TCREUR_Public/040922.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

         Wednesday, September 22, 2004, Vol. 5, No. 188

                            Headlines

C Z E C H   R E P U B L I C

LETECKE ZAVODY: Attracts More than Ten Potential Buyers


F R A N C E

BSN GLASSPACK: Unimpressed of New Owner, Moody's Cuts Ratings
RCI BANQUE: Moody's Retains C+ Financial Strength Rating


G E R M A N Y

CINEMAXX AG: Investors to Tackle Proposed Rescue Plan October 28
CIP CITY: Charlottenburg Court Appoints Insolvency Administrator
DRESDNER BANK: Unit Sells US$90 Mln Private Equity Portfolio
ERHARD RONSPIESS: Deadline for Filing Claims November 25
GEORG ROTH: Printing Firm Files for Bankruptcy

INTERTAINMENT AG: Books Another Annual Loss
JENOPTIK AG: Completes Acquisition of WAHL Optoparts
KHS ANLAGENBAU: Creditors Have Until December 1 to File Claims
KNORR DACHTECHNIK: Creditors Claims Due October 19
K + S BAUELEMENTE: Last Day for Filing Claims October 8

LOHN HOCHBAU: First Creditors Meeting November 18
MEDIATEC GESELLSCHAFT: Under Bankruptcy Administration
POLYMERE CONSULTANT: Administrator's Report Out November 10
TAURUS TV: Axel Springer Waives Rights in Put Option Claim
TRIUS AG: Liquidator Returns Cash to Shareholders
WGL FOTOLABORE: Creditors Have Until December 15 to File Claims


H U N G A R Y

BORSODCHEM RT: VCP Capital Pursues Stake Sale
BORSODCHEM RT: Applies for Listing on Warsaw Bourse


I T A L Y

ALITALIA SPA: Board Formally Approves Turnaround Plan
ALITALIA SPA: Rival Urges E.U. to Block Further State Aids
PROCOMAC SPA: Chairman Wants to Take Firm Private


K Y R G Y Z S T A N

ALAMUDUN: Sets Creditors Meeting September 24
KLIRINGCENTER: Insolvency Manager Auctions Accounts Receivable
METROPOL: Under Bankruptcy Supervision
MOLDOSAN: To Evaluate Proofs of Claim November 10
TECHNOPOLIS: Selling Wine, Vodka Production Biz for KGS5 Million


L U X E M B O U R G

BCP CAYLUX: S&P Affirms 'B+' Corporate Credit Rating


N E T H E R L A N D S

KONINKLIJKE AHOLD: Earns Upgrade for Improved Liquidity Profile


P O L A N D

NETIA SA: Subsidiaries Acquire Shares in Netia Mobile


R O M A N I A

BRD-GROUPE SOCIETE: 'BB/B/3' Ratings Affirmed; Outlook Positive


R U S S I A

BELGORO-SELKHOZ-ELECTRO: Court Sets October 10 Hearing
COLOR STONES: Undergoes Bankruptcy Supervision Procedure
KOZHEVNIKOVSKIY FACTORY: Tomsk Court Appoints Insolvency Manager
KRASNOKAMENSKOYE MANAGEMENT: Court Sets November 25 Hearing
NORTH-OIL-GAS-STROY: Declared Insolvent

OAO GAZPROM: First-quarter Net Profit Balloons to RUB66 Million
OMSK-TRANS-OIL-PRODUCTS: Appoints S. Rubin Insolvency Manager
ORENBURG-AGRO-PROM-KHIMIYA: Under Bankruptcy Supervision
REINFORCED CONCRETE: Deadline for Proofs of Claim October 16
REM-ELEKTRO: Insolvent Status Confirmed
SCHERBINSKIY FACTORY: Moscow Court Appoints Insolvency Manager
YUKOS OIL: Raises Yuganskneftegas Reserves to 74 Bln Barrels


S W E D E N

CONCORDIA BUS: Ratings Under Review for Possible Downgrade


S W I T Z E R L A N D

CONVERIUM AG: Moody's Hints Downgrade of Baa1 IFSR


U K R A I N E

ALGORITM LTD.: Bankruptcy Proceedings Begin
BOGORODCHANINAFTOGAZVIDOBUTOK: Under Bankruptcy Supervision
HLIBODAR: Court Appoints Insolvency Manager
LEBEDIN' TOOL: Proofs of Claim Deadline Set September 30
OBERIG: Kyiv Court Opens Bankruptcy Proceedings
OHTIRSILMASH: Names Temporary Insolvency Manager


U N I T E D   K I N G D O M

ACTIVE MANUFACTURING: May Appoint Liquidator Monday
ALADDINS DISCOUNT: Creditors Meeting Next Week
APPOINTED FLOOR: Brings in Liquidator from Elwell Watchorn
AUSTRO TOURS: Creditors to Meet September 27
BANQUE PARIBAS: Members Final Meeting Set October 22

BIBOH LIMITED: Members General Meeting Set October 21
BOOKBUILDER SL: Hires Joint Liquidators from Ernst & Young
CAMILLA BUILDING: Names Ensors Administrator
CORUS GROUP: EUR500 Mln Senior Unsecured Bond Rated 'B-'
E-COMMERCE SYSTEMS: Hires Tomlinsons as Liquidator

FUJITSU PERSONAL: Members Final General Meeting Set October 22
GLOBAL MOULDINGS: Creditors to Meet Friday
GROUNDFORCE (OXON): Names Mercer & Hole Liquidator
H J ROWLEY: Members General Meeting Set October 19
INSIGHT CREATIVE: Members Agree to Wind up Business

J H J CONSULTING: Creditors Meeting Set September 30
KICKERS INDOOR: Names Grant Thornton Liquidator
MATRIX GODALMING: General Meeting Set October 19
MILLNOTE LIMITED: Names PricewaterhouseCoopers Administrator
PDH FREIGHT: Extraordinary Winding up Resolution Passed

PINSTONE DEVELOPMENTS: Final General Meeting Set October 25
POLYDEK LIMITED: Members Pass Winding up Resolutions
PROVISIONAL LIMITED: Members General Meeting Set October 20
RANK GROUP: Pays GBP18.8 Mln to Settle Dispute with Serena
ROTCORP LIMITED: Final General Meeting of Members October 19

R & R PRECISION: Appoints Joint Administrators from Wilson Pitts
SHIRLEY STAFF: Hires Liquidator from Moore Stephens
SR FASHIONS: Calls in Liquidator from HKM LLP
T G I POOL: Members Final Meeting Set October 27
TURNSTILE INVESTMENTS: Sets General Meeting October 19
WATERMILL LIMITED: Creditors Meeting Set September 30
WYMAN FUME: Administrator's Report Out September 24


                            *********


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


LETECKE ZAVODY: Attracts More than Ten Potential Buyers
-------------------------------------------------------
Over ten firms have expressed interest in acquiring bankrupt
aircraft manufacturer Letecke Zavody Kunovice, Czech News Agency
quotes bankruptcy administrator Miroslav Sladek.

Mr. Sladek says some are eyeing certain parts of the company,
while others are offering to buy the entire business.  Letecke
Zavody has been in bankruptcy since March.

CONTACT:  LETECKE ZAVODY a.s.
          Na Zahonech 1177
          686 04 Kunovice
          Phone: +420 572 816161
          Fax: +420 572 816163
          E-mail: let@let.cz
          Web site: http://www.let.cz


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


BSN GLASSPACK: Unimpressed of New Owner, Moody's Cuts Ratings
-------------------------------------------------------------
Moody's Investors Service downgraded the ratings on the funded
debt of BSN Glasspack S.A. and its subsidiaries after the
disposal of the company to Owens-Illinois, Inc.  The rating
agency placed the ratings under review for possible downgrade in
February following the announcement of the acquisition.  The
deal was closed in late June.

The ratings downgraded are:

(a) EUR140 million senior subordinated notes, due 2009, at BSN
    Financing Co. S.A. to B3 from B2;

(b) EUR160 million senior subordinated notes (collateralized),
    due 2009, at BSN Glasspack Obligation S.A. to B2 from B1;

(c) Senior implied rating to B1 from Ba3; and

(d) Senior unsecured issuer rating to B2 from B1.

The outlook of the ratings was changed from negative to stable.
The senior secured credit facilities ratings of Ba3 were
withdrawn as these facilities are no longer in place.  Moody's
based its actions on its assessment of the business and
financial profile of BSN, the continued operational challenges
in the European glass industry, and the drag on ratings from
being acquired by a lower-rated company.

BSN is a leading European manufacturer of glass containers used
primarily for wine, spirits, beer, non-alcoholic beverage, and
specialty foods.  Its annual revenue is approximately EUR1.3
billion.

CONTACT:  BSN GLASSPACK S.A.
          64, bd du 11 Novembre 1918
          BP 1228
          69611 Villeurbanne Cedex
          Phone: 33 (0) 4 26 68 65 00
          Fax:   33 (0) 4 26 68 66 08
          Web site: http://www.bsnglasspack.com


RCI BANQUE: Moody's Retains C+ Financial Strength Rating
--------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Baa1 long-term deposit and debt ratings of RCI Banque, while
maintaining its financial strength rating at C+.

The rating agency also placed on review for upgrade the Baa1
long-term debt ratings of DIAC, a 100% subsidiary of RCI Banque;
as well as the Baa1 long-term debt ratings of Overlease S.A. and
of Renault Autofin S.A. whose debt is guaranteed by RCI Banque.
The Prime-2 short-term deposit and debt ratings of RCI Banque,
DIAC, Overlease S.A. and Renault Autofin S.A., and the Caa1
long-term issuer rating of RCI Banque Sucursal Argentina remain
unchanged.  The C+ financial strength rating has a stable
outlook.

RCI Banque is a 100%-owned subsidiary of Renault s.a.s, which is
in turn 100%-owned by Renault S.A.  The Noisy-le-Grand-based
bank reported consolidated assets of EUR23.3 billion and net
profits of EUR255 million at year-end 2003.  At H1-2004, RCI
Banque reported net income of EUR131 million vs. EUR140 million
at H1-2003.

CONTACT:  DIAC S.A.
          14, avenue du Pave Neuf
          93168 Noisy-le-Grand Cedex
          Phone: 01.49.32.80.00
          Web site: http://www.rcibanque.com


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


CINEMAXX AG: Investors to Tackle Proposed Rescue Plan October 28
----------------------------------------------------------------
Cinemaxx will hold a general meeting on October 28 to take up a
complicated plan to help Germany's No.2 cinema chain avoid
insolvency, Suddeutsche Zeitung says.

The plan calls for the reduction of the company's share capital
from 30.6 million to 11.9 million, followed by a capital
increase through non-cash contributions.  Tele Munchen Gruppe,
which has EUR13 million in outstanding loans to Cinemaxx, will
swap the debt for new shares, making its owner Herbert Kloiber
the cinema chain's new majority shareholder.

Mr. Kloiber, a film rights trader, will end up owning almost 50%
of Cinemaxx, while current shareholder will see their shares
reduced as they will not be given rights to subscribe to new
shares.  The stake held by Joachim Flebbe, founder of Cinemaxx,
will fall from 34% to 17%.

CONTACT:  CINEMAXX AG
          Friedrich-Ebert-Damm 111
          22047 Hamburg, Germany
          Phone: +49-40-450-68-0
          Fax: +49-40-450-68-201
          Web site: http://www.cinemaxx.com

          TELE MUNCHEN GRUPPE
          Kaufingerstr 24
          D-80331 Munchen
          Phone: +49 (0) 89 290 93-0
          Fax: +49 (0) 89 290 93-109
          Web site: http://www.tmg.de


CIP CITY: Charlottenburg Court Appoints Insolvency Administrator
----------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against CIP City Personalburo Gerber GmbH on
September 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 15, 2004 to register their claims with court-appointed
provisional administrator Christian Kohler-Ma.

Creditors and other interested parties are encouraged to attend
the meeting on November 18, 2004, 9:05 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on January 13, 2005, 9:05 a.m. at the
district court of Charlottenburg.

CONTACT:  CIP CITY PERSONALBURO GERBER GMBH
          Nazarethkirchstr. 52,13347 Berlin

          Christian Kohler-Ma, Insolvency Administrator
          Kurfurstendamm 212, 10719 Berlin

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


DRESDNER BANK: Unit Sells US$90 Mln Private Equity Portfolio
------------------------------------------------------------
The Institutional Restructuring Unit (IRU) of Dresdner Bank
agreed with Coller Capital to sell a private equity portfolio
consisting of various North American investments across the
capital structure of 22 different companies.  The companies are
mainly based in the United States and operate in a diverse range
of business sectors.  The sale price of US$90 million was
structured to meet both parties' objectives and final closing is
expected no later than the end of the year.  Coller Capital's
fourth fund with commitments of US$2.6 billion is the world's
largest private equity secondaries fund.  Its advised funds
currently own interests in more than 2000 companies worldwide.

"The sale is one more successful step in reducing the Bank's
exposures to non-strategic assets," says Jan E. Kvarnstrom, CEO
of IRU and member of the Dresdner Bank Board of Managing
Directors.  "We believe that the price achieved is full and fair
and in line with our targets.  The highly complex transaction
structure has been executed in a professional manner by our
private equity team and Coller Capital."

Jeremy Coller, CEO of Coller Capital, says: "We are delighted
that upon closure, this transaction will be the eighth
management spin-out that we have completed recently.  Our
considerable experience of purchasing direct private equity
assets and dealing with their related transition issues was
essential to the success of this purchase."

Since the beginning of 2003, the IRU has reduced the non-
strategic loan and private equity exposures of the Bank from
EUR35.5 billion to EUR13.5 billion (as of 30 June 2004).  The
remaining private equity exposures amount to about EUR900
million.

CONTACT:  DRESDNER BANK
          Ulrich Porwollik
          Phone: +49-(0) 69/2 63-5 06 05
          Katerina Piro
          Phone: +49-(0) 69/2 63-8 17 74

          COLLER CAPITAL
          Web site: http://www.collercapital.com

          Penrose Financial (U.K.)
          Shona Prendergast
          Phone: +44 20 7786 4884

          Kekst and Company (U.S.)
          Roy Winnick
          Phone: +1 212 521 4842


ERHARD RONSPIESS: Deadline for Filing Claims November 25
--------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Erhard Ronspiess Architektur- und
Ingenieurburo GmbH on September 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 25, 2004 to register their claims
with court-appointed provisional administrator Dr. Christoph
Schulte-Kaubrugger.

Creditors and other interested parties are encouraged to attend
the meeting on October 14, 2004, 10:00 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on January 20, 2005, 10:00 a.m. at the
district court of Charlottenburg.

CONTACT:  ERHARD RONSPIESS ARCHITEKTUR-UND INGENIEURBURO GMBH
          Heilbronner Str. 9-10, 10711 Berlin

          Dr. Christoph Schulte-Kaubrugger
          Insolvency Manager
          Genthiner Str. 48, 10785 Berlin

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


GEORG ROTH: Printing Firm Files for Bankruptcy
----------------------------------------------
The district court of Koln opened bankruptcy proceedings against
printing firm Georg Roth on September 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 21, 2004 to register their
claims with court-appointed provisional administrator Dr.
Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting on November 11, 2004, 10:30 a.m. at the district
court of Koln at which time the administrator will present his
first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  GEORG ROTH
          Gildenweg 5, 50354 Hurth
          Contact:
          Heinz Jurgen Busch
          In der Fuchshohe 3c, 50226 Frechen

          Dr. Christian Frystatzki, Insolvency Manager
          Sankt-Augustiner-Str. 94 a
          53225 Bonn
          Phone: 02 28/40 09 4-90
          Fax: +492284009499

          DISTRICT COURT OF KOLN
          Hauptstelle, Luxemburger Strasse 101
          50939 Koln, 1. Etage, Saal 142


INTERTAINMENT AG: Books Another Annual Loss
-------------------------------------------
Media company Intertainment AG recorded earnings before interest
and taxes (EBIT) amounting to -EUR8.9 million for the fiscal
year 2003, after -EUR16.2 million in the previous year.  The
consolidated loss amounts to EUR14.1 million.  In 2000, the loss
was EUR16.1 million.

The burdens of the fraud perpetrated by U.S. film producer
Franchise Pictures and other parties, and the resulting
consequences, are reflected in the financial statements, as in
the previous year.  Sales of Intertainment fell by 68% to EUR6
million, after EUR19 million in the previous year.

Sales generated by exploitation of the film "Twisted" were not
achieved in 2003, they are recorded in the first six months of
2004.

Amortization of intangible assets and depreciation of property,
plant & equipment amounts to EUR9.3 million (2002: EUR0.5
million), depreciation of current assets amounted to EUR7.3
million (2002: EUR0).  The increase in these two items is mainly
due to un-scheduled write-downs required as a result of the
comprehensive measures implemented for reorganization of
American business activities.  Earnings from ordinary activities
fell in particular due to these expenses to -EUR28.7 million
(2003: -EUR13.7 million).

Intertainment posted positive unscheduled earnings amounting to
EUR19.4 million on December 31, 2003.  This is due in part to
the valuation of claims for compensation against Franchise
Pictures and other parties.  The trial for damages won in June
2004 against Franchise improved the prospects of Intertainment
obtaining damages for the fraud.

At the end of the fiscal year 2003, Intertainment had cash and
cash equivalents amounting to EUR2.1 million following on from
EUR3.9 million at the close of 2002.  In future, Intertainment
intends to continue pursuing intensively the assertion of its
claims against Franchise and the other parties involved in the
fraud.

CONTACT:  INTERTAINMENT AG
          Investor Relations
          Osterfeldstrasse 84
          85737 Ismaning, Germany
          Phone: +49 (0)89 21699-0
          Fax: +49 (0)89 21699-11
          Web site: http://www.intertainment.de
          E-mail: investor@intertainment.de


JENOPTIK AG: Completes Acquisition of WAHL Optoparts
----------------------------------------------------
The Executive Board of Jenoptik AG (ISIN DE0006229107) decided
with the consent of the Supervisory Board to pay the balance of
the purchase price for WAHL optoparts GmbH, acquired in December
last year, in shares.  Issuing new shares in return for an
investment in kind will strengthen the shareholders' equity base
of the Jenoptik Group.

Wahl optoparts specializes in the development, production and
distribution of custom-made optical components, as well as
plastic optomechanical and optoelectronic component assemblies.
The use of plastic lenses in optical equipment and systems will
be one of the key growth drivers for optical technologies in the
future.  The company's know-how in the field of plastics holds
the potential for a diverse range of technology-based starting
points in Jenoptik's Photonics Division.

Using the authorized capital will increase the share capital of
Jenoptik AG by EUR8,306,092.60 from EUR126,984,000 to
EUR135,290,092.60.  The number of JENOPTIK AG shares issued will
rise to 52,034,651.  The current stock market price will be
taken into consideration when issuing the shares.  The new
shares, which are being excluded from the shareholders' purchase
option right, will be entitled to the full dividend for the 2004
business year.

                            *   *   *

The Jenoptik Group recorded increases in sales of 13.2% to
EUR752.9 million (EUR665.3 million) in the first half.  The
Group EBIT came to -EUR8.4 million, a rise, however, of EUR4.8
million from the previous first half (1st half 2003: -EUR13.2
million).

This figure, moreover, included planned restructuring costs for
the Clean Systems business division, of which EUR9.0 million
were social plan costs.  Without these costs, the Jenoptik
operative result for the first half would have returned to
positive figures.

In addition to restructuring costs, the Group result for the
period was weighed down by EUR12.3 million in interest expense
(1st half 2003: EUR7.3 million) due to the bond issued in autumn
2003, and a EUR2.4 million-increase in tax burden from the
previous year.  The Group result for the period, at -EUR19.3
million, therefore reflected only a slight improvement from the
first half of 2003 (-EUR20.1 million).

CONTACT:  JENOPTIK AG
          Cornelia Todt, Investor Relations
          Phone/Fax: ++49-3641-65 2156/2484
          E-mail: cornelia.todt@jenoptik.com

          Sabine Barnekow, Investor Relations
          Phone/Fax: ++49-3641-65 2290/2484
          E-mail: sabine.barnekow@jenoptik.com


KHS ANLAGENBAU: Creditors Have Until December 1 to File Claims
--------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against KHS Anlagenbau GmbH on August 31.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 1,
2004 to register their claims with court-appointed provisional
administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on October 25, 2004, 9:30 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on January 31, 2005, 9:00 a.m. at the
district court of Charlottenburg.

CONTACT:  KHS ANLAGENBAU GMBH
          Forster Str. 51,10999 Berlin

          Hartwig Albers, Insolvency Manager
          Lutzowstr. 100, 10785 Berlin

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


KNORR DACHTECHNIK: Creditors Claims Due October 19
--------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Knorr Dachtechnik GmbH on August 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 19, 2004 to register their
claims with court-appointed provisional administrator Wolfgang
Hauser.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2004, 10:30 a.m. at Saal 27,
Gerichtsgebaude Furstenstrasse 21, in Chemnitz at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  KNORR DACHTECHNIK GMBH
          (vormals KNORR SPEZIALBAU GmbH)
          (HRB 10188), Zum Plom 35, 08541 Neuensalz

          Wolfgang Hauser, Insolvency Manager
          Poetenweg 36, 08056 Zwickau


K + S BAUELEMENTE: Last Day for Filing Claims October 8
-------------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against K + S Bauelemente GmbH on September 3.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 8, 2004 to
register their claims with court-appointed provisional
administrator Michael Schmidt-Modrow.

Creditors and other interested parties are encouraged to attend
the meeting on October 22, 2004, 9:20 a.m. at the district court
of Wuppertal 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:  K + S BAUELEMENTE GMBH
          Wall 3, 42103 Wuppertal
          Contact:
          Frank Brussing, Manager
          Unterer Grifflenberg 42, 42119 Wuppertal

          Michael Schmidt-Modrow, Insolvency Manager
          Doppersberg 19, 42103 Wuppertal
          Phone: 0202/24 50 70
          Fax: 0202/24 50 777

          DISTRICT COURT OF WUPPERTAL
          Hauptstelle, Eiland 4
          42103 Wuppertal, 3.
          Etage, Saal 388 - Altbau Amtsgericht


LOHN HOCHBAU: First Creditors Meeting November 18
-------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Lohn Hochbau GmbH on September 1, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 15,
2004 to register their claims with court-appointed provisional
administrator Wolfgang Kuhnel.

Creditors and other interested parties are encouraged to attend
the meeting on November 18, 2004, 9:20 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on January 13, 2005, 9:25 a.m. at the
district court of Charlottenburg.

CONTACT:  LOHN HOCHBAU GmbH
          Homburgstr. 45,12309 Berlin

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

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


MEDIATEC GESELLSCHAFT: Under Bankruptcy Administration
------------------------------------------------------
The insolvency court of Bonn opened bankruptcy proceedings
against MEDIATEC Gesellschaft fur Veranstaltungstechnik GmbH on
September 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 29, 2004 to register their claims with court-appointed
provisional administrator Dirk Obermuller.

Creditors and other interested parties are encouraged to attend
the meeting on November 29, 2004, 11:30 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:  MEDIATEC GESELLSCHAFT FUR VERANSTALTUNGSTECHNIK GMBH
          Pfaffenweg 14 A, 53227 Bonn
          Contact:
          Dirk Hagemann, Manager
          Max Hirsch Strasse 10, 53844 Troisdorf

          Dirk Obermuller, Insolvency Manager
          Godesberger Allee 125-127, 53175 Bonn
          Phone: 81 000 45
          Fax: 81 000 820

          INSOLVENCY COURT OF BONN
          Wilhelmstrasse 21, 53111 Bonn, 2. Stock
          Saal S 2.18


POLYMERE CONSULTANT: Administrator's Report Out November 10
-----------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Polymere Consultant KG on September 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 10, 2004 to register their
claims with court-appointed provisional administrator Wolfram
Jahn.

Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2004, 11:15 a.m. at the district
court of Koln 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:  POLYMERE CONSULTANT KG
          An der Schusterinsel 15, 51379 Leverkusen
          Contact:
          Manfred Harasim
          Julius- Kronenberg- Str. 15, 42799 Leichlingen

          Wolfram Jahn, Insolvency Manager
          Durener Str. 270, 50935 Koln
          Phone: 4308758
          Fax: +492214308759

          DISTRICT COURT OF KOLN
          Hauptstelle, Luxemburger Strasse 101
          50939 Koln, 13. Etage, Saal 1311


TAURUS TV: Axel Springer Waives Rights in Put Option Claim
----------------------------------------------------------
Within the context of the insolvency scheme process of Taurus TV
GmbH i.I., a settlement agreement has been concluded between
Axel Springer AG, Taurus TV GmbH i.I., KirchMedia GmbH & Co.
KGaA i.I. and other parties.

Under the settlement agreement, Axel Springer AG agrees to waive
its rights arising from the put option claim, which is in
dispute between the parties involved.  In return, Axel Springer
AG will retain its indirect holding in ProSiebenSat.1 Media AG
of 10.2%, will increase this by 1.8% with no financial
consideration, and will receive from Taurus TV GmbH i.I. a
payment in the amount of EUR60.275 million.

In addition, the insolvency administrator of KirchMedia GmbH &
Co. KGaA i.I. will recognize a claim in the schedule of debts in
an amount of EUR325 million in favor of Axel Springer AG.  The
claim will be taken into account in the further insolvency
proceedings.  The payment of the amounts and transfer of the
holding are dependent on winding-up steps of other participants
involved in the insolvency scheme and of other winding-up
mandatories.

Berlin, September 2004
Axel Springer Aktiengesellschaft
The Management Board


TRIUS AG: Liquidator Returns Cash to Shareholders
-------------------------------------------------
The liquidator of Trius AG i.L. decided as part of the
liquidation process to distribute the part of the liquid asset
of the company to shareholders.  Each shareholder will receive
EUR1.88 per share.  The Liquidation is going to be executed with
valuta on September 23, 2004 according to the share status as of
the evening of September 22, 2004.  Starting September 23, 2004
TRIUS-shares are going to be traded and listed as "ex
liquidation" accordingly.


WGL FOTOLABORE: Creditors Have Until December 15 to File Claims
---------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against WGL Fotolabore GmbH + Co. KG on September 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 15,
2004 to register their claims with court-appointed provisional
administrator Dr. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting on November 18, 2004, 9:10 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on January 13, 2005, 9:20 a.m. at the
district court of Charlottenburg.

CONTACT:  WGL FOTOLABORE GMBH + CO. KG
          Alboinstrasse 11, 12103 Berlin

          Dr. Petra Hilgers, Insolvency Manager
          Goethestr. 85, 10623 Berlin

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


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


BORSODCHEM RT: VCP Capital Pursues Stake Sale
---------------------------------------------
BorsodChem Rt announces that VCP Capital Partners
Unternehmensberatungs AG through its subsidiaries CE Oil & Gas
Beteiligung und Verwaltung AG and VCP Industrie Beteiligungen
AG, the majority shareholders of the Company, is proceeding with
a sale of a portion of its holding in the Company.  An
International Secondary Offering was launched Wednesday and, in
support of the International Secondary Offering, the Company has
published a Preliminary International Offering Circular.  HSBC
Bank plc is global coordinator and book runner of the
International Secondary Offering.

Summary of the International Secondary Offering

(a) The sale will be structured by way of a private placement of
    shares and Global Depositary Receipts to international and
    Hungarian institutional investors.

(b) Indicative price range of HUF1,775 to HUF2,075.

(c) Up to 47,000,000 shares offered in the International
    Secondary Offering and an over-allotment option of up to an
    additional 4,700,000 shares.

(d) Total offering size representing up to 67.9% of issued share
    capital.

(e) BorsodChem to seek a secondary listing on the Warsaw Stock
    Exchange.

(f) VCPI, CEOG and the Company have consented to enter into
    lock-up arrangements extending for 180 days in respect of
    ordinary shares/GDRs in the Company.

(g) International road show commenced in London on September 15.

Pricing is expected to be announced and allocations are expected
to be made around the end of September 2004.  Application has
been made for any GDRs issued in the International Secondary
Offering to be admitted to the Official List of the U.K. Listing
Authority and to trading on the London Stock Exchange plc's
market for listed securities and Admission is expected to take
place shortly after pricing.

This announcement does not contain or constitute an offer or
invitation to purchase or subscribe for any securities of
BorsodChem and should not be relied upon in connection with any
decision to purchase or subscribe for any such securities.

                            *   *   *

BorsodChem Rt is the largest PVC manufacturer in Central and
Eastern Europe.  It is the only manufacturer of MDI in the
region and a leading producer of TDI in the region and one of
the largest listed companies in Hungary.

In April, Standard & Poor's Ratings Services assigned its 'BB'
long-term corporate credit rating to BorsodChem Rt, a chemicals
group based in Hungary, reflecting the group's position in
various segments of the Central and Eastern European chemicals
market.  The outlook is stable.

THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR
PUBLICATION, DISTRIBUTION OR RELEASE IN OR INTO THE UNITED
STATES OF AMERICA, CANADA, JAPAN, POLAND OR TO U.S. PERSONS.

CONTACT:  BORSODCHEM RT
          Gabor Hegyi
          Capital Communications
          Phone:      +36 1 266 0199

          Laszlo F. Kovacs
          Chief Executive Officer


BORSODCHEM RT: Applies for Listing on Warsaw Bourse
---------------------------------------------------
BorsodChem Rt informs the participants of the capital market
that the Company has filed an application with the Securities
and Exchange Commission in Warsaw (in Polish: Komisja Papierow
Wartooeciowych i Gield w Warszawie) for the licensing of the
introduction of its ordinary shares (ISIN code: HU0000072640)
into public trading in the Republic of Poland.

Following the grant of the aforementioned license, an
application will be made for the listing of the Shares on the
Warsaw Stock Exchange (in Polish: Gielda Papierow Wartooeciowych
w Warszawie S.A.).

Kazincbarcika, 16 September 2004
Laszlo F. Kovacs, CEO

                            *   *   *

In April, Standard & Poor's Ratings Services assigned its 'BB'
long-term corporate credit rating to BorsodChem Rt, a chemicals
group based in Hungary, reflecting the group's position in
various segments of the Central and Eastern European chemicals
market.  The outlook is stable.

CONTACT:  BORSODCHEM RT.
          3700 Kazincbarcikav
          Bolyai ter 1 Kazincbarcika, Hungary
          Phone: +36-48-511-211
          Fax:   +36-48-511-511
          Web site: http://www.borsodchem.hu/english


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


ALITALIA SPA: Board Formally Approves Turnaround Plan
-----------------------------------------------------
The board of ailing carrier Alitalia approved Monday Giancarlo
Cimoli's restructuring plan after striking vital deals with the
carrier's nine unions over the weekend, Bloomberg News says.

After weeks of negotiations, unions finally agreed to the plan
that will cut 3,689 jobs, equivalent to 19% of the carrier's
19,000 workforce.  The board, which met for three hours Monday,
refused to bare any details of Mr. Cimoli's plan.  In an e-
mailed statement, the company said the approval of the plan
allows Alitalia to draw the EUR400 million (US$488 million) loan
from Dresdner Kleinwort Wasserstein guaranteed by the
government.  This amount is enough to keep Alitalia flying for
another six months.

Company insiders say Mr. Cimoli plans to split the carrier to
two business units: AZ Fly, responsible for the flying
operations; and AZ Service, in-charge of ground operations.
Mr. Cimoli also plans to sell shares in the first quarter of
2005 to raise cash for the acquisition of new planes from Boeing
and Embraer and add new routes in 2007.

The CEO expects Alitalia to recover in 2005 and break even in
2006.  During this period, the company expects to save around
EUR280 million in personnel costs.  He expects the airline to
post losses of EUR135 million next year and operating profits of
EUR179 million and EUR276 million in 2006 and 2008,
respectively.  He foresees EUR4.3 billion in sales this year and
revenue increases through 2008.

Founded in 1947, the carrier has accumulated losses of around
EUR2.35 billion since 1989.  Alitalia also saw its domestic
market share fell by a third to 45% since 2002.  According to
the International Air Transport Association, Alitalia dropped
from its position as the world's seventh largest airline in 1970
to 15th place last year after carrying just 22.3 million
passengers.

Mr. Cimoli is the carrier's third chief executive, assuming the
post four months ago.  Prime Minister Silvio Berlusconi sacked
his predecessor after unions staged walkouts in protest of plans
to cut thousands of jobs.

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


ALITALIA SPA: Rival Urges E.U. to Block Further State Aids
----------------------------------------------------------
British Airways (BA) has asked the U.K. government to help block
further state aid to ailing Italian carrier Alitalia, the
Financial Times says.

In his letter to U.K. Transport Secretary Alistair Darling, BA
chief executive Rod Eddington urged the secretary to persuade
the European Commission to deny additional state aid to
Alitalia.  Mr. Eddington said, "[I am] particularly concerned
that the Italian authorities will 'restructure' Alitalia in a
way that attempts to circumvent the rules."

Alitalia CEO Giancarlo Cimoli intends to split the carrier to
two parts: AZ Fly, which the carrier would retain; and AZ
Service, which would be spun off.  According to the Financial
Times, the intention of the break-up is to burden AZ Service
with Alitalia's EUR1.6 billion debts.  "This could only be
interpreted as a EUR1.6 billion subsidy," Mr. Eddington said.

Alitalia's recapitalization would entail further subsidy, which
Mr. Eddington said must not be permitted.  The BA chief
commented any further subsidy to Alitalia would be a major
reversal of E.C.'s good record on state aid and "would set a
dangerous precedent" that other airlines and governments would
follow.  Mr. Eddington further said this would affect all
British carriers that have Italian operations.  He added this
would distort competition and prevent the consolidation of the
European airline industry.

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


PROCOMAC SPA: Chairman Wants to Take Firm Private
-------------------------------------------------
Ermanno Morini, founder and chairman of bottling-machinery maker
Procomac S.p.A., has decided to delist the firm after posting a
EUR3.6 million loss in the first-half, La Stampa says.

Delisting Procomac would enable Mr. Morini to buy back around
23.46% of floating shares and another 2.33% owned by Italian
bank Credito Emiliano.  Mr. Morini reportedly will offer EUR3.5
per share equivalent to the group's IPO price.  Procomac's
first-half sales fell from EUR147 million in 2003 to EUR65.5
million this year.  The group blames the difficult economic
climate and increased competition for its poor performance.

CONTACT:  PROCOMAC S.p.A.
          Via Fedolfi 29
          43038 Sala Baganza
          Phone: +39 0521 839411
          Fax: +39 0521 833879
          Web site: http://www.procomac.it


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


ALAMUDUN: Sets Creditors Meeting September 24
---------------------------------------------
The temporary insolvency manager of Agricultural Farm Alamudun
calls for a creditors meeting on September 24, 2004, 1:00 p.m.
at Baitik, administrative building of Agricultural Farm
Alamudun.  Proxies must have authorization to vote.  For more
information, call (0-502) 50-37-13.


KLIRINGCENTER: Insolvency Manager Auctions Accounts Receivable
--------------------------------------------------------------
The bidding organizer and insolvency manager of Kliringcenter
Ministry of External Trade and Industry will auction the firm's
accounts receivable on September 29, 2004, 10:00 a.m. at
Bishkek, Chui Avenue 106, room 134.

For sale are:

(a) Lot 1: Account receivable from JSC Severnaya PMK.  Starting
    price is KGS2,271,590.

(b) Lot 2: Account receivable from JSC Kyrgyzkomur.  Starting
    price is KGS174,344.

(c) Lot 3: Account receivable from JSC Kyrgyzstroilesbum.
    Starting price is KGS248,219.

(c) Lot 4: Account receivable from Advertisement Center Beyish.
    Starting price is KGS293,432.

(d) Lot5: Account receivable from Opened JSC Ak-Sui Corn
    Producing Sugar Plant. Starting price is KGS69,235.

(e) Lot 6: Altai Radiophone. Starting price is KGS3,400.

(f) Lot 7: P-1 Computers. Starting price is KGS1350.

(g) Xerox-5616 Copying machine. Starting price is KGS38,852.

To participate, bidders must deposit an amount equivalent to 10%
of the staring price.  Participants must submit their bids to
the temporary insolvency manager on or before September 28, 2004
at Bishkek, Chui Avenue 106, room 134. For more information,
contact (0-312) 62-52-31.


METROPOL: Under Bankruptcy Supervision
--------------------------------------
The Bishkek Inter-District Court on Economic Issues commenced
bankruptcy supervision procedure on LLC Joint Kyrgyz-Pakistan
Company Metropol and appointed Bolotbek Aralbaev (License 0731)
temporary insolvency manager on September 7, 2004.  The case is
docketed as 03-199/M-04c5.  Creditors will meet on September 30,
2004, 10:00 a.m. at Bishkek, Frunze Str. 340.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.  For more
information, call (0-502) 23-31-99.


MOLDOSAN: To Evaluate Proofs of Claim November 10
-------------------------------------------------
Consumer's Economy Moldosan, which recently succumbed to
insolvency, will review all proofs of claim on November 10, 2004
at Kainar, Kara-Burinsk region.

CONTACT:  CONSUMER'S ECONOMY MOLDOSAN
          Kainar, Kara-Burinsk district


TECHNOPOLIS: Selling Wine, Vodka Production Biz for KGS5 Million
----------------------------------------------------------------
The bidding organizer and insolvency manager of Private Foreign
Firm Tehnopolis will auction the firm's assets on September 24,
2004, 12:00 noon at Kyrgyzstan, Bishkek, Manas Str. 303,
Exhibition of National Economy Achievements, Free Economic Zone
Bishkek.

Up for sale is the company's wine-and-vodka production business,
including high-wear goods and store goods.  Starting price is
KGS5,250,000.  The company operates from a 516-square-meter
facility located at Kyrgyzstan, Bishkek, Manas Str. 303,
Exhibition of National Economy Achievements, Free Economic Zone
Bishkek.

Inspection of assets are done daily from 9:00 p.m. to 4:00 p.m.
at Kyrgyzstan, Bishkek, Manas Str. 303, Exhibition of National
Economy Achievements, Free Economic Zone Bishkek.  Participants
must deposit an amount equivalent to 10% of the starting price.
For more information, call (0-312) 62-68-29 or (0-502) 28-27-56.


===================
L U X E M B O U R G
===================


BCP CAYLUX: S&P Affirms 'B+' Corporate Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' rating to
US$513 million of senior discount notes due 2014 issued by
Crystal U.S. Holdings 3 L.L.C. and Crystal U.S. Sub 3
Corporation.  Standard & Poor's also affirmed its 'B+' corporate
credit ratings on BCP Caylux Holdings Luxembourg S.C.A. and its
Frankfurt, Germany-based subsidiary, Celanese AG.  The outlook
is stable.

Crystal U.S. Holdings, through its wholly owned subsidiary BCP
Caylux, currently owns 84% of the shares of Celanese AG.
Proceeds from the issuance of the notes will be used to make a
dividend to Blackstone Crystal Holdings Capital Partners
(Cayman) IV Ltd., the parent company.

"The dividend payment is consistent with the very aggressive
financial policies of the equity sponsors.  Standard & Poor's
factored the risk of dividend payments into the 'B+' ratings,
although the size of the proposed transaction is large enough so
that very little capacity for operational shortfalls or other
negative credit actions remains at the current ratings," said
Standard & Poor's credit analyst Wesley E. Chinn.

BCP Caylux's credit quality incorporates the increase in debt to
fund the planned dividend as well as the already considerable
debt burden resulting from a sharp increase in borrowings to
fund the Blackstone Group's tender offer for the shares of
Celanese -- a transaction valued at about US$3.4 billion -- and
very aggressive financial policies of the equity sponsor.  The
dividend transaction results in credit statistics that are
aggressive for the ratings.  These weaknesses are only partially
offset by the company's solid business profile as an integrated
producer of diverse commodity and industrial chemicals,
prospects for improving cash flow generation, and reasonable
liquidity.

Significant product market shares and competitive cost
structures support good competitive positions in its major
products, and a diverse product portfolio that includes a
balance of commodity, intermediate, and more specialized
industrial chemical products serving a wide range of end
markets.  With annual revenue of approximately US$4.9 billion,
Celanese ranks among the larger and more diversified global
chemical businesses.

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


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


KONINKLIJKE AHOLD: Earns Upgrade for Improved Liquidity Profile
---------------------------------------------------------------
Moody's Investors Service upgraded the debt ratings of
Koninklijke Ahold N.V. and its guaranteed obligations to Ba2 on
a senior implied basis.  The ratings affected are Ahold Finance
U.S.A. Inc.'s Guaranteed Senior Unsecured Notes issued under the
Euro Medium-Term Note program; Ahold U.S.A. Holdings Inc.'s
Guaranteed Eurobonds; Albert Heijn's Guaranteed Eurobonds; and
Koninklijke Ahold N.V.'s Euro Medium-Term Notes, Subordinated
Eurobonds.

The rating agency also raised Ahold's senior unsecured bond
rating (and its guaranteed subsidiaries) and issuer rating to
Ba3 from B1.  The subordinated debt rating has also been raised
to B1 from B2.  The outlook on all ratings is positive.  These
actions were based on Ahold's success at pulling out a
significant part of its activities from South America and Asia.
Moody's estimates the company was able to raise EUR850 million
from its disposal program.  Basing on Ahold's recent
performance, it expects the firm to raise its target EUR2.5
billion proceeds from asset sales.

The action also reflects expectation that Ahold's financial
profile will undergo further improvements over the intermediate
term from the disposal and from recent management initiatives at
U.S. Foodservice.  It also factors in Ahold's strengthened
liquidity profile.

Moody's says it "expects Ahold to be capable of meeting known
claims on liquidity arising under the ICA Ahold put lodged by
Canica, as well as scheduled debt maturities (EUR1.5 billion due
June 2005) and other moderately sized contingencies, over the
next 12 months, without needing to draw on the EUR300 million
and USD650 million revolving credit tranches of its secured
committed bank facility."

On the negative side, Moody's warned of remaining uncertainty
over the outcome of the ongoing investigations by the SEC/DOJ,
the class action lawsuit and the potential impact in the event
of fines being levied and/or settlements reached.

The ratings affected are:

(a) Ahold Finance U.S.A. Inc: Guaranteed Senior Unsecured Notes
    issued under the Euro Medium-Term Note program, comprising
    EUR1,500 million due June 2005, USD500 million due May 2009,
    EUR600 million due March 2012, GBP500 million due March
    2017, USD500 million due May 2029;

(b) Ahold U.S.A. Holdings Inc: Guaranteed Eurobonds NLG500
    million due November 2006;

(c) Albert Heijn: Guaranteed Eurobonds; NLG300 million due
    December 2007; and

(d) Koninklijke Ahold N.V.:

     (i) Euro Medium-Term Notes: CZK3 billion due September
         2005, EUR66 million due October 2007, EUR200 million
         due November 2007, EUR1,500 million due May 2008, EUR95
         million due December 2008.

    (ii) Subordinated Eurobonds: NLG 200 million due December
         2005.

The ratings have positive outlook.

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


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


NETIA SA: Subsidiaries Acquire Shares in Netia Mobile
-----------------------------------------------------
Netia S.A. (WSE: NET), Poland's largest alternative provider of
fixed-line telecommunications services, announced that its
subsidiary, Netia Mobile Sp. z o.o., with its seat in Warsaw,
has been registered by the relevant Polish court.  The shares in
Netia Mobile were acquired solely by the existing Netia's wholly
owned subsidiaries.

The share capital of Netia Mobile equals PLN50,000 and is
divided into 100 shares, PLN500 par value per share.  Netia
Mobile's shares were acquired by Netia Ventures Sp. z o.o. (99
shares constituting 99% of Netia Mobile's share capital) and
Netia Globe S.A. (1 share constituting 1% of Netia Mobile's
share capital) at the par value price of PLN500 per share.  The
shares acquired by Netia Ventures Sp. z o.o. and Netia Globe
S.A. constitute a right to 99% and 1% of votes at the general
meeting of shareholders of Netia Mobile, respectively.

Netia Ventures Sp. z o.o. and Netia Globe S.A. financed the
transaction from their own capital.  The book value of Netia
Mobile in the accounts of Netia Ventures Sp. z o.o. and Netia
Globe S.A. amount to PLN51,366.02 and PLN500, respectively.  The
acquisition will be treated as a long-term investment.

CONTACT:  NETIA S.A.
          UL. Poleczki 13
          02-822 Warsaw, Poland
          Phone: +48-22-330-2000
          Fax: +48-22-330-2323
          Web site: http://www.netia.pl


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


BRD-GROUPE SOCIETE: 'BB/B/3' Ratings Affirmed; Outlook Positive
---------------------------------------------------------------
Fitch Ratings revised the rating outlooks on BRD-Groupe Societe
Generale and UniCredit Romania (UCR) to Positive from Stable.
At the same time, BRD's and UCR's ratings are affirmed at Long-
term 'BB', Short-term 'B' and Support '3'.  UCR's Individual
rating is affirmed at 'D'.

The new Outlook follows the recent change in the Outlook on
Romania's Long-term foreign currency 'BB' rating to Positive
from Stable.

The Long-term, Short-term and Support ratings of BRD and UCR are
derived from the potential support from their foreign parents in
case of need.  BRD is 51%-owned by Societe Generale, (rated
Long-term 'AA-' and UCR is 99.8%-owned by Unicredito Italiano,
(rated Long-term 'AA-').  However, due to the potential transfer
risk in Romania, which could constrain the ability of these
institutions to support their subsidiaries, BRD's and UCR's
Long-term ratings are constrained by Romania's country ceiling
of 'BB'.

BRD is Romania's second largest bank, accounting for c.16% of
total banking assets, and has been majority-owned by Societe
Generale since 1999.  UCR was a relatively small bank when
UniCredito Italiano initially took a stake in it in June 2002.
The bank has since undertaken a successful expansion strategy
targeting both corporate and retail clients.

The press release detailing the sovereign credit rating can be
found at http://www.fitchratings.com.

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

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

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


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


BELGORO-SELKHOZ-ELECTRO: Court Sets October 10 Hearing
------------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy supervision procedure on LLC Belgoro-Selkhoz-Electro.
The case is docketed as A08-68/04-11B.  Mr. I. Shteynikov has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to Russia, Belgorod,
Lugovaya Str. 6A.  A hearing will take place on October 10,
2004.

CONTACT:  BELGORO-SELKHOZ-ELECTRO
          Russia, Belgorod,
          Chapaeva Str. 77

          Mr. I. Shteynikov
          Temporary Insolvency Manager
          Russia, Belgorod,
          Lugovaya Str. 6A


COLOR STONES: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy supervision procedure on CJSC Color Stones (TIN
1013002215).  Ms. T. Mikhalochkina has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to the temporary
insolvency manager.  A hearing will take place at the
Arbitration Court of Kareliya republic on November 24, 2004,
12:00 noon.

CONTACT:  COLOR STONES
          Russia, Kareliya republic,
          Medvezhyegorskiy region, Lavas Guba

          The Arbitration Court of Kareliya republic
          Russia, Kareliya republic,
          Petrozavodsk,
          Krasnoarmeyskaya Str. 24A, Hall 1


KOZHEVNIKOVSKIY FACTORY: Tomsk Court Appoints Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
supervision procedure on OJSC Kozhevnikovskiy Factory of Dried
Milk (TIN 7008000742).  The case is docketed as A67-2301/04.
Mr. S. Ananin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 634034, Russia,
Tomsk, Post User Box 4790.

CONTACT:  KOZHEVNIKOVSKIY FACTORY OF DRIED MILK
          636160, Russia,
          Tomsk region, Kozhevnikovo,
          Gagarina Str. 2

          Mr. S. Ananin
          Temporary Insolvency Manager
          634034, Russia,
          Tomsk, Post User Box 4790


KRASNOKAMENSKOYE MANAGEMENT: Court Sets November 25 Hearing
-----------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on OJSC Krasnokamenskoye
Management of Mines.  The case is docketed as A33-11258/04-S4.
Mr. E. Kazyurin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 660131, Russia,
Krasnoyarsk, 131, Post User Box 21186.  A hearing will take
place at Russia, Krasnoyarsk, Lenina Str. 143, Room, 22 on
November 25, 2004, 2:00 p.m.

CONTACT:  KRASNOKAMENSKOYE MANAGEMENT OF MINES
          662955, Russia,
          Krasnoyarsk region, Kuraginskiy region,
          Krasnokamensk, Promploshadka

          Mr. E. Kazyurin
          Temporary Insolvency Manager
          660131, Russia,
          Krasnoyarsk, 131,
          Post User Box 21186
          Phone/Fax: (3912) 65-29-30


NORTH-OIL-GAS-STROY: Declared Insolvent
---------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
declared LLC North-Oil-Gas-Stroy insolvent and introduced
bankruptcy proceedings.  The case is docketed as A75-224-B/04.
Mr. I. Kazakov has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 628605, Russia, Khanty-
Mansiyskiy autonomous region, Tyumen region, Nizhnevartovsk,
Druzhby Narodov Str. 6, Office 1.

CONTACT:  NORTH-OIL-GAS-STROY
          Russia, Tyumen region,
          Kogalym, Geofizikov Str. 8

          Mr. I. Kazakov
          Insolvency Manager
          628605, Russia,
          Khanty-Mansiyskiy autonomous region,
          Tyumen region, Nizhnevartovsk,
          Druzhby Narodov Str. 6, Office 1


OAO GAZPROM: First-quarter Net Profit Balloons to RUB66 Million
---------------------------------------------------------------
On 20 September 2004 OAO Gazprom issued its unaudited
consolidated interim condensed financial information prepared in
accordance with International Accounting Standard 34 'Interim
Financial Reporting' (IAS 34) for the three months ended 31
March 2004.

The table below presents the unaudited IFRS consolidated interim
condensed statement of operations for the three months ended 31
March 2004 and 2003.  All amounts are presented in million
Russian Rubles, unless otherwise stated.

                                           Three months ended
                                              31 March
                                          2004          2003

Sales (net of excise tax,
VAT and custom duties)                   255,845       232,250
Operating expenses                      (175,604)     (157,472)
Operating profit                          80,241        74,778
Net finance income (costs)                 6,329        (2,798)
Share of net income of
associated undertakings                    2,033           962
Gains on available-for-sale investments      942         3,117
Profit before profit tax and
minority interest                         89,545        76,059

Current profit tax expense               (15,471)      (14,096)
Deferred profit tax expense               (7,450)       (5,799)
Profit tax expense                       (22,921)      (19,895)
Profit before minority interest           66,624        56,164
Minority interest                           (582)         (192)
Net profit                                66,042        55,972


                                           Three months ended
                                               31 March
RR' millions (unless otherwise stated)     2004          2003
Sale of gas
Europe
     Net sale
(net of excise, VAT and customs duties)  110,372       116,194
     Volumes in bcm                         43.0          39.4
     Average price, RR/mcm
(including excise and
      customs duties)                    3,559.0       3,956.2
FSU
     Net sale (net of excise, VAT
and customs duties)                       12,374        14,626
     Volumes in bcm                         12.6          13.6
     Average price, RR/mcm (including
excise and customs duties)               1,441.2       1,371.4
Russia
     Net sale (net of excise and VAT)     85,505        64,210
     Volumes in bcm                        105.4         108.1
     Average price, RR/mcm (including
excise and net of VAT)                     824.2         656.5
Total sales of gas
     Net sale (net of excise, VAT and
customs duties)                          208,251       195,030
     Volumes in bcm                        161.0         161.1

Sales of gas condensate and
other oil and gas products
(net of excise tax, VAT and
customs duties)                           27,323        19,119
Gas transportation sales
(net of excise tax and VAT)                9,528         6,888
Other sales                               10,743        11,213
Total sales (net of excise,
VAT and customs duties)                  255,845       232,250

More detailed information on the IRFS consolidated interim
condensed financial information for the three months ended 31
March 2004 can be found at http://www.gazprom.com.

CONTACT:  OAO GAZPROM (Exchange: Russian)
          16 Nametkina
          117997 Moscow, V-420, Russia
          Phone: +7-95-719-3001
          Fax:   +7-95-719-8333


OMSK-TRANS-OIL-PRODUCTS: Appoints S. Rubin Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on CJSC Omsk-Trans-Oil-Products.  The case
is docketed as K/E-95/04.  Mr. S. Rubin has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 655043, Russia,
Omsk, Dobrovolskogo Str. 5, Building 1, Apartment 6.  A hearing
will take place on December 7, 2004, 2:00 p.m.

CONTACT:  OMSK-TRANS-OIL-PRODUCTS
          646440, Russia,
          Omsk region, Muromtsevo,
          Nakhimova Str. 13

          Mr. S. Rubin
          Temporary Insolvency Manager
          655043, Russia,
          Omsk, Dobrovolskogo Str. 5,
          Building 1, Apartment 6


ORENBURG-AGRO-PROM-KHIMIYA: Under Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision procedure on OJSC Orenburg-Agro-Prom-
Khimiya.  The case is docketed as A47-714B/04-14-GK.  Mr. D.
Taushev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 460000, Russia,
Orenburg, Gaya Str. 23A.  A hearing will take place at the
Arbitration Court of Orenburg region on November 2, 2004, 11:00
a.m.

CONTACT:  ORENBURG-AGRO-PROM-KHIMIYA
          460037, Russia, Orenburg,
          Selskokhozyaystvennaya Str. 1A

          Mr. D. Taushev
          Temporary Insolvency Manager
          460000, Russia,
          Orenburg, Gaya Str. 23A
          Phone/Fax: (3532) 78-40-26


REINFORCED CONCRETE: Deadline for Proofs of Claim October 16
------------------------------------------------------------
The Arbitration Court of Tyumen region has declared LLC
Reinforced Concrete insolvent and introduced bankruptcy
proceedings.  The case is docketed as A70-4034/3-2004.  Mr. V.
Materov has been appointed insolvency manager.  Creditors have
until October 16, 2004 to submit their proofs of claim to
625062, Russia, Tyumen, Chaplina Str. 126, Apartment 210.

CONTACT:  REINFORCED CONCRETE
          626150, Russia,
          Tobolsk, BSI-1

          Mr. V. Materov
          Insolvency Manager
          625062, Russia,
          Tyumen, Chaplina Str. 126,
          Apartment 210


REM-ELEKTRO: Insolvent Status Confirmed
---------------------------------------
The Arbitration Court of Sverdlovsk region has declared OJSC
Rem-Elektro insolvent and introduced bankruptcy proceedings.
The case is docketed as A60-17622/04-S2.  Mr. V. Osakovskiy has
been appointed insolvency manager.  Creditors may submit their
proofs of claim to 625003, Russia, Tyumen, R. Luksemburg Str.
12B.

CONTACT:  REM-ELEKTRO
          624356, Russia,
          Sverdlovsk region, Kachkanar,
          Promzona, Post User Box 156

          Mr. V. Osakovskiy
          Insolvency Manager
          625003, Russia,
          Tyumen, R. Luksemburg Str. 12B


SCHERBINSKIY FACTORY: Moscow Court Appoints Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow region has declared state
unitary enterprise of Moscow Region Scherbinskiy Factory of Art
Crafts and Souvenirs (TIN 5051001756) insolvent and introduced
bankruptcy proceedings.  The case is docketed as A41-K2-
17847/01, A41-K2-17032/01.  Ms. E. Pechyonkina has been
appointed insolvency manager.  Creditors have until October 16,
2004 to submit their proofs of claim to 107078, Russia, Moscow,
Post User Box 281.

CONTACT:  SCHERBINSKIY FACTORY OF ART CRAFTS AND SOUVENIRS
          142171, Russia,
          Moscow region, Scherbinsk,
          Zheleznodorozhnaya Str. 39

          Ms. E. Pechyonkina
          Insolvency Manager
          107078, Russia, Moscow,
          Post User Box 281


YUKOS OIL: Raises Yuganskneftegas Reserves to 74 Bln Barrels
------------------------------------------------------------
Yukos Oil Company announced the results of multi-year studies of
the Achimov producing horizon (located at depths different from
those of previously identified producing horizons in properties
of Yuganskneftegas) and the Priobskoye Field.  The studies have
identified recoverable resources well in excess of the Society
of Petroleum Engineers (S.P.E.) proven, probable and possible
(3P) reserves that Yukos has previously disclosed for its
Yuganskneftegas subsidiary.  The recoverable resources resulting
from the studies are estimated to be 74.3 billion barrels (10.1
billion metric tons) greater than the 19.4 billion barrels (2.7
billion metric tons) of 3P reserves identified as of December
31, 2003, for a total new recoverable resources base of 93.7
billion barrels (12.8 billion metric tons) in Yuganskneftegas.

While the amount of incremental resources which may be reflected
in Yukos' reserves calculations for year-end 2004 have not yet
been subject to an independent reserves audit by Yukos' outside
reserves auditor, DeGolyer & MacNaughton (D&M), D&M has informed
Yukos that it believes that there are significant potential
recoverable resources in Yuganskneftegas beyond those identified
in the reserves estimates prepared by D&M as of December 31,
2003.

Based upon initial estimates from the results of the studies,
Yukos believes that a portion of the incremental recoverable
resources which have been identified are expected to be
reflected in the year-end 2004 SPE proven, probable and possible
reserves calculations for Yuganskneftegas.  No determination has
been made regarding reserves, which may be reported in
accordance with U.S. Securities and Exchange Commission (S.E.C.)
requirements.  The incremental recoverable resources estimate
described herein includes only liquid hydrocarbons and does not
currently reflect any calculations of recoverable resources for
associated gas.

Recoverable resources should not be equated to recoverable
reserves. The U.S. Energy Information Administration (EIA)
describes "recoverable resources" as "a broader category,
encompassing estimates of both proved, and undiscovered volumes
that would be economically extractable under specified price-
cost relationships and technological conditions.  By definition,
there is a lower level of certainty attached to resource
estimates than to proved reserve estimates."  The price-cost
relationships and technological conditions assumed by Yukos in
determining the amount of recoverable resources do not differ
significantly from prevailing market forecasts and conditions.
Recoverable resources are different from the SEC defined
reporting for reserves used in Yukos' U.S. GAAP financial
reporting, and from the SPE definitions of proven, probable and
possible reserve categories.  The actual amount of reserves,
which are ultimately economically recoverable, may differ
significantly from the estimate of recoverable resources.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
         Summary Table of Revised Recoverable Resources
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

             Current SPE Total    New Estimate of    Current
             Reserves             Recoverable        Production
             12/31/2003[*]        Resources          Rate
                                  8/31/2004

    billion   billion       billion   billion    barrels    tons
    barrels    metric        barrels   metric   per day  per day
               tons                    tons

Priobskoye
     7.8       1.1           27.6       3.8     416,000   57,000
Yuganskneftegas
Achimov
    2.7        0.4           57.2       7.8      90,000   12,000
Remainder of
Yuganskneftegas
    8.9        1.2            8.9       1.2     553,000   76,000
Total
   19.4        2.7           93.7      12.8   1,059,000  145,000

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] DeGolyer and MacNaughton calculation of Proven, Probable and
Possible reserves calculated under S.P.E. definitions, as of
December 31, 2003
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The new recoverable resources estimate is based upon several
years of studies.  While Yukos personnel participated in all
aspects of the studies, D&M provided consulting services with
respect to the Achimov studies and PetroTel provided consulting
services with respect to the Priobskoye studies.  These included
3D seismic, advanced well logs and their interpretation, well
test analysis and state of the art modeling.  D&M is an
independent petroleum consulting firm based in Dallas, Texas.
PetroTel is an independent petroleum consulting group based in
Plano, Texas.

A new resources characterization model completed by PetroTel on
its state-of-the-art modeling system GeoPC, with full active
participation of Yukos geologists, petrophysicists and
engineers, lead to the revision for Priobskoye.  The new
Priobskoye model is one of the largest geostatistical models
ever completed in the world oil industry with over 34 million
grid blocks and 80 vertical layers.  The model uses data from
958 active wells, and 143 exploration wells, which were upscaled
into Yukos' dynamic reservoir model with the help of PetroTel's
engineers.

Yukos is currently operating about 500 wells at a number of
oilfields in its Yuganskneftegas subsidiary producing
approximately 90,000 barrels of oil per day from certain limited
areas of the Achimov zone.  However, the productivity of the
Achimov horizon as a whole has been questionable until now.
After developing proprietary fracturing technology for more than
18 months, with the goal of making the Achimov zone produce at
commercial rates, YUKOS designed and executed Russia's largest
ever fracture job using the highest permeability proppant
commercially available anywhere in the world.  Comprehensive
evaluation of well performance was one of the principal aspects
of the analysis, which was undertaken to complete the study of
the Achimov resources in Yuganskneftegas.

The information with respect to the new recoverable resources
estimate has been provided to Dresdner Kleinwort Wasserstein for
its review in association with its valuation of Yuganskneftegas
under contract with the Russian Federation Ministry of Justice
and additionally to other entities that are performing
valuations for Yukos.  Revised development plans for
Yuganskneftegas properties, as a result of the new resources
estimate, have not been presented to the government of the
Russian Federation.

Equivalent measurement.  Crude oil resources and production
information in metric tons has been derived from respective
information in barrels using a conversion coefficient of 1
metric ton = 7.3 barrels.

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


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


CONCORDIA BUS: Ratings Under Review for Possible Downgrade
----------------------------------------------------------
Moody's Investors Service is reviewing the ratings of Concordia
Bus AB and its subsidiaries following the release of the group's
interim results.  The firm has warned it is continuing to
experience weakness in earnings and cash flow generation.

The ratings affected are:

(a) the B2 rating on the EUR130 million senior secured notes due
    2009 of Concordia Bus Nordic AB,

(b) The Caa1 rating on the EUR160 million 11% Senior
    Subordinated Notes due 2010 issued by Concordia Bus AB,

(c) The B2 senior implied rating on Concordia Bus AB,

(d) The B3 issuer rating on Concordia Bus AB

The rating agency hinted it might downgrade the firm's ratings
for lack of any material improvement in the group's contract
portfolio returns, below expected operating performance and a
weak success rate with current contracts.  It raises concern on
the group's increasing operating costs, and its ability to
service debt interest beyond the next 12 months.

Concordia Bus is the largest private bus transportation company
in Scandinavia.  Its revenue for the 12 months ended February
28, 2004 was SEK4.8 billion.

CONTACT:  CONCORDIA BUS AB (publ)
          Solna Strandvag 78
          17154 Solna, Sweden
          Phone: +46-854630000
          Web site: http://www.concordiabus.com


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


CONVERIUM AG: Moody's Hints Downgrade of Baa1 IFSR
--------------------------------------------------
Moody's Investors Service considers downgrading the Baa1 Insurer
Financial Strength Rating (IFSR) of Converium AG and Converium
Rueckversicherung (Deutschland) AG.  It is putting the rating
under review on doubts the companies will be able to raise the
full amount it expects from its US$420 million equity offering.

The rating agency believes the group needed to raise new capital
in order to mitigate the difficulties it is facing in writing
new business, and to prevent a run-off of the entire group.  It
assured the current capitalization Converium AG -- the main
operating company of Converium Holding AG -- and Converium
Rueckversicherung are still at secure levels.

Moody's also downgraded the debt issued by Converium Holdings
(North America) Inc. from Ba1 to B2 after Converium AG revised
its plans to increase the capital of the U.S. firm and placed
the entity into run-off.  It also downgraded the IFSR of
Converium Reinsurance (North America) Inc. (CRNA) from Ba1 to
B2.  The outlook on the rating is negative.

Additional rating actions:

(a) US$200 million 7.125% unsubordinated senior notes due
    October 2023 originally issued by Zurich Reinsurance Centre
    Holdings, Inc and assumed by Converium Holdings (North
    America) Inc. -- senior debt rating downgraded from Ba1 to
    B2, on review for possible downgrade; and

(b) US$200 million 8.25% guaranteed subordinated notes due
    December 2032 (callable in 2007) issued by Converium Finance
    S.A., a wholly-owned subsidiary of Converium Holding AG --
    subordinated debt rating of Ba1 placed on review for
    possible downgrade.

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


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


ALGORITM LTD.: Bankruptcy Proceedings Begin
-------------------------------------------
The Economic Court of Ivano-Frankivsk region declared LLC
Algoritm Ltd. (code EDRPOU 13645649) insolvent and introduced
bankruptcy proceedings on July 19, 2004.  The case is docketed
as B-7/107.  Arbitral manager Mr. Mikola Siuhin (License Number
AA 249920) has been appointed liquidator/insolvency manager.

CONTACT:  ALGORITM LTD.
          Ukraine, Ivano-Frankivsk,
          B. Hmelnitskij Str. 57a

          Mr. Mikola Siuhin
          Liquidator/Insolvency Manager
          Ukraine, Ivano-Frankivsk region,
          Stus Str. 9/48

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Shevchenko Str. 16a


BOGORODCHANINAFTOGAZVIDOBUTOK: Under Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on LLC
Bogorodchaninaftogazvidobutok on May 5, 2004.  The case is
docketed as B-11/78.  Mr. Igor Kovalskij (License Number AA
249769 approved on November 19, 2001) has been appointed
temporary insolvency manager.  The company holds account numbers
260031335 and 260053753 at JSPPB Aval, Ivano-Frankivsk branch,
MFO 336462.

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

(a) BOGORODCHANINAFTOGAZVIDOBUTOK
    77701, Ukraine, Ivano-Frankivsk region,
    Bogorodchani, Gagarin Str. 10

(b) Mr. Igor Kovalskij
    Temporary Insolvency Manager
    Ukraine, Ivano-Frankivsk region,
    Kaluskij district, Pijliv

(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
    76000, Ukraine, Ivano-Frankivsk region,
    Grunvaldska Str. 11


HLIBODAR: Court Appoints Insolvency Manager
-------------------------------------------
The Economic Court of Ivano-Frankivsk region declared OJSC
Hlibodar (code EDRPOU 00951675) insolvent and introduced
bankruptcy proceedings on August 20, 2004.  The case is docketed
as B-16/336.  Arbitral manager Mr. Roman Senik (License Number
AA 719876 approved on March 4, 2004) has been appointed
liquidator/insolvency manager.  The company holds account number
2600530182 at Oshadbank, Rogatin branch 6347, MFO 336582.

CONTACT:  HLIBODAR
          77000, Ukraine, Ivano-Frankivsk region,
          Rogatin, Galitska Str. 46

          Mr. Roman Senik
          Liquidator/Insolvency Manager
          76008 Ukraine, Ivano-Frankivsk region,
          a/b 26

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Grunvaldska Str. 11


LEBEDIN' TOOL: Proofs of Claim Deadline Set September 30
--------------------------------------------------------
The Economic Court of Sumi region has commenced bankruptcy
supervision procedure on OJSC Lebedin' Tool Knots Plant (code
EDRPOU 00222380).  The case is docketed as 6/82-04.  Arbitral
manager Mr. Oleksandr Shevich (License Number AA 668288 approved
on October 9, 2003) has been appointed temporary insolvency
manager.

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

(a) LEBEDIN' TOOL KNOTS PLANT
    Ukraine, Sumi region,
    Lebedin, Sumska Str. 92

(b) Mr. Oleksandr Shevich
    Temporary Insolvency Manager
    Ukraine, Sumi region,
    Nezalezhnosti Square, 1,
    room 1412, 1418
    Phone: (0542) 21-88-69
    Fax: (0542) 21-88-69

(c) ECONOMIC COURT OF SUMI REGION
    Ukraine, Sumi region,
    Ribalko Str. 2


OBERIG: Kyiv Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Economic Court of Kyiv region declared LLC Oberig (code
EDRPOU 30546965) insolvent and introduced bankruptcy proceedings
on August 10, 2004.  The case is docketed as 18/2 b-2004.
Arbitral manager Mr. Leonid Sirotenko (License Number AA 630119
approved on November 29, 2003) has been appointed
liquidator/insolvency manager.

CONTACT:  OBERIG
          Ukraine, Kyiv region,
          Obuhiv, Zhovtneva Str. 14-a

          Mr. Leonid Sirotenko
          Liquidator/Insolvency Manager
          01034, Ukraine, Kyiv region,
          Volodimirska Str. 48/2
          Phone: 8 (044) 246-37-05

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


OHTIRSILMASH: Names Temporary Insolvency Manager
------------------------------------------------
The Economic Court of Sumi region has commenced bankruptcy
supervision procedure on OJSC Ohtirsilmash (code EDRPOU
00238256).  The case is docketed as 6/82-04.  Arbitral manager
Mr. Oleksandr Shevich (License Number AA 668288 approved on
October 9, 2003) has been appointed temporary insolvency
manager.  The company holds account number 26004301490125 at
Prominvestbank, Ohtirka branch, MFO 337319.

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

(a) OHTIRSILMASH
    Ukraine, Sumi region,
    Ohtirka, Shevchenko Str. 3

(b) Mr. Oleksandr Shevich
    Temporary Insolvency Manager
    Ukraine, Sumi region,
    Nezalezhnosti Square, 1,
    room 1412, 1418
    Phone: (0542) 21-88-69
    Fax: (0542) 21-88-69

(c) ECONOMIC COURT OF SUMI REGION
    Ukraine, Sumi region,
    Ribalko Str. 2


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


ACTIVE MANUFACTURING: May Appoint Liquidator Monday
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Active Manufacturing Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Active Manufacturing
Ltd. will be held at Beaufort House 94-96 Newhall Street
Birmingham B3 1PB on September 27, 2004 at 11:00 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee.  (Sections
99-101 of the said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Moore Stephens, Beaufort House 94-96 Newhall
Street Birmingham B3 1PB two business days prior to the meeting.

By Order of the Board.

A. Millerchip, Director
September 10, 2004

CONTACT:  MOORE STEPHENS
          Beaufort House
          94-96 Newhall Street
          Birmingham, B3 1PB
          Phone: 0121 233 2557
          Fax: 0121
          E-mail: nigel.price@moorestephens.com
          Web site: http://www.moorestephens.co.uk


ALADDINS DISCOUNT: Creditors Meeting Next Week
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Aladdins Discount Stores Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Aladdins Discount
Stores Ltd. will be held at St Alphage House 2 Fore Street
London EC2Y 5DH on September 27, 2004 at 11:00 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee.  (Sections
99-101 of the said Act)

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 St Alphage House
2 Fore Street London EC2Y 5DH 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
St Alphage House 2 Fore Street London EC2Y 5DH 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 UHY Hacker Young, St Alphage House 2 Fore
Street London EC2Y 5DH two business days prior to the meeting.

By Order of the Board.

W. J. Smallman, Director
September 7, 2004

CONTACT:  UHY HACKER YOUNG
          St. Alphage House
          2 Fore Street
          London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


APPOINTED FLOOR: Brings in Liquidator from Elwell Watchorn
----------------------------------------------------------
At an extraordinary general meeting of the Appointed Floor
Systems Limited on September 14, 2004, the resolution to wind up
the company was passed.  Richard John Elwell and Graham Stuart
Wolloff of Elwell Watchorn & Saxton, 2 Axon, Commerce Road,
Lynchwood, Peterborough PE2 6LR have been appointed joint
liquidators for the purpose of such winding-up.

CONTACT:  ELWELL WATCHORN & SAXTON
          2 Axon, Commerce Road,
          Lynchwood, Peterborough PE2 6LR
          Joint Liquidators:
          Richard John Elwell
          Graham Stuart Wolloff
          Phone: (+44) 01733 235253
          Fax:   (+44) 01733 236391
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


AUSTRO TOURS: Creditors to Meet September 27
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Austro Tours Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Austro Tours Ltd. will
be held at Hendon Hall Ashley Lane London NW4 1HF on September
27, 2004 at 10:45 a.m. for the purpose of having a full
statement of the position of the Company's affairs, together
with a list of the Creditors of the Company and the estimated
amount of their claims, laid before them, and for the purpose,
if thought fit, of nominating a Liquidator and of appointing a
Liquidation Committee. (Sections 99-101 of the said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at SPW Poppleton & Appleby, Gable House 239
Regents Park Road London N3 3LF two business days prior to the
meeting.

By Order of the Board.

J. Monfort, Director
September 9, 2004

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


BANQUE PARIBAS: Members Final Meeting Set October 22
----------------------------------------------------
Name of Companies:
Banque Paribas Capital Markets Limited
BNP Confirming Limited
BNP Paribas Harewood Properties Limited
Paribas Management Services Limited

The final meetings of the members of these companies will be on
October 22, 2004 commencing at 10:20 a.m. and thereafter at 5-
minute intervals.  It will be held at KPMG LLP, 8 Salisbury
Square, London EC4Y 8BB.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
companies disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with KPMG LLP, 8 Salisbury Square, London EC4Y 8BB not later
than 12:00 noon, October 21, 2004.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Joint Liquidator:
          S Treharne
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


BIBOH LIMITED: Members General Meeting Set October 21
-----------------------------------------------------
A general meeting of the members of Biboh Limited will be on
October 21, 2004 commencing at 11:00 a.m.  It will be held at
Athene Place, 66 Shoe Lane, London EC4A 3WA.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Athene Place, 66 Shoe Lane, London EC4A 3WA not later than
12:00 noon, October 20, 2004.

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


BOOKBUILDER SL: Hires Joint Liquidators from Ernst & Young
----------------------------------------------------------
At an extraordinary general meeting of the Bookbuilder SL
Limited on September 7, 2004 held at 1 More London Place, London
SE1 2AF, the special resolution to wind up the company was
passed.  Elizabeth A Bingham and Alan Lovett of Ernst & Young
LLP, 1 More London Place, London SE1 2AF have been appointed
joint liquidators for the purpose of such winding-up.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place,
          London SE1 2AF
          Joint Liquidators:
          Elizabeth A Bingham
          Alan Lovett
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


CAMILLA BUILDING: Names Ensors Administrator
--------------------------------------------
Steven Law has been appointed as administrator for Camilla
Building Services Limited.  The appointment was made September
10, 2004.  The company is engaged in general construction.

CONTACT:  ENSORS
          Cardinal House,
          46 St Nicholas Street,
          Ipswich IP1 1TT
          Administrator:
          Steven Law
          (IP No 008727)
          Phone: 01473 220022
          Fax:   01473 220033
          Web site: http://www.ensors.co.uk


CORUS GROUP: EUR500 Mln Senior Unsecured Bond Rated 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
senior unsecured debt rating to the proposed bond of up to
EUR500 million to be issued by U.K.-based steelmaker Corus Group
PLC (B+/Stable/B).  The bond will have a seven-year maturity and
will be guaranteed on a senior unsecured basis by Corus U.K.
Ltd.

"The bond is rated two notches below Corus' corporate credit
rating given the significant financial and operating liabilities
that rank legally and structurally senior to the bond," said
Standard & Poor's credit analyst Tommy Trask.  "Corus will use
the bond proceeds to tender for an existing bond due 2006 and to
pay down borrowings under the senior credit facility, thereby
improving its debt maturity profile and liquidity."

The bond documentation includes change of ownership and cross-
default provisions, and limitation on debt incurrence,
dividends, and other distributions subject to a fixed-charge
coverage test.

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

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


E-COMMERCE SYSTEMS: Hires Tomlinsons as Liquidator
--------------------------------------------------
At an extraordinary general meeting of the E-Commerce Systems
Solutions Consultancy Limited on September 10, 2004 held at
Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3
3EL, the resolutions to wind up the company were passed.  Alan H
Tomlinson of Tomlinsons, St John's Court, 72 Gartside Street,
Manchester M3 3EL has been appointed as liquidator for the
purpose of such winding-up.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street,
          Manchester M3 3EL
          Liquidator:
          Alan H Tomlinson
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


FUJITSU PERSONAL: Members Final General Meeting Set October 22
--------------------------------------------------------------
The final general meeting of the members of Fujitsu Personal
Systems (UK) Limited will be on October 22, 2004 commencing at
10:30 a.m.  It will be held at KPMG LLP, 8 Salisbury Square,
London EC4Y 8BB.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with KPMG Corporate Recovery, 8 Salisbury Square, London EC4Y
8BB not later than 12:00 noon, October 21, 2004.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Joint Liquidator:
          S Treharne
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
             Or +44 (0)20 7694 3533
          Web site: http://www.kpmg.co.uk


GLOBAL MOULDINGS: Creditors to Meet Friday
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Global Mouldings Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Global Mouldings Ltd.
will be held at 4 Dancastle Court 14 Arcadia Avenue London N3
2HS on September 24, 2004 at 12:00 p.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

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

By Order of the Board.

P. Sullivan, Director
August 19, 2004

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


GROUNDFORCE (OXON): Names Mercer & Hole Liquidator
--------------------------------------------------
At an extraordinary general meeting of the members of the
Groundforce (Oxon) Limited on September 14, 2004 held at 420
Silbury Boulevard, Central Milton Keynes MK9 2AF, the
extraordinary resolution to wind up the company was passed.
Peter John Godfrey-Evans of Mercer & Hole, 420 Silbury
Boulevard, Central Milton Keynes MK9 2AF has been appointed
liquidator for the purpose of such winding-up.

CONTACT:  MERCER & HOLE
          420 Silbury Boulevard,
          Central Milton Keynes MK9 2AF
          Liquidator:
          Peter John Godfrey-Evans
          Web site: http://www.mercerhole.co.uk


H J ROWLEY: Members General Meeting Set October 19
--------------------------------------------------
The general meeting of the members of H J Rowley Limited will be
on October 19, 2004 commencing at 11:00 a.m.  It will be held at
Moore Stephens Corporate Recovery, Beaufort House, 94-96 Newhall
Street, Birmingham B3 1PB.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be submitted
together with written debt claims to Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB not later than 12:00 noon, October 18, 2004.

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


INSIGHT CREATIVE: Members Agree to Wind up Business
---------------------------------------------------
At an extraordinary general meeting of the Insight Creative
Communications Limited on September 9, 2004 held at the offices
of Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street,
London SW1Y 4EP, the extraordinary and ordinary resolutions to
wind up the company were passed.  Robert Derek Smailes and
Stephen Blandford Ryman of Rothman Pantall & Co, Clareville
House, 26-27 Oxendon Street, London SW1Y 4EP have been appointed
joint liquidators of the company for the purpose of such
winding-up.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Joint Administrators:
          Stephen Blandford Ryman
          Robert Derek Smailes
          Tel: +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


J H J CONSULTING: Creditors Meeting Set September 30
----------------------------------------------------
The creditors of J H J Consulting Limited will meet on September
30, 2004 commencing at 12:00 noon.  It will be held at 1 Great
Cumberland Place, London W1H 1LW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to DTE Leonard Curtis, DTE House, Hollins Mount,
Bury BL9 8AT not later than 12:00 noon, September 29, 2004.

CONTACT:  DTE LEONARD CURTIS
          DTE House
          Hollins Mount
          Bury BL9 8AT
          Joint Administrators:
          J M Titley
          A Poxon
          (IP Nos 8620, 8617)
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


KICKERS INDOOR: Names Grant Thornton Liquidator
-----------------------------------------------
At an extraordinary general meeting of the Kickers Indoor Sports
Limited on September 8, 2004 held at 31 Carlton Crescent,
Southampton SO15 2EW, the extraordinary and ordinary resolutions
to wind up the company were passed.  Samantha Keen of Grant
Thornton UK LLP, 31 Carlton Crescent, Southampton SO15 2EW has
been appointed liquidator of the company for the purpose of the
voluntary winding-up.

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


MATRIX GODALMING: General Meeting Set October 19
------------------------------------------------
The general meeting of the Matrix Godalming (UK) Limited
(formerly Cloudygrey Limited) will be on October 19, 2004
commencing at 11:00 a.m.  It will be held at Athene Place, 66
Shoe Lane, London EC4A 3WA.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Athene Place, 66 Shoe Lane, London EC4A 3WA not later than
12:00 noon, October 18, 2004.

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


MILLNOTE LIMITED: Names PricewaterhouseCoopers Administrator
------------------------------------------------------------
David Thornhill and Michael Horrocks have been appointed as
joint administrators for Millnote Limited.  The appointment was
made September 8, 2004.

The company manufactures wood and textiles.  Its registered
office is located at Benson House, 33 Wellington Street, Leeds
LS1 4JP.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          101 Barbirolli Square
          Manchester, M2 3PW
          Joint Administrators:
          David Thornhill
          Michael Horrocks
          (IP Nos 1068, 1017)
          Phone: 0161 245 2225
          Fax: 0161 245 2828
          Web site: http://www.pwc.com


PDH FREIGHT: Extraordinary Winding up Resolution Passed
-------------------------------------------------------
At an extraordinary general meeting of the PDH Freight Services
& Trading Company Limited on September 9, 2004 held at The
Holiday Inn Hotel, Telford International Centre, St Quentin
Gate, Telford TF3 4EH, the subjoined extraordinary resolution to
wind up the company was passed.  Mark Levy of Berley Chartered
Accountants, 76 New Cavendish Street, London W1G 9TB has been
appointed as liquidator.

CONTACT:  BERLEY CHARTERED ACCOUNTANTS
          76 New Cavendish Street,
          London W1G 9TB
          Liquidator:
          Mark Levy
          Phone: 020 7636 9094
          Fax:   020 7636 4115
          E-mail: info@berley.co.uk
          Web site: http://www.berley.co.uk


PINSTONE DEVELOPMENTS: Final General Meeting Set October 25
-----------------------------------------------------------
The final general meeting of the members of Pinstone
Developments Limited will be on October 25, 2004 commencing at
2:30 p.m.  It will be held at the offices of BDO Stoy Hayward
LLP, 8 Baker Street, London W1U 3LL.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL not
later than 12:00 noon, October 22, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Joint Liquidator:
          M Cohen
          Phone: 020 7486 5888
          Fax:   020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdo.co.uk


POLYDEK LIMITED: Members Pass Winding up Resolutions
----------------------------------------------------
At an extraordinary general meeting of the Polydek Limited on
September 13, 2004 held at New Guild House, 45 Great Charles
Street, Queensway, Birmingham B3 2LX, the extraordinary and
ordinary resolutions to wind up the company were passed.  Brian
James Hamblin and Ian James Gould of PKF, New Guild House, 45
Great Charles Street, Queensway, Birmingham B3 2LX have been
appointed as joint liquidators for the purpose of such winding-
up.

CONTACT:  PKF
          New Guild House,
          45 Great Charles Street,
          Queensway, Birmingham B3 2LX
          Joint Liquidators:
          Ian James Gould
          Brian James Hamblin
          Phone: 0121 212 2222
          Fax:   0121 212 2300
          E-mail: info.birmingham@uk.pkf.com
          Web site: http://www.pfk.co.uk


PROVISIONAL LIMITED: Members General Meeting Set October 20
-----------------------------------------------------------
The general meeting of the members of Provisional Limited will
be on October 20, 2004 commencing at 11:00 a.m.  It will be held
at Athene Place, 66 Shoe Lane, London EC4A 3WA.

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

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


RANK GROUP: Pays GBP18.8 Mln to Settle Dispute with Serena
----------------------------------------------------------
Since 1993, The Rank Group Plc and its predecessor, The Rank
Organization Plc, has been involved in a dispute with Serena
Holdings Limited in relation to a contract it inherited when it
acquired Mecca Leisure Group plc in 1991.  The contract related
to the acquisition of minority interests in various businesses,
principally Hard Rock, acquired by Mecca following its
acquisition of Pleasurama plc in 1988.  The dispute centered on
the purchase price of the acquisition and, in particular, the
parties' contentions in relation to the accounts and profits of
the relevant businesses, based upon which an additional purchase
consideration might be payable.  The dispute was referred to an
expert for determination in 1995.

The expert has now issued his determination, which requires Rank
to pay Serena GBP18,819,000 in full and final settlement of the
dispute.  The award by the expert comprises GBP10,163,000,
representing amounts determined by the expert to be owing to
Serena, and GBP8,656,000, representing interest thereon, as
provided for in the original agreement between the contracting
parties.

This matter will be accounted for by way of an adjustment to the
purchase price of the earlier acquisition, and accordingly there
is no impact on Rank's profit and loss account.

                            *   *   *

Fitch Ratings recently changed Rank Group Plc's rating Outlook
to Negative from Stable.  At the same time, the agency affirmed
Rank's ratings at Senior Unsecured 'BB+' and Short-term 'B',
after an announcement of its plan to separate both Deluxe Film
and Deluxe Media from the rest of this U.K. leisure group.

The Negative Outlook also reflects the recent deterioration in
the operating performance of Rank's gaming casino, and the
continued weakening performance of its bingo operations in
H104.  Also of concern are the uncertainties about the timing of
the expected U.K. gaming deregulation as well as its impact on
the competitive landscape.

CONTACT:  RANK GROUP PLC
          Charles Cormick, Company Secretary
          Peter Reynolds, Director of Investor Relations
          Phone: 020 7535 8000

          Press enquiries
          THE MAITLAND CONSULTANCY
          Suzanne Bartch
          Phone: 020 7379 5151


ROTCORP LIMITED: Final General Meeting of Members October 19
------------------------------------------------------------
The final general meeting of the members of Rotcorp Limited will
be on October 19, 2004 commencing at 10:30 a.m.  It will be held
at 62 Wilson Street, London EC2A 2BU.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Benedict Mackenzie LLP, 62 Wilson Street, London EC2A 2BU
not later than 12:00 noon, October 18, 2004.

CONTACT:  BENEDICT MACKENZIE LLP
          62 Wilson Street,
          London EC2A 2BU
          Liquidator:
          I D Williams
          Phone: 020 7247 1174
          Fax:   020 7247 3494
          Web site: http://www.benemack.com


R & R PRECISION: Appoints Joint Administrators from Wilson Pitts
----------------------------------------------------------------
D F Wilson and J N R Pitts have been appointed joint
administrators for R & R Precision Engineers Limited.  The
appointment was made September 10, 2004.

The company manufactures general machinery.  Its registered
office is c/o Wilson Pitts, Glendevon House, Hawthorn Park, Coal
Road, Leeds LS14 1PQ.

CONTACT:  WILSON PITTS
          Glendevon House,
          Hawthorn Park,
          Coal Road, Leeds LS14 1PQ
          Joint Administrators:
          D F Wilson
          J N R Pitts
          (IP Nos 703, 7851)
          Phone: 0113-2375560
          Fax:   0113-2375561
          Web site: http://www.wilson-pitts.co.uk


SHIRLEY STAFF: Hires Liquidator from Moore Stephens
---------------------------------------------------
At an extraordinary general meeting of the Shirley Staff Agency
Limited on September 10, 2004 held at Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB, the extraordinary and ordinary resolutions to wind up the
company were passed.  Roderick Graham Butcher of Moore Stephens
Corporate Recovery, Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB has been appointed liquidator of the company
for the purpose of the voluntary winding-up.

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


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

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


T G I POOL: Members Final Meeting Set October 27
------------------------------------------------
The final meeting of the members of T G I Pool Verification
Company Limited will be on October 27, 2004 commencing at 10:30
a.m.  It will be held at the offices of Moore Stephens, 1-2
Little King Street, Bristol BS1 4HW.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Moore Stephens, 1-2 Little King Street, Bristol BS1 4HW not
later than 12:00 noon, October 26, 2004.

CONTACT:  MOORE STEPHENS
          1-2 Little King Street,
          Bristol BS1 4HW
          Liquidator:
          C Prescott
          Web site: http://www.moorestephens.co.uk


TURNSTILE INVESTMENTS: Sets General Meeting October 19
------------------------------------------------------
The general meeting of the members of Turnstile Investments
Limited will be on October 19, 2004 commencing at 11:00 a.m.  It
will be held at Athene Place, 66 Shoe Lane, London EC4A 3WA.

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

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


WATERMILL LIMITED: Creditors Meeting Set September 30
-----------------------------------------------------
Creditors of Watermill Limited (t/a The Greek Vine Restaurant)
will meet on September 30, 2004 commencing at 10:00 a.m.  It
will be held at UHY Hacker Young, St Alphage House, 2 Fore
Street, London EC2Y 5DH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to UHY Hacker Young, St Alphage House, 2 Fore
Street, London EC2Y 5DH not later than 12:00 noon, September 29,
2004.

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street,
          London EC2Y 5DH
          Joint Administrators:
          Andrew Andronikou
          Peter Kubik
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


WYMAN FUME: Administrator's Report Out September 24
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Wyman Fume Equipment Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Wyman Fume Equipment
Ltd. will be held at 125 Colmore Row Birmingham B3 3SD on
September 24, 2004 at 10:30 a.m. for the purpose of having a
full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at BDO Stoy Hayward, 125 Colmore Road Birmingham
B3 3SD two business days prior to the meeting.

By Order of the Board.

T. A. Halford, Director
September 7, 2004

CONTACT:  BDO STOY HAYWARD LLP
          125 Colmore Row
          Birmingham B3 3SD
          Phone: 0121 200 4600
          Fax: 0121 200 4650
          E-mail: birmingham@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


                            *********


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-
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Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.

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

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