TCREUR_Public/040924.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, September 24, 2004, Vol. 5, No. 190

                            Headlines

A U S T R I A

VA TECHNOLOGIE: Shareholders Approve New Share Issue


G E R M A N Y

AUGUST HETTMANNSPERGER: Creditors Proofs of Claim Due Next Week
AUTOHAUS FRANZ: Under Bankruptcy Administration
BIFAGO GMBH: Heilbronn Court Appoints Insolvency Manager
DRESDNER BANK: Individual Rating Upgraded to 'C/D'
HERMANN STAHL: Last Day for Filing Claims December 1

KLAUS TITTEL: Creditors Have Until Next Week to File Claims
MIFACO CHEMICALS: Provisional Administrator Takes over Helm
NETSHARE SOLUTIONS: Administrator's Report Due November 17
RWE AG: Sale of Waste-management Biz to Cut Debt by EUR400 Mln
SMO SCHLOSSEREI: Engineering Firm Files for Bankruptcy

SYSTEM-HEIZUNGSBAU: Creditors Claims Due by End of Month
THEODOR SCHMIDT: First Creditors Meeting November 17
THOMAS COOK: CEO Predicts Return to Profit Next Year
THOMAS COOK: 9-month Operating Loss Down Nearly 50% Year-on-year


H U N G A R Y

ARVIT HUTOIPARI: To Halt Production in November
VALDOR KERESKEDELMI: Frozen Meat Seller Succumbs to Bankruptcy


I R E L A N D

ELAN CORPORATION: Receives Patents for Immunotherapy Research


I T A L Y

ALITALIA SPA: Wants Dedicated Terminal at Fiumicino Airport
PARMALAT FINANZIARIA: Australian Unit Closing Warwick Site
PARMALAT U.S.A.: Has Until September 30 to File Chapter 11 Plan


L U X E M B O U R G

MILLICOM INTERNATIONAL: S&P Affirms 'B+' Long-term Credit Rating


N E T H E R L A N D S

ROYAL SHELL: Plots Course to Regain Strength, Return to Profit


N O R W A Y

DNO ASA: August Oil Production Up Slightly


R U S S I A

ATKARSKOYE ROAD-BUILDING: Files for Bankruptcy
BEARING PLANT #6: Deadline for Proofs of Claim October 16
BELOVSKIY MOTORIST: Kemerovo Court Opens Bankruptcy Proceedings
BONAPARTE: Succumbs to Bankruptcy
CHERNOBORSKIY: Undergoes Bankruptcy Supervision Procedure

EKATERINBURGSKIY: Last Day for Filing Claims October 16
INDUSTRIAL RAILWAY: Names V. Krynin Insolvency Manager
INTERGRAD: Saratov Court Appoints Insolvency Manager
KOMFOTEKS: Insolvency Manager Takes over Day-to-day Operations
KURAGINSKAYA SELKHOZ-MACHINERY: Declared Insolvent

MAGNESITE IRKUTSKIY: Succumbs to Bankruptcy
MDM BANK: 'C/D' Individual Rating Affirmed; Outlook Stable
MSS-SPEKTR: Names E. Zhelnin Insolvency Manager
SADKO: Declared Insolvent
VENETS-S: Bankruptcy Case Pending in Saratov Court

VOLGA-PROM-STORY: Creditors Have Until October 16 to File Claims
YUKOS OIL: Power Supplier Pulls Yuganskneftegaz's Plug
YUKOS OIL: Loses Bid to Appeal 2000 Back Tax Bill


S P A I N

ISLA MAGICA: Annual Operating Losses Continue to Drop


S W E D E N

LM ERICSSON: Buys Systems Integration Company Audilog


U K R A I N E

AGROBUDREMSERVICE: Court Appoints Temporary Insolvency Manager
ECOLOGICAL SYSTEMS: Bankruptcy Supervision Starts
KINDRATYEVSKE: Court Orders Debt Moratorium
NOVOGRAD-VOLINSKIJ: Last Day for Filing Claims October 2
OKTAVA: Undergoes Bankruptcy Supervision Procedure

SPECIALIZED REPAIR: Names Sergij Belik Insolvency Manager
SVATIVSKA MTS: Court Orders Debt Moratorium
VOLINLYONPROM: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

AD COMPUTER: Extraordinary Winding up Resolution Passed
ASSET MANAGEMENT: First Liquidation Meeting September 29
BAS WAGSTAFF: Names BDO Stoy Hayward Administrator
BC BUILDING: Hires Begbies Traynor as Liquidator
BOW SCAFFOLDING: Creditors Meeting Set Wednesday

BRITISH ENERGY: Antitrust Regulator Approves Restructuring Plan
CABLE & WIRELESS: Names Grant Thornton Liquidator
COLDSAVER PANELS: Hires Liquidator from Grant Thornton
COMPASS AIR: Insolvency Service Bans Directors for 15 Years
CORUS GROUP: Moody's Gives Proposed Notes (P)B3, Stable Outlook

DETECTAPLANT LIMITED: Names Valentine & Co. Liquidator
DIGICOM INTERNATIONAL: Appoints Liquidator from Crawfords
G & A TECHNICAL: Sets Creditors Meeting October 4
GRASMERE (DIGITAL IMAGING): Names Tenon Recovery Administrator
GRAY'S INN: Calls in Liquidator from David Rubin & Partners

JERSEYLODGE LTD.: Meeting of Creditors September 28
KLEENKUT INVESTMENTS: Creditors to Consider Proposal Tuesday
KLS MOTOR: Members Agree to Wind up Business
LINCOLN DIESELS: Spare Parts Supplier for Sale
MARKS & SPENCER: Sales Deteriorate Further

MEGHRAJ LIMITED: Members Final Meeting October 20
NEVILLE JOHNSON: Sets Members Meeting October 14
OLDBURY CARS: Members Final Meeting October 20
REGAL WINDOWS: Director Receives Six-year Ban
SCHOOL BUS: Three-year Disqualification for Top Honcho

SINGAPURA PLC: Names PricewaterhouseCoopers Administrator
SPT TECHNICAL: Appoints Buchanans Plc Administrator
SYBERMAC LIMITED: Hires Haines Watts as Administrator
THE OSBORNE: Members General Meeting Set October 8
TUFNOL LIMITED: Tufnol Holdings Appoints Stoy Hayward Receiver
UNITED BISCUITS: Closes Jacob's Biscuit Buyout
WESTAIR LIMITED: Hires Joint Administrators from Baker Tilly


                            *********


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


VA TECHNOLOGIE: Shareholders Approve New Share Issue
----------------------------------------------------
At the Extraordinary General Meeting of Shareholders of VA
Technologie AG (VA Tech) on September 21, the proposal for a
capital increase in accordance with item one of the agenda was
approved with a majority of 94.98%.  About 46.4% of the
shareholders attended the meeting in Linz.

The VA Tech Managing Board is thus authorized to increase the
share capital up to 3,830,000 (25% of the share capital) unit
shares against cash contributions.  The implementation of the
capital increase is planned for the current year.

Furthermore, in line with item two on the agenda, the election
of Ernst & Young as auditors for the annual and consolidated
financial statements, taken up at the General Meeting of
Shareholders in April 2004, was confirmed by a majority vote.

                 Goldman Sachs Corrects the Size
                 of its Holding by 40,000 Shares

Goldman Sachs corrected the published number of purchased shares
to 791,122 as per September 21.  This only corresponds with a
5.16% investment in VA Tech.

                            *   *   *

The listed VA Technologie AG (VA Tech) is a technology and
service-focused company, which provides value to customers over
the entire plant life cycle.  Leading international positions
are held in Metallurgy, Power Generation, Transmission and
Distribution and Infrastructure.  In 2003, VA Tech achieved
sales of EUR3.9 billion using the International Financial
Reporting Standard.  Its workers number 17,478.

CONTACT:  VA TECHNOLOGIE AG
          Lunzerstrasse 64
          A-4031 Linz, Austria
          Phone: +43-732-6986-9222
          Fax: +43-732-6980-3416
          Web site: http://www.vatech.co.at

          Bettina Pepek
          Press Officer
          Phone: +43 1/89100-3400
          Fax: +43 1/89100-4103
          E-mail: bettina.pepek@vatech.at

          Wolfgang Schwaiger
          Communications and Investor Relations
          Phone: +43 70/6986-9222
          Fax: +43 70/6980-3416
          E-mail: wolfgang.schwaiger@vatech.at


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


AUGUST HETTMANNSPERGER: Creditors Proofs of Claim Due Next Week
---------------------------------------------------------------
The district court of Karlsruhe opened bankruptcy proceedings
against August Hettmannsperger GmbH on September 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 29,
2004 to register their claims with court-appointed provisional
administrator Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2004, 1:45 a.m. at the district
court of Karlsruhe 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:  AUGUST HETTMANNSPERGER GMBH
          Karlsruhe -- HRB 7481
          GF Joachim Hettmannsperger
          Gunter Hettmannsperger
          Pfannkuchstr. 9, 76185 Karlsruhe
          Phone: 0721/95573-0
          Fax:   0721/95573-11

          Peter Depre, Insolvency Manager
          O 4, 13-16, 68161 Mannheim
          Phone: (0621) 120780

          DISTRICT COURT OF KARLSRUHE
          Schlossplatz 23, 76131 Karlsruhe, Saal IV/1


AUTOHAUS FRANZ: Under Bankruptcy Administration
-----------------------------------------------
The district court of Landshut opened bankruptcy proceedings
against Autohaus Franz Lanzinger GmbH 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 Matthias Dieckmann.

Creditors and other interested parties are encouraged to attend
the meeting on October 28, 2004, 8:15 a.m. at the district court
of Landshut Sitzungssaal 9/I 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.

Autohaus sells vehicles, spare parts and car accessories.  It
also does repair works.

CONTACT:  AUTOHAUS FRANZ LANZINGER GMBH
          Kreisstr. 8 in 85447 Fraunberg
          Phone: (08122) 954080

          Matthias Dieckmann, Insolvency Manager
          Gute Anger 11, 85356 Freising
          Phone: 08161/988110
          Fax: 08161/82472


BIFAGO GMBH: Heilbronn Court Appoints Insolvency Manager
--------------------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against BIFAGO GmbH on August 27.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 29, 2004 to register their claims
with court-appointed provisional administrator Dr. Erik G.
Silcher.

Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2004, 10:00 a.m. at the district
court of Heilbronn 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:  BIFAGO GMBH
          Huseyin Tiskaya
          Schottlestr. 2, 74074 Heilbronn
          Phone: 07191

          DISTRICT COURT OF HEILBRONN
          74072 Heilbronn, Rollwagstr. 10 A
          Erdgeschoss, Saal 4


DRESDNER BANK: Individual Rating Upgraded to 'C/D'
--------------------------------------------------
Fitch Ratings upgraded Dresdner Bank AG's Individual rating to
'C/D' from 'D' and changed the Outlook on the Long-term rating
to Positive from Stable.  All other ratings have been affirmed
at Long-term 'A-', Short-term 'F1' and Support '1'.

The Long- and Short-term ratings of Dresdner Bank are based on
potential support from Allianz Holding AG (Allianz, rated 'A' on
Positive Outlook), Germany's largest insurance group.  Fitch
views Allianz as strongly committed to its wholly owned banking
subsidiary.  The revision of the Outlook on the bank's Long-term
rating to Positive from Stable reflects Dresdner's increasing
integration into Allianz group.  Allianz and Dresdner are
progressively merging their distribution channels with the aim
of exploiting more efficiently their combined customer base.

The upgrade of Dresdner's Individual rating reflects the
restructuring the bank has achieved over the past two years, the
focused strategy now in place and the potential to boost
revenues from the distribution benefits the bank should be able
to extract from its bancassurance model.  Over the last three
years the bank has substantially cut costs reducing its staff
and overheads.  It has also invested in better training for its
sales force.  These measures are now starting to show through in
the income statement.

As part of the restructuring process, Dresdner has also
significantly cleaned up its balance sheet.  In 2003 it
identified EUR20 billion of "non-strategic" risk assets
(performing as well as non-performing), which were placed in a
separate division with the aim of winding them down.  By end-
June 2004, these had been reduced to EUR7 billion.  The bank
also took a substantial write-down in 2003 to recognize hidden
losses on its equity investment portfolio.  Loan loss
provisions, which peaked in 2002 and remained high in 2003, have
come down to a more acceptable EUR290 million for the first half
of 2004.

Despite the improvement in its financial health, Dresdner's
profitability remains fragile, largely reflecting the
competitive and fragmented domestic banking market.  Despite the
significant potential for cross selling with Allianz, Fitch
expects the recovery in revenues to be slow.  The bank also
remains vulnerable to deterioration in the German economy.
While Dresdner's Tier 1 capital ratio is now at an acceptable
level of 6.9%, it remains below those of many other large
universal banks in Europe.

CONTACT:  FITCH RATINGS
          Thomas v. Luepke, Frankfurt
          Phone: +49 69 7680 76150

          Alison Le Bras, Paris
          Phone: +33 1 44 29 91 46

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

          Dresdner Bank AG
          Jurgen-Ponto-Platz 1
          60329 Frankfurt, Germany
          Phone: +49-692-63-12631
          Fax: +49-692-63-7234
          Web site: http://www.dresdner-bank.de


HERMANN STAHL: Last Day for Filing Claims December 1
----------------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against Hermann Stahl GmbH on September 1.  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 Harry
Kressl.

Creditors and other interested parties are encouraged to attend
the meeting on October 20, 2004, 10:30 a.m. at the district
court of Heilbronn 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 12, 2005, 10:30 a.m. at the same venue.

CONTACT:  HERMANN STAHL GMBH
          Hermann Stahl, Dietmar
          Kraesser und Erhard Grab
          Bahnhofstr. 25, 71723 Grossbottwar

          Harry Kressl, Insolvency Manager
          Uhlandstr. 57-61, 74072 Heilbronn
          Phone: 07131/965428

          DISTRICT COURT OF HEILBRONN
          74072 Heilbronn, Rollwagstr. 10 a, Saal 4, EG


KLAUS TITTEL: Creditors Have Until Next Week to File Claims
-----------------------------------------------------------
The district court of Karlsruhe opened bankruptcy proceedings
against Klaus Tittel Bautenschutz-GmbH on September 1 due to its
inability to pay debts.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until September 28, 2004 to register their claims with
court-appointed provisional administrator Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2004, 10:30 a.m. at the district
court of Karlsruhe 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:  KLAUS TITTEL BAUTENSCHUTZ-GMBH
          (Amtsgericht Karlsruhe -- HRB 9052)
          Klaus Vogel
          Pforzheimer Str. 28, 76327 Pfinztal

          Michael Pluta, Insolvency Manager
          Albstr. 14, 70597 Stuttgart
          Phone: (0711) 7696880

          DISTRICT COURT OF KARLSRUHE
          Schlossplatz 23, 76131 Karlsruhe
          Saal IV/1. OG


MIFACO CHEMICALS: Provisional Administrator Takes over Helm
-----------------------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against Mifaco Chemicals GmbH on September 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 14, 2004 to register their
claims with court-appointed provisional administrator Karl-Heinz
Branz.

Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2004, 10:30 a.m. at the district
court of 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:  MIFACO CHEMICALS GMBH
          Industriestr. 17, 74420 Oberrot
          Contact:
          Lorenzo Scarascia, Manager
          Phone: ++49 7977 910054
          Fax:   ++49 7977 910351
          Web site: http://www.mifaco.net

          Karl-Heinz Branz, Insolvency Manager
          Bismarckstrasse 106, 74074 Heilbronn

          DISTRICT COURT OF HEILBRONN
          74072 Heilbronn, Rollwagstr. 10 A
          Erdgeschoss, Saal 4


NETSHARE SOLUTIONS: Administrator's Report Due November 17
----------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Netshare Solutions GmbH on September 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 22, 2004 to
register their claims with court-appointed provisional
administrator Udo Muller.

Creditors and other interested parties are encouraged to attend
the meeting on November 17, 2004, 9:30 a.m. at the district
court of Hannover 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:  NETSHARE SOLUTIONS GMBH
          Helmkestr. 5a, 30165 Hannover
          (AG Hannover, HRB 61159)
          Phone: 0511 / 93 78 93 - 0
          Fax:   0511 / 93 78 93 - 78
          Web site: http://www.netshare.de
          Contact:
          Lars Baumann, Insolvency Manager

          Udo Muller, Insolvency Manager
          Georgstr. 50, 30159 Hannover
          Phone: 0511/36698-0
          Fax: 0511/36698-33

          DISTRICT COURT OF HANNOVER
          Saal 2170, I. Stock (Altbau)
          Volgersweg 1, 30175 Hannover


RWE AG: Sale of Waste-management Biz to Cut Debt by EUR400 Mln
--------------------------------------------------------------
RWE AG in Essen has started its withdrawal from the waste-
management business announced in February.  In the first step in
this process, RETHMANN AG & Co. KG will acquire RWE Umwelt and
70% of RWE Umwelt's total business volume.  Selected areas of
RWE Umwelt, which constitute 30% of the total revenues of the
waste-management business, will remain with RWE AG for the time
being due to anti-trust restrictions.  These activities are
expected to be divested in three years.

RWE will sign a purchase agreement with RETHMANN shortly. The
transaction will then be contingent upon approval by the German
Federal Cartel Office.

The transaction is based on an enterprise value for the entire
RWE Umwelt Group of about EUR0.8 billion as of January 1, 2005.
On the basis of the forecast EBITDA for fiscal year 2004, this
would result in a multiple of over 4.  About two-thirds of the
enterprise value is attributable to the portion to be acquired
by RETHMANN.  Including RWE Umwelt's international businesses
already divested in 2003 and 2004, the pro-forma enterprise
value for the entire waste-management division amounts to about
EUR1 billion.

The sale of RWE's entire waste-management activities will reduce
the Group's net debt by some EUR0.4 billion.  About EUR0.2
billion will be saved upon closing of the transaction, which is
expected to take place at the latest in the first quarter of
2005.

Earnings forecast for 2004 remains unchanged for the RWE Group.

                            *   *   *

In January, RWE AG, which is disposing of assets to trim down
EUR22.3 billion in debts, said it is ready to sell RWE Umwelt if
it fails to perform according to expectations.

Dow Jones News cited a report from German weekly
Wirtschaftswoche quoting RWE Chief Executive Harry Roels as
saying the unit could go before 2005 if it becomes clear that
the division won't fulfill its 2005 profitability target.  The
plan is included in the company's restructuring blueprint.

CONTACT:  RWE AG
          Opernplatz 1
          45128 Essen
          Phone: +49 (0) 201/12-00
          Web site: http://www.rwe.com


SMO SCHLOSSEREI: Engineering Firm Files for Bankruptcy
------------------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against metal engineering firm SMO Schlosserei u. Metallbau GmbH
on September 1 due its inability to pay debts.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 14, 2004 to
register their claims with court-appointed provisional
administrator Karl-Heinz Branzm.

Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2004, 10:15 a.m. at the district
court of Heilbronn 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:  SMO SCHLOSSEREI U. METALLBAU GMBH
          Am Sportplatz 9, 74420 Oberrot

          Karl-Heinz Branzm, Insolvency Manager
          Bismarckstr. 106, 74074 Heilbronn

          DISTRICT COURT OF HEILBRONN
          74072 Heilbronn, Rollwagstr. 10 A
          Erdgeschoss, Saal 4


SYSTEM-HEIZUNGSBAU: Creditors Claims Due by End of Month
--------------------------------------------------------
The district court of Karlsruhe opened bankruptcy proceedings
against System-Heizungsbau GmbH on September 1, 2004 due to its
inability to pay debts.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until September 29, 2004 to register their claims with
court-appointed provisional administrator Dr. Henrike Maier.

Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2004, 11:30 a.m. at the district
court of Karlsruhe 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:  SYSTEM-HEIZUNGSBAU GMBH
          (Amtsgericht Karlsruhe -- HRB 2671)
          Contact:
          Peter Lautersack, Manager
          Kutschenweg 2, 76287 Rheinstetten
          Phone: 0721/95157-0
          Fax:   0721/95157-18
          E-mail: info@system-heizungsbau.de

          Dr. Henrike Maier, Insolvency Manager
          O 4, 13-16, 68161 Mannheim
          Phone: (0621) 120780

          DISTRICT COURT OF KARLSRUHE
          Schlossplatz 23, 76131 Karlsruhe
          Saal IV/1. OG


THEODOR SCHMIDT: First Creditors Meeting November 17
----------------------------------------------------
The district court of Idar-Oberstein opened bankruptcy
proceedings against Theodor Schmidt Schmuck- und Metallwaren
Company on September 1.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until October 27, 2004 to register their claims with court-
appointed provisional administrator Helmut Konrad.

Creditors and other interested parties are encouraged to attend
the meeting on November 17, 2004, 2:00 p.m. at the district
court of Idar-Oberstein, Saal 201 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:  THEODOR SCHMIDT SCHMUCK- UND METALLWAREN COMPANY
          Contact:
          Klaus Schmidt, Manager
          Mainzer Strasse 147
          55743 Idar-Oberstein

          Helmut Konrad, Insolvency Manager
          Mainzer Str. 161, 55743 Idar-Oberstein


THOMAS COOK: CEO Predicts Return to Profit Next Year
----------------------------------------------------
Thomas Cook AG has taken further steps along the road to
economic recovery.  The results of the first nine months of the
2003/04 financial year are promising.  The number of customers
has increased, sales are up and the earnings situation has
improved significantly.

"In the first nine months of the current financial year we
almost halved our operating losses," was how Thomas Cook AG's
chairman of the board and CEO Wolfgang Beeser's most important
message ran.  He took over this position at the beginning of the
year and is convinced that the company is on the right track:
"The compilation of all our various small steps we are taking
will bring us back into the profit zone in the next financial
year."

Market Success Helps in Reducing Losses

The success that has already been achieved in the decrease of
losses can be attributed to both the group's successful market
activities as well as its comprehensive cost-cutting efforts.
In contrast to previous years, the current financial year has
seen an increase in package holidays sold to the most important
leisure travel destinations.  The turnaround in the demand for
Majorca is particularly pleasing.  The popular holiday island
that is so important for the leisure travel industry as a whole
recorded an increase in customers of 13% for bookings placed
with the various Thomas Cook AG tour operators.

Cost Cutting Pushed Ahead Rigorously

Nevertheless, the success in the marketplace would only have had
little impact on the group's financial recovery had the
management at Thomas Cook AG not decided on a bundle of cost-
cutting measures at the beginning of the year and implemented
them rigorously.

The aim was to reduce jobs in Germany by 10% by the end of the
year.  This has already been achieved to an extent of 90%.  All
other costs have been cut and all the contracts with external
partners re-negotiated.  Moreover, the savings the company
planned to make in its German sales market and at its German
based carrier Condor -- worth a considerable total of EUR150
million -- have already been realized to a large degree.

Main task -- Making Core Business More Profitable

"The management," Wolfgang Beeser remarked, "has been
concentrating first and foremost this year on assuring Thomas
Cook AG's survival.  To this end, hard decisions had to be made
and implemented.  To get back into the black and stay there, we
must now focus on our main task and that involves making our
core business more profitable.  "All the group's activities were
now concentrated on attaining this goal.  Its strategy of
implementing small, coordinated and sensible individual measures
in all parts of the group had given Thomas Cook AG a good chance
of again reporting a profit as early as next year.

Thomas Cook AG is one of the leading leisure travel groups in
the world.  Deutsche Lufthansa AG and KarstadtQuelle AG each
holds a 50% stake in Thomas Cook AG.

CONTACT:  THOMAS COOK AG
          Corporate Communications
          Phone: +49(0) 61 71 65-1700
          Fax: +49(0) 61 71) 65-1060
          E-mail: konzernkommunikation@thomascookag.com
          Web site: http://www.thomascook.info


THOMAS COOK: 9-month Operating Loss Down Nearly 50% Year-on-year
----------------------------------------------------------------
The financial situation of Thomas Cook AG continued to show
improvement in the third quarter of the current financial year.
The company was able to cut its operating losses by almost half.

More Customers, Increase in Sales, Stable Prices

In the first nine months of the current financial year (November
1, 2003 to July 31, 2004), the group was able to increase sales
by 2.5% to EUR4.8 billion.  The number of customers carried by
the tour operators in this period rose slightly to 7.1 million
compared to the previous year.

Broken down into the various markets, the group was able to
increase the number of customers carried from the German sales
market by 5.0% as compared to previous year, whereas the Western
Europe sales market (Belgium/France/Netherlands) suffered a
slight decline of 0.5%.  In the U.K. the number of customers
carried fell by 2.7% in a sharply declining market.

The average holiday price rose to EUR599 in the first nine
months, EUR1 up on the price in the same period of the previous
year, while the average holiday duration declined by 2.1% to 9.1
days.

Costs Under Control

The level of expenses for leisure travel services fell by 0.9%.
Rising commission payments and higher engineering costs in the
aviation sector were essentially offset by reduced expenses for
hotel services.  The gross profit margin consequently rose by
2.6 percentage points to 23.5%.

Likewise, operating expenses -- with a plus of 1.3% -- rose less
sharply than sales.  As a result of capacity cuts at German
based carrier Condor, the depreciation on fixed assets was down
by almost 10%.  Personnel expenses remained unchanged at the
previous year's level despite a reduction in workforce of 6.4%
with savings in wages and salaries being offset by an increase
in severance and pension obligations.

                 Operating Losses Almost Halved,
             But Amortization of Goodwill Shoots up

By increasing sales, improving the gross profit margin and
controlling costs, the group was able to almost halve its
operating losses.  The level of earnings before interest, taxes
and amortization of goodwill (EBITA) improved by EUR110 million
or 47.5%, standing at -EUR121.4 million at the end of the first
nine months of the financial year.

Net interest expense stood at -EUR51.6 million, an improvement
of EUR6.9 million or 11.7%.

Nevertheless, these positive developments only impacted
partially on earnings before taxes (EBT) as Thomas Cook AG had
to amortize goodwill amounting to a total of EUR116.1 million.
The predominant share of this impairment can be put down to the
unexpectedly difficult financial situation at Thomas Cook
Voyages in France.  Despite this burden, the company was still
able to post an improvement in its earnings before taxes of
EUR67.9 million or 19.2% as compared to the previous year to end
at -EUR286.7 million.

   Capital Expenditure Reduced, Cash Flow Improves, Debt Down

The first three quarters of the current financial year saw a
total of EUR41.6 million invested by the group -- with the main
focus on leisure travel infrastructure and EDP systems. In the
previous year, capital expenditure had stood at EUR171.5
million, as it had also included the acquisition of aircraft.

The operating cash flow recorded an improvement of 39.3% over
the previous year due primarily to the reduction in losses, to
the decrease in capital expenditure, as well as to an increase
in sales-related customer down payments.  Accordingly, the
Thomas Cook AG was able to reduce its level of net debt by
around 56% as compared to the situation as at July 31st of the
previous year, with the conversion into equity of a shareholder
loan amounting to EUR100 million making a contribution here.

           Outlook: Operating Result Around Breakeven

At the beginning of September 2004, the number of customers
booked throughout the group stood 3.9% above previous year.  In
Germany, bookings were up by 4.3% over the previous year, in
Western Europe (Belgium / France / Netherlands) by 3.0%.  In the
U.K., 3.7% fewer customers booked in a sharply declining market.

The fourth quarter encompassing the months of August, September
and October typically produces good results in the leisure
travel industry.  On the basis of the current booking situation,
Thomas Cook AG's management expects to achieve an operating
result (EBITA) around break-even at the end of the current
financial year.  Earnings before taxes (EBT) are also expected
to show a significant improvement, but will remain negative due
to interest obligations and the high amortization of goodwill.

Group key figures are available free of charge at
http://bankrupt.com/misc/ThomasCook_9Months2004.pdf.

CONTACT:  THOMAS COOK AG
          Corporate Communications
          Phone: +49(0) 61 71 65-1700
          Fax: +49(0) 61 71) 65-1060
          E-mail: konzernkommunikation@thomascookag.com
          Web site: http://www.thomascook.info


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


ARVIT HUTOIPARI: To Halt Production in November
-----------------------------------------------
Frozen foods producer Arvit announced Wednesday the stoppage of
its production in mid-November after posting losses for the past
two years, MTI-Econews says.

The firm, which also produces pasta products, is currently in
liquidation with Attila Horvath of Csabaholding acting as
liquidator of the company's assets.  Mr. Horvath said the Arvit
has to shut down because its products are no longer able to
compete with cheap frozen goods form Poland and Serbia and
Montenegro.  Mr. Horvath added, while Arvit's assets at book
value covers creditors' claims of around HUF900 million, not all
creditors might recover their money because of liquidation costs
of around several hundred million Forints.  Even before Arvit's
liquidation, Erste Bank has acquired the firm's deep freeze
facility, which serves as collateral for a loan the bank
granted.

Arvit, which employs around 209 people, has a registered capital
of HUF1.31 billion and posted sales of HUF2.5 billion in 2003.
When Arvit went into liquidation it had 209 employees.

CONTACT:  ARVIT HUTOIPARI RT.
          H-9027 Gyor, Hutohaz,
          u.2, Hungary
          Phone: 0036 96316633
          Fax: 0036 96329086
          Web site: http://www.arvit.hu


VALDOR KERESKEDELMI: Frozen Meat Seller Succumbs to Bankruptcy
--------------------------------------------------------------
Bacs-Kiskun municipal court has declared frozen meat company
Valdor Kereskedelmi bankrupt, MTI-Econews reports, citing
business weekly HVG.

The firm's parent company, poultry processor Hadju-Bet, is
currently under liquidation.  Valdor does not have its own
production facility as it processes its products in Hajdu-Bet's
Debrecen factory.  The factory has been leased to agribusiness
Babolna since the start of 2004.  Hajdu-Bet and Valdor were
supposed to merge in the summer, but the former's liquidation
derailed the fusion.  The merger would have created a new
company under the Valdor name with a registered capital of
HUF6.343 billion, net assets of HUF8.57 billion and receivables
of HUF18 billion.  Valdor closed 2002 with HUF15 billion in
revenues and HUF161 million in losses.  The company has a
registered capital of HUF700 million.

CONTACT:  VALDOR KERESKEDELMI RT. HUMANPOLITIKA
          1103 Budapest
          Koer u. 3/a
          Fax: 260-43-22
          Web site: http://www.valdor.hu

          HAJDU-BET PAULTRY PROCESSING AND TRADING LTD.
          1-3 Dioszegi Str.
          Debrecen, Hajdu-Bihar County
          4030, Hungary
          Phone: 52-418-200
          Fax: 52-403-802
          Web site: http://hajdubet.hu


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


ELAN CORPORATION: Receives Patents for Immunotherapy Research
-------------------------------------------------------------
Elan Corporation, plc and Wyeth Pharmaceuticals, a division of
Wyeth, announced that the United States Patent and Trademark
Office recently issued Neuralab Limited, a subsidiary of Elan,
seven patents for the companies' joint research on
immunotherapeutic approaches to the prevention and treatment of
Alzheimer's disease.

Six of the patents, all entitled "Prevention and treatment of
amyloidogenic disease," are directed to the companies' active
immunization approaches for treatment of Alzheimer's disease:

U.S. Patent Numbers 6,787,140 and 6,787,523 claim methods of
prophylactically or therapeutically treating a disease
characterized by a beta amyloid deposit in a patient by
administering a beta amyloid peptide.

U.S. Patent Numbers 6,787,139, 6,787,138; 6,787,143 and
6,787,144 claim compositions comprising a beta amyloid fragment,
as well as methods using those compositions to prophylactically
or therapeutically treat a disease characterized by a beta
amyloid deposit in a patient.

The seventh patent is directed to the companies' passive
immunization approach: U.S. Patent Number 6,787,637, entitled
"N-terminal amyloid-beta antibodies," claims pharmaceutical
compositions comprising an antibody that specifically binds to a
region within the beta amyloid.  This patent is in addition to
the previously issued U.S. Patent Numbers 6,750,324, 6,743,427
and 6,761,888 relating to passive immunization.

"As we continue to advance our understanding of Alzheimer's
disease, it is increasingly important that we examine multiple
approaches towards targeting the different parts of the disease.
These new patents underscore this commitment and further our
goal of developing treatments for this devastating disease,"
said Lars Ekman, M.D., Executive Vice President and President,
Research and Development, Elan.

"Elan and Wyeth maintain a strong commitment to leading edge
immunotherapy research.  These new patents are important
additions to the Alliance's already strong patent portfolio,"
said Robert R. Ruffolo, Jr., Ph.D., President, Wyeth Research
and Senior Vice President, Wyeth.

Elan and Wyeth, solely or jointly, are the owners or exclusive
licensees of more than fifty U.S. patents and/or patent
applications along with corresponding foreign patents supporting
their Alzheimer's disease immunotherapy approach.

In 2000, Elan and Wyeth formed a collaboration to discover,
develop and commercialize immunotherapeutic approaches to
prevent and treat Alzheimer's disease.  The companies are
currently pursuing beta amyloid immunotherapy for mild to
moderate Alzheimer's disease in a Phase I safety study of a
humanized monoclonal antibody, AAB-001.  Elan and Wyeth are also
developing ACC-001, a novel beta amyloid-related active
immunization approach that is in the late preclinical discovery
phase.

About Elan

Elan is focused on the discovery, development, manufacturing,
sale and marketing of novel therapeutic products in
neurodegenerative diseases, autoimmune diseases and severe pain.
Elan (NYSE: ELN) shares trade on the New York, London and Dublin
Stock Exchanges.

About Wyeth

Wyeth Pharmaceuticals, a division of Wyeth (NYSE:WYE), has
leading products in the areas of women's health care,
cardiovascular disease, central nervous system, inflammation,
transplantation, hemophilia, oncology, vaccines and nutritional
products.  Wyeth is one of the world's largest research-driven
pharmaceutical and health care products companies.  It is a
leader in the discovery, development, manufacturing, and
marketing of pharmaceuticals, vaccines, biotechnology products
and nonprescription medicines that improve the quality of life
for people worldwide.  The Company's major divisions include
Wyeth Pharmaceuticals, Wyeth Consumer Healthcare, and Fort Dodge
Animal Health.

CONTACT:  ELAN CORPORATION
          Anita Kawatra
          Phone: +1-212 407 5755
                 +1-800 252 3526

          Investors
          Emer Reynolds
          Phone: +353 1 709 4000
          Fax: +1-800 252 3526
          Web site: http://www.elan.com

          WYETH
          Justin Victoria
          Phone: 973-660-5340
          or
          Gerald V. Burr
          Phone: 484-865-5138


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


ALITALIA SPA: Wants Dedicated Terminal at Fiumicino Airport
-----------------------------------------------------------
Struggling airline Alitalia is talking with airport operator
Aeroporti di Roma (ADR) regarding its plan to have a dedicated
terminal at Rome's Fiumicino airport, Il Sole 24 Ore says.

ADR Chief Executive Francesco Di Giovanni, who made the
announcement Tuesday, said the agency is also reviewing
proposals from other airlines to use its terminals.  Mr. Di
Giovanni added Fiumicino gave Alitalia an opportunity to create
a hub, as the airport expects to check in around 28 million
passengers this year.

Should Alitalia and ADR reach an agreement, the carrier would be
able to cut further cost by focusing its resources on a single
terminal, imitating the system of other national airlines that
operates around a main hub.  The move may also signal a reversal
of Alitalia's little-implemented 1998 plan to increase its
operations at Milan's Malpensa airport, which is managed by
airport operator SEA.

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


PARMALAT FINANZIARIA: Australian Unit Closing Warwick Site
----------------------------------------------------------
Parmalat Australia will close its troubled Warwick soft cheese
and butter factory in the coming months, according to The Age.

Parmalat general manager of national operations Gordon Armstrong
attributed the decision to high production costs at the factory.
It is deemed unjustifiable to continue maintaining the site for
the small volume of products it generates.  Mr. Armstrong said
Parmalat Australia had done everything to make the operation
viable since it was bought almost six years ago.  It is closing
the plan in six month's time.

Parmalat Australia is operated by Italian dairy group Parmalat
Finanziaria, which collapsed in December at the discovery of
massive fraud involving subsidiaries worldwide.  It is operating
normally while struggling to fight rumors it could be sold to
help pay its parent's creditors.

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

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


PARMALAT U.S.A.: Has Until September 30 to File Chapter 11 Plan
---------------------------------------------------------------
Parmalat U.S.A. Corporation and its U.S. debtor-affiliates,
General Electric Capital Corporation, as agent and lender,
Citibank, N.A., and the Official Committee of Unsecured
Creditors agree to another round of amendments to the Final DIP
Order.

As sanctioned by the Court, the parties stipulate that, unless
the maintenance of the existing US$35,000,000 availability is
authorized by the DIP Lenders, the U.S. Debtors' authority to
borrow and re-borrow funds will be reduced dollar for dollar by
the amount of any proceeds received by:

   -- Farmland on account of its equity interest in Milk
      Products or any inter-company loan made by Milk Products
      to Farmland; or

   -- GE Capital on account of the sale of substantially all of
      the assets of Milk Products.

                      Use of Cash Collateral

The U.S. Debtors are authorized to borrow money, use Cash
Collateral and spend money solely to pay:

   -- Farmland's and Milk Products' operating expenses;

   -- the obligations due to Citibank under the Receivables
      Purchase Agreement; and

   -- the Permitted Fee Expenses, excluding:

      (1) the Permitted Fee Expenses incurred on Parmalat
          U.S.A.'s behalf in excess of US$25,000; and

      (2) any Permitted Fee Expenses to investigate or prosecute
          claims or causes of action on Parmalat U.S.A.'s
          behalf.

The U.S. Debtors will not permit the amount outstanding under
the DIP Loans to exceed the amount of the DIP Loans budgeted in
the Budget most recently approved by GE Capital by more than 10%
on a cumulative basis from September 17, 2004, to the end of
each week in the Budget, as measured at the end of each that
week.

                       Use of Sale Proceeds

GE Capital will apply all proceeds of the sale, collection or
other disposition of the Postpetition Collateral -- which
neither constitutes Prepetition Collateral nor is subject to the
Second Mortgages -- to reduce the DIP Loans.  If the proceeds
from the sale, collection or other disposition of Postpetition
Collateral exceed the DIP Loans, the amount by which the
proceeds exceed, will be available for use by the Debtors as
Cash Collateral in accordance with the Budget GE Capital
approved.  GE Capital will hold the Postpetition Commitment
Reserve as additional Postpetition Collateral.

If, after the commitment to make DIP Loans has been terminated
and after application of the proceeds of Postpetition
Collateral, there remains Postpetition Collateral or proceeds
after repayment of the DIP Loans, and the Prepetition
Indebtedness to the extent of the Adequate Protection Liens and
the Section 507(b) Claim, the Postpetition Collateral and the
proceeds will be retained by the Debtors, subject to further
Court order.

                      Restructuring Timeline

The Lenders require the U.S. Debtors by:

     September 30, 2004   to file a plan of reorganization
                          and disclosure statement;

     October 15, 2004     to close the sale of Milk Products
                          of Alabama;

     November 15, 2004    to obtain court approval for the
                          Disclosure Statement; and

     December 31, 2004    to confirm the Plan

The Debtors' non-compliance will constitute an event of default
under the DIP Financing Facility.

The DIP Lenders extend the maturity date of the DIP Facility
until October 6, 2004.

                     Professional Fees Budget

The U.S. Debtors will provide GE Capital with a detailed budget
for professional fees by September 23, 2004.  The Professional
Fees Budget will cover the period from October 1, 2004, to
January 31, 2005.

Thereafter, on or before the 25th day of each month, the Debtors
will update the Professional Fees Budget, and will consult with
GE Capital in good faith with respect the level of professional
fees and the projects or activities on which professional fees
are being expended.

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

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


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


MILLICOM INTERNATIONAL: S&P Affirms 'B+' Long-term Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Luxembourg-headquartered emerging markets wireless operator,
Millicom International Cellular S.A., to negative from stable,
due to concerns over recent developments in two of its Asian
markets.

At the same time, Standard & Poor's affirmed its 'B+' long-term
corporate credit and 'B-' senior unsecured debt ratings on
Millicom.

"Standard & Poor's is increasingly concerned about the delay in
the commencement of Millicom's GSM services in Pakistan due to a
dispute with the Pakistan telecommunications regulatory
authority," said Standard & Poor's credit analyst Michael
O'Brien.  "The delay may affect Millicom's future competitive
position and constrain its business and financial targets in the
competitive high-growth Pakistan mobile telecoms market."

This market is key to Millicom, boasting strong revenue and
profit opportunities, and is viewed as an important support to
the ratings.  In addition, there is uncertainty about the level
of payments to be made for the renewal of the GSM license for
the 98.9% Millicom-owned operator Paktel Ltd., which expires in
April 2005.  License payment levels could range from 4% of
revenues per year, as in Paktel's existing license agreement, to
$291 million, as now claimed by the regulatory authority, and
are likely to be contested by Millicom in court.

"We are also concerned about the lack of clarity regarding the
details of the renewal of Millicom's business cooperation
agreement with the Vietnamese government, which expires on June
30, 2005, and the potential costs associated with the renewal,"
added Mr. O'Brien.  This is despite the signing of a memorandum
of understanding outlining the intention to cooperate in the
future.  The agreement is particularly important, given the
relative size and importance of the Vietnam-based operations in
Millicom's consolidated EBITDA and cash flow generation.  As
with the company's operations in Pakistan, its operations in
Vietnam are an important support to the ratings.  The business
cooperation renewal entails significant risks, ranging from loss
of the license to the substantial payments that may be needed to
preserve Millicom's market presence.

Standard & Poor's is concerned about both delays in the
commencement of Millicom's GSM operations in Pakistan and
uncertainties regarding the conditions of renewal of the
company's joint-venture agreement in Vietnam, specifically
regarding the potential related costs.  "Adverse outcomes could
materially affect the company's current balance sheet structure
and its ability to upstream cash flow from these operations,
which would have a negative effect on the ratings," said Mr.
O'Brien.

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
          michael_obrien@standardandpoors.com
          simon_redmond@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


          Millicom International Cellular S.A.
          75 Route de Longwy
          L-8080 Bertrange, Luxembourg
          Phone: +352-27-759-101
          Fax: +352-27-759-359
          Web site: http://www.millicom.com


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


ROYAL SHELL: Plots Course to Regain Strength, Return to Profit
--------------------------------------------------------------
At a Strategy Review in London Royal Dutch/Shell outlines its
strategic plans for its upstream and downstream activities.

Group Strategy and Priorities

In his opening remarks, Mr. Van der Veer commented: "We have
delivered sound financial results through the first half of this
year, through some very tough times for Shell.

"Our strategy and priorities for the way forward are: more
upstream and profitable downstream, raising the performance bar,
and focus on an 'enterprise first' culture.

"More upstream and profitable downstream requires: first, the
reshaping of our portfolio through a step-up in organic
investments to US$15 billion per year; second, the ongoing
divestment of non-strategic and underperforming assets; third,
looking at focused acquisitions with a clear path forward to
create value.

"Raising the performance bar means top quartile operational
performance in all our businesses; consistently delivering
projects on time, specification and budget and providing
competitive returns with strong cash generation to fund growing
dividends and investments.

"An 'enterprise first' culture is essential.  We are focusing on
a simplified organization and standardized systems and
processes.  Leadership, accountability and teamwork will be
crucial to our success."

Delivering Downstream Profits

The Downstream businesses generate significant cash and earnings
for the Group.  To extend this success the Group will:

(a) Fully integrate Oil Products and Chemicals under a single
    leadership team and further implement global standardized
    processes.

(b) Continue to strengthen the portfolio by shedding non-
    strategic and underperforming assets and to focus operations
    in selected profitable markets and businesses.  In the past
    year we have divested onshore crude pipeline systems and
    product pipelines in the U.S.A., retail assets in Peru, a
    stake in Showa Shell in Japan, and refinery interests in
    Delaware in the U.S.A., Thailand and Malaysia.  Further
    portfolio actions have been announced for Basell.  In
    addition, as a result of an unsolicited approach from an
    interested buyer, Shell has decided to explore its strategic
    options with regard to its Downstream global Liquid
    Petroleum Gas (LPG) distribution and marketing business.

    Discussions are at a very preliminary stage and progress
    will depend on the conclusions of the review, meanwhile work
    that was already underway to structure LPG into a stand-
    alone global operation, will be accelerated.

(c) Extend operational excellence through top quartile
    performance and reducing costs.  In the U.S.A. in
    particular, refining performance and retail restructuring
    are yielding improvements.

(c) Deploy capital to markets in Asia where demand is expected
    to grow.  By 2010, Oil Products expects to have roughly 40%
    of its assets, and Chemicals some 35% in the Asia Pacific/
    Middle East region, where the three key markets of China,
    India and Indonesia are opening up.

                   Regaining Upstream Strength

Exploration and Production

The Exploration and Production (EP) portfolio today generates
significant cash flow from core producing areas.  Though the
overall resource base remains significant, proved reserve life
is relatively low and it is essential to convert existing
resources into proved reserves and production.  EP will invest
in sustaining profitable core areas, in growing integrated gas
positions and large-scale oil projects, and in maturing
additional unconventional oil production.  New investment and
business development will target areas with growth potential and
exposure to price upside.

Resource base

Shell confirms the guidance previously given on the findings
from the hydrocarbon resource base review completed in April
2004.  Proved reserves at the end of 2003 stood at 14.4 billion
barrels of oil equivalent (BOE), following the restatement of
4.47 billion BOE of proved reserves relative to the end of 2002.
The proved reserve replacement ratio is expected to average at
least 100% for the period 2004 to 2008.  This includes the
previously announced expected re-maturation of some 50% of the
restated reserves by the end of 2008.  Total expected producible
resources are some 60 billion BOE, showing no material change
from the end of 2002.  It is planned that by the end of 2009,
the Group will bring on stream the facilities and infrastructure
that allow us to unlock some 13 billion BOE of such resources.

Production

As previously announced, production in 2004 will be between 3.7
and 3.8 million BOE per day, and between 3.5 and 3.8 million BOE
per day in 2005 and 2006.  Production is expected to grow to
between 3.8 and 4.0 million BOE per day in 2009.

Portfolio action

Having divested US$2.4 billion from 2001-2003, EP is targeting
an additional US$5 billion of divestments, dilutions and swaps
from 2004-2006.

Exploration

Exploration will focus on 'big cat' wells (prospects greater
than 100 million BOE, Shell share), with spending levels
approaching some US$1.5 billion per year.  Since the beginning
of 2003, the Group has had six significant discoveries in
Nigeria, three in Kazakhstan, one in Egypt, one in the Gulf of
Mexico and three in Malaysia.  The average unit finding cost of
volumes discovered in this period is about US$1.2 per barrel.
During the same time period, over 260,000 square kilometers of
acreage has been acquired with the potential to deliver some 30
big cat prospects.  Looking forward, 15-20 big cat wells per
year are planned.

Project delivery

Project delivery will be enhanced by a simplified organization,
stronger leadership, improved controls and contract management.
Over the past two years, Athabasca Oil Sands (Canada), Bijupir -
Salema (Brazil), Na Kika (Gulf of Mexico) and EA (Nigeria) have
all come on stream.  Over the next two years, Bonga (Nigeria),
Salym (Western Siberia), and Holstein (Gulf of Mexico) will
begin producing or be expanded.

Operational Excellence and Competitive Costs

Upstream operations will target top quartile performance.  EP
remains committed to reducing structural costs by leveraging the
new EP global organization to help offset cost pressures from
inflation, exchange rates and incremental expenditure on asset
integrity.

Gas & Power

Shell is the world's largest supplier of LNG and the second
largest natural gas producer, with leading positions in the
world's three key markets.  Shell's LNG business has delivered a
13% annual increase in total sales in the years 1999-2004. Sales
are expected to increase to around 10 million tons per annum for
2004.

Building on this strength, Gas & Power will create value by
accessing and monetizing new natural gas resources across the
value chain by:

(a) Leveraging its global portfolio, technology and
    capabilities,

(b) Increasing access to major and emerging markets,

(c) Delivering complex, integrated gas plays, and
    actively managing the portfolio


Over the last five years, Shell has delivered eight LNG trains
in four countries -- responsible for 20% of today's global
capacity.  All together, these projects have come in under
budget and on or ahead of schedule.  Major projects going
forward include: Nigeria LNG trains 4, 5 and 6; Sakhalin II LNG;
LNG import terminals in North America; and the Pearl Gas to
Liquids project in Qatar.

Group Financial Framework

Shell sees an environment where oil prices have shifted
structurally higher.  Meeting the increasing demand for
hydrocarbons will require significantly more upstream
investment.

With a US$15 billion per year investment program and upward
pressures on price and costs, Shell plans for medium term cash
neutrality at around US$25 per barrel, including divestments.
The Group screens projects around US$20 per barrel and tests for
upside at high prices.

Funding priorities are to grow the dividend at least in line
with inflation over time, to invest in existing and new business
growth and to maintain a strong balance sheet with financial
flexibility.  If additional cash is available, we will balance
further high value capital investment opportunities with returns
to shareholders.  Total debt ratio at the end of 2004 is
expected to be around 14-15%.

In line with the strategy, capital spending levels will increase
to US$15 billion per year for the period 2004-2006, with US$11.5
billion per year dedicated to the Upstream (Exploration and
Production and Gas & Power).

Divestments of non-strategic and underperforming assets are
expected to rise to US$10 to US$12 billion over the period 2004-
2006.  In 2004 we expect cash proceeds from divestments to
exceed US$4 billion.

Urgency and Action

Mr. Van der Veer concludes: "We are focused on improving our
competitive position, strong cash generation and total
shareholder returns.  Replacing our reserves is a priority to
support future growth.  Operationally, we aim to deliver top
quartile performance and adhere strictly to project milestones.

"Everyone at Shell understands the urgent need for performance
and delivery.  This requires action and decisiveness in
everything we do.  We have an invigorated and more open
'enterprise first' culture, and I am confident of our ability to
succeed."

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


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


DNO ASA: August Oil Production Up Slightly
------------------------------------------
DNO A.S.A. achieved an oil production of 13.783 BOPD in August.
The average production for the eight months of 2004 was 13.533
BOPD.

The oil production for Norway and Yemen was(BOPD):

                       August                  YTD

Norway                   1.757                  1.940
Yemen                   12.026                 11.593

Total                   13.783                 13.533

Due to new production wells on both the Tasour- and Sharyoof
Fields put on stream during the past two months the Yemen
production has increased and been maintained at a level of more
than 12.000 BOPD in July and August (net DNO share before tax).
Drilling of an appraisal well on the west flank of the Tasour
Field (Tasour no. 13) is expected to be finalized within the
next two weeks.  If the results are in accordance with DNO's
expectations, the well can be put on stream during October.

A new production well was put on stream on the Glitne Field
towards the end of August, which increased the production from
the Field to more than 25.000 BOPD (net to DNO 2.500 BOPD).
During the hook-up of the new well the production from Glitne
was shut down for a shorter period in August.  This is the
reason why the August production from Glitne is down compared to
July.

Unfortunately the production from the new well on Glitne was not
fully stabilized before the preparations to shut down the Field
commenced as a consequence of the lockout situation.  The
duration of the lockout situation on Glitne is currently
uncertain and DNO's oil production for September is therefore
expected to lower than in August.

                            *   *   *

On June 18, 2004, TCR-Europe reported that Standard & Poor's
Ratings Services withdrew its corporate credit rating on Norway-
based oil production and exploration company DNO A.S.A.  The
rating on DNO was B/Watch Dev/-- at the time of the withdrawal.
The rating was withdrawn at DNO's request, since Standard &
Poor's does not have a rating on DNO's outstanding debt.

The rating on DNO was placed on CreditWatch with developing
implications on November 17, 2003, but would likely have
remained in the 'B' category if the CreditWatch placement had
been resolved.

The CreditWatch status reflected uncertainties over the
company's medium-term business strategy, growth prospects, and
financial policy following an extensive asset sale, which was
realized in spring 2004.  Standard & Poor's believes that the
company is likely to focus on riskier exploration activities on
the Norwegian Continental Shelf and production in existing
fields in Yemen.  DNO has successfully refinanced its Norwegian
KRR335 million bond (EUR40 million), which matured on June 1,
2004.

CONTACT:  DNO A.S.A.
          Helge Eide
          Group Managing Director
          Phone: (+47) 55 22 47 00
              Or (+47) 23 23 84 80
          Web site: http://www.dno.no


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


ATKARSKOYE ROAD-BUILDING: Files for Bankruptcy
----------------------------------------------
The Arbitration Court of Saratov region has declared municipal
enterprise Atkarskoye Road-building insolvent and commenced
bankruptcy proceedings.  The case is docketed as A-57-972B/02-
31.

CONTACT:  ATKARSKOYE ROAD-BUILDING
          Russia, Saratov region,
          Aktarsk, Telefonnaya Str. 44


BEARING PLANT #6: Deadline for Proofs of Claim October 16
---------------------------------------------------------
The Arbitration Court of Sverdlovsk region has declared LLC
plant Bearing Plant #6 (TIN 6665009043) insolvent and commenced
bankruptcy proceedings.  The case is docketed as A60-27660/2003-
S3.  Mr. R. Cheskidov has been appointed insolvency manager.
Creditors have until October 16, 2004 to submit their proofs of
claim to 620075, Russia, Ekaterinburg, Shartashskaya Str. 13.

CONTACT:  BEARING PLANT #6
          620075, Russia,
          Ekaterinburg,
          Shartashskaya Str. 13

          Mr. R. Cheskidov
          Insolvency Manager
          620075, Russia,
          Ekaterinburg,
          Shartashskaya Str. 13


BELOVSKIY MOTORIST: Kemerovo Court Opens Bankruptcy Proceedings
---------------------------------------------------------------
The Arbitration Court of Kemerovo region has declared OJSC
Belovskiy Motorist insolvent and commenced bankruptcy
proceedings.  The case is docketed as A27-18292/2003-4.  Mr. O.
Karamyshev has been appointed insolvency manager.  Creditors
have until October 16, 2004 to submit their proofs of claim.

CONTACT:  BELOVSKIY MOTORIST
          652611, Russia,
          Kemerovo region, Belovo,
          Volodarskogo Str. 1A

          Mr. O. Karamyshev
          Insolvency Manager
          652611, Russia,
          Kemerovo region, Belovo,
          Volodarskogo Str. 1A


BONAPARTE: Succumbs to Bankruptcy
---------------------------------
The Arbitration Court of Saratov region has declared limited
liability partnership Bonaparte insolvent and commenced
bankruptcy proceedings.  The case is docketed as A-57-136B/02-
31.

CONTACT:  BONAPARTE
          Russia, Saratov region, Saratov


CHERNOBORSKIY: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on OJSC Chernoborskiy.  The
case is docketed as A76-21590/03-48-484.  Mr. I. Bulatov has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to Russia,
Chelyabinsk region, Chesmenskiy region, Chernoborskiy.  A
hearing will take place on October 12, 2004, 10:00 a.m.

CONTACT:  CHERNOBORSKIY
          Russia, Chelyabinsk region,
          Chesmenskiy region,
          Chernoborskiy

          Mr. I. Bulatov
          Temporary Insolvency Manager:
          Russia, Chelyabinsk region,
          Chesmenskiy region,
          Chernoborskiy


EKATERINBURGSKIY: Last Day for Filing Claims October 16
-------------------------------------------------------
The Arbitration Court of Kurgan region has declared OJSC meat
combine Ekaterinburgskiy insolvent and commenced bankruptcy
proceedings.  The case is docketed as A34-883/04-s1.  Mr. N.
Kiselyev has been appointed insolvency manager.

Creditors have until October 16, 2004 to submit their proofs of
claim to:

(a) Ekaterinburgskiy
    641100, Russia,
    Kurgan region, Shunikha,
    Lenina Str. 87

(b) Insolvency Manager
    620014, Russia,
    Ekaterinburg,
    Malysheva Str. 36, Office 701


INDUSTRIAL RAILWAY: Names V. Krynin Insolvency Manager
------------------------------------------------------
The Arbitration Court of Omsk region has declared OJSC
Industrial Railway Transport insolvent and commenced bankruptcy
proceedings.  The case is docketed as K/E-56/00.  Mr. V. Krynin
has been appointed insolvency manager.  Creditors have until
October 16, 2004 to submit their proofs of claim to 644040,
Russia, Omsk, Kombinatskaya Str. 17.

CONTACT:  INDUSTRIAL RAILWAY TRANSPORT
          644040, Russia,
          Omsk, Kombinatskaya Str. 17

          Mr. V. Krynin
          Insolvency Manager
          644040, Russia,
          Omsk, Kombinatskaya Str. 17


INTERGRAD: Saratov Court Appoints Insolvency Manager
----------------------------------------------------
The Arbitration Court of Saratov region has declared industrial
building combine Intergrad insolvent and commenced bankruptcy
proceedings.  The case is docketed as A-57-114B/02-31.

CONTACT:  INTERGRAD
          Russia, Saratov region, Balakovo


KOMFOTEKS: Insolvency Manager Takes over Day-to-day Operations
--------------------------------------------------------------
The Arbitration Court of Moscow region has declared LLC
production #2 of Komfoteks Company (TIN 7735117640) insolvent
and commenced bankruptcy proceedings.  The case is docketed as
A40-31113/04-66-22B.  Mr. V. Shirokov has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 127422, Russia, Moscow, Post User Box 16.

CONTACT:  Mr. V. Shirokov
          Insolvency Manager
          127422, Russia,
          Moscow, Post User Box 16


KURAGINSKAYA SELKHOZ-MACHINERY: Declared Insolvent
--------------------------------------------------
The Arbitration Court of Krasnoyarsk region has declared OJSC
Kuraginskaya Selkhoz-Machinery insolvent and commenced
bankruptcy proceedings.  The case is docketed as A33-3692/04-s4.
Mr. M. Tersin has been appointed insolvency manager.  Creditors
have until October 16, 2004 to submit their proofs of claim to
660049, Russia, Krasnoyarsk, Lenina Str. 62 a, office 10.

CONTACT:  KURAGINSKAYA SELKHOZ-MACHINERY
          662910, Russia,
          Krasnoyarsk region,
          Kuraginskiy region, Kuragino,
          Partizanskaya Str. 45

          Mr. M. Tersin
          Insolvency Manager
          660049, Russia,
          Krasnoyarsk, Lenina Str. 62 a,
          Office 10


MAGNESITE IRKUTSKIY: Succumbs to Bankruptcy
-------------------------------------------
The Arbitration Court of Irkutsk region has declared OJSC
Magnesite Irkutskiy insolvent and commenced bankruptcy
proceedings.  The case is docketed as A19-16897/03-37.  Mr. V.
Pyatakov has been appointed insolvency manager.  Creditors have
until October 16, 2004 to submit their proofs of claim to
664025, Russia, Irkutsk, Post User Box 3288.

CONTACT:  MAGNESITE IRKUTSKIY
          665435, Russia,
          Irkutsk region,
          Cheremkhovskiy region, Talniki

          Mr. V. Pyatakov
          Insolvency Manager
          664025, Russia,
          Irkutsk, Post User Box 3288
          Phone/Fax: (3952) 24-35-18


MDM BANK: 'C/D' Individual Rating Affirmed; Outlook Stable
----------------------------------------------------------
Fitch Ratings affirmed the ratings of Russia's MDM Bank and MDM
Bank Holding GmbH at Long-term 'B+', Short-term 'B' and
Individual 'C/D'.  The Outlook is Stable.  The Support ratings
have been affirmed at '4' and '5' respectively.  MDM Bank's
National rating has also been affirmed at 'A(rus)'.

MDM Holding GmbH is the holding company of a group of banks and
securities, leasing and real estate etc. companies known as MDM
Financial Group, of which MDM Bank with its operating
subsidiaries is the most significant component, accounting for
84% of group assets and 69% of operating revenues in 2003.

The Long-term, Short-term and Individual ratings of both
entities reflect the high, albeit declining, concentration
levels on both sides of MDM's balance sheet and the volatility
of its revenue streams earnings, arising from its securities
trading activity.  They also take into account its periodical
willingness to take significant exposures to related parties,
although this is capped at 10% of assets.  However, they also
consider MDM's good performance track record and adequate
liquidity and capitalization.

MDM's performance has always compared well with its peers and,
while most profitability indicators have been declining from
their exceptionally high levels, the group's performance in Q104
remained sound, despite a sharp reduction in inherently volatile
securities trading gains.

The quality of MDM's loan book, which is being re-orientated
away from top-tier Russian corporates towards the mid-cap sector
and consumer finance, is satisfactory and loan loss reserve
coverage of non-performing loans (NPLs) is strong.  However,
concentration levels remain high, such that even a small number
of new NPLs could have a material impact on earnings.

Market risk has historically been well managed but, at times,
the bank's appetite can be moderately high.

Although MDM's customer funding is concentrated, the diversity
and maturity profile of MDM's funding base has been improved
through various capital market issues and the bank has
historically managed its liquidity relatively conservatively.
MDM has been less aggressive than many other Moscow-based banks
in attracting retail deposits, and its net outflow of retail was
relatively modest during the mini-crisis of June/July 2004.  MDM
is well-capitalized.

MDM's main activity is commercial (including retail) banking and
investment banking. In addition to MDM Bank (one of Russia's 10
largest banks), the group includes the much smaller MDM Bank St.
Petersburg, MDM Bank Urals and Latvian Trade Bank.

CONTACT:  FITCH RATINGS
          James Longsdon
          London
          Phone: +44 (0) 20 7417 4309

          Vladlen Kuznetsov
          Moscow
          Phone: +7 095 956 9901

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

          MDM Financial Group
          33/1 Kotelnicheskaya nab.
          Moscow 115172
          Russia
          Phone: +7 (095) 797 95 00
          Fax: +7 (095) 797 95 01
          E-mail: enquiries@mdmfinancialgroup.com
          Web site: http://www.mdmbank.com


MSS-SPEKTR: Names E. Zhelnin Insolvency Manager
-----------------------------------------------
The Arbitration Court of Moscow region has declared CJSC MSS-
Spektr (TIN 7705052699) insolvent and commenced bankruptcy
proceedings.  Mr. E. Zhelnin has been appointed insolvency
manager.  Creditors have until October 16, 2004 to submit their
proofs of claim to the Arbitration Court of Moscow region on
107497, Russia, Moscow, Post User Box 6.

CONTACT:  MSS-SPEKTR
          Russia, Moscow,
          Vorontsovskaya Str. 18/20, Building 6

          Mr. E. Zhelnin
          Insolvency Manager
          107497
          Russia, Moscow,
          Post User Box 6
          Phone: 741-22-25


SADKO: Declared Insolvent
-------------------------
The Arbitration Court of Saratov region has declared Limited
Liability Company Sadko insolvent and commenced bankruptcy
proceedings.  The case is docketed as A-57-438B/02-31.

CONTACT:  SADKO
          Russia, Saratov region, Raskovo


VENETS-S: Bankruptcy Case Pending in Saratov Court
--------------------------------------------------
The Arbitration Court of Saratov region has declared Limited
Liability Partnership Venets-S insolvent and commenced
bankruptcy proceedings.  The case is docketed as A-57-159B/02-
31.

CONTACT:  VENETS-S
          Russia, Saratov region, Saratov


VOLGA-PROM-STORY: Creditors Have Until October 16 to File Claims
----------------------------------------------------------------
The Arbitration Court of Saratov region has declared Limited
Liability Company Volga-Prom-Stroy insolvent and commenced
bankruptcy proceedings.  The case is docketed as A-57-929B/02-
31.  Mr. A. Gurchenko has been appointed insolvency manager.
Creditors have until October 16, 2004 to submit their proofs of
claim to 410028, Russia, Saratov, Michurina Str. 98/102, office
105.

CONTACT:  VOLGA-PROM-STROY
          Russia, Saratov region, Balakovo

          Mr. A. Gurchenko
          Insolvency Manager
          410028, Russia,
          Saratov, Michurina Str. 98/102,
          Office 105


YUKOS OIL: Power Supplier Pulls Yuganskneftegaz's Plug
------------------------------------------------------
Yukos Oil was forced to reduce production at its main Siberian
unit Yuganskneftegaz Wednesday after power company Tyumenenergo
cut power supply to the refinery for non-payment of bills.

The firm reduced its 1 million barrels per day output by 35,000,
according to Reuters.  The move follows a decision from the oil
giant to reduce rail shipments to China by two-thirds and
undersupply 1 million tons on this route from September 28 until
the end of the year.

Yukos has repeatedly warned it might cut production or file for
bankruptcy after its bank accounts were frozen in relation to
tax investigations against it.  It is currently facing a US$7
billion back tax bill.

On Wednesday, Chairman Viktor Gerashchenko promised management
would try to stave off bankruptcy.  He said a declaration of
bankruptcy at this time could be challenged by authorities as
illegal.

"A premature announcement could be considered a false
declaration of bankruptcy, which would threaten Yukos employees
with new criminal investigations," he said.

Meanwhile, pipeline monopoly Transneft, assures oil supply to
Europe is safe after it agreed to receive crude oil instead of
cash as payment for export shipping fees.

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

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

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


YUKOS OIL: Loses Bid to Appeal 2000 Back Tax Bill
-------------------------------------------------
The Moscow Arbitration Court on Wednesday overthrew Yukos Oil's
appeal to void the tax assessment for 2000, reports MosNews.
Accordingly, Yukos failed to convince the court that the US$3.4
billion being demanded by the tax ministry is illegal.

The ministry issued its order in April, saying the firm reduced
its taxes by selling oil through 17 subsidiaries registered
offshore and claiming they were independent companies.  Yukos
denies the accusations, arguing the ministry failed to prove the
companies were affiliated to the group.  It also disputes the
ministry's calculations.

The arbitration court previously partially sided with Yukos,
marginally reducing the size of its tax bill.  But on Wednesday
it halted proceedings in the case.  Yukos potentially faces a
tax bill of around US$10 billion once audits of its subsequent
annual accounts are finished.

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

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

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


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


ISLA MAGICA: Annual Operating Losses Continue to Drop
-----------------------------------------------------
Theme park Isla Magica, which is currently under temporary
receivership, managed to cut its losses for the second straight
year by 8.21% from EUR5.3 million in 2003, Expansion says.

Isla Magica attributed this achievement to a cost-cutting
program that the theme park implemented in 2002.  Isla Magica
was also able to reduce its operating losses by 6.22% to EUR4.52
million after it posted an EBITDA of EUR0.15 million.  The
company registered a gross operating loss of EUR12,000 in 2003.
The theme also managed to increase its net sales by 6.53% to
EUR13.86 million.

The theme park has been in temporary receivership after having a
negative working capital of EUR37.1 million, which caused
liquidity problems for the company.  Spanish power group Endesa,
which acquired a 4% stake in Isla Magica for EUR3 million in
1997, sold the shares for EUR54,000 in 2003. Three Andalucian
savings banks, El Monte, Unicaja and Caja San Fernando, bought
the shares, thus increasing their stake park to 25.5% each.

CONTACT:  PARQUE ISLA MAGICA S.A.
          Pabellon de Espana
          Isla de la Cartuja
          41092 Sevilla
          Phone: 902 16 17 16
          Fax: 902 16 00 00
          Web site: http://www.islamagica.es


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


LM ERICSSON: Buys Systems Integration Company Audilog
-----------------------------------------------------
LM Ericsson acquired French company Audilog, specialized in
systems integration in the area of network management.

Systems integration, supporting telecom operators in creating
competitive consumer service offerings and efficient business
processes, is a strategic area in the Ericsson Global Services
portfolio.  The acquisition of the French company Audilog
reinforces Ericsson's focus on growing its services business.
Audilog has for two decades worked closely with leading
operators in France and on international markets in securing
quality of network and consumer service performance.

"I am pleased to announce this acquisition that will increase
our capacity to support operators in capturing revenue growth
while controlling costs," said Hans Vestberg, Senior Vice
President, Business Unit Global Services.  "Audilog's skills and
experience in network management fits perfectly with our
competence and our leading telecom management and systems
integration offering."

"We are proud and excited to be part of the Ericsson group,"
said Mr. Waksman, CEO Audilog.  "Working with systems
integration it is a great strength for us to belong to Ericsson,
the world's largest telecom services company.  The leadership
and long-term experience of Ericsson will facilitate new
business opportunities and competence development."

Ericsson is industry leading in systems integration of new
consumer services and operator business processes, creating
value for consumers and profitability for operators.

As networks, systems and business models become more complex,
Ericsson partner with operators to create an environment for
efficient business operations and innovative business
development.  This includes supplying solutions in the service
layer and telecom management domains (service provisioning,
network management, service assurance and revenue management).

Ericsson has worldwide experience from systems integration of
more than 500 network management solutions.

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.
Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication
companies in the world.

                            *   *   *

Fitch Ratings has upgraded Telefonaktiebolaget LM Ericsson's
Senior Unsecured rating to 'BB+' from 'BB-' and changed the
Outlook to Positive from Stable.

The upgrade reflects the significant improvement in Ericsson's
financial profile as reported in recent quarters, the completion
of its cost base restructuring and signs that revenue conditions
have begun to stabilize.

CONTACT:  LM ERICSSON
          Josephine Edwall
          Ericsson Group Function Communications
          Phone: +46 8 57 91 80 18, +46 8 719 69 92
          E-mail: press.relations@ericsson.com


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


AGROBUDREMSERVICE: Court Appoints Temporary Insolvency Manager
--------------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on CJSC Agrobudremservice (code EDRPOU
31431041) on July 13, 2004.  The case is docketed as 6/78-04.
Mr. Sergij Gajdukov (License Number AA 250477 approved on May 8,
2002) has been appointed temporary insolvency manager.  The
company holds account number 260014301490868 at Prominvestbank,
Ohtirka branch, MFO 337319.

Creditors have until October 1, 2004 to submit their proofs of
claim to:

(a) AGROBUDREMSERVICE
    42700, Ukraine, Sumi region,
    Ohtirka, Transportna Str. 2

(b) Mr. Sergij Gajdukov
    Temporary Insolvency Manager
    40030, Ukraine, Sumi region,
    Psilska Str. 4, room 9

(c) ECONOMIC COURT OF SUMI REGION
    40477, Ukraine, Sumi region,
    Ribalko Str. 2


ECOLOGICAL SYSTEMS: Bankruptcy Supervision Starts
-------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on CJSC Ecological Systems and
Technologies (code EDRPOU 13672712).  The case is docketed as
108/14 b-04.  Arbitral manager Mr. Sergij Yegorenkov (License
Number AA 668256 approved on January 9, 2004) has been appointed
temporary insolvency manager.

The company holds account number 26009473 at JSPPB Aval, Obuhiv
branch, MFO 321585.

CONTACT:  ECOLOGICAL SYSTEMS AND TECHNOLOGIES
          08700, Ukraine, Kyiv region,
          Ukrainka, Teplichna Str. 1

          Mr. Sergij Yegorenkov
          Temporary Insolvency Manager
          01133, Ukraine, Kyiv region,
          a/b 149

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


KINDRATYEVSKE: Court Orders Debt Moratorium
-------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on Agricultural LLC Kindratyevske (code
EDRPOU 30835330) and ordered a moratorium on satisfaction of
creditors' claims on July 12, 2004.  The case is docketed as
42/110 B.  Arbitral manager Mr. Yevgen Gapich (License Number AA
419219) has been appointed temporary insolvency manager.  The
company holds account number 26003270024571 at Ukrsocbank,
Druzhkovka branch, MFO 334679.

Creditors have until October 1, 2004 to submit their proofs of
claim to:

(a) AGRICULTURAL KINDRATYEVSKE
    85100, Ukraine, Donetsk region,
    Konstantinivskij district, Kindratyevka

(b) Mr. Yevgen Gapich
    Temporary Insolvency Manager
    85612, Ukraine, Donetsk region,
    Kurahove, Lermontov Str. 17/49

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


NOVOGRAD-VOLINSKIJ: Last Day for Filing Claims October 2
--------------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on Novograd-Volinskij Rock Crusher Plant
(code EDRPOU 04990873) on August 26, 2004.  The case is docketed
as 1/36 B.  Arbitral manager Mr. Oleg Ribij (License Number AA
630133 approved on January 8, 2004) has been appointed temporary
insolvency manager.  The company holds account number
260000012527 at JSB Azhio, Novograd-Volinskij branch, MFO
311465.

Creditors have until October 2, 2004 to submit their proofs of
claim to:

(a) NOVOGRAD-VOLINSKIJ ROCK CRUSHER PLANT
    11705, Ukraine, Zhitomir region,
    Novograd-Volinskij, Granitna Str. 24

(b) ECONOMIC COURT OF ZHITOMIR REGION
    10002, Ukraine, Zhitomir region,
    Putyatinski Square, 3/65


OKTAVA: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on Kyiv' Production Association Oktava
(code EDRPOU 14307469).  The case is docketed as 15/218-b.
Arbitral manager Mr. Mikola Parhatskij (License Number AA 250193
approved on December 18, 2001) has been appointed temporary
insolvency manager.  The company holds account number 263225811
at Prominvestbank, Livoberezhne branch of Kyiv region, MFO
322119.

Creditors have until October 2, 2004 to submit their proofs of
claim to:

(a) KYIV' PRODUCTION ASSOCIATION OKTAVA
    04080, Ukraine, Kyiv region,
    Novokostyantinivska Str. 18

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


SPECIALIZED REPAIR: Names Sergij Belik Insolvency Manager
---------------------------------------------------------
The Economic Court of Dnipropetrovsk region declared OJSC Joint-
Stock Specialized Repair-Building Enterprise (code EDRPOU
03329835) insolvent and introduced bankruptcy proceedings on
August 2, 2004.  The case is docketed as B 26/55/04.  Mr. Sergij
Belik (License Number AA 719888) has been appointed
liquidator/insolvency manager.  The company holds account number
26000100506001 at JSCB Ukrsocbank, MFO 305051.

Creditors have until October 1, 2004 to submit their proofs of
claim to:

(a) SPECIALIZED REPAIR-BUILDING ENTERPRISE
    Ukraine, Dnipropetrovsk region,
    Dniprodzerzhinsk, Korchevskij Str. 9

(b) Mr. Sergij Belik
    Liquidator/Insolvency Manager
    51914, Ukraine, Dnipropetrovsk region,
    Dniprodzerzhinsk, a/b 396
    Phone: (0569) 53-13-06

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


SVATIVSKA MTS: Court Orders Debt Moratorium
-------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on LLC Svativska MTS (code EDRPOU
23477118) on August 6, 2004.  Prior to this, the court ordered a
moratorium on satisfaction of creditors' claims on July 19,
2004.  The case is docketed as 22/79 b (11/11 b).  Mr. Volodimir
Ilyushin (License Number AA 047596) has been appointed temporary
insolvency manager.  The company holds account number 2600731101
at OJSC State Savings bank of Ukraine, Svatove branch 2842, MFO
364069.

Creditors have until October 2, 2004 to submit their proofs of
claim to:

(a) SVATIVSKA MTS
    92600, Ukraine, Lugansk region,
    Svatove, Novostarobilska Str. 17

(b) Mr. Volodimir Ilyushin
    Temporary Insolvency Manager
    91031, Ukraine, Lugansk region,
    Mistechko Shorsa, 23/13

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


VOLINLYONPROM: Under Bankruptcy Supervision
-------------------------------------------
The Economic Court of Volinska region commenced bankruptcy
supervision procedure on OJSC Volinlyonprom (code EDRPOU
00305923) on July 19, 2004.  The case is docketed as 8/56-B.
Arbitral manager Mr. Oleksandr Cherep (License Number AA 520158
approved on July 22, 2003) has been appointed temporary
insolvency manager.  The company holds account number
26009200196001 at JSB Ukraine, Lutsk branch, MFO 303172.

Creditors have until October 2, 2004 to submit their proofs of
claim to:

(a) VOLINLYONPROM
    Ukraine, Volinska region,
    Lutsk, Karpenko-Karij Str. 1

(b) Mr. Oleksandr Cherep
    Temporary Insolvency Manager
    43000, Ukraine, Volinska region,
    Lutsk, Prezidenta Grushevskogo Str. 30,
    office 161
    Phone: 77-63-59

(c) ECONOMIC COURT OF VOLINSKA REGION
    43023, Ukraine, Volinska region,
    Lutsk, Voli Avenue, 54-a


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


AD COMPUTER: Extraordinary Winding up Resolution Passed
-------------------------------------------------------
At an extraordinary general meeting of the Ad Computer Services
Limited on September 14, 2004 held at 29-31 Greville Street,
London EC1N 8RB, the subjoined extraordinary resolution to wind
up, the company was passed.  Hasan Imam Mirza of Pridie
Brewster, Carolyn House, 29-31 Greville Street, London EC1N 8RB
has been appointed liquidator for the purpose of such winding-
up.

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


ASSET MANAGEMENT: First Liquidation Meeting September 29
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Asset Management Recovery (U.K.) Ltd
                        (in Liquidation)

I, of KPMG 191 West George Street Glasgow G2 2LJ hereby give
notice that I was appointed Interim Liquidator of Asset
Management Recovery (U.K.) Ltd. on August 24, 2004 by the
Interlocutor of the Sheriff at Sheriff at Kilmarnoc.

The first meeting in the liquidation called in terms of Section
138(4) of the Insolvency Act 1986 and in accordance with Rule
4.12 of the Insolvency (Scotland) Rules 1986, will be held at
191 West George Street Glasgow G2 2LJ on September 29, 2004 at
11:00 a.m. for the purpose of choosing a liquidator, appointing
a Liquidation Committee and considering the other Resolutions
specified in Rule 4.12(3) of the aforementioned Rules.

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

Blair C. Nimmo, Interim Liquidator

September 8, 2004

CONTACT:  KPMG LLP
          191 West George Street
          Glasgow G2 2LJ
          Phone: (0141) 226 5511
          Fax: (0141) 204 1584
          Web site: http://www.kpmg.co.uk


BAS WAGSTAFF: Names BDO Stoy Hayward Administrator
--------------------------------------------------
Dermot Justin Power and David Swaden have been appointed as
joint administrators for Bas Wagstaff Limited.  The appointment
was made September 14, 2004.  The company is engaged in
engineering and fabrication.

CONTACT:  BDO STOY HAYWARD LLP
          Commercial Buildings,
          11-15 Cross Street,
          Manchester M2 1BD
          Joint Administrators:
          Dermot Justin Power
          David Swaden
          (IP Nos 6006/01, 5495/01)
          Phone: 0161 817 3700
          Fax:   0161 817 3711
          E-mail: manchester@bdo.co.uk
          Web site: http://www.bdo.co.uk


BC BUILDING: Hires Begbies Traynor as Liquidator
------------------------------------------------
At an extraordinary general meeting of the BC Building Solutions
Limited on September 9, 2004 held at the offices of Begbies
Traynor, Prospect House, Footscray High Street, Sidcup, Kent
DA14 5HN, the subjoined extraordinary resolution to wind up the
company was passed.  Nedim Patrick Ailyan and David Paul Hudson
of Begbies Traynor, The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG have been appointed joint
liquidators for the purpose of such winding-up.

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


BOW SCAFFOLDING: Creditors Meeting Set Wednesday
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Bow Scaffolding (North East) Ltd.

                Bow Scaffolding (Northern) Ltd.

                Bow Scaffolding (Scotland) Ltd.

                Bow Scaffolding (Southern) Ltd.

                Bow Scaffolding Access Ltd.

                             and

                   Bow Scaffolding Group Ltd.

Notice is hereby given in accordance with section 48(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of above-
named companies will be held at Southwark Towers 32 London
Bridge Street, London SE1 9SY on September 29, 2004 at 10:00
a.m.

In accordance with Rule 3.11 (1) of the Insolvency Rules 1986, a
Creditor is entitled to vote only if details of the debt claimed
are submitted to the Receivers in writing no later than 12 noon
the business day prior to the Meeting and where the Creditors
cannot attend in person, a form of proxy which the Creditor
intends to be used on his behalf is lodged with the Receivers
before the Meeting.

Creditors whose claims are fully secured are not entitled to
attend or be represented at the Meeting.

Unsecured Creditors may request that a free copy of the
Administrative Receivers' report be sent to them.

Claims, proxies or requests should be sent to the Administrative
Receivers' at PricewaterhouseCoopers L.L.P. at the address
below.

M. D. Gercke & R. W. Birchall, Joint Administrative Receivers

September 10, 2004

CONTACT:  PRICEWATERHOUSECOOPERS L.L.P.
          Southwark Towers
          32 London Bridge Street
          London SE1 9SY
          Phone: [44] (20) 7583 5000
          Fax: [44] (20) 7822 4652
          Web site: http://www.pwcglobal.com


BRITISH ENERGY: Antitrust Regulator Approves Restructuring Plan
---------------------------------------------------------------
The European Union Commission approved British Energy's wide-
ranging restructuring plan Wednesday, paving the way for the
nuclear group's survival.  The Commission is satisfied that the
new structure of British Energy will ensure that aid is
exclusively used for the decommissioning of nuclear power plants
in the future.  According to the approval, State aid given for
future decommissioning liabilities may not be used to subsidize
competitive activities, such as the operation of a fossil fuel
power plant and energy trading with large business customers.

"[The] decision demonstrates the Commission's ability to apply
competition rules in newly liberalized energy markets with great
success.  The outcome of this case takes full account of the
comments made by British Energy's competitors and the need to
ensure security of supply at all times," Commissioner Mario
Monti said.

Under the terms of the restructuring plan, British Energy will
ring-fence the nuclear generation capacities, which are the only
branch of its activities that are entitled to benefit from State
aid.  In the current case, ring-fencing means that British
Energy will create three separate businesses, each with its own
separate accounts.  There will be the business dealing with
nuclear generation, another unit dealing with non-nuclear
generation and a third unit dealing with direct sales to large
business customers.

The nuclear generation business will run British Energy's eight
nuclear power plants located in the U.K. and in Scotland.  The
non-nuclear generation business will operate the coal-fired
plant at Eggborough in the U.K.  The sales unit will manage
sales to large business customers, also known as "Direct-Supply-
to-Business" or "DSB".

Apart from the strict rules on ring-fencing, British Energy --
as a condition for gaining E.U. approval for the restructuring
plan -- the approval contains other important safeguard measures
that intend to maintain competition in U.K. energy markets.

British Energy has to cap its production capacity, including its
nuclear capacity, for a period of six years.  British Energy can
also not extend its fossil fuel activities outside the U.K. and
is prevented from acquiring large hydro power plants from its
competitors in the U.K.  However, this ban should not apply to
investments in renewable energy sources, as fostering of
renewable energy sources is a stated goal of the E.U.'s
environmental policy.

Furthermore, British Energy will not be allowed to undercut
prices that its non-aided competitors are unable to afford in
the DSB market.  For a period of five years British Energy may
not set its DSB prices below the prices that prevail in the
wholesale segment.

Adherence to this condition will be monitored by an independent
entity, which the U.K. Government will designate via a
transparent tendering procedure under the auspices of the DTI.

Background

British Energy is the operator of six nuclear power stations in
the U.K. and two nuclear power stations in Scotland.  British
Energy is the only private operator of nuclear power stations in
the U.K.  It also supplies electricity on the U.K. wholesale
market and is a supplier of large and commercial enterprises.
British Energy is not active in supplying retail customers.
The need for a State-sponsored restructuring plan arose due to a
substantial fall in electricity prices in the U.K. in 2002.
This led to a decrease in British Energy's revenues.  Neither
electricity trading nor the DSB business could offset the
significant reduction in revenue.

CONTACT:  BRITISH ENERGY
          Andrew Dowler
          Phone: 020 7831 3113
          (Media Enquiries)
          John Searles
          Phone: 01355 26 2202
          (Investor Relations)
          Web site: http://www.british-energy.com


CABLE & WIRELESS: Names Grant Thornton Liquidator
-------------------------------------------------
At a meeting of the Cable & Wireless Global Finance on September
6, 2004, the special resolution to wind up the company was
passed.  Andrew Conquest of Grant Thornton, Grant Thornton
House, Melton Street, Euston Square, London NW1 2EP and Samantha
Keen, of Grant Thornton, 31 Carlton Crescent, Southampton SO15
2EW have been appointed joint liquidators of the company for the
purpose of the voluntary winding-up.

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

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


COLDSAVER PANELS: Hires Liquidator from Grant Thornton
------------------------------------------------------
At an extraordinary general meeting of the Coldsaver Panels (UK)
Limited on September 10, 2004 held at the offices of Grant
Thornton, Heron House, Albert Square, Manchester M60 8GT, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Leslie Ross of Grant Thornton UK LLP, Heron House,
Albert Square, Manchester M60 8GT has been appointed liquidator
of the company for the purpose of the voluntary winding-up.

CONTACT:  GRANT THORNTON UK LLP
          Heron House
          Albert Square,
          Manchester M60 8GT
          Liquidator:
          Leslie Ross
          Phone: 0161 834 5414
          Fax:   0161 832 6042
          Web site: http://www.grant-thornton.co.uk


COMPASS AIR: Insolvency Service Bans Directors for 15 Years
-----------------------------------------------------------
The directors of two companies specializing in air conditioning
installations that failed with total debts estimated at around
GBP1.4 million have given Undertakings not to hold directorships
or take any part in company management for a combined period of
15 years.

The Undertaking for seven years by Arthur John Hudson, 61, of
Blendon Road, Bexley, Kent, and the undertaking for eight years
by Jonathan Richard Hudson, 31, of Arcadian Avenue, Bexley,
Kent, were given in respect of their conduct as directors of
Compass Air-Conditioning and Associated Services Limited (CACAS)
and Compass Facilities Limited (CF), both of which carried out
business from premises at Block G, Unit GO1, Tower Bridge
Business Complex, 100 Clements Road, London SE16 4DG.

Acceptance of the Undertaking on 19 July 2004 prevents Mr.
Arthur Hudson and Mr. Jonathan Hudson from being directors of a
company or, in any way, whether directly or indirectly, being
concerned or taking part in the promotion, formation or
management of a company for the above periods.

CACAS was placed into voluntary liquidation on April 16, 2002
with estimated debts of GBP1,135,291 owed to creditors.  CF was
placed into voluntary liquidation on February 24, 2003 with
estimated debts of GBP308,539 owed to creditors.

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

Matters of unfit conduct, not disputed by Mr. Arthur Hudson and
Mr. Jonathan Hudson, included that they caused CACAS and CF to:

(a) trade to the detriment of the companies' creditors, by
    continuing to trade at a time when they knew, or ought to
    have known, that the companies could not pay their
    liabilities as and when they were due; and

(b) breach their obligations with regard to payment of amounts
    due to Government Departments by not paying VAT owed to HM
    Customs & Excise when due, and by not paying contributions
    towards PAYE and NIC on a timely basis, or at all.

Both directors also failed to:

(a) maintain and/or preserve adequate accounting records, or
    alternatively failed to deliver up such records to the
    liquidators of CACAS and CF, severely hampering the
    liquidators' ability to properly carry out their duties; and

(b) cooperate with the liquidators, or respond to the
    liquidators' enquiries, which further hampered the
    liquidators in carrying out their duties.

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

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

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


CORUS GROUP: Moody's Gives Proposed Notes (P)B3, Stable Outlook
---------------------------------------------------------------
Moody's Investors Service assigned a (P)B3 rating to Corus Group
plc's planned senior unsecured notes offering, and affirmed all
its ratings and that of its subsidiaries.  The outlook was
changed from negative to stable.  The notes were worth EUR500
million and mature in 2011.

The ratings affected by the outlook change are:

(a) the Ba3 rating on the EUR1,000 million secured bank facility
    of Corus Group plc maturing July 2006,

(b) the B1 senior implied rating on Corus Group plc,

(c) the B3 rating on the EUR400 million notes due 2006 issued by
    Corus Finance plc,

(d) the B3 rating on the GBP200 million notes due 2008 issued by
    Corus Finance plc,

(e) the B3 issuer rating on Corus Group plc, and

(f) the (P)B3 rating on the proposed EUR500 million notes due
    2001 issued by Corus Group plc

Moody's said it changed the outlook on the ratings due to: (a)
the improvement in Corus' operating performance, and the strong
market outlook for steelmakers, (b) the strengthening of the
firm's alternate liquidity, (c) the positive development of its
assets disposal program, (d) the streamlining of its cost base,
(e) the return of the U.K. business to operating profitability,
and (f) the firm's stronger credit metrics and cash flow
generation.  Corus reported EBITDA of GBP318 million (compared
to GBP250 million for the full year 2003) in the first six
months of 2004.

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


DETECTAPLANT LIMITED: Names Valentine & Co. Liquidator
------------------------------------------------------
At an extraordinary general meeting of the Detectaplant Limited
on September 14, 2004 held at the offices of Valentine & Co, 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Robert Valentine of 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS has been appointed liquidator for the
purpose of such winding-up.

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


DIGICOM INTERNATIONAL: Appoints Liquidator from Crawfords
---------------------------------------------------------
At an extraordinary general meeting of the members of the
Digicom International Limited on September 2, 2004 held at
Crawfords, Stanton House, 41 Blackfriars Road, Salford,
Manchester M3 7DB, the extraordinary resolution to wind up the
company was passed.  David Norman Kaye of Crawfords, Stanton
House, 41 Blackfriars Road, Salford, Manchester M3 7DB has been
nominated liquidator for the purpose of the winding-up."

CONTACT:  CRAWFORDS
          Stanton House,
          41 Blackfriars Road,
          Salford, Manchester M3 7DB
          Liquidator:
          David Norman Kaye


G & A TECHNICAL: Sets Creditors Meeting October 4
-------------------------------------------------
The creditors of G & A Technical Services Limited will meet on
October 4, 2004 commencing at 12:00 noon.  It will be held at
Palms Hotel, Southend Arterial Road, Hornchurch, Essex RM11 3UJ.

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, October 1, 2004.

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


GRASMERE (DIGITAL IMAGING): Names Tenon Recovery Administrator
--------------------------------------------------------------
Derek Oakley and Simon Thomas have been appointed as joint
administrators for Grasmere (Digital Imaging) Limited.  The
appointment was made September 14, 2004.  The company is engaged
in printing.

CONTACT:  TENON RECOVERY
          Arkwright House,
          Parsonage Gardens,
          Manchester M3 2LF
          Joint Administrator:
          Derek Oakley
          (IP No 001153)
          Phone: 0161 834 3313
          Fax:   0161 827 8402
          E-mail: manchester@tenongroup.com
          Web site: http://www.tenongroup.com

          TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Joint Administrator:
          Simon  Thomas
          (IP No 001289)
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


GRAY'S INN: Calls in Liquidator from David Rubin & Partners
-----------------------------------------------------------
At an extraordinary meeting of the members of the Gray's Inn
Communications Limited on September 10, 2004 held at the offices
of David Rubin & Partners, Pearl Assurance House, 319 Ballards
Lane, London N12 8LY, the following extraordinary resolution to
wind up the company was passed.  Lane Bednash of David Rubin &
Partners, Pearl Assurance House, 319 Ballards Lane, London N12
8LY has been nominated liquidator for the purpose of such
winding-up.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Liquidator:
          Lane Bednash


JERSEYLODGE LTD.: Meeting of Creditors September 28
---------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Jerseylodge Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Jerseylodge Ltd. will
be held at St. Alphage House 2 Fore Street London EC2Y 5DH on
September 28, 2004 at 11:30 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)

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.

J. Patel, Director
August 31, 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


KLEENKUT INVESTMENTS: Creditors to Consider Proposal Tuesday
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Kleenkut Investments Ltd.

Notice is hereby given that a Meeting of Creditors of Kleenkut
Investments Ltd. is to be held at 20-30 Kings Road Reading RG1
3EX on September 28, 2004 at 10:00 a.m. to consider my proposals
under section 23(1) of the Insolvency Act 1986, and to consider
establishing a Creditors' Committee.

A person is entitled to vote at the Meeting only if he has
submitted details of his claim to the Administrator at 20-30
Kings Road Reading RG1 3EX not later than 12:00 noon the
business day before the meeting.  A proxy form should be
completed and returned by the date of the Meeting, if you cannot
attend the Meeting and wish to be represented.

A copy of my proposals is available, on written request, to the
Administrator, 20-30 Kings Road Reading RG1 3EX.

M. H. Thompson, Joint Administrator

September 9, 2004

CONTACT:  BDO STOY HAYWARD LLP
          Kings Wharf
          20-30 Kings Road
          Reading RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


KLS MOTOR: Members Agree to Wind up Business
--------------------------------------------
At an extraordinary general meeting of the members of the KLS
Motor Sport Limited on September 15, 2004 held at the offices of
UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y
5DH, the extraordinary and ordinary resolutions to wind up the
company were passed.  Andrew Andronikou and Ladislav Hornan have
been appointed joint liquidators for the purpose of such
winding-up.

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


LINCOLN DIESELS: Spare Parts Supplier for Sale
----------------------------------------------
The Joint Administrators offer for sale the business and assets
of Lincoln Diesels Plc and LD Group Limited, both of which have
specialization in the servicing of diesel engines and the supply
of spare parts.

Principal features include:

(a) A freehold property of 12,500 square feet in an industrial
    estate near the center of Lincoln;

(b) Services a number of blue chip companies;

(c) World-wide distribution of spares particularly in Middle and
    Far East;

(d) Annual turnover of around GBP5 million;

(e) Skilled engineering workforce; and

(f) Extensive stocks of spare parts

CONTACT:  KPMG Corporate Recovery
          1 The Embankment
          Neville Street
          Leeds LS1 4DW

          Andrew Miller
          Phone: 0113 231 3419
          Fax: 0113 231 3183


MARKS & SPENCER: Sales Deteriorate Further
------------------------------------------
High-street clothing chain Marks & Spencer reported a 6.3% drop
in like-for-like sales for the 10 weeks to 18 September after a
difficult season.

U.K.'s largest clothing retailer blamed the underperformance on
wet summer and tight shopping budget of clients.  Sales were
down significantly on women's wear, lingerie and children's
wear.  The drop contrasts government figures released last week
showing retail sales rising in August.

Chief Executive Stuart Rose said on a conference call where he
unveiled a share buyback plan that revenue at stores open at
least a year already declined 2.8% in the first quarter.

Analysts have said Marks & Spencer's performance is not a
reflection of the skills of the new chief executive.  Mr. Rose
was hired this year to thwart a GBP9.1 billion takeover offer
from entrepreneur Philip Green.  The share buyback is part of
his strategy to defend the firm from the approach.

Marks & Spencer priced its offering at 332-380 pence per share,
broadly in line with market expectation but short of the 400p
put forward by Mr. Green.

CONTACT:  MARKS & SPENCER GROUP PLC
          Michael House, Baker St.
          London
          W1U 8EP, United Kingdom
          Phone: + 44 20 7935 4422
          Fax:   + 44 20 7487 2679
          Web site: http://www.marksandspencer.com


MEGHRAJ LIMITED: Members Final Meeting October 20
-------------------------------------------------
The final meeting of the members of Meghraj Limited will be on
October 20, 2004 commencing at 10:30 a.m.  It will be held at 8
Salisbury Square, London.

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 4:00 p.m., October 19, 2004.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Joint Liquidators:
          P W Wallace
          R Heis
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


NEVILLE JOHNSON: Sets Members Meeting October 14
------------------------------------------------
The members of Neville Johnson Classic Cars Limited will meet on
October 14, 2004 commencing at 10:00 a.m.  It will be held at
Royce Peeling Green, The Copper Room, Deva Centre, Trinity Way,
Manchester M3 7BG.

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 Royce Peeling Green, The Copper Room, Deva Centre, Trinity
Way, Manchester M3 7BG not later than 12:00 noon, October 13,
2004.

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


OLDBURY CARS: Members Final Meeting October 20
----------------------------------------------
The final meeting of the members of Oldbury Cars Limited will be
on October 20, 2004 commencing at 10:00 a.m.  It will be held at
Hazlewoods, Windsor House, Barnett Way, Barnwood, Gloucester GL4
3RT.

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 Hazlewoods, Windsor House, Barnett Way, Barnwood,
Gloucester GL4 3RT not later than 12:00 noon, October 19, 2004.

CONTACT:  HAZLEWOODS
          Windsor House,
          Barnett Way, Barnwood,
          Gloucester GL4 3RT
          Liquidator:
          P J Gorman
          Phone: +44 (0) 1452 634800
          Fax:  +44 (0) 1452 371900
          Web site: http://www.hazlewoods.co.uk


REGAL WINDOWS: Director Receives Six-year Ban
---------------------------------------------
The director of a window manufacturing and fitting business
which failed with debts of more than GBP123,000 has been
disqualified in the Medway County Court for six years from
acting as a company director.

Gary Stephen O'Driscoll, 40, of Maritime Close, Greenhithe,
Kent, was a director of Regal Windows, Conservatories & Doors
Limited, which carried on business from premises at 28 Standard
Road, Bexleyheath, Kent, DA6 8DP.

The company was wound up on June 19, 2002 with estimated debts
of GBP123,000 owed to its creditors.  The Disqualification
Order, made on August 16, 2004 prevents Gary Stephen O'Driscoll
from being a director of a company or, in any way, whether
directly or indirectly, being concerned in or taking part in the
promotion, formation or management of a company for the above
period.

Matters of unfit conduct not disputed by Mr. Gary O'Driscoll:

(a) he failed to maintain and / or give records to the
    Liquidator.  The absence of adequate accounting records has
    hampered the Liquidator in his investigations into the
    company's affairs;

(b) he also failed to cooperate with the Liquidator by not
    completing and returning a Director's questionnaire,
    hampering the investigation further; and

(c) furthermore he caused Regal to trade to the detriment of
    creditors from September 30, 2001 when he knew or ought to
    have known that the company was insolvent.

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

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

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


SCHOOL BUS: Three-year Disqualification for Top Honcho
------------------------------------------------------
A director of a bus & coach operators business that failed with
total debts estimated at GBP345,000 has given an Undertaking not
to hold directorships or take any part in company management for
three years.

The Undertaking by Alexander Kean, 54 of Kyles View, Largs, was
given in respect of his conduct as a director of School Bus
Scotland Limited which carried out business from premises at
Dellingburn Street and Pottery Street, Greenock.

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

School Bus Scotland Limited was placed into voluntary
liquidation on October 8, 2001 with estimated debts of
GBP345,000 owed to creditors.

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

Matters of unfit conduct, not disputed by Alexander Kean:

(a) Failure to preserve, maintain or deliver adequate accounting
    records; and

(b) Loans to Associated Companies. He caused the company to make
    loans amounting to GBP97,191 to associated companies when
    there was little or no likelihood that said loans would be
    repaid as follows:

    (i) Argyll B & C Holdings Limited (Argyll).  The company's
        accounts for the year end August 31, 1999 disclose that
        Argyll were indebted to the company to the sum of
        GBP77,191.  As at the date of liquidation, this sum had
        not been repaid to the Company; and

   (ii) Voyager International Limited (Voyager).  The company's
        accounts for the year end August 31, 1999 disclose that
        Voyager were indebted to the company to the sum of
        GBP20,000.  As at the date of liquidation, this sum had
        not been repaid to the company.

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

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

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


SINGAPURA PLC: Names PricewaterhouseCoopers Administrator
---------------------------------------------------------
D J Waterhouse and M J A Jervis have been appointed as joint
administrators for Singapura Plc.  The appointment was made
September 13, 2004.

The company operates three restaurants.  Its registered office
is located at 78-79 Leadenhall Street, London EC3A 3DH.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court,
          London EC4A 4HT
          Joint Administrators:
          D J Waterhouse
          M J A Jervis
          (IP Nos 458, 1185)
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


SPT TECHNICAL: Appoints Buchanans Plc Administrator
---------------------------------------------------
Peter Hall and Kevin Weir have been appointed as joint
administrators for SPT Technical Services Limited.  The
appointment was made September 8, 2004.

The company manufactures textile, apparel and leather.  Its
registered office is located at Latimer House, 5 Cumberland
Place, Southampton SO15 2BH.

CONTACT:  BUCHANANS PLC
          Latimer House,
          5 Cumberland Place,
          Southampton SO15 2BH
          Joint Administrators:
          Peter Hall
          Kevin Weir
          (IP Nos 3966 9332)
          Phone: 023 8022 1222
          Web site: http://www.buchanans.com


SYBERMAC LIMITED: Hires Haines Watts as Administrator
-----------------------------------------------------
Andrew Appleyard has been appointed as administrator for
Sybermac Limited.  The appointment was made September 3, 2004.
The company is engaged in chauffeuring business.

CONTACT:  HAINES WATTS
          Canterbury House,
          85 Newhall Street,
          Birmingham B3 1LH
          Administrator:
          Andrew Appleyard
          (IP No 1224)
          Phone: 0121 212 4477
          Fax:   0121 212 4459
          Web site: http://www.hwca.com


THE OSBORNE: Members General Meeting Set October 8
--------------------------------------------------
The general meeting of the members of The Osborne Corporation
Limited will be on October 8, 2004 commencing at 11:00 a.m.  It
will be held at 14 Park Row, Nottingham NG1 6GR.

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 Cooper Parry LLP, 14 Park Row, Nottingham NG1 6GR not later
than 12:00 noon, October 7, 2004.

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


TUFNOL LIMITED: Tufnol Holdings Appoints Stoy Hayward Receiver
--------------------------------------------------------------
Tufnol Holdings Limited called in C K Rayment and A P
Supperstone as joint administrative receivers for Tufnol Limited
(Reg No 03942227, Trade Classification: 05).  The application
was filed September 13, 2004.  The company manufactures
plastics.

CONTACT:  BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham B3 3SD
          Joint Administrative Receivers:
          C K Rayment
          Anthony Peter Supperstone
          (Office Holder No 6775, 2703)
          Phone: 0121 200 4600
          Fax:   0121 200 4650
          E-mail: birmingham@bdo.co.uk
          Web site: http://www.bdo.co.uk


UNITED BISCUITS: Closes Jacob's Biscuit Buyout
----------------------------------------------
United Biscuits (UB), a leading European manufacturer of
biscuits and snacks, completed its acquisition of Jacob's
Biscuit Group. The completion follows clearance from the U.K.
competition authority, which was received on 10 September 2004.

Jacob's is a leading supplier of savory biscuits in the U.K.
with a strong portfolio of famous household brands including
Jacob's Cream Crackers, Thai Bites and Twiglets.  The continued
success of these brands will be greatly strengthened by joining
the enlarged UB portfolio, which will provide important
advantages in terms of scale, innovation and market reach.

Commenting on the completion of the acquisition, Malcolm
Ritchie, Chief Executive, said: "I am pleased to be able to
welcome a very talented group of employees to UB.  The combined
UB and Jacob's business will enable us to offer customers and
consumers a complementary portfolio of leading household brands
which will provide an excellent platform for long-term growth."

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


WESTAIR LIMITED: Hires Joint Administrators from Baker Tilly
------------------------------------------------------------
Ross David Connock and Robert Henry Barker have been appointed
as joint administrators for Westair Limited.  The appointment
was made September 14, 2004.  The company manufactures other
electrical equipment.

CONTACT:  BAKER TILLY
          Spectrum House,
          20-26 Cursitor Street,
          London EC4A 1HY
          Joint Administrator:
          Ross David Connock
          (IP No 9039)
          Phone: 020 7405 2088
          Fax: 020 7831 2206
          Web site: http://www.bakertilly.co.uk

          BAKER TILLY
          2 Whitehall Quay
          Leeds LS1 4HG
          Joint Administrator:
          Robert Henry Barker
          (IP No 6619)
          Phone: 0113 285 5000
          Fax:   0113 285 5001
          Web site: http://www.bakertilly.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-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed
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