TCREUR_Public/040917.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, September 17, 2004, Vol. 5, No. 185

                            Headlines

B U L G A R I A

TANGRA: Regulator Recommends Insurer's Liquidation


C Z E C H   R E P U B L I C

TEXTILANA CZ: Fails to Pay Workers, Suppliers


F R A N C E

PERRIER: Exec Admits Nestle Waters Favors Sale


G E R M A N Y

D UWE: Last Day for Filing Claims October 5
ELEKTRO EG: Chemnitz Court Opens Bankruptcy Proceedings
G A L BAU: First Creditors Meeting Set November 16
GANIMED BETEILIGUNGSGESELLSCHAFT: Bankruptcy Proceedings Begin
GURGUL GMBH: Deadline for Filing Claims October 12

IMMERGUT GMBH: Applies for Insolvency Proceedings
INFINEON TECHNOLOGIES: Pays US$160 Mln to Settle Antitrust Case
MG TECHNOLOGIES: Cancels Dynamit Nobel Sale to Flex-N-Gate
RICHARD TANDLER: Public Auction of Assets Saturday
VOLKSWAGEN AG: Initial Talks with Unions Prove Difficult


I T A L Y

ALITALIA SPA: Ground Staff Agree to Waive Benefits
FIAT SPA: Fitch Lowers Senior Unsecured Rating to 'BB-'
PARMALAT U.S.A.: Taps Mahoney Cohen & Company as Accountants


N E T H E R L A N D S

KONINKLIJKE AHOLD: Local Probe Could Extend Beyond Summer
ROYAL SHELL: U.S. Probers Exploring Suit vs. Directors


R O M A N I A

BANCA COMERCIALA: Individual Rating Affirmed at 'D'
MOBIFON HOLDINGS: Rating Upgraded to 'B+'; Outlook Stable


R U S S I A

BIO-MASH-PRIBOR: Mariy-El Court Appoints Insolvency Manager
COMMUNAL BOILER: Under Bankruptcy Supervision
CONCORD-OIL: Appoints V. Satarov Insolvency Manager
EKTULSKIY: Undergoes External Management Procedure
GAYSKIY BAKERY: Names V. Kirzhayev Insolvency Manager

KYSHTOVSKY BUTTER: Court Sets October 25 Hearing
LGOVSKIYE COMMUNAL: Undergoes Bankruptcy Supervision Procedure
MEAT: Sets Public Auction Today
PLEXIGLASS: Last Day for Filing Claims September 23
TAT-IND-VENTILATION: Insolvency Manager Takes over Helm

TAVDINSKIY MECHANICAL: Bankruptcy Supervision Procedure Starts
VORONEZHSKY FACTORY: Declared Insolvent
YUKOS OIL: Govt Poised to Break up Oil Giant, Says Local Daily


S P A I N

IZAR: SEPI Chief Hopes to Reach Agreement with Trade Unions
IZAR: E.U. Takes Step to Sanction Illegal State Aid


S W I T Z E R L A N D

CONVERIUM AG: Revises Business Plan After Ratings Downgrade


U K R A I N E

APEKS+2000: Under Bankruptcy Supervision
BILSHOVIK: Public Auction of Assets September 27
EURODOORSERVICE: Court Names Insolvency Manager
KRIVBASCOLOR: Last Day for Filing Claims September 26
LAN-2004: Kyiv Economic Court Opens Bankruptcy Proceedings

NOVATOR: Public Auction of Assets September 27
ORDZHENIKIDZE' REPAIR: Names O. Nivikov Liquidator
UST-CHORNYANSKIJ: Proofs of Claim Deadline September 26
WESTWOOD: Under Bankruptcy Supervision
ZHITAN: Kyiv Court Appoints Temporary Insolvency Manager
ZORYA: Creditors Have Until September 26 to File Claims


U N I T E D   K I N G D O M

2B ON TV: Members Pass Winding up Resolutions
ABBEY NATIONAL: E.U. Commission Clears Santander Offer
ABBEY NATIONAL: Merger with Santander Looks Sealed as HBOS Quits
A & C PROPERTIES: Calls in Liquidator from Bulley Davey
ADD CONTRACTS: Royal Bank of Scotland Appoints Receiver

ADVANCED SURFACE: Hires Tenon Recovery as Liquidator
ARA ELECTRONICS: Creditors Meeting Set October 8
AUM TRANSPORT: Calls in Liquidator from HKM
BARCLAYS BUSINESS: Names Deloitte & Touche Liquidators
BCE CABLE: Members Final Meeting Set October 15

BLUE ROOM: May Appoint Liquidator Tuesday
BODDINGTONS: Employees Fight to Keep Plant Open
BOOTS GROUP: Abandons Troubled Health, Beauty Businesses
CENTACOM LIMITED: Extraordinary Winding up Resolution Passed
DORTEX INTERNATIONAL: Members Agree to Wind up Business

EIDOS PLC: Books Full-year After-tax Loss of GBP2.9 Million
HOODS GALORE: Three-year Disqualification for Ex-director
MARTINE FREIGHT: Unsecured Creditors Meeting September 24
MULTIPLASTICS LIMITED: In Administrative Receivership
NEVERCLOSE LIMITED: Hires Joint Liquidators from Moore Stephens

QCLS SERVICES: Director Receives Four-year Ban
QOOL-AIR: Appoints B N Jackson Norton Liquidator
QUICK TRANSPORT: Calls in Liquidator from Elwell Watchorn
RATCLIFFE TRANSPORT: Disqualified Directors Get 16-year Ban
RUMNEY CRANE: Winding up Resolutions Passed

SKYEPHARMA PLC: Net Loss Drops 45% to GBP10.2 Million
SPEEDY DESPATCH: Sets Creditors Meeting September 30
TRAESKO 11: Names PricewaterhouseCoopers Liquidator
TURNER & NEWALL: Unions Urge Govt to Protect Pension Scheme
UNITED BISCUITS: Avoids Competition Scrutiny Over Jacob Buyout

WENTWORTH TRAVEL: Calls in Liquidators from Smith & Williamson
WOODLANDS CABINET: Members Pass Winding up Resolution
ZAIKA LTD.: Creditors Meeting Set September 21


                            *********


===============
B U L G A R I A
===============


TANGRA: Regulator Recommends Insurer's Liquidation
--------------------------------------------------
The Financial Supervision Commission (FSC) has asked the Varna
regional Court to begin liquidation proceedings on mutual
insurance cooperation Tangra, says the Bulgarian Economic
Review.

Citing FSC insiders, the report said the Bulgarian regulator of
the non-bank financial sector has also proposed the appointment
of Stela Angelova, Tangra's current quaestor, as liquidator.
Prior to the application for liquidation, Ms. Angelova submitted
a report to the commission detailing the financial condition of
the insurer and recommending the opening of liquidation
proceedings.

Earlier, the FSC had ordered a review of Tangra's books and
found out that the insurer had already cancelled active
insurance contracts and paid its clients, except for an
undisclosed beneficiary.  The commission had also found out that
Tangra's assets cover its liabilities, as of December 31, 2003.
The FSC cancelled Tangra's insurance license on June 18, 2003.

CONTACT:  FINANCIAL SERVICES COMMISSION
          6 Sveta Nedelia Square
          1000 Sofia Bulgaria
          E-mail: bg_fsc@fsc.bg
          Web site: http://www.fsc.bg

          Press Office
          Phone: (+359 2) 94 04 582
                 (+359 2) 94 04 793


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


TEXTILANA CZ: Fails to Pay Workers, Suppliers
---------------------------------------------
Bohemia-based textile company, Textilana CZ, is undergoing
severe financial difficulty, just-style.com reports.

Jiri Vrnata, head of Textilana's trade union, says the company
has not paid employees and suppliers.  Its staff, numbering 180,
have not received their salaries for July and, prior to this,
were paid only 65% of their salaries.  The company is involved
in wool fabrics production and textile printing.

CONTACT:  TEXTILANA CZ
          Frydlantska 422 Nove Mesto pod Smrkem
          Czech Republic 422 00
          Phone: 420-2-24032121
          Fax: 420-2-24032121
          Contact: Mr. Vladimir Tichy


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


PERRIER: Exec Admits Nestle Waters Favors Sale
----------------------------------------------
The sale of Nestle S.A.'s French mineral water brand, Perrier,
is becoming likely after a trade union rejected proposed job-
cuts at the firm.

Nestle said in a statement Wednesday the disposal of Perrier is
"a project that will be examined along with others."  The
company made the pronouncement after one of its unions rejected
an early retirement package for 1,047 workers.  After nine
months of negotiations, two unions accepted the early retirement
offer and the replacement of 276 people with new hires.  Only
the Communist-backed CGT, which represents majority of the
staff, rejected the proposal.

Nestle announced it could establish Perrier and its other French
water brands as stand-alone subsidiaries, which means a split-up
of the unions in case of a sale.  The company is planning to
merge its operations in eastern France to a location where the
CGT union would no longer command majority.  This would
facilitate voluntary job-cuts, Nestle Waters spokesman Hubert
Genieys said.

Perrier, one of the world's best-known water brands, is beset by
high production cost at its Vergeze plant in southern France.
Nestle first considered selling it in March, saying it was not
profitable enough.  As for suggestions Nestle could hold on to
the brand and sell the Vergeze plant, Mr. Genieys said this is
not viable.  He clarified that, although the sale of Perrier was
now management's favored scenario, it remains just an option.
He said Nestle has been in contact with potential buyers for
Perrier, but refused to give names.

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


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


D UWE: Last Day for Filing Claims October 5
-------------------------------------------
The district court of Gera opened bankruptcy proceedings against
D Uwe Kroitzsch on August 27.  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 Dr. H. Hess.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2004, 2:15 p.m. at the district court
of Gera at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  D. UWE KROITZSCH
          Dorfbachweg 12, 07356 Neundorf

          Dr. H. Hess, Insolvency Manager
          Barbarrossahof 4-5, 99092 Erfurt

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


ELEKTRO EG: Chemnitz Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Elektro eG Oelsnitz on August 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 1, 2004 to register their
claims with court-appointed provisional administrator Andreas
Schenk.

Creditors and other interested parties are encouraged to attend
the meeting on October 26, 2004, 10:30 a.m. at Saal 24, IM
Gerichtsgebaude FurstenstraBe 21 Chemnitz 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:  ELEKTRO EG OELSNITZ (Vogtl.)
          BahnhofstraBe 16, 08606 Oelsnitz

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


G A L BAU: First Creditors Meeting Set November 16
--------------------------------------------------
The district court of Gera opened bankruptcy proceedings against
G A L Bau GmbH on August 27.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 9, 2004 to register their claims
with court-appointed provisional administrator Gorge Scheid.

Creditors and other interested parties are encouraged to attend
the meeting on November 16, 2004, 9:15 a.m. at the district
court of Gera at which time the administrator will present his
first report of the insolvency proceedings.  The court will
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:  G A L Bau GmbH
          Am Kirschberg 12, 07570 Burkersdorf

          Gorge Scheid, Insolvency Manager
          Rudolf-Diener-Str. 9, 07545 Gera

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


GANIMED BETEILIGUNGSGESELLSCHAFT: Bankruptcy Proceedings Begin
--------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Ganimed Beteiligungsgesellschaft on August 24.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 15,
2004 to register their claims with court-appointed provisional
administrator Dr. Bruno M. Kubler.

Creditors and other interested parties are encouraged to attend
the meeting on November 18, 2004, 11:30 a.m. at Saal 28,
Gerichtsgebaude FurstenstraBe 21, Chemnitz 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:  GANIMED BETEILIGUNGSGESELLSCHAFT
          Seifen 11, 61276 Weilrod

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


GURGUL GMBH: Deadline for Filing Claims October 12
--------------------------------------------------
The district court of Darmstad opened bankruptcy proceedings
against Gurgul GmbH on August 27.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 12, 2004 to register their claims
with court-appointed provisional administrator Sylvia Hofmann.

Creditors and other interested parties are encouraged to attend
the meeting on October 14, 2004, 9:45 a.m. at Saal U2, Gebaude
E, LandwehrstraBe 48, 64293 Darmstadt at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on November 25, 2004, 9:30 a.m. at Zimmer
1, Gebaude E, LandwehrstraBe 48, 64293 Darmstadt.

CONTACT:  GURGUL GMBH
          (AG Darmstadt, HRB 6148)
          Mainzer Str. 74, 64293 Darmstadt
          Contact:
          Heinz Werner Gurgul, Manager
          Mainstr. 14, 64347 Griesheim

          Arthur Eller, Manager
          Paul-Hindemitz-Ring 27a, 63110 Rodgau

          Sylvia Hofmann, Insolvency Manager
          Birkenweg 24, 64295 Darmstadt
          Phone: 06151/66729-0
          Fax: 06151/66729-20


IMMERGUT GMBH: Applies for Insolvency Proceedings
-------------------------------------------------
German dairy company Immergut GmbH has filed for the opening of
insolvency proceedings after parent company, Immergut
Dauermilch, suffered cash flow problems, Suddeutsche Zeitung
says.

Former Imeergut owner, Klaus Weise, on Friday reportedly sold
his shares just as the dairy firm's new owners applied for the
opening of insolvency proceedings.  The company employs 125
employees in Stavenhagen and another 100 in Schluchtern, Hesse.

CONTACT:  IMMERGUT DAUERMILCH GMBH
          Malchiner Strabe 68
          17153 Stavenhagen
          Phone: 03 99 54 / 2 61 16
          Fax: 03 99 54 / 2 11 92
          Web site: http://www.immergut-weise.de


INFINEON TECHNOLOGIES: Pays US$160 Mln to Settle Antitrust Case
---------------------------------------------------------------
Infineon Technologies AG (FSE/NYSE: IFX) reached an agreement
with the United States Department of Justice -- Antitrust
Division -- to plead guilty to a single and limited charge
related to the violation of U.S. antitrust laws in connection
with the pricing in its Dynamic Random Access Memory business
between July 1, 1999 and June 15, 2002.  Consequently, with
regard to the DoJ's ongoing industry wide investigation the
matter has been fully resolved between Infineon and the DoJ.

Under the terms of the agreement, Infineon has agreed to pay a
fine of US$160 million, an amount fully covered by the company's
recent third quarter accrual.  The fine will be paid in equal
installments through 2009.  The wrongdoing charged by the DoJ
was limited to certain OEM customers.  Infineon is in contact
with these customers and has achieved or is in the process of
achieving settlements with all of these OEM customers.

Infineon strongly condemns any attempt to fix or stabilize
prices.  Infineon is committed to vigorous and fair competition
based solely on superior products and services.

                      About Infineon

Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for the automotive and industrial sectors,
for applications in the wired communications markets, secure
mobile solutions as well as memory products.  With a global
presence, Infineon operates in the U.S. from San Jose, CA, in
the Asia-Pacific region from Singapore and in Japan from Tokyo.
In fiscal year 2003 (ending September), the company achieved
sales of EUR6.15 billion with about 32,300 employees worldwide.
Infineon is listed on the DAX index of the Frankfurt Stock
Exchange and on the New York Stock Exchange (ticker symbol:
IFX).  Further information is available at
http://www.infineon.com.

CONTACT:  INFINEON TECHNOLOGIES AG
          Worldwide Headquarters
          P.O. Box 80 09 49
          D-81609 Muenchen
          Germany
          Web site: http://www.infineon.com
          Phone: +49-89-234-28481
          Fax: +49-89-234-28482
          E-mail: guenter.gaugler@infineon.com

          For Investors and Analysts based in Europe:
          Phone: +49-89-234 26655
          E-mail: investor.relations@infineon.com

          For Investors and Analysts based in North America:
          Phone: +-1-408 501 6800
          E-mail: investor.relations@infineon.com

          Christoph Liedtke
          U.S.A.
          Phone: +1-408 501-6790
          Fax: +1-408 501-2424
          E-mail: christoph.liedtke@infineon.com


MG TECHNOLOGIES: Cancels Dynamit Nobel Sale to Flex-N-Gate
----------------------------------------------------------
Mg technologies AG suspended its disposal of Dynamit Nobel
Kunststoff GmbH (DNK) to the U.S. automotive supplier Flex-N-
Gate, which is headquartered in Urbana, Illinois.  Flex-N-Gate
failed to meet its obligations under the sale and purchase
agreement despite the fact that the deadline has twice been
extended until September 15, 2004.  Mg will take the necessary
legal action against Flex-Ngate because the latter has failed to
honor its contractual obligations.

DNK's profitable plastics business will remain within the mg
Group until further notice.  Mg is currently examining various
options for the future of Dynamit Nobel Kunststoff GmbH but has
set no specific time frame.

DNK is a successful automotive supplier and is one of the
European market leaders in the provision of plastics-based
module solutions.  In the first half of 2004, the company raised
its sales by 2.3% from EUR439 million to EUR449 million compared
to the first six months of 2003.  Its pre-tax earnings in the
first six months of the current year were up 21.7% on the same
period of last year.  DNK, which is based in Weissenburg,
southern Germany, has traditionally operated as an independent
unit within Dynamit Nobel AG.

Mg sold Dynamit Nobel's other businesses -- CeramTec, Chemetall,
Sachtleben, and Custom Synthesis -- to the U.S. specialty
chemicals company Rockwood Specialties Group Inc. with effect
from July 31 of this year.

Mg technologies ag is an international technology group that
focuses on specialty mechanical engineering -- especially
process engineering and components -- and plant engineering.
The company generated sales of roughly EUR4.1 billion excluding
Dynamit Nobel and other discontinued operations in 2003.  At
June 30, 2004, the company employed around 17,000 people and is
one of the world's market and technology leaders in 90% of its
businesses.

CONTACT:  MG TECHNOLOGIES AG
          Communications
          Phone: +49 (0) 69 71199 241
          Fax:   +49 (0) 69 71199 112
          Web site: http://www.mgtechnologies.com


RICHARD TANDLER: Public Auction of Assets Saturday
--------------------------------------------------
Karner & Co. GmbH will sell the assets of Richard Tandler
Elektro, Radio und Technische GroBhandlung GmbH on September 18,
2004, 11:00 a.m. at Ludwigshall, ZentturmstraBe 12, D 64807
Dieburg, Germany.

For sale are around 600 items, which include:

(a) Working equipment:

    (i) Working facilities,

   (ii) Presentation and storing shelves, and

  (iii) Office furniture and equipment

(b) Cars:

    (i) Ford Explorer 4.0 1997,

   (ii) Ford Focus Limousine TDCI 2001, and

  (iii) 2 Transporters Peugeot Partner Diesel 1999 and 2000

(c) Electric appliances:

    (i) Coffee makers,

   (ii) Hairdryer,

  (iii) Toaster,

   (iv) Fryer,

    (v) Water boiler,

   (vi) Mixer,

  (vii) Room air cleaner,

(viii) Safety razor,

   (ix) Mag-Lite Pocket lamps, and

    (x) Electric Christmas articles

Inspection of assets will be on September 17, 2004 from 9:00
a.m. to 5:00 p.m. and September 18, 2004 from 8:00 a.m. to 10:30
a.m. at Auf Dem Betriebsgelande, SpitalstraBe 33, D-64807
Dieburg.

Clearance of assets will be during the auction until 5:00 p.m.
and on September 20, 2004 from 9:00 a.m. to 5:00 p.m.

Contact:  KARNER & CO. GMBH
          Phone: +49 (0) 6136 7544 0
          Fax: +49 (0) 6136 7544 29
          E-mail: contact.karner@goindustry.com


VOLKSWAGEN AG: Initial Talks with Unions Prove Difficult
--------------------------------------------------------
The first round of negotiations over contracts between
Volkswagen AG and its union on Wednesday ended without positive
results, Bloomberg News says.

Volkswagen is proposing a two-year wage freeze for more than
100,000 workers, amidst union's clamor for a 4% yearly raise.
Europe's largest carmaker and IG Metall union admitted the
succeeding rounds of talks would be difficult.

"We told the union that there is no room for wage increases,
since we have to cut costs to stay competitive," Josef-Fidelis
Senn, Volkswagen's chief negotiator, told journalists.  He
described the meeting as "very tense."

High labor cost and slow economic growth in Germany are forcing
companies to demand longer hours without higher pay.  Volkswagen
aims to preserve 176,544 jobs in Germany while reducing labor
spending by 30% over the next seven years.  It is threatening to
slash 30,000 jobs if its 100,000 workers do not agree to the
wage-freeze plan.  Their next session is on October 5.

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


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


ALITALIA SPA: Ground Staff Agree to Waive Benefits
--------------------------------------------------
Troubled airline Alitalia S.p.A. finally reached an agreement
with unions representing ground staff following negotiations
that extended through the early morning of Thursday.  Talks went
round-the-clock as management tried to beat its self-imposed
deadline that lapsed on Wednesday.

Agence France-Presse reports the deal was struck yesterday after
unions withdrew their demand for a wage adjustment corresponding
to the inflation rate in 2002 and 2003.  They also agreed to
freeze wages in 2004 and 2005 and forego payment for holidays
cancelled in 2005 and 2006.  The deal is linked to the approval
of Alitalia's overall rescue plan, unions say.

The rollback of benefits would save the carrier about EUR50
million (US$61 million) over the next two years, sources say.
Alitalia has already secured a potential EUR50 million-a-year
saving beginning 2006 after reaching a separate pact with pilots
on Tuesday regarding increase flying hours at reduced salary
guarantees.  There might be additional savings for job-cuts to
be taken up at a meeting with the government, according to the
report.

The main elements of Alitalia's restructuring plan consist of
large-scale job-cuts and the spin-off of its non-flying
operations.  About 3,500 workers from ground services,
commercial maintenance, and administration will be axed.

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


FIAT SPA: Fitch Lowers Senior Unsecured Rating to 'BB-'
-------------------------------------------------------
Fitch Ratings downgraded Fiat S.p.A.'s Senior Unsecured rating
to 'BB-' from 'BB' and affirmed the Short-term rating at 'B'.
The rating Outlook remains Negative.

The downgrade reflects the recently announced postponement of
Fiat Auto's operating break-even target by one year.  In line
with the guidance given by Fitch last year, as a result the
weaker-than-expected core credit ratios and the revision of the
financial targets for Fiat Auto, the group credit profile is no
longer in line with the 'BB' rating category.

The Negative Outlook is based on the modest earnings prospects
in the medium-term, as well as the sizeable execution risks
involved in the implementation of the initiatives started.
During this time, Fiat is expected to retain a weak net free
cash flow generation, despite the improved operating profit
achieved during H104.  This increase was the result of higher
profitability at the non-automobile operations Iveco (trucks)
and CNH (agricultural and construction equipment).  Although
these divisions are benefiting from the early stages of a
cyclical recovery of their respective end-markets, it should be
noted that their operating margins, while improving, are not yet
in line with best competitors.

A further downgrade would be triggered by any evidence that the
restructuring of Fiat Auto will fall materially short of the now
revised restructuring targets and a resultant accelerating cash
drain on the group financial profile.  A material deterioration
of the group's financial flexibility may also lead to a
downgrade.

While Fiat confirmed its targets at group level (operating
profit breakeven in FY04 and positive net profit and cash flow
in FY05), its automobile division aims to return to
profitability and positive operating cash flow generation in
FY06, one year later than originally planned. Fitch is of the
opinion that Fiat Auto's competitive position must further
strongly improve for the restructuring to be a success, and that
the turnaround effort at Fiat Auto remains burdened by the late
address of structural problems within the organization.  These
are compounded by overcapacity and an over-representation in the
lower-margin product segments of the market.

The cyclical markets in which the group operates are undergoing
structural changes and consolidation, while Fiat Auto is lagging
competitors in adjusting its processes to lower production
costs.  Fitch expects Fiat's core automobile operations will
remain faced with high competitive pressure.  However, Fitch
acknowledges that the new organizational structure introduced on
1 September 2004, which abandoned a three-year-old organization
by business unit with de-centralized decision-making, is likely
to support Fiat Auto's restructuring plan.

The credit profile remains supported by Fiat's EUR6.9 billion
liquidity position (as per June 2004) and its access to some
EUR2.1 billion in committed bank lines as well as to the asset-
backed securities market.  Fitch notes in this context that the
group's financial flexibility relies to a considerable extent on
the willingness of the bank lenders to roll over maturing credit
facilities in the short- to medium term.  These factors backing
the financial flexibility represent a weaker substitute for
strong operational cash flow generation.

Fitch will continue to monitor the development of the
restructuring program at Fiat Auto.

CONTACT:  FITCH RATINGS
          Wolfgang Wiehe, London
          Phone: +44 (0) 20 7417 4233

          Elisabetta Zorzi, Milan
          Phone: +39 02 8790 87213

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


PARMALAT U.S.A.: Taps Mahoney Cohen & Company as Accountants
------------------------------------------------------------
Parmalat U.S.A. Corporation and its U.S. debtor-affiliates
sought permission from the U.S. Bankruptcy Court for the
Southern District of New York to employ Mahoney Cohen & Company,
CPA, P.C., as their accountants, nunc pro tunc to July 26, 2004.

As reported in the Troubled Company Reporter on September 9,
2004, Mahoney will:

(a) provide tax compliance services, consisting of preparation
    of 2003 and 2004 federal, state and local corporate tax
    returns, tax-consulting services;

(b) represent the U.S. Debtors before various taxing
    authorities;

(c) perform an audit of the Debtors' financial statements for
    the year ended December 31, 2004, and, if needed, the year
    ended December 31, 2003; and

(d) perform any other services that it deems necessary in its
    role as accountants to the Debtors or that may be requested
    by the Debtors or their professionals.

The U.S. Debtors believe that Mahoney is well qualified and able
to represent them in a cost-effective, efficient and timely
manner.  Since July 26, 2004, Mahoney has provided substantial
work for the Debtors, including an analysis of net operating
losses, an analysis of the tax consequences of various pre-
petition transactions, and tax compliance work.  Mahoney has
also worked with various government agencies, including the
Internal Revenue Service -- which is currently conducting an
audit of the Debtors -- the State of New York, and the State of
New Jersey to represent the Debtors' interests.

Mahoney is a middle market certified public accounting and
management consulting firm in the New York metropolitan area
that has been ranked among the top 35 CPA firms nationally.
Mahoney promotes its audit services as rigorous and thorough,
with stringent quality controls that conform to generally
accepted auditing standards.  The firm's audit methodology
analyzes a company's business within the context it its
industry, providing a value-added service, looking for areas
where savings can be realized, cost controls can be introduced
and unforeseen business opportunities may exist.  Mahoney also
provides a wide range of tax compliance and planning solutions
to businesses, trusts, private foundations and individuals,
ensuring compliance requirements are fulfilled while every
opportunity to minimize tax liabilities is explored.

Steven E. Golden, a partner and director of Bankruptcy Taxation
at Mahoney, will lead the Mahoney team assigned to the U.S.
Debtors.

Mr. Golden is a certified public accountant and a licensed
attorney with extensive experience working with insolvent
businesses ranging in size from small, privately held companies
to large, publicly traded corporations throughout the United
States.

Before joining Mahoney, Mr. Golden was a tax partner and
director of Bankruptcy Taxation at BDO Seidman, LLP.  He has
worked closely with bankruptcy attorneys and trustees on various
issues relating to the liquidation or reorganization of bankrupt
companies, including the cases of Starter Corp., Loehmanns,
Inc., Artha Management, Sasson Jeans and Cuyahoga.  Mr. Golden
has also been called upon to provide expert testimony in
numerous matters, including Celotex's bankruptcy litigation.
Mr. Golden is a published author and noted speaker.

The U.S. Debtors will compensate Mahoney for its services in
accordance with the firm's normal hourly rates:

        Professional                          Hourly Rate
        ------------                          -----------
        Shareholders and directors            $365 - 435
        Managers and senior managers           210 - 280
        Senior accountants and staff           115 - 205

The Debtors will also reimburse the firm for all reasonable and
necessary out-of-pocket expenses.

Mahoney has agreed to cap the fees for the tax compliance
services relating to the year ended December 31, 2003 at
US$45,000.

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


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


KONINKLIJKE AHOLD: Local Probe Could Extend Beyond Summer
---------------------------------------------------------
The probe into the accounting irregularities at Royal Ahold by
Dutch authorities may take longer than expected, a spokesman for
the prosecutor's office said.

Observers expect prosecutors to finish the inquiry before the
end of summer.  "The summer is still not over but it may take a
bit longer," the spokesman said.  The inquiry could run a week
or two longer, according to the report.

The delay, however, won't affect much the timing of the decision
whether criminal charges should be brought against several
former executives.  The spokesman declined to fix a date for the
ruling.

The inquiry is in relation to profit overstatement at Ahold's
U.S. Foodservice unit.  Investigators are trying to see how
Ahold executives inflated vendor rebates to come up with more
than EUR1 billion in extra profit.  Former Chief Executive Cees
van der Hoeven and Chief Financial Officer Michiel Meurs could
face criminal charges in relation to the scandal.  Mr. Meurs is
demanding EUR2.87 million in pension benefits and compensation.
Ahold itself is lodging claims against him, an Ahold spokesman
said.

The U.S. Securities and Exchange Commission, and the U.S.
Justice Department are also conducting their investigations on
the company.

CONTACT:  ROYAL AHOLD N.V.
          Albert Heinjneweg 1
          1507 EH Zaandam, The Netherlands
          Phone: +31 75 659 9111
          Fax:   +31 75 659 8350
          Web site: http://www.ahold.com


ROYAL SHELL: U.S. Probers Exploring Suit vs. Directors
------------------------------------------------------
U.S. investigators appear to be expanding their probe into the
oil reserve fraud at Royal Dutch/Shell to include the individual
activities of Shell directors, Times Online said Wednesday.

The U.S. Attorney's office for the Southern District of New York
has requested loads of documents from Shell, prompting
speculations that Michael Schachter is now hot on the heels of
former and current Shell directors.  Mr. Schachter is the same
assistant U.S. attorney who successfully prosecuted Martha
Stewart, the celebrity homemaker convicted for her part in an
insider-trading scandal.

Times sources say the investigation is still at the earliest of
stages and no arrests or indictments are forthcoming.  The
surprise request was discovered by lawyers representing U.S.
investors, who are pursuing a class action against Shell in New
Jersey.  The lawyers, according to a court clerk, appeared
before Judge Donald Haneke to update their claim and seek a 60-
day delay in presenting certain shell documents.  They said the
documents were still in the hands of the U.S. attorney's office
in New York.

"The U.S. Attorney's office asked for the documents so they
could investigate the matter," a source close to the case told
Times Online. "They said their investigations may include
certain individual defendants in the class action."

Lawyers pursuing the class action are seeking the inclusion of
Sir Mark Moody Stuart and Paul Skinner as defendant in the
lawsuit.  Sir Mark was chairman of Shell Transport from 1997 to
2001, while Paul Skinner was chief executive of Shell Oil
Products and group managing director from 1999 until his
retirement in 2003.

PricewaterhouseCoopers UK and KPMG are also named in the
lawsuit, which claims both were responsible for compiling the
accounts that contained misleading information about the amount
of oil Shell had in its reserves.  These accounts were for 1998
to 2003.

                            *   *   *

Royal Dutch/Shell is the world's No.3 oil and gas group,
according to http://www.hoovers.com. It operates more than
46,000 gas stations worldwide.

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

          Michael Schachter
          U.S. Attorney's Office,
          Southern District of New York
          One St Andrews Plaza
          Room 619
          New York, NY 10007
          Phone: (212) 637-2200
          Fax: (212) 637-2239


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


BANCA COMERCIALA: Individual Rating Affirmed at 'D'
---------------------------------------------------
Fitch Ratings upgraded Banca Comerciala Ion Tiriac S.A.'s Long-
term rating to 'B+' from 'B'.  At the same time, the bank's
other ratings are affirmed at Short-term 'B', Individual 'D' and
Support '5'.  The Outlook for the Long-term rating is Stable.

The upgrade reflects Banca Tiriac's high and improving
profitability.  This has been achieved by rapid growth in
lending - 65.3% in 2003 and 54.7% in 2002 - which has been
concentrated in the retail sector and where very high margins
are available.  Retail lending now represents over 50% of the
bank's entire loan portfolio.  Total loans represented just
fewer than 60% of total assets at end-2003, supporting the
bank's profitability.  This is a level higher than the sector
average in Romania.

The Long-term, Short-term and Individual ratings also reflect
the risks associated with the high level of loan growth since
2001.  As loans season, it is possible that future provisioning
costs will increase.  Capitalization is good at present and has
been regularly increased by the shareholders in line with the
growth in assets.

"Banca Tiriac has benefited from the high growth in retail
lending, where it has obtained a market share of just under 10%.
This is a highly profitable area at present, but one should also
bear in mind the risks that may result from such rapid growth,
though this has slowed significantly in the first half of 2004,
in line with the market," says Tim Beck, Associate Director at
Fitch Ratings.

Banca Tiriac is 73.6%-owned indirectly and directly by Mr. Ion
Tiriac.  Following intense speculation in 2003 and 2004 that he
would sell his controlling stake to a foreign investor, in early
2004 Mr. Tiriac issued a statement that he had declined the
offers made for his stake.  At end-2003, Banca Tiriac was the
10th largest bank in Romania representing 3.2% of total system
assets.

The Credit Analysis of Banca Tiriac can be found at
http://www.fitchratings.com.

CONTACT:  FITCH RATINGS
          Tim Beck, London
          Phone: +44 (0) 20 7417 3460

          Philip Smith
          Phone: +44 (0) 20 7417 4340

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


MOBIFON HOLDINGS: Rating Upgraded to 'B+'; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit ratings on Romanian wireless operator MobiFon
Holdings B.V. and its parent Telesystem International Wireless
Inc. (TIW) to 'B+' from 'B-'.  At the same time, Standard &
Poor's affirmed the 'B-' ratings on MobiFon Holdings' US$225
million senior unsecured notes due July 2010.  TIW owns 99.99%
of MobiFon Holdings, which in turn owns 79% of MobiFon S.A.
(MobiFon Holdings and MobiFon S.A. are collectively referred to
as MobiFon). The outlook is stable.

The ratings reflect the completed transaction by TIW whereby
MobiFon Holdings increased its ownership interest in MobiFon
S.A. to 79% from 63.5%.  The ratings further reflect the
improving credit quality of MobiFon.  This is a materially
relevant ownership threshold for the company, as the MobiFon
S.A. statutes require a supermajority approval of shareholders
(75%) for certain material financial changes.  At the previous
ownership level of 63.5%, MobiFon Holdings was not able to
unilaterally control or access MobiFon; the default risk of
MobiFon Holdings was previously considered separate from that of
MobiFon, and MobiFon Holdings was therefore rated on a stand-
alone basis.

"Because MobiFon Holdings now has substantive control over
MobiFon, the default risk on both entities is considered the
same, and the credit profile reflects that of the consolidated
company," said Standard & Poor's credit analyst Joe Morin.

"Furthermore, the improving credit quality at MobiFon is
underpinned by an improving macroeconomic environment in Romania
(BB/Positive/B), the company's growing subscriber base, and
increasing revenues and EBITDA," Mr. Morin added.

The 'B-' rating on the US$225 million senior secured notes on
MobiFon Holdings reflects its structural subordination to the
senior secured credit facility at the operating company level.
The 'B+' long-term corporate credit rating on TIW is also
equalized with the corporate credit rating on MobiFon Holdings.
Although TIW currently has a substantial cash balance, has no
debt, and only modest corporate overhead expenses, the company
is still dependent on dividends from MobiFon Holdings for its
long-term cash needs.  TIW's other wireless operating
subsidiary, 27%-owned TIW Czech N.V., is credit neutral to the
ratings on TIW.  TIW Czech is not expected to be in a position
to provide dividends for several years.  Then again, TIW Czech
has no recourse to TIW, and therefore the default risk at TIW
(and MobiFon) is delinked from TIW Czech.

The stable outlook reflects our expectations that MobiFon will
maintain its competitive position within a growing wireless
industry in Romania, and that the political and macroeconomic
environments in Romania will remain stable or improve in the
long term.

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. All ratings affected
by this rating action can be found at
http://www.standardandpoors.com.

CONTACT:  MobiFon S.A.
          City Business Center
          3, Nerva Traian St., Complex M101,
          Sector 3
          Bucharest 74228, Romania
          Phone: 401.302.1000
          Fax: 402.302.1001

          Telesystem International Wireless Inc.
          1250 Rene-Levesque Blvd. W., 38th Fl.
          Montreal, Quebec H3B 4W8, Canada
          Phone: 514-673-8497
          Fax: 514-673-8470
          Web site: http://www.tiw.ca


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


BIO-MASH-PRIBOR: Mariy-El Court Appoints Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Mariy-El republic has commenced
bankruptcy supervision procedure on OJSC Bio-Mash-Pribor.  The
case is docketed as A-38-2306-11/234-2004.  Mr. S. Dyuzhilov has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 424009, Russia,
Mariy-El republic, Yoshkar-Ola, Stroiteley Str. 94.  A hearing
will take place on January 6, 2005.

CONTACT:  BIO-MASH-PRIBOR
          424009, Russia,
          Mariy-El republic,
          Yoshkar-Ola, Stroiteley Str. 94

          Mr. S. Dyuzhilov
          Temporary Insolvency Manager
          424009, Russia,
          Mariy-El republic,
          Yoshkar-Ola, Stroiteley Str. 94


COMMUNAL BOILER: Under Bankruptcy Supervision
---------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on municipal unitary enterprise Communal
Boiler and Thermal Networks (TIN 6144009414).  The case is
docketed as A53-13058/04-S2-8.  Mr. S. Kolomiets has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 344010, Russia,
Rostov-na-Donu, Nakhichevansky Per. 64.  A hearing will take
place at Russia, Rostov-na-Donu, Stanislavskogo Str. 8a on
October 26, 2004, 4:00 p.m.

CONTACT:  COMMUNAL BOILER AND THERMAL NETWORKS
          347871, Russia,
          Rostov region, Gukovo,
          Mira Str. 42

          Mr. S. Kolomiets
          Temporary Insolvency Manager
          344010, Russia,
          Rostov-na-Donu,
          Nakhichevansky Per. 64


CONCORD-OIL: Appoints V. Satarov Insolvency Manager
---------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on LLC Concord-Oil (TIN
0278085430).  The case is docketed as A07-15510/03-A-PAV.  Mr.
V. Satarov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 450057, Russia,
Bashkortostan republic, Ufa, Okt. Revolyutsii Str. 65, Room 13.

CONTACT:  CONCORD-OIL
          Russia, Bashkortostan republic,
          Ufa, Mendeleeva Str. 11/1,
          Apartment 34

          Mr. V. Satarov
          Temporary Insolvency Manager
          450057, Russia,
          Bashkortostan republic,
          Ufa, Okt. Revolyutsii Str. 65, Room 13


EKTULSKIY: Undergoes External Management Procedure
--------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
external management bankruptcy procedure on LLC pedigree poultry
farm Ektulskiy.  The case is docketed as A76-19521/03-52-513.
Mr. S. Sergeyev has been appointed external insolvency manager.

CONTACT:  EKTULSKIY
          465573, Russia,
          Chelyabinsk region,
          Ektulskiy region, Novobaturino

          Mr. S. Sergeyev
          External Insolvency Manager
          465573, Russia,
          Chelyabinsk region,
          Ektulskiy region, Novobaturino


GAYSKIY BAKERY: Names V. Kirzhayev Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision procedure on LLC Gayskiy Bakery.  Mr. V.
Kirzhayev (member of NP Privolzhskaya SOAU) has been appointed
temporary insolvency manager.

CONTACT:  Mr. V. Kirzhayev
          Insolvency Manager
          603000, Russia,
          Nizhniy Novgorod,
          Pochainskaya Str. 20


KYSHTOVSKY BUTTER: Court Sets October 25 Hearing
------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on LLC Kyshtovsky Butter
Producing Factory.  The case is docketed as A45-8253/04-SB/108.
Mr. V. Rozhdestvenskiy has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 624000, Russia,
Sverdlovsk region, Aramil, Shkolnaya Str. 46A.  A hearing will
take place on October 25, 2004, 11:00 p.m.

CONTACT:  KYSHTOVSKY BUTTER PRODUCING FACTORY
          632270, Russia,
          Novosibirsk region,
          Kyshtovskiy region,
          Kyshtovka, Zhuravkova Str. 90

          Mr. V. Rozhdestvenskiy
          Temporary Insolvency Manager
          624000, Russia,
          Sverdlovsk Region,
          Aramil, Shkolnaya Str. 46A

          The Arbitration Court of Novosibirsk region
          Russia, Novosibirsk,
          Kirova Str. 3, Room 915


LGOVSKIYE COMMUNAL: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision procedure on municipal unitary enterprise Lgovskiye
Communal Electric and Thermal Networks.  The case is docketed as
A35-3223/04 g.  Mr. Y. Alyabyev has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to:

(a) Mr. Y. Alyabyev
    Temporary Insolvency Manager
    305021, Russia, Kursk,
    K. Marksa Str. 72/15,
    Apartment 15

(b) Lgovskiye Communal Electric And Thermal Networks
    305021, Russia,
    Kursk region, Lgov,
    Sovetskaya Str. 2a


MEAT: Sets Public Auction Today
-------------------------------
The bidding and insolvency manager of OJSC Meat will auction the
firm's properties today at 3:00 p.m.  It will be held at Russia,
Krasnoyarsk, Sutrikova Str. 20 a, Room 402.  Up for sale are
offices, garages, control posts and other buildings.  Starting
price: RUB800,000.

A list of documentary requirements for participants is available
at Russia, Krasnoyarsk, Surikova Str. 20 a, Room 402.

CONTACT:  MEAT
          Russia, Krasnoyarsk region,
          Eniseysk, Raboche-Krestyanskaya Str. 198

          Mr. Kh. Malayev
          Insolvency/Bidding Organizer
          Russia, Krasnoyarsk,
          Surikova Str. 20 a, Room 402


PLEXIGLASS: Last Day for Filing Claims September 23
---------------------------------------------------
The Arbitration Court of Nizhniy Novgorod has declared OJSC
Plexiglass (TIN 52490005655) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A43-1608/00-24-14.  Mr. V.
Shemigon has been appointed insolvency manager.  Creditors have
until September 23, 2004 to submit their proofs of claim to
606000, Russia, Nizhniy Novgorod, Dzerzhinsk, OJSC Plexiglass.

CONTACT:  PLEXIGLASS
          606000, Russia,
          Nizhniy Novgorod, Dzerzhinsk

          Mr. V. Shemigon
          Insolvency Manager
          606000, Russia,
          Nizhniy Novgorod, Dzerzhinsk,
          OJSC Plexiglass


TAT-IND-VENTILATION: Insolvency Manager Takes over Helm
-------------------------------------------------------
The Arbitration Court of Tatarstan republic has declared LLC
Tat-Ind-Ventilation insolvent and introduced bankruptcy
proceedings.  The case is docketed as A65-11368/2004-SG4-27.
Mr. R. Radyno has been appointed insolvency manager.  Creditors
have until October 13, 2004 to submit their proofs of claim to
423576, Russia, Tatarstan republic, Nizhnekamsk-6, Post User Box
103.

CONTACT:  TAT-IND-VENTILATION
          423570, Russia,
          Tatarstan republic,
          Nizhnekamsk, Vokzalnaya Str. 25

          Mr. R. Radyno
          Insolvency Manager
          423576, Russia,
          Tatarstan republic,
          Nizhnekamsk-6, Post User Box 103


TAVDINSKIY MECHANICAL: Bankruptcy Supervision Procedure Starts
--------------------------------------------------------------
The Arbitration Court of Svedrlovsk region has commenced
bankruptcy supervision procedure on LLC Tavdinskiy Mechanical
Plant.  The case is docketed as A60-18550/2004-S4.  Mr. A.
Kiselev has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 623955, Russia,
Svedrlovsk region, Tavda, Frunze Str. 2-a.

CONTACT:  TAVDINSKIY MECHANICAL PLANT
          623955, Russia,
          Svedrlovsk region,
          Tavda, Frunze Str. 2-a

          Mr. A. Kiselev
          Temporary Insolvency Manager
          623955, Russia,
          Svedrlovsk region,
          Tavda, Frunze Str. 2-a


VORONEZHSKY FACTORY: Declared Insolvent
---------------------------------------
The Arbitration Court of Voronezh region has declared OJSC
Voronezhsky Factory of Radio-Details insolvent and introduced
bankruptcy proceedings.  The case is docketed as A14-8015-
2003/29/16b.  Mr. N. Kozyrev has been appointed insolvency
manager.  Creditors have until October 13, 2004 to submit their
proofs of claim to 394068, Russia, Voronezh, Druzhinnikov Str.
1.

CONTACT:  VORONEZHSKY FACTORY OF RADIO-DETAILS
          394068, Russia,
          Voronezh, Druzhinnikov Str. 1

          Mr. N. Kozyrev
          Insolvency Manager
          394068, Russia,
          Voronezh, Druzhinnikov Str. 1


YUKOS OIL: Govt Poised to Break up Oil Giant, Says Local Daily
--------------------------------------------------------------
The Russian government may not want to bankrupt Yukos, but it
intends to break up the company.  This was inadvertently
admitted by Russian Finance Minister Aleksey Kudrin in a recent
interview with the Financial Times.

"The state will do its best to carry out the transaction in
strict compliance with the law, on the base (sic) of market
principles and openly," said Mr. Kudrin in the Financial Times
report, referring to the sale of Yukos assets.

Local daily Pravda.ru, which cited the report, said this is the
clearest sign yet that the government intends to break up the
Russian oil giant.  The admission coincided the announcement of
the Russian Ministry for Natural resources that it was
considering the revocation of Yuganskneftegaz's oil extraction
license.  The ministry cites the company's huge tax arrears.
Operating in Western Siberia, Yuganskneftegaz is Yukos' main oil
refinery.

Last week, President Putin repeated to Harvard University
Professor Marshall Goldman his promise not to bankrupt Yukos.
"I don't want to bankrupt Yukos. It is the people in Yukos
themselves who are raising this.  Tell me, who wants Yukos broke
and I will fire them," Mr. Goldman quoted President Putin.

Harvard is one of the largest foreign owners of stock in
Surgutneftegaz, the fourth-largest oil producer in Russia.  The
university is distinctly interested in Yukos' brush with the
government.  The saga is negatively affecting investors'
confidence in Russian oil firms.  The university is currently
pursuing a claim with the American Arbitration Association in
New York and is seeking class-action status.  Harvard contends
Surgutneftegaz has failed to pay more than US$400 million in
dividends owed to shareholders.

The government is trying to collect from Yukos US$7.5 billion in
tax arrears for 2000 and 2001.  It has sought the seizure of
several bank accounts, depriving the company of cash to finance
day-to-day operations.  Observers say the Kremlin might try to
make Yukos vest its main properties to the state-owned oil
company Rosneft, which is chaired by President Putin's aide,
Igor Sechin.  The president himself, in a recent interview, did
not discount the possibility that Rosneft might indeed purchase
Yukos properties.

"Yukos' assets are enormous.  It can pay taxes with money or
shares.  The government will support the acceptable decision and
assist in its future activity," Pravda quoted President Putin as
saying.

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

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

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


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


IZAR: SEPI Chief Hopes to Reach Agreement with Trade Unions
-----------------------------------------------------------
Enrique Martinez Robles, chairman of Sociedad Estatal de
Participaciones Industriales (SEPI), is willing to strike a deal
with the trade unions of Izar, El Pais reports.

Workers are opposed to his plan to split the military and civil
divisions of Izar, the Spanish shipbuilder mired in debt.  Mr.
Robles claims the company is in dire straits after accumulating
losses of over EUR600 million in the last four years and failing
to obtain any major civil contracts during the period.

Spanish finance minister Pedro Solbes complemented SEPI for its
job on the Izar crisis and pledged that the state would seek a
solution within E.U. rules for all affected Izar employees.  The
European Commission has ordered the troubled shipbuilder to
repay around EUR1.1 billion in illegal state aid.

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

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


IZAR: E.U. Takes Step to Sanction Illegal State Aid
---------------------------------------------------
The European Commission will file a third infringement procedure
against troubled Spanish shipbuilder Izar after it failed to
repay EUR111 million in illegal state aid, El Pais says.

The third procedure is in relation to tax credits Izar received
from the Spanish state in 1998.  The European Commission ruled
the aid illegal and rejected the Spanish government's appeal in
2002.  Izar's failure to repay the amount forced the commission
to file the infringement procedure.

The commission earlier twice demanded that Izar repay illegal
financial aids worth EUR308 million and EUR660 million
respectively.  Izar currently has around EUR1.186 billion in
illegal state aid to pay back.

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


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


CONVERIUM AG: Revises Business Plan After Ratings Downgrade
-----------------------------------------------------------
Converium AG is disappointed with Standard & Poor's decision to
lower the Company's ratings to BBB from A-.  Converium, however,
will make all efforts to maintain its franchise.  The rating
action by Standard & Poor's, in conjunction with A.M. Best's
recent downgrading of Converium, has required changes to the
Company's global business plan which will be communicated
shortly.  As a consequence of the rating action taken by
Standard & Poor's, Converium is reviewing all options with its
banks concerning the proposed share issue announced on September
3, 2004.

      Converium to Place its U.S. Operations into Run-off

In the wake of A.M. Best's recent downgrading of Converium to
B++ the Company will not inject any additional capital into
Converium Insurance (North America) Inc. as originally planned.
The proceeds from Converium's proposed capital raising will be
used to strengthen the capitalization of Converium AG, Zurich,
and Converium Ruckversicherung AG (Deutschland), Cologne, in
order to protect the Company's franchise outside the U.S.  The
Company will therefore place its U.S. operations into run-off,
i.e. no longer write reinsurance from the U.S.  Converium
intends, however, to continue underwriting US exposure from
Converium AG, Zurich, and its Bermuda Branch.  In this context,
Converium is currently discussing fronting arrangements with
third parties for the existing Global Aerospace Underwriting
Managers Ltd. (GAUM) business written by CINA.  Converium is
committed to ensure an orderly run-off of the reserves that the
Company carries in its North American legal entities and will
continue to negotiate commutations and to conduct claims and
underwriting audits.

             Resignation of Gary Prestia

As a result of these developments Gary Prestia, member of
Converium's Global Executive Committee and Chief Technical
Officer, has submitted his resignation as president of Converium
Reinsurance (North America) Inc.  Converium regrets his decision
to leave the Company and thanks Mr. Prestia for his valuable
contribution to the Company.  His successor will be Corcoran
Byrne, currently General Counsel of CRNA.

                       About Converium

Converium is an independent leading global multi-line reinsurer
known for its innovation, professionalism and service.  Today
Converium ranks among the top ten professional reinsurers and
employs approximately 850 people in 23 offices around the globe.
Converium is organized into three business segments: Standard
Property & Casualty Reinsurance, Specialty Lines and Life &
Health Reinsurance.  Converium's net losses for the September
11, 2001 terrorist attacks in the United States are capped at
US$289.2 million by its former parent, Zurich Financial
Services.  Converium has minimal A&E exposures.  Converium has a
"BBB" rating (watch developing) from Standard & Poor's and a
"B++" (outlook negative) rating from A.M. Best Company.

CONTACT:  CONVERIUM AG
          Dr. Kai-Uwe Schanz
          Chief Communication Officer
          Phone: +41 (0) 1 639 90 35
          Fax: +41 (0) 1 639 70 35

          Zuzana Drozd, Head of Investor Relations
          Phone: +41 (0) 1 639 91 20
          Fax: +41 (0) 1 639 71 20


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


APEKS+2000: Under Bankruptcy Supervision
----------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Apeks+2000 (code EDRPOU 20034337)
The case is docketed as 43/404.  Arbitral manager Mr. M.
Titarenko (License Number AA 719846 approved on February 19,
2004) has been appointed temporary insolvency manager.  The
company holds account number 2600944990059 at Hreshatik-bank,
Podilska branch, MFO 300692.

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

(a) APEKS+2000
    Ukraine, Kyiv region,
    Popov Str. 12/4

(b) Mr. M. Titarenko
    Temporary Insolvency Manager
    01033, Ukraine, Kyiv region,
    Saksaganskij Str. 24/18

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


BILSHOVIK: Public Auction of Assets September 27
------------------------------------------------
The Branch of Agency of Bankruptcy Questions in Harkiv region
and Harkiv Goods Exchange will auction the properties of JSC
Harkiv Production Leather Association Bilshovik (code EDRPOU
00307968) on September 27, 2004, 11:30 a.m.

For sale are:

(a) buildings,

(b) automobiles,

(c) production reserves,

(d) finished production goods,

(e) receivables, and

(f) other financial investments

The properties are being sold as a whole and for a starting
price of UAH11,905,200 (inclusive of 20% VAT).  The properties
are located at Ukraine, Harkiv region, Shevchenko Str. 327.  The
winning bidder is obliged to preserve the firm's principal
activity.

To participate, bidders must deposit an amount equivalent to 10%
of the value of the property being sold on or before September
24, 2004.  The amount must be deposited to account number
260093043725 at JSCB Zoloti vorota, MFO 351931, EDRPOU 00307968.
Participants must submit competitive propositions on or before
September 24, 2004 to Harkiv Goods Exchange.  For more
information, call (0572) 701-36-01 or 701-36-03.


EURODOORSERVICE: Court Names Insolvency Manager
-----------------------------------------------
The Economic Court of Kyiv region declared LLC Eurodoorservice
(code EDRPOU 30500889) insolvent and introduced bankruptcy
proceedings on July 22, 2004.  The case is docketed as 73/14b-
04.  Mr. Valerij Sinelnikov (License Number AA 669658 approved
on August 7, 2003) has been appointed liquidator/insolvency
manager.

CONTACT:  EURODOORSERVICE
          Ukraine, Kyiv region,
          Obuhiv district, Ukrainka,
          Unosti Str. 25/98

          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


KRIVBASCOLOR: Last Day for Filing Claims September 26
-----------------------------------------------------
The Economic Court of Dnipropetrovsk region declared CJSC
Krivbascolor (code EDRPOU 24231218) insolvent and introduced
bankruptcy proceedings on August 12, 2004.  The case is docketed
as B 40/104/04.  Mr. G. Tishenko has been appointed
liquidator/insolvency manager.  The company holds account number
26007151353001 at CB Privatbank, Krivij Rig branch.

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

(a) KRIVBASCOLOR
    50025, Ukraine, Dnipropetrovsk region,
    Krivij Rig, Politehnichna Str. 45

(b) Mr. G. Tishenko
    Liquidator/Insolvency Manager
    Ukraine, Dnipropetrovsk region,
    Krivij Rig, Lyotchikiv Str. 9

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


LAN-2004: Kyiv Economic Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Kyiv region declared Agricultural LLC Lan-
2004 (code EDRPOU 30889040) insolvent and introduced bankruptcy
proceedings on July 22, 2004.  The case is docketed as 72/14b-
04.  Mr. Valerij Sinelnikov (License Number AA 669658 approved
on August 7, 2003) has been appointed liquidator/insolvency
manager.

CONTACT:  AGRICULTURAL LAN-2004
          Ukraine, Kyiv region,
          Obuhiv district, Ukrainka,
          Dniprovskij Avenue, 19/55

          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


NOVATOR: Public Auction of Assets September 27
----------------------------------------------
Goods Exchange Podilska will auction the properties of State
Enterprise Novator on September 27, 2004, 11:00 a.m. at Ukraine,
Hmelnitskij, Teatralna Str. 10.

For sale is Body 17, a wood processing shop occupying an area of
2,165 square meters.  Starting price is UAH2,065,000.  The
property is located at Ukraine, Hmelnitskij, Ternopilska Str.
17.

To participate, bidders must deposit an amount equivalent to 5%
of the value of the property being sold and pay a registration
fee on or before September 24, 2004.

Registration fees are:

(a) Juridical persons -  UAH50

(b) Natural persons - UAH25.

The amount must be deposited to account number 2600701009716 at
JSC Credit bank (Ukraine), Hmelnitskij branch, MFO 315654,
EDRPOU 32452151.  Participants must submit competitive
propositions on or before September 24, 2004 to 29000, Ukraine,
Hmelnitskij, Teatralna Str. 10.  For more information, call 8
(0512) 47-34-63 or 47-34-64.

CONTACT:  GOODS EXCHANGE PODILSKA
          29000, Ukraine, Hmelnitskij, Teatralna Str. 10
          Phone: 79-58-01
                  6-05-13
                 70-20-73
                 70-22-10
                 70-20-11
          Fax: 79-58-01


ORDZHENIKIDZE' REPAIR: Names O. Nivikov Liquidator
--------------------------------------------------
The Economic Court of Dnipropetrovsk region declared OJSC
Ordzhenikidze' Repair-Mechanical Plant (code EDRPOU 00901750)
insolvent and introduced bankruptcy proceedings on August 10,
2004.  The case is docketed as B-29/57/03.  Mr. O. Nivikov has
been appointed liquidator/insolvency manager.

The company holds account number 26003103533001 at CB
Privatbank, Nikopol branch, MFO 305891.

CONTACT:  ORDZHENIKIDZE' REPAIR-MECHANICAL PLANT:
          Ukraine, Dnipropetrovsk region,
          Ordzhenikidze

          Mr. O. Nivikov
          Liquidator/Insolvency Manager
          49027, Ukraine, Dnipropetrovsk region,
          Dzerzhinskij Str. 29/40
          Phone: 744-21-37
          Fax: 744-21-37

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


UST-CHORNYANSKIJ: Proofs of Claim Deadline September 26
-------------------------------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
supervision procedure on OJSC Ust-Chornyanskij Wood Combine
(code EDRPOU 00274163).  The case is docketed as 6/127.  Mr.
Igor Savchuk (License Number AA 719871 approved on February 25,
2004) has been appointed temporary insolvency manager.  The
company holds account number 26002301135165 at Prominvestbank,
Tyachivskij branch, MFO 312215.

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

(a) UST-CHORNYANSKIJ WOOD COMBINE
    Ukraine, Zakarpatska region,
    Tyachivskij district, Ust-Chorna,
    Lisna Str. 2

(b) Mr. Igor Savchuk
    Temporary Insolvency Manager
    Ukraine, Zakarpatska region,
    Rahiv, Miru Str. 5, room 62

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


WESTWOOD: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Westwood (code EDRPOU 31093708).
The case is docketed as 45/353.  Arbitral manager Mr. Oleksij
Sherban (License Number AA 047812 approved on October 19, 2001)
has been appointed temporary insolvency manager.  The company
holds account number 26007310046001/980 at Privatbank, MFO
328704.

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

(a) WESTWOOD
    04209, Ukraine, Kyiv region,
    Polyarna Str. 8-a

(b) Mr. Oleksij Sherban
    Temporary Insolvency Manager
    01030, Ukraine, Kyiv region,
    a/b 157

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


ZHITAN: Kyiv Court Appoints Temporary Insolvency Manager
--------------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Zhitan (code EDRPOU 23718912).  The
case is docketed as 46/100-B.  Arbitral manager Mr. Oleksij
Sherban (License Number AA 047812 approved on October 19, 2001)
has been appointed temporary insolvency manager.  The company
holds account number 26004140801 at JSCB Integral, MFO 320735.

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

(a) ZHITAN
    04073, Ukraine, Kyiv region,
    Frunze Str. 160

(b) Mr. Oleksij Sherban
    Temporary Insolvency Manager
    01030, Ukraine, Kyiv region,
    a/b 157

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


ZORYA: Creditors Have Until September 26 to File Claims
-------------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Commercial House Zorya (code EDRPOU
31467240).  The case is docketed as 46/99-B.  Arbitral manager
Mr. Oleksij Sherban (License Number AA 047812 approved on
October 19, 2001) has been appointed temporary insolvency
manager.  The company holds account 2600044012161 at OJSC CB
Hreshatik, Kyiv regional branch, MFO 300830.

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

(a) COMMERCIAL HOUSE ZORYA
    04074, Ukraine, Kyiv region,
    Berezhanska Str. 9

(b) Mr. Oleksij Sherban
    Temporary Insolvency Manager
    01030, Ukraine, Kyiv region,
    a/b 157

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


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


2B ON TV: Members Pass Winding up Resolutions
---------------------------------------------
Name of Companies:
2B ON TV Limited
2B ON TV (UK) Limited
First World Media And Marketing Limited

At an extraordinary general meeting of these companies on
September 6, 2004 held at Smith & Williamson Limited, 1 Bishops
Wharf, Walnut Tree Close, Guildford, Surrey GU1 4RA, the
ordinary and extraordinary resolutions to wind up the company
were passed.  Roger Tulloch and Anthony Murphy of Smith &
Williamson Limited, 1 Bishops Wharf, Walnut Tree Close,
Guildford, Surrey GU1 4RA have been appointed joint liquidators
of the Companies.

CONTACT:  SMITH & WILLIAMSON LIMITED
          No 1 Bishops Wharf,
          Walnut Tree Close, Guilford,
          Surrey GU1 4RA
          Joint Liquidators:
          Roger Tulloch
          Anthony Murphy
          Phone: 01483 407 100
          Fax:   01483 301 232
          Web site: http://www.smith.williamson.co.uk


ABBEY NATIONAL: E.U. Commission Clears Santander Offer
------------------------------------------------------
The European Commission has granted clearance, under the Merger
Regulation, to the proposed acquisition of U.K. bank Abbey
National Plc by Banco Santander Central Hispano S.A. of Spain.
The takeover raises no competition concerns since the two banks
presently operate mostly in different countries.

On 13 August 2004, Banco Santander notified the Commission of
its intention to acquire Abbey National, the United Kingdom's
sixth largest banking group.

Banco Santander is Spain's leading banking and financial
services group.  In Europe, however, the group operates mostly
in Spain and Portugal, which means that there are either no
geographical overlaps with the activities of Abbey -- itself
mostly a U.K. player -- or they are insignificant.

When notifying the bid to the Commission, Banco Santander
indicated that it had agreed with Royal Bank of Scotland (RBS)
to terminate certain aspects of their 1988 alliance.  RBS is one
of the four big banks in the U.K.  One such aspect concerns the
reciprocal representation on each other's boards, or cross-
directorships.  The agreement to amend the Banco Santander/RBS
alliance has been considered as a fact in the Commission's
assessment of the proposed operation.  Given the above, the
Commission has concluded that the proposed transaction raises no
competition concerns and granted regulatory clearance.

                            *   *   *

This is not the first cross-border takeover in the European
banking sector although such deals remain rare.  Other examples
include the acquisition in 1998 of Belgium's BBL by ING of the
Netherlands; Bank Austria by Germany's HypoVereinsbank; and the
takeover of France's CCF by HSBC of the U.K. (both in 2000).

The Commission has never taken issue with cross-border mergers
in the banking sector as it remains largely fragmented along
national lines and foreign banks have yet to acquire significant
market share outside their borders.

CONTACT:  ABBEY NATIONAL PLC (NYSE: ANB [ADR])
          Abbey National House,
          2 Triton Square, Regent's Place
          London NW1 3AN,
          United Kingdom
          Phone: +44-870 607 6000
          Web site: http://www.abbeynational.com


ABBEY NATIONAL: Merger with Santander Looks Sealed as HBOS Quits
----------------------------------------------------------------
HBOS is no longer interested in bidding for Abbey National,
according to the Financial Times.

U.K.'s No.1 mortgage lender, which surprised no one, announced
the decision just as the European Commission cleared the GBP8.55
billion bid of Santander Central Hispano, Spain's largest bank.
In explaining the move, HBOS CEO James Crosby said the bank did
not believe acquiring Abbey National would create value for its
shareholders.

"Make no bones about it, Abbey National was a one-off
opportunity . . . which we had to crawl all over.  We have been
around a long time and the heart tells you to do this
acquisition but . . . we are paid to run the business with our
heads not our hearts," the Financial Times quoted Mr. Crosby.

Analysts were not surprised by the decision.  Edward Bonham-
Carter, chief executive of Jupiter Asset Management, told the
Financial Times: "Given the regulatory environment and where we
are in the political cycle, the fact that HBOS has decided
against a bid is not a shock."

Richard Staite, analyst at SG Securities, said the move made
sense. "I think they were sensible to look at doing the deal but
to walk away shows a disciplined use of shareholders' money," he
told the Financial Times in a separate interview.

The mega-merger of Santander and Abbey National will create one
more major player in the U.K. banking sector, currently
dominated by the so-called Big Four clearing banks.  It will
also add 18 million customers to Santander's list.  Considered
the biggest European cross-border banking deal, it could trigger
more transnational consolidation if successful, the report says.

Abbey will hold an extraordinary shareholder meeting to approve
the deal on October 14 and SCH expects the deal will be
completed by November 12, according to the report.

                            *   *   *

Abbey National plc, according to http://www.hoovers.com,is the
U.K.'s No.2 mortgage lender behind HBOS.  It offers retail,
commercial, and wholesale banking; wealth management; retirement
planning; and life insurance.

CONTACT:  Abbey National plc
          Abbey National House, 2 Triton Square, Regent's Place
          London NW1 3AN, United Kingdom
          Phone: +44-870 607 6000
          Web site: http://www.abbeynational.com

          Santander Central Hispano S.A.
          Plaza de Canalejas,1
          28014 Madrid, Spain
          Phone: +34-91-558-11-11
          Fax: +34-91-522-66-70
          Web site: http://www.gruposantander.com


A & C PROPERTIES: Calls in Liquidator from Bulley Davey
-------------------------------------------------------
At an extraordinary general meeting of the A & C Properties
Company Limited on August 27, 2004 held at 1 Minster Precincts,
Peterborough PE1 1XS, the special and ordinary resolutions to
wind up the company were passed.  Michael Perkins of Bulley
Davey, 69-75 Lincoln Road, Peterborough PE1 2SQ has been
appointed liquidator for the purpose of such winding-up.

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


ADD CONTRACTS: Royal Bank of Scotland Appoints Receiver
-------------------------------------------------------
Royal Bank of Scotland plc called in C W A Escott and M Dunham
as joint administrative receivers for Add Contracts Limited (Reg
No 3324552, Trade Classification: 25).  The application was
filed September 3, 2004.


CONTACT:  ROBSON RHODES L.L.P.
          St. George House
          40 Great George Street
          Leeds LS1 3 DQ
          Joint Administrative Receivers:
          C W A Escott
          M Dunham
          (Office Holder Nos 8913, 8376)
          Phone: 0113 225 4000
          Fax: 0113 225 4002
          Web site: http://www.rsmi.co.uk


ADVANCED SURFACE: Hires Tenon Recovery as Liquidator
----------------------------------------------------
At an extraordinary general meeting of the Advanced Surface
Coatings Limited on September 1, 2004 held at Westbury House, 14
Bellevue Road, Southampton SO15 2AY, the special and ordinary
resolutions to wind up the company were passed.  Tina Yearsley
and Carl Stuart Jackson of Tenon Recovery, Highfield Court,
Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ have
been appointed joint liquidators for the purpose of such
winding-up.

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


ARA ELECTRONICS: Creditors Meeting Set October 8
------------------------------------------------
Name of Companies:
Ara Electronics Limited
Ara Manufacturing Limited

The creditors of these companies will meet on October 8, 2004
commencing at 10:30 a.m.  It will be held at
PricewaterhouseCoopers LLP, Abacus House, Castle Park,
Gloucester Street, Cambridge CB3 0AN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PricewaterhouseCoopers LLP, Abacus House, Castle
Park, Gloucester Street, Cambridge CB3 0AN not later than 12:00
noon, October 7, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Abacus House, Castle Park,
          Gloucester Street,
          Cambridge CB3 0AN
          Joint Administrative Receivers:
          S M Oldfield
          R J Hunt
          Phone: [44] (1223) 460055
          Fax:   [44] (1223) 552336, 552300
          Web site: http://www.pwc.com


AUM TRANSPORT: Calls in Liquidator from HKM
-------------------------------------------
At an extraordinary general meeting of the members of the AUM
Transport Limited on August 18, 2004 held at The Old Mill, 9
Soar Lane, Leicester LE3 5DE, the extraordinary and ordinary
resolutions to wind up the company were passed.  John Phillip
Walter Harlow has been appointed liquidator for the purpose of
such winding-up.

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


BARCLAYS BUSINESS: Names Deloitte & Touche Liquidators
------------------------------------------------------
Name of Companies:
Barclays Business Credit Limited
Barclays Commercial Services (Holdings) Limited
Barclays Commercial Services Limited
Barclays Invoice Discounting Limited
Barclays Structured Finance Limited
Bexco Limited
Fleetway House Limited

At a meeting of the members of these companies, the special and
ordinary resolutions to wind up the companies were passed.  J R
D Smith and N J Dargan of Deloitte & Touche, Athene Place, 66
Shoe Lane, London EC4A 3WA have been appointed joint liquidators
of the companies.

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


BCE CABLE: Members Final Meeting Set October 15
-----------------------------------------------
Name of Companies:
BCE Cable Holdco Limited
BCE Cable (U.K.) Limited

The final meetings of the members of these companies will be on
October 15, 2004 commencing at 11:00 a.m. and thereafter at 15-
minute intervals.  It will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, October 14, 2004.

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


BLUE ROOM: May Appoint Liquidator Tuesday
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Blue Room Bar Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Blue Room Bar Ltd. will
be held at 33-33A Higham Road London E17 6EA on September 21,
2004 at 12:00 p.m. for the purpose of having a full statement of
the position of the Company's affairs, together with a list of
the Creditors of the Company and the estimated amount of their
claims, laid before them, and for the purpose, if thought fit,
of nominating a Liquidator and of appointing a Liquidation
Committee. (Sections 99-101 of the said Act)

George Michael of Ashcrofts 33-33A Higham Hill Road London E17
6EA is a person qualified to act as an Insolvency Practitioner
in relation to the Company who will, during the period before
the day of the Meeting furnish creditors free of charge with
such information concerning the Company's affairs as they may
reasonably require.

By Order of the Board.

D. Meer-Anstead , Director
August 24, 2004

CONTACT:  ASHCROFTS
          33/33A Higham Hill Road
          London
          E17 6EA

          George Michael
          Phone: 020 8503 2682
          Fax: 020 8503 2678
          E-mail: georgemichael@ashcrofts.net
          Web site: http://www.ashcrofts.net


BODDINGTONS: Employees Fight to Keep Plant Open
-----------------------------------------------
Workers at Interbrew's Boddingtons plant walked out on 24 hour
unofficial strike Tuesday in protest over the brewery's closure.

The strike follows a talk between management and labor unions
that workers representatives said was not treated seriously by
company officials.

Interbrew is closing the factory in 2005 to cut distribution
costs.  It is planning to continue producing Boddingtons cask
ale in Manchester by contracting it out to Hydes Brewery.

The Publican quoted Steve Cahillane, chief executive of
Interbrew U.K., saying last week: "It's not sustainable to
continue brewing non-cask ales at Boddingtons and transport them
to other brewery sites for packaging when we have the production
capacity available at our breweries."

Sales of cask Boddingtons -- known as the original, authentic
for among ale enthusiasts -- have fallen to only 10% of the
brand's production.


BOOTS GROUP: Abandons Troubled Health, Beauty Businesses
--------------------------------------------------------
Boots Group PLC decided to exit from Laser Eye Correction,
Dentistry, Chiropody and Laser Hair Removal businesses.

The decision is part of the continuing focus on Boots The
Chemists.  It does not impact the well-established and
profitable Boots Opticians, which will now be managed as a
significant part of Boots The Chemists.

In the businesses to be exited there are expert and dedicated
teams delivering services to the highest standards.  However,
despite improvements in productivity there is no prospect of the
businesses making acceptable returns for the Group going
forward.

The exit from these businesses is expected to result in
exceptional costs of GBP55 million, of which GBP29 million will
be asset write-down.  These actions will improve trading profit
going forward.

Boots first priority in managing these changes will be the
welfare of its customers and employees.  Options will be sought
to find suitable alternative providers of these services for
existing customers.  This exit plan impacts around 850 jobs
across the company and the aim is to re-deploy as many people as
possible.

These businesses occupy 15,000 square meters of space in stores
most of which will be converted into retail trading space during
2005/6.

Dentistry

There are 54 dental practices and the aim is to exit from the
majority of them by 31st December 2004.  There is a firm
commitment to providing a full range of dental treatments to
existing patients during this time, ensuring that the business'
obligation to customers is fulfilled whilst helping patients
make alternative arrangements. No new patients will be taken on
in this period.

Laser Eye Correction

Exit from these practices is anticipated to be complete by 31st
December 2004.

Although no new patients will be taken on, patients who have
already booked eye correction, or for whom aftercare is
required, will continue to be treated ensuring that Boots' duty
of care is fully met.

Chiropody and Laser Hair Removal

As part of this plan, these businesses will also be exited.
Patients who have on-going treatment will continue to be treated
or alternative arrangements made.

                            *   *   *

The Dentistry business opened in 1999 and Laser Eye Correction
opened in 2000.  In 2003/04 Dentistry, Chiropody and Laser Hair
Removal sales were GBP28.9 million and a loss of GBP16.3
million. Laser Eye Correction sales were GBP19.4 million and a
loss of GBP3.8 million.

54 Dentistry locations; Aberdeen, Altrincham, Aylesbury,
Basingstoke, Bedford, Birmingham, Bolton, Bournemouth,
Bracknell, Brighton, Bromley, Camberley, Cambridge, Cardiff,
Chelmsford, Cheltenham, Coventry, Crawley, Croydon, Eastbourne,
Edinburgh, Glasgow, Harrogate, Horsham, Kingston-Upon-Thames,
Leamington S.p.A., Leeds, London (Regent Street, Oxford Street,
Kensington High St), Maidenhead, Manchester, Milton Keynes,
Nottingham, Oxford, Peterborough, Poole, Reading, Shrewsbury,
Slough, Solihull, Southport, St Albans, Staines, Stirling,
Sutton, Swindon, Tunbridge Wells, Uxbridge, Watford, Whetstone,
Woking, Worthing and York.

9 Laser Eye Clinics; Birmingham, Bluewater, Bristol, Glasgow,
Leeds, London (Regent Street), Manchester, Nottingham and
Reading.

52 Chiropody locations; Aberdeen, Altrincham, Aylesbury,
Camberley, Cambridge, Cardiff, Chelmsford, Cheltenham, Chester,
Coventry, Crawley, Croydon, Eastbourne, Edinburgh, Glasgow,
Greenford, Harrogate, Horsham, Kingston-upon-Thames, Leamington
Spa, Leeds, London (Kensington High Street), Manchester, Milton
Keynes, Nottingham, Oxford, Peterborough, Poole, Reading,
Shrewsbury, Solihull, Southport, St. Albans, Staines, Stirling,
Sutton, Swindon, Tunbridge Wells, Uxbridge, Whetstone, Woking,
Worthing and York.

14 Laser Hair Removal locations: Bolton, Brighton, Bromley,
Coventry, Crawley, Croydon, Glasgow, Greenford, Kingston-upon-
Thames, London, (Kensington High Street) Peterborough,
Shrewsbury, Swindon and Whetstone.

CONTACT:  BOOTS GROUP PLC
          Media
          Donal McCabe
          Phone: +44 (0) 115 968 7029
          Mobile: +44 (0) 7769 690 618

          Investors
          Howard Dodd, Chief Financial Officer
          Phone: +44 (0) 115 968 7005

          Chris Laud, Investor Relations
          Mobile: +44 (0) 7811 460 611
          Phone: +44 (0) 115 968 7080


CENTACOM LIMITED: Extraordinary Winding up Resolution Passed
------------------------------------------------------------
At an extraordinary general meeting of the Centacom Limited on
September 2, 2004 held at 2-3 Pavilion Buildings, Brighton, East
Sussex BN1 1EE, the subjoined extraordinary resolution to wind
up the company was passed.  Nedim Patrick Ailyan and David Paul
Hudson of Begbies Traynor, The Old Exchange, 234 Southchurch
Road, Southend-on-Sea, Essex SS1 2EG have been appointed joint
liquidators for the purpose of such winding-up.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange
          234 Southchurch Road
          Southend-on-Sea
          SS1 2EG
          Joint Liquidators:
          Nedim Patrick Ailyan
          David Paul Hudson
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


DORTEX INTERNATIONAL: Members Agree to Wind up Business
-------------------------------------------------------
At an extraordinary general meeting of the Dortex International
Limited on September 3, 2004 held at Aldwych House, Winchester
Street, Andover, Hampshire SP10 2EA, the special and ordinary
resolutions to wind up the company were passed.  Michael Ralph
Eastwood Matthews and Nigel Ian Fox of Tenon Recovery, Highfield
Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ
have been appointed joint liquidators for the purpose of such
winding-up.

CONTACT:  TENON RECOVERY
          Highfield Court,
          Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Joint Liquidators:
          Michael Ralph Eastwood Matthews
          Nigel Ian Fox
          Phone: 023 8064 6464
          Fax:   023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


EIDOS PLC: Books Full-year After-tax Loss of GBP2.9 Million
-----------------------------------------------------------
Eidos plc (LSE: EID.L; NASDAQ: EIDSY), one of the world's
leading publishers and developers of entertainment software,
announces its preliminary results for the year to 30 June 2004.

Summary
                           30 June                 30 June
                            2004                      2003
                          GBP Million             GBP Million

Turnover                    133.9                    151.5
(Loss)/profit before tax     (2.0)                    17.4
EBITDA (see note 4)           0.2                     17.4
Total operating (loss)/profit pre goodwill
and exceptional items       (2.0)                    13.9
Cash and cash equivalents    37.4                     58.2
Basic EPS (pence)
(see note 2)                 (2.1)                    13.8
Gross margin (%)             62.8                     59.0

Highlights

(a) Delivered on key objective of having all games available for
    release on time,

(b) Hitman: Contracts sold 1.7 million units,

(c) Four other titles sold between 500,000 and one million units
    each,

(d) Gross margin improved to 62.8%,

(e) Cash position remains strong at GBP37.4 million post
    strategic acquisition of IO Interactive,

(f) Continued increase in owned IP,

(g) Strong release schedule planned for FY05,

(h) Good progress achieved with strategic review

John van Kuffeler, Chairman, commented: "Since announcing our
intention to undertake a review of the strategic alternatives
available to the Company on 17 June 2004, we have made good
progress.  On 3 August, the Board of Eidos confirmed that it had
received expressions of interest from a number of parties.
Discussions, which relate to a possible sale of the Company, are
progressing well, although there can be no certainty at this
stage as to whether or not they will lead to an offer being made
for the Company.  Further information will be provided to the
market, as appropriate, in due course.

While the results for the year to June 2004 are disappointing,
the Company's underlying business and product portfolio remain
strong.  Management continues to focus on driving the business
forward and a significant release schedule, comprising a mix of
sequel and new franchise titles, is planned for the year ahead.
Five titles are scheduled for release in the first half,
including Championship Manager 5 (with an online version of the
game to follow), and nine titles in the second half, including
the next edition in the highly successful Hitman and Tomb Raider
franchises.  Our most recent game release, ShellShock Nam '67,
launched in Europe on 3 September, charted at No.2 and is
selling in line with management's expectations."

Eidos plc is listed on the London Stock Exchange (ticker: EID.L)
and on the Nasdaq National Market (symbol: EIDSY).  Further
information on the Company can be found at http://www.eidos.com.

Eidos and the Eidos logo are trademarks of Eidos plc.  All other
names and/or brands and/or product names referred to in this
release are registered trademarks or trademarks pending
registration belonging to Group companies.

                    Chief Executive's Review

Overview

While the results reported for the full year are disappointing,
the Company continues to make good progress with its new
development methodology and its increased focus of leveraging
owned intellectual property.

Recognizing that a number of game releases did not live up to
management's sales targets (specifically Hitman: Contracts,
Commandos 3, Legacy of Kain: Defiance and Whiplash), the
Company's financial performance this year was materially
impacted by two key events, both of which occurred in the second
half.

Firstly, the unexpected softness in the games market,
particularly in the U.S., which started back in May (as
illustrated in the 17% year-on-year fall in U.S. games software
sales for that month[1]).  Consequently, the previously
anticipated c 700,000 units of re-orders for our biggest title
release of the year, Hitman: Contracts, did not materialize.
This was despite the game both heading the charts and then
maintaining a strong chart position in both Europe and the US
from its launch in April.

Secondly, in view of the prevailing weakness in the games
market, the Board decided in June to defer the launch of the
ready-to-release ShellShock: Nam '67 game until September 2004
to give this new franchise a better opportunity to deliver on
its true potential.  As a consequence, its operating profit
contribution moved out of the financial year to 30 June 2004 and
into the current financial year.

In the light of the above, this year's results should not be
viewed in isolation, as they do not adequately reflect the
significant achievements and improvements of the past 36 months
in terms of increased gross margins, balance sheet strength,
cash generation and the on-time release of games.  The Company
continues to benefit from these improvements, all of which have
contributed to an underlying business and product portfolio of
game titles, which remain strong and well positioned for the
future.  However, our lack of operational scale and
diversification continue to expose the Company to changing
market conditions, as was experienced this year.

--------------
[1]Source: US NPD Data, May 2004

Review of Operations

In the year to 30 June 2004, the Group achieved a turnover of
GBP133.9 million (2003: GBP151.5 million) and recorded an
operating loss before goodwill and exceptional items of GBP2.0
million (2003: GBP13.9 million profit).  While the total number
of units shipped in both 2003 and 2004 were the same at 12.5
million units, gross margins again improved in the year to 62.8%
(2003: 59.0%) in a notably tougher retail environment.

During the year, and for the first time, the Company had all of
its 14 titles (22 sku's) available for release on schedule.
This further illustrates the significant improvements made by
the Company in managing its resources and the controlled timing

of game production within our refocused development process.  Of
these titles, Backyard Wrestling: Don't Try This At Home; Deus
Ex: Invisible War; Championship Manager: Season 03/04 and Legacy
of Kain: Defiance, each sold between 500,000 and one million
units.  In addition, Hitman: Contracts, while performing below
management's expectations, has sold 1.7 million units to date.
The period also included a further one million unit sales of
Tomb Raider: The Angel of Darkness together with a particularly
robust performance from back catalogue sales, which represented
15.7% of turnover (2003: 11.0%).

The Company continued to make operational improvements
throughout the year: the European Development and Publishing
divisions were restructured and the Company's global marketing
initiative was refocused on brand management and direction.
Investment in R&D increased by 20% to GBP39.2 million in the
year and is expected to continue to increase, reflecting the
Company's commitment to invest in developing top quality titles
in future.

Intellectual Property (IP)

The Company has again made good progress in its objective of
securing owned IP supported by stringent cost and development
controls.  This is reflected by the improved gross margin, which
rose to 62.8% (2003: 59.0%).

In March 2004, the Company acquired IO Interactive A/S, the
Danish based studio, which together with Eidos, had been
responsible for the development of the highly successful Hitman
franchise.  This acquisition secured the rights to the Hitman
franchise, which has now sold over 5.5 million units to date,
and significantly strengthens our European creative base and
development expertise.  IO is expected to contribute to the
Group's on-going development of unique IP with plans to release
a new franchise title next year.  IO's market leading technology
is also playing a key role in the Group's transition program to
next generation Xbox 2 and PS3 platforms, which is on track.

We also believe that our decision last September, to bring the
development of the Company's best selling Championship Manager
football management game in-house, was very much the right one.
The new internal development team based in North London, at our
Beautiful Game Studio, has performed extremely well and the
much-improved Championship Manager 5 will release on PC this
Autumn.  In Spring 2005, the game will also release on
PlayStation 2 for the first time, as well as on Xbox.  In
addition, and as recently announced, Championship Manager will
go online through subscription from January 2005.  We are
confident that these advances and new applications will give the
successful Championship Manager franchise a new fan base and
enable the game to appeal to a wider audience.

Our Crystal Dynamics Studio in the U.S. is making exciting
progress in the development of the next Tomb Raider game, which
will be unveiled this Autumn and is scheduled for release in the
fourth quarter of the current financial year.  Following the
internal transfer of the Tomb Raider franchise from Core Design
to Crystal Dynamics, Core Design has been refocused and
restructured.  A number of the new concept ideas and pre-
production works, for both platform and PlayStation Portable
(PSP) application, are being developed in this studio.

During the year, the Company continued to derive revenue and
leverage value from its own intellectual property.  This
included a movie deal entered into for Fear Effect (similar to
those previously entered into for Tomb Raider and Deus Ex) and a
dialogue with various film studios in relation to other products
is on going.

New Media

On 28 October 2003, Eidos announced the creation of its New
Media Division, formed to help facilitate the extension of our
intellectual property into new markets using a coordinated and
strategic approach.  The division has since undertaken a number
of successful projects bringing our existing products to market
through new distribution channels, particularly online, and
introducing some of our key brands to new platforms such as
mobile phone handsets, new handheld game devices and interactive
digital TV.  During the year, income from these new platforms
has been generated following agreements with AT&T, Bell Canada,
China Telecom, Metaboli, Nokia, Sky and Vodafone, among many
others.

Further evidence of how the Company is successfully advancing
its owned IP into new applications is demonstrated by our new
franchise titles scheduled to release in the current financial
year, namely 25 To Life, Project: Snowblind and Just Cause, each
of which are either wholly or partly online game products.

Although the New Media Division is clearly at an early stage of
development, it continues to gain momentum and is already making
a positive contribution to the Company's financial position.  We
are confident that we will build on this early success to secure
the Company's position in these new markets, as the division
becomes an important part of our core business.

The Board

On 15 July 2003, the Company announced that Jeremy Heath-Smith,
Development Director of Eidos plc and Managing Director of Core
Design Limited, was stepping down from the Boards of both
companies with immediate effect.  On 28 October, the Company
announced that Simon Protheroe would step down from the Eidos
plc Board following his appointment as head of the New Media
Division and that Jonathan Kemp, European Managing Director, was
being promoted to the Eidos plc Board with effect from 1
December 2003.

Our People

In what turned out to be a challenging year, our employees have
again exerted great efforts in striving to deliver upon the
Company's objectives.  We would like to take this opportunity to
recognize their achievements and thank them for their continued
dedication and support.

Strategic Review

As we have previously indicated, the entertainment software
market continues to evolve and mature with franchise scale and
diversity, aligned to financial strength, becoming ever more
important.  In addition, there is the continuing need to invest
more heavily in R&D ahead of the next hardware cycle.  These
market trends and the changing competitive landscape have led
Eidos to become increasingly reliant on the performance of key
titles.  With this in mind, the Board initiated a review of the
strategic alternatives available to Eidos in order to exploit
fully the potential of the Company's extensive portfolio of
intellectual property and development capabilities.  This review
commenced in June and remains in progress under the direction of
the Chairman.

Continued Development

Notwithstanding the ongoing strategic review, management remains
focused on driving the business forward and is committed to
providing the design; innovation and technological advancement
that can further improve the gameplay experience.  To that end,
we have a significant release schedule planned for the current
financial year, which includes a strong mix of sequel and new
franchise titles.

                      Financial Review

Turnover

Turnover decreased by 11.6% to GBP133.9 million compared to
GBP151.5 million in the year to 30 June 2003.  Overall, the
Group recorded a loss after tax of GBP2.9 million compared to a
profit of GBP19.2 million in the year to 30 June 2003.

The Company released 22 new game sku's in the year (2003: 27),
including five for PlayStation 2 and six for Xbox with the
balance being principally PC game releases.  In total, 12.5
million units were shipped in 2004, the same as for 2003.  There
was a decrease in the gross average selling price from GBP13.73
to GBP12.72 over the year reflecting the continued strong
performance of our back catalogue titles.  Approximately 73% of
the Group's total revenue was derived from console-based games,
compared to 74% in the same period last year.

Operating Results

The gross margin was 62.8% compared to 59.0% in 2003.  This
increase reflects the move towards internally generated
intellectual property.

Operating expenses increased to GBP89.7 million from GBP78.8
million.  This increase is in line with expectations and arises
largely from certain non-recurring savings made in 2003 together
with the increase in goodwill amortization arising from the
acquisition of IO Interactive A/S in March 2004.

Advertising costs were GBP20.2 million (15.1% of turnover)
compared to GBP18.3 million (12.1% of turnover) last year.  This
reflects the trend for increasing advertising support being
required to promote game releases.  The fixed element of selling
and marketing costs was GBP6.5 million compared to GBP7.4
million in the previous year.  The reduction in expenditure is
due to the full year impact of savings made in the prior year.

Research and development, representing the Group's total
investment in product development, totaled GBP39.2 million
(2003: GBP32.6 million).  The 20% increase in this cost reflects
the move towards internally developed franchise titles and
certain non-recurring savings, which occurred during the
previous year.  The Group expects the level of expenditure to
increase again in the current financial year.

Total administrative expenses for the year were GBP23.8 million
including goodwill amortization of GBP1.6 million, compared to
GBP20.4 million including goodwill amortization of GBP0.2
million in 2003.  The increase in the amortization charge
resulted from the goodwill arising on the acquisition of IO
Interactive A/S on 31 March 2004.  Also included in
administrative expenses for 2004 are foreign exchange losses of
GBP0.8 million against GBP0.9 million of foreign exchange gains
in 2003.  While the Group continues to invest in management and
infrastructure, it will also continue to manage its
administrative expenses prudently.

After deducting operating expenses before goodwill of GBP88.1
million, the Group made an operating loss before goodwill of
GBP2.0 million.  This included the Group's share of joint
venture operating profits of GBP2.1 million.  This compares to
an operating profit before goodwill and exceptional items for
the prior year of GBP13.9 million, which included joint venture
operating profits of GBP3.0 million.

Exceptional Items

There were no exceptional items during the year.  During 2003,
the Group received a GBP1.4 million settlement, net of costs, in
respect of its former investment in Express.com.  The Group took
an exceptional charge against the full carrying value of this
investment in the year to 31 March 2001 and Express.com
subsequently filed for Chapter 11 bankruptcy protection.

Taxation

The Group recorded a tax charge in the year of GBP1.0 million
which largely comprises the Group's share of taxes payable in
its profitable joint venture companies.  Significant brought
forward losses remain available within the Group to offset
future trading profits.  The Company has reviewed the provisions
of FRS19 - Deferred Tax and believes that no further amounts
should be recognized in respect of these losses.

Earnings Per Share

The Group reported a loss after tax of GBP2.9 million for the
year compared to a profit of GBP19.2 million for the previous
year.  The basic (loss)/earnings per share was (2.1) p compared
to 13.8p for 2003, based on the weighted average number of
shares in issue during the year.  Excluding goodwill
amortization and exceptional items, the (loss)/earnings per
share was (1.0) p for 2004 (2003: 9.3p).

Liquidity and Capital Resources

Net assets at 30 June 2004 include goodwill of GBP25.3 million
(2003: GBP0.3 million), tangible fixed assets and investments of
GBP10.4 million (2003: GBP7.4 million as restated), net current
assets of GBP40.2 million (2003: GBP67.9 million) and other long
term creditors and provisions of GBP3.9 million (2003: GBP0.03
million).

At the year-end, the Group had cash and cash equivalents of
GBP37.4 million (2003: GBP58.2 million) and no debt (2003:
GBPnil).  The decrease in cash was materially impacted by the
acquisition of IO Interactive A/S as referred to below.  There
was a cash outflow before the management of liquid resources and
financing of GBP18.4 million during the year (2003: GBP0.8
million).  Operating activities generated a cash inflow of
GBP8.2 million (2003: GBP4.7 million outflow), reflecting the
operating loss offset by a decrease in working capital during
the year.

Interest received decreased to GBP1.9 million in the year to 30
June 2004 from GBP3.1 million in the previous year.  The
decrease was primarily due to lower average cash balances held
during the year and the lower average interest rates that
existed throughout the year.

Acquisitions and Disposals

On 4 September 2003, the Group sold its 25% minority interest in
Sports Interactive for a cash consideration of GBP488,000.

On 31 March 2004, the Group acquired IO Interactive A/S, a
Danish based studio, for an initial consideration of GBP23.0
million, which was satisfied as to GBP21.0 million in cash and
the residual by way of 1.5 million in new Eidos Ordinary shares.
Contingent consideration of up to GBP5.0 million in cash is
payable dependent upon the number of new game units released by
the IO studio in excess of 2.1 million units per annum over the
four year period ending 31 March 2008.

Capital Restructuring

On 5 February 2004, the High Court approved a reduction in the
Company's share premium account of GBP60 million (following
shareholder approval at an Extraordinary General Meeting held on
12 December 2003).  The reduction was registered at Companies
House on 5 February 2004.  The purpose behind this reduction was
the directors' belief that it was appropriate to provide the
Company with additional flexibility for possible distributions
to shareholders.  However, this does not imply any commitment on
the part of the Company in relation to future distributions.

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

CONTACT:  BRUNSWICK
          Jonathan Glass
          Wendel Carson (UK)
          Phone: +44 207 404 5959

          Nina Devlin (US)
          Phone: 212-333-3810


HOODS GALORE: Three-year Disqualification for Ex-director
---------------------------------------------------------
The director of a business specializing in fitting automotive
soft tops on cars, which failed with debts of more than
GBP402,000 has been disqualified in the Croydon County Court for
three years from acting as a company director.

Paul Duce, 58, of Macintyre's Walk, Ashingdon, Essex, was a
director of Hoods Galore (U.K.) Limited, which carried on
business from premises at 450-454 Brighton Road, South Croydon,
Surrey.

The company was placed into voluntary liquidation on January 16,
2003 with estimated debts of GBP402,371 owed to its creditors.

The Disqualification Order, made on September 7, 2004 prevents
Mr. Paul Duce from being a director of a company or in any way
being concerned in or taking part in the promotion, formation or
management of a company for three years.

The matter of unfit conduct, not disputed by Mr. Duce, was that
he caused Hoods Galore (U.K.) Limited, shortly before it went
into liquidation, to use GBP45,000 from the proceeds of the sale
of property to repay a loan he made to the company.  This was to
his own benefit and to the detriment of the company's creditors.

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

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

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


MARTINE FREIGHT: Unsecured Creditors Meeting September 24
---------------------------------------------------------
The unsecured creditors of Matine Freight Services Limited will
meet on September 24, 2004 commencing at 10:00 a.m.  It will be
held at the offices of Milner Boardman & Partners, Century
House, Ashley Road, Hale, Cheshire WA15 9TG.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with Milner
Boardman & Partners, Century House, Ashley Road, Hale, Cheshire
WA15 9TG not later than 12:00 noon, September 23, 2004.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House,
          Ashley Road, Hale,
          Cheshire WA15 9TG
          Joint Administrative Receiver:
          G J Corbett
          Phone: 0161 927 7788
          Fax:   0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


MULTIPLASTICS LIMITED: In Administrative Receivership
-----------------------------------------------------
Confidential Invoice Discounting Limited called in David Harry
Gilbert and Simon James Michaels as joint administrative
receivers for Multiplastics Limited (Reg No 01713346, Trade
Classification: 11).  The application was filed September 6,
2004.  The company process and distributes plastics.


CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Joint Administrative Receivers:
          David Harry Gilbert
          Simon James Michaels
          (Office Holder Nos 2376/01, 8824/01)
          Phone: 020 7486 5888
          Fax:   020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdo.co.uk


NEVERCLOSE LIMITED: Hires Joint Liquidators from Moore Stephens
---------------------------------------------------------------
At an extraordinary general meeting of the members of the
Neverclose Limited on September 1, 2004 held at 1 Snow Hill,
London EC1A 2DH, the special and ordinary resolutions to wind up
the company were passed.  David Alan Rolph and Phillip Rodney
Sykes of Moore Stephens, 1 Snow Hill, London EC1A 2EN have been
appointed joint liquidators for the purpose of the voluntary
winding-up.

CONTACT:  MOORE STEPHENS
          1 Snow Hill,
          London EC1A 2EN
          Joint Liquidators:
          David Alan Rolph
          Phillip Rodney Sykes
          Web site: http://www.moorestephens.co.uk


QCLS SERVICES: Director Receives Four-year Ban
----------------------------------------------
A director of a contract labour supply business that failed with
total debts estimated at around GBP1.9 million has given an
Undertaking not to hold directorships or take any part in
company management for four years.

The Undertaking by Michael Anthony Battye, 56, of Thackers Way,
Market Deeping, Peterborough, Cambridgeshire, was given in
respect of his conduct as a director of QCLS Services Limited
that carried out business from premises at 4 London Road,
Peterborough, PE2 8AR.

Acceptance of the Undertaking on September 10, 2004 prevents Mr.
Battye from being a director of a company, or in any way being
concerned or taking part in the promotion, formation or
management of a company for the above period.

QCLS was placed into voluntary liquidation on March 19, 2004
with estimated debts of GBP1,913,876.

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

The matter of unfit conduct, not disputed by Mr. Battye was that
he allowed QCLS to trade beyond April 30, 2003 to the detriment
of the Inland Revenue and H.M. Customs & Excise.

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

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

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


QOOL-AIR: Appoints B N Jackson Norton Liquidator
------------------------------------------------
At an extraordinary general meeting of the Qool-Air Limited on
September 8, 2004 held at 1 Gray's Inn Square, Gray's Inn,
London WC1R 5AA, the extraordinary and ordinary resolutions to
wind up the company were passed.  Michael Colin John Sanders of
BN Jackson Norton 1 Gray's Inn Square, Gray's Inn, London WC1R
5AA has been appointed liquidator of the company for the purpose
of such winding-up.

CONTACT:  B N JACKSON NORTON
          1 Gray's Inn Square,
          London WC1R 5AA
          Phone: 02074302321


QUICK TRANSPORT: Calls in Liquidator from Elwell Watchorn
---------------------------------------------------------
At an extraordinary general meeting of the Quick Transport
Limited on September 8, 2004 held at Chapel House, Westmead
Drive, Westlea, Swindon, Wiltshire SN5 7UN, the subjoined
extraordinary resolution to wind up the company was passed.
John Michael Munn and Richard John Elwell of Elwell Watchorn &
Saxton, 109 Swan Street, Sileby, Leicestershire LE12 7NN have
been appointed joint liquidators for the purpose of such
winding-up.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street, Sileby,
          Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax:   (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


RATCLIFFE TRANSPORT: Disqualified Directors Get 16-year Ban
-----------------------------------------------------------
A sister and her two brothers who were directors of a haulage
business that failed with debts of more than GBP249,000 have
been disqualified from acting as company directors in the
Manchester County Court for a combined total of 16 years.

Joanne Michelle Ratcliffe, 34, of Station Road, Swinton, Greater
Manchester, who was disqualified for seven years, was a director
of J.M. Ratcliffe Transport Limited, which carried on business
from premises at 4 Westbury Street Industrial Estate, Hyde,
Cheshire, and was also a director of Ratcliffe Transport Limited
which carried on business from premises at Unit 1, Richmond
Road, Trafford Park, Manchester.

Michael William Ratcliffe of Deans Court Avenue, Swinton,
Manchester and David Paul Ratcliffe, 28, of Princes Tower Road,
St. Saviour, Jersey, who were disqualified for five years and
four years respectively, were also directors of Ratcliffe
Transport Limited.

J.M. Ratcliffe Transport Limited was placed into voluntary
liquidation on February 4, 2000 with estimated debts of
GBP104,676 owed to its creditors.

Ratcliffe Transport Limited was placed into voluntary
liquidation on February 27, 2002 with estimated debts of
GBP249,367 owed to its creditors.

The Disqualification Orders, made on September 10, 2004, prevent
Joanne Michelle Ratcliffe, Michael William Ratcliffe, and David
Paul Ratcliffe from being a director of a company or, in any
way, whether directly or indirectly, being concerned in or
taking part in the promotion, formation or management of a
company for the above periods.

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

(a) Joanne Michelle Ratcliffe:

    (i) Caused or allowed J.M. Ratcliffe Transport Limited to
        misuse rebated oil in its vehicles in contravention of
        the Hydrocarbon Oils Duty Act 1979 and failed to provide
        H.M. Customs and Excise with records in respect of fuel
        purchased the company, resulting in an assessment being
        raised for unpaid road fuel duty in the amount of
        GBP34,903.

   (ii) Failed to ensure that accounting records for J.M.
        Ratcliffe Transport were maintained, preserved and
        delivered to the liquidator.

  (iii) Caused or allowed Ratcliffe Transport Limited to misuse
        rebated oil in its vehicles in contravention of the
        Hydrocarbon Oils Duties Act 1979 resulting in HM Customs
        and Excise raising an assessment for unpaid road fuel
        duty in the amount of GBP98,991 and imposing penalties
        in the amount of GBP18,000.

   (iv) Caused or allowed Ratcliffe Transport to trade to the
        detriment of H.M. Customs and Excise during the period
        November 1, 2000 to February 27, 2002 whose debt stood
        at GBP162,619 at liquidation.

    (v) Failed to adequately deal with Ratcliffe Transport's VAT
        affairs.

(b) David Paul Ratcliffe:

    (i) Caused or allowed Ratcliffe Transport to misuse rebated
        oil in its vehicles in contravention of the Hydrocarbon
        Oils Duty Act 1979 resulting in H.M. Customs and Excise
        raising an assessment for unpaid road fuel duty in the
        amount of GBP98,991 and imposing penalties in the amount
        of GBP18,000.

   (ii) Caused or allowed Ratcliffe Transport to trade to the
        detriment of H.M. Customs and Excise during the period
        November 1, 2000 to February 27, 2002 whose debt stood
        at GBP162,619 at liquidation.

  (iii) Failed to adequately deal with Ratcliffe Transport's VAT
        affairs.

(c) Michael William Ratcliffe:

    (i) Failed to adequately deal with Ratcliffe Transport's VAT
        affairs.

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

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

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

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


RUMNEY CRANE: Winding up Resolutions Passed
-------------------------------------------
At an extraordinary general meeting of the Rumney Crane &
Engineering Limited on August 31, 2004 held at The Holiday Inn
Cardiff North, Pentwyn, Cardiff CF23 7XA, the extraordinary and
ordinary resolutions to wind up the company were passed.
Richard Michael Hawes of Grant Thornton UK LLP, 11-13 Penhill
Road, Cardiff CF11 9UP and Mustafa Abdulali of PKF, 6
Ridgehouse, Ridgehouse Drive, Festival Park, Stoke-on-Trent,
Staffordshire ST1 5TL have been appointed liquidators of the
company for the purpose of the voluntary winding-up.

CONTACT:  GRANT THORNTON UK LLP
          11-13 Penhill Road,
          Cardiff CF11 9UP
          Liquidator:
          Richard Michael Hawes
          Phone: 029 2023 5591
          Fax:   029 2038 3803
          Web site: http://www.grant-thornton.co.uk

          PKF
          6 Ridgehouse,
          Ridgehouse Drive,
          Festival Park, Stoke-on-Trent,
          Staffordshire ST1 5TL
          Liquidator:
          Mustafa Abdulali
          Phone: 01782 201120
          Fax:   01782 201599
          E-mail: info.stoke@uk.pkf.com
          Web site: http://www.pkf.co.uk


SKYEPHARMA PLC: Net Loss Drops 45% to GBP10.2 Million
-----------------------------------------------------
Interim Financial Results for the six months ended 30 June 2004

Financial Highlights

(a) Turnover up by 26% to GBP28.5 million (2003:GBP22.6 million)

(b) Royalty income up by 28% to GBP10.3 million (2003: GBP8.0
    million)

(c) Gross profit up by 52% to GBP15.0 million (2003: GBP9.9
    million)

(d) R&D down 13% to GBP14.4 million (2003: GBP16.4 million)

(e) Operating loss after exceptionals down by 44% to GBP9.6
    million (2003: GBP17.0 million)

(f) Deferred income up by GBP1.0 million to GBP16.9 million (as
    of 31 December 2003: GBP15.9 million)

(g) Net loss after exceptionals down by 45% to GBP10.2 million
    (2003: GBP18.7 million)

(h) Loss per share 1.7p (2003: 3.1p)

(i) Net cash GBP29.0 million (as of 31 December 2003: GBP22.0
    million)

(j) Convertible bond refinancing completed, including raising
    GBP20 million of new money

Operating Highlights

(a) FDA approves DepoDur(TM) -- U.S. marketing to commence
    before end-year

(b) DepoDur(TM) licensed to Medeus Pharma for Europe

(c) Trigenesis licenses dermatology products, pipeline and
    topical delivery technologies

(d) Discussions with potential partners for pulmonary package
    ongoing

(e) Foradil(R) Certihaler(R) approved in Switzerland and certain
    other European countries

(f) Paxil(R) CR (GlaxoSmithKline) holds U.S. market share
    despite generic competition for Paxil(R)

(g) Uroxatral(R) (Sanofi-Aventis) launched to primary care
    physicians in U.S.A.

(h) Xatral OD approved in Europe for second indication, Acute
    Urinary
    Retention

(h) DepoCyte(R) (Mundipharma) launched in Europe

(i) DepoCyt(R) Phase IV trial patient enrolment completed

(j) Pulmicort(R) HFA (AstraZeneca) completes Phase III trials

(k) Requip OD (GlaxoSmithKline) Phase III trial patient
    enrolment completed

(l) FDA completes review of Phase II trials of Propofol IDD-DTM

Ian Gowrie-Smith, SkyePharma's Non-Executive Chairman, said:
"The most important event in the first half of 2004 was the U.S.
Food & Drug Administration's approval of DepoDur(TM) (the new
name for DepoMorphine(TM)) on 18 May.  After taking the decision
in 2001 to undertake full clinical development ourselves and
completing the clinical studies and regulatory filings for
DepoDur(TM) on time, it is highly gratifying to see this crowned
by approval by the FDA.  Importantly this was the first possible
date on which the product could be approved.  Few new drugs are
approved by the FDA at the first opportunity so this achievement
is a real tribute to both the quality of the product and the
skill of our clinical and regulatory teams.  DepoDur(TM) is the
first product for which we have undertaken full development
ourselves and we expect it to be a major contributor to the
company's future."

About SkyePharma

SkyePharma PLC uses its world-leading drug delivery technology
to develop easier-to-use and more effective formulations of
drugs.  The majority of challenges faced in the formulation and
delivery of drugs can be addressed by one of the Company's
proprietary technologies in the areas of oral, injectable,
inhaled and topical delivery, supported by advanced
solubilization capabilities.

A full copy of the report is available free of charge at:
http://bankrupt.com/misc/Skyepharma_1H2004.htm

CONTACT:  SKYEPHARMA PLC
          Web site: http://www.skyepharma.com
          Michael Ashton, Chief Executive Officer
          Donald Nicholson, Finance Director
          Peter Laing, Director of Corporate Communications
          Phone: 0207 491 1777

          Sandra Haughton, U.S. Investor Relations
          Phone: +1 212 753 5780

          BUCHANAN COMMUNICATIONS
          Tim Anderson/Mark Court
          Phone: 0207 466 5000


SPEEDY DESPATCH: Sets Creditors Meeting September 30
----------------------------------------------------
The creditors of Speedy Despatch International Ltd will meet on
September 30, 2004 commencing at 3:00 p.m.  It will be held at
39 Castle Street, Leicester LE1 5WN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to CBA, Leicester LE1 5WN no later than 12:00 noon,
September 29, 2004.

CONTACT:  CBA
          39 Castle Street
          Leicester LE1 5WN
          Joint Administrators:
          N C Money
          M G Tailby


TRAESKO 11: Names PricewaterhouseCoopers Liquidator
---------------------------------------------------
At a meeting of the Traesko 11 Limited on September 1, 2004 the
special and ordinary resolutions to wind up the company were
passed.  Richard Setchim and Jonathan Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of the company for the purpose
of such winding-up.

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


TURNER & NEWALL: Unions Urge Govt to Protect Pension Scheme
-----------------------------------------------------------
Unions are calling on the government to help safeguard the
benefits of some 40,000 members of Turner & Newall's pension
scheme, AFX reports.

Members attending the Trades Union Congress Annual Conference
passed an extraordinary motion urging the state to include the
unit of bankrupt U.S. Federal Mogul Corporation under its new
Financial Assistance Scheme.

They are wary the fund, which has a shortfall of GBP300 million,
could be wound up.  It was frozen in July at the motion of
Kroll, the administrator of Turner & Newall in the U.K.

Union representatives have held talks with bondholder Carl Icahn
and other parties to safeguard pensions.  Previously, Federal
Mogul offered a one-off payment of GBP71 million on top of the
members annual pension contributions of GBP7 million.  But
trustees of the scheme rejected this to demand GBP28 million on
top of the existing contribution for the next eight years.

A wind-up could cost Federal Mogul GBP875 million, enough to
bankrupt the company set to emerged from creditors protection
later this year.  It could cost 20,000 deferred pensioners up to
70% of pensions, and 20,000 existing pensioners their inflation-
linked raises.


UNITED BISCUITS: Avoids Competition Scrutiny Over Jacob Buyout
--------------------------------------------------------------
United Biscuits, a leading European manufacturer of biscuits and
snacks, received confirmation from the U.K. competition
authority that it will not refer UB's acquisition of The Jacob's
Bakery Limited and subsidiaries to the Competition Commission.

UB will therefore be completing the acquisition of Jacobs from
Groupe Danone on September 20, 2004, following which Jacob's
will become a wholly owned subsidiary of UB.  UB will then begin
the process of integrating Jacob's and UB's U.K. businesses.

Malcolm Ritchie, UB's Chief Executive, said: "We are delighted
with the OFT's decision and UB will now proceed to complete its
acquisition of Jacob's in the U.K.  The combined UB and Jacob's
business will enable us to offer customers and consumers a
complementary portfolio of leading household brands which will
provide an excellent platform for long-term growth."

                            *   *   *

Following the information provided in UB's H1 2004 results,
Fitch has downgraded the ratings on the group's senior
subordinated notes by two notches to 'B-' and resolved the
Negative Rating Watch.

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

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

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


WENTWORTH TRAVEL: Calls in Liquidators from Smith & Williamson
--------------------------------------------------------------
At an extraordinary general meeting of the Wentworth Travel
Limited on September 3, 2004 held at Smith & Williamson Limited,
No 1 Bishops Wharf, Walnut Tree Close, Guildford, Surrey GU1
4RA, the extraordinary and ordinary resolutions to wind up the
company were passed.  Roger Tulloch and Anthony Murphy of Smith
& Williamson Limited, No 1 Bishops Wharf, Walnut Tree Close,
Guildford, Surrey GU1 4RA have been appointed joint liquidators
of the company.

CONTACT:  SMITH & WILLIAMSON LIMITED
          No 1 Bishops Wharf,
          Walnut Tree Close, Guilford,
          Surrey GU1 4RA
          Joint Liquidators:
          Roger Tulloch
          Anthony Murphy
          Phone: 01483 407 100
          Fax:   01483 301 232
          Web site: http://www.smith.williamson.co.uk


WOODLANDS CABINET: Members Pass Winding up Resolution
-----------------------------------------------------
At an extraordinary general meeting of the Woodlands Cabinet
Makers Limited on September 1, 2004 held at the offices of
Walletts Insolvency Services, Adventure Place, Hanley, Stoke-on-
Trent, Staffordshire ST1 3AF, the extraordinary resolution to
wind up the company was passed.  Michael Francis McCarthy of
Walletts Insolvency Services, 2-6 Adventure Place, Hanley,
Stoke-on-Trent, Staffordshire ST1 3AF has been appointed the
liquidator of the company for the purpose of such winding-up.

CONTACT:  WALLETTS INSOLVENCY SERVICES
          2-6 Adventure Place,
          Hanley, Stoke-on-Trent,
          Staffordshire ST1 3AF
          Liquidator:
          Michael Francis McCarthy
          Phone: (01782) 212326
          Fax:   (01782) 21232


ZAIKA LTD.: Creditors Meeting Set September 21
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                  IN THE MATTER OF Zaika Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Zaika Ltd. will be held
at 4 Dancastle Court 14 Arcadia Avenue London N3 2HS, on
September 21, 2004 at 12:00 p.m. for the purpose of having a
full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee. (Sections 99-101 of the said
Act)

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

By Order of the Board.

N. Choudery, Director
August 17, 2004

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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