TCREUR_Public/040916.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

          Thursday, September 16, 2004, Vol. 5, No. 184

                            Headlines

F I N L A N D

BENEFON OYJ: Calls for EGM to Approve Amendments to Rights Issue
BENEFON OYJ: Revives Share-swap Offer to Ismap


F R A N C E

LUSTUCRU RIZ: Workers Appeal Redundancy Plan
TATI: Brings Action to Secure Release of Stocks Held by Giraud
VIVENDI UNIVERSAL: Posts EUR1.9 Bln Net Loss for First Half


G E R M A N Y

BUSCHMANN & FISCHER: Last Day for Filing Claims October 8
ELDRIVE DEUTSCHLAND: Under Bankruptcy Administration
GEORG DAETER: Arnsberg Court Appoints Insolvency Manager
KIRSCH GMBH: Administrator's Report Out November 3
STRELHAUS GMBH: Deadline for Filing Claims November 19

STROHSCHNITTER GMBH: Files for Bankruptcy
TRUNZIGER LANDSCHAFTSBAU: First Creditors Meeting November 18
WEMAG ENGINEERING: Last Day for Filing Claims October 4
WEMAG MASSEN: Cottbus Court Appoints Insolvency Manager


I T A L Y

ALITALIA SPA: Reaches Vital Agreement with Pilots
ALITALIA SPA: Misses Deadline to Strike Accord with Labor Unions
APRILIA: 'It's Not Yet Over,' Says Ducati Chairman
INTER AUTO: Long-term Corporate Rating Affirmed; Outlook Stable
PARMALAT U.S.A.: Wants to Amend Receivables Purchase Agreement


K Y R G Y Z S T A N

ARGENTUM: To Review Proofs of Claim November 3
HOMAIUN: Files for Insolvency
KAINAR: Sets Claims Review Date
SHAFI AND SUNS: To Review Proofs of Claim November 3


N E T H E R L A N D S

GETRONICS N.V.: Launches New Portfolio of Solutions, Services
ROYAL SHELL: E.U. OKs Sale of Business Interests in Portugal


P O L A N D

DAEWOO-FSO: Future Depends on Success of Debt Restructuring


R O M A N I A

S.C. TERMOELECTRICA: S&P Ups Senior Unsecured Rating to 'BB+'


R U S S I A

AROMASHEVSKIE ELECTRIC: Tyumen Court Appoints Insolvency Manager
BALT-FURNITURE: Names D. Kiselev Insolvency Manager
ENERGO-SERVICE: Undergoes Bankruptcy Supervision Procedure
KIMRSKY MEAT: Insolvency Manager Takes over Helm
KIROVSKOYE ENTERPRISE: Court Sets December 10 Hearing

MAYKOPSKY MACHINE-TOOL: Bankruptcy Proceedings Begin
OMEGA: Sverdlovsk Court Opens Bankruptcy Proceedings
RYAZHSK-AGRO-KHIM: Appoints A. Kochetkov Insolvency Manager
VODOKANAL: Last Day for Filing Claims September 23
YUGRA-ALCOHOL: Declared Insolvent


S W I T Z E R L A N D

CONVERIUM AG: Financial Strength Rating Slides to 'BB+'
CONVERIUM AG: Rated 'BBB'; CreditWatch Revised to Developing


U K R A I N E

AERODORBUD-870: Court Brings in Insolvency Manager
ALMA: Donetsk Court Opens Bankruptcy Proceedings
AUTO 0511: Court Orders Debt Moratorium
DNIPROLINK: Court Names Svitlana Babich Liquidator
FORWARD: Proofs of Claim Deadline September 26

LASTAR: Temporary Insolvency Manager Takes over Helm
LINKOMS-TARA: Insolvent Status Confirmed
LUBOTINSKIJ SAD: Bankruptcy Supervision Begins
NOMINAL-2000: Under Bankruptcy Supervision
ZMIYIVSKA VEGETABLE: Declared Insolvent


U N I T E D   K I N G D O M

38 CHARTERHOUSE: Extraordinary Winding up Resolutions Passed
ABBEY NATIONAL: HBOS Close to Making Bid, Report Says
BROADWAY HAULAGE: Hires Joint Liquidator from CBA
DANEGROVE LIMITED: Calls in Liquidator from BRI Business
DORLAND INVESTMENTS: General Meeting Set October 18

DOUGLAS STAFFORD: Appoints Administrators from Tenon Recovery
EICOM PLC: Creditors Okay Voluntary Arrangement
GLIXTONE LIMITED: Names PricewaterhouseCoopers Administrator
GN INVESTMENTS: Final Members Meeting October 12
HARLEYS LTD.: First Liquidation Meeting Set September 20

HEARTS OF MIDLOTHIAN: Tynecastle Sale Okayed Amidst Opposition
HUGH MACKAY: Carpet Business for Sale
ION AP: Automotive Hose Manufacturer for Sale
J.A.P.P. LIMITED: Sets General Meeting October 25
KENWORTH INDUSTRIES: Names Smith & Williamson Administrator

LAURA ASHLEY: Implementing Redundancies at Welsh Plants
MG ROVER: In Talks to Save Distribution Deal with Tata
MOTOR REPAIR: Hires Ernst & Young as Administrator
MYRATECH.NET PLC: Shareholders Okay Capital Reconstruction
NORTHWICH VICTORIA: Names Begbies Traynor Administrator

PSSU LIMITED: Hires Hurst Morrison Thomson as Administrator
SWIMMING NATURE: Calls in Joint Administrators
WHYTOCK & REID: Parts with Remaining Properties


                            *********


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


BENEFON OYJ: Calls for EGM to Approve Amendments to Rights Issue
----------------------------------------------------------------
Background

The extraordinary general meeting of February 26, 2004, among
other matters, decided within the significant financing
arrangement, being part of the reorganization solution of the
company, to offer the 50,290,574 shares left unsubscribed in the
share issue offered to the creditors for subscription to the old
shareholders registered on February 16, 2004.  The subscription
price was decided to be EUR0.22649839 per share and the share
subscription period was decided to be June 1-30, 2004.

The general meeting of February 26, 2004 decided further to
offer for subscription by key personnel, nominated by the Board,
at the employ of or to be employed by Benefon Oyj or its
subsidiaries, option rights corresponding to the amount of
shares left unsubscribed by shareholders in the said issue.
Each option right entitles to subscribe one new S-share of the
company at the subscription price of EUR0.22.  Therefore, the
total number of the offered option rights is a maximum of
50,290,574.  The subscription period for option rights began on
July 5, 2004 and it will end on November 30, 2004.  The share
subscription period with the options will begin on December 1,
2004 and end on January 31, 2008.  The Board was authorized to
decide the details of offering the options.

The annual general meeting of May 28, 2004 decided to postpone
the shareholder issue over the vacation period so that the
subscription period for the shareholders of a minimum of two
weeks will end at the latest on October 29, 2004, and that the
shares left unsubscribed in the shareholder issue may with a
Board decision be offered for subscription to outside investors
after the end of the subscription period to shareholders but
otherwise with same terms.  The shares subscribed by investors
will correspondingly decrease the amount of options reserved for
personnel.

Situational Assessment by the Board

In considering the implementation of the shareholder issue, the
Board has concluded that the share subscription price of about
EUR0.23 decided in the winter is not appropriate in these times.
Therefore, the Board has decided to call an extraordinary
general meeting to resolve the proposal of the Board to amend
the share subscription price in the issue.

The Board Proposals to the General Meeting

The Board proposes that the subscription price for the not more
than 50,290,574 S-shares offered in the shareholder issue would
be amended to be the trading volume weighted average price of
the S-share of the company, traded on the I-list of Helsinki
Exchanges, in the period of September 22 to October 8, 2004,
discounted by 15% and rounded down to the nearest lower full
eurocent, but not more than the previously decided
EUR0.22649839, however.

In addition, the Board proposes to the general meeting that the
exercise price with the options reserved for personnel according
to the amount of shares left unsubscribed in the shareholder
issue and in the possible subsequently offered issue to
investors would be amended to be the same as the proposed
amended share subscription price in the shareholder issue but
not more than the previously decided 0.22 cents per share,
however.

The Board has not yet decided whether it will use its authority
to offer shares left unsubscribed in the shareholder issue to
outside investors but will make the decision when the share
subscription price has been determined and when there is a fair
view about the amount of subscriptions made by the shareholders.

Calling a General Meeting

The Board has in its meeting on Friday decided to call an
extraordinary general meeting to convene on September 30, 2004
at 15:30 hours Finnish time to resolve the proposals of the
Board about the arrangement of the shareholders' rights issue
outlined above.  The meeting will be held at the company's
premises in Salo in address Meriniitynkatu 11, 24100 Salo,
Finland.

Documents on View

Copies of the Board proposals will be available for
shareholders' view from September 23, 2004 onwards at the
company headquarters in Salo, Meriniitynkatu 11, 24100 Salo.
The company will send copies of the documents to shareholders
upon request.

Right to Participate in the Meeting

Shareholder who has been registered as a shareholder in the
company's shareholder register maintained by the Finnish Central
Securities Depository Ltd. at the latest of September 20, 2004
have the right to participate in the general meeting.  In
addition, a shareholder whose shares have not been transferred
to the book-entry system, has the right to participate in the
general meeting provided that the shareholder had been
registered in the company share register before October 7, 1994,
in which case the shareholder must present at the general
meeting his share certificate or other documentation indicating
that title to the shares has not been transferred to the book-
entry system.  Should a shareholder, whose shares are in
administrative registration, want to use their voting rights in
the general meeting, such shareholder needs to establish his
ownership and voting rights to the company in writing at the
latest of September 20, 2004.

Notice of Intention to Participate

Shareholders who wish to participate in the general meeting must
announce their intention at the latest of September 27, 2004.
Any eventual powers of attorney are requested to be delivered
into the above-mentioned address within the notice time.

Salo, September 10, 2004
Benefon Oyj
Tomi Raita, Chief Executive Officer

CONTACT:  BENEFON OYJ
          PL 84, 24101
          Salo, Finland
          Minna Suokas
          Phone: +358-2-77400
          Fax:   +358-2-7332633
          E-mail: minna.suokas@benefon.fi


BENEFON OYJ: Revives Share-swap Offer to Ismap
----------------------------------------------
On January 2, 2003, Benefon Oyj made public an offer sent to
shareholders of Ismap S.A. of Marseille, France, about a share
swap in which Ismap shareholders were offered 400,000 new
Benefon S-shares for all Ismap shares.  A prerequisite for the
offered share swap was that a majority of Ismap shareholders
holding a minimum of 95% of all Ismap shares accept the offer.

On February 3, 2003, Benefon informed that virtually all Ismap
shareholders had accepted the offer so that 99.39% of all Ismap
shares would be in the share swap.  Benefon had committed to buy
the remaining 0.61% of Ismap shares in cash.

The share swap was targeted for completion in February 2003, but
with the delay of the financing solution under negotiation, the
company announced on March 19, 2003 the postponement of the
share swap until a realized financing solution, which was
received with the reorganization solution in spring 2004.  The
equity placement making the core of the said financing solution
included a term to renew the Ismap acquisition offer.

Based on the above, the company on September 14 sent a renewed
share swap offer for the entire Ismap stock.  The terms of the
offer are in broad terms equal to the previous offer except that
the required acceptance majority has been amended from previous
95% to 80% of all Ismap stock.  The company offers to buy the
remaining not more than 20% of Ismap shares at 0.17 euros for
each block of Ismap shares entitling to one Benefon share
according to the swap offer.  Therefore, the purchase price for
the not more than 20% of the entire Ismap stock is a maximum of
EUR13,600.

The submitted offer is valid until October 29, 2004.  Provided
the required acceptance majority of the offer has been reached
by that date, the company will without undue delay arrange to
the Ismap shareholders accepting the offer a directed share
issue by virtue of the authorization the Board of the company
received from the annual general meeting of May 28, 2004, in
deviation from the shareholders' first subscription right, and
in which share issue Ismap shareholders will pay their
subscriptions of Benefon shares with Ismap shares, as
contribution in kind.  According to the offer, in this case the
depicted share swap and the purchase of the remaining Ismap
shares in cash shall take place by December 30, 2004.

BENEFON OYJ
Tomi Raita, Chief Executive Officer

CONTACT:  BENEFON OYJ
          P.O. Box 84
          Meriniitynkatu 11
          FIN-24101 Salo, Finland

          Phone: +358-2-77 400
          Fax:   +358-2-733 2633
          Web site: http://www.benefon.com


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


LUSTUCRU RIZ: Workers Appeal Redundancy Plan
--------------------------------------------
The works council of Arles, France-based rice producer Lustucru
Riz plans to appeal the management's redundancy plan, Le Figaro
says.

The move came after Lustucru's parent, French rice and pasta
group Panzani, decided to close the site.  The management says
the redundancy plan is no longer negotiable.  The company's
employees have been occupying the site since March, when the
closure was announced.  The company decided to cease operations
after a flood hit the factory in December.

CONTACT:  LUSTUCRU RIZ
          4 Rue Boileau
          69006 Lyon 06
          Web site: http://lusturizvivra.free.fr


TATI: Brings Action to Secure Release of Stocks Held by Giraud
--------------------------------------------------------------
The administrators of discount clothing retailer Tati filed
Monday a summary action with the Paris regional court against
French transport group Giraud Logistique, Les Echos says.

The court will hear today Tati's petition to compel Giraud to
release its stocks.  In February 2000, Tati outsourced its
logistics and storage activities to Giraud for a six-year
period.  For several weeks now, Tati employees demanding
reinstatement to their jobs have been blockading Giraud
Logistique's warehouses.

CONTACT:  TATI
          4 Boulevard Rochechouart
          75018 Paris 18
          Phones: 01 55 29 50 00
                  01 58 22 28 90
                  01 56 80 06 80
                  01 53 80 97 70
                  01 53 01 24 90
          E-mail: contact@tati.fr
          Web site: http://www.tati.fr

          FABIO LUCCI VETURA
          81 Rue Cartier Bresson
          93697 Pantin Cedex
          Phone: 01 48 44 90 90
          Fax: 01 48 43 40 34
          Web site: http://www.vetura.fr

          GIRAUD LOGISTIQUE S.A.
          Rue Charles Voisin
          BP 42160
          Andrezieux Boutheon
          Phone: 04 77 36 26 40
          Fax: 04 77 36 26 49


VIVENDI UNIVERSAL: Posts EUR1.9 Bln Net Loss for First Half
-----------------------------------------------------------
Highlights of first-half 2004 results:

(a) Operating income of EUR1,818 million,

    (i) up 8% on an actual basis,
   (ii) up 39% on a pro forma1 basis,
  (iii) up 30% on a comparable2 basis

(b) Positive Adjusted net income[3] of EUR467 million, versus a
    loss of EUR14 million.

(c) Net loss of EUR1,858 million, mainly negatively impacted by
    the non-cash foreign currency translation adjustment on the
    NBC-Universal transaction (EUR2,105 million).  This result
    does not take into account the Consolidated Global Profits
    tax system.

(d) Consolidated cash flow from operations[4] of EUR2,487
    million,

    (i) up 12% on an actual basis,
   (ii) up 52% on a pro forma basis,
  (iii) up 24% on a comparable[2] basis

(e) Proportionate cash flow from operations5 of EUR1,688
    million,

    (i) up 25% on an actual basis,
   (ii) up 124% on a pro forma1 basis,
  (iii) up 60% on a comparable[2] basis

(f) Net debt[6] reduced to EUR6.4 billion on June 30, 2004,
    versus EUR11.6 billion on December 31, 2003.

Vivendi Universal raises its full year 2004 guidance:

(a) Adjusted net income[3]: above  1 billion.

(b) Operating income: strong growth on a pro forma[1] basis,
    close to 2003 on an actual basis, in spite of VUE's
    deconsolidation.

(c) Cash flow from operations: growth on a pro forma1 basis,
    slight decline on an actual basis, in spite of a
    significantly reduced scope.

(d) Net debt[6]: below EUR5 billion (when including the proceeds
    from the sale of Veolia Environnement).

And confirms that it will be in a position to pay a dividend in
2005, based on 2004 earnings.

Comments by Jean-Rene Fourtou, Chairman and Chief Executive
Officer: "Operating results for the first half of 2004 show
strong progress, reflecting our focus on the management of our
activities.  [The] results confirm that Canal+ Group and
Universal Music Group's turnarounds are on the right track.  SFR
Cegetel and Maroc Telecom's operating results improved compared
to last year.  Concerning Vivendi Universal Games, we appointed
a new management team at the beginning of the year in order to
reshape the company.  Furthermore, I am very pleased with our
cooperation with NBC Universal's teams.

This year, among all that has been accomplished, I would like to
highlight the completion of the NBC-Universal transaction,
leading to the creation of one of the most profitable U.S. media
companies, in which Vivendi Universal holds a 20% control.  Also
among the highlights, is the authorization by the French
Administration to file under the Consolidated Global Profits tax
system.  This tax system enables Vivendi Universal to accelerate
the use of its past net losses.  We estimate a EUR3.8 billion
tax savings over the next 6 to 7 years.  The Consolidated Global
Profits tax system reinforces the group's Media and
Telecommunications businesses.

[T]he reorganization of Vivendi Universal is almost complete.
Its financial position is restored.  Vivendi Universal's
strategy is to strengthen its position among the European
leaders in Media and Telecoms.  We continue to pursue organic
development in our fields: pay-TV, music, games and Telecom.
Our priority is to improve our activities' operating results by
focusing on operational management. With this focus on our
businesses, we will deliver more value creation to Vivendi
Universal shareholders."

-----------
[1] The pro forma information illustrates the effect of the
    divestitures of VUE in May 2004, Telepiu in April 2003 and
    Comareg in May 2003 as if these transactions had occurred at
    the beginning of 2003.  The pro forma information is
    calculated as the actual results of Vivendi Universal's
    businesses less the actual results reported by each of the
    divested businesses in each period presented.  The pro forma
    results are not necessarily indicative of the combined
    results that would have occurred had the events actually
    occurred at the beginning of 2003.

[2] Comparable basis essentially illustrates the effect of the
    divestitures of VUE, at Canal+ Group (Telepiu, Canal+
    Nordic, Canal+ Belgium and Flemish, etc.), VUP (Comareg and
    Atica & Scipione), Vivendi Telecom Hungary, Kencell, Monaco
    Telecom, the abandonment of Internet operations and includes
    the full consolidation of Telecom Developpement at SFR
    Cegetel Group as if those transactions had occurred at the
    beginning of 2003.  Cash flow from operations (consolidated
    and proportionate) on a comparable basis does not include
    NBC Universal's dividends in 2004.

[3] Adjusted net income is detailed in Appendix II.  Adjusted
    net income mainly does not include goodwill amortization,
    gains (losses) on businesses sold, net of provision and
    other, and non-operating, non-recurring items.

[4] Net cash provided by operating activities after capital
    expenditures and before financing costs and taxes.

[5] Defined as cash flow from operations excluding minority
    interests.

[6] French-GAAP gross debt less cash and cash equivalents.

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

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


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


BUSCHMANN & FISCHER: Last Day for Filing Claims October 8
---------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Buschmann & Fischer Verwaltungs-GmbH on August 31.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 8, 2004
to register their claims with court-appointed provisional
administrator Dipl.-Kfm. Klaus Knetter.

Creditors and other interested parties are encouraged to attend
the meeting on October 29, 2004, 11:15 a.m. at the district
court of Bielefeld 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:  BUSCHMANN & FISCHER VERWALTUNGS-GMBH
          Eckendorfer Str. 111 A, 33609 Bielefeld
          Contact: Carsten Fischer, Managers
          Lange Str. 37, 32257 Bunde
          Frank Buschmann
          Rappoldstr. 42, 33611 Bielefeld

          Dipl.-Kfm. Klaus Knetter, Insolvency Manager
          Otto-Brenner-Str. 186, 33604 Bielefeld

          DISTRICT COURT OF BIELEFELD
          GerichtstraBe 6, 33602 Bielefeld
          4. Ebene, Saal 4065


ELDRIVE DEUTSCHLAND: Under Bankruptcy Administration
----------------------------------------------------
The district court of Arnsberg opened bankruptcy proceedings
against Eldrive Deutschland GmbH on August 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 5, 2004 to
register their claims with court-appointed provisional
administrator Wilfried Pohle.

Creditors and other interested parties are encouraged to attend
the meeting on November 12, 2004, 10:50 a.m. at the district
court of Arnsberg 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.

Eldrive develops, produces and sells electrical and electronic
devices.

CONTACT:  ELDRIVE DEUTSCHLAND GMBH
          Am Padbergschen Dorn 5, 59929 Brilon
          Contact:
          Uwe Gernhold, Manager
          Am Hellenteich 15, 59929 Brilon

          Wilfried Pohle, Insolvency Manager
          Bahnstr. 1, 34431 Marsberg
          Phone: 02992/973716
          Fax: 02992/973719

          DISTRICT COURT OF ARNSBERG
          EichholzstraBe 4, 59821 Arnsberg, EG, 328


GEORG DAETER: Arnsberg Court Appoints Insolvency Manager
--------------------------------------------------------
The district court of Arnsberg opened bankruptcy proceedings
against Georg Daeter Gebaude-Sanierungs GmbH on September 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 1, 2004
to register their claims with court-appointed provisional
administrator Wilfried Pohle.

Creditors and other interested parties are encouraged to attend
the meeting on November 12, 2004, 10:30 a.m. at the district
court of Arnsberg 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:  GEORG DAETER GEBAUDE-SANIERUNGS GMBH
          Theodor Heuss Str. 14-16, 59581 Warstein
          Contact:
          Georg Daeter, Insolvency Manager
          Theodor-Heuss-Str. 16, 59581 Warstein

          DISTRICT COURT OF ARNSBERG
          EichholzstraBe 4, 59821 Arnsberg, EG, 328


KIRSCH GMBH: Administrator's Report Out November 3
--------------------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against Kirsch GmbH & Co. KG on September 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 5, 2004 to register their
claims with court-appointed provisional administrator Rolf-
Dieter Klein.

Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2004, 11:30 a.m. at the district
court of Cottbus at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  KIRSCH GMBH & CO. KG
          Contact:
          Wolfgang Kirsch, Manager
          Annett Schafer, Manager
          Bahnhofstr. 74 A, 03058 Kiekebusch

          Rolf-Dieter Klein, Insolvency Manager
          SchillerstraBe 58, 03046 Cottbus

          DISTRICT COURT OF COTTBUS
          Gerichtsplatz 2, 03046 Cottbus, Saal 210


STRELHAUS GMBH: Deadline for Filing Claims November 19
------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Strelhaus GmbH on August 27.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until November 19, 2004 to
register their claims with court-appointed provisional
administrator Wolfgang Kuhnel.

Creditors and other interested parties are encouraged to attend
the meeting on October 13, 2004, 9:30 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on January 19, 2005, 9:30 a.m. at the
district court of Charlottenburg.

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

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


STROHSCHNITTER GMBH: Files for Bankruptcy
-----------------------------------------
The insolvency court of Bonn opened bankruptcy proceedings
against Strohschnitter GmbH on September 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 14, 2004 to register their
claims with court-appointed provisional administrator Dr.
Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting on October 18, 2004, 9:30 a.m. at the insolvency
court of Bonn WilhelmstraBe 21, 53111 Bonn, 1. Stock, Saal W126
at which time the administrator will present his first report of
the insolvency proceedings.  The court will verify the claims
set out in the administrator's report on December 8, 2004, 9:00
a.m. at the insolvency court of Bonn WilhelmstraBe 21, 53111
Bonn, Raum Zimmer W 1.24 C.

Strohschnitter sells and repairs motor vehicles.

CONTACT:  STROHSCHNITTER GMBH
          DrachenburgstraBe 8, 53179 Bonn
          Contact:
          Anja Schreiber, Manager
          DrachenburgstraBe 8, 53179 Bonn

          Dr. Christian Frystatzki, Insolvency Manager
          Sankt Augustiner StraBe 94 a, 53225 Bonn
          Phone: 0228/ 40 09 40
          Fax: 40 09 479


TRUNZIGER LANDSCHAFTSBAU: First Creditors Meeting November 18
-------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against garden and landscape developer Trunziger Landschaftsbau
GmbH on August 18.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until October 29, 2004 to register their claims with court-
appointed provisional administrator Andreas Schenk.

Creditors and other interested parties are encouraged to attend
the meeting on November 18, 2004, 9:30 a.m. at Saal 28,
Gerichtsgebaude FurstenstraBe 21, Chemnitz, statt. 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:  TRUNZIGER LANDSCHAFTSBAU GESELLSCHAFT MBH (HRB 19615)
           Katzendorfer StraBe 10, 08428
           Langenbernsdorf
           Contact: Marco Geelhaar, Manager

           Andreas Schenk, Insolvency Manager
           Franz-Mehring-Str. 15, 08058 Zwickau


WEMAG ENGINEERING: Last Day for Filing Claims October 4
-------------------------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against WEMAG Engineering Werkzeug- und Maschinenbau GmbH on
September 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 4, 2004 to register their claims with court-appointed
provisional administrator Dr. Bruno M. Kubler.

Creditors and other interested parties are encouraged to attend
the meeting on November 2, 2004, 11:45 a.m. at the district
court of Cottbus at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  WEMAG ENGINEERING WERKZEUG- UND MASCHINENBAU GMBH
          (Registergericht: Cottbus HRB 7129)
          An der Fimag 4, 03238 Massen,
          Contact: Andreas Voringer

          Dr. Bruno M. Kubler, Insolvency Manager
          Loschwitzer StraBe 3, 01309 Dresden
          Web site: http://www.kuebler-gbr.de

          DISTRICT COURT OF COTTBUS
          Gerichtsplatz 2, 03046 Cottbus, Saal 210


WEMAG MASSEN: Cottbus Court Appoints Insolvency Manager
-------------------------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against WEMAG Massen Werkzeug- und Maschinenbau GmbH on
September 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 4, 2004 to register their claims with court-appointed
provisional administrator Dr. Bruno M. Kubler.

Creditors and other interested parties are encouraged to attend
the meeting on November 2, 2004, 12:00 noon at the district
court of Cottbus at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  WEMAG MASSEN WERKZEUG- UND MASCHINENBAU GMBH
          (Registergericht: Cottbus HR B 1592)
          An der Fimag 4, 03238 Massen
          Contact: Andreas Voringer

          Dr. Bruno M. Kubler, Insolvency Manager
          Loschwitzer StraBe 3, 01309 Dresden
          Web site: http://www.kuebler-gbr.de

          DISTRICT COURT OF COTTBUS
          Gerichtsplatz 2, 03046 Cottbus, Saal 210


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


ALITALIA SPA: Reaches Vital Agreement with Pilots
-------------------------------------------------
Alitalia pilots struck a deal with management to increase flying
hours and cut paychecks, according to Reuters.

The agreement came on the eve of the deadline set by CEO
Giancarlo Cimoli, who told shareholders last week he will not
hesitate to file for insolvency or liquidation.  An industry
source told Reuters the agreement with the pilots union is a
significant breakthrough in the negotiations with workers, who
oppose Mr. Cimoli's restructuring plan.

"The pilots union is a very important group within Alitalia,"
Reuters quoted the unidentified source.  "If you reach an
agreement with them, it creates momentum within the union
organizations."

The deal is expected to ease negotiations with other Alitalia
employees, who oppose the 5,000 job-cuts under the restructuring
plan.  This number represents one-third of Alitalia's total
workforce of 20,700.  The company needs unions to approve the
plan before it can draw a EUR400 million state-backed bridging
loan to keep planes flying.

Alitalia's restructuring plan will also break the company into
two units, spinning off non-core operations into a service firm.
The main unit, AZ Fly, would benefit from a massive capital
injection, thought to be at least EUR1 billion, says Reuters.
The Italian government, which holds a 62% stake in Alitalia, has
given indications it might absorb affected workers in state-run
businesses.

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


ALITALIA SPA: Misses Deadline to Strike Accord with Labor Unions
----------------------------------------------------------------
Negotiations regarding a crucial cost-cutting plan between
Alitalia S.p.A. executives and labor unions continued this
morning past the firm's self-imposed Wednesday deadline.

The parties were still in the negotiating table in the early
hours of Thursday, discussing a roll back of benefits and
extension of working hours for thousands of staff, according to
Reuters.

The main elements of Alitalia's restructuring plan consist of
large-scale job-cuts and the spin-off of its non-flying
operations.  The company needs an agreement to avail of a EUR400
million emergency loan to avert a possible bankruptcy when its
cash runs out of by the end of the month.

Alitalia made major progress in the talks Tuesday when it got
agreement with pilots to increase fly time and reduce salary
guarantees.  But it still has to strike a deal with ground staff
regarding a cut in employee costs in new contracts.  The measure
is necessary for Alitalia to scale back plans to shed 3,500
ground staff, an industry source said.  According to the source,
round-the-clock talks, including that over contracts with cabin
crew, might continue Thursday.

Alitalia's 1,000 maintenance workers under CUB union, meanwhile,
are still refusing negotiations, and threatening to blockade
runways.  Workers are asking the government to offer some
cushion for affected employees.  Deputy Prime Minister
Gianfranco Fini says the government will not provide this
without a sealed pact between workers and management.

"(The government) is prepared to do what is opportune and
necessary only if there is an agreement.  If somebody thinks
that (government) talks can be called to compensate for the lack
of an agreement (at Alitalia), that's not our intention," Mr.
Fini said.

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


APRILIA: 'It's Not Yet Over,' Says Ducati Chairman
--------------------------------------------------
Negotiations between Italian motorcycle groups Aprilia and
Ducati are not yet finished, according to Ducati Chairman
Federico Minoli.

Mr. Minoli made this declaration at a press conference during
the opening of a motorcycle fair in Monaco, Agencia
Giornalistica Italiana says.  He said Aprilia's creditor banks
appear to favor Ducati's offer.  Ducati recently renewed its bid
for Aprilia and added Moto Guzzi and an off-road vehicle project
to its offer sheet.

Mr. Minoli said, "The banks are making their evaluation, nothing
has been decided yet, but we believe that we will arrive to a
conclusion soon, since there is not much time left."

                            *   *   *

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

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

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

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

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


INTER AUTO: Long-term Corporate Rating Affirmed; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Italian auto parts distributor Inter
Auto Parts Italia S.p.A. (IAP), but lowered its rating on the
EUR105 million (US$129 million) 10.75% notes issued by the
group's Luxembourg-based subsidiary Rhiag S.A. to 'B-' from
'B+'.  The outlook is stable.

The rating on the bond, which was previously at the same level
as the corporate credit rating on IAP, has been lowered after a
reassessment of structural considerations indicated that the
bonds rank behind a material level of liabilities in IAP's
operating companies.  Consequently, the rating action does not
reflect an adverse credit development at IAP or its
subsidiaries.

IAP is the holding company of two main operating subsidiaries:
Rhiag Engineering S.p.A. and Rhiag S.p.A., which itself owns
non-Italian operating subsidiaries.  Rhiag S.A. is also owned
and guaranteed by IAP.  Rhiag S.A. is not an operating entity
and its only material asset is a receivable of EUR105 million
representing the loan of the bond proceeds to the parent
company.  Therefore, bondholders rely on the holding company for
repayment of the bond.

The main tangible asset in the holding company, IAP, is
ownership of the equity in its subsidiaries, and, therefore, it
has no direct claim on the assets of its operating subsidiaries.
Within the operating subsidiaries is a material level of
liabilities, including the group's trade creditors, operating
leases, postretirement liabilities, and some external debt.
These priority liabilities -- when compared with goodwill-
adjusted total assets in the IAP group -- are in excess of 30%,
which is Standard & Poor's threshold for a two-notch
differential with the corporate credit rating.

Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at Standard & Poor's public Web site 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
          bob_ukiah@standardandpoors.com
          tatiana_kordyukova@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


PARMALAT U.S.A.: Wants to Amend Receivables Purchase Agreement
--------------------------------------------------------------
On September 2, 2004, Citibank N.A., London Branch, served on
Farmland Dairies, LLC, and Milk Products of Alabama, LLC,
Parmalat U.S.A. Corporation debtor-affiliates, a letter
agreement which purports to amend certain terms and definitions
in:

      (i) the Parmalat Receivables Purchase Agreement dated
          November 2, 2000, as amended, among Farmland Milk
          Products, Eureka Securitisation plc, and Citibank, as
          agent; and

     (ii) the amendment to the Receivables Purchase Agreement
          dated February 23, 2004, among the parties, Mother's
          Cake & Cookie Co. and Archway Cookies, LLC.

                       Concentration Limit

Pursuant to the Letter Agreement, "Concentration Limit" will
mean at any time, in relation to each Obligor, or the Obligor
and, at Farmland's and Milk Products' best knowledge, any of the
Obligor's affiliates, US$2,500,000.  However, the Concentration
Limit for:

   -- each of Derle Farms, Inc., A&P and Dean Foods/Tuscan will
      be US$5,000,000;

   -- for Consolidated Dairies, Inc., will be:

      (A) US$3,760,000 until the earlier of October 15, 2004,
          and the date on which the DIP Loan Facility has been
          extended to December 31, 2004, or a later date; and

      (B) US$2,500,000 thereafter.

Citibank may cancel or reduce any higher concentration limit for
Derle Farms, A&P, Dean Foods, Tuscan or Consolidated Dairies in
the event of a material adverse change in the payment history or
financial condition or creditworthiness of the Obligor or
Obligors upon notice by the Agent to Farmland and Milk Products.

                         Discount Reserve

"Discount Reserve" for any Receivable Interest:

   -- at any time before the Termination Date, means:

         (i) with respect to any time before the effective date
             of the Letter Agreement, an amount equal to 2% of
             the Capital associated with the Receivable Interest
             at that time; and

        (ii) with respect to any time on or after the September
             2004 Amendment Effective Date, an amount equal to
             that amount -- but not less than zero -- which is:

             (A) the then effective Applicable Discount Reserve
                 Percentage of the Capital associated with the
                 Receivable Interest at that time less;

             (B) an amount equal to:

                 (1) the then available undrawn amount under the
                     US$2,248,386 Letter of Credit issued by
                     JPMorgan Chase Bank on July 8, 2004, in
                     favor of the Agent for the account of
                     Archway Cookies and Mother's Cake & Cookie;
                     times

                 (2) a fraction the numerator of which is the
                     Capital associated with the Receivable
                     Interest at that time and the denominator
                     of which is the aggregate Capital
                     associated with all Receivable Interests at
                     that time;

                     and

   -- at any time from and after the Termination Date, means the
      Discount Reserve on the day immediately before the
      Termination Date.

The Bakery Letter of Credit Amount will be US$0 at all times on
or after the earlier of the cancellation or expiration of the
Bakery Letter of Credit and the full drawing of the Bakery
Letter of Credit.

"Applicable Discount Reserve Percentage" means:

      8%   for each day during the period commencing on the
           September 2004 Amendment Effective Date and ending
           on September 29, 2004;

      9%   for each day during the period commencing on
           September 30, 2004, and ending on October 30, 2004;

     10%   for each day during the period commencing on
           October 31, 2004, and ending on November 29, 2004;
           and 12% for each day after November 29, 2004.

                         Termination Date

The Receivables Purchase Agreement will terminate on the earlier
of:

   (a) January 14, 2005; and

   (b) the termination date of the Debtors' DIP Loan Facility
       with GE Capital Corporation and a consortium of lenders,
       whether on scheduled maturity, by acceleration or
       otherwise.

                 Assignment of Security Agreement

The Letter Agreement contemplates that Farmland will assign to
Citibank, for the benefit of Citibank and the Purchaser, all of
Farmland's right, title, interest, benefits, rights and remedies
under its Security Agreement dated April 25, 2002, with
Consolidated Dairies and Stone Valley Dairies, Inc.  The
Security Agreement will act as collateral security for
Farmland's obligations and liabilities with respect to the
Receivables Purchase Agreement and as collateral security for
the payment of the Purchaser's interest in any and all
Receivables owing by each of Consolidated Dairies and Stone
Valley Dairies.

         Consolidated Dairies Special Concentration Limit

Consolidated Dairies' Concentration Limit will become a special
Concentration Limit if certain conditions are satisfied.  The
"Consolidated Dairies Special Concentration Limit" will mean, at

any time:

   -- US$5,000,000 after the latest of:

         (i) the effectiveness of the assignment and grant of
             security interest by Farmland to Citibank of
             Farmland's security interest in certain assets of
             Consolidated Dairies and Stone Valley Dairies, Inc.

        (ii) the receipt by Citibank of satisfactory evidence
             that the security interest in favor of Farmland has
             been duly perfected under applicable law and that
             the security interest has the priority represented
             or agreed to in the security agreement creating the
             security interest and the related dairy products
             supply agreement; and

       (iii) GE Capital having subordinated in a manner
             satisfactory to Citibank any liens therein GE
             Capital may have pursuant to the Final DIP Order;
             or

   -- US$2,500,000 plus the then undrawn amount of a letter of
      credit in favor of Farmland issued by a bank reasonably
      acceptable to Citibank for the account of Consolidated
      Dairies, provided that in no event will the amount exceed
      US$5,000,000, but only so long as:

         (i) the Bankruptcy Court has approved and authorized
             Farmland to assign, transfer and grant a security
             interest to Citibank in all of Farmland's right,
             title and interest in and to the Consolidated
             Dairies Letter of Credit;

        (ii) Farmland has delivered the original Consolidated
             Dairies Letter of Credit to Citibank and has taken
             all necessary action to permit Citibank to draw
             under the Consolidated Dairies Letter of Credit or,
             if requested by Citibank, to transfer the
             Consolidated Dairies Letter of Credit to Citibank;

       (iii) Citibank will have a first priority perfected
             security interest in the Consolidated Dairies
             Letter of Credit; and

        (iv) GE Capital will have subordinated in a manner
             satisfactory to Citibank any liens GE Capital may
             have pursuant to the Final DIP Order.

                        Debtors' Releases

The Letter Agreement provides that Farmland and Milk Products
will release Citibank and the Purchaser, and their predecessors-
in-interest, from and against all claims, demands, and causes of
action with respect to the Receivables Purchase Agreement, other
than Citibank's and the Purchaser's express obligations under
the Purchase Agreement.

Citibank requires the Debtors to confirm that the transfers of
interests in the Farmland and Milk Products Receivables under
the Receivables Purchase Agreement are true sales and not loans.
The Debtors shall not challenge the "true sale" treatment.

Citibank confirms that, as of August 27, 2004, the aggregate
Capital with respect to the aggregate Receivable Interests sold
by Farmland and Milk Products is US$40,239,000.

           Payment of Fees & Reimbursement of Expenses

Citibank requires the Debtors to pay, in addition to a
US$100,000 upfront fee and any fees payable under the
Receivables Purchase Agreement:

     US$200,000   on the earlier of October 15, 2004, and the
                  date on which the DIP Loan Facility has been
                  extended to December 31, 2004, or a later
                  date;

     US$200,000   on December 1, 2004; and

     US$50,000    as additional fee for each month after
                  January 14, 2005, that the Receivables
                  Purchase Agreement is in effect.

All fees are nonrefundable and fully earned when due.  A fee,
however, will not be due and payable if the Receivables Purchase
Agreement is terminated before the due date of that fee.

The Debtors' failure to pay any of the fees within one Business
Day of the due date will constitute a Trigger Event.

The Debtors will also reimburse Citibank promptly upon demand
for all reasonable expenses Citibank incurred in connection with
the Letter Agreement and other related transactions.

                          Trigger Event

Citibank retains the right to terminate the Receivables Purchase
Agreement in case:

   (a) new progress benchmarks for either Debtor's
       reorganization are added to the Final DIP Order as
       Termination Events for the DIP Lenders; or

   (b) progress benchmarks for either Debtor's reorganization
       existing in the Final DIP Order that are Termination
       Events for the DIP Lenders are amended,

and Citibank will not have the benefit of the new or amended
progress benchmarks.

                  Extension of Exclusive Periods

So long as both the Receivables Purchase Agreement is in effect
and has not been terminated, and no Citibank Absolute
Termination Date as defined in the Final DIP Order has occurred,
Citibank, on behalf of itself and the Purchaser, agrees to
consent to requests by the Debtors to extend their exclusive
periods to file and solicit acceptances of plans of
reorganization in their Chapter 11 cases.

                         Avoidance Claim

Nothing in the Letter Agreement will be deemed or construed to
waive or release the Debtors' estates' alleged avoidance power
claim arising out of an alleged US$2,000,000 payment made to
Citibank in December 2003 in connection with an Uncommitted Line
of Credit Facility Agreements between Citibank and Parmalat
U.S.A Corporation.

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

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


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


ARGENTUM: To Review Proofs of Claim November 3
----------------------------------------------
LLC Argentum, which recently applied for insolvency proceedings,
will review all proofs of claim on November 3, 2004 at Jala-
Abad, Toktogul Str. 18.

CONTACT:  LLC ARGENTUM
          Jala-Abad
          Toktogul str., 18


HOMAIUN: Files for Insolvency
-----------------------------
LLC Homaiun, which recently applied for insolvency proceedings,
will review all proofs of claim on November 3, 2004 at Bishkek,
Baitik-Baatyr Str. 37.  For more information, call (0-312) 69-
50-27.


KAINAR: Sets Claims Review Date
-------------------------------
Agricultural Farm Kainar, which succumbed to insolvency
recently, will review all proofs of claim on November 3, 2004 at
Kainar, Kara-Burinsk region.

CONTACT:  AGRICULTURAL FARM KAINAR
          Kara-Burinsk region


SHAFI AND SUNS: To Review Proofs of Claim November 3
----------------------------------------------------
LLC Shafi and Suns, which filed for insolvency recently, will
review all proofs of claim on November 3, 2004 at Bishkek,
Baitik-Baatyr Str. 37.  For more information, call (0-312) 69-
50-27.


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


GETRONICS N.V.: Launches New Portfolio of Solutions, Services
-------------------------------------------------------------
Getronics N.V. CEO Klaas Wagenaar: "This new focused portfolio
is at the heart of the Company's strategy and is an essential
part of our framework for profitable growth."

(a) The portfolio allows Getronics to present a broader and more
    coherent range of higher value services to clients alongside
    core Network and Desktop Outsourcing (NDOS) business.

(b) New business, both local and international contracts, is now
    gathering pace.  The conversion rate of wins into contracts
    is beginning to increase.

(c) Company sees an increase of recurring revenue contracts in
    the fields of network and desktop outsourcing and
    application management.

(d) Q3 will be the turning point in declining service revenue
    trend.  The quality of the service revenue continues to
    improve.

(e) Getronics has introduced a special Cost Leadership Program
    to defend and extend its market share through cost-
    leadership in its core business NDOS

Getronics announces the launch of its portfolio of solutions and
services across all major geographies.  Getronics CEO Klaas
Wagenaar says: "[The] launch marks the start of a new stage of
development for Getronics.  The Company has moved from its
recovery to growth phase.  This new focused portfolio is at the
heart of the Company's strategy, it allows us to present a
broader and more coherent range of higher value services to our
clients alongside our core Network and Desktop Outsourcing
Business.  This new portfolio is an essential part of our
framework for profitable growth."

The portfolio comprises these seven solutions:

(a) Network and Desktop Outsourcing.  Addresses every aspect of
    network- and desktop outsourcing, such as managed services
    desk, desktop services, network services, asset management,
    remote systems management, data center services and
    technology deployment.

(b) Application Integration and Management.  Covers all aspects
    of application appraisal and design; accelerated development
    using "software factories"; consolidation and migration of
    applications; and long-term applications management.

(c) Storage, Server and Network Integration.  Assessment and
    design of an efficient, advanced ICT infrastructure;
    migration from legacy to new platforms; hardware
    consolidation and management.
(d) Security.  Providing a comprehensive and strategic approach
    to all aspects of security; enabling client companies to
    gain the full benefit of business enlargement.

(e) Converged Communications.  Bringing communications, data and
    video together within a single, integrated network; gaining
    instant cost savings and enhancing service.

(f) Mobility.  Bringing the efficiency and service benefits of
    secure mobility to existing processes; making it possible to
    develop innovative ways to deliver enhanced service
    standards.

(g) Enterprise Content Management.  Efficient management of
    content; reducing use of paper; and safeguarding clients
    against the requirements of tougher compliance rules through
    improved management procedures.

The seven solutions are closely integrated and enable Getronics
to deliver a comprehensive range of Information and
Communication Technology (ICT) solutions that can be flexibly
purchased and delivered.

        Corporate Activities to Support Business Growth

In the past few months Getronics has also made good progress
with other initiatives designed to fuel and support business
growth.  A special International Business Support Team (15
FTE's) has been established at the corporate headquarters.  This
team is responsible for pipeline management and business
analysis, bid management, global project management and
international billing and invoicing.

Other key teams are having a positive impact on business
development, such as the Internal ICT-management team (500+
FTE's), the Alliance Teams, (20 FTE's, focusing on the
collaboration with Cisco, Dell and Microsoft, a newly
established Finance Practice Team (3 FTE's, focusing on service
offerings for finance and insurance clients)  and the
International Strategic Account Team (20 FTE's).

In the area of remote services for Network and Desktop
Outsourcing (NDOS) the Company now employs over 325 FTE's
including the global service centers in Mexico and Budapest (due
to open on 4 October 2004).

                  Cost Leadership Program

Getronics has introduced a special Cost Leadership Program to
defend and extend its market share through cost-leadership in
its core business of Network and Desktop Outsourcing (NDOS).
Key aspects of this program are:

(a) productivity improvement in local on-site services and
    international remote services

(b) benchmark and right size of the ratio between direct and
    indirect costs, lowering overhead costs

(c) optimization of internal- and business processes

(d) rationalization of non-core service offerings and/or
    business units

Getronics CEO Klaas Wagenaar comments on business and financial
developments: "New business is now gathering pace with both
local and international contracts, after 18 months of focusing
mainly on strengthening our existing accounts, the conversion
rate of wins into contracts is beginning to increase.  Our
unique selling point is the quality of, and our cost leadership
in the area of international remote Network and Desktop
Outsourcing, and this is leading to increased business.  We see
an increase of recurring revenue contracts in the fields of
Network and Desktop Outsourcing and application management."

"As a result of this, Q3 will be the turning point in declining
service revenue trend.  The quality of the service revenue
continues to improve.  The Top 25 accounts have grown over the
first half-year. "

             More Information on Portfolio

More information on the portfolio, such as background
information, fact sheets per solution and biography's of the
solution directors, can be found at http://www.getronics.com.

                   About Getronics

With approximately 22,000 employees in over 30 countries and
ongoing revenues of EUR 2.6 billion in 2003, Getronics is one of
the world's leading providers of vendor independent Information
and Communication Technology (ICT) solutions and services.
Getronics today combines the capabilities of the original Dutch
company with those of Wang Global, acquired in 1999, and of the
systems and services division of Olivetti.  Getronics designs,
integrates and manages ICT infrastructures and business
solutions for many of the world's largest global and local
companies and organizations, helping them maximize the value of
their information technology investments.

Getronics' headquarters are in Amsterdam, with regional offices
in Boston and Singapore.  Getronics' shares are traded on
Euronext Amsterdam (GTN).

CONTACT:  GETRONICS N.V.
          Investor Relations
          Phone: +31 20 586 1581
          Fax:   +31 20 586 1455
          E-mail: investor.relations@getronics.com


ROYAL SHELL: E.U. OKs Sale of Business Interests in Portugal
------------------------------------------------------------
The European Commission has granted clearance under the Merger
Regulation to the proposed acquisition of Shell's oil products
businesses in Portugal by Spanish oil company Repsol YPF.  The
transaction does not raise competition concerns since other
large and capable players compete in the market.

Repsol is active in the exploration, development, production,
refining and marketing of petroleum, natural gas and derived
petroleum products such as bitumen.

Shell Portugal supplies hydrocarbon products in Portugal,
including automotive, aviation, marine and construction fuels,
lubricants and bitumen.

The Commission examined the impact of the operation on the
markets for retail and non-retail sales of motor fuels and for
sales of bitumen in the Portuguese mainland, where Repsol and
Shell activities overlap.

But it concluded that, whilst Repsol will significantly increase
its presence in the retail market, it is unlikely that this will
adversely affect the competitive conditions in the Portuguese
markets.  The new entity will continue to face competition from
Galp, the Portuguese incumbent oil company, BP, Cepsa,
ExxonMobil and a number of independent players.

Repsol will also face a number of competitors with higher market
shares in the non-retail sales of motor fuels.  In addition, the
current transaction will not adversely change the competitive
conditions in the market as there are no overlaps between the
parties' logistic chain infrastructure.

With regard to bitumen, the merged entity will become the new
market leader, slightly overtaking Galp.  But on both a national
and regional market definition, the new entity will continue to
face competition from Galp, which can supply from its Portuguese
refineries, as well as Cepsa and ExxonMobil, both of which are
established players and import bitumen into Portugal.  The
market investigation has also pointed to the spot market, which
will continue to exert price discipline over the parties and the
established players in the Portuguese bitumen market.

For these reasons, the Commission considers that the transaction
will not lead to anticompetitive effects.

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


===========
P O L A N D
===========


DAEWOO-FSO: Future Depends on Success of Debt Restructuring
-----------------------------------------------------------
Warsaw-based car manufacturer FSO is under pressure to
restructure debts in order to keep operating, Warsaw Business
Journal says.

The former Daewoo-FSO has PLN200 million in debts in line for
restructuring.  The report says the company had initially
planned to first pay back all its liabilities to 407 creditors,
who are owed not more than PLN15,000 each.  It is proposing to
repay 20% of the liabilities owed to the remaining creditors in
quarterly installments until 2007 with the remaining 80% to be
written off.

Krystyna Danilczyk, director of the management board office
said: "Reaching an agreement with the suppliers, and earlier
with the banks, will close the financial restructuring of the
company.  Financial liquidity will improve and FSO will be able
to take loans again.  It will also be easier to negotiate with
potential investors."

FSO management will update shareholders of its progress in
sorting out the firm's finances on October 8.

CONTACT:  DAEWOO-FSO MOTOR
          00-992 Warszawa
          Jagiellonska 88
          Web site: http://www.daewoo.com.pl/


=============
R O M A N I A
=============


S.C. TERMOELECTRICA: S&P Ups Senior Unsecured Rating to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its senior unsecured
rating on the US$200 million and US$120 million notes issued on
a fiduciary basis by J.P. Morgan Bank Luxembourg S.A. for S.C.
Termoelectrica S.A. to 'BB+' from 'BB'.  This follows the
upgrade of the foreign currency senior unsecured rating on the
Republic of Romania to 'BB+' from 'BB' (see the related release
entitled "Republic of Romania Long-Term FC Ratings Raised To
'BB+' on Structural Reforms; Outlook Stable," available on
RatingsDirect, Standard & Poor's Web-based credit analysis
system).  J.P. Morgan issued the notes on a fiduciary basis to
fund loans made by it to Termoelectrica and 18 thermal power
plants.

"The rating on the notes is based on the unconditional and
irrevocable guarantee by the Republic of Romania of the due
payment of principal and interest on the loans to the fiduciary,
with the fiduciary using the proceeds of principal and interest
payments from either the borrowers or guarantor to pay the
notes' coupons and redemption amounts," said Standard & Poor's
credit analyst Konrad Reuss.

Termoelectrica is 100%-owned by the Republic of Romania (foreign
currency, BB+/Stable/B) and is not slated for full privatization
in the near term.  Termoelectrica is Romania's main producer of
electric power and thermal heating.  The company is stepping up
its investment spending to boost efficiency and raise its
environmental profile to E.U. standards -- a vital objective in
the Romanian government's E.U. accession plans.

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
          konrad_reuss@standardandpoors.com
          kristel_richard@standardandpoors.com
          SovereignLondon@standardandpoors.com


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


AROMASHEVSKIE ELECTRIC: Tyumen Court Appoints Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on municipal unitary enterprise
Aromashevskie Electric Networks.  The case is docketed as A70-
3091/3-2004.  Mr. A. Gorbunov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 627754, Russia,
Tyumen region, Ishim, Sharonova Str. 15A, Apartment 42.

CONTACT:  AROMASHEVSKIE ELECTRIC NETWORKS
          627350, Russia,
          Tyumen region, Aromashevsky region,
          Aromashevo, Kolkhoznaya Str. 103

          Mr. A. Gorbunov
          Temporary Insolvency Manager
          627754, Russia,
          Tyumen region, Ishim,
          Sharonova Str. 15A,
          Apartment 42


BALT-FURNITURE: Names D. Kiselev Insolvency Manager
---------------------------------------------------
The Arbitration Court of Kaliningrad region has commenced
bankruptcy supervision procedure on OJSC Balt-Furniture Sovetsk.
The case is docketed as A21-1899/04-S2.  Mr. D. Kiselev has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 236000, Russia, Kaliningrad, Dm.
Donskogo Str. 7, room 209.

CONTACT:  BALT-FURNITURE SOVETSK
          Russia, Kaliningrad region,
          Sovetsk, Promyshlenny Per. 1

          Mr. D. Kiselev
          Temporary Insolvency Manager
          236000, Russia,
          Kaliningrad, Dm. Donskogo Str. 7,
          Room 209


ENERGO-SERVICE: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on LLC Energo-Service.  The case is
docketed as A50-16438/2004-B.  Ms. L. Dorogovina has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 618900, Russia,
Perm region, Lysva, Pozharskogo Str. 8.  A hearing will take
place at the Arbitration Court of Perm region on November 16,
2004, 10:00 a.m.

CONTACT:  ENERGO-SERVICE
          618900, Russia,
          Perm region, Lysva,
          Pozharskogo Str. 8

          Ms. L. Dorogovina
          Temporary Insolvency Manager
          618900, Russia,
          Perm region, Lysva,
          Pozharskogo Str. 8

          The Arbitration Court of Perm region:
          Russia, Perm,
          Lunacharskogo str. 3 (hall 104)


KIMRSKY MEAT: Insolvency Manager Takes over Helm
------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on OJSC Kimrsky Meat Combine.  The case is
docketed as A66-4020-04.  Mr. A. Danilenko has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 170008, Russia, Tver, Rostmistrova Str. 28, Office
306.

CONTACT:  KIMRSKY MEAT COMBINE
          171510, Russia,
          Tver region, Kimry,
          Skladskaya Str. 8

          Mr. A. Danilenko
          Temporary Insolvency Manager
          170008, Russia,
          Tver, Rostmistrova Str. 28,
          Office 306


KIROVSKOYE ENTERPRISE: Court Sets December 10 Hearing
-----------------------------------------------------
The Arbitration Court of Kaluga region has commenced bankruptcy
supervision procedure on CJSC Kirovskoye Enterprise of Grain
Products.  The case is docketed as A23-1352/04B-7-45.  Mr. B.
Ulyanov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 248018, Russia,
Kaluga, Khrustalnaya Str. 8, Apartment 117.  A hearing will take
place at the Arbitration Court of Kaluga region on December 10,
2004, 9:30 a.m.

CONTACT:  KIROVSKOYE ENTERPRISE OF GRAIN PRODUCTS
          Russia, Kaluga region,
          Kirov, Kalinina Str. 80

          Mr. B. Ulyanov
          Temporary Insolvency Manager
          248018, Russia,
          Kaluga, Khrustalnaya Str. 8,
          Apartment 117


MAYKOPSKY MACHINE-TOOL: Bankruptcy Proceedings Begin
----------------------------------------------------
The Arbitration Court of Adygeya republic has commenced
bankruptcy supervision procedure on OJSC Maykopsky Machine-Tool
Constructing Factory In Name of Frunze.  The case is docketed as
A01-B-1119-2004-8.  Mr. S. Vodyakhin has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 385000, Russia,
Adygeya republic, Maykop, Nekrasova Str. 293.  A hearing will
take place on October 6, 2004, 10:00 a.m.

CONTACT:  MAYKOPSKY MACHINE-TOOL CONSTRUCTING FACTORY
          IN NAME OF FRUNZE
          385000, Russia,
          Adygeya republic, Maykop,
          Nekrasova Str. 293

          Mr. S. Vodyakhin
          Temporary Insolvency Manager
          385000, Russia,
          Adygeya republic, Maykop,
          Nekrasova Str. 293


OMEGA: Sverdlovsk Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Arbitration Court of Sverdlovsk region has declared CJSC
industrial financial company Omega insolvent and introduced
bankruptcy proceedings.  The case is docketed as A60-5687/04-S1.
Mr. V. Stepanchenko has been appointed insolvency manager.
Creditors have until September 19, 2004 to submit their proofs
of claim to 620135, Russia, Ekaterinburg, Post User Box 267.

CONTACT:  OMEGA
          624800, Russia,
          Sverdlovsk region,
          Sukhoy Log, Stroiteley Pr. 7

          Mr. V. Stepanchenko
          Insolvency Manager
          620135, Russia,
          Ekaterinburg, Post User Box 267


RYAZHSK-AGRO-KHIM: Appoints A. Kochetkov Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Ryazan region has commenced bankruptcy
supervision procedure on OJSC Ryazhsk-Agro-Khim.  The case is
docketed as A54-2106/04-S6.  Mr. A. Kochetkov has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 390023, Russia,
Ryazan region, Esenina Str. 82/26, office 706.  A hearing will
take place on November 1, 2004.

CONTACT:  RYAZHSK-AGRO-KHIM
          391960, Russia,
          Ryazan region, Ryazhsk,
          Maksima Gorkogo Str. 105A

          Mr. A. Kochetkov
          Temporary Insolvency Manager
          390023, Russia,
          Ryazan region, Esenina Str. 82/26,
          Office 706


VODOKANAL: Last Day for Filing Claims September 23
--------------------------------------------------
The Arbitration Court of Kirov region has declared municipal
unitary enterprise Vodokanal insolvent and introduced bankruptcy
proceedings.  The case is docketed as A28-181/03-352/24.  Mr. L.
Krinitsyn has been appointed insolvency manager.  Creditors have
until September 23, 2004 to submit their proofs of claim to
610008, Russia, Kirov, Novovyatskiy region, Ordzhonikidze Str.
16a.

CONTACT:  VODOKANAL
          Russia, Kirov,
          Novovyatsky region,
          Ordzhonikidze Str. 16a

          Mr. L. Krinitsyn
          Insolvency Manager
          610008, Russia,
          Kirov, Novovyatskiy region,
          Ordzhonikidze Str. 16a


YUGRA-ALCOHOL: Declared Insolvent
---------------------------------
The Arbitration Court of Khanty-Mansiysky autonomous region has
declared state enterprise of Khanty-Mansiysky Autonomous Region
Yugra-Alcohol insolvent and introduced bankruptcy proceedings.
The case is docketed as A75-176-B/04.  Mr. Y. Zholudev has been
appointed insolvency manager.   Creditors have until September
23, 2004 to submit their proofs of claim to 628012, Russia,
Khanty-Mansiysky autonomous region, Khanty-Mansiysk, Mira Str.
51.

CONTACT:  YUGRA-ALCOHOL
          628012, Russia,
          Khanty-Mansiysky autonomous region,
          Khanty-Mansiysk, Mira Str. 51

          Mr. Y. Zholudev
          Insolvency Manager
          628012, Russia,
          Khanty-Mansiysky autonomous region,
          Khanty-Mansiysk, Mira Str. 51


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


CONVERIUM AG: Financial Strength Rating Slides to 'BB+'
-------------------------------------------------------
Fitch Ratings downgraded Converium AG's Insurer Financial
Strength (IFS) rating to 'BB+' from 'A-' and Converium Holdings
AG's Long-Term rating to 'B' from 'BBB-'.  In addition, the
Long-Term debt rating of Converium Holdings (North America) Inc
and the issue rating assigned to the US$200 million unsecured
senior notes due in October 2023; issued by Zurich Reinsurance
Centre Holdings Inc. and assumed by Converium Holdings (North
America) Inc were also downgraded to 'B' from 'BBB-'.

Following these rating actions the Rating Watch Negative
assigned to the ratings on 20 July 2004 has been changed to
Rating Watch Evolving.

The rating actions follow Converium's announcement on the 10
September 2004 that it intends to place its U.S. operations into
run-off and that it will no longer underwrite business from the
United States.  Converium does intend to underwrite U.S.
exposures from its operations in Zurich and Bermuda.  In
addition, the company is currently reviewing all options with
its banks regarding the proposed rights issue that was announced
on 3 September 2004.

On 1 September 2004, Fitch maintained Converium's ratings on
Rating Watch Negative reflecting execution risk inherent in the
group's plans to restructure its U.S. operations and also the
successful completion of its proposed rights issue.  Fitch
highlighted at that time that failure to execute the group's
revised business plan would likely result in a downgrade.

Fitch views the decision taken by Converium to close its U.S.
operations as a deviation from its original business plan and
that this action is likely to have a materially negative impact
on its franchise, particularly among the group's brokers and
cedants.  U.S. business is the largest single geographical
segment of Converium's business and represented 39.6% of the
group's gross premium written during 2003.

The decision to lower Converium's IFS rating by four rating
notches also reflects the rating sensitivity of reinsurance
business, particularly business sourced through the broker
distribution channel.  Broker produced business is the most
significant distribution channel for Converium and represented
58% of the group's gross written premium in 2003. Broker
security selection criteria generally require an 'A' range
rating to allow reinsurers access to business on an unrestricted
basis.  Following downgrades from all of the major rating
agencies below the 'A' range, Fitch believes that the group's
relationship with clients and brokers will negatively impact new
sales and adversely affected the group's ability to compete in
its markets.

The decision to change the Rating Watch from Negative to
Evolving reflects a possible positive movement in the ratings if
the group successfully concludes its planned rights issue.
Depending on the final terms of the rights issue, Fitch would
likely upgrade Converium AG's IFS rating to the 'BBB' range.
Failure to successfully complete the planned rights issue would
result in the affirmation of Converium AG's 'BB+' IFS rating
together with the assignment of a Negative Rating Outlook.  This
Outlook would reflect Fitch's view that the group's financial
flexibility would have been impaired and that Converium would
find it difficult to access additional funding should the need
arise.

Fitch will seek clarification of the terms and conditions
attaching to the U.S. debt issue, particularly in respect of the
decision taken to place Converium's U.S. operations into run-
off.  Upon completion of this review, Fitch may further revise
its ratings on Converium Holdings (North America) Inc. and the
US$200 million senior debt issue.

CONTACT:  FITCH RATINGS
          Chris Waterman, London
          Phone: +44 (0) 20 7417 6328
          E-mail: chris.waterman@fitchratings.com

          Damir Bettini, London
          Phone: +44 (0) 20 7862 4095
          E-mail: damir.bettini@fitchratings.com

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

          CONVERIUM HOLDING AG
          Baarerstrasse 8
          6300 Zug, Switzerland
          Phone: +41-1-639-9335
          Fax: +41-1-639-9334
          Web site: http://www.converium.com


CONVERIUM AG: Rated 'BBB'; CreditWatch Revised to Developing
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit and insurer financial strength ratings on
Switzerland-based reinsurer Converium AG to 'BBB' from 'A-'.
The long-term counterparty credit and insurer financial strength
ratings on subsidiaries Converium Rueckversicherung
(Deutschland) AG (Converium Deutschland) and Converium (U.K.)
Ltd. were lowered to 'BBB-' from 'A-'.   At the same time, these
ratings remained on CreditWatch where they were placed on the
July 20, 2004, and the CreditWatch status was revised to
developing from negative.

Standard & Poor's Ratings Services also lowered the long-term
counterparty credit and insurer financial strength ratings on
Converium Reinsurance (North America) Inc. (CRNA) to 'R' from
'BB+'.

In addition, Standard & Poor's Ratings Services lowered its
long-term counterparty credit and senior unsecured debt ratings
on U.S.-based Converium Holdings (North America) Inc. to 'BB'
from 'BBB-' and its junior subordinated debt rating on
Luxembourg-based Converium Finance S.A. to 'BB+' from 'BBB'.

"The rating actions reflect Standard & Poor's view that
management credibility has been impaired and concerns regarding
the Converium group's ability to retain and attract business,"
said Standard & Poor's credit analyst Marcus Rivaldi.  Standard
& Poor's, however, believes that policyholders of the group's
non-U.S. operations benefit from secure capitalization and
adequate liquidity.

The downgrade of subsidiaries Converium Deutschland and
Converium U.K. also reflects their reclassification as
strategically important operations of the Converium group.

The downgrade of CRNA follows the company entering into a Letter
of Understanding (dated Sept. 7, 2004) with the Connecticut
Insurance Department in which CRNA has agreed to request prior
regulatory approval for a number of actions.  "Standard & Poor's
interpretation of the language of this agreement is that CRNA
has experienced a regulatory action with regards, to the
Company's management outside the ordinary course of business,"
said Mr. Rivaldi.

"Potential upside exists if the group's rights issue proceeds
successfully as planned and the group retains the support of its
key cedents and brokers," said Mr. Rivaldi. Should this be the
case, Standard & Poor's may raise its long-term ratings on
Converium AG to 'BBB+'.

"However, potential downside exists if the planned rights issue
fails and the group fails to retain the support of its key
cedents and brokers," said Mr. Rivaldi.  Given secure
capitalization, Converium AG is likely to remain in the 'BBB'
category.

For Converium Deutschland and Converium U.K. potential upside
also exists should Converium AG provide an acceptably worded
guarantee.  Downside exists if the rights issue is not
successful, and should stand-alone capitalization prove
vulnerable in the absence parental support.

Standard & Poor's expects to resolve or update the CreditWatch
by October 13, 2004.

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:
          marcus_rivaldi@standardandpoors.com
          stephen_searby@standardandpoors.com
          InsuranceInteractive_Europe@standardandpoors.com

          CONVERIUM HOLDING AG
          Baarerstrasse 8
          6300 Zug, Switzerland
          Phone: +41-1-639-9335
          Fax: +41-1-639-9334
          Web site: http://www.converium.com


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


AERODORBUD-870: Court Brings in Insolvency Manager
--------------------------------------------------
The Economic Court of Harkiv region declared OJSC Aerodorbud-870
(code EDRPOU 05272737) insolvent and introduced bankruptcy
proceedings on August 5, 2004.  The case is docketed as B-39/46-
04.  Arbitral manager Mr. A. Katrich (License Number AA 250156
approved on December 10, 2001) has been appointed
liquidator/insolvency manager.

CONTACT:  AERODORBUD-870
          Ukraine, Harkiv region,
          Krasnogradskij district, Nataline

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


ALMA: Donetsk Court Opens Bankruptcy Proceedings
------------------------------------------------
The Economic Court of Donetsk region declared LLC Alma (code
EDRPOU 31266327) insolvent and introduced bankruptcy proceedings
on June 19, 2004.  The case is docketed as 42/96 B.  Mrs. Diana
Kozlovska (License Number 249634) has been appointed
liquidator/insolvency manager.  The company holds account number
2600501774118 at OJSC Ukreksimbank, Mariupol branch, MFO 335957.

CONTACT:  ALMA
          87510, Ukraine, Donetsk region,
          Mariupol, Lunin Str. 24

          Mrs. Diana Kozlovska
          Liquidator/Insolvency Manager
          Ukraine, Donetsk region,
          Miru Avenue, 10, office 501
          Phone: 381-36-43

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


AUTO 0511: Court Orders Debt Moratorium
---------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Auto Transport Enterprise 0511
Agrotechservice on June 15, 2004 and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as
15/119 B.  Arbitral manager Mr. Andrij Karpenko (License Number
AA 719837) has been appointed temporary insolvency manager.  The
company holds account number 260433009526822 at Prominvestbank,
Makiyivka branch, MFO 334516.

Creditors have until September 26, 2004 to submit their proofs
of claim to:

(a) Mr. Andrij Karpenko
    Temporary Insolvency Manager
    Ukraine, Donetsk region,
    Selidove, Dubinin Str. 6

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


DNIPROLINK: Court Names Svitlana Babich Liquidator
--------------------------------------------------
The Economic Court of Kyiv declared LLC Commercial House
Dniprolink (code EDRPOU 31866808) insolvent and introduced
bankruptcy proceedings on August 4, 2004.  The case is docketed
as 43/535.  Mrs. Svitlana Babich has been appointed
liquidator/insolvency manager.

CONTACT:  COMMERCIAL HOUSE DNIPROLINK
          01005, Ukraine, Kyiv region,
          Sichnevogo Povstannya Str. 11a/54

          Mrs. Svitlana Babich
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Melnikov Str. 2/10

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


FORWARD: Proofs of Claim Deadline September 26
----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Forward (code EDRPOU 30918804).
The case is docketed as 6/260-29/233.  Arbitral manager Mr. O.
Vinyarskij (License Number AA 487814) has been appointed
temporary insolvency manager.  The company holds account numbers
26003005 at OJSC CB Dnister, MFO 325569; 26006301411043810 at
Prominvestbank, Lviv central branch, MFO 325633; and
26004011040001 at Bank Universalnij, Lviv branch, MFO 325707.

Creditors have until September 26, 2004 to submit their proofs
of claim to:

(a) FORWARD
    79005, Ukraine, Lviv region,
    Marchenko Str. 1/123

(b) Mr. O. Vinyarskij
    Temporary Insolvency Manager
    79020, Ukraine, Lviv region,
    Varshavska Str. 66/21

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


LASTAR: Temporary Insolvency Manager Takes over Helm
----------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Lastar (code EDRPOU 32311176)
The case is docketed as 46/279-B.  Arbitral manager Mr.
Volodimir Miller (License Number AA 249982) has been appointed
temporary insolvency manager.  The company holds account number
26003300100977 at JSCB East-European Bank, MFO 322658.

Creditors have until September 26, 2004 to submit their proofs
of claim to:

(a) LASTAR
    04215, Ukraine, Kyiv region,
    Kanivska Str. 41 a

(b) Mr. Volodimir Miller
    Temporary Insolvency Manager
    03110, Ukraine, Kyiv region,
    a/b 180
    Phone: 275-01-86

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


LINKOMS-TARA: Insolvent Status Confirmed
----------------------------------------
The Economic Court of Kyiv region declared LLC Linkoms-Tara
(code EDRPOU 30150513) insolvent and introduced bankruptcy
proceedings on July 22, 2004.  The case is docketed as 71/14b-
04.  Mr. Valerij Sinelnikov (License Number AA 669658 approved
on August 7, 2003) has been appointed liquidator/insolvency
manager.

CONTACT:  LINKOMS-TARA
          Ukraine, Kyiv region,
          Obuhiv, Kyivska Str. 132

          Mr. Valerij Sinelnikov
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Chervonotkatska Str. 19/37

          ECONOMIC COURT OF KYIV REGION
          01033, Ukraine, Kyiv region,
          Zhelyanska Str. 58 b


LUBOTINSKIJ SAD: Bankruptcy Supervision Begins
----------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Lubotinskij Sad (code EDRPOU
00412412) on August 11, 2004.  The case is docketed as B-39/105-
04.  Arbitral manager Mr. O. Doloshko (License Number AA 315484
approved on August 8, 2002) has been appointed temporary
insolvency manager.  The company holds account number
2600330120756 at OJSC Real-bank, MFO 351588.

Creditors have until September 26, 2004 to submit their proofs
of claim to:

(a) LUBOTINSKIJ SAD
    62433, Ukraine, Harkiv region,
    Lubotin, Kurortna Str. 1

(b) Mr. O. Doloshko
    Temporary Insolvency Manager
    61024, Ukraine, Harkiv region,
    Pushkinska Str. 79/12

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


NOMINAL-2000: Under Bankruptcy Supervision
------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Nominal-2000 (code EDRPOU 30962958)
and ordered a moratorium on satisfaction of creditors' claims on
August 2, 2004.  The case is docketed as 42/127-B.  Arbitral
manager Mr. Pavlo Tkachenko (License Number AA 520125) has been
appointed temporary insolvency manager.

Creditors have until September 26, 2004 to submit their proofs
of claim to:

(a) NOMINAL-2000
    83017, Ukraine, Donetsk region,
    Shevchenko Boulevard, 25

(b) Mr. Pavlo Tkachenko
    Temporary Insolvency Manager
    83003, Ukraine, Donetsk region,
    Lenin Avenue, 89
    Phone: 8 (062) 345-20-79

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


ZMIYIVSKA VEGETABLE: Declared Insolvent
---------------------------------------
The Economic Court of Harkiv region declared CJSC Zmiyivska
Vegetable Factory (code EDRPOU 00850922) insolvent and
introduced bankruptcy proceedings on August 16, 2004.  The case
is docketed as B-39/60-04.  Arbitral manager Mr. M. Sorokin
(License Number AA 047711 approved on October 2, 2001) has been
appointed liquidator/insolvency manager.

CONTACT:  ZMIYIVSKA VEGETABLE FACTORY
          Ukraine, Harkiv region,
          Zmijivskij district, Komsomolske

          Mr. M. Sorokin
          Liquidator/Insolvency Manager
          Phone: 8 (050) 401-21-24

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


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


38 CHARTERHOUSE: Extraordinary Winding up Resolutions Passed
------------------------------------------------------------
At an extraordinary general meeting of the members of the 38
Charterhouse Trading Ltd on August 27, 2004 held at 93 Wavertree
Road, London SW2 3SN, the extraordinary resolution to wind up
the company was passed.  David Lewis of D Lewis & Co, 7
Nunappleton Way, Hurst Green, Oxted, Surrey has been nominated
liquidator for the purpose of the winding-up.

CONTACT:  D LEWIS & CO
          7 Nunappleton Way,
          Hurst Green, Oxted, Surrey
          Liquidator:
          David Lewis


ABBEY NATIONAL: HBOS Close to Making Bid, Report Says
-----------------------------------------------------
HBOS may offer a GBP10 billion hostile bid for Abbey National
this week, The Observer says.

The company is expected to call a board meeting to approve a
700p a share bid if rival bidder Santander's offer document is
sent to Abbey shareholders in the next few days.  The offer
would value Abbey at GBP10.5 billion, GBP1.5 billion higher than
the all-share offer of the Spanish banking giant.  Santander,
though, is expected to revise its offer to include cash, 'which
could be worth several billion' one investment banker said.

HBOS shareholders are expected to unanimously support the plan.
The bank's chairman, Lord Stevenson, as well as other non-
executive directors, are behind Chief Executive James Crosby's
plan.

A combination of Abbey and HBOS could create a company
controlling 34% of the mortgage market and 29% of savings, but
cornering just 15% of business banking and current accounts.

City sources say HBOS may opt for a bid that would be
conditional on its offer not being referred to the Competition
Commission by the Office of Fair Trading, according to the
report.  It the bid is referred to the regulators, it runs of
the risk of being blocked by competition grounds.

An inquiry into the transaction is potentially long, raising
fears Abbey at the Financial Services Authority about the
business becoming destabilized.


BROADWAY HAULAGE: Hires Joint Liquidator from CBA
-------------------------------------------------
At an extraordinary general meeting of the Broadway Haulage &
Truck Hire Ltd. on September 2, 2004 held at 435 Lichfield Road,
Aston, Birmingham B6 7SS, the ordinary and extraordinary
resolutions to wind up the company were passed.  Geoff Robbins
and Neil Charles Money of CBA, Lichfield Place, 435 Lichfield
Road, Aston, Birmingham B6 7SS has been appointed joint
liquidators for the purpose of such winding-up.

CONTACT:  CBA
          Lichfield Place,
          435 Lichfield Road, Aston,
          Birmingham B6 7SS
          Joint Liquidators:
          Geoff Robbins
          Neil Charles Money


DANEGROVE LIMITED: Calls in Liquidator from BRI Business
--------------------------------------------------------
At an extraordinary general meeting of the members of the
Danegrove Limited on August 31, 2004 held at 3 Woburn Street,
Ampthill MK45 2HS, the special resolution to wind up the company
was passed.  Gavin Geoffrey Bates of BRI Business Recovery and
Insolvency, 100-102 St James Road, Northampton NN5 5LF has been
appointed liquidator for the purpose of such winding-up.

CONTACT:  BRI BUSINESS RECOVERY AND INSOLVENCY
          100-102 St James Road
          Northampton NN5 5LF
          Liquidator:
          Gavin Geoffrey Bates


DORLAND INVESTMENTS: General Meeting Set October 18
---------------------------------------------------
Name of Companies:
Dorland Investments Limited
Johnson Fry General Partner One Limited
Johnson Fry Incap Limited
Johnson Fry Property Sales Limited
Johnson Fry Reversions Limited
Johnson Fry Trustees Limited
LIT Futures Limited
LIT Europe Limited
LIT (Trustees) Limited
Rood Securities Limited

The general meeting of the contributories of these companies
will be on October 18, 2004 commencing at 10:30 a.m.  It will be
held at Tenon Recovery, Sherlock House, 73 Baker Street, London
W1U 6RD.

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

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


DOUGLAS STAFFORD: Appoints Administrators from Tenon Recovery
-------------------------------------------------------------
Carl Stuart Jackson and Tina Yearsly have been appointed as
administrators for Douglas Stafford UK Limited.  The appointment
was made September 1, 2004.

CONTACT:  TENON RECOVERY
          Highfield Court
          Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Administrators:
          Carl Stuart Jackson
          Tina Yearsley
          Phone: 023 8064 6464
          Fax:   023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


EICOM PLC: Creditors Okay Voluntary Arrangement
-----------------------------------------------
Eicom plc (London: EIC) reached agreement with the last of its
major creditors under the terms of the Company Voluntary
Arrangement (CVA) and can now complete the CVA.  It is expected
that the distribution of shares to satisfy the terms of the CVA
will be made by 4 October 2004.

                            *   *   *

Eicom (formerly Einstein Group) believes in brainpower.  The
U.K. media company operates ETV Worldwide, a science and
technology television channel in Germany and Switzerland.  The
firm also produces entertainment television shows, provides
consulting services, and holds the exclusive rights to the
Classical World Chess Championship.

CONTACT:  EICOM PLC
          1 Clerkenwell Green
          London EC1R 0DR,
          United Kingdom
          Phone: +44-20-7074-3900
          Fax: +44-20-7336-8050
          Web site: http://www.eicom.co.uk


GLIXTONE LIMITED: Names PricewaterhouseCoopers Administrator
------------------------------------------------------------
Derek Anthony Howell and Robert Nicholas Lewis have been
appointed joint administrators for Glixton Limited.  The
appointment was made September 6, 2004.

The company manufactures paints, varnishes and similar coatings.
Its registered office is located at Blackfriars Road, Nailsea,
Bristol, Avon BS38 4DJ.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          One Kingsway,
          Cardiff CF10 3PW
          Joint Administrators:
          Derek Anthony Howell
          Robert Nicholas Lewis
          (IP Nos 6604, 9277)
          Phone: [44] (29) 2023 7000
          Fax:   [44] (29) 2080 2400
          Web site: http://www.pwc.com


GN INVESTMENTS: Final Members Meeting October 12
------------------------------------------------
The final meeting of the members of GN Investments Limited will
be on October 12, 2004 commencing at 10:00 a.m.  It will be held
at 66 Shoe Lane, London EC4A 3WA.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Deloitte & Touche LLP, Athene Place, 66 Shoe Lane, London
EC4A 3WA not later than 12:00 noon, October 11, 2004

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


HARLEYS LTD.: First Liquidation Meeting Set September 20
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Harleys Ltd. (in Liquidation)

I, of William Duncan & Co 104 Quarry Street Hamilton ML3 7AX
hereby give notice that I was appointed Interim Liquidator of
Harleys Ltd. on August 11, 2004 by the Interlocutor of the
Sheriff at Sheriff at Airdrie.

The first meeting in the liquidation called in terms of Section
138(4) of the Insolvency Act 1986 and in accordance with Rule
4.12 of the Insolvency (Scotland) Rules 1986, will be held at
104 Quarry Street Hamilton ML3 7AX on September 20, 2004 at
12:00 p.m. for the purpose of choosing a liquidator, appointing
a Liquidation Committee and considering the other Resolutions
specified in Rule 4.12(3) of the aforementioned Rules.

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

Cameron K. Russell, Interim Liquidator
August 23, 2004

CONTACT:  WILLIAM DUNCAN & CO.
          104 Quarry Street
          Hamilton ML3 7AX
          Phone: 01698 459444
          Fax: 01698 425333
          Web Site: http://www.williamduncan.co.uk


HEARTS OF MIDLOTHIAN: Tynecastle Sale Okayed Amidst Opposition
--------------------------------------------------------------
The extraordinary general meeting of Hearts of Midlothian
(London: HTM) on Monday was a pandemonium as shareholders
condemned a plan to sell the club's Tynecastle property.

Police had to station at the meeting to preempt a riot of
shareholders who have lost confidence in the board.  The EGM was
called to agree on the sale of the Tynecastle ground for GBP22
million to house builders Cala Management Limited.

The tension among the crowd simmered when Jim Clydesdale, the
stadium's designer, suggested Hearts could in fact play their
UEFA games in Gorgie this season rather than Murrayfield.  It
reached its peak when they were told the final voting figures
from last night's EGM would not be released to those at the
meeting but would only be made public the following morning.  On
Tuesday, the company announced the resolution was duly passed.

The board is pushing for the sale of the property to avert a
potential receivership.  The firm has current debt of GBP19.1
million, and is in danger of running out of working capital, it
said.

They called for chief executive Chris Robinson to resign, and
verbally attacked financial director Stewart Fraser.

Ian McLeod of the Save Our Hearts campaign said: "Hearts
supporters and the people of Gorgie deserve to be treated better
than this."

"[The plan to sell the property] will rip the heart out of the
local community in Gorgie and take the heart out of the football
club," he added.

CONTACT:  HEART OF MIDLOTHIAN PLC
          Tynecastle Stadium, Gorgie Rd.
          Edinburgh EH11 2NL, United Kingdom
          Phone: +44-131-200-7200
          Fax: +44-131-200-7222
          Web site: http://www.heartsfc.co.uk


HUGH MACKAY: Carpet Business for Sale
-------------------------------------
The Joint Administrators, R.H. Kelly and N. Matthews offer for
sale as a going concern the business and assets Hugh Mackay
Carpets Limited (in administration).

Principal features include:

(a) High quality producer of carpets for the commercial and
    residential market since 1903;

(b) Prestigious customer base;

(c) One of the largest manufacturers of Axminster, Wilton and
    Tufted carpets in the U.K.

(d) Annual turnover of GBP10 million;

(e) Strong order book valued at GBP2.1 million;

(f) Purpose-built leasehold factory at Durham, Tyne and
    Wear;

(g) High specification loom equipment; and

(h) Skilled workforce.

CONTACT:  ERNST & YOUNG
          Cloth Hall Court
          14 Kings Street
          Leeds LS1 2JN

          Lindsey Hudson
          Phone: 0113 298 2326
          Fax: 0113 298 2206
          E-mail: lhudson@uk.ey.com


ION AP: Automotive Hose Manufacturer for Sale
----------------------------------------------
The Joint Administrative Receivers, Gordon S. Goldie and Allan
D. Kelly of Tait Walker, offer for sale the business and assets
of Ion AP Limited.

Principal features include:

(a) Established trade of over 25 years;

(b) Rubber and silicone hose manufacturing facilities in
    Annfield Plain, Co. Durham;

(c) Estimated annual turnover of GBP2 million to GBP3 million;

(d) Estimated blue chip international and U.K. customer base;
    and

(e) Skilled workforce of around 40 people.

CONTACT:  TAIT WALKER
          Bulman House
          Regent Centre
          Gosforth
          Newcastle upon Tyne NE3 3LS

          Kerry Pearson
          Phone: 0191 285 0321
          Fax: 0191 284 9117
          E-mail: kerry.pearson@taitwalker.co.uk


J.A.P.P. LIMITED: Sets General Meeting October 25
-------------------------------------------------
The general meeting of the members of J.A.P.P. Limited will be
on October 25, 2004 commencing at 11:00 a.m.  It will be held at
Acre House, 11-15 William Road, London NW1 3ER.

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.


KENWORTH INDUSTRIES: Names Smith & Williamson Administrator
-----------------------------------------------------------
Stephen Cork has been appointed as administrator for Kenworth
Industries Limited.  The appointment was made September 6, 2004.
The company sells hardware and plumbing.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Bartlett House
          9-12 Basinghall Street,
          London EC2V 5NS
          Administrator:
          Stephen Cork
          (IP No 8267)
          Web site: http://www.smith.williamson.co.uk


LAURA ASHLEY: Implementing Redundancies at Welsh Plants
-------------------------------------------------------
Laura Ashley and subsidiary Texplan Manufacturing Ltd. will cut
up to 90 jobs at its two Welsh factories as part of a cost
reduction program, just-style reports.

The high-street chain said in a statement between 80-90 jobs
will be lost at its Newton and Carno factories in the coming
four to five weeks.  It came up with the decision after
reviewing operating costs amidst challenging conditions in the
retail marketplace.

The job cuts go contrary to the firm's promise in 2003 that
employees will not be affected by the shutdown of most of its
European branches.

In April this year Laura Ashley reported full-year profits of
GBP3.1 million against a GBP4.9 million loss in 2003.

CONTACT:  LAURA ASHLEY
          Carno
          Caersws
          Powys SY17 5LQ
          United Kingdom
          Phone: (01686) 624050
          Fax:   (01686) 420394
          Web site: http://www.laura-ashley.com


MG ROVER: In Talks to Save Distribution Deal with Tata
------------------------------------------------------
MG Rover and Tata Motors are in talks to rescue a vehicle
distribution deal thrown into uncertainty by a slump in U.K.
sales, The Telegraph reports.

John Edwards, one of the owners of MG Rover, flew to India
Monday night to talk with his counterparts at Tata Motors.  The
negotiations are thought to center on who will shoulder the
burden of a marketing strategy aimed at encouraging interests in
Tata's Indica cars that MG is distributing.  The proposal
involves a price cut of up to GBP1,000 a car.

A spokesman for the car company said: "Discussions have been on
going in India and they are going on [Tuesday] based on the
market dynamics in the U.K."

MG Rover, which agreed to sell Tata's Indica cars as City Rovers
this year, sold only 4,606 units in the first six months.

CONTACT:  MG ROVER GROUP LIMITED
          Longbridge, Bickenhill
          Birmingham B31 2TB
          United Kingdom
          Phone: +44 121 475 2101
          Fax:   +44 121 482 2403
          Web site: http://www1.mg-rover.com


MOTOR REPAIR: Hires Ernst & Young as Administrator
--------------------------------------------------
Name of Companies:
Motor Repair Management Limited
Motor Repair Management (London) Limited

C P Dempster and M D Rollings have been appointed joint
administrators for these companies.  The appointment was made
September 2, 2004.  Its registered office is located at Raynard
House, 5A Castlefield Road, Reigate, Surrey RH2 0SA.

CONTACT:  ERNST & YOUNG LLP
          10 George Street,
          Edinburgh EH2 2DZ
          Joint Administrator:
          C P Dempster
          (IP No 8908)
          Web site: http://www.ey.com

          ERNST & YOUNG LLP
          1 More London Place,
          London SE1 2AF
          Joint Administrator:
          M D Rollings
          (IP No 8107)
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


MYRATECH.NET PLC: Shareholders Okay Capital Reconstruction
----------------------------------------------------------
Myratech.Net plc announced that all of the resolutions put to
shareholders at the Sept. 14 Extraordinary General Meeting of
the Company were duly passed.

The Company expects to make a further announcement shortly
regarding the restoration of trading in the ordinary shares of
the Company on the AIM market.

                            *   *   *

The extraordinary general meeting has been convened to approve
the company's capital reconstruction.

Capital Reconstruction

The proposed Issue Price of (approximately) 0.221762p for the
New Ordinary Shares is below the current nominal or par value of
the Existing Ordinary Shares.  As the Act prohibits the issue of
shares at a price below their nominal value, it is proposed to
carry out the Capital Reconstruction.

At present the authorized share capital of the Company is
GBP450,000 divided into 45,000,000 Existing Ordinary Shares of
1p each, of which 29,595,000 are currently issued and fully
paid.  It is proposed that each issued Existing Ordinary Share
of 1p be sub-divided into one New Ordinary Share of 0.1p and one
Deferred Share of 0.9p.  It is also proposed that the authorized
but unissued Existing Ordinary Shares be re-designated as New
Ordinary Shares of 0.1p each by the sub-division of each
unissued Existing Ordinary Share of 1p into 10 New Ordinary
Shares of 0.1p.

Each New Ordinary Share will have the same rights (including
voting and dividend rights and rights on a return of capital) as
an Existing Ordinary Share.  Existing share certificates in
respect of Existing Ordinary Shares will remain valid.

The rights attaching to Deferred Shares, which will not be
admitted to trading on AIM or any other recognized investment
exchange, will render them effectively valueless.  No share
certificates will be issued in respect of Deferred Shares.  It
is intended that the Deferred Shares will be repurchased by the
Company for a nominal amount in due course.  Further details of
the rights attaching to the Deferred Shares are set out in
Resolution 2.

The proportionate interests of Shareholders prior to the issue
of New Ordinary Shares pursuant to the Loan Conversion and
Placing will not be affected by the proposed Capital
Reconstruction.  The creation of Deferred Shares is simply a
mechanism to reduce the nominal value of the Existing Ordinary
Shares from 1p to 0.1p.

CONTACT:  MYRATECH.NET PLC
          Vittoria House
          1-7 Vittoria Street
          Birmingham B1 3ND
          Phone: 0871 222 4300
          Fax:   0121 212 1573
          E-mail: info@myratech.net
          Web site: http://www.myratech.net


NORTHWICH VICTORIA: Names Begbies Traynor Administrator
-------------------------------------------------------
Gordon Craig and David Appleby have been appointed as joint
administrators for Northwich Victoria Football Club Company
Limited.  The appointment was made September 1, 2004.  The
football club's registered office is c/o Begbies Traynor, 1
Winckley Court, Chapel Street, Preston PR1 8BU.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street, Preston,
          Lancashire PR1 8BU
          Joint Administrators:
          Gordon Craig
          David Appleby
          (IP Nos 0978, 8976)
          Phone: 01772 202000
          Fax:   01772 200099
          Web site: http://www.begbies.com


PSSU LIMITED: Hires Hurst Morrison Thomson as Administrator
-----------------------------------------------------------
Gareth Wyn Roberts and Paul William Ellison have been appointed
as joint administrators for PSSU Limited.  The appointment was
made September 7, 2004.  Previously named Proto Sealed Unites
Limited it manufactures glass window units.

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


SWIMMING NATURE: Calls in Joint Administrators
----------------------------------------------
Joanne Milner, Stephen Cork and Steven Tancock have been
appointed as joint administrators for Swimming Nature Limited.
The appointment was made September 2, 2004.  The company is
engaged in provision of swimming lessons to the general public.

CONTACT:  Joanne Milner
          Stephen Cork
          Steven Tancock
          (IP Nos 8761, 8627 and 9206)
          Prospect House,
          2 Athenaeum Road,
          London N20 9YU


WHYTOCK & REID: Parts with Remaining Properties
-----------------------------------------------
The auction of the assets of Whytock & Reid, one of U.K.'s
oldest and famous furniture firm, attracted a wide range of
interest last week, raising some GBP220,000.

More than 600 antique-lovers and collectors came for the sale at
Lyon & Turnbull's showroom at Broughton Place.  Ordinary
citizens also came wanting to get a piece of history.

The firm's 166-year old painted oak plaque, awarded by the Queen
for its dedication to quality, was sold for GBP2,600, or more
than five times its estimated value.

The family-owned company went into voluntary liquidation just
three years before its 200th anniversary.  The properties
auctioned were the last of its remaining properties.

Whytock & Reid has decorated and furnished some of Scotland's
most famous houses and visitor attractions, including Holyrood
and, most recently, the Royal Yacht Britannia.

CONTACT:  WHYTOCK AND REID
          Sunbury House
          Belford Mews
          Edinburgh EH4 3DN
          Scotland
          Phone: +44 (0)131 226 4911
          Fax:  +44 (0)131 226 4595
          E-mail: showroom@whytockandreid.com
          Web site: http://www.whytockandreid.com


                            *********


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

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

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

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