TCREUR_Public/040921.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Tuesday, September 21, 2004, Vol. 5, No. 187

                            Headlines

F R A N C E

ALCATEL: Takes over eDial as part of U.S. Expansion
ALCATEL: Buys Spatial Wireless for US$250 Million
ALCATEL: Commissioned to Enhance Sistema's Multimedia Services
ALCATEL: Selling Power Systems Business to Ripplewood
ENTENIAL: Individual Rating Affirmed at 'C'
PERRIER: Government Brokers Talks Aimed at Preventing Sale


G E R M A N Y

DREWES SANITAR: Celle Court Appoints Insolvency Administrator
IMPOTEX IM-UND: Last Day for Filing Claims October 22
JAKU GMBH: Creditors Have Until October 22 to File Claims
KELLERSHOFF GMBH: Under Bankruptcy Administration
KRAMER BAU: Construction Firm Succumbs to Bankruptcy
SAMETEX PROJEKTGESELLSCHAFT: First Creditors Meeting December 7
SCHEIBLER PELTZER: Bankruptcy Court Stays All Pending Litigation


H U N G A R Y

BRAU UNION: Alle Ypma New Chairman of Ailing Brewer


I R E L A N D

BASS IRELAND: Workers to Kick off Series of Strike Thursday


I T A L Y

ALITALIA SPA: Workers Finally Approve Restructuring Plan
FARMLAND DAIRIES: Court Approves Key Executive Appointments
PARMALAT FINANZIARIA: Former CFO Seeking Severance Payments


N E T H E R L A N D S

VERSATEL TELECOM: Raising EUR100 Mln Via Private Bond Placement


N O R W A Y

PETROLEUM GEO-SERVICES: Strike Threatens to Halt Varg Production


R U S S I A

BAKERY: Public Auction of Assets Today
BUGURUSLANSKY - ALINA: Deadline for Proofs of Claim September 30
COMMON BOOK: Appoints V. Ivanov Insolvency Manager
KARELIYA REPUBLIC: Selling RUB797,645 Worth of Assets
KUNGURSKIY: Declared Insolvent

NERCHINSKIYE MINES: Chita Court Opens Bankruptcy Proceedings
ORENBURG-NEFTE-STROY: Last Day for Filing Claims September 30
OSKOL-OIL-PRODUCTS: Deadline for Proofs of Claim September 30
POKROVSKY FACTORY: Succumbs to Bankruptcy
RADUGA: Creditors Have Until September 30 to File Claims

ROAD BUILDING: Public Auction Today
TRANSFORMER: Irkutsk Court Appoints Insolvency Manager
YUKOS OIL: Chalks Rare Win Versus Government Over Tax Arrears
YUKOS OIL: Halts Oil Export to China National Petroleum


U K R A I N E

CENTRBUDMETAL: Dnipropetrovsk Court Opens Bankruptcy Proceedings
CHAJKA: Bankruptcy Supervision Begins
DONPROMTRANS: Proofs of Claim Deadline Expires September 30
KANSEJ LTD.: Court Appoints L. Miroshnichenko Liquidator
LITINRAJAGROTEHSERVICE: Last Day for Filing Claims September 30

LUANSKVUGLEZVYAZOK: Under Bankruptcy Supervision
REGIONPROMKOMPLEKT: Harkiv Court Appoints Liquidator
TEPLOENERGO: Temporary Insolvency Manager Named
VISKO: Insolvency Manager Takes over Helm
ZORYA: Vinnitsya Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

ABBEY NATIONAL: Discloses Scheme of Arrangement with Santander
AFS (SKIPTON): Names Tom Harrison Insolvency Services Liquidator
AGGREGATE ENERGY: GMAC Commercial Appoints KPMG Receiver
ALLIANCE SHOPFITTERS: Names Begbies Traynor Administrator
ANTICA THE STONE: Extraordinary Winding up Resolution Passed

BACKBEAT MUSIC: Hires Smith & Williamson as Administrator
BAE SYSTEMS: Increases Shareholding in Alvis to 97%
BAS WAGSTAFF: Business for Sale
BISHOPS PARK: Names Royce Peeling Green Liquidator
BRITISH ENERGY: Appoints Two New Executive Directors

BRITISH ENERGY: Sells Headquarters to Kenmore for GBP6.6 Mln
CHAUFFEURFORCE.COM LTD.: Brings in Joint Administrators
COILTECH LTD.: Creditors Meeting Set September 23
CONISBOROUGH ENGINEERING: In Administrative Receivership
COSTAIN GROUP: Chosen Partner in GBP4.5 Bln Dwr Cymru Contract

CULL DMG: Hires Joint Administrators from Begbies Traynor
ENGINEERING DESIGN: Insolvency Service Disqualifies Directors
FARRINGTON LEWIS: Six-year Ban for Top Honcho
FERNDALE AGGREGATES: GMAC Commercial Appoints KPMG Receiver
G & J JAMES: Sets Creditors Meeting September 30

GRAINHURST PROPERTIES: Hires Liquidator from Royce Peeling Green
HUGH MACKAY: Names Ernst & Young Administrator
INTERNATIONAL POWER: Rights Issue Receives 91.2% Acceptance
LINCOLNSHIRE EMERGENCY: Winding up Resolutions Passed
M4 DATA: Names KPMG Liquidator

MACGREGOR LIMITED: Hires Liquidator from Pridie Brewster
MITIAL INTERNATIONAL: Names Begbies Traynor Administrator
MORGAN SECURITY: Hires Joint Administrators from Begbies Traynor
NORTHERN COACHWORKS: Appoints Liquidator from Hepworth Joyce
PINEVAIN LIMITED: Calls in Liquidator from Royce Peeling Green

POSITIVE RESULTS: Hires Liquidator from Chantrey Vellacott DFK
RAPER & WAYMAN: HSBC Bank Appoints Numerica Receiver
TUFNOL LIMITED: Plastic Manufacturer for Sale
U.K. COAL: Receives GBP14 Million Investment Aid
UNION HEALTHCARE: Winding up Resolutions Passed

VIEWPOINT U.K.: Director Banned for Six-and-a-half Years
WATSON PRESLEY: Creditors Meeting Set September 30
YORKSHIRE MOULDS: Names Joint Liquidators from KPMG

* Large Companies with Insolvent Balance Sheets


                            *********


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


ALCATEL: Takes over eDial as part of U.S. Expansion
---------------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) acquired privately held
U.S.-based eDial, Inc., a leading provider of conferencing and
collaboration solutions for enterprises and service providers.
The acquisition of eDial enables Alcatel to continue expansion
of its enterprise software offerings.

eDial is based in Waltham, Massachusetts and employs
approximately 30 people.  The company currently serves more than
100 customers, including enterprises and service providers,
through direct and indirect channels.  The acquisition was made
for approximately US$27 million (approximately EUR22 million) in
Alcatel stock (ADS) and cash.  The deal closed Friday.

eDial's product portfolio includes an open, SIP[*]
software-based platform and applications for conferencing for
voice, data and video.  eDial also provides a solution for real
time collaboration that integrates instant messaging,
application sharing and presence capabilities.

"The ability for enterprises to conduct real-time conferencing
and collaboration that combines voice, video and data with
instant messaging and presence increases employee efficiency and
contributes to improved business processes," said
Jean-Christophe Giroux, president of Alcatel's Enterprise
Solutions activities.  "eDial ideally complements our open
software and applications strategy, especially our Unified
Communications suite."

As part of the acquisition, eDial's current development, sales
and support operations will remain in Waltham.  The company's
experienced team of experts will serve as Alcatel's 'center of
excellence' for developing conferencing and collaboration
solutions.

"Alcatel's acquisition of eDial sets the stage for the next wave
of development for our business, employees and customers," said
Jill Smith, chief executive officer, eDial.  "Alcatel is a
recognized leader in communications worldwide, and we look
forward to joining their team and contributing to their growth
and innovation in conferencing and collaboration."

eDial's  commitment to open industry standards eases integration
of converged  collaboration  solutions  with enterprise
applications and infrastructure.  Further, eDial's ability to
operate on-site and in hosted environments supports Alcatel's
strategy to deliver both customer premise equipment (CPE) and
managed services solutions in partnership with service
providers -- fixed and wireless.

From a product perspective, eDial's software will provide key
capabilities for Alcatel's OmniTouch Unified Communication
software-based conferencing application, called My Teamwork.
eDial's technology also will provide a common platform for
conferencing solutions from across Alcatel and will serve as a
technology foundation for solutions resulting from Alcatel's
recently launched Unified Interaction Management (UIM) software
initiative, which will focus on real-time communications and
collaboration.

About Alcatel OmniTouch Unfied Communications

Alcatel OmniTouch Unified Communication is a powerful suite of
software applications designed to optimize business
communications.  Alcatel Unified Communication includes a
conferencing application (My Teamwork), unified messaging (My
Messaging), a software-based phone (My Phone), and 'follow me'
routing for managing communications while in the office or on
the road (My Assistant).

About Alcatel

Alcatel provides communications solutions to telecommunication
carriers, Internet service providers and enterprises for
delivery of voice, data and video applications to their
customers or to their employees.  Alcatel leverages its leading
position in fixed and mobile broadband networks, applications
and services to bring value to its customers in the framework of
a broadband world. With sales of EUR12.5 billion in 2003,
Alcatel operates in more than 130 countries.

--------
[*] session initiation protocol

CONTACT:  ALCATEL
          54, rue La Boetie
          75008 Paris, France
          Phone: +33 1 40 76 10 10
          Fax:   +33 1 40 76 14 05
          Web site: http://www.alcatel.com


ALCATEL: Buys Spatial Wireless for US$250 Million
-------------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) signed an agreement to
acquire Spatial Wireless, a privately held U.S.-based company,
leader in cost-effective, software-based and multi-standard
distributed mobile switching solutions.  This acquisition builds
upon the successful cooperation engaged last year between
Alcatel and Spatial Wireless and announced in March 2004.

With 225 employees, Spatial Wireless has offices in the U.S. and
in India, and is headquartered in Richardson, Texas (U.S.).
Under the terms of the agreement, Alcatel agreed to pay
approximately US$250 million (approximately EUR205 million) in
Alcatel American Depositary Shares (ADS) for the total capital
of Spatial Wireless.  Spatial Wireless shares and options will
be exchanged for a number of Alcatel ADSs to be determined at
closing, according to an exchange ratio and within the limits
specified in the agreement.

The deal allows Alcatel to leapfrog traditional mobile switching
technologies with a commercially available Next-Generation
Networks (NGN) solution, designed and ready for IP Multimedia
Subsystems (IMS)[*].  This future-proof solution ideally
complements Alcatel's portfolio of next-generation IMS-ready
products, addressing both fixed and mobile environments, and
paves the way for future converged IMS architecture and
multimedia services.

Spatial's flagship product, Spatial Atrium(R), is a
multi-standard and field-proven mobile softswitch that controls
distributed media gateways and manages call/session control for
voice and data services.  It works seamlessly in GSM/EDGE,
3G/UMTS and CDMA networks.  It also enables smooth evolution to
3GPP Release 5 and Release 6 networks via software-only
upgrades, thus ensuring long-term investment protection in
preparation for IMS introduction.

Spatial's distributed solution has established a clear
leadership position in the market over the past eighteen months.
It is already in commercial use and in market trials, with major
GSM and CDMA operators in the world, in particular in North
America, China, and India -- with over one million ports
deployed in 2004.  Available now, this distributed architecture
solution provides mobile operators with major cost savings,
while offering high scalability and capacity.  Additionally, it
offers an extensive set of features that can easily be
personalized and extended according to individual operator
requirements.

Designed as an open and highly portable software suite, Spatial
Atrium(R) is set to benefit to the maximum from major IT
innovations both in hardware and operating systems.  This fits
well within Alcatel's platform strategy, focusing on
cost-effectiveness and leveraging the benefits of Carrier-Grade
Unix and Linux operating systems, as well as those benefits
brought by the use of Advanced Telecom Computing Architecture
(ATCA) specifications.

"Through the acquisition of Spatial Wireless, Alcatel leapfrogs
traditional mobile switching technologies and builds a powerful
offer adapted to address the U.S. and CDMA markets, in addition
to our GSM/UMTS-based customers.  Our solution offers a natural
evolution path to the introduction of IMS, thus accelerating the
roll-out of Alcatel's user-centric broadband strategy," declared
Mike Quigley, Executive Vice-President and President of Alcatel
North America.

"Spatial's team is particularly proud to join the Alcatel
family," added Pardeep Kohli, co-founder, president and chief
executive officer of Spatial Wireless.  "Based on the
extraordinary response that Spatial's solution has already
received from Tier 1 operators throughout the world, combined
with Alcatel's strategic vision and strength, we're now set to
make it happen!"

The closing of this acquisition is expected during the fourth
quarter 2004, subject to the signing of definitive agreements
and receipt of necessary approvals from shareholders and
regulatory authorities.

About Spatial Atrium(R)

Cost savings induced by Spatial Atrium(R) comes from the
separation between the transport part and the transmission part
of a mobile network.  This innovative network architecture
allows a mobile operator to invest in only a few powerful Mobile
Call Servers spread though a limited number of centralized
control sites located in its largest traffic zones, while having
a larger number of lower-cost Media Gateways located close to
the access network to switch the traffic locally. In each local
area.  The implementation of distributed switching is a
necessary preliminary step for the advent of IP Multimedia
Subsystems (IMS), which will make full IP multimedia services
available to the end-users.

Building upon its native NGN distributed design, Spatial
Atrium(R), Spatial's flagship product, allows mobile operators
to distribute the call bearer switching function closer to
traffic hot spots, leading to significant reductions in traffic
backhauling costs and overall operating expenditures.

It also allows tenfold footprint reduction and a reduced number
of call control nodes as compared to current mobile switching
technologies -- all while offering high scalability and
capacities ranging from a few thousands up to millions of BHCA
(Busy Hour Call Attempts).  Additionally, Spatial Atrium offers
an extensive set of existing features that can easily be
personalized and extended according to individual operator
requirements.

About Alcatel

Alcatel provides communications solutions to telecommunication
carriers, Internet service providers and enterprises for
delivery of voice, data and video applications to their
customers or to their employees.  Alcatel leverages its leading
position in fixed and mobile broadband networks, applications
and services to bring value to its customers in the framework of
a broadband world.  With sales of EUR12.5 billion in 2003,
Alcatel operates in more than 130 countries.

About Spatial Wireless

Spatial Wireless was founded in February 2001.  Spatial Wireless
provides next-generation distributed mobile switching solutions
that are deployed in today's networks.  With patented,
breakthrough technology and innovative solutions, the company
enables mobile service providers to immediately improve their
profitability.  Spatial Atrium(R), the company's flagship
product, is a high capacity, distributed architecture core
switch for Distributed Mobile Switching Center (MSC),
Distributed Gateway MSC and network services overlay solutions.

With any Spatial Wireless solution, mobile service providers are
able to seamlessly evolve their access and core networks from 2G
to 2.5G to 3G and All-IP, with mostly software upgrades at each
step.

--------
[*] IMS: IP Multimedia Subsystems

CONTACT:  ALCATEL
          54, rue La Boetie
          75008 Paris, France
          Phone: +33 1 40 76 10 10
          Fax:   +33 1 40 76 14 05
          Web site: http://www.alcatel.com


ALCATEL: Commissioned to Enhance Sistema's Multimedia Services
--------------------------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) and Sistema JFSC, the
largest private non-natural resource-based corporation in
Russia and an active player in the Russian telecommunications
market, signed a more than EUR5 million contract to build a
platform for the delivery of advanced multimedia services to
Sistema's residential customers.  The companies announced a
Memorandum of Understanding on September 8, 2004.

Under the term of the contract, the first phase of a large
multimedia project of AFK Sistema will be implemented.  As a
result the most advanced center of broadband multimedia
services' aggregation will be created.

Alcatel will deliver to Sistema Mass Media, Sistema's media arm
its fully integrated Open Media Suite, the industry-leading
middleware solution for delivery of rich media in a triple play
service mix (voice, data, video).

Additionally, Alcatel will provide integration, customization
and installation services.

Alcatel is currently piloting with Sistema and targeting a
mass-market commercial launch for early 2005.

The multimedia project implemented by Sistema Mass Media, is
aimed at providing a wide range of users in Moscow and in the
Russian regions with advanced broadband entertainment services,
including interactive TV, video on demand, multimedia games,
high-speed Internet access and e-commerce.  The project will
integrate all previous experience of Sistema's subsidiaries in
the areas of production, aggregation and distribution of
broadband content and multimedia services.

The Open Media Suite hardware/software solution in the
multimedia project will enable Sistema, a new-generation service
provider, to fully profit from the investment in their broadband
access network and to open new opportunities for business in the
broadband entertainment market.  Its flexible, non-proprietary
architecture based on open industry standards enables fast
implementation of advanced technologies, thus increasing network
efficiency and overall profitability of media services.

"New generation multimedia services are based on broadband IP
access and demand the most advanced technologies solutions,"
said Alexander Leiviman, General Director of Sistema Mass Media.

"This new contract with Alcatel enables us, in the highly
competitive environment of the Russian telecom market, to
introduce new highly profitable services of interactive TV and
video on demand."

"We are looking forward to the implementation of this project,"
said Alan Mottram, President of Alcatel's fixed solutions
activities.  "It will mark a new phase of introduction of
broadband technologies and multimedia services in the Russian
telecommunication market."

The Alcatel Open Media Suite is an end-to-end portfolio of
products and professional services.  The portfolio encompasses
user interface customization, integration with third party
equipment such as set top boxes and digital video head ends, as
well as the facilitation of negotiations with content owners and
suppliers.  Products include the 5950 Open Media Platform and
Applications and the 5959 Open Media Content Management and
Delivery system, including the 5959 Open Video Server.

About Sistema

Sistema JSFC, established in 1993, is the largest non-natural
resource-based corporation in Russia.  It actively manages a
portfolio of direct investments in areas including
telecommunications (Mobile TeleSystems (MTS), Moscow City
Telephone Network (MGTS), Comstar United Telesystems and
others), technology (NIIME and MIKRON, STROM telecom,
Sitronics), insurance (ROSNO), real estate (Sistema-Hals),
retail (Detsky Mir Group) travel services (Intourist), finance
and securities (MBRD), and others.  In 2003, the company
reported sales of US$3.76 billion, with total assets exceeding
US$6.8 billion.  Additional information is available at
http://www.sistema.ru.

About Alcatel

Alcatel provides communications solutions to telecommunication
carriers, Internet service providers and enterprises for
delivery of voice, data and video applications to their
customers or to their employees.  Alcatel leverages its leading
position in fixed and mobile broadband networks, applications
and services to bring value to its customers in the framework of
a broadband world.  With sales of EUR12.5 billion in 2003,
Alcatel operates in more than 130 countries.

CONTACT:  ALCATEL
          54, rue La Boetie
          75008 Paris, France
          Phone: +33 1 40 76 10 10
          Fax:   +33 1 40 76 14 05
          Web site: http://www.alcatel.com


ALCATEL: Selling Power Systems Business to Ripplewood
-----------------------------------------------------
Alcatel (CGEP.PA and NYSE: ALA) signed an agreement with the
global private equity firm Ripplewood to divest all of its
electrical power system activities.  The power system activities
provide high-quality power solutions, securing and protecting
critical business equipment against failures or disturbances.
The activities are comprised of the AEG SVS Power Supply
Systems, Alcatel Converters, Harmer & Simmons and Saft Power
Systems business lines.  They offer one of the widest ranges of
services, systems and products (power systems, uninterruptible
power supplies, power controllers, converters) to diverse
end-markets, such as transportation, energy and water,
industries and telecommunications.

Alcatel's power system activities employ approximately 1300
people in 16 countries and had approximately EUR220 million of
sales in 2003.

Alcatel has met on Friday with the employee representatives of
the concerned units to inform them of this project about which
they will be consulted in the coming weeks.  This transaction
will allow Alcatel to further focus on its core business:
Telecommunications systems and solutions.  It will also allow
Ripplewood to complement its portfolio of industrial companies.
Financial details of the transaction are not disclosed.

"With this proposed transaction, we have reached the end of the
component activities divestiture program within the framework of
focusing on telecommunication solutions.  Furthermore, the
backing of an investment company will provide the power system
activities with increased financial flexibility to strongly
support its development," stated Jean-Pascal Beaufret, Chief
Financial Officer of Alcatel.

"We are excited about the growth prospects and profit potential
for the power system activities, and look forward to providing
support to the business to enhance its market position.  Bruce
Brock, a proven power electronics executive, will act as
Ripplewood's Industrial Partner for this investment," said
Donald Wagner, Ripplewood Managing Director.

Closing is expected in the fourth quarter of 2004, subject to
regulatory approvals.

About Alcatel

Alcatel provides communications solutions to telecommunication
carriers, Internet service providers and enterprises for
delivery of voice, data and video applications to their
customers or to their employees.  Alcatel leverages its leading
position in fixed and mobile broadband networks, applications
and services to bring value to its customers in the framework of
a broadband world.  With sales of EUR12.5 billion in 2003,
Alcatel operates in more than 130 countries.

About Ripplewood

Ripplewood is a global private equity firm that manages
approximately US$4 billion of private equity commitments,
focusing primarily on investments in the U.S., Europe and Japan.

Since it was founded in 1995, Ripplewood has invested over US$2
billion in 20 platform companies in multiple industries,
including automotive, consumer electronics, direct marketing,
financial services, consumer products, entertainment, specialty
chemicals, and telecom services.

CONTACT:  ALCATEL
          54, rue La Boetie
          75008 Paris, France
          Phone: +33 1 40 76 10 10
          Fax:   +33 1 40 76 14 05
          Web site: http://www.alcatel.com


ENTENIAL: Individual Rating Affirmed at 'C'
-------------------------------------------
Fitch Ratings placed Entenial's Long-term 'A' and Short-term
'F1' ratings on Rating Watch Positive.  Its Individual and
Support ratings have been affirmed at 'C' and '1', respectively.
At the same time, the agency has affirmed Credit Foncier de
France's ratings at Long-term 'AA-', Short-term 'F1+',
Individual 'C' and Support '1'; the Outlook on the Long-term
rating is Stable.

The Rating Watch reflects the strong likelihood of Entenial
merging with its strong institutional shareholder, CFF, in the
near future.  If this happens, Entenial's Long- and Short-term
ratings would be upgraded to 'AA-' and 'F1+', respectively.

In February 2004, CFF acquired from Assurances Generales de
France, a French insurance group, a 72% stake in Entenial, one
of its competitors in the French mortgage market.  Entenial's
ratings have since reflected the extremely high probability of
support from CFF in case of need.  Strong integration work has
since been underway between the two groups, and CFF has
successfully bought out Entenial's minority shareholders in
mid-2004.  This gives CFF 100% ownership of Entenial, reflecting
the latter's strategic importance and the degree of integration
sought by CFF.  Although neither confirmation nor precise timing
for the merger has been announced, Fitch believes the merger
between the two groups is very likely and plans to align
Entenial's Long- and Short-term ratings with CFF's when the
merger crystalizes.

As Entenial is already fully consolidated in CFF, such a merger
would not alter CFF's overall credit profile.  As a result CFF's
ratings are affirmed.

Entenial's main activity is financing homebuyers and buy-to-let
investors; it enjoys a 2.3% share of the French housing market.
It also offers structured finance services to corporate
customers and transaction banking services.  Entenial has a
network of 43 and employed 1,424 staff at end-2003.

CFF is a specialist financial institution with three main
activities: retail and wholesale mortgages, real estate
services, and financial activities.  Following the acquisition
of Entenial, CFF enjoys a 7% market share of the French personal
mortgage market.  Groupe Caisses d'Epargne (rated 'AA'/'F1+')
owns 95.4% of CFF's capital, with the remaining shares publicly
held.

CONTACT:  FITCH RATINGS
          Alexandre Ledouble
          Eric Dupont, Paris
          Phone: +33 (0) 1 44 29 9129

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


PERRIER: Government Brokers Talks Aimed at Preventing Sale
----------------------------------------------------------
Finance Minister Nicolas Sarkozy has invited the chief executive
of Nestle Waters France to a meeting to discuss the future of
its Perrier brand and other French operations.

Just-drinks.com quoted Mr. Sarkozy saying in an interview with
Europe 1 radio he will try to convince Nestle Waters management
to reopen talks with unions to prevent a sale of the business.
Nestle revived the possibility of selling the business last week
after trade unions rejected its early retirement offer for 1,047
workers.

"This meeting will allow the opportunity to clarify the
conditions for maintaining and developing Nestle Waters'
activities in France," the Finance Ministry said.

Perrier, one of the world's best-known water brands, is beset by
high production cost at its Vergeze plant in southern France.
Nestle first considered selling it in March, saying it was not
profitable enough.

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


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


DREWES SANITAR: Celle Court Appoints Insolvency Administrator
-------------------------------------------------------------
The district court of Celle opened bankruptcy proceedings
against on September 1, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 4, 2004 to register their claims
with court-appointed provisional administrator Karl-Heinz Blaha.

Creditors and other interested parties are encouraged to attend
the meeting on October 15, 2004, 10:00 a.m. at Saal 014,
Erdgeschoss, Nebenstelle, Muhlenstrasse 4 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:  DREWES SANITAR UND HEIZUNGSBAU GMBH
          Celler Str. 47, 29320 Hermannsburg
          (AG Celle, HRB 688)
          Contact:
          Eckehard Drewes, Manager

          Karl-Heinz Blaha, Insolvency Manager
          Bahnhofstr. 30A, 29221 Celle
          Phone: 05141/28011
          Fax: 05141/24722


IMPOTEX IM-UND: Last Day for Filing Claims October 22
-----------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against IMPOTEX Im- und Export von Lebensmitteln technischen
Geraten und Computern GmbH on September 1, 2004.  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 Dr. Martin Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting on November 30, 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
on/during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  IMPOTEX IM-UND EXPORT VON LEBENSMITTELN
          TECHNISCHEN GERATEN UND COMPUTERN GMBH
          Am Gut Wolf 6, 52070 Aachen
          Contact:
          Fariba Ghorashi, Manager
          Tittardsfeld 7, 52072 Aachen
          Phone: 0241 9329235
          Fax:   0241 9329245

          Dr. Martin Dreschers, Insolvency Manager
          Frankenstr. 12 - 16, 52070 Aachen
          Phone: 0241/94618-0
          Fax: 0241/533562

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


JAKU GMBH: Creditors Have Until October 22 to File Claims
---------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Jaku 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 Carsten Lange.

Creditors and other interested parties are encouraged to attend
the meeting on November 15, 2004, 10:30 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:  JAKU GMBH
          Stromgasse 31, 52064 Aachen
          Ralf Bremen, Oberdorfstr. 2, 52072 Aachen

          Carsten Lange, Insolvency Manager
          Wilhelmstrasse 25, 52070 Aachen
          0241/946210, Fax 02419462111

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


KELLERSHOFF GMBH: Under Bankruptcy Administration
-------------------------------------------------
The insolvency court of Bonn opened bankruptcy proceedings
against engineering firm Kellershoff GmbH on September 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 25,
2004 to register their claims with court-appointed provisional
administrator Markus Lehmkuhler.

Creditors and other interested parties are encouraged to attend
the meeting on November 25, 2004, 10:45 a.m. at the insolvency
court of Bonn 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:  KELLERSHOFF GMBH
          Lohestr. 36, 53773 Hennef

          Contact:
          Markus Lehmkuhler, Insolvency Manager
          Wilhelmstr. 40, 53111 Bonn
          Phone: 0228/92 66 60
          Fax: 0228/92 66 699

          INSOLVENCY COURT OF BONN
          Wilhelmstrasse 21, 53111 Bonn
          1. Stock, Saal W126


KRAMER BAU: Construction Firm Succumbs to Bankruptcy
----------------------------------------------------
The insolvency court of Bonn opened bankruptcy proceedings
against construction firm Kramer Bau GmbH on September 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 25,
2004 to register their claims with court-appointed provisional
administrator Dr. Jorg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on November 25, 2004, 9:30 a.m. at the insolvency
court of Bonn 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:  KRAMER BAU GMBH
          Allensteinerstr. 11, 53117 Bonn
          Contact:
          Hans-Peter Heuser, Manager
          Adenauer Platz 5, 53858 Niederkassel

          Dr. Jorg Nerlich, Insolvency Manager
          Sternstr. 79, 53111 Bonn
          Phone: 0228/94 59 820
          Fax: 0228/9459829

          INSOLVENCY COURT OF BONN
          Wilhelmstrasse 21, 53111 Bonn
          1. Stock, Saal W126


SAMETEX PROJEKTGESELLSCHAFT: First Creditors Meeting December 7
---------------------------------------------------------------
The district court of Krefeld opened bankruptcy proceedings
against Sametex Projektgesellschaft mbH on September 3, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 11,
2004 to register their claims with court-appointed provisional
administrator Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting on December 7, 2004, 11:15 a.m. at the district
court of Krefeld at which time the administrator will present
his first report of the insolvency proceedings.  The court will
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:  SAMETEX PROJEKTGESELLSCHAFT MBH
          Johs.-Girmes-Strasse 27, 47929 Grefrath
          Contact: Lambert Birker, Manager

          Horst Piepenburg, Insolvency Manager
          Heinrich-Heine-Allee 20
          40213 Dusseldorf
          Phone: (0211) 49 22 40
          Fax: +490211494087

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


SCHEIBLER PELTZER: Bankruptcy Court Stays All Pending Litigation
----------------------------------------------------------------
The district court of Krefeld opened bankruptcy proceedings
against textile company Scheibler Peltzer GmbH on September 3.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 11,
2004 to register their claims with court-appointed provisional
administrator Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting on December 7, 2004, 11:10 a.m. at the district
court of Krefeld at which time the administrator will present
his first report of the insolvency proceedings.  The court will
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:  SCHEIBLER PELTZER GMBH
          Johs.-Girmes-Strasse 27, 47929 Grefrath-Oedth
          Contact:
          Dr. Dirk Busse, Manager
          Stefan Altgassen, Manager
          Phone: +49/2158/30133
          Fax:   +49/2158/30321

          Horst Piepenburg, Insolvency Manager
          Heinrich-Heine-Allee 20, 40213 Dusseldorf
          Phone: (0211) 49 22 40
          Fax: +490211494087

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


=============
H U N G A R Y
=============


BRAU UNION: Alle Ypma New Chairman of Ailing Brewer
---------------------------------------------------
Brau Union Hungaria has appointed Alle Ypma as new board
chairman, replacing Edmund Ranftl who resigned Wednesday,
according to just-drinks.com.  Mr. Ypma's mandate as chairman
runs until June 30, 2008.

The company recently reported an 83% drop in first-half pre-tax
income to HUF391 million (US$1.89 million).  Its operating
income dived 85.5% to HUF341 million.  Discounting the
contribution of the product portfolio growth of
Heineken's Amstel, Brau's revenues are 4.1% lower.  This is
despite the fact that Brau increased its price by 8% this year.
Sales were low even in the general Hungarian market.  The drop
is partly due to high imports of low-priced German and Czech
canned beer.

CONTACT:  BRAU UNION
          Head Office
          Vandor Sandor utca 1.
          9400 Sopron
          Hungary
          Phone: +36 99 516 121
          Fax: +36 99 516 242
          Web site: http://www.brau.hu


=============
I R E L A N D
=============


BASS IRELAND: Workers to Kick off Series of Strike Thursday
-----------------------------------------------------------
Workers affected by the planned closure of Bass Ireland's
brewing plant in west Belfast are planning to stage a series of
strikes to seek better redundancy offer from the company.

According to Businessworld, union officials have already
informed the company regarding the 24-hour protests on Thursday
and Monday next week.  Further strikes on Monday and Tuesday the
week after that will depend on the outcome of these actions.

Last month, Interbrew, the Belgian owner of Bass Ireland Ulster
Brewery, said it will close the plant in January after failing
to find a buyer ready to absorb the operation as a going
concern.  The plan is expected to make 65 of the firm's 85
workers redundant.  Interbrew says it regrets matters had to
come this way, adding the best solution for the problem is a
negotiation.  It defended the redundancy offer, which is "six
times the statutory requirement," as generous and fair enough.

The future of Bass Ireland Ulster Brewery, the only brewery in
Northern Ireland, has been in doubt since it lost a profitable
bottling contract with Lucozase sports drink late last year.
Interbrew U.K. supply chain director David Randall said the loss
of the contract in December 2004 increased the cost of
maintaining the remaining brewery and kegging operations.  The
general overcapacity in the market aggravated the situation.

CONTACT:  BASS IRELAND ULSTER BREWERY
          Glen Road
          Belfast, Northern Ireland
          E-mail: Consumer.Helpline@interbrew.co.uk
          Web site: http://www.interbrew.com/index2b.html


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


ALITALIA SPA: Workers Finally Approve Restructuring Plan
--------------------------------------------------------
Struggling carrier Alitalia avoided bankruptcy Saturday after
Chief Executive Giancarlo Cimoli struck a decisive deal with
flight attendants, Reuters says.

The group was the last to agree with Mr. Cimoli's proposed
restructuring plan.  The chief executive recently had airline
pilots and ground crew concede to his plan.  After days of
negotiations, unions were able to reduce the number of job cuts
from 5,000 to 3,700.  Alitalia said the difference in savings
was largely compensated by other union concessions on wages and
benefits.  Analysts warn, however, the deal could only extend
Alitalia's life for several months as Mr. Cimoli needs "far more
good fortune" to sustain the carrier's restructuring plan.

Italian political analyst Sergio Romero said, "This could be a
turning point.  But you know perfectly well that all sorts of
things could happen along the way."

According to Reuters, Alitalia needs steadfast support from its
employees, the European Commission and the Italian government to
become a competitive, profit-making company.

Mr. Cimoli presented his plan to the board for approval
yesterday.  Alitalia is now expected to draw a EUR400 million
state-backed bridging loan to remain afloat while implementing
the restructuring plan.

Meanwhile, the European Commission said they would carefully
review details of Mr. Cimoli's plan, which will be submitted in
October.  The commission also wants to make sure the Italian
government fulfills its promise to reduce its stake in Alitalia
from 62% to less than 50% within a year and to make sure there
are no elements of illegal state aid.

E.U. transport commissioner, Loyola de Palacio, said in a
statement Sunday, "It is now up to the commission to reach a
verdict on the restructuring as soon as the details of the plan
have been communicated by the Italian government."  He added he
was pleased "that everyone's sense of responsibility prevailed
in this issue."

Despite giving their nod to the plan, unions said their
continued support for it will depend on future government aid
for unemployed workers.  They add they are worried over Mr.
Cimoli's plan to split Alitalia's non-core assets into a
separate unit called AZ Service.  They want the government to
keep some control over AZ Service and attach it to AZ Fly,
Alitalia's future flying unit, through an umbrella holding.  AZ
is expected to benefit from fresh capital injections and fleet
expansion in 2007 and 2008.

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: Court Approves Key Executive Appointments
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
gave authority to Farmland Dairies, LLC, a Parmalat U.S.A.
Corporation debtor-affiliate, to employ:

(a) Mikael B. Pederson, as Executive Vice-President, effective
    as of August 2, 2004; and

(b) Teresa E. Webb, as Chief Financial Officer, effective as
    of August 16, 2004.

As reported in TCR-Europe on September 8, 2004, the Debtors
required additional senior management to work in concert with
James A. Mesterharm, the Chief Restructuring Officer, and Martin
J. Margherio, the President and Chief Operating Officer, to
implement restructuring initiatives and effectively manage its
business and financial operations.

The appointment of Mr. Pederson and Ms. Webb will provide
Farmland with additional experienced senior level management
necessary to contribute to its reorganization as a going
concern.

                    Services to be Provided

Mr. Pederson will be responsible for managing Farmland's milk
production business.  This includes administration of employees
and supervision of daily operations.

Ms. Webb will be responsible for oversight of Farmland's
finances, strategic accounting, and business development.

                         Qualifications

Mr. Pederson has a wealth of experience in the business of
production and distribution of milk and related dairy products.
Mr. Pederson began his career in the milk production and
distribution business over 25 years ago with Beatrice Foods,
where he served as Plant Superintendent at Meadow Gold Dairies
in Clarksburg, West Virginia. In 1982, he joined Crowley Foods,
LLC, a dairy manufacturing company headquartered in Binghamton,
New York.  During his tenure at Crowley, Mr. Pederson served in
various capacities including Plant Manager, Division Manager,
Vice President and General Manager of Kemps Foods, Inc., a
wholly owned subsidiary of Crowley.  In July 1995, he was
appointed Vice-President of Operations.

Mr. Pederson was instrumental in three key acquisitions for
Crowley, which helped propel the once local fluid milk processor
into a diversified regional food company with estimated 2003
sales of US$577,000,000.  In addition, Mr. Pederson is actively
involved in local community affairs and serves as a member of
the board of directors of the American Civic Association.

Ms. Webb is a certified public accountant with nearly 20 years
of accounting experience in the milk production and distribution
business.  Following employment at several large accounting
firms, M. Webb joined Crowley as a staff accountant in 1984.
She was later promoted to Corporate Controller, and in September
of 1992, she was named Vice-President of Finance and Chief
Financial Officer.

During her tenure at Crowley, Ms. Webb was a key participant in
nine acquisitions of dairy businesses.  In addition, Ms. Webb
was appointed President of Kemps, and along with Mr. Pederson,
was responsible for the restructuring of Kemps and a turn around
of US$2,000,000 in annual losses to annual profits of
US$3,300,000.  Ms. Webb also is a member of the board of
directors of United Health Services and The Broome Community
College Foundation, and also serves on the Broome County IDA
Loan Committee.

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

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Sede legale: 43044 Collecchio (Pr)
          - Via Oreste Grassi, 26
          Codice fiscale e iscrizione nel Registro delle Imprese
          di Parma 00175250471 - Partita I.V.A. 01938950340 -
          R.E.A. Parma n. 188325 - U.I.C. n. 730

          Sede amministrativa: 20122 Milano
          Piazza Erculea, 9
          Phone: (39) 02.8068801
          Fax: (39) 02.8693863
          E-mail: x_affari_societari_it@parmalat.net


PARMALAT FINANZIARIA: Former CFO Seeking Severance Payments
-----------------------------------------------------------
Another jailed ex-Parmalat executive is seeking a
multi-million-euro severance pay from the firm.

Former Chief Financial Officer Fausto Tonna is seeking EUR5
million (US$6 million) in payments, Forbes reports citing
judicial sources.  Mr. Tonna is among the executives prosecutors
are trying to pin down for allegedly masterminding fraudulent
activities that drove Parmalat into insolvency in December.  He
was granted house arrest in April together with Parmalat founder
Calisto Tanzi and another finance executive, Luciano Del
Soldato.

Mr. Tanzi sought EUR115,000 (US$140,000) in severance earlier
this year, but government-appointed bankruptcy administrator
Enrico Bondi rejected his claim.  According to the report, Mr.
Tonna's claim will meet the same fate, although a final decision
is up to the judge.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Sede legale: 43044 Collecchio (Pr)
          - Via Oreste Grassi, 26
          Codice fiscale e iscrizione nel Registro delle Imprese
          di Parma 00175250471 - Partita I.V.A. 01938950340 -
          R.E.A. Parma n. 188325 - U.I.C. n. 730

          Sede amministrativa: 20122 Milano
          Piazza Erculea, 9
          Phone: (39) 02.8068801
          Fax: (39) 02.8693863
          E-mail: x_affari_societari_it@parmalat.net


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


VERSATEL TELECOM: Raising EUR100 Mln Via Private Bond Placement
---------------------------------------------------------------
Versatel Telecom International N.V. announces the pricing of the
offering of EUR100 million in principal amount of unsubordinated
Convertible Bonds due 2011 (the "Bonds") launched Friday.  The
Bonds have been offered to institutional investors only.

Versatel intends to use the proceeds of this financing for
general corporate purposes, including supporting its acquisition
growth strategy in its core markets.  The company believes that
this issue will increase its financial flexibility at an
attractive cost and reduce some of the capital markets risk from
its stated strategy of financing acquisitions through new share
issues.

The Bonds will be issued by Versatel and will, subject to the
terms and conditions of the Bonds, be convertible into
approximately 49.2 million new Versatel ordinary shares, par
value EUR0.02 (the Shares) at the initial conversion price,
representing approximately 9.8% of Versatel's current issued
ordinary share capital.  The Bonds will be issued at 100% of
their principal amount.  The coupon on the Bonds will be 3.875%
per annum payable annually in arrear and the initial conversion
price will be EUR2.033, a premium of 28% to the reference price
of the Shares, as traded on Euronext Amsterdam.

In addition, Versatel has granted JPMorgan as the Lead Manager
an option to subscribe for additional Bonds with an aggregate
principal amount of up to EUR25 million at any time before
settlement.  Application will be made for the Bonds to be listed
on the official segment of Euronext Amsterdam's stock exchange.
JPMorgan is acting as Sole Bookrunner and Lead Manager in this
transaction.

Versatel Telecom International N.V. (Euronext: VRSA). Versatel,
based in Amsterdam, is a competitive communications network
operator and a leading alternative to the former monopoly
telecommunications carriers in its target market of the
Netherlands, Belgium and Germany.  Founded in October 1995, the
Company holds full telecommunication licenses in The
Netherlands, Belgium and Germany and has over 1 million
customers and approximately 1,700 employees.  Versatel operates
a facilities-based local access broadband network that uses the
latest network technologies to provide business customers with
high bandwidth voice, data and Internet services. Versatel is a
publicly traded company on Euronext Amsterdam under the symbol
"VRSA".

CONTACT:  VERSATEL N.V.
          AJ Sauer
          Corporate Finance & Investor Relations Manager
          Phone: +31-20-750-1231
          E-mail: aj.sauer@versatel.nl

          Anoeska van Leeuwen
          Director Corporate Communications
          Phone: +31-20-750-1322
          E-mail: anoeska.vanleeuwen@versatel.nl


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


PETROLEUM GEO-SERVICES: Strike Threatens to Halt Varg Production
----------------------------------------------------------------
Petroleum Geo-Services A.S.A.(OSE: PGS; OTC: PGEOY) received
notice from the Norwegian Oil Workers Union that effective
October 8, 2004, the OFS will order its members on PGS floating,
production, storage and offloading vessel Petrojarl Varg to join
other OFS members in the offshore strike which commenced in July
2004.  Accordingly, if the OFS strike is not resolved by October
8, 2004, the production on the Petrojarl Varg will be shut down
shortly thereafter.

Petrojarl Varg is producing the Varg field on the Norwegian
Continental Shelf which is 70% owned by Pertra, a wholly-owned
subsidiary of PGS.  PGS has previously announced that oil
production on the Varg field is expected to exceed 25,000
barrels per day in the second half of 2004.

If the OFS strike commences on Petrojarl Varg, PGS oil
production associated with Pertra's share of the Varg field,
expected to be above 17,500 barrels per day, will stop until the
strike is resolved.  However, the effect on net income of the
reduced revenue will be mitigated by reduced taxes at the NCS
tax rate of 78%.  The Petrojarl Varg vessel will receive
compensation at the force majeure rate in the revised contract,
announced September 15, 2004, of US$ 180,000 per day.

PGS believes that this is a very unfortunate escalation of the
conflict.  What the industry and employees need is a rapid
resolution of this conflict and a return to business as usual.

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 (FPSOs)
and owns a small oil and gas company.  PGS operates on a
worldwide basis with headquarters in Oslo, Norway.  For more
information visit http://www.pgs.com.

CONTACT:  PETROLEUM GERO-SERVICES
          Ola Bosterud
          Sam R. Morrow
          Svein T. Knudsen
          Phone: +47 6752 6400

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


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


BAKERY: Public Auction of Assets Today
--------------------------------------
The bidding organizer of state unitary enterprise Bakery will
sell the firm's properties today at 12:00 noon.  The list of
documentary requirements for participants is available at
Russia, Tver, Rumyantseva Str. 9, office 1.  To participate,
bidders must deposit an amount equivalent to 5% of the starting
price to the settlement account 40502810263220100017 in the
Rzhevskoye branch 1559, Rzheva.

CONTACT:  BAKERY
          Russia, Tver region,
          Rzhev, Zheleznodorozhniy Per. 1


BUGURUSLANSKY - ALINA: Deadline for Proofs of Claim September 30
----------------------------------------------------------------
The Arbitration Court of Orenburg region has declared LLC food
combine Buguruslansky - Alina insolvent and introduced
bankruptcy proceedings.  The case is docketed as
A47-13000/2003-14 GK.  Mr. S. Polschikov has been appointed
insolvency manager.   Creditors have until September 30, 2004 to
submit their proofs of claim to 460000, Russia, Orenburg,
Privokzalnaya Square, 1A, Post User Box 63.

CONTACT:  BUGURUSLANSKY - ALINA
          461630, Russia,
          Orenburg region,
          Buguruslan, Nekrasova Str. 57

          Mr. S. Polschikov
          Insolvency Manager
          460000, Russia,
          Orenburg, Privokzalnaya Square, 1A,
          Post User Box 63


COMMON BOOK: Appoints V. Ivanov Insolvency Manager
--------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has declared LLC Common Book Network insolvent and
introduced bankruptcy proceedings.  The case is docketed as
A56-20425/04.  Mr. V. Ivanov has been appointed insolvency
manager.   Creditors have until September 30, 2004 to submit
their proofs of claim to 191028, Russia, Saint-Petersburg,
Gagarinskaya Str. 25, Office 19.

CONTACT:  COMMON BOOK NETWORK
          195027, Russia,
          Saint-Petersburg,
          Krasnogvardeyskaya Pl. 2

          Mr. V. Ivanov
          Insolvency Manager
          191028, Russia,
          Saint-Petersburg,
          Gagarinskaya Str. 25,
          Office 19


KARELIYA REPUBLIC: Selling RUB797,645 Worth of Assets
-----------------------------------------------------
The bidding organizer of state enterprise fund of state property
Kareliya Republic will sell the firm's properties on September
23, 2004, 12:00 noon.  The assets for sale are building
constructions for animal livestock.  Starting price: RUB797,645.

Preliminary examination and reception of bids are done until
tomorrow, 5:00 p.m.  The list of documentary requirements for
participants is available at Russia, Kareliya republic,
Petrozavodsk, Gagalya Str. 12.  To participate, bidders must
deposit RUB159,529 to the settlement account
40603810400000000007 in OJSC Bank ONEGO, correspondent account
30101810100000000746, BIC 048602746, TIN 1001041450, KPP
100101001.

CONTACT:  KARELIYA REPUBLIC
          Russia, Kareliya republic,
          Petrozavodsk, Gagalya Str. 12
          Phone: (814-2) 78-36-75, 76-56-47


KUNGURSKIY: Declared Insolvent
------------------------------
The Arbitration Court of Perm region has declared OJSC meat
combine Kungurskiy insolvent and introduced bankruptcy
proceedings.  The case is docketed as A50-2937/2004-B.  Ms. M.
Leongardt has been appointed insolvency manager.  Creditors have
until October 13, 2004 to submit their proofs of claim to
614010, Russia, Perm, Post User Box 5198.

CONTACT:  KUNGURSKIY
          617470, Russia,
          Perm region, Kungur,
          Borovaya Str. 2

          Ms. M. Leongardt
          Insolvency Manager
          614010, Russia,
          Perm, Post User Box 5198


NERCHINSKIYE MINES: Chita Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Arbitration Court of Chita region has declared OJSC
Nerchinskiye Mines insolvent and introduced bankruptcy
proceedings.  The case is docketed as A78-455/2004-B-7.  Mr. S.
Sakhnenko has been appointed insolvency manager.  Creditors have
until October 13, 2004 to submit their proofs of claim to
672000, Russia, Chita, Central Post Office, Post User Box 891.

CONTACT:  NERCHINSKIYE MINES
          674320, Russia,
          Chita region, Klichka,
          Lazo Str. 3

          Mr. S. Sakhnenko
          Insolvency Manager
          672000, Russia, Chita,
          Central Post Office,
          Post User Box 891


ORENBURG-NEFTE-STROY: Last Day for Filing Claims September 30
-------------------------------------------------------------
The Arbitration Court of Orenburg region has declared OJSC
Orenburg-Nefte-Stroy insolvent and introduced bankruptcy
proceedings.  The case is docketed as A47-11579/2003-14GK.  Mr.
A. Tsukanov has been appointed insolvency manager.  Creditors
have until September 30, 2004 to submit their proofs of claim to
460024, Russia, Orenburg, Turkestanskaya Str. 10A.

CONTACT:  ORENBURG-NEFTE-STROY
          461010, Russia,
          Orenburg region, Buzuluk,
          Tekhnicheskaya Str. 3A

          Mr. A. Tsukanov
          Insolvency Manager
          460024, Russia,
          Orenburg,
          Turkestanskaya Str. 10A


OSKOL-OIL-PRODUCTS: Deadline for Proofs of Claim September 30
-------------------------------------------------------------
The Arbitration Court of Belgorod region has declared LLC
Oskol-Oil-Products insolvent and introduced bankruptcy
proceedings.  The case is docketed as A08-190/04-2 B.  Mr. Y.
Razinkov has been appointed insolvency manager.  Creditors have
until September 30, 2004 to submit their proofs of claim to
309518, Russia, Belgorod region, Stary Oskol, Priborostroitel
location, 54.

CONTACT:  OSKOL-OIL-PRODUCTS
          309518, Russia,
          Belgorod region, Stary Oskol,
          Priborostroitel location, 51

          Mr. Y. Razinkov
          Insolvency Manager
          309518, Russia,
          Belgorod region, Stary Oskol,
          Priborostroitel location, 54
          Phone: (0725) 337019


POKROVSKY FACTORY: Succumbs to Bankruptcy
-----------------------------------------
The Arbitration Court of Vladimir region has declared federal
state unitary enterprise Pokrovsky Factory of Bio Medication
(TIN/KPP 3321000329/332101001) insolvent and introduced
bankruptcy proceedings.  The case is docketed as
A11-2971/2002-K1-131B.  Mr. A. Mikhaylov has been appointed
insolvency manager.  Creditors have until September 30, 2004 to
submit their proofs of claim to 600009, Russia, Vladimir,
Elektrozavodskaya Str. 7, Room 207.

CONTACT:  POKROVSKY FACTORY OF BIO MEDICATION
          601125, Russia,
          Vladimir region,
          Petushinaky region, Volginsky

          Mr. A. Mikhaylov
          Insolvency Manager
          600009, Russia, Vladimir,
          Elektrozavodskaya Str. 7, Room 207


RADUGA: Creditors Have Until September 30 to File Claims
--------------------------------------------------------
The Arbitration Court of Bryansk region has declared OJSC Raduga
(TIN 3210000588) insolvent and introduced bankruptcy
proceedings.  The case is docketed as A09-12944/03-26.  Mr. A.
Scherbak has been appointed insolvency manager.  Creditors have
until September 30, 2004 to submit their proofs of claim to
241037, Russia, Bryansk-37, Post User Box 42.

CONTACT:  RADUGA
          242750, Russia,
          Bryansk region,
          Dubrovka, Krasnaya Str. 7

          Mr. A. Scherbak
          Insolvency Manager
          241037, Russia,
          Bryansk-37,
          Post User Box 42
          Phone: (0832) 62-28-59


ROAD BUILDING: Public Auction Today
-----------------------------------
The bidding organizer of LLC Road Building Corporation-6 will
sell the firm's properties today, 12:00 noon.  It will be held
at Russia, Tula, Ryazanskaya Str. 1, Room 603.

The assets for sale are:

Lot 1:  Control Room Building.  Starting price: RUB19,000
        (inclusive of VAT).

Lot 2:  Warehouses, boiler and three equipment units.  Starting
        price: RUB207,000 (inclusive of VAT).

Lot 3:  Garage building and lightning tower.  Starting price:
        RUB119,000 (inclusive of VAT).

Lot 4:  A workshop.  Starting price: RUB101,000 (inclusive of
        VAT).

Lot 5:  Material Warehouse.  Starting price: RUB54,000
        (inclusive of VAT).

Lot 6:  Garage building (letter A).  Starting price: RUB13,000
        (inclusive of VAT).

Lot 7:  Four equipment units, two cars.  Starting
        price: RUB166,300 (inclusive of VAT).

The list of documentary requirements for participants is
available at Russia, Tula, Ryazanskaya Str. 1, Room 601 - 603.

CONTACT:  ROAD BUILDING CORPORATION-6
          Russia, Tula region,
          Donskoy, Gertsena Str. 18


TRANSFORMER: Irkutsk Court Appoints Insolvency Manager
------------------------------------------------------
The Arbitration Court of Irkutsk region has declared LLC
Transformer insolvent and introduced bankruptcy proceedings.
The case is docketed as A19-1088/04-38.  Mr. V. Kisilyev has
been appointed insolvency manager.  Creditors have until
September 30, 2004 to submit their proofs of claim to Russia,
Irkutsk-50, Post User Box 1.

CONTACT:  TRANSFORMER
          665709, Russia,
          Irkutsk region, Bratsk,
          Energetik, area of Bratskaya
          hydroelectric power station

          Mr. V. Kisilyev
          Insolvency Manager
          Russia, Irkutsk-50,
          Post User Box 1


YUKOS OIL: Chalks Rare Win Versus Government Over Tax Arrears
-------------------------------------------------------------
The Moscow Arbitration Court denied the motion of the Tax
Ministry to dismiss the appeal filed by Yukos questioning its
move to collect back taxes for 2000.

The ministry, according to Interfax, had argued that the court
has lost jurisdiction over the case because the order to collect
over RUB99 billion in tax arrears has already entered into force
and the collection has begun.  In addition, the case cannot be
considered in the arbitration court because it does not breach
the rights of Yukos, the ministry said.

The court on Thursday rejected the motion and, instead,
scheduled a preliminary hearing on September 22.  Yukos wants
the court to void the ministry's tax claims against the company.

In addition to alleged unpaid taxes for 2000, the ministry has
also billed Yukos a further RUB119.9 billion in tax arrears for
2001.  Analysts expect the ultimate figure to reach more than
US$10 billion.

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

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

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


YUKOS OIL: Halts Oil Export to China National Petroleum
-------------------------------------------------------
A Yukos Oil spokesman confirmed to Interfax the company's
executive board decided to suspend oil exports to China National
Petroleum Corporation (CNPC) over the weekend.

The spokesman said the move is "a temporary measure."  Yukos has
a contract to deliver 1 million tons of oil to the company
before the end of the year.

"Yukos' transport expenses and customs payments total
US$150-US$170 per ton.  The company currently has limited access
to its accounts and cannot bear such expenses," the spokesman
said.

It assured the firm will honor commitments to another major
Chinese oil company Sinopec, whose contract it considered as
more critical than for the CNPC.

"Yukos will resume its exports to China fully the moment it
regains access to its accounts, frozen by the Justice Ministry,"
the spokesman said.

CONTACT:  YUKOS OIL
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

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

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


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


CENTRBUDMETAL: Dnipropetrovsk Court Opens Bankruptcy Proceedings
----------------------------------------------------------------
The Economic Court of Dnipropetrovsk region declared LLC
Centrbudmetal (code EDRPOU 32405599) insolvent and introduced
bankruptcy proceedings on August 10, 2004.  The case is docketed
as B 40/91/04.  Arbitral manager Mr. Shevtsov Yevgen (License
Number AA 250313) has been appointed liquidator/insolvency
manager.  The company holds account number 2600800100864 at LLC
CB Zemelnij Kapital, MFO 305880.

CONTACT:  CENTRBUDMETAL
          49100, Ukraine, Dnipropetrovsk region,
          Slavi Boulevard, 8/362

          Mr. Shevtsov Yevgen
          Liquidator/Insolvency Manager
          49069, Ukraine, Dnipropetrovsk region,
          a/b 3925

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


CHAJKA: Bankruptcy Supervision Begins
-------------------------------------
The Economic Court of Vinnitsya region has commenced bankruptcy
supervision procedure on LLC Chajka (code EDRPOU 20107243).
The case is docketed as 5/385-04.  Mr. Vlasuk Mikola,
representative of Hmilnik Regional State Tax Inspection, has
been appointed temporary insolvency manager.  The company holds
account number 2002279701001 at CB Privatbank, Hmilnik branch,
MFO 362689; and account number 26008272 at JSPPB Aval, Vinnitsya
regional branch, MFO 302247.

Creditors have until September 30, 2004 to submit their proofs
of claim to:

(a) CHAJKA
    22000, Ukraine, Vinnitsya region,
    Hmilnik, Lisenko Str. 5

(b) Mr. Vlasuk Mikola
    Temporary Insolvency Manager
    22000, Ukraine, Vinnitsya region,
    Hmilnik, Lenin Str. 29
    Phone: 2-30-93

(c) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7

DONPROMTRANS: Proofs of Claim Deadline Expires September 30
-----------------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Donpromtrans (code EDRPOU 30416169)
The case is docketed as 46/280-b.  The company holds account
number 26005959676495 at Prominvestbank, Donetsk branch, MFO
335537.  Mr. Valentin Popovich (License Number AA 719873
approved on March 2, 2004) has been appointed temporary
insolvency manager.

Creditors have until September 30, 2004 to submit their proofs
of claim to:

(a) DONPROMTRANS
    01004, Ukraine, Kyiv region,
    Basejna Str. 3/5

(b) Mr. Popovich Valentin
    Temporary Insolvency Manager
    04080, Ukraine, Kyiv region,
    Turivska Str. 18/20

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


KANSEJ LTD.: Court Appoints L. Miroshnichenko Liquidator
--------------------------------------------------------
The Economic Court of Harkiv region declared LLC Kansej Ltd.
(code EDRPOU 212330738) insolvent and introduced bankruptcy
proceedings on July 19, 2004.  The case is docketed as
B-48/72-04.  Arbitral manager Mr. L. Miroshnichenko (License
Number AA 630027 approved on November 17, 2003) has been
appointed liquidator/insolvency manager.

Creditors have until September 30, 2004 to submit their proofs
of claim to:

(a) KANSEJ LTD.
    Ukraine, Harkiv region,
    Moskovskij Avenue, 10/12

(b) Mr. L. Miroshnichenko
    Liquidator/Insolvency Manager
    Ukraine, Harkiv region,
    Poltavskij shlyah Str. 6/4-a

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


LITINRAJAGROTEHSERVICE: Last Day for Filing Claims September 30
---------------------------------------------------------------
The Economic Court of Vinnitsya region has commenced bankruptcy
supervision procedure on OJSC Litinrajagrotehservice (code
EDRPOU 00902412).  The case is docketed as 10/117-04.  Mr. Vasil
Glebov (License Number AA 630087 approved on December 10, 2003)
has been appointed temporary insolvency manager.  The company
holds account number 260026632 at JSPPB Aval, Vinnitsya branch,
MFO 302247.

Creditors have until September 30, 2004 to submit their proofs
of claim to:

(a) LITINRAJAGROTEHSERVICE
    22300, Ukraine, Vinnitsya region,
    Litin, Radyanska Str. 87

(b) Mr. Vasil Glebov
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Hmelnitske Shose Str. 23/13
    Phone: 32-75-22

(c) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske Shose Str. 7


LUANSKVUGLEZVYAZOK: Under Bankruptcy Supervision
------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on LLC Luanskvuglezvyazok (code EDRPOU
21780166) on July 13, 2004.  The case is docketed as 22/70b.
Mrs. Sidorenko Maria (License Number AA 783072 approved on April
21, 2004) has been appointed temporary insolvency manager.  The
company holds account number 26003002001 at JSB Nadra, Lugansk
branch, MFO 304193.

Creditors have until September 30, 2004 to submit their proofs
of claim to:

(a) LUANSKVUGLEZVYAZOK
    91000, Ukraine, Lugansk region,
    Lermontov Str. 1-g

(b) Mrs. Sidorenko Maria
    Temporary Insolvency Manager
    91000, Ukraine, Lugansk region,
    Chernigivska Str. 12

(c) ECONOMIC COURT OF LUGANSK REGION
    91000, Ukraine, Lugansk region,
    Geroiv VVV Square, 3a


REGIONPROMKOMPLEKT: Harkiv Court Appoints Liquidator
----------------------------------------------------
The Economic Court of Harkiv region declared CJSC
Regionpromkomplekt (code EDRPOU 23469751) insolvent and
introduced bankruptcy proceedings on August 19, 2004.  The case
is docketed as B-19/33-04.  Arbitral manager Mrs. N. Ivleva
(License Number 250463 approved on April 18, 2002) has been
appointed liquidator/insolvency manager.  The company holds
account number 260061061 at JSPPB Aval, Harkiv regional branch,
MFO 350589.

CONTACT:  REGIONPROMKOMPLEKT
          62011, Ukraine, Harkiv region,
          Krasnokutskij district,
          Koziyivka, Lenin Str. 44

          Mrs. N. Ivleva
          Liquidator/Insolvency Manager
          61189, Ukraine, Harkiv region,
          S. Tarhov Str. 5/9
          Phone: 8 (067) 902-72-57

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


TEPLOENERGO: Temporary Insolvency Manager Named
-----------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Commercial House Teploenergo (code
EDRPOU 30268056) on July 2, 2004.  The case is docketed as
6/71-04.  Mr. Yurij Hovrin (License Number AA 250403 approved on
March 27, 2002) has been appointed temporary insolvency manager.
The company holds account number 2600511367 at JSPPB Aval, Sumi
branch, MFO 337278.

Creditors have until September 30, 2004 to submit their proofs
of claim to:

(a) COMMERCIAL HOUSE TEPLOENERGO
    44030, Ukraine, Sumi region,
    Shishkarivska Str. 9

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


VISKO: Insolvency Manager Takes over Helm
-----------------------------------------
The Economic Court of Donetsk region declared LLC
Scientific-Production Firm Visko (code EDRPOU 21988116)
insolvent and introduced bankruptcy proceedings on June 23,
2004.  The case is docketed as 33/209 B.  Arbitral manager Mr.
Eduard Pertsov (License Number AA 047749) has been appointed
liquidator/insolvency manager.

CONTACT:  SCIENTIFIC-PRODUCTION FIRM VISKO
          83023, Ukraine, Donetsk region,
          Hodakovskij Str. 5

          Mr. Eduard Pertsov
          Liquidator/Insolvency Manager
          83000, Ukraine, Donetsk region,
          Komsomolskij Avenue, 28/94

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


ZORYA: Vinnitsya Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Vinnitsya region declared Agricultural LLC
Zorya (code EDRPOU 03733186) insolvent and introduced bankruptcy
proceedings on August 5, 2004.  The case is docketed as 355-04.
Regional Management of Bankruptcy Questions of Vinnitsya region
has been appointed liquidator/insolvency manager.  The company
holds account number 26002000205 at CB Dnister, Kozyatin branch,
MFO 302430.

Creditors have until September 30, 2004 to submit their proofs
of claim to:

(a) AGRICULTURAL ZORYA
    22700, Ukraine, Vinnitsya region,
    Illinetskij district, Pavlivka,
    Engels Str. 92

(b) Liquidator/Insolvency Manager
    Ukraine, Vinnitsya region,
    K. Marks Str. 50
    Phone: (0432) 63-08-69

(c) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


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


ABBEY NATIONAL: Discloses Scheme of Arrangement with Santander
--------------------------------------------------------------
Further to announcements made on 26 July 2004 and 15 September
2004 in connection with the recommended Acquisition of Abbey by
Banco Santander, the Abbey Board announces that documents
relating to the recommended Acquisition are being posted to
Abbey Shareholders.  The Acquisition is to be implemented by
means of a scheme of arrangement under section 425 of the
Companies Act 1985.

Abbey Shareholders are being posted these documents: (i) a
letter from the Chairman of Abbey, including a question and
answer section to explain certain features of the Acquisition
and the Scheme, (ii) a scheme document, including notices
convening the Court Meeting and the Abbey EGM, and (iii) Forms
of Proxy for the Court Meeting and the Abbey EGM.

Expected Timetable of Principal Events

A full description of the expected timetable of principal events
can be found in the scheme document.  All times are London time,
unless otherwise specified.

Event                               Time and/or date (2004)

Latest time for receipt by the
Abbey Depositary of completed       5.00 pm (New York time) on
ADS Voting Instruction Cards         October 7
from registered holders of
Abbey ADSs

Latest time for receipt
of completed Forms of
Proxy for the Court                 11:00 am on 12 October
Meeting [1]

Latest time for receipt
of completed Forms of
Proxy for the Abbey EGM             11:10 am on 12 October

Court Meeting                       11:00 am on 14 October

Abbey EGM                           11:00 am on 14 October [2]

Banco Santander General
Shareholders Meeting -
first/second call                   12:00 noon on 20/21 October

First Court Hearing
(to sanction the Scheme)            8 November [3]

Second Court Hearing
(to confirm the reduction
of capital)                         11 November [3]

Effective Date and
last date for dealings
in Abbey Shares and Abbey ADSs      12 November [3][4]

Scheme Record Time and
Dividend Record Time [5]            4:30 pm on 12 November [3]

Dealings in New
Banco Santander Shares
on the market of Bolsas
de  Valores expected to commence    16 November [3]


----------
[1] If not received by this time, the Form of Proxy for the
court Meeting may be handed to the Chairman of the Court Meeting
at that meeting.

[2] The Abbey EGM will commence at 11.10 a.m. or, if later, as
soon thereafter as the Court Meeting shall have been concluded
or adjourned.

[3] These dates are indicative only.

[4] The Abbey ADS register will close at 4.30 pm London/11.30am
New York time on 12 November 2004.

[5] Abbey and Banco Santander have agreed that the Dividend
Record Time will be on the Effective Date, rather than three
business days prior to the Effective Date as originally
announced on 26 July 2004.

The Court Meeting and Abbey EGM will be held at the Wembley
Conference Centre, Stadium Way, Wembley, HA9 ODW.

Conditions

The conditions to the Scheme and the Acquisition are set out in
full in the scheme document.  Following Banco Santander's
announcement on 15 September that it has received clearance from
the European Commission to proceed with the Acquisition, the
substantive conditions to the Acquisition left to be satisfied
are shareholder approvals by Abbey Shareholders and Banco
Santander Shareholders, remaining regulatory consents, and the
Scheme, together with the associated reduction of capital,
becoming effective and being implemented.

Further Information

The scheme document, the Forms of Proxy and the other documents
listed in Section 17 of Part 11 of the scheme document will be
available for inspection during normal business hours on any
weekday (Saturday, Sunday and U.K. public holidays excepted) at
Abbey National House, 2 Triton Square, Regent's Place, London
NW1 3AN, United Kingdom, from Friday to and including the
Effective Date.

The scheme document is also available at http://www.abbey.com
(except that in order to comply with local securities laws,
residents of Portugal (except Abbey shareholders), Malaysia and
Italy will not be permitted to access the Scheme Document on the
Abbey Web site) and copies will be submitted to the U.K. Listing
Authority for inclusion in the U.K. Listing Authority's Document
Viewing Facility which is situated at Financial Services
Authority, 25 North Colonnade, Canary Wharf, London E14 5HS,
United Kingdom (Phone: +44 (0) 20 7676 1000), for inspection
during normal business hours on any weekday (Saturday, Sunday
and U.K. public holidays excepted) until the Effective Date.

Capitalized terms in this announcement have the same meaning as
in the scheme document.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR FROM
CANADA, AUSTRALIA, JAPAN, MALAYSIA OR ITALY

CONTACT:  ABBEY NATIONAL
          Communications
          Thomas Coops
          Phone: +44 207 756 5536

          Investors and Analysts
          Jonathan Burgess
          Phone: +44 207 756 4182

          Media Relations
          Christina Mills
          Phone: +44 207 756 4212

          Matthew Young
          Phone: +44 207 756 4232

          BRUNSWICK
          Susan Gilchrist
          Phone: +44 20 7396 5301

          MORGAN STANLEY
          Simon Robey
          Phone: +44 207 425 5555

          Caroline Silver
          Phone: +44 207 425 5555

          William Chalmers
          Phone: +44 207 425 5555

          Joint Brokers to Abbey

          LEHMAN BROTHERS INTERNATIONAL
          UBS Investment Bank
          Stephen Pull
          Phone: +44 207 102 1000

          Tim Waddell
          Phone: +44 207 567 8000

          Charles King
          Phone: +44 207 102 1000

          Christopher Smith
          Phone: +44 207 567 8000


AFS (SKIPTON): Names Tom Harrison Insolvency Services Liquidator
----------------------------------------------------------------
At an extraordinary general meeting of the AFS (Skipton) Limited
on September 7, 2004, the following extraordinary resolution to
wind up the company was passed.  T C E Harrison of Tom Harrison
Insolvency Services, Concourse House, 432 Dewsbury Road, Leeds
LS11 7DF has been appointed liquidator for the purpose of such
winding-up.

CONTACT:  TOM HARRISON INSOLVENCY SERVICES
          Concourse House
          432 Dewsbury Road,
          Leeds LS11 7DF
          T C E Harrison
          Phone: 0800 0321 449
          Web site: http://www.this.uk.com


AGGREGATE ENERGY: GMAC Commercial Appoints KPMG Receiver
--------------------------------------------------------
GMAC Commercial Finance plc called in Allan Watson Graham and
Myles Antony Halley as joint administrative receivers for
Aggregate Energy Limited (Reg No 03719165, Trade Classification:
03).  The application was filed September 8, 2004.  The company
is an agent in selling fuel, ores etc.

CONTACT:  KPMG
          Corporate Recovery
          2 Cornwall Street
          Birmingham B3 2DL
          Joint Administrative Receivers:
          Allan Watson Graham
          Myles Antony Halley
          (Office Holder Nos 8719, 6658)
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


ALLIANCE SHOPFITTERS: Names Begbies Traynor Administrator
---------------------------------------------------------
Richard Albert Brock Saville and Peter Andrew Blair have been
appointed joint administrators for Alliance Shopfitters Group
Limited.  The appointment was made September 10, 2004.  The
holding company's registered office is located at Regency House,
21 The Ropewalk, Nottingham NG1 5DU.

CONTACT:  BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk,
          Nottingham NG1 5DU
          Joint Administrators:
          Richard Albert Brock Saville
          Peter Andrew Blair
          (IP Nos 7829, 8886)
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


ANTICA THE STONE: Extraordinary Winding up Resolution Passed
------------------------------------------------------------
At an extraordinary general meeting of the Antica The Stone
Gallery Limited on September 10, 2004 held at 5th Floor, 9
Kingsway, London WC2B 6XF, the extraordinary resolutions to wind
up the company were passed.  Gerald Maurice Krasner of
Bartfields (UK) Limited, Burley House, 12 Clarendon Road, Leeds
LS2 9NF, an Insolvency Practitioner duly qualified under the
Insolvency Act 1986 has been appointed the liquidator of the
company for the purpose of such winding-up.

CONTACT:  BARTFIELDS (UK) LIMITED
          12 Clarendon Road,
          Leeds LS2 9NF
          Liquidator:
          Gerald Maurice Krasner
          Phone: 0113-244 9051
          Fax:   0113-242 0098


BACKBEAT MUSIC: Hires Smith & Williamson as Administrator
---------------------------------------------------------
Mark Newman and Stephen John Tancock have been appointed as
joint administrators for Backbeat Music Limited. The appointment
was made September 8, 2004.

The company promotes music events.  Its registered office is
located at The Meeting House, Little Mount Sion, Tunbridge
Wells, Kent TN1 1YS.

CONTACT:  SMITH & WILLIAMSON
          The Meeting House
          Little Mount Sion
          Tunbridge Wells
          Kent TN1 1YS
          Joint Administrators:
          Mark Newman
          Stephen John Tancock
          (IP Nos 8723, 9206)
          Phone: 01892 529922
          Fax: 01892 521225
          E-mail: naj@smith.williamson.co.uk
          Web site: http://www.smith.williamson.co.uk


BAE SYSTEMS: Increases Shareholding in Alvis to 97%
---------------------------------------------------
On 17 August 2004, BAE Systems plc announced that the
recommended offer made by BAE Systems for the existing issued
and to be issued share capital of Alvis plc had been declared
unconditional in all respects.  The board of BAE Systems now
announces that at 3:00 p.m. (London time) on September 14, 2004,
BAE Systems had received valid acceptances of the offer in
respect of a total of 75,828,410 Alvis Shares, representing
approximately 68.3% of the issued ordinary share capital of
Alvis.

Prior to the commencement of the Offer Period, BAE Systems owned
31,882,534 Alvis Shares, representing approximately 28.7% of the
issued share capital of Alvis.  BAE Systems did not acquire any
further Alvis Shares during the offer period.  Accordingly, BAE
Systems now owns or controls, or has received acceptances of the
offer in respect of a total of 107,710,944 Alvis Shares,
representing approximately 97.0% of the issued ordinary share
capital of Alvis.

As valid acceptances of the Offer have been received in respect
of more than nine-tenths in value of Alvis Shares to which the
Offer relates, BAE Systems is entitled to exercise its rights
pursuant to sections 428 to 430F of the Companies Act 1985 to
compulsorily acquire all of the outstanding Alvis Shares in
respect of which valid acceptances have not been received.

Accordingly, compulsory acquisition notices pursuant to section
429 of the Act in exercise of such rights have on Wednesday been
dispatched to the holders of Alvis Shares who have not yet
accepted the offer.  The transfer of the compulsorily acquired
Alvis Shares is expected to take place on October 26, 2004.

The offer will remain open for acceptance until further notice.
Alvis Shareholders who have not already done so are urged to
accept the offer as soon as possible rather than wait for their
Alvis Shares to be compulsorily acquired by BAE Systems.
Settlement of the consideration due to Alvis Shareholders who
accept the offer will be dispatched within fourteen days of
receipt of their valid acceptance of the offer.

The offer remains subject to the terms and conditions set out in
the Offer Document dated July 1, 2004.  Words and expressions
defined in the Offer Document shall have the same meaning when
used in this announcement.

Goldman Sachs International is acting as financial adviser to
BAE Systems in connection with the offer and no one else and
will not be responsible to anyone other than BAE Systems for
providing the protections afforded to customers of Goldman Sachs
International nor for providing advice in relation to the offer.

Dresdner Kleinwort Wasserstein Limited, which is authorized and
regulated by the Financial Services Authority, is acting as
broker to BAE Systems in connection with the offer and no one
else and will not be responsible to anyone other than BAE
Systems for providing the protections afforded to customers of
Dresdner Kleinwort Wasserstein Limited nor for providing advice
in relation to the offer.

This announcement does not constitute an offer to sell or the
solicitation of an offer to purchase or subscribe for any
securities.

                            *   *   *

The Offer is not being made, and will not be made, directly or
indirectly, in or into Canada, Australia or Japan and will not
be capable of acceptance from Canada, Australia or Japan.
Accordingly copies of the offer document and form of acceptance
and any documents relating to the Offer are not being, and
should not be, mailed or otherwise forwarded, distributed or
sent in, into or from Canada, Australia or Japan.  Persons
receiving such documents (including without limitation,
nominees, trustees and custodians) should observe those
restrictions and should not mail or otherwise forward,
distribute or send such documents in, into or from Canada,
Australia or Japan.  Doing so may invalidate any related
purported acceptance of the Offer.

The offer is open to the U.S. shareholders of Alvis.  The offer
in the United States is being made directly by BAE Systems and
not by Goldman Sachs International.

The offer is being made for the securities of a non-U.S.
company.  The offer is being made in accordance with the
requirements of the Code and will be subject to disclosure and
procedural requirements that are different from those under
United States law.  Financial statements included in the offer
document are prepared in accordance with non-US accounting
standards that may not be comparable to those used to prepare
the financial statements of U.S. companies.

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

          Andy Wrathall
          Investor Relations
          Phone: +44 1252 383 730

          Richard Coltart
          Press relations
          Phone: +44 1252 384 875

          GOLDMAN SACHS INTERNATIONAL
          Phone: +44 20 7774 1000


BAS WAGSTAFF: Business for Sale
-------------------------------
Dermot Power and David Swaden, Joint Administrators, offer for
sale the business and assets of BAS Wagstaff Limited.

BAS Wagstaff is involved in installation, manufacture and
fabrication of process plant.  The company is based in
Blackburn, Lancashire.

CONTACT:  BDO STOY HAYWARD
          Lyndsay Scholefield
          Phone: 0161 817 3854
          E-mail: lyndsay.scholefield@bdo.co.uk


BISHOPS PARK: Names Royce Peeling Green Liquidator
--------------------------------------------------
At an extraordinary general meeting of the Bishops Park Estates
Limited on September 7, 2004 held at 44 Grosvenor Hill, London
W1X 9JE, the special and ordinary resolutions to wind up the
company were passed.  R M Withinshaw of Royce Peeling Green, The
Copper Room, Deva Centre, Trinity Way, Manchester M3 7BG has
been appointed liquidator for the purpose of such winding-up.

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


BRITISH ENERGY: Appoints Two New Executive Directors
----------------------------------------------------
British Energy appoints to the Board Stephen Billingham and Roy
Anderson as Executive Directors effective 16 September 2004.

Stephen Billingham becomes Finance Director.  He was appointed
as Finance Director Designate in August 2004 and he replaces
Martin Gatto who was appointed to the British Energy Board on an
interim basis and had been on the Board as Finance Director
since 1st December 2003.  Mr. Gatto has stepped down from the
Board and will remain with British Energy as Chief Financial
Officer until his contract expires.

Stephen Billingham joined British Energy from WS Atkins plc, the
engineering consultancy and support services group, where he had
been Group Finance Director during its successful financial
recovery.  Prior to becoming Group Finance Director at WS Atkins
plc, he led the finance team that successfully completed the
Metronet, London Underground Public Private Partnership, the
largest and most complex PFI/PPP to date.  He has over 20 years
experience in senior finance positions with companies including
BICC plc, Severn Trent plc and Burmah Oil plc.

Roy Anderson joined British energy in July 2004 to take on the
role of Chief Nuclear Officer, and is appointed to the plc
Board.  Roy Anderson was previously President of PSEG Nuclear in
the U.S. where he was responsible for all nuclear production.
He was previously Chief Nuclear Officer of Nuclear Management
Company and prior to that of Florida Power Corporation.  His
earlier career spanned Caroline Power & Light Company, Boston
Edison Company and General Electric Company.  He has a degree in
Marine & Nuclear Engineering and an MBA in Operation Research.

Adrian Montague, Chairman of British Energy said, "I and my
Board colleagues are pleased that we have been able to
strengthen the Board with Stephen and Roy who are very
experienced and capable Executives.

"I also wish to extend thanks to Martin Gatto who took on the
role of interim Finance Director at such a difficult time and
has successfully steered us through to this point."

CONTACT:  BRITISH ENERGY
          Andrew Dowler
          Media
          Phone: 020 7831 3113

          John Searles
          Investor Relations
          Phone: 01355 262 202

          Web site: http://www.british-energy.com


BRITISH ENERGY: Sells Headquarters to Kenmore for GBP6.6 Mln
------------------------------------------------------------
British Energy sold its corporate headquarters located at Peel
Park, East Kilbride, in Scotland to Kenmore Capital East
Kilbride Limited in consideration of;

(a) A cash payment of GBP6.625 million;

(b) A potential additional cash payment of up to GBP0.25m if
    certain letting arrangements come to fruition; and

(c) The Company entering in to a lease of part of the ground
    floor of Peel Park for a period of 10 years at an initial
    rent of GBP150,000 per annum.

It is expected that the sale will be completed in January 2005.
The proceeds will be used for working capital purposes.

The sale of this office follows the Company's review of its cost
base and operational efficiencies, announced last summer, which
set the objective of bringing together the nuclear power station
support functions at the Company's office in Barnwood
(Gloucester) to create a single center of expertise.

British Energy signed a lease in August 2004 for a smaller
corporate headquarters in Alba Campus, Livingston, Scotland,
which will be better suited to the Company's future business
needs.  Plans are also well advanced for the sub-leases of
premises at Innovation House, Westway Business Park, Renfrew,
Scotland for the relocation from Peel Park of staff from certain
engineering support groups.

CONTACT:  BRITISH ENERGY
          Andrew Dowler
          Media
          Phone: 020 7831 3113

          John Searles
          Investor Relations
          Phone: 01355 262 202

          Web site: http://www.british-energy.com


CHAUFFEURFORCE.COM LTD.: Brings in Joint Administrators
-------------------------------------------------------
Alan Simon and Philip Simons have been appointed as joint
administrators for Chauffeurforce.Com Ltd.  The appointment was
made September 2, 2004.

The company is engaged in chauffeur and executive car hire.  Its
registered office is located at Hi Point, Thomas Street,
Taunton, Somerset TA2 6HB.

CONTACT:  LANGLEY AND PARTNERS
          Langley House,
          Park Road, East Finchley,
          London N2 8EX
          Joint Administrators:
          Alan Simon
          Philip Simons
          (IP Nos 8635, 9289)
          Phone: +44 (0) 20 8444 2000
          Fax:   +44 (0) 20 8444 3400
          Web site: http://langleyandpartners.co.uk


COILTECH LTD.: Creditors Meeting Set September 23
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Coiltech Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Coiltech Ltd. will be
held at Clareville House 26-27 Oxendon Street London SW1Y 4EP,
on September 23, 2004 at 11:15 a.m. for the purpose of having a
full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee. (Sections 99-101 of the said
Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Clareville House
26-27 Oxendon Street London SW1Y 4EP not later than 12:00 noon
on the business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
Clareville House 26-27 Oxendon Street London SW1Y 4EP before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Rothman Pantall, Clareville House 26-27
Oxendon Street London SW1Y 4EP on two business days next before
the meeting.

By Order of the Board.

B. J. Harkness, Director
August 4, 2004

CONTACT:  ROTHMAN PANTALL & CO.
          Clareville House
          26/27 Oxendon Street
          London SW1Y 4EP
          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


CONISBOROUGH ENGINEERING: In Administrative Receivership
--------------------------------------------------------
National Westminster Bank plc called in Philip Andrew Revill and
Andrew Philip Wood as joint administrative receivers for
Conisborough Engineering Services Limited (Reg No 2446837).  The
application was filed September 8, 2004.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street
          Sheffield S1 1WF
          Joint Administrative Receivers:
          Philip Andrew Revill
          Andrew Philip Wood
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


COSTAIN GROUP: Chosen Partner in GBP4.5 Bln Dwr Cymru Contract
--------------------------------------------------------------
Costain Group has been selected by Dwr Cymru Welsh Water as one
of its preferred partners for the delivery of its Asset
Management Program.  Asset Investment and Asset Operations
contracts worth more than GBP300 million per year, which will
run for up to 15 years, begin on April 1, 2005.

Costain was selected as one of a group of preferred partners who
will work together as part of an Asset Management Alliance,
which will be responsible for the overall delivery of the
investment and operational contracts.  Costain will be primarily
responsible for civil construction projects in the north Wales
region.  The capital value of the contract to Costain is likely
to be in the order of approximately GBP20 million per annum for
a ten-year period, with a five-year performance review.

The selection as preferred partner follows an extensive
tendering process by Welsh Water including detailed analysis,
site visits, interviews, qualitative assessment and reviews and
was based on those companies which could not only provide the
best service but could influence the overall shape of the
working arrangements in order to deliver long term service
quality to its customers.

Stuart Doughty, Group Chief Executive, commented: "This is
another excellent result.  This announcement follows our recent
successes with Thames Water and Yorkshire Water and further
strengthens our leading position in the U.K. Water sector.

"The rigorous tender process, duration and scope of these
contracts is an illustration of how the Water Utilities are
increasingly recognizing the benefits of entering into longer
term framework agreements for the overall provision of better
customer service.

"We continue our negotiations for securing further frameworks
with a number of the Water Utilities and look forward to
reporting on these in due course."

CONTACT:  COSTAIN GROUP plc
          Costain House
          Nicholsons Walk
          Maidenhead SL6 1LN
          Web site: http://www.costain.com

          Stuart Doughty, Chief Executive
          Charles McCole, Finance Director
          Graham Read, Public Relations
          Phone: 01628 842444
          Fax: 01628 674477

          COLLEGE HILL ASSOCIATES
          78 Cannon Street
          London EC4N 6HH

          Mark Garraway
          Matthew Gregorowski
          Phone: +44 (0) 207 457 2020
          Fax: +44 (0) 207 248 3295
          Web site: http://www.collegehill.com


CULL DMG: Hires Joint Administrators from Begbies Traynor
---------------------------------------------------------
D Rankin and D Bailey have been appointed as joint
administrators for Cull DMG Limited.  The appointment was made
September 10, 2004.

CONTACT:  BEGBIES TRAYNOR
          Elliott House
          151 Deansgate,
          Manchester M3 3BP
          Joint Administrators:
          D Rankin
          D Bailey
          (IP Nos 9287, 006739)
          Phone: 0161 839 0900
          Fax:   0161 832 7436
          Web site: http://www.begbies.com


ENGINEERING DESIGN: Insolvency Service Disqualifies Directors
-------------------------------------------------------------
Two directors of an architectural technical consultancy business
that failed with total debts estimated at around GBP295,000 have
given Undertakings not to hold directorships or take any part in
company management for four and half years and four years
respectively.

The Undertakings by David Francis John Palmer, 50, and Alison
Mary Palmer, 43, both of Airedale, Carlton Colville, Lowestoft,
Suffolk, were given in respect of their conduct as directors of
Engineering Design Group Limited (EDGL), which carried out
business from premises at Portland Wharf, Southdown Road, Great
Yarmouth.

Acceptance of the Undertakings on September 10, 2004 prevent Mr.
and Mrs. Palmer from being directors of a company or in any way
being concerned or taking part in the promotion, formation or
management of a company for the above respective periods i.e.
four years and six months in respect of Mr. Palmer and four
years for Mrs. Palmer.

EDGL was placed into voluntary liquidation on October 29, 2002
with estimated debts of GBP294,784 owed to creditors.

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

Matters of unfit conduct, not disputed by Mr. and Mrs. Palmer
were that:

(a) they knew, or ought to have known, by the end of October
    2001 that EDGL was insolvent with a deficit on its balance
    sheet, and that continued trading thereafter was at the risk
    and ultimately to the detriment of EDGL's creditors,
    including HMCE and the Inland Revenue;

(b) Mr. Palmer caused EDGL to enter into an agreement to pay
    compensation for loss of office in the sum of GBP90,000 to a
    former director;

(c) Mr. Palmer caused or allowed EDGL to make a payment of
    GBP2,000 to himself on September 17, 2001 and a further
    payment of GBP3,050 to himself on February 8, 2002, against
    a directors' loan account.  The payments to himself,
    amounting to GBP5,050, were made at a time when EDGL was
    insolvent and were to the detriment of creditors generally;

(d) they caused or allowed EDGL to pay a salary of GBP32,760 to
    Mrs. Palmer, which was excessive in accordance with the
    extent of the duties that she performed on behalf of EDGL.
    In addition, her salary, since the end of October 2001 was
    drawn at a time when EDGL was insolvent.

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


FARRINGTON LEWIS: Six-year Ban for Top Honcho
---------------------------------------------
A director of a set design and construction business that failed
with total debts of around GBP328,000 has given an Undertaking
not to hold directorships or take any part in company management
for 3 years.

The Undertaking by Timothy John Farrington of South Downs Road,
Hale, Altrincham, Cheshire was given in respect of his conduct
as director of Farrington Lewis & Company Limited, which carried
on business from premises at Units 1 & 2, Bristol Vale
Industrial Estate, Hartcliffe Way, Bedminster, Bristol, BS3 5RJ.

Acceptance of the Undertaking on September 9, 2004 prevents Mr.
Farrington from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for the
above period.

Farrington Lewis & Company Limited was placed into voluntary
liquidation on June 6, 2002 with an estimated deficiency of
GBP328,687 owed to creditors.

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

Matters of unfit conduct, not disputed by Mr. Farrington are
that he caused or allowed transactions to the value of
approximately GBP74,894 that were to the detriment of creditors
in general and not in accordance with the general building
business of the Company and resulted in GBP74,894 not being
available to pay creditors in general.

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


FERNDALE AGGREGATES: GMAC Commercial Appoints KPMG Receiver
-----------------------------------------------------------
GMAC Commercial Finance plc called in Allan Watson Graham and
Myles Antony Halley as joint administrative receivers for
Ferndale Aggregates Limited (Reg No 01325846, Trade
Classification: 03).  The application was filed September 8,
2004.  Formerly named Fernwood Aggregates Limited, the company
produces abrasive products.

CONTACT:  KPMG
          Corporate Recovery
          2 Cornwall Street
          Birmingham B3 2DL
          Joint Administrative Receivers:
          Allan Watson Graham
          Myles Antony Halley
          (Office Holder Nos 8719, 6658)
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


G & J JAMES: Sets Creditors Meeting September 30
------------------------------------------------
The creditors of G & J James & Sons will meet on September 30,
2004 commencing at 2:30 p.m.  It will be held at the Celtic
Royal Hotel, Bangor Street, Caernarfon LL55 1AY.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Parkin S Booth & Co, 24 Trinity Square, Llandudno
LL30 2RH not later than 12:00 noon, September 29, 2004.

CONTACT:  PARKIN S BOOTH & CO
          24 Trinity Square,
          Llandudno LL30 2RH
          Joint Administrator:
          R M Rutherford
          Phone: 01492 871 474
          Fax:   01492 871 475
          E-mail: ll@parkinsbooth.co.uk
          Web site: http://www.parkinsbooth.co.uk


GRAINHURST PROPERTIES: Hires Liquidator from Royce Peeling Green
----------------------------------------------------------------
At an extraordinary general meeting of the Grainhurst Properties
Limited on September 7, 2004 held at 44 Grosvenor Hill, London
W1X 9JE, the special and ordinary resolutions to wind up the
company were passed.  R M Withinshaw of Royce Peeling Green, The
Copper Room, Deva Centre, Trinity Way, Manchester M3 7BG has
been appointed liquidator for the purpose of such winding-up.

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


HUGH MACKAY: Names Ernst & Young Administrator
----------------------------------------------
Neil Matthews and Robert Hunter Kelly have been appointed as
joint administrators for Hugh Mackay Carpets Limited.  The
appointment was made September 8, 2004.

The company manufactures carpets.  Its registered office is
located at PO Box 1, St Johns Road, Meadowfield Industrial
Estate, Durham DH7 8YQ.

CONTACT:  ERNST & YOUNG LLP
          Citygate, St James' Boulevard,
          Newcastle upon Tyne NE1 4JD
          Joint Administrators:
          Neil Matthews
          Robert Hunter Kelly
          (IP Nos 6861, 8582)
          Phone: +44 [0] 191 247 2500
          Fax:   +44 [0] 191 247 2501
          Web site: http://www.ey.com


INTERNATIONAL POWER: Rights Issue Receives 91.2% Acceptance
-----------------------------------------------------------
International Power plc announced in September 15 that it has
received valid acceptances in respect of 333,357,650 New
Ordinary Shares, representing 91.2% of the total number of New
Ordinary Shares offered to shareholders, pursuant to the 33 for
100 rights issue announced by Power on July 30, 2004.  A total
of 365,540,834 New Ordinary Shares were offered to shareholders
in the Rights Issue, which closed at 11:00 a.m. of September 14,
2004.

Subscribers have been procured for the 32,183,184 New Ordinary
Shares for which valid acceptances were not received, at a price
of 141 pence per share.  The net proceeds from the sale of these
New Ordinary Shares, after the deduction of the Rights Issue
price of 82 pence per New Ordinary Share and relevant costs,
will be paid to shareholders who have not taken up their
entitlements, pro rata to their lapsed provisional allotments in
accordance with the terms of the Rights Issue.  As a result of
the procurement of subscribers, neither the underwriters nor the
sub-underwriters will be required to subscribe for any New
Ordinary Shares.

The Rights Issue was fully underwritten by Cazenove & Co. Ltd
and Morgan Stanley Securities Limited.

Cazenove & Co. Ltd, Morgan Stanley & Co. International Limited
and Morgan Stanley Securities Limited are acting for
International Power and no one else in connection with the
Rights Issue and will not be responsible to anyone other than
International Power for providing the protections afforded to
their clients nor for providing advice in connection with the
Rights Issue or the contents of the Prospectus or this
announcement or any other matter referred to therein.

Definitions used in the prospectus dated August 20, 2004 issued
by the Company shall have the same meanings when used in this
announcement unless the context otherwise requires.

This announcement shall not constitute, or form any part of, an
offer of, or the solicitation of an offer to subscribe for or
buy, any of the New Ordinary Shares to be issued or sold in
connection with the Rights Issue.

This announcement does not contain or constitute an offer of
securities for sale in the United States.  The securities
referred to herein have not been and will not be registered
under the U.S. Securities Act of 1933, as amended and may not be
offered or sold in the United States absent registration or an
exemption from registration under the U.S. Securities Act.

This announcement and the information contained herein is not
for release, publication or distribution in or into the United
States, Canada, the Netherlands, France, Australia, New Zealand,
Japan, Hong Kong or the Republic of South Africa.

CONTACT:  INTERNATIONAL POWER PLC
          Senator House
          85 Queen Victoria Street
          London EC4V 4DP
          Phone: +44 (0)20 7320 8600
          Fax: +44 (0)20 7320 8700
          Web sit: http://www.ipplc.com

          Aarti Singhal
          Investor Relations
          Phone: +44 (0)20 7320 8681

          Sara Richardson
          Media Relations
          Phone: +44 (0)20 7320 8619

          Morgan Bone
          Media Relations
          Phone:  +44 (0)20 7251 3801

          CAZENOVE & CO. LTD.
          20 Moorgate
          EC2R 6DA London

          Nick Wiles
          Piers Coombs
          Robert Constant
          Phone: +44 (0)20 7588 2828
          Fax: +44 (0)20 7155 9000

          MORGAN STANLEY & CO. INTERNATIONAL LTD.
          25 Cabot Square
          Canary Wharf
          London E14 4QA
          Web site: http://www.morganstanley.com

          Alastair Cochran
          Alisdair Gayne
          Philip Apostolides
          William Vereker
          Phone: +020 7425-8000
          Fax: +020 7425-8990


LINCOLNSHIRE EMERGENCY: Winding up Resolutions Passed
-----------------------------------------------------
At an extraordinary general meeting of the Lincolnshire
Emergency Doctors Service Limited on September 9, 2004 held at
The Centre for Medical and Dental Education, Pilgrim Hospital,
Sibsey Road, Boston, the subjoined special, two ordinary and
extraordinary resolutions to wind up the company were passed.
Andrew Philip Wood and John Russell of 93 Queen Street,
Sheffield S1 1WF duly qualified under the Insolvency Act 1986
has been appointed the joint liquidators of the company for the
purpose of such winding-up.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street
          Sheffield S1 1WF
          Joint Administrative Receivers:
          Andrew Philip Wood
          John Russell
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


M4 DATA: Names KPMG Liquidator
------------------------------
At an extraordinary general meeting of the M4 Data Limited on
September 10, 2004 held at 1940 Spirerock Path, Colorado
Springs, Colorado USA, the extraordinary and ordinary
resolutions to wind up the company were passed.  Finbarr Thomas
O'Connell and Jeremy Simon Spratt of KPMG LLP have been
appointed joint liquidators for the purpose of such winding-up.

CONTACT:  KPMG LLP
          8 Salisbury Square
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


MACGREGOR LIMITED: Hires Liquidator from Pridie Brewster
--------------------------------------------------------
At an extraordinary general meeting of the Macgregor Limited on
September 9, 2004 held at 29-31 Greville Street, London EC1N
8RB, the subjoined extraordinary resolution to wind up the
company was passed.  Hasan Imam Mirza of Pridie Brewster,
Carolyn House, 29-31 Greville Street, London EC1N 8RB has been
appointed liquidator for the purpose of such winding-up.

CONTACT:  PRIDIE BREWSTER
          Carolyn House
          29-31 Greville Street,
          London EC1N 8RB
          Liquidator:
          Hasan Imam Mirza
          Phone: 020 7831 8821
          Fax:   020 7404 3069
          E-mail: london@pridie-brewster.com
          Web site: http://www.pridie-brewster.com


MITIAL INTERNATIONAL: Names Begbies Traynor Administrator
---------------------------------------------------------
G Bell and R W Traynor have been appointed as joint
administrators for Mitial International Limited.  The
appointment was made September 7, 2004.

The company manufactures benchmarking, market intelligence.  Its
registered office is c/o Begbies Traynor, Elliot House, 151
Deansgate, Manchester M3 3BP.

CONTACT:  BEGBIES TRAYNOR
          Elliott House
          151 Deansgate,
          Manchester M3 3BP
          Joint Administrators:
          G Bell
          R W Traynor
          (IP Nos 008710, 006730)
          Phone: 0161 839 0900
          Fax:   0161 832 7436
          Web site: http://www.begbies.com


MORGAN SECURITY: Hires Joint Administrators from Begbies Traynor
----------------------------------------------------------------
Gordon Craig and David Appleby have been appointed as joint
administrators for Morgan Security Limited.  The appointment was
made September 3, 2004.

The company supplies security personnel.  Its registered office
is c/o Begbies Traynor, 1 Winckley Court, Chapel Street, Preston
PR1 8BU.

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


NORTHERN COACHWORKS: Appoints Liquidator from Hepworth Joyce
------------------------------------------------------------
At an extraordinary general meeting of the Northern Coachworks
Limited on September 9, 2004, the extraordinary resolution to
wind up the company was passed.  M C Hepworth of Hepworth Joyce
Associates Ltd., Unit 7, Clarke Hall Farm, Aberford Road,
Wakefield WF1 4AL has been appointed liquidator for the purpose
of such winding-up.

CONTACT:  HEPWORTH JOYCE ASSOCIATES LTD.
          Unit 7
          Clarke Hall Farm,
          Aberford Road,
          Wakefield WF1 4AL
          Liquidator:
          M C Hepworth
          Phone: 01924 362700
          Fax:   01924 362733


PINEVAIN LIMITED: Calls in Liquidator from Royce Peeling Green
--------------------------------------------------------------
At an extraordinary general meeting of the Pinevain Limited on
September 7, 2004 held at 44 Grosvenor Hill, London W1X 9JE, the
special and ordinary resolutions to wind up the company were
passed.  R M Withinshaw of Royce Peeling Green, The Copper Room,
Deva Centre, Trinity Way, Manchester M3 7BG has been appointed
liquidator for the purpose of such winding-up.

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


POSITIVE RESULTS: Hires Liquidator from Chantrey Vellacott DFK
--------------------------------------------------------------
At an extraordinary general meeting of the members of the
Positive Results (Travel & Leisure Promotions) Limited on
September 13, 2004 held at Russell Square House, 10-12 Russell
Square, London WC1B 5EH, the extraordinary and ordinary
resolutions to wind up the company were passed.  Martin Freeman
has been appointed liquidator for the purpose of such
winding-up.

CONTACT:  CHANTREY VELLACOTT DFK
          Russell Square House,
          10-12 Russell Square,
          London WC1B
          Liquidator:
          Martin Freeman
          Phone: 020 7509 9000
          Fax: 020 7436 8884
          Web site: http://www.cvdfk.com


RAPER & WAYMAN: HSBC Bank Appoints Numerica Receiver
----------------------------------------------------
HSBC Bank called in Maurice Moses and Jonathan Mark Birch as
joint administrative receivers for Raper & Wayman Limited (Reg
No 01625852, Trade Classification: 4153).  The application was
filed September 9, 2004.  The company is sells electrical
materials.

CONTACT:  NUMERICA
          PO Box 2653,
          66 Wigmore Street,
          London W1A 3RT
          Joint Administrative Receivers:
          Maurice Moses
          Jonathan Mark Birch
          (Office Holder Nos 005542, 005328)
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.numerica.biz


TUFNOL LIMITED: Plastic Manufacturer for Sale
---------------------------------------------
Kim Rayment and Tony Supperstone, Administrative Receivers,
offer for sale the business and assets of Tufnol Limited,
manufacturer and distributor of industrial laminated plastics.

Key Features:

(a) Well established brand since 1929;

(b) Recent turnover of GBP5.1 million

(c) 130 employees;

(d) Management has an intimate knowledge of the core products
    and markets;

(e) Excellent customer book;

(f) Trades from 125,000 square-foot leasehold premises in Perry
    Bar, Birmingham.

CONTACT:  BDO STOY HAYWARD
          Kim Rayment
          Phone: 0121 200 4633
          E-mail: kim.rayment@bdo.co.uk


U.K. COAL: Receives GBP14 Million Investment Aid
------------------------------------------------
The Department of Trade and Industry offered U.K. Coal GBP13.98
million under the Coal Investment Aid scheme for projects at
seven of its collieries in the Midlands and Yorkshire.  The
offers relate to planned expenditure on projects in 2005 and
2006.

                            *   *   *

U.K. Coal plc reported at its interim results for the six months
ended 30 June 2004 an operating loss on continuing operations
before exceptional of GBP14.2 million (2003: profit of GBP0.7
million).  Loss before tax was GBP5.8 million (2003: loss of
GBP0.8 million).

Commenting on the results, Gordon McPhie, Chief Executive of
U.K. Coal, said: "Production performance was disappointing in
the first half year, limiting sales, and unit costs have
increased."

CONTACT:  U.K. COAL PLC
          Gordon McPhie,
          Chief Executive
          Phone: 01302 751 751

          GAVIN ANDERSON & COMPANY
          Liz Morley
          Financial
          Phone: 020 7554 1400

          Stuart Oliver
          Operational
          Phone: 01525 381 759


UNION HEALTHCARE: Winding up Resolutions Passed
-----------------------------------------------
At an extraordinary general meeting of the members of the Union
Healthcare (Training) Limited on September 8, 2004 held at St
John's Court, Wiltell Road, Lichfield, Staffordshire WS14 9DS,
the extraordinary and ordinary resolutions to wind up the
company were passed.  M F P Smith of Dains, St John's Court,
Wiltell Road, Lichfield, Staffordshire WS14 9DS has been
appointed liquidator for the purpose of such winding-up.

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


VIEWPOINT U.K.: Director Banned for Six-and-a-half Years
--------------------------------------------------------
A Lancashire director of two marketing and advertising
businesses, which failed with combined total debts estimated at
GBP102,000, has given an Undertaking not to hold directorships
or take any part in company management for 6 1/2 years.

The Undertaking by David Michael Lockett, 48, of Moss Lane,
Great Eccleston, near Preston, was given in respect of his
conduct as a director of Viewpoint (UK) Limited and LTM Limited,
which carried on business from premises at Alexandra House, 7
High Street, Garstang, near Preston, and Glasdon House, Clark
Street, on the Poulton Industrial Estate, in Poulton le Fylde,
Lancashire respectively.

Acceptance of the Undertaking on September 10, 2004 prevents Mr.
Lockett 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 6 1/2
years.

A Winding Up Order was made against Viewpoint (U.K.) Ltd. on
October 3, 2002.  The company has an estimated total deficiency
of GBP53,000.  LTM Limited was placed into voluntary liquidation
on July 29, 1998.  The company has an estimated total deficiency
of GBP49,000.

Matters of unfit conduct, not disputed by Mr. Lockett, were
that:

(a) In relation to Viewpoint (U.K.) Ltd.:

    (i) He caused the company to trade with the knowledge that
        it was insolvent;

   (ii) He was responsible for it failing to comply with its
        statutory obligations; and

  (iii) He was responsible for the failure to maintain, preserve
        and/or deliver up to the Official Receiver the company's
        accounting records for the whole trading period from
        January 2000 to May 2002.

(b) In relation to LTM Limited, he failed to comply with his
statutory obligations to cooperate with the company liquidator,
thereby hampering the administration of the liquidation.

The Official Receiver at Blackpool 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.

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


WATSON PRESLEY: Creditors Meeting Set September 30
--------------------------------------------------
The creditors of Watson Presley Group Limited will meet on
September 30, 2004 commencing at 10:00 a.m.  It will be held at
the offices of Smith & Williamson Limited, 1 Bishops Wharf,
Walnut Tree Close, Guildford, Surrey GU1 4RA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Smith & Williamson Limited, 1 Bishops Wharf,
Walnut Tree Close, Guildford, Surrey GU1 4RA not later than
12:00 noon, September 29, 2004.

CONTACT:  SMITH & WILLIAMSON LIMITED
          1 Bishops Wharf,
          Walnut Tree Close,
          Guildford, Surrey GU1 4RA
          Joint Administrative Receiver:
          R Tulloch
          Phone: 01483 407 100
          Fax:   01483 301 232
          Web site: http://www.smith.williamson.co.uk


YORKSHIRE MOULDS: Names Joint Liquidators from KPMG
---------------------------------------------------
At an extraordinary general meeting of the Yorkshire Moulds (UK)
Ltd. on September 6, 2004 held at KPMG LLP, 1 The Embankment,
Neville Street, Leeds LS1 4DW, the extraordinary and ordinary
resolutions to wind up the company were passed.  Julian Richard
Whale and Francis Graham Newton of KPMG LLP have been appointed
joint liquidators for the purpose of such winding-up.

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


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

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


BELGIUM
-------
Carestel                                          178      (68)
City Hotels                                       210      (15)
Real Software                                     176       17
Sabena S.A.                                     2,216      297


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


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


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


GERMANY
-------
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Sohn A.G. GUSG        (8)         111      N.A.
Glunz A.G.                                        428      (17)
Kaufring A.G.             KAUG       (19)         151      (51)
Marbert A.G.                                      144      (50)
Nordsee A.G.                          (8)         195      (31)
Primacom A.G.                                   1,264      (50)
Rinol A.G.                                        178      (53)
Schaltbau A.G.            SLTG       (16)         149       26
Sinn Leffers                                      454      145
Vereinigter
   Baubeschlag-Handel
   Holding A.G.           VBHG       (24)         337      (80)


GREECE
------
Delta Ice Cream                                   183      (14)


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


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


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


POLAND
------
Animex S.A.               ANX         (1)         108      (86)
Exbud Skanska S.A.        EXBUF       (9)         315     (330)
Media Capital                                     399      (85)
Mostostal Zabrze                                  227      366


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


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


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


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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *