Liquidator:
          Ian Best
          Phone: +44 [0] 117 981 2050
          Fax:   +44 [0] 117 981 2051
          Web site: http://www.ey.com


LIMEGRID PLC: Liquidator to Present Final Report October 12
-----------------------------------------------------------
The final meeting of the shareholders of Limegrid Plc (formerly
the Marchday Group Plc) will be on October 12, 2004 commencing
at 11:00 a.m.  It will be held at 66 Wigmore Street, London W1U
2HQ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Shareholders who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Numerica, PO Box 2653, 66 Wigmore Street,
London W1A 3RT not later than 12:00 noon, October 11, 2004.

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


MEZZANINE GROUP: Names Hurst Morrison Thomson Administrator
-----------------------------------------------------------
Paul William Ellison and Gareth Wyn Roberts as administrators
for Mezzanine Group Plc.  The appointment was made September 1,
2004.  The company operated wine bars and restaurants.

CONTACT:  HURST MORRISON THOMSON CORPORATE RECOVERY LLP
          5 Fairmile,
          Henley-on-Thames,
          Oxfordshire RG9 2JR
          Administrators:
          Paul William Ellison
          Gareth Wyn Roberts
          (IP Nos 7254, 1162)
          Phone: 01491 579740
          Fax:   01491 575073


MID BEDS: Extraordinary Winding up Resolution Passed
----------------------------------------------------
At an extraordinary general meeting of the members of the Mid
Beds Roofing Company Limited on September 3, 2004 duly convened,
and held at the offices of Harris Lipman, 2 Mountview Court, 310
Friern Barnet Lane, Whetstone, London N20 0YZ, the extraordinary
resolution to wind up the company was passed.  Barry David Lewis
of Harris Lipman, 2 Mountview Court, 310 Friern Barnet Lane,
Whetstone, London N20 0YZ has been appointed as liquidator of
the company for the purpose of the voluntary winding-up.

CONTACT:  HARRIS LIPMAN
          2 Mountview Court
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ
          Liquidator:
          Barry David Lewis
          Phone: (020) 8446 9000
          Fax:   (020) 8446 9537
          Web site: http://www.harris-lipman.co.uk


MONITRON INTERNATIONAL: Creditors Meeting Set September 20
----------------------------------------------------------
The creditors of Monitron International Limited will meet on
September 20, 2004 commencing at 10:30 a.m.  It will be held at
the offices of KPMG LLP, 2 Cornwall Street, Birmingham B3 2RT.

Creditors who want to be represented at the meeting may appoint

proxies.  Proxy forms must be submitted together with written
debt claims to KPMG LLP, 2 Cornwall Street, Birmingham B3 2RT
not later than 12:00 noon, September 17, 2004.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Joint Administrator:
          A W Graham
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


PARKINSONS HARNESSES: Sets Members Meeting October 12
-----------------------------------------------------
The members of Parkinsons Harnesses Limited will meet on October
12, 2004 commencing at 10:00 a.m.  It will be held at the
offices of Bulley Davey, 69-75 Lincoln Road, Peterborough PE1
2SQ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.

CONTACT:  BULLEY DAVEY
          69-75 Lincoln Road,
          Peterborough PE1 2SQ
          Liquidator:
          M Perkins
          Phone: 01733 569494
          Fax: 01733 565250
          Web site: http://www.bulleydavey.co.uk


PDC CONSTRUCTION: Hires Joint Liquidators from KPMG
---------------------------------------------------
At an extraordinary general meeting of the PDC Construction Ltd
on August 23, 2004 held at KPMG LLP, 1 The Embankment, Neville
Street, Leeds LS1 4DW, the ordinary and extraordinary
resolutions to wind up the company were passed.  Julian Richard
Whale and Richard Dixon Fleming of KPMG LLP have been appointed
joint liquidators for the purpose of such winding-up.

CONTACT:  KPMG LLP
          1 The Embankment
          Neville Street
          Leeds LS1 4DW
          Joint Liquidators:
          Julian Richard Whale
          Richard Dixon
          Phone: (0113) 231 3000
          Fax: (0113) 231 3200
          Web site: http://www.kpmg.co.uk


PREMIER FOODS: Interim Results Meet IPO Expectations
----------------------------------------------------
Highlights of Interim results for the six months to 3 July 2004:

                     Unaudited        Unaudited
                   six months to    six months to    Change
                    3 July 2004      28 June 2003
                       GBPm              GBPm

  Turnover*          425.8               372.2        14.4%

  Operating profit*   31.2                24.2        28.9%

  Profit on ordinary activities
  before interest
                      32.2                29.6        8.8%

---------
* Continuing operations

(a) Results in line with expectations at IPO

(b) Continuing operating profit up 28.9%

(c) Like for like grocery sales up 2.7% and operating profit up
    7.5%  (before exceptional items)

(d) Continued focus and growth of brands: Currently 54% of
    grocery sales

(e) Ambrosia acquisition fully integrated

(f) Rationalization program on track

(g) Q3 trading and outlook in line with our expectations

Robert Schofield, Chief Executive of Premier Foods plc, said:
"We are delighted to have listed on the Stock Exchange and be
delivering a good set of maiden results.  We have grown sales,
cut costs and developed our margin ahead of last year and in
line with our strategy.

"The IPO and associated refinancing has enabled us to reduce net
debt, and our interest payments will fall significantly going
forward.  While the trading environment remains tough, the
second half of the year is looking positive, where seasonally
better trading, brand performance and cost cutting measures are
expected to contribute to our full-year results.

"Our brands, scale and efficiency mean we are well positioned to
deliver profitable growth and strong cash flow generation to
support progressive dividends and complementary acquisitions in
the future."

A full copy of the financial result is available free of charge
at: http://bankrupt.com/misc/Premier_1H2004.htm

CONTACT:  PREMIER FOODS PLC
          Paul Thomas, Finance Director
          Phone: +44 (0) 7808 096 999

          CITIGATE DEWE ROGERSON
          Michael Berkeley
          Phone: +44 (0) 20 7638 9571
          Contact:
          Sara Batchelor
          Anthony Kennaway


QUIKTRAK TELECOMMUNICATIONS: Names Tenon Recovery Administrator
---------------------------------------------------------------
S R Thomas and T J Binyon have been appointed administrators for
Quiktrak Telecommunications (UK) Limited.  The appointment was
made August 23, 2004.

The company is engaged in radio communication asset monitoring.
Its registered office is c/o Tenon Recovery, Sherlock House, 73
Baker Street, London W1U 6RD.

CONTACT:  TENON RECOVERY
          Sherlock House,
          73 Baker Street,
          London W1U 6RD
          Administrators:
          S R Thomas
          T J Binyon
          (IP Nos 8920, 9825)
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


ROYAL & SUNALLIANCE: A.M. Best Affirms Ratings; Outlook Negative
----------------------------------------------------------------
A.M. Best Co. has affirmed the financial strength rating of A-
(Excellent) of the Royal & Sun Alliance Insurance Group plc
(R&SA) (United Kingdom) and its core subsidiaries.  At the same
time, A.M. Best has assigned an issuer credit rating (ICR) of
"a-" to each of these companies.  A.M. Best has also affirmed
the ratings of "bbb" and "bbb-" of R&SA's subordinated debt and
preferred stock, respectively.  The outlook on all ratings
remains negative.

The ratings reflect R&SA's improving risk-adjusted
capitalization and improving operating performance, as well as
its excellent business profile.  The main offsetting factor
continues to be the potential for further reserve deterioration
-- particularly in the United States -- and the uncertainty as
to the scale of future retained profits.

A.M. Best expects R&SA's prospective level of risk-adjusted
capitalization to improve following the GBP450 million (US$823
million) perpetual subordinated notes issue completed on July
23, 2004, and the prospective divestments of the U.K. and Codan
life operations.

              Improving Operating Performance

Results at the half-year 2004 were improved, in line with A.M.
Best expectations, with a reported consolidated combined ratio
of 99.7% (108% at year-end 2003).  A.M. Best believes that R&SA
is likely to maintain the consolidated combined ratio below 100%
on average across the insurance cycle for ongoing businesses due
to expense reduction, the ongoing disposal program and the
withdrawal from certain unprofitable lines of business.  As
expected, results for the ongoing operations in the United
Kingdom, Scandinavia, Canada and International businesses
continue to improve despite high ongoing costs associated with
the restructuring of the discontinued U.S. operations.

             Improving Risk-based Capitalization

The benefits of the restructuring of R&SA are likely to begin to
emerge in 2004, which include an improved loss experience and
that the prospective level of risk-adjusted capitalization will
continue to support R&SA's A- (Excellent) rating.

The main offsetting factor continues to be the potential for
further reserve deterioration.  GBP200 million pre tax (US$366
million) remains from the contingent liability established at
the third quarter 2003 for future adverse loss development,
relating largely to discontinued business in the United States.
A.M. Best believes that workers' compensation, general liability
and product liability are the lines of business most at risk to
adverse loss development, as well as potential asbestos and
environmental reserve deficiency. A.M. Best continues to closely
monitor the development of R&SA's reserves.

For a complete list of Royal & Sun Alliance Insurance Group's
financial strength and debt ratings, please visit
http://www.ambest.com/press/091003rsa.pdf.

For a list of A.M. Best's debt ratings, please visit
http://www.ambest.com/debt.

A.M. Best Co., established in 1899, is the world's oldest and
most authoritative insurance rating and information source.  For
more information, visit http://www.ambest.com.

CONTACT:  A.M. BEST CO.
          Public Relations:
          Jim Peavy
          Phone: 908-439-2200, ext. 5644
          E-mail: james.peavy@ambest.com

          or

          Rachelle Striegel
          Phone: 908-439-2200, ext. 5378
          E-mail: rachelle.striegel@ambest.com

          or

          Analysts:
          Simon Martin
          Phone: +(44) 20 7626 6264
          E-mail: simon.martin@ambest.com

          or

          Jose Sanchez-Crespo
          Phone: +(44) 20 7626 6264
          E-mail: jose.sanchez-crespo@ambest.com


SHOOTGLEN LIMITED: EBS AG Brings in Receiver from Grant Thornton
----------------------------------------------------------------
UBS AG called in Leslie Ross, Mark Byers and Malcolm B Shierson
as joint administrative receivers for Shootglen Limited (Reg No
01641956, Trade Classification: 38).  The application was filed
September 2, 2004.  The company is engaged in equipment leasing.

CONTACT:  GRANT THORNTON UK LLP
          Heron House,
          Albert Square,
          Manchester M60 8GT
          Joint Administrative Receivers:
          Leslie Ross
          Mark Byers
          Malcolm B Shierson
          (Office Holder Nos 7244, 8758, 5330)
          Phone: 0161 834 5414
          Fax:   0161 832 6042
          Web site: http://www.grant-thornton.co.uk


SINTEL LIMITED: Creditors Meeting Thursday
------------------------------------------
The creditors of Sintel Limited will meet on September 16, 2004
commencing at 11:00 a.m.  It will be held at The Sherlock Holmes
Hotel, 108 Baker Street, London W1U 6LJ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to HKM LLP, The Old Mill, 9 Soar Lane, Leicester LE3
5DE not later than 12:00 noon, September 15, 2004.

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


SLOGGETTS (PROPERTIES): Members Final Meeting Set October 4
-----------------------------------------------------------
The final meeting of the members of Sloggetts (Properties) will
be on October 4, 2004 commencing at 10:00 a.m.  It will be held
at Kingston Smith & Partners LLP, Devonshire House, 60 Goswell
Road, London EC1M 7AD.

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 Kingston Smith & Partners LLP, Devonshire House, 60 Goswell
Road, London EC1M 7AD not later than 12:00 noon, October 1,
2004.

CONTACT:  KINGSTON SMITH & PARTNERS LLP
          Devonshire House,
          60 Goswell Road,
          London EC1M 7AD
     Joint Liquidator:
          I Robert
          Phone: 020 7566 4000
          Fax:   020 7566 4010
          Web site: http://www.kingstonsmith.co.uk


TAILOR MADE: Meeting of Creditors September 17
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF The Tailor Made Blind Co Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of The Tailor Made Blind
Co Ltd. will be held at Riverside House 31 Cathedral Road
Cardiff CF11 9HB on September 16, 2004, at 12:00 p.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee.  (Sections
99-101 of the said Act)

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 Riverside House
31 Cathedral Road Cardiff CF11 9HB 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
Riverside House 31 Cathedral Road Cardiff CF11 9HB 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 Begbies Traynor, Riverside House 31 Cathedral
Road Cardiff CF11 9HB two business days prior to the meeting.

By Order of the Board.

N. L. Mathias, Director
August 20, 2004

CONTACT:  BEGBIES TRAYNOR
          4th Floor Riverside House
          31 Cathedral Road
          Cardiff CF11 9HB
          Phone: 029 2022 5022
          Fax: 029 2022 4523
          E-mail: cardiff@begbies-traynor.com
          Web site: http://www.begbies.com


THEATRE KAFE: Three Directors Get Four-year Ban
-----------------------------------------------
Three directors of a public bar business, which failed with
total debts estimated at around GBP201,000 have given
Undertakings not to hold directorships or take any part in
company management for four years.

The Undertaking of Roy Mould a.k.a. Roy Marsden, 63, of Meynell
Road, Hackney, London; of Michael Mould, 65, of Lime Street,
Ouseburn, Newcastle upon Tyne; and of Alison Joan Mould, 49, of
Lime Street, Ouseburn, Newcastle upon Tyne, was given in respect
of their conduct as directors of Theatre Kafe which carried out
business from premises at 36 Lime Street, Newcastle upon Tyne.

Acceptance of the Undertakings on August 31, 2004 prevents Roy
Mould, Michael Mould and Alison Joan Mould from being directors
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.

Theatre Kafe was placed into voluntary liquidation on October
23, 2002 with estimated debts of GBP201,280 owed to its
creditors.

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

The matter of unfit conduct, not disputed by Roy Mould, Michael
Mould and Alison Joan Mould, solely for the purpose of the
undertaking is that during September 30, 2001 to the date of
liquidation on October 23, 2002, they caused Theatre Kafe to
trade whilst insolvent to the detriment of the Crown Department,
which are owed in total at least GBP101,143 being GBP61,930 in
respect of VAT, for the period July 2001 to October 2002 and
GBP39,213 in respect of PAYE/NIC for the tax years 2000/01 to
2002/03.

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


TRENDPAM MACHINERY: Calls in Liquidators from Wilder Coe
--------------------------------------------------------
At an extraordinary general meeting of the members of the
Trendpam Machinery Limited on September 3, 2004 held at Wilder
Coe, 233-237 Old Marylebone Road, London NW1 5QT, the ordinary
and extraordinary resolutions to wind up the company were
passed.  Norman Cowan and Mark Riley of Wilder Coe, 12th Floor,
Southgate House, St George's Way, Stevenage, Hertfordshire SG1
1HG have been appointed joint liquidators of the Company for the
purposes of the voluntary winding-up.

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


TURKDAWN LIMITED: Insolvency Service Disqualifies Director
----------------------------------------------------------
A director of a Building Works Contractor business that failed
with total debts estimated at around GBP252,000 has given an
Undertaking not to hold directorships or take any part in
company management for 4 years.

The Undertaking by Glynn Anthony Roberts, 41, of Gun Hill,
Arley, Coventry, was given in respect of his conduct as a
director of Turkdawn Limited, which carried out business from
premises at 22A Grove Road, Sparkhill, Birmingham.

The acceptance of the Undertaking on August 20, 2004 (effective
September 10, 2004) prevents Glynn Anthony Roberts from being a
director of a company or, in any way, whether directly or
indirectly, being concerned or taking part in the promotion,
formation or management of a company for the above period.

Turkdawn Limited was placed into voluntary liquidation on May
15, 2002 with estimated debts of GBP251,719 owed to creditors.

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

The matter of unfit conduct, not disputed by Glynn Anthony
Roberts is that during August 31, 2001 to the date of
liquidation on May 15, 2002, Mr. Roberts caused Turkdawn to
trade whilst insolvent at the risk of and ultimate detriment to
the Crown.

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


U.K. COAL: First-half Pre-tax Loss Balloons to GBP5.8 Mln
---------------------------------------------------------
U.K. Coal plc, the coal mining and property group, announces its
interim results for the six months ended 30 June 2004.

Highlights:

(a) Operating loss on continuing operations before exceptional
    items of GBP14.2 million (2003: profit of GBP0.7 million)

(b) Loss before tax of GBP5.8 million (2003: loss of GBP0.8
    million)

(c) Cash outflow, before use of liquid resources financing and
    dividends, of GBP1.9 million (2003: cash inflow GBP30.3
    million)

(d) Dividend 5.0 pence per share (2003: 5.0 pence per share)

(e) Sales volumes 7.4 million tons (2003: 9.9 million tons)

(f) Deep mine production 6.0 million tons (2003: 7.9 million
    tons); surface mine production 1.2 million tons (2003: 1.8
    million tons)

(g) Property sales income GBP1.9 million (2003: GBP8.3 million);
    planning approvals for a further 40 acres

Commenting on the results, Gordon McPhie, Chief Executive of
U.K. Coal, said: "Production performance was disappointing in
the first half year, limiting sales, and unit costs have
increased.  The second half performance should improve with
fewer production gaps at the deep mines, and a return to full
production at Kellingley Colliery.  We continue to work to
mitigate the effect of cost increases through Project 105 and
other initiatives.

"International coal prices have remained high throughout the
period and should be reflected in higher prices in 2005 and
beyond.  We therefore continue to invest in improved production
equipment and in accessing new reserves at our deep mines
assisted by the Government's Coal Investment Aid program.  In
contrast, the surface mining business is reducing in size
through lack of planning approvals.

"The outlook for the property business remains good and we will
continue to generate added value to our significant property
portfolio by obtaining planning permissions and by development
and restoration where appropriate."

A full copy of the report is available free of charge at:
http://bankrupt.com/misc/UkCoal_Interim1H2004.htm

CONTACT:  U.K. COAL PLC
          Gordon McPhie, Chief Executive
          Chris Mawe, Finance Director
          Phone: 01302 751751

          GAVIN ANDERSON & COMPANY
          Liz Morley
          Ken Cronin
          Phone: 020 7554 1400

          Stuart Oliver (Operational)
          Phone: 01525 381759
                 07774 231 178


UNIONS LEGAL: Hires Deloitte & Touche as Liquidator
---------------------------------------------------
At a meeting of the members of Union Legal Support and
Administration Services Limited on September 1, 2004, the
special and ordinary resolution to wind up the company were
passed.  James Robert Drummond Smith and Nicholas James Dargan
of Deloitte and Touche LLP, Athene Place, 66 Shoe Lane, London
EC4A 3WA have been appointed joint liquidators for the purpose
of winding-up.

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


WALKER AUTOMOTIVE: Sets Creditors Meeting September 24
------------------------------------------------------
The creditors of Walker Automotive Limited will be on September
24, 2004 commencing at 10:30 a.m.  It will be held at UHY Hacker
Young, St James Building, 79 Oxford Street, Manchester M1 6HT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to UHY Hacker Young, St James Building, 79 Oxford
Street, Manchester M1 6HT, not later than 12:00 noon, September
23, 2004.

CONTACT:  UHY HACKER YOUNG
          St James Building,
          79 Oxford Street,
          Manchester M1 6HT
          Joint Administrators:
          Andrew Andronikou
          Ladislav Hornan
          Phone: 0161 236 6936
          Fax:   0161 228 0117
          E-mail: manchester@uhy-uk.com


* FSCS Declares 16 Firms in Default
-----------------------------------
The Financial Services Compensation Scheme (FSCS) is encouraging
consumers to get in touch if they may have lost money as a
result of their dealings with any one of 16 firms recently
declared in default by the Scheme.

Declaring a firm in default opens the way for anyone who has
lost money, as a result of dealings with such a firm, to make a
claim for compensation to FSCS.  The limit for investment
compensation is GBP48,000.  Consumers who believe they may have
a claim, should contact the Scheme on 020 7892 7300.
The service is free to consumers.

"FSCS' role is to protect customers of financial services firms.
It is important for people to know that there is an organization
that can help if they have lost money and the firm can't pay,"
says Ron Devlin, Interim Chief Executive of the FSCS.

The declaration of default is the final part of a process
whereby a regulated firm (for example, an independent financial
adviser) is deemed by FSCS to be unable to pay claims for
compensation against it.  This is usually because it has
insufficient assets, for example, because it has ceased trading
or is insolvent.

FSCS is U.K.'s statutory single compensation scheme covering
investments, deposits and insurance.  It provides a fund of last
resort for consumers who have claims against regulated firms
that are unable to pay them.

A list of the 16 investment firms is attached, and a list
containing the full address of each of the firms is available at
http://www.fscs.org.uk. Consumers can also use the default
database on the Web site to check to see if a firm they have
dealt with previously has already been declared in default.

FSCS became the single compensation scheme in the financial
services sector on 1 December 2001, when the Financial Services
and Markets Act came into force.  All previous compensation
schemes, including the Investors Compensation Scheme, ceased to
operate at this time.

                  Default Declarations by FSCS
                    As of September 8, 2004

(a) East

      (i) Philip A Barnes (Insurance Brokers) Limited (now
          Philip A Barnes Limited), Bedford MK40 3EU

     (ii) Senior Financial Services Limited, Halstead CO9 1JE

(b) Midlands

      (i) David William Pollock and Patricia Woodcock trading as
          Monks Financial Services, Bardney LN3 5UA

     (ii) Fiscal Marketing Limited, Sutton Coldfield B72 1UH

(c) North East

      (i) Brian Sutherland & Company, Cleveland TS20 1DN

     (ii) Kelden & Company, Leeds LS1 4LT

(d) Scotland

      (i) Andrew Greenwood formerly trading as A. Greenwood
          Insurances, Glasgow G11 7DR

     (ii) Downes Marshall Limited, Glasgow G3 7XH

    (iii) Norman Baird formerly trading as N.B. Associates, West
          Lothian EH47 0QX

     (iv) SIS (Life and Pensions) Limited, Isle of Lewis PH2 0NX

(e) South East

      (i) Anderson Stokes Financial Services Limited, Bracknell
          RG12 3BJ

     (ii) Arnold Long & Company Limited, Bexleyheath DA6 7AU

    (iii) Berry Birch & Noble Financial Services Limited - In
          Liquidation, West Wickham, BR4 0PS

     (iv) Leslie Hamilton trading as Les Hamilton & Associates,
          Totton SO40 3DF

      (v) Newgrove Financial Services Limited, Wokingham RG10
          1TH

(f) Yorkshire and Humberside

      (i) Barry Richardson trading as Barry C Richardson
          Insurance Services, Sheffield S11 7ED

CONTACT:  FINANCIAL SERVICES COMPENSATION SCHEME
          7th Floor Lloyds Chambers
          1 Portsoken Street
          London E1 8BN
          Phone: +44 (0)20 7892 7300
          Fax: + 44 (0)20 7892 7301
          Web site: http://www.fscs.org.uk

          Press Enquiries
          Suzette Browne
          Phone: 020 7892 7372
          E-mail: Suzette.Browne@fscs.org.uk

          Heather Tilston
          Phone: 020 7892 7370
          E-mail: H.Tilston@fscs.org.uk


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

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


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


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


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


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


GERMANY
-------
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Sohn A.G. GUSG        (8)         111      N.A.
Kaufring A.G.             KAUG       (19)         151      (51)
Nordsee A.G.                          (8)         195      (31)
Primacom AG                                     1,264      (50)
Rinol A.G.                                        178      (53)
Schaltbau A.G.            SLTG       (16)         149       26
Sinn Leffers                                      454      145
Vereinigter
   Baubeschlag-Handel
   Holding A.G.           VBHG       (24)         337      (80)


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


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