TCREUR_Public/040920.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, September 20, 2004, Vol. 5, No. 186

                            Headlines

C Z E C H   R E P U B L I C

CZECH AIRLINES: Takes Steps to Implement Massive Layoff Plan
GLOBTOUR PRAHA: Failure Caused by Mismanagement, Says Parent


G E R M A N Y

DRESDNER BANK: US$150 Million Notes Rated 'B+'
GOTTSCHALK METALLBAU: Last Day for Filing Claims October 15
HEYER KG: Creditors Have Until November 17 to File Claims
HEYER TRANSPORT: Under Bankruptcy Administration
MINTOR-BAU GMBH: Aachen Court Appoints Insolvency Manager

M.S.R. MASCHINEN: First Creditors Meeting November 29
NETPET GMBH: Deadline for Filing Claims October 26
PD - DRUCK: Monchengladbach Court Appoints Administrator
ROLAND CONCERTS: Claims Deadline Set October 1
VIRTUZ GMBH: Deadline for Filing Claims Expires Today


G R E E C E

NAOUSSA SPINNING: Parent Bails out; Cites Continued Losses


I R E L A N D

FRUIT OF THE LOOM: Abandoning Operations in Ireland


I T A L Y

ALITALIA SPA: To Use Savings from Restructuring to Buy Planes
FARMLAND DAIRIES: Gets Nod to Sell Milk Products of Alabama
PARMALAT FINANZIARIA: Citigroup Wants Case Removed from NJ Court


K Y R G Y Z S T A N

BISHKEK MEAT: Government Selling 16.15% Stake
DENSOOLUK: Under Bankruptcy Supervision
KVINTA: Creditors Meeting September 27
KYRGYZSERVISKONTRACT: Meeting of Creditors September 30
SARY-KOO: Public Auction of Assets September 29
VOSST: To Auction Assets September 28


N E T H E R L A N D S

GETRONICS N.V.: Buys Cehave's I.T. Plus for EUR25 Million
LYCOS EUROPE: Chief Financial Officer Resigns
ROYAL SHELL: Former Chairman to Appeal Ouster


N O R W A Y

PETROLEUM GEO-SERVICES: Petrojarl Varg Contract Revised


R U S S I A

AIRPORT-NYAGAN: Appoints O. Gromazina Insolvency Manager
BATYRYEVSKAYA SELKHOZ-KHIMIYA: Under Bankruptcy Supervision
BAYKAL-CABLE: Court Sets October 25 Hearing
CHEBOKSARSKOYE AIR: Selling Shares for RUB16 Million Today
CHESTR: Public Auction of Assets September 22

KANASHSKY CHEESE: Deadline for Proofs of Claims October 13
NARODNY BANK: Individual Rating Affirmed at 'C'
NYAGANSKAYA NETWORK: Undergoes Bankruptcy Supervision Procedure
OAO GAZPROM: Gets 'BB' Currency Rating After Rosneft Buyout
SUDOGODSKOYE GLASS-FIBER: Sets Public Auction of Assets Friday
THERMAL NETWORKS: Courts Commences Bankruptcy Procedure
VINZILI-GLASS-PACKAGE: Selling RUB88 Million Worth of Assets


S W E D E N

SKANDIA INSURANCE: Names Arbiters for Skandia Liv Conflict


U K R A I N E

AGROPROMTEHNIKA: Declared Insolvent
BAREL: Proofs of Claim Deadline Set September 28
BEST: Bankruptcy Supervision Begins
GOTIKA: Zaporizhya Court Launches Bankruptcy Proceedings
MASHSTROJ: Court Names I. Radik Liquidator

TRANS SV: Under Bankruptcy Supervision
UKRTEHMASH: Harkiv Court Opens Bankruptcy Proceedings
UNIVERSAL COMMERCIAL: Last Day for Filing Claims September 28
VOJNIVSKA: Temporary Insolvency Manager Named
ZAKROMA: Proofs of Claim Deadline Expires September 28
ZERNOSERVICE: Court Appoints Insolvency Manager


U N I T E D   K I N G D O M

BOW SCAFFOLDING: Creditors Meeting Set September 29
BRACEBRIDGE DEVELOPMENTS: Special Winding up Resolution Passed
CHIP SUPPORT: Appoints Liquidator from Deloitte & Touche
C L REALISATIONS: Hires PwC as Liquidator
COLT TELECOM: Redeems Bond Ahead of 2005, 2006 Due Dates

CORUS GROUP: Schraven, Henstra Join Board
CORUS GROUP: Restructuring Boosts Profit to GBP147 Million
CORUS GROUP: Selling EUR500 Million Senior Notes
EMSHEEN LIMITED: Extraordinary Winding up Resolution Passed
EPBM REALISATIONS: Calls in Liquidator from Cooper Parry

EURIMEX LIMITED: Appoints Joint Liquidators from Numerica
FSG SOLUTIONS: Names Tomlinsons Liquidator
GILCHRIST TASH: Hires Joint Liquidators from Harrisons
GW 1234: Sets Final General Meeting October 14
HEDINAIR LIMITED: Hires Administrators from BDO Stoy Hayward

MARSH HOLDINGS: Members Final Meeting Set October 1
MCKENZIE LIMITED: Sets General Meeting October 15
MERSEYSIDE SEXUAL: Names Begbies Traynor Administrator
MTB SECURITY: Creditors Meeting Set September 22
OLIVE REALITY: Hires Baker Tilly as Liquidator

OPUS 4: Special Winding up Resolution Passed
PEARL DESIGN: Director Receives Four-year Ban
PENNYGOLD FINANCE: Calls in Liquidator from Haslers
PGM BALLSCREWS LIMITED: Names PricewaterhouseCoopers Liquidator
SCHNEIDER UNIVERSAL: Sets Creditors Meeting September 27

SHEPLEY COACH: Names Liquidator from Jackson Jolliffe Cork
SPEEDLINE VAN: Calls in Liquidator from Moore Stephens
SURE STEPS: Appoints PricewaterhouseCoopers Liquidator
TANAKA SEIKI: Extraordinary Winding up Resolution Passed
TAURUS SPORTS: Hires Rothman Pantall as Administrator
T. FORSELL: Appoints KPMG as Liquidator
YOUR MORE: E&Y Recommendation to Displace 434 Employees


                            *********


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


CZECH AIRLINES: Takes Steps to Implement Massive Layoff Plan
------------------------------------------------------------
Czech Airlines plans to trim down its workforce in the coming
months, President Jaroslav Tvrdik told daily Lidove novinvy.

The national air carrier is now in talks with unions regarding
compensation package in relation to the plan that will affect
several hundreds of workers between now and the end of 2005.  It
is further planning to index wages for its employees in 2005.
The program provides employees the possibility of earning a
raise of 3%-4%, depending on their job levels.

The company is currently upgrading its services, expecting to
return to black with profits of around US$20 million from the
effort.  For the period January-June, it booked a CZK270.4
million (US$10.2 million) profit, its best first-half result.
The carrier reported a loss of CZK292.5 million (US$11 million)
for the same period a year ago.

CSA, a member of the SkyTeam alliance, is the largest airline
from among the ten new members of the E.U.  The airline flies to
114 destinations in 48 countries around the world.

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


GLOBTOUR PRAHA: Failure Caused by Mismanagement, Says Parent
------------------------------------------------------------
Globtour Slovenia, parent company of bankrupt Globtour Praha,
denies any responsibility in the firm's collapse, blaming poor
management instead.

According to local media reports, the company failed soon after
the parent company stopped injecting cash into the subsidiary.
Managing Director Matela Kunc, in an interview with The Prague
Post, admitted Globtour Ljubljana (as the parent is officially
called) had indeed cut support to the subsidiary, but only
because it failed to meet expectations.  She did not state what
these expectations were.  She said Globtour Slovenia invested
EUR1.1 million to make Globtour Praha solvent when it took over
operations in September last year.

Globtour Prague filed for bankruptcy protection on September 3,
with 187 clients still touring abroad.  According to the Post,
the company owes Croatian hotels about EUR300,000 to EUR500,000
and is liable to reimburse more than 400 clients who had paid
for vacations they could no longer take.  Part of the refund
will be shouldered by Globtour's insurer Ceska Podnikatelska
Pojistovna (CPP), which under local laws is liable to pay an
amount equal to a third of the travel agency's annual revenues
from the sale of package tours.

                       Parent's Liability

CPP claims Globtour Slovenia had guaranteed support for the
local unit during negotiations for the subsidiary's insurance
coverage.  "Prior to signing the agreement with Globtour Czech
Republic, we held negotiations with Mrs. Kunc and they had
guaranteed the subsidiary," CPP Spokeswoman Tereza Fricova told
the Post.

Mrs. Kunc denies this.  "Only the volume of [the] deposit that
should be paid as a term for insurance was discussed at the
meeting," she said in a separate interview with the paper.

But even if the guarantee exists, Frantisek Tlapak, spokesman
for the Regional Development Ministry, believes Globtour
Slovenia's liability is limited.  "In case of bankruptcy, the
company is liable for a limited amount and its full property,
but not for the property of its owners," he said.

Globtour Prague is a limited-liability company (s.r.o.) with an
initial capital investment of CZK19.1 million, according to the
Post, citing the Online Business Registry.

                        Troubled Industry

Following Globtour's collapse, four more travel agencies filed
for bankruptcy over the summer.  Tourism experts predict more
failures before the end of the year.  Jaromir Beranek, of
tourism tracker Mag Consulting, told the Post the 842 travel
agencies currently doing business in the country could drop to
as low as 600.

"Some agencies will close down, some will merge and some will go
bankrupt," he said.

Michal Veber, secretary of the Association of Travel Agencies of
the Czech Republic, shared Mr. Beranek's prediction, but not his
numbers.  "Dozens of travel agencies will complete the summer
season and close their doors for good," he told the Post.

CPP, which will shell out millions of crowns as a result of
Globtour's failure, plans to audit clients in the package tour
industry.  "It is a matter of days until we launch an audit to
look at the performance of the 20 largest travel agencies
specializing in outgoing tourism," Ms. Fricova said.

Lenka Nikolova, a partner in the travel agency Wicomt, the
second-largest agency insured by CPP, welcomed the audit. "The
industry desperately needs to improve its credibility," she told
the Post, adding, "The market has been poisoned by the
bankruptcies."

Three other insurance companies that handle travel agencies said
they do not plan to follow CPP's lead.

CONTACT:  GLOBTOUR PRAHA s.r.o.
          Nadrazni 535/15
          702 00 Ostrava
          Phone: +420 596127346
          Fax: +420 596127344
          E-mail: sezona@volny.cz
          Web site: http://www.globtour.cz

          GLOBTOUR SLOVENIA
          Baragova 5
          SI-1000 Ljubljana
          Phone: ++386 1 588 44 00
          Fax: ++386 1 588 44 10
          E-mail: globtour@globtour.si
          Web site: http://www.globtour.si

          CESKA PODNIKATELSKA POJISTOVNA A.S.
          Budejovicka 5/64
          Praha 4
          Phone: 261 126 116
          Fax: 261 122 163
          E-mail: pojistovna@cpp.cz
          Web site: http://www.cpp.cz


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G E R M A N Y
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DRESDNER BANK: US$150 Million Notes Rated 'B+'
----------------------------------------------
Fitch Ratings assigned Dresdner Banks AG's US$150 million 7.75%
limited recourse loan participation notes due September 2009 a
final Long-term 'B+' rating.  The notes are to be used solely
for financing a loan to The State Export-Import Bank of Ukraine
(Ukreximbank, rated Long-term foreign currency 'B+') under a
loan agreement.

Ukreximbank was founded in 1992 and the sixth largest Ukrainian
bank by assets at end-2003, with a network of 73 branches and
outlets across Ukraine.  It is 100%-owned by the Ukrainian state
(represented by the Cabinet of Ministers of Ukraine).  In
addition to its commercial banking activities, Ukreximbank is
the only Ukrainian bank that acts as a financial agent of the
Ukrainian government in attracting and servicing international
loans to Ukrainian corporates, which are extended under state
guarantee.

CONTACT:  FITCH RATINGS
          James Longsdon, London
          Phone: +44 20 7417 4309

          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

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


GOTTSCHALK METALLBAU: Last Day for Filing Claims October 15
-----------------------------------------------------------
The district court of Monchengladbach opened bankruptcy
proceedings against Gottschalk Metallbau GmbH on September 2,
2004.  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 Prof. Dr. Rolf-Dieter Monning.

Creditors and other interested parties are encouraged to attend
the meeting on November 22, 2004, 8:30 a.m. at the district
court of Monchengladbach 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:  GOTTSCHALK METALLBAU GMBH
          Nobelstrasse 24, 41189 Monchengladbach
          Contact: Peter Gottschalk, Manager
          Kinkelbach 2, 41189 Monchengladbach

          Prof. Dr. Rolf-Dieter Monning, Insolvency Manager
          Hohenzollernstrasse 124-126
          41061 Monchengladbach
          Phone: 02161-309480 oder 0241 - 946180
          Fax: +492161309987

          DISTRICT COURT OF MONCHENGLADBACH
          Hauptstelle, Hohenzollernstrasse 157
          41061 Monchengladbach, Erdgeschoss links, A 58


HEYER KG: Creditors Have Until November 17 to File Claims
---------------------------------------------------------
The district court of Krefeld opened bankruptcy proceedings
against Heyer KG Spedition und Logistik on September 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 17,
2004 to register their claims with court-appointed provisional
administrator Dr. Wolf-R. von der Fecht.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2004, 10:15 a.m. at the district
court of Krefeld Hauptgebaude, Nordwall 131, 47798 Krefeld,
2.Etage, Raum 214 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on
January 11, 2005, 10:15 a.m. in the district court of Krefeld
Hauptgebaude, Nordwall 131, 47798 Krefeld, 2.Etage, Raum Raum
214.

CONTACT:  HEYER KG SPEDITION UND LOGISTIK
          Virmondstr. 135, 47877 Willich
          Contact:
          Hans Heyer, Manager
          Werner Heyer, Manager

          Dr. Wolf-R. von der Fecht, Insolvency Manager
          Rheinort 1, 40213 Dusseldorf
          Phone: 0211/1394-1237
          Mobile 0173/2804330
          Fax: +4902111394251


HEYER TRANSPORT: Under Bankruptcy Administration
------------------------------------------------
The district court of Krefeld opened bankruptcy proceedings
against Heyer Transport GmbH on September 1, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 17,
2004 to register their claims with court-appointed provisional
administrator Dr. Wolf-R. von der Fecht.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2004, 10:20 a.m. at the district
court of Krefeld 2.Etage, Raum 214 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report January 11, 2005, 10:10 a.m. at the
district court of Krefeld, Hauptgebaude, Nordwall 131, 47798
Krefeld, 2.Etage, Raum Raum 214.

CONTACT:  HEYER TRANSPORT GMBH
          Virmondstr. 135, 47877 Willich
          Contact:
          Werner Heyer, Manager
          Hans Heyer, Manager
          Stephan Heyer, Manager

          Dr. Wolf-R. von der Fecht, Insolvency Manager
          Rheinort 1, 40213 Dusseldorf
          Phone: 0211/1394-1237
          Mobile: 0173/2804330
          Fax: +4902111394251


MINTOR-BAU GMBH: Aachen Court Appoints Insolvency Manager
---------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against construction firm MINTOR-BAU GmbH on September 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 22,
2004 to register their claims with court-appointed provisional
administrator Caroline Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting on November 16, 2004, 9:05 a.m. at the district
court of Aachen 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:  MINTOR-BAU GMBH
          Rurbenden 38, 52382 Niederzier
          Contact: Dagmar Strauf-Amanatidis, Manager

          Caroline Schmitz, Insolvency Manager
          Waisenhausstr. 3, 52349 Duren
          Phone: 02421/20908-0
          Fax: 02421/20908-18

          DISTRICT COURT OF AACHEN
          Nebenstelle AugustastraBe
          AugustastraBe 78/80, 52070 Aachen
          II. Etage, Zimmer 21


M.S.R. MASCHINEN: First Creditors Meeting November 29
-----------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against M.S.R. Maschinen- Metall-, Stahl- und Regalbau GmbH on
September 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 22, 2004 to register their claims with court-appointed
provisional administrator Jorg Zumbaum.

Creditors and other interested parties are encouraged to attend
the meeting on November 29, 2004, 8:45 a.m. at the district
court of Aachen 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:  M.S.R. MASCHINEN- METALL-, STAHL- UND REGALBAU GMBH
          Distelrather Str. 18, 52351 Duren
          Paul Schieren, Am Kuhlen Graben 4
          52355 Duren

          Jorg Zumbaum, Insolvency Manager
          Zulpicher StraBe 117, 52349 Duren
          Phone: 02421/52011/12
          Fax: 02421/501875

          DISTRICT COURT OF AACHEN
          Nebenstelle AugustastraBe
          AugustastraBe 78/80
          52070 Aachen, I. Etage, Saal 14


NETPET GMBH: Deadline for Filing Claims October 26
--------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Netpet GmbH on September 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 26, 2004 to register their claims
with court-appointed provisional administrator Siegfried Muller.

Creditors and other interested parties are encouraged to attend
the meeting on November 29, 2004, 10:15 a.m. at the district
court of Aachen 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:  NETPET GMBH
          Monschauer Str. 90
          52156 Monschau
          Contact:
          Elke Staud, Manager
          Monschauer Str. 90, 52156 Monschau

          Siegfried Muller, Insolvency Manager
          Zum Markt 10, 53888 Mechernich
          Phone: 02443/9812-0
          Fax: 02443/9812-19

          DISTRICT COURT OF AACHEN
          Nebenstelle AugustastraBe
          AugustastraBe 78/80, 52070 Aachen
          I. Etage, Saal 14


PD - DRUCK: Monchengladbach Court Appoints Administrator
--------------------------------------------------------
The district court of Monchengladbach opened bankruptcy
proceedings against PD - Druck Puffer & Duntzsch Gesellschaft on
September 1.  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. Paul Fink.

Creditors and other interested parties are encouraged to attend
the meeting on November 17, 2004, 8:45 a.m. at the district
court of Monchengladbach 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:  PD - DRUCK PUFFER & DUNTZSCH GESELLSCHAFT
          Nettetaler Strasse 24, 41751 Viersen
          Contact:
          Johann Puffer, Manager
          Zweitorstrasse 13, 41748 Viersen
          Lothar Duntzsch, Manager
          Gritzkesweg 46, 41169 Monchengladbach

          Dr. Paul Fink, Insolvency Manager
          Rheinort 1, 40213 Dusseldorf
          Phone: 0211 / 1394 - 0
          Fax: +492111394251

          DISTRICT COURT OF MONCHENGLADBACH
          Hauptstelle, Hohenzollernstrasse 157, 41061
          Monchengladbach, Erdgeschoss rechts, A 14


ROLAND CONCERTS: Claims Deadline Set October 1
----------------------------------------------
The district court of Kaiserslautern opened bankruptcy
proceedings against Roland Concerts GmbH on August 23.
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 Jurgen Roth.

Creditors and other interested parties are encouraged to attend
the meeting on November 4, 2004, 9:45 a.m. at Saal 13,
Justizzentrum, BahnhofstraBe 24, 67655 Kaiserslautern 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:  ROLAND CONCERTS GMBH
          Hauptstr. 42, 67909 Wahnwegen
          (HRB 1712 Kus)
          Roland Schneider, Germany

          Jurgen Roth, Insolvency Manager
          Fritz-Wunderlich-Strasse 47, 66869 Kusel
          Phone: 06381/92250
          Fax: 06381/922539


VIRTUZ GMBH: Deadline for Filing Claims Expires Today
-----------------------------------------------------
The district court of Bamberg opened bankruptcy proceedings
against virtuz GmbH on August 30.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 20, 2004 to register their claims
with court-appointed provisional administrator Thomas Linse.

Creditors and other interested parties are encouraged to attend
the meeting on October 8, 2004, 10:15 a.m. at Sitzungssaal 031,
Synagogenplatz 1, 96047 Bamberg 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:  VIRTUZ GMBH
          Laubanger 23 in 96052 Bamberg
          Contact: Frank Schafer, Manager

          Thomas Linse, Insolvency Manager
          Rosenauer Str. 22, 96450 Coburg
          Phone: 09561/8034-0
          Fax: 09561/8034-34


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G R E E C E
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NAOUSSA SPINNING: Parent Bails out; Cites Continued Losses
----------------------------------------------------------
Clothing company Fanco S.A. is closing its factory in Macedonia,
Naoussa Spinning Mills S.A., formerly Trikolan, due to continued
losses.

"In a bid to face [intensifying unfair competition . . . Fanco
S.A. is struggling to gain international recognition, while at
the same time, is trying to streamline its operations and
improve competitiveness in indigenous production," a company
statement reads.  "In this state of affairs, [the firm] is
obliged to cease the operation of its ready-to-wear plant in
Naoussa . . . which despite of all the efforts made to keep it
operational is no longer viable."

It further said the move is part of the company's restructuring
business plan and is not going to affect production capacity or
customer service in any way.  The decision is expected to result
to 98 job losses.

Fanco is under the umbrella of Klonatex group, which also
includes Naoussa Spinning and Rodopis Spinning Mills.  It
recorded a EUR6.6 million loss in 2003, instead of EUR1.4
million in profits as expected, according to just-style.com.

Klonatex secured its future last month after its creditor banks
agreed to issue a five-year syndicated bond worth EUR23 million.
The deal is subject to the firm's compliance with its business
plan.  The arrangement will be reviewed every six months.
Klonatex's banks are National Bank of Greece, Emporiki Bank,
Agricultural Bank of Greece, Alpha Bank and EFG Eurobank
Ergasias.

CONTACT:  FANCO S.A.
          Kifissou & Constantinoupoleos 1 , 121---32 Peristeri
          Athens
          Phone: +30-210-5708185
          Fax: +30-210-5708200
          Web site: http://www.fanco.gr
          Contact:
          Lambadariou Catherine, Investor Relations
          Thomas Lanaras, President-Executive Member
          Georgios Papaioannou, VP-Independent Non-Executive
                                Member
          Petrus Silvain Mooij, CEO-Executive Member


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FRUIT OF THE LOOM: Abandoning Operations in Ireland
---------------------------------------------------
U.S. clothing manufacturer Fruit of the Loom Ltd. is closing two
manufacturing facilities in Ireland and transferring work to
Morocco, according to reports, citing the company.

The plants in Buncrana, in the Republic of Ireland, and
Londonderry, in Northern Ireland, employ 370 workers and 260
workers, respectively.  Fruit of the Loom said it is moving a
major part of its operations from the United States and Europe
to Morocco to save cost.  It already has 1,700 workers in the
area.  It expects to complete the transfer in five years,
according to the Associated Press.

The company blames rising wage levels in Ireland, heavy
discounting in the European clothes market and the World Trade
Organization's decision to overturn European Union restrictions
on textile imports from Asia.  Fruit of the Loom has struggled
to survive over the past decade.  It filed for bankruptcy
protection in the U.S. in 2002 and was acquired by billionaire
investor Warren Buffett for US$840 million in the same year.

CONTACT:  FRUIT OF THE LOOM
          1 Fruit of the Loom Dr.
          Bowling Green, KY 42103
          Phone: 270 781 6400
          Fax:   270 781 6588
          Web site: http://www.fruit.com


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ALITALIA SPA: To Use Savings from Restructuring to Buy Planes
-------------------------------------------------------------
Struggling national carrier Alitalia intends to acquire new
planes in 2007 and 2008 if successful with its restructuring
plan, Reuters says.

A company spokesperson announced Thursday the airline would
purchase 3 Boeing 767s, 2 Boeing 777s and 4 Embraer 170s or 190s
in 2007; and 2 Boeing 777s and 8 Embraer 170s or 190s in 2008.
The company said the purchase is part of Alitalia's 2005 to 2008
business plan.  Alitalia will make the acquisitions after a
massive restructuring that will spin off its ground units and
cut around 5,000 jobs.

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


FARMLAND DAIRIES: Gets Nod to Sell Milk Products of Alabama
-----------------------------------------------------------
Farmland Dairies LLC, a unit of insolvent Italian dairy group
Parmalat Finanziaria S.p.A., announced that its subsidiary, Milk
Products of Alabama LLC (MPA), will be sold for US$21.7 million.
MPA is 80% owned by Farmland and 20% by a minority shareholder.

The United States Bankruptcy Court for the Southern District of
New York approved the sale on September 15, 2004, which Farmland
expects to close with the buyer by September 30, 2004.

"Farmland conducted a thorough auction process under section 363
of the Bankruptcy Code which attracted several interested
buyers," said James Mesterharm, Farmland's Chief Restructuring
Officer.

"The offer received represents the highest recovery to MPA's
creditors.  Additionally, the sale of MPA is a key step in
Farmland's restructuring plan enabling us to focus on our core
shelf stable and fresh milk businesses and emerge from Chapter
11 as a stronger, more competitive company."

Farmland entered Chapter 11 in February 2004 and is currently
under the leadership of a new management team that is working
toward bringing Farmland out of bankruptcy protection as a
stand-alone company.

CONTACT:  FARMLAND DAIRIES LLC
          520 Main Avenue
          Wallington, NJ 07057
          Fax:  1 973 249 1745
          E-mail: jobs@farmlanddairies.com
          Web site: http://www.farmlanddairies.com

          PARMALAT FINANZIARIA S.p.A.
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

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


PARMALAT FINANZIARIA: Citigroup Wants Case Removed from NJ Court
----------------------------------------------------------------
Citigroup Inc. has requested the a court in New Jersey to move
the fraud suit filed against it by Parmalat Finanziaria S.p.A.
to the federal court, according to the Associated Press.

The case is currently in the Superior Court of New Jersey in
Bergen County, N.J.  Parmalat is accusing the banking giant of
knowingly helping Parmalat overstate earnings and understate
debt.  The fraud erupted in December, forcing the company to
file for creditor protection.  Afterwards, the dairy group
revealed it actually had more than EUR14 billion in net debt, or
eight times greater than what it had declared.

Its founder Calisto Tanzi previously admitted siphoning at least
EUR400 million in Parmalat funds to finance other enterprises.
He is now under arrest in Italy.  Parmalat is suing other
bankers.  The cases have been consolidated in the Southern
District of New York in Manhattan.

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

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


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


BISHKEK MEAT: Government Selling 16.15% Stake
---------------------------------------------
The broker of Chui-Bishkek-Talass Territory Estate
Administration of Kyrgyz Republic will tender 16.15% of the
state's shareholding on October 15, 2004, 1:00-3:00 p.m. at
Bishkek, Moskovskaya Str. 172, JSC Kyrgyz Stock Exchange.

Starting price is KGS6,454,300 (excluding the fee equivalent to
7% of the starting price).

          Information on JSC Bishkek Meat-Packing Plant

(a) Occupies a nine-hectare land;

(b) Has a balance account of KGS34,512,600 as of December
    31, 2003;

(c) Manufactures sausages;

(d) Employs 50 persons;

(e) Assets: KGS6,230,000

(f) Current liabilities: KGS1,746,000;

(g) Authorized capital: KGS7,694,000

(h) Revenues: KGS64,979,000

Bidders may contact any broker company registered with Closed
JSC Kyrgyz Stock Exchange or call (0-312) 66-36-60, 28-73-20.


DENSOOLUK: Under Bankruptcy Supervision
---------------------------------------
The Arbitration Court of Talas region commenced bankruptcy
supervision procedure on JSC Densooluk and appointed Dair
Osmonkulov (License Number 042) as temporary insolvency manager
on April 13, 2004.  The case is docketed as T06-186/C3.
Creditors will meet on September 20, 2004, 10:00 a.m. at Talas,
Frunze Str. 287, room 219.

Creditors must submit their proofs of claim and register seven
days before the meeting with the temporary insolvency manager.
Proxies must have authorization to vote.  For more information,
call 5-28-54.


KVINTA: Creditors Meeting September 27
--------------------------------------
The Bishkek Inter-District Court on Economic Issues commenced
bankruptcy supervision procedure on LLC Kvinta on August 26,
2004 and appointed Jumabek Ashirahmanov (License Number 083) as
temporary insolvency manager on September 6, 2004.  The case is
docketed as 03-218/M-04 c9.  Creditors will meet on September
27, 2004, 2:00 p.m. at Bishkek, Erkindik Ave. 57, room 101.

Creditors must submit their proofs of claim and register seven
days before the meeting with the temporary insolvency manager.
Proxies must have authorization to vote.  For more information,
call (0-312) 62-68-29.


KYRGYZSERVISKONTRACT: Meeting of Creditors September 30
-------------------------------------------------------
The temporary insolvency manager of JSC Kyrgyzserviskontract has
called for a creditors meeting on September 30, 2004, 1:00 p.m.
at Bishkek, Leo Tolstoi Str. 210, Administrative Building of JSC
Kyrgyzserviskontract.

Agenda:

(a) To receive the report of the temporary insolvency manager;

(b) To confirm actual expenses of the insolvency procedure for
    2nd quarter of 2004;

(c) To confirm estimated expenses of the insolvency procedure
    for 3rd quarter of 2004;

(d) To elect members of the creditors' committee; and

(e) Others

The creditors must submit their proofs of claims on or before
September 23, 2004.  Proxies must have authorization to vote.
For more information, call (0-312) 64-80-84 or 64-82-51.


SARY-KOO: Public Auction of Assets September 29
-----------------------------------------------
The bidding organizer and insolvency manager of Agricultural
Farm Sary-Koo will auction the firm's properties on September
29, 2004, 11:00 a.m. at Chui region, Jaiyl district, Altyn.
Some 27 lots of cars, agricultural equipment, farm and houses
are for sale.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the cashier of Agricultural Farm Sary-
Koo.  Bids must be submitted to the temporary insolvency manager
on or before September 28, 2004, every Tuesday and Wednesday,
10:00 a.m. to 5:00 p.m. to the temporary insolvency manager,
Chui region, Jaiyl district, Altyn.  For more information, call
(0-517) 73 66 64 and (0-502) 39 33 78.


VOSST: To Auction Assets September 28
-------------------------------------
The bidding organizer and insolvency manager of LLC Construction
Company Transnational Corporation Vosst will sell the company's
assets on September 28, 2004, 11:00 a.m. at Sukuluk region,
Voenno-Antonovka, Komsomolskaya Str. 1a.  For sale are inventory
holdings with a starting price of KGS89,359.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the cashier of Construction Company
Transnational Corporation Vosst.  Bids must be submitted to the
temporary insolvency manager on or before September 27, 2004,
from 9:00 a.m. to 2:00 p.m. at Sukuluk region, Voenno-Antonovka,
Komsomolskaya Str. 1a.  For more information, call (0-502) 50-
42-93.


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


GETRONICS N.V.: Buys Cehave's I.T. Plus for EUR25 Million
---------------------------------------------------------
Getronics Netherlands and agribusiness cooperative Cehave
Landbouwbelang signed a letter of intent for the outsourcing of
ICT activities to Getronics for the duration of the existing
contracts, with an option to extend for two years.  The final
contract is expected to be signed by the end of this year.  From
then on, Cehave's I.T. Plus business unit, which is responsible
for the ICT activities within Cehave, will become part of
Getronics.  Talks are under way with the workers councils and
the trade unions.

I.T. Plus has 40 staff.  As well as Cehave, the business unit
also works for commercial clients in the agri-food sector.  The
value of the outsourcing contract is approximately EUR25
million, over a period of five years.

I.T. Plus specializes in SAP services, e-business, enterprise
resource planning (ERP), consultancy and project management.
I.T. Plus has carried out SAP implementations for a range of
clients, and also builds web-enabled systems.  The business unit
is a SAP Partner for the agribusiness sector.  It also provides
and maintains PCs, networks, and security and retail equipment.

"Our acquisition of Cehave's ICT activities further reinforces
our position in SAP integration and management," says Oswald
Coene, a member of the Getronics board and General Manager of
Getronics Netherlands.  "This development follows the
announcement earlier this week that KPN is to outsource its
Application Management Consultancy business unit to us, which
also involves a lot of SAP knowledge.  This latest move also
strengthens the position of Getronics Netherlands in the agri-
food market."

"ICT is no longer regarded as a core activity at Cehave
Landbouwbelang," says Tonn van de Laar, Chairman of Cehave
Landbouwbelang.  "By outsourcing this business to Getronics, we
gain a partner with a proven track record and one which will
guarantee the continuity of our service."

About Getronics

With approximately 22,000 employees in over 30 countries and
ongoing revenues of EUR2.6 billion in 2003, Getronics is one of
the world's leading providers of vendor independent Information
and Communication Technology (ICT) solutions and services.
Getronics combines the capabilities of the original Dutch
company with those of Wang Global, acquired in 1999, and of the
systems and services division of Olivetti.  Getronics designs,
integrates and manages ICT infrastructures and business
solutions for many of the world's largest global and local
companies and organizations, helping them maximize the value of
their information technology investments.

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

                            *   *   *

As reported by TCR-Europe on July 9, 2004, Standard & Poor's
Ratings Services assigned its 'B+' senior secured debt rating
and a recovery rating of '4' to the new EUR175 million (US$216
million) credit facilities of The Netherlands-based IT services
and products provider Getronics N.V. (B+/Positive/--).

The facilities comprise a EUR100 million revolving credit
facility and a EUR75 million acquisition facility, both maturing
in 2007.  The bank loan has been rated 'B+', the same level as
the corporate credit rating on the group because, despite the
loan's secured status, recovery expectations are less than 100%
in the event of default.

About Cehave Landbouwbelang

Cehave Landbouwbelang is a company operating on a European
scale, focused on the production and sale of high quality
compound feed.  Cehave Landbouwbelang realizes an annual
turnover of over EUR750 million and employs on average 1,800
staff members.

Cehave Landbouwbelang consists of a number of Business Units, of
which Voeders Netherlands (compound feed) is by far the largest
with an annual turnover of EUR500 million, employing 600 staff
members.  In the Netherlands they are a market leader.

Cehave Landbouwbelang is a financially strong cooperative,
focused on creating value by expanding its feed activities both
in The Netherlands and Europe.

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

          COOPERATIE CEHAVE LANDBOUWBELANG U.A.
          Tonn van de Laar
          Phone: +31 413 382 305


LYCOS EUROPE: Chief Financial Officer Resigns
---------------------------------------------
Dr. Ralf Struthoff, Chief Financial Officer, will leave Lycos
Europe N.V. to accept another position in a private company.
Lycos Europe N.V. will announce the succession as well as the
departure date at a later point in time.  Until then Dr.
Struthoff will maintain his responsibilities unchanged.

                             *   *   *

For the second quarter of 2004, Lycos Europe recorded total
revenues of EUR23.9 million.  This is an increase of 11%
compared to the same period last year (EUR21.6 million) and
represents the highest quarterly level in revenues since end of
2002.

Second quarter's gross margin increased to 43% in 2004 compared
to 35% in 2003.  EBITDA loss increased by 24% from -EUR9.6
million for the second quarter of 2003 to -EUR11.9 million in
2004.  This increase was mainly due to intensified marketing
efforts with focus on paid services.  For the same reason, net
loss increased by 15% from -EUR12.5 million in 2003 to -EUR14.4

CONTACT:  LYCOS EUROPE
          Head Office
          Richard Holkade 36
          2033 PZ Haarlem
          Netherlands
          Web site: http://www.lycos-europe.com

          Sandra Steltenkamp
          Manager Investor Relations
          Phone: +49-(0) 5241-80-71053
          Fax:     +49-(0) 5241-80-671101
          E-mail: sandra.steltenkamp@lycos-europe.com



ROYAL SHELL: Former Chairman to Appeal Ouster
---------------------------------------------
The former chairman of Royal Dutch/Shell is suing U.K.'s
Financial Services Authority for unfair dismissal in relation to
his role in the reserves misstatement scandal at the firm.

Sir Philip Watts plans to file a case with the Financial
Services and Markets Tribunal, which handles appeals of F.S.A.
decisions.  He said the regulator unfairly prejudiced him when
it published its report last month.

"I have instructed my lawyers to file an application in the
tribunal regarding the F.S.A.'s breach of section 393 of the
Financial Services and Markets Act 2000 and the harm
subsequently caused to me," he said.

Section 393 gives people identified in F.S.A. reports to review
and rebut allegations.  Sir Philip was not named in the report,
but he believes he was "identified and prejudiced" by its
publication.

The City watchdog fined the oil producer GBP17 million for
misleading shareholders when it overstated reserves between 1998
and 2003.  Sir Philip said the fine was "flawed."  He wants to
defend himself before the tribunal, not to claim for
compensation but to clear his name, he said.  He went off with a
GBP1.05 million pay-off and a GBP584,000-a-year pension in June.
He and other directors are facing class-action lawsuits from
shareholders.

A copy of Sir Philip's letter with the tribunal is available
free of charge at http://bankrupt.com/misc/Letter.htm.

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


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


PETROLEUM GEO-SERVICES: Petrojarl Varg Contract Revised
-------------------------------------------------------
Petroleum Geo-Services A.S.A. (OSE: PGS; OTC: PGEOY) reached an
agreement in principle with the PL 038 license owners on the
main terms of a new compensation structure for the FPSO
Petrojarl Varg producing the Varg field on the Norwegian
Continental shelf.

The main terms of the revised agreement consist of a fixed base
day rate of US$90,000 and a variable rate of US$6.30 per barrel.
PGS is entitled to terminate the agreement if the production of
the Varg field falls below 15,700 barrels a day.  The new tariff
structure is effective from May 29, 2004.  The agreement is
subject to completion of mutually acceptable documentation.

As disclosed on June 8, 2004, PGS Production a.s. and the
license owners have, as a result of the extension of the Varg
field's life, been in discussions relative to modifying the
contract structure for the Petrojarl Varg FPSO.  Effective May
29, 2004, the license owners have been compensating PGS a fixed
day rate of US$220,000.

As previously reported the production on the Varg field is
expected to exceed 25,000 barrels of oil per day in second half
of 2004.  The new compensation structure will give PGS increased
revenues from producing the Varg field compared to the
US$220,000 fixed day rate.

The Varg field is located in Production License 038 (Block
15/12) in the Norwegian sector of the North Sea.  Pertra AS is
the operator of Production License 038 with 70% interest while
co-venturer Petoro AS holds the remaining 30%.

Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic- and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units.  PGS
operates on a worldwide basis with headquarters in Oslo, Norway.
For more information on Petroleum Geo-Services visit
http://www.pgs.com.

                            *   *   *

The company's second-quarter net loss was US$28.1 million, down
from a net loss of US$51.8 million in the same period last year.

CONTACT:  PETREOLEUM GEO-SERVICES ASA
          Sam R. Morrow
          Ola Bosterud
          Phone:  +47-67-52-64-00

          Suzanne M. McLeod
          Phone:  +1 281-589-7935


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


AIRPORT-NYAGAN: Appoints O. Gromazina Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Khanty-Mansiysk has commenced
bankruptcy supervision procedure on municipal enterprise
Airport-Nyagan.  The case is docketed as A75-238-6/M.  Ms. O.
Gromazina has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 628186, Russia,
Tyumen region, Nyugan, 30 Let Pobedy Str. 2A.

CONTACT:  Ms. O. Gromazina
          Temporary Insolvency Manager
          628186, Russia,
          Tyumen region, Nyugan,
          30 Let Pobedy Str. 2A


BATYRYEVSKAYA SELKHOZ-KHIMIYA: Under Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Cheboksary republic has commenced
bankruptcy supervision procedure on OJSC Batyryevskaya Selkhoz-
Khimiya.  The case is docketed as A79-4371/04-SK1-4185.  Mr. Y.
Stepanov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 428020, Russia,
Cheboksary republic, Cheboksary, Petrova Str. 6.  A hearing will
take place on September 28, 2004, 11:00 a.m.

CONTACT:  BATYRYEVSKAYA SELKHOZ-KHIMIYA
          Russia,
          Cheboksary republic, Batyryevo

          Mr. Y. Stepanov
          Temporary Insolvency Manager
          428020, Russia,
          Cheboksary republic,
          Cheboksary, Petrova Str. 6


BAYKAL-CABLE: Court Sets October 25 Hearing
-------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on CJSC The Research-and-Production
Enterprise Baykal-Cable (TIN 6163028596).  The case is docketed
as A19-8198/04-8.  Mr. V. Pyatakov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 664025, Russia,
Irkutsk, Post User Box 3288.  A hearing will take place on
October 25, 2004, 12:00 noon.

CONTACT:  BAYKAL-CABLE
          664014, Russia,
          Irkutsk, Traktovaya Str. 9

          Mr. V. Pyatakov
          Temporary Insolvency Manager
          664025, Russia,
          Irkutsk, Post User Box 3288


CHEBOKSARSKOYE AIR: Selling Shares for RUB16 Million Today
----------------------------------------------------------
The bidding organizer and insolvency manager of federal state
unitary enterprise Cheboksarskoye Air Enterprise will sell the
firm's properties on September 22, 2004, 10:00 a.m.  It will be
held at Russia, Chuvashiya republic, Cheboksary, Petrova Str. 6,
The Assembly Hall.  Up for sale are the company's 799,320
nominal shares.  Starting price: RUB16,000,000.

Today is the last day for the preliminary examination and
reception of bids.  A list of documentary requirements for
participants is available at Russia, Krasnodar, Krasnaya Str.
180, Room, 422.  To participate, bidders must deposit RUB100,000
to the settlement account 40502810800000000008 at the branch of
OJSC PK Avtovazbank in Cheboksary, BIC 049706714, correspondent
account  30101810800000000714.

CONTACT:  CHEBOKSARSKOYE AIR ENTERPRISE
     Russia, Chuvashiya republic,
          Cheboksary, Petrova Str. 6


CHESTR: Public Auction of Assets September 22
---------------------------------------------
The bidding organizer of OJSC Chestr will sell the firm's
properties on September 22, 2004, 2:00 p.m.  It will be held at
Russia, Chuvashiya republic, Cheboksary, Petrova Str. 6, 3rd
floor.

The assets for sale are:

Lot 1: Production building.  Starting price: RUB8,000,000.

Lot 2: Drying Department.  Starting price: RUB1,300,000.

Lot 3: Repair workshop, houses and STK.  Starting price:
       RUB11,000,000.

Lot 4: Heating building.  Starting price: RUB450,000.

Lot 5: Warehouse.  Starting price: RUB700,000.

Today is the last day for the preliminary examination and
reception of bids.  A list of documentary requirements for
participants is available at Russia, Chuvashiya republic,
Cheboksary, Petrova Str. 6, 3rd floor.  To participate, bidders
must deposit an amount equivalent to 50% of the starting price
of the asset to the settlement account 40703810375020100215 in
Chuvashskoye OSB 8613, BIC 049706609, correspondent account
30101810300000000609 until 5:00 p.m. today.

CONTACT:  CHESTR
          Russia, Chuvashiya republic,
          Cheboksary, Dorozhniy Proezd, 4

          Bidding Organizer
          Russia, Chuvashiya republic,
          Cheboksary, Petrova Str. 6, 3rd floor
          Phone: (8352) 21-21-07, 21-21-00,
                 21-17-61, 21-18-12


KANASHSKY CHEESE: Deadline for Proofs of Claims October 13
----------------------------------------------------------
The Arbitration Court of Chuvashiya republic has declared OJSC
Kanashsky Cheese Producing Combine insolvent and introduced
bankruptcy proceedings.  The case is docketed as A79-9209/03-
SK1-8740.  Mr. A. Kramarenko has been appointed insolvency
manager.

Creditors have until October 13, 2004 to submit their proofs of
claim to:

(a) Mr. A. Kramarenko
    Insolvency Manager
    429330, Russia,
    Chuvashiya republic, Kanash,
    Post Office, Post User Box 16

(b) Kanashsky Cheese Producing Combine
    429000, Russia,
    Chuvashiya republic,
    Kanash, region of Elevator


NARODNY BANK: Individual Rating Affirmed at 'C'
-----------------------------------------------
Fitch Ratings affirmed the ratings of Moscow Narodny Bank
Limited at Long-term 'BBB-', Short-term 'F3', Individual 'C' and
Support '3'.  The Outlook for the Long-term rating is Stable.

The Long-term, Short-term and Individual ratings reflect MNB's
strong capitalization, its U.K. domicile and supervision by a
strong regulator and adequate asset quality.  However, Fitch
says they also take into account its exposure and links to
Russia (rated 'BB+'), the volatility of its trading operations,
its concentrated loan portfolio and modest profitability.

Net interest income is MNB's primary revenue source and momentum
is building on the back of good loan growth and stabilizing
margins.  However, net income has consistently benefited from
releases/recoveries of provisions set up following the 1998
Russian crisis, but the availability of these is diminishing.
Additionally, income from the bank's trading operations is
volatile and the bank's concentrated loan book means that even a
small number of new non-performing loans could have a material
impact on earnings.

MNB's lending activity is concentrated on a few large Russian
corporates, which are among the most reliable in Russia;
additionally, transactions are largely structured so as to
mitigate Russian payment risk.  MNB's track record with its core
Russian corporate client base has been good and loan loss
reserve coverage is satisfactory.

Funding is sourced largely from the wholesale markets and MNB
has been successful in improving both its maturity profile and
diversification, including through issues under a USD1 billion
EMTN program.

MNB was very strongly capitalized at end-2003.  Capital ratios
are being managed down through asset growth.  In addition, MNB
has identified c.GBP100 million of "surplus" capital, which it
is looking to use to purchase strategic stakes in various
businesses over the medium-term, with a view to improving
diversification and return on equity.  These will also serve to
reduce MNB's risk asset ratio, albeit to a level that should
still exceed 20%.

MNB remains 90%-owned by the Central Bank of Russia (CBR), which
has indicated its intention to transfer at least majority
ownership of its overseas subsidiaries (including MNB) to the
public or private sector.  The CBR has shown a strong propensity
to support MNB in the past and Fitch expects this to remain the
case while it remains its owner.  However, its ability to
provide timely support is less certain, given Russia's still
sub-investment grade status.

MNB is an authorized person under the UK's Financial Services
and Markets Act 2000.  Its primary business has been the
financing of trade between the U.S.S.R. (later, the Russian
Federation), and the rest of the world.

CONTACT:  FITCH RATINGS
          James Longsdon
          Lindsey Liddell, London
          Phone: +44 (0) 20 7417 4222

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


NYAGANSKAYA NETWORK: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Khanty-Mansiysk has commenced
bankruptcy supervision procedure on LLC Nyaganskaya Network
Company.  The case is docketed as A75-25/B2004.  Ms. O.
Gromazina has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 628186, Russia,
Tyumen region, Nyugan, 30 Let Pobedy Str. 2A.

CONTACT:  Ms. O. Gromazina
          Temporary Insolvency Manager
          628186, Russia,
          Tyumen region, Nyugan,
          30 Let Pobedy Str. 2A


OAO GAZPROM: Gets 'BB' Currency Rating After Rosneft Buyout
-----------------------------------------------------------
Fitch Ratings placed OAO Gazprom's 'BB' Senior Unsecured foreign
currency and local currency ratings on Rating Watch Evolving,
following the government's approval of Gazprom's acquisition of
state-owned oil company Rosneft.

The Rating Watch reflects the uncertainty of the rating impact
for Gazprom, with a likely significant increase in leverage
balanced by synergies to be gained from the acquisition and an
increase of state ownership.

Under the terms of the acquisition, Gazprom will purchase 100%
of Rosneft in exchange for a 12% plus 1 share to the state in
the gas company.  The acquisition is subject to regulatory and
shareholder approval.  The state now holds a 38% direct stake in
Gazprom and another 17% indirectly in subsidiaries; after the
acquisition, the state's stake will increase to 50% plus one
share.

An increased state ownership role in Gazprom is viewed as credit
positive by Fitch, as the ratings take into account the
standalone strength of the capital structure and business plus
Gazprom's state links.  Increased state ownership will
positively affect how Gazprom determines its domestic pricing
and increase the group's influence over legislation.  It will
also strengthen management control, and improve production
licensing and financial planning of the business. Furthermore,
it will increase the government's vested interest in keeping
Gazprom as a going concern.  The acquisition will also help
Gazprom increase its international presence and rival major
western oil companies in assets.  It will also provide Gazprom
with greater political influence to negotiate future business
deals with foreign partners.

On the other hand, Gazprom's rating may come under pressure if
the acquisition leads to a significant increase in consolidated
leverage, especially short-term debt, as a result of the
transaction.  Additionally, Rosneft has approximately US$2.0
billion in net debt that will need to be serviced or refinanced
by Gazprom upon formation of the new corporate entity.  Fitch
will need clarification from Gazprom on its plans to meet such
financial obligations, in the context of restricted domestic
pricing and mid-cycle gas prices, before the Rating Watch could
be resolved.

The dismantling of the two-tiered -- foreign and local -- share
structure, as a result of the acquisition, would be viewed as
credit neutral by Fitch.

CONTACT:  FITCH RATINGS
          Jeffrey Woodruff, Moscow
          Phone: +7 095 956 9986

          Josef Pospisil, London
          Phone: +44 20 7417 4266

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


SUDOGODSKOYE GLASS-FIBER: Sets Public Auction of Assets Friday
--------------------------------------------------------------
The bidding organizer and insolvency manager of OJSC
Sudogodskoye Glass-Fiber will sell the firm's properties on
September 24, 2004, 11:00 a.m. (local time).  It will be held at
601240, Russia, Vladimir region, Sudoga, Kommunisticheskaya Str.
1.

The assets for sale are:

Lot 1: Administrative building.  Starting price: RUB9,800,000
       (inclusive of VAT).

Lot 2: Building.  Starting price: RUB5,210,000 (inclusive of
       VAT).

Lot 3: Fire brigade building.  Starting price: RUB560,000
       (inclusive of VAT).

Lot 4: Shop.  Starting price: RUB780,000 (inclusive of VAT).

Lot 5: Backbone gas pipeline.  Starting price: RUB6,090,00
       (inclusive of VAT).

Lot 6: Trailer.  Starting price: RUB250,000 (inclusive of VAT).

Lot 7-10: Tractors and machines.  Starting price: RUB820,000
       (inclusive of VAT).

Lot 11: Boiler plant with construction buildings and equipment.
       Starting price: RUB12,270,000 (inclusive of VAT).

Lot 12: City clearing construction.  Starting price:
       RUB13,240,000 (inclusive of VAT).

The list of documentary requirements for participants is
available at 601240, Russia, Vladimir region, Sudoga,
Kommunisticheskaya Str. 1, (2nd floor, the reception).  To
participate, bidders must deposit an amount equivalent to 10% of
the starting price of the asset to the settlement account
40702810700001000558 at the Branch of OJSC bank Menatep SPB in
Vladimir, BIC 04708761, correspondent account
30101810200000000761.

CONTACT:  SUDOGODSKOYE GLASS-FIBER
          601240, Russia,
          Vladimir region, Sudoga,
          Kommunisticheskaya Str. 1
          Phone: (09235) 2-18-92 or 2-10-45


THERMAL NETWORKS: Courts Commences Bankruptcy Procedure
-------------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has commenced bankruptcy supervision procedure on LLC
Thermal Networks Corporation.  The case is docketed as A56-
46917/03.  Mr. Y. Alyabyev has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 196084, Russia, Saint-Petersburg, Post User Box 241.

CONTACT:  THERMAL NETWORKS CORPORATION
          189811, Russia,
          Saint-Petersburg, Molodezhnoye,
          Primorskoye Shosse, 648A

          Mr. Y. Alyabyev
          Temporary Insolvency Manager
          196084, Russia,
          Saint-Petersburg, Post User Box 241


VINZILI-GLASS-PACKAGE: Selling RUB88 Million Worth of Assets
------------------------------------------------------------
The properties of OJSC Vinzili-Glass-Package will be sold at a
public auction on September 21, 2004, 1:00 p.m. (Moscow time).
The auction will take place at 627011, Russia, Tyumen region,
Vinzili, Vokzalnaya Str. 1.  Up for sale are construction
buildings and equipment.  Starting price: RUB88,200,000
inclusive of VAT.

The list of documentary requirements for participants is
available at 625003, Russia, Tyumen, R. Lyuksemburg Str. 12B.
To participate, bidders must deposit RUB3,600,000 to the
settlement account 40702810903000001754 in OJSC Khanty-Mansiysky
Bank Tyumen, BIC 047106878, correspondent account
30101810500000000878 TIN 7224020905.

CONTACT:  VINZILI-GLASS-PACKAGE
          625056, Russia,
          Khanty-Mansiysky autonomous Tyumen,
          Voroninskiye Gorki Proezd, 101

          Insolvency Manager/Bidding Organizer
          625003, Russia,
          Khanty-Mansiysky autonomous Tyumen,
          R. Lyuksemburg Str. 12B
          Phone: (3452) 46-19-20, 46-16-89, 46-25-41


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


SKANDIA INSURANCE: Names Arbiters for Skandia Liv Conflict
----------------------------------------------------------
On 21 June 2004 it was announced that Skandia and Skandia Liv
agreed to refer to an arbitration board to resolve the issue of
alleged, prohibited profit distribution in connection with
Skandia's sale of its asset management business to Den norske
Bank.  An arbitration board consisting of five persons has now
been appointed.

Skandia and Skandia Liv have jointly appointed former Supreme
Court Justice Johan Lind, Supreme Court Justice Torgny Hastad,
and Goran Karlstedt, head of division of the Svea Court of
Appeal.  In addition, Skandia has appointed Tor Marthin, and
Skandia Liv has appointed attorney Lars Edlund.  Johan Lind will
serve as chairman of the arbitration board.

Johan Lind (b. 1934) was appointed as a Supreme Court justice in
1984 and is a former chairman of the Swedish Labour Court.  He
served as head of the unit in the Ministry of Justice, which
drafted the bill for the 1975 Companies Act.  Torgny Hastad (b.
1943) was appointed as a Supreme Court justice in 1997, and
prior to that he was a professor of civil law at Uppsala
University.  Goran Karlstedt (b. 1950) has served as head of
division of the Svea Court of Appeal since 1998, and prior to
that he was assistant undersecretary in the Ministry of Justice.
Tor Marthin (b. 1944), B.Sc. Econ., was head of asset management
and executive vice president of AMF Pension until his retirement
in April 2004.  Lars Edlund (b. 1952) has been a practicing
attorney since 1985 and is currently with the law firm Coudert
Brothers Advokatbyra.  He has genuine experience in arbitration
proceedings.

As announced in Skandia's interim report for the period January-
June 2004, a ruling on the above-mentioned issue is expected in
2005.

Skandia Insurance Company Ltd.

Livforsakringsaktiebolaget Skandia

CONTACT:  SKANDIA INSURANCE
          Corporate Communications
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788 10 00
          Fax:   +46-8-788 23 80
          Web site: http://www.skandia.com

          Office:
          Sveavagen 44

          Gunilla Svensson
          Press Manager
          Phone: +46-8-788 4297


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


AGROPROMTEHNIKA: Declared Insolvent
-----------------------------------
The Economic Court of Poltava region declared OJSC
Agropromtehnika (code EDRPOU 03757531) insolvent and introduced
bankruptcy proceedings on July 29, 2004.  The case is docketed
as 10/57.  Arbitral manager Mr. Sergij Kruchkov (License Number
AA 140406 approved on July 16, 2002) has been appointed
liquidator/insolvency manager.

Creditors have until September 28, 2004 to submit their proofs
of claim to:

(a) AGROPROMTEHNIKA
    Ukraine, Poltava region,
    Orzhitskij district, Zarig

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


BAREL: Proofs of Claim Deadline Set September 28
------------------------------------------------
The Economic Court of AR Krym region has commenced bankruptcy
supervision procedure on LLC Barel (code EDRPOU 24869872).  The
case is docketed as 2-5/7908.  Mrs. Yuliya Tihinova, in behalf
of Feodosiya State Tax Inspection, has been appointed temporary
insolvency manager.

Creditors have until September 28, 2004 to submit their proofs
of claim to:

(a) BAREL
    Ukraine, AR Krym region,
    Feodosiya, Starshinov Str. 12/177

    Ukraine, AR Krym region,
    Feodosiya, Geologichna Str. 25

(b) Temporary Insolvency Manager
    Ukraine, AR Krym region,
    Feodosiya, Krymska Str. 82-V
    Phone: (262) 2-69-83

(c) THE ECONOMIC COURT OF AR KRYM REGION
    98100, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


BEST: Bankruptcy Supervision Begins
-----------------------------------
The Economic Court of Hmelnitskij region has commenced
bankruptcy supervision procedure on Ukrainian-Turkish LLC Best
(code EDRPOU 22782061).  The case is docketed as 2/225-B.
Arbitral manager Mr. Kostyantin Kostenko (License Number AA
668333 approved on October 23, 2003) has been appointed
temporary insolvency manager.

The company holds account number 26007301211009/980 at
Prominvestbank, Hmelnitskij central branch.

CONTACT:  UKRAINIAN-TURKISH BEST
          Ukraine, Hmelnitskij region,
          Soborna Str. 42/1

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

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


GOTIKA: Zaporizhya Court Launches Bankruptcy Proceedings
--------------------------------------------------------
The Economic Court of Zaporizhya region declared LLC Gotika
(code EDRPOU 19274266) insolvent and introduced bankruptcy
proceedings on July 6, 2004.  The case is docketed as
19/108(04).  Arbitral manager Mr. V. Ishenko (License Number AA
719771) has been appointed liquidator/insolvency manager.

CONTACT:  GOTIKA
          Ukraine, Zaporizhya region,
          Melitopol

          Mr. V. Ishenko
          Liquidator/Insolvency Manager
          72311, Ukraine, Zaporizhya region,
          Melitopol, a/b 21
          Phone: (0619) 42-09-74
          Fax: (0619) 42-09-74

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


MASHSTROJ: Court Names I. Radik Liquidator
------------------------------------------
The Economic Court of Harkiv region declared LLC Mashstroj
(code EDRPOU 31149975) insolvent on August 2, 2004.  The case is
docketed as B-39/104-04.  Mr. I. Radik has been appointed
liquidator/insolvency manager.

CONTACT:  MASHSTROJ
          Ukraine, Harkiv region,
          Petrovskij Str. 33/2

          Mr. I. Radik
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Gv. Shironivtsiv Str. 43a/157
          Phone: 8 (067) 577-81-67

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


TRANS SV: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Hmelnitskij region has commenced
bankruptcy supervision procedure on CJSC Trans SV.  The case is
docketed as 2/165-B.  Arbitral manager Mr. Volodimir Poberezhnij
(License Number AA 668306 approved on October 16, 2003) has been
appointed temporary insolvency manager.

The company holds account number 260071077991 at JSPPB Aval,
Hmelnitskij regional branch.

CONTACT:  TRANS SV
          Ukraine, Hmelnitskij region,
          Svobodi Str. 11a/64

          Mr. Volodimir Poberezhnij
          Temporary Insolvency Manager
          Ukraine, Hmelnitskij region,
          Starokostyantinivske Shose Str. 22/64

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


UKRTEHMASH: Harkiv Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Harkiv region declared LLC Ukrtehmash
(code EDRPOU 32338617) insolvent on August 2, 2004.  The case is
docketed as B-39/102-04.  Mr. I. Radik has been appointed
liquidator/insolvency manager.

CONTACT:  UKRTEHMASH
          Ukraine, Harkiv region,
          Poltavskij Shlyah Str. 175/25

          Mr. I. Radik
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Gv. Shironivtsiv Str. 43a/157
          Phone: 8 (067) 577-81-67

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


UNIVERSAL COMMERCIAL: Last Day for Filing Claims September 28
-------------------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on LLC Universal Commercial Base (code
EDRPOU 24869375).  The case is docketed as 2-5/9815.  Mr. Yurij
Kilovat, in behalf of Feodosiya State Tax Inspection, has been
appointed temporary insolvency manager.

Creditors have until September 28, 2004 to submit their proofs
of claim to:

(a) UNIVERSAL COMMERCIAL BASE
    Ukraine, AR Krym region,
    Feodosiya, Stepanyan Str. 20

(b) Temporary Insolvency Manager
    Ukraine, AR Krym region,
    Feodosiya, Krymska Str. 82-V
    Phone: (262) 2-69-83

(c) THE ECONOMIC COURT OF AR KRYM REGION
    98100, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


VOJNIVSKA: Temporary Insolvency Manager Named
---------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on Agricultural LLC Agrofirm Vojnivska
(code EDRPOU 03757560).  The case is docketed as 10/88.  Mrs.
Liliya Timakina (License Number AA 487834 approved on June 4,
2003) has been appointed temporary insolvency manager.

The company holds account number 26007181364050 at CB
Privatbank, Oleksandriya branch, MFO 323691.

CONTACT:  AGRICULTURAL AGROFIRM VOJNIVSKA
          28000, Ukraine, Kirovograd region,
          Oleksandriya district,
          Vojnivka, Lenin Str. 188a

          Mrs. Liliya Timakina
          Temporary Insolvency Manager
          Ukraine, Kirovograd region,
          Oleksandriya, Lenin Avenue, 7/12

          THE ECONOMIC COURT OF KIROVOGRAD REGION
          25022, Ukraine, Kirovograd region,
          Lunacharski Str. 29


ZAKROMA: Proofs of Claim Deadline Expires September 28
------------------------------------------------------
The Economic Court of Dnipropetrovsk region declared LLC Zakroma
(code EDRPOU 32220723) insolvent and introduced bankruptcy
proceedings on August 6, 2004.  The case is docketed as B
40/89/04.  Mr. Volodimir Glyadchenko has been appointed
liquidator/insolvency manager.  The company holds account number
26009091284581 at JSCB Ukrsocbank, Dnipropetrovsk regional
branch, MFO 305017.

Creditors have until September 28, 2004 to submit their proofs
of claim to:

(a) ZAKROMA
    Ukraine, Dnipropetrovsk region,
    Solonyanskij district,
    Dzerzhinovka, Tsentralna Str. 1

(b) Mr. Volodimir Glyadchenko
    Liquidator/Insolvency Manager
    49000, Ukraine, Dnipropetrovsk region,
    Kirov Avenue, 96/13
    Phone: 8 (050) 520-87-53

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


ZERNOSERVICE: Court Appoints Insolvency Manager
-----------------------------------------------
The Economic Court of Zaporizhya region declared CJSC
ZERNOSERVICE (code EDRPOU 20497764) insolvent and introduced
bankruptcy proceedings on July 6, 2004.  The case is docketed as
19/109(04).  Arbitral manager Mr. V. Ishenko (License Number AA
719771) has been appointed liquidator/insolvency manager.

CONTACT:  ZERNOSERVICE
          Ukraine, Zaporizhya region,
          Melitopol

          Mr. V. Ishenko
          Liquidator/Insolvency Manager
          72311, Ukraine, Zaporizhya region,
          Melitopol, a/b 21
          Phone: (0619) 42-09-74
          Fax: (0619) 42-09-74

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


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


BOW SCAFFOLDING: Creditors Meeting Set September 29
---------------------------------------------------
Name of Companies:
Bow Scaffolding Access Limited
Bow Scaffolding Group Limited
Bow Scaffolding (North East) Limited
Bow Scaffolding (Northern) Limited
Bow Scaffolding (Scotland) Limited
Bow Scaffolding (Southern) Limited

The unsecured creditors of these companies will meet on
September 29, 2004 commencing at 10:00 a.m.  It will be held at
Southwark Towers, 32 London Bridge Street, London SE1 9SY.

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, Plumtree Court,
London EC4A 4HT not later than 12:00 noon, September 28, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court,
          London EC4A 4HT
          Joint Administrative Receivers:
          M D Gercke
          R W Birchall
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


BRACEBRIDGE DEVELOPMENTS: Special Winding up Resolution Passed
--------------------------------------------------------------
At an extraordinary general meeting of the members of the
Bracebridge Developments Limited on September 6, 2004 held at
Cooper Parry LLP, 14 Park Row, Nottingham NG1 6GR, the special
resolution to wind up the company was passed.  Evelyn Gabrielle
Exley and Tyrone Shaun Courtman of Cooper Parry LLP, 14 Park
Row, Nottingham NG1 6GR have been appointed joint liquidators of
the company for the purpose of such winding-up.

CONTACT:  COOPER PARRY LLP
          14 Park Row,
          Nottingham NG1 6GR
          Joint Liquidators:
          Evelyn Gabrielle Exley
          Tyrone Shaun Courtman
          Phone: +44 (0) 1332 295544
          Fax:   +44 (0) 1332 295600
          Web site: http://www.cooperparry.com


CHIP SUPPORT: Appoints Liquidator from Deloitte & Touche
--------------------------------------------------------
At an extraordinary general meeting of the Chip Support Limited
on September 7, 2004 held at Deloitte & Touche LLP, Leda House,
Station Road, Cambridge CB1 2RN, the extraordinary and ordinary
resolutions to wind up the company were passed.  Aileen Jane
Crooks of Deloitte & Touche LLP, Leda House, Station Road,
Cambridge CB1 2RN has been appointed liquidator for the purpose
of such winding-up"

CONTACT:  DELOITTE & TOUCHE LLP
          Cambridge - Station Road
          Leda House  Station Road
          Cambridge  CB1 2RN
          Liquidator:
          Aileen Jane Crooks
          Phone: +44 (0) 1223 460222
          Fax:   +44 (0) 1223 350839
          Web site: http://www.deloitte.com


C L REALISATIONS: Hires PwC as Liquidator
-----------------------------------------
At an extraordinary general meeting of the C L Realisations
(2004) Limited (formerly M and R Industrial and Hydraulic
Supplies Limited) in September 3, 2004 held at
PricewaterhouseCoopers LLP, 101 Barbirolli Square, Lower Mosley
Street, Manchester M2 3PW, the extraordinary and ordinary
resolutions were passed.  David Thornhill and Michael Horrocks
of PricewaterhouseCoopers LLP have been appointed joint
liquidators of the company for the purpose of its voluntary
winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          101 Barbirolli Square
          Manchester, M2 3 PW
          Phone: 0161 245 2225
          Fax: 0161 245 2828
          Web site: http://www.pwc.com


COLT TELECOM: Redeems Bond Ahead of 2005, 2006 Due Dates
--------------------------------------------------------
Colt Telecom Group plc a leading pan-European provider of
business communications solutions and services, gives notice of
the redemption of all of the outstanding DM600 million 2% Senior
Convertible Notes due 2005 and the EUR368 million 2% Senior
Convertible Notes due December 2006.  Including accretion the
effective interest rates on the Notes are 4.25% and 5.25%
respectively.  The redemptions will be at the accreted principal
amount of the Notes plus accrued interest and will be funded out
of Colt's cash and liquid resources.  The aggregate amount
payable will be approximately GBP317 million.  The redemptions
will take place on 19 October 2004.

COLT's Chief Financial Officer, Marina Wyatt said: "Our decision
to redeem these Notes reflects the Board's confidence in the
future financial success of Colt.  Colt is financially strong
with GBP794 million of cash and liquid resources as at 30 June
2004.  We have been free cash flow positive on a cumulative
basis for the 12 months ended 30 June 2004 and we expect to be
free cash flow positive on a sustainable basis during 2005.  By
redeeming the Notes early we will save approximately GBP18
million of net interest over the next two years."

About Colt

Colt Telecom Group plc is a leading pan-European provider of
business communications services.  Colt has over 19,000 network
services and data center solutions customers.  The company owns
an integrated 20,000-kilometer network that directly connects 32
major cities in 13 countries augmented with a further 42 points
of presence across Europe and 11 Data Solution Centres.  COLT
supplies customers across the full spectrum of industry, service
and government sectors with unrivalled end-to-end network
security, reliability and service.

COLT Telecom Group plc is listed on the London Stock Exchange
(CTM.L) and NASDAQ (COLT).  Information about COLT and its
products and services can be found at http://www.colt.net.

                            *   *   *

Standard & Poor's Ratings Services said in July its ratings and
outlook on U.K.-based telecommunications operator COLT Telecom
Group PLC (B-/Stable/--) were unaffected by the company's
adverse trading update.

Colt reiterated that market conditions continued to be
challenging and that its margins are now under pressure, as a
result of the disappointing growth of higher margin products.
EBITDA for 2003 was GBP163.4 million (US$298.4 million) with a
margin of 14%.

At its second-quarter results, Colt reported turnover of
GBP301.2 million, up 8% on a constant currency basis; gross
margin before depreciation of 31.9%; EBITDA up 1% to GBP38.3
million; loss of GBP26.3 million, down 24% from GBP34.5 million;
and positive free cash flow of GBP4.5 million its second
consecutive quarter of positive free cash flow; strong financial
position with cash and liquid resources of GBP794.0 million; and
Significant new contract wins with SunGard, lastminute.com and
EDS.

CONTACT:  COLT TELECOM PLC
          John Doherty
          Director Corporate Communications
          E-mail: jdoherty@colt-telecom.com
          Phone: +44 20 7390 3681

          Gill Maclean
          Head of Corporate Communications
          E-mail: gill.maclean@colt-telecom.com
          Phone: +44 20 7863 5314


CORUS GROUP: Schraven, Henstra Join Board
-----------------------------------------
The Board of Corus Group announces the appointment of two new
directors Jacques Schraven and Rauke Henstra.

Jacques Schraven (62) will join the Board as Non-Executive
Deputy Chairman with effect from 1 December.  He is currently
the President of the Confederation of Netherlands Industry and
Employers (VNO-NCW), a position from which he will retire when
his successor is appointed in the next several months.  Mr.
Schraven currently sits on the Supervisory Boards of NUON N.V.,
one of the largest electricity distributors in Holland, and
Fortis OBAM, an investment trust company.  Earlier in his career
Jacques served as President of Shell Nederland and held a number
of executive posts throughout the Royal Dutch/Shell Group.

Rauke Henstra (58) will join the Board as an Executive Director
with effect from 1st October.  Rauke joined Koninklijke
Hoogovens in 1973 and has held a number of technical and
operational positions throughout the Group.  He is a member of
the Executive Committee and will retain his executive
responsibilities for the Strip Products Division.

Richard Turner, a Non-Executive Member of the Board since the
formation of Corus in 1999 and formerly of British Steel since
January 1994, will be retiring with effect from 31 December.

CONTACT:  CORUS GROUP PLC
          30 Millbank
          London SW1P 4WY
          Phone: +44 20 7717 4444
          Fax: +44 20 7717 4455
          Web site: http://www.corusgroup.com


CORUS GROUP: Restructuring Boosts Profit to GBP147 Million
----------------------------------------------------------
Highlights

Substantial improvement in financial performance

(a) Group operating profit improved by GBP204 million to
    GBP147 million, with the rate of progress accelerating
    sharply in the second quarter.

(b) Approximately GBP100 million (c.50%) of the improvement was
    attributable to the Group's 'Restoring Success' program,
    which is progressing well and to plan.

(c) Competitive EBITDA margin gap estimated to have narrowed
    from 6% to 4.5%.

(d) Balance sheet gearing at 43%.  Bond launched to extend debt
    maturity profile.

(e) Two new board appointments.

GBP millions unless stated        H1 2004             H1 2003

Turnover                          4,477               4,023
Group operating profit/(loss)       147                 (57)
Operating profit/(loss)[1]          160                 (36)
Pre-tax profit/(loss)               163                 (89)
EBITDA*                             314                 120
Retained profit/(loss)              100                (125)
Earnings/(loss) per share (pence)  2.25p              (3.88)p
Net debt at end of period        (1,203)             (1,506)

----------
[1] before restructuring and impairment costs

Positive outlook for second half of 2004

(a) Global steel market supply/demand balance remains tight.

(b) Further planned benefits from the 'Restoring Success'
    program.

(c) Significant impact from announced selling price increases.

(d) Progress in operating profit and margins expected to
    continue.

Financial highlights

The Group operating profit for the first half year amounted to
GBP147 million, which represented an improvement of GBP204
million against the GBP57 million loss in the same period of
2003.  This translated into a profit after tax and minority
interests of GBP100 million, and represented a substantial
improvement of some GBP225 million compared to the same period
of last year (2003: H1 loss of GBP125 million).  The key drivers
behind the improvement in the operating result were better steel
market fundamentals which provided the platform for higher steel
selling prices, that in turn, more than offset higher raw
material costs; together with the benefits of management actions
encompassed within our 'Restoring Success' program.  The pace of
improvement in the operating result accelerated sharply in the
second quarter of 2004.

Net debt amounted to GBP1,203 million at the end of the period
and translated into a gearing ratio of 43% (net debt/net
tangible assets).  Compared to the year-end position at 3
January 2004, net debt increased by some GBP190 million,
reflecting an increase in working capital requirements, notably
debtors due to volume and price growth and higher capital
expenditure.  Compared to the equivalent period of 2003, there
was a GBP303 million reduction in net debt, due mainly to the
GBP291 million net proceeds from the equity placing and open
offer in December 2003.

                        Restoring Success

The 'Restoring Success' program comprises a series of
initiatives that were launched in 2003 and designed to deliver
exit rate benefits of GBP680 million p.a. by the end of 2006, of
which GBP220m p.a. was secured by the end of June 2004.  These
initiatives generated benefits of some GBP100 million in the
first half of 2004, and accounted for nearly half of the year-
on-year improvement in the Group operating result.  Savings to
date have been secured from both 'existing plans' related to
previously announced manpower reductions and the World Class
IJmuiden and High Performance Strip U.K. cost and efficiency
programs; and also 'new initiatives' which aim to improve
performance by the sharing and implementation of best practice
across the Group.  Benefits from the 'U.K. restructuring'
program, the third leg of Restoring Success, which aims to
improve the efficiency and cost position of the Group's U.K.
steel making assets, are on track to be delivered in the second
half of 2005 and in 2006.  Investments associated with this
program are still in the construction phase and to date around
45% of the related capital expenditure has been spent.

                        Commercial focus

The Group continues to sharpen its commercial focus through
improvements in the co-ordination of pricing policy, customer
service and market mix.  Price increases are now being
implemented more quickly than in the past as a result of better
co-ordination between upstream and downstream businesses.
Customer service is seeing benefits from improved delivery
performance, better training of commercial staff and several
projects to enhance the efficiency of internal supply chains.
Market mix has been enhanced by focusing on attractive market
segments and the reduction of low margin sales.

                            Disposals

The disposal of non-core assets is proceeding to plan.  In the
first half of 2004, the Group secured a cash inflow of GBP58
million from disposals including the North American service
centers, piling commercial operations and surplus land.  The
proceeds from the sale of the Tuscaloosa mini-mill, which was
announced in June, were received in the second half of 2004.
Discussions on the Teesside steel making facility are
progressing with a number of interested parties.  With regard to
our aluminum activities, whilst we remain committed to the
disposal process, the timing has been impacted by the on-going
structural changes in the European aluminum industry.  This is
likely to push the timing of a transaction beyond the current
year.

                           Financing

Since the period end, the Group has successfully increased its
debtor securitization program by GBP60 million to GBP275 million
and extended the final maturity from 2007 to 2009.

As a first step to extend the maturity of its bonds falling due
in the period 2006-2008, Corus is announcing the launch of a new
bond, concurrent with a tender offer for the 53/8% euro bonds
due 2006.

No interim dividend will be paid.

Board appointments and retiral

(a) Jacques Schraven (62) will join the Board as Non-Executive
    Deputy Chairman with effect from 1 December.  He is
    currently the President of the Confederation of Netherlands
    Industry and Employers (VNO-NCW).

(b) Rauke Henstra (58) will join the Board as an Executive
    Director with effect from 1 October.  He is a member of the
    Executive Committee and will retain his executive
    responsibilities for the Strip Products division.

(c) Richard Turner, a Non-Executive Member of the Board since
    the formation of  Corus will be retiring with effect from 31
    December.

Further details of these changes are contained in a separate
announcement.

                          Organization

A new divisional structure was adopted towards the end of 2003
to ensure greater accountability for performance, to make better
use of internal supply chains and to facilitate the sharing of
resources and best practice across the Group.  The attached
interim report is the first to be prepared in accordance with
this new structure.

Commenting on the results, Philippe Varin, Chief Executive said:
"The substantial improvement in our performance in the first
half of the year reflects a combination of benefits from our
actions under 'Restoring Success' and positive market
fundamentals.  As a result of this I am pleased to see that the
Group is firmly on track to close the competitive gap with our
European peers by the end of 2006.  This gap as measured by the
EBITDA to sales ratio was estimated at 6% in 2003 and was
reduced to 4.5% in the first half of 2004.

Our short term priorities are to deliver the full benefits from
Restoring Success by the end of 2006, to continue to sharpen our
commercial focus, to refinance bonds maturing between 2006 and
2008 and to dispose of our remaining non-core assets."

Outlook

Based on a combination of further planned benefits from the
Restoring Success program, previously announced price increases
and continued tight market conditions, the Board expects that
the progress in operating profit and margins will continue in
the second half of 2004.

Corus Group plc (LSE/AEX: CS; NYSE: CGA) is one of the world's
largest metal producers with annual turnover of GBP8 billion and
major operating facilities in the U.K., the Netherlands,
Germany, France, Norway and Belgium.  Corus' four divisions
comprising Strip Products, Long Products, Distribution &
Building Systems and Aluminium provide innovative solutions to
the construction, automotive, rail, general engineering and
packaging markets worldwide.  Corus has 48,500 employees in over
40 countries and sales offices and service centers worldwide.
Combining international expertise with local customer service,
the Corus brand represents quality and strength.

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

CONTACT:  CORUS GROUP PLC
          Investor Relations:
          Phone: +44 (0) 20 7717 4501/4503/4504
          Fax:   +44 (0) 20 7717 4604
          E-mail: investor@corusgroup.com

          Corporate Relations:
          Phone: +44 (0) 20 7717 4502/4532/4505
          Fax: +44 (0) 20 7717 4316
          Mailing address: 30 Millbank
          London SW1P 4WY
          United Kingdom
          Web site: http://www.corusgroup.com


CORUS GROUP: Selling EUR500 Million Senior Notes
------------------------------------------------
As part of Corus' interim results announcement, the Group is
announcing that it intends to offer approximately EUR500 million
of senior notes due 2011 to certain eligible investors.  This
follows the refinancing of the syndicated loan in July 2003 with
a new EUR1.2 billion facility and the successful Placing and
Open Offer in December 2003, which raised nearly GBP300 million
of new equity capital.  This new equity capital fully funded the
launch of the 'Restoring Success' initiatives including the U.K.
Restructuring program.

Corus intends to use the proceeds of the offering of the Notes
to reduce existing borrowings, including to finance a tender
offer for the repurchase and payment of accrued interest on the
EUR400 million 5 3/8% Euro Bonds 2006 at a price of 103.50% of
the principal amount of the Bonds.

David Lloyd, Director Finance, said: "The significant
improvement in our financial performance and the continuation of
positive conditions in the global steel industry, coupled with
favorable conditions in the bond market, provide an opportune
time to raise funds as part of our initiative to extend the
maturity of our debt obligations."

The Notes will include the type of covenants that are customary
in the market for non-investment grade debt securities,
including covenants relating to dividends, the incurrence of
debt and asset sales.

Corus intends to apply to the U.K. Listing Authority and to the
London Stock Exchange for the Notes to be admitted to the
Official List of the U.K. Listing Authority and to trading on
the London Stock Exchange.  The offer of the Notes would be made
pursuant to Rule 144A and Regulation S under the Securities Act
of 1933, as amended.

Corus is inviting holders of the Bonds to tender their bonds up
to 16:00 hours, London time, on 15 October 2004.  Tenders must
be made in the manner specified in the Offer to Purchase.  There
will be an "Early Tender Date" which is expected to be 16:00
hours, London time on 30 September 2004.  The purchase price for
the Bonds will be 103.50% of the principal amount of tendered
Bonds, if they are tendered for purchase on the Early Tender
Date, plus accrued interest up to but excluding the expected
"Early Settlement Date" which is expected to be 5 October 2004.
This price includes an "Early Tender Payment" of 1.00% for
tenders received prior to the Early Tender Date.  Tenders
received after the Early Tender Date, but prior to 16:00 hours,
London time on 15 October 2004, will not receive this payment.

The Tender Offer is subject to the satisfaction of certain
conditions, including Corus obtaining satisfactory financing and
obtaining the necessary waiver from its lending banks as well as
other general conditions.  The waiver has already been obtained.
he complete terms and conditions of the Tender Offer will be set
forth in the Offer to Purchase.  Copies of the Offer to Purchase
will be available from Credit Suisse First Boston (Europe)
Limited, the Dealer Manager for the Offer.  A notice containing
contact details for the Dealer Manager will be distributed to
noteholders through Euroclear and Clearstream, Luxembourg.

The lead manager for the offering of the Notes is Credit Suisse
First Boston.  The co-managers are ABN Amro Bank N.V., HSBC Bank
plc and ING Bank N.V., London branch.

This announcement does not constitute, or form part of, an offer
or solicitation of an offer to purchase or subscribe for
securities, or an invitation to engage in investment activity,
in the United States or any other jurisdiction.  The Notes
referred to herein have not been and will not be registered
under the United States Securities Act of 1933, as amended, and
may not be offered or sold in the United States, except pursuant
to an available exemption from registration.  No public offering
of securities is being made in the United States, the United
Kingdom or any other jurisdiction.

In connection with the offering of the Notes, Credit Suisse
First Boston (Europe) Limited and any person acting for it may
over-allot or effect transactions with a view to supporting the
market price of the Notes at a level higher than that which
might otherwise prevail for a limited period after the issue
date.  However, there may be no obligation on Credit Suisse
First Boston (Europe) Limited (or any agent for it) to do this.
Such stabilizing, if commenced, may be discontinued at any time,
and must be brought to an end after a limited period.  Such
stabilizing shall be in compliance with all applicable laws,
regulations and rules.

                            *   *   *

NOT FOR DISTRIBUTION INTO THE UNITED STATES, CANADA, JAPAN OR
AUSTRALIA

CONTACT:  CORUS GROUP PLC
          30 Millbank
          London SW1P 4WY
          Phone: +44 20 7717 4444
          Fax: +44 20 7717 4455
          Web site: http://www.corusgroup.com


EMSHEEN LIMITED: Extraordinary Winding up Resolution Passed
-----------------------------------------------------------
At an extraordinary general meeting of the Emsheen Limited (t/a
Rendezvous) on September 10, 2004 held at 109 Swan Street,
Sileby, Leicestershire LE12 7NN, the subjoined extraordinary
resolution to wind up the company was passed.  Richard John
Elwell of Elwell Watchorn & Saxton, 109 Swan Street, Sileby,
Leicestershire LE12 7NN has been appointed liquidator for the
purpose of such winding-up.

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


EPBM REALISATIONS: Calls in Liquidator from Cooper Parry
--------------------------------------------------------
At an extraordinary general meeting of the members of the PBM
Realisations Limited (formerly EP (Builders Merchants) Limited)

on September 3, 2004 held at 14 Regent Street, Nottingham NG1
5BQ, the special resolution to wind up the company was passed.
Evelyn Gabrielle Exley and Tyrone Shaun Courtman of Cooper Parry
LLP, 14 Park Row, Nottingham NG1 6GR have been appointed joint
liquidators of the company for the purpose of such winding-up.

CONTACT:  COOPER PARRY LLP
          14 Park Row,
          Nottingham NG1 6GR
          Joint Liquidators:
          Evelyn Gabrielle Exley
          Tyrone Shaun Courtman
          Phone: +44 (0) 1332 295544
          Fax:   +44 (0) 1332 295600
          Web site: http://www.cooperparry.com


EURIMEX LIMITED: Appoints Joint Liquidators from Numerica
---------------------------------------------------------
At an extraordinary general meeting of the Eurimex Limited on
September 8, 2004 held at Crown House, 37-41 Prince Street,
Bristol BS1 4PS, the extraordinary and ordinary resolutions to
wind up the company were passed.  Graham Randall and Simon
Girling of Numerica, Crown House, 37-41 Prince Street, Bristol
BS1 4PS have bee appointed joint liquidators for the purpose of
such winding-up.

CONTACT:  NUMERICA
          Crown House
          37-41 Prince Street,
          Bristol BS1 4PS
          Joint Liquidators:
          Graham Randall
          Simon Girling
          Phone: 0117 934 2800
          Fax:   0117 922 5191
          Web site: http://www.numerica.biz


FSG SOLUTIONS: Names Tomlinsons Liquidator
------------------------------------------
At an extraordinary general meeting of the FSG Solutions Limited
on September 8, 2004 held at 4th Floor, 10 Stratton Street,
Mayfair, London W1J 8DA, the resolutions to wind up the company
were passed.  Alan H Tomlinson of Tomlinsons, 2 AC Court, High
Street, Thames Ditton, Surrey KT7 0SR has been appointed as
liquidator for the purpose of such winding-up.

CONTACT:  TOMLINSON
          2 AC Court
          High Street, Thomas Ditton,
          Surrey KT7 0SR
          Liquidator:
          Alan H Tomlinson
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


GILCHRIST TASH: Hires Joint Liquidators from Harrisons
------------------------------------------------------
At an extraordinary general meeting of members of the Gilchrist
Tash Financial Services Limited on August 31, 2004 held at
Gilchrist Tash, Cleveland Buildings, Queen's Square,
Middlesbrough, Cleveland TS2 1PA, the special resolution to wind
up the company was passed.  Kenneth Webster Marland and John
Neil Harrison of Harrisons, 23 Yarm Road, Stockton-on-Tees,
Cleveland TS18 3NJ have been appointed joint liquidators for the
purpose of winding-up the company.

CONTACT:  HARRISONS
          23 Yarm Road,
          Stockton-on-Tees TS18 3NJ
          Joint Liquidators:
          Kenneth Webster Marland
          John Neil Harrison
          Phone: 01642 672624
          Fax:   01642 611567
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


GW 1234: Sets Final General Meeting October 14
----------------------------------------------
The final general meeting of the GW 1234 Limited will be on
October 14, 2004 commencing at 11:00 a.m.  It will be held at
One Bridewell Street, Bristol BS1 2AA.

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

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


HEDINAIR LIMITED: Hires Administrators from BDO Stoy Hayward
------------------------------------------------------------
David Harry Gilbert and Simon James Michaels have been appointed
as administrators for Hedinair Limited.  The appointment was
made September 9, 2004.  The company manufactures industrial
ovens.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Administrators:
          David Harry Gilbert
          Simon James Michaels
          (IP 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


MARSH HOLDINGS: Members Final Meeting Set October 1
---------------------------------------------------
The final meeting of the members of Marsh Holdings Limited will
be on October 1, 2004 commencing at 10:30 a.m.  It will be held
at the offices of Grant Thornton UK LLP, 31 Carlton Crescent,
Southampton SO15 2EW.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Grant Thornton UK LLP, 31 Carlton Crescent, Southampton
SO15 2EW not later than 12:00 noon, September 30, 2004.

CONTACT:  GRANT THORNTON UK LLP
          31 Carlton Crescent,
          Southampton SO15 2EW
          Liquidator:
          R Welsby
          Phone: 023 8022 1231
          Fax:   023 8022 4017
          Web site: http://www.grant-thornton.co.uk


MCKENZIE LIMITED: Sets General Meeting October 15
-------------------------------------------------
The general meeting of the members of Mckenzie Limited will be
on October 15, 2004 commencing at 11:00 a.m.  It will be held at
12 Gleneagles Court, Brighton Road, Crawley RH10 6AD.

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 Baker Tilly, 9-12 Gleneagles Court, Brighton Road, Crawley,
West Sussex not later than 12:00 noon, October 14, 2004.

CONTACT:  BAKER TILLY
          9-12 Gleneagles Court
          Brighton Road, Crawley,
          West Sussex
          Joint Liquidator:
          John David Ariel
          Phone: 01293 565165
          Fax:   01293 532695
          Web site: http://www.bakertilly.co.uk


MERSEYSIDE SEXUAL: Names Begbies Traynor Administrator
------------------------------------------------------
David Moore and Donald Bailey have been appointed as
administrators for Merseyside Sexual Assault Centre Development
Project Limited.  The appointment was made September 8, 2004.

The company is engaged in sexual assault service for women.  Its
registered office is located at 1 Old Hall Street, Liverpool L3
9HF.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Administrator:
          David Moore
          (IP No 007510)
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com

          BEGBIES TRAYNOR
          Elliot House,
          151 Deansgate,
          Manchester M3 3BP
          Administrator:
          Donald Bailey
          (IP No 006739)
          Phone: 0161 839 0900
          Fax:   0161 832 7436
          Web site: http://www.begbies.com


MTB SECURITY: Creditors Meeting Set September 22
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF MTB (Security Services) Ltd.
                        (in Liquidation)

I, of Moore Stephens Allan House 25 Bothwell Street Glasgow G2
6NL hereby give notice that I was appointed Interim Liquidator
of MTB (Security Services) Ltd on August 13, 2004 by the
Interlocutor of the Sheriff at Sheriff at Glasgow.

The first meeting in the liquidation called in terms of Section
138(4) of the Insolvency Act 1986 and in accordance with Rule
4.12 of the Insolvency (Scotland) Rules 1986, will be held at
Travelex Business Centre Queens Building Heathrow Airport
Hounslow on September 22, 2004 at 12:00 p.m. for the purpose of
choosing a liquidator, appointing a Liquidation Committee and
considering the other Resolutions specified in Rule 4.12(3) of
the aforementioned Rules.

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

Douglas B. Jackson, Interim Liquidator
August 23, 2004

CONTACT:  MOORE STEPHENS
          25 Bothwell Street
          Glasgow G2 6NL
          Phone: 0141 567 4500
          Fax: 0141 567 4535
          E-mail: info@scott-moncrieff.com
          Web site: http://www.moorestephens.co.uk


OLIVE REALITY: Hires Baker Tilly as Liquidator
----------------------------------------------
At an extraordinary general meeting of the members of the Olive
Reality Limited (t/a Oil & Vinegar) on September 1, 2004 held at
Baker Tilly, Brazennose House, Lincoln Square, Manchester M2
5BL, the extraordinary and ordinary resolutions to wind up the
company were passed.  Stephen Mark Quinn and Lindsey Jane Cooper
of Baker Tilly, Brazennose House, Lincoln Square, Manchester M2
5BL have been appointed as joint liquidators for the purpose of
such winding-up.

CONTACT:  BAKER TILLY
          Brazennose House,
          Lincoln Square,
          Manchester M2 5BL
          Joint Liquidators:
          Stephen Mark Quinn
          Lindsey Jane Cooper
          Phone: 0161 834 5777
          Fax:   0161 835 3242
          Web site: http://www.bakertilly.co.uk


OPUS 4: Special Winding up Resolution Passed
--------------------------------------------
At an extraordinary general meeting of the Opus 4 Integrated
Limited on September 2, 2004 held at Connaught House, Alexandra
Terrace, Guildford, Surrey GU1 3DA the subjoined special
resolution to wind up the company was passed.  D B Coakley of
BDO Stoy Hayward LLP, Connaught House, Alexandra Terrace,
Guildford, Surrey GU1 3DA has been appointed liquidator for the
purpose of such winding-up.

CONTACT:  BDO STOY HAYWARD LLP
          Connaught House,
          Alexandra Terrace,
          Guildford, Surrey GU1 3DA
          Liquidator:
          D B Coakley
          Phone: 01483 565666
          Fax:   01483 531306
          E-mail: guilford@bdo.co.uk
          Web site: http://www.bdo.co.uk


PEARL DESIGN: Director Receives Four-year Ban
---------------------------------------------
A director of a fibreglass products business, which failed with
total debts estimated at GBP215,000, has given an Undertaking
not to hold directorships or take any part in company management
for four years.

The Undertaking by William Cameron, 55, of Columbia Avenue,
Whitstable, Kent, was given in respect of his conduct as a
director of Pearl Design and Developments Limited, which carried
on business from premises at St Nicholas Court Farm, Court Road,
St Nicholas-at Wade, Birchington, Kent CT7 0PT.

Acceptance of the Undertaking on September 1, 2004 prevents
William Cameron from being a director of a company or, in any
way, whether directly or indirectly, being concerned or taking
part in the promotion, formation or management of a company for
four years.

Pearl Design and Developments Limited was placed into compulsory
liquidation by Order of the High Court on June 24, 2003.  The
company has an estimated total deficiency of GBP215,000.

The Official Receiver at Canterbury had conduct of the
investigation and disqualification procedure.

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

The matter of unfit conduct, not disputed by William Cameron, is
that from April 6, 2001 to October 11, 2002, he caused Pearl
Design and Development Limited to trade to the detriment of H.M.
Customs & Excise and the Inland Revenue.

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


PENNYGOLD FINANCE: Calls in Liquidator from Haslers
---------------------------------------------------
At an extraordinary general meeting of the Pennygold Finance
Limited on September 8, 2004 held at 5 Wigmore Street, London
W1U 1HY, the special and ordinary resolutions to wind up the
company were passed.  Richard A J Hooper of Haslers, Johnston
House, 8 Johnston Road, Woodford Green, Essex IG8 0XA has been
appointed liquidator of the company.

CONTACT:  HASLERS
          Johnston House
          8 Johnston Road,
          Woodford Green,
          Essex IG8 0XA
          Liquidator:
          Richard A J Hooper
          Phone: 020 8504 3344
          Fax:   020 8506 5100
          E-mail: enquiry@haslers.com
          Web site: http://www.haslers.com


PGM BALLSCREWS LIMITED: Names PricewaterhouseCoopers Liquidator
---------------------------------------------------------------
At an extraordinary general meeting of PGM Ballscrews Limited on
August 31, 2004, the special and ordinary resolutions to wind up
the company were passed.  Jonathan Sisson and Tim Walsh of
PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall Street,
Birmingham B3 2DT have been appointed joint liquidators of the
company for the purpose of such winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court,
          19 Cornwall Street,
          Birmingham B3 2DT
          Joint Liquidators:
          Jonathan Sisson
          Tim Walsh
          Phone: [44] (121) 200 3000
          Fax:   [44] (121) 200 2464
          Web site: http://www.pwc.com


SCHNEIDER UNIVERSAL: Sets Creditors Meeting September 27
--------------------------------------------------------
The creditors of Schneider Universal Limited will meet on
September 27, 2004 commencing at 2:30 p.m.  It will be held at
the Shaw Park Plaza, 100-110 Euston Road, London NW1 2AJ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Grant Thornton, Grant Thornton House, Melton
Street, Euston Square, London NW1 2EP not later than 12:00 noon,
September 24, 2004.

CONTACT:  GRANT THORNTON
          Grant Thornton House,
          Melton Street, Euston Square,
          London NW1 2EP
          Joint Administrator:
          N Wood
          Phone: 020 7383 5100
          Fax:   020 7383 4715
          Web site: http://www.grant-thornton.co.uk


SHEPLEY COACH: Names Liquidator from Jackson Jolliffe Cork
----------------------------------------------------------
At an extraordinary general meeting of the members of the
Shepley Coach Works Limited on September 7, 2004 held at The
Chasley Hotel, Queen Street, Wakefield WF1 1JU, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Matthew Colin Bowker of Jacksons Jolliffe Cork, 33
George Street, Wakefield WF1 1LX has been appointed liquidator
for the purpose of such winding-up."

CONTACT:  JACKSON JOLLIFFE CORK
          33 George Street,
          Wakefield WF1 1LX
          Liquidator:
          Matthew Colin Bowker
          Phone: 01904 652100
          Fax:   01904 635349
          Web site: http://www.jjcork.co.uk


SPEEDLINE VAN: Calls in Liquidator from Moore Stephens
------------------------------------------------------
At an extraordinary general meeting of the Speedline Van Lining
Limited on September 6, 2004 held at Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB, the extraordinary and ordinary resolutions to wind up the
company were passed.  Nigel Price of Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB has been appointed liquidator of the company for the purpose
of the voluntary winding-up.

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


SURE STEPS: Appoints PricewaterhouseCoopers Liquidator
------------------------------------------------------
At an extraordinary general meeting of the, held at Sure Steps
Limited on August 26, 2004 held at PricewaterhouseCoopers, 31
Great George Street, Bristol BS1 5QD, the extraordinary and
ordinary resolutions to wind up the company were passed.  Mark
Elijah Thomas Bowen and Paul Harding of PricewaterhouseCoopers
LLP have been appointed joint liquidators of the Company for the
purpose of its voluntary winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          31 Great George Street,
          Bristol BS1 5QD
          Joint Liquidators:
          Mark Elijah Thomas Bowen
          Paul Harding
          Phone: [44] (117) 929 1500
          Fax:   [44] (117) 929 0519
          Web site: http://www.pwc.com


TANAKA SEIKI: Extraordinary Winding up Resolution Passed
--------------------------------------------------------
At an extraordinary general meeting of the Tanaka Seiki (Europe)
Limited on September 3, 2004 held at 35 Ludgate Hill, Birmingham
B3 1EH, the extraordinary resolution to wind up the company was
passed.  M T Coyne of Poppleton & Appleby, 35 Ludgate Hill,
Birmingham B3 1EH has been appointed liquidator for the purpose
of such winding-up.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Liquidator:
          M T Coyne
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


TAURUS SPORTS: Hires Rothman Pantall as Administrator
-----------------------------------------------------
Robert Smailes and Stephen Ryman have been appointed as
administrators for Taurus Sport Limited.  The appointment was
made September 7, 2004.  The company is engaged in other
transport.

CONTACT:  ROTHMAN PANTALL
          26-27 Oxendon Street,
          London SW1Y 4EP
          Administrators:
          Robert Smailes
          Stephen Ryman
          (IP Nos 4731, 8975)
          Phone: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


T. FORSELL: Appoints KPMG as Liquidator
---------------------------------------
At an extraordinary general meeting of the T. Forsell and Son
Limited on August 31, 2004 held at KPMG, Peat House, 1 Waterloo
Way, Leicester, the extraordinary and ordinary resolutions to
wind up the company were passed.  Allan Watson Graham and
Richard James Philpott of KPMG have been appointed joint
liquidators for the purpose of such winding-up.

CONTACT:  KPMG
          Peat House
          1 Waterloo Way,
          Leicester
          LE1 6LP
          Joint Liquidators:
          Allan Watson Graham
          Richard James Philpott
          Phone: (0116) 256 6000
          Fax:   (0116) 256 6050
          Web site: http://www.kpmg.co.uk


YOUR MORE: E&Y Recommendation to Displace 434 Employees
-------------------------------------------------------
Administrators from Ernst & Young have recommended the closure
of 70 Your More Stores to stop the bleeding at the discount
retail chain.  The move will displace 434 employees, says the
Accountancy Age.  The affected stores are from across Scotland
and include branches in Edinburgh, Kilmarnoch and Dundee.

"A number of the company's stores have been loss-making for some
time and therefore, unfortunately, it is necessary to close
these stores to try and preserve the remaining business and
associated jobs," joint administrator Garry Wilson told the
online paper.  He adds management had long wanted to close some
of these stores, but could not do so due to long-term property
lease commitments.

With 180 leasehold retail stores across the U.K., Your More
generates an annual turnover of around GBP55 million.  Mr.
Wilson says about 87 of these stores have attracted potential
buyers.  The Yorkshire-based firm employs 1,400.

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


                            *********


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

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

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

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