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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, September 27, 2004, Vol. 5, No. 191

                            Headlines

F R A N C E

ALCATEL: Maintains Leading Position in Optical Networking
ALCATEL: Bosnia and Herzegovina Picks Firm to Modernize Railways
CAULLIEZ ISSENHEIM: Receivership Ends in Liquidation
EURO DISNEY: Appoints New President, Chief Operating Officer
PINDIERE: Bidder Offers to Take Manufacturing Operations Abroad


G E R M A N Y

ADW ALUMINIUM: Betzdorf Court Appoints Insolvency Manager
ALBERT STAHLBAU-HALLENBAU: Creditors Meeting Early Next Month
AUTOHAUS GISSLER: Creditors Have Until this Week to File Claims
BAHRLE BAUSTOFF-RECYCLING-TRANSPORTE: Succumbs to Bankruptcy
DENK AN DENK: Darmstadt Court Appoints Insolvency Manager

EDELWEISS TEXTILPFLEGE: Under Bankruptcy Administration
FRIEDRICH ELEKTROBAU: Applies for Bankruptcy Proceedings
GBO AG: Creditors Have Until this Week to File Claims
KIPLING GMBH: Proofs of Claim Deadline to Expire Late October
LEYER SYN: Court Appoints Administrator from Junker & Kollegen

MANDROPS SYSTEMZENTRALE: Under Bankruptcy Administration
"MARWOLL" STRICKWARENFABRIK: Administrator's Report Due October
MEAT MARKET: Bremen Court Appoints Insolvency Manager
MIHAG MITTELDEUTSCHE: Hotel Operator Goes Belly up
PEGASUS TRANSPORTATION: Creditors' Claims Due this Week
RODEWISCHER STADTBAU: Proofs of Claim Deadline Expires Next Week


I T A L Y

PARMALAT U.S.A.: Dean Foods Outbids National Dairy


L U X E M B O U R G

BCP CAYLUX: Moody's Affirms Ratings, Stable Outlook
MILLICOM INTERNATIONAL: Sells Part in Argentine Joint Venture


N E T H E R L A N D S

HAGEMEYER N.V.: Two Executive Managers Leaving at Year's End
ROYAL AHOLD: Selling Dutch-Belgian Foodservice Unit


P O L A N D

BANK ZACHODNI: 'C/D' Individual Rating Affirmed; Outlook Stable
ELEKTRIM SA: Sale of PTC to Deutsche Telecom Falls Through


R U S S I A

CREDIT BANK: Receives 'D' Individual Rating, Stable Outlook
KHATANGSKY SEA: Court Schedules Hearing Next Month
KOLCHUGINO-MINE-STROY: Proofs of Claim Due this Week
LINEVSKY COMBINE: Appoints I. Klemeshev Insolvency Manager
MAMADYSHSKY WOOD: Undergoes Bankruptcy Supervision Procedure
NOVOTERYALSKY PLANT: Mariy El Court Appoints Insolvency Manager
PROBUSINESSBANK: 'D' Individual Rating Affirmed


S L O V A K   R E P U B L I C

PRIEMSTAV STAVEBNA: Bidders Have Until Next Week to Submit Offer


S W I T Z E R L A N D

CONVERIUM AG: Board Proposes US$420 Million Capital Increase


T U R K E Y

DOGAN YAYIN: Gets 'B+' Senior Unsecured Rating; Outlook Stable


U N I T E D   K I N G D O M

ART AND MUSIC: Hires Mazars as Administrator
BABY CENTRE: Names Wilson Pitts Administrator
BASDRING LIMITED: Mortgage Debenture Brings in Receiver
BOOKBUILDER SL: Hires Ernst & Young as Liquidator
BRITISH ENERGY: Fitch Rates Proposed Bond Issuance 'BB-'

CLOVER HOUSE: Creditors to Meet this Week
CORUS GROUP: Increases Senior Notes Offering by EUR600 Million
DRAGON UK: Appoints Stoy Hayward Administrator
EQUITABLE LIFE: E&Y Fails to Have Key Evidence Scrapped
GEMINI PLUMBING: Top Honcho Receives Five-year Ban

HAZERNET LTD.: Meeting of Creditors Set Wednesday
HOOD YACHT: In Administrative Receivership
KIDZ CARE: Receiver to Meet Creditors this Week
K L CONSTRUCTION: Administrator's Report Known Wednesday
LEWING LIMITED: Hires Administrators from Begbies Traynor

L S L ASSOCIATES: May Appoint Liquidator September 29
NETMARKETS EUROPE: Holds Meeting of Creditors Thursday
NEWCOTE COACHWORKS: Appoints Tomlinsons Administrator
PRO PROCESS: List of Creditors Known Thursday
QUEENS MOAT: Investors to Vote on Restructuring Plan October 18

RCT REALISATIONS: Statement of Affairs Known September 30
R NEAL: To Appoint Liquidation Committee Thursday
ROYAL MAIL: Calls for Lesser Competition Restrictions
SERVICECO LIMITED: Insolvency Service Bans Directors
STRATHEARN ABERDEEN: Neil Armour Appointed Liquidator

SYSTEM WORKPLACE: Insolvency Practitioner Named
THE CLAIMS: Creditors Meeting Set October 6
TRADITIONAL SEAFOODS: Seven-year Disqualification for Director
UNIMOTORS LIMITED: Special Winding up Resolution Passed


                            *********


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


ALCATEL: Maintains Leading Position in Optical Networking
---------------------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) affirmed its No. 1
position in the worldwide optical networking market for the
second quarter 2004 with a 16% market share, according to
industry observer RHK.

Alcatel had over thirty new customer wins across the entire
optical networking product portfolio, including PT Comunicacoes
in Portugal, Telemar and Vivo in Brazil, Germany's VIOLA project
Vodafone in Ireland and Zhejiang Telecom in China.

The continuing success of its Optical Multi Service Node (OMSSN)
and metro Wavelength Division Multiplexing (WDM) product lines
to support operators in offering broadband and video services
have further strengthened Alcatel's position.  Also driving
Alcatel's lead in delivering higher capacity and performance to
optical transport networks was the increased success of the 1626
Light Manager and 1678 Metro Core Connect, as well as a positive
market reception for new products such as the 1671 Service
Connect and the 1662 Packet Ring Switch.

"The industry trend is to incorporate multi-service features to
reduce overall network deployment costs by integrating data
support over existing networks," said Dana Cooperson, Group
Director, Optical Networks at RHK.  "Alcatel's ability to
support multi-service aggregation and switching has played a key
role in reconfirming its market leadership."

"Alcatel's commitment to technology evolution is demonstrated by
the products launched over the previous ten months, from ultra
long-haul DWDM, through convergent MPLS/TDM transport switches
to Ethernet over RPR solutions," said Romano Valussi, President
of Alcatel's optical networks activities.  "The RHK report
reaffirms our leadership in delivering converged solutions
enabling our customers to optimize the efficiency of their
networks and offer multiple services with the highest quality."

For more information on Alcatel's products, visit
http://www.alcatel.com/products_solutions

About Alcatel

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

                            *   *   *

Standard and Poor's recently upgraded Alcatel to 'BB-' from
'B+.'  Rating with Moody's is B1; outlook is positive.

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


ALCATEL: Bosnia and Herzegovina Picks Firm to Modernize Railways
----------------------------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) will equip railways in
Bosnia and Herzegovina with its innovative electronic
interlocking solutions.  This multi-million-euro contract,
awarded by the Bosnia and Herzegovina Railway Public Corporation
(BHRPC), represents one of the most important railway projects
in southeast Europe.

Within the next two years, Alcatel will modernize nine stations
of the Pan-European Transport Corridor V, Branch C (crossing the
country from north to south and linking the cities of Bosanski
Samac and Capljina) with its latest electronic interlocking
technology, replacing the relay-based interlocking systems that
Alcatel installed almost forty years ago.  This railway network
modernization is being driven by the increase in both passenger
and goods traffic volume towards the Adriatic Sea, as well as
damage caused by war.  The new line will go into service in
October 2005.

Alcatel will deploy its electronic interlocking solution Alcatel
6151 LockTrac (L90 5), ensuring safe train routing.  This new
technology relies on state-of-the-art, highly reliable
communications and network systems connecting the central
systems with the field elements like signals.

Alcatel's electronic interlocking systems are built to high
standards of availability and safety and offer low installation
and maintenance costs over the entire life cycle.  In addition,
Alcatel will deliver its Alcatel 6343 FieldTrac, which is a new
generation of electro-hydraulic point machine.

Hans Leibbrand, general manager of Alcatel's transport
automation activities in Germany said: "We are very pleased to
have been awarded this significant order, which marks an
important milestone for Alcatel in the region.  We are looking
forward to a long-term partnership with BHRPC for the
modernization of the Bosnia and Herzegovina railway network."

Ivan Knezovic, director general of BHPRC added: "With Alcatel,
we found a reliable partner for this challenging project.
Alcatel's signaling solutions have proven their high reliability
all around the world and we are very happy to work with them."

About Bosnia and Herzegovina Railway Public Corporation

The Bosnia and Herzegovina Railway, with a total length of 1031
km, is operated by ZFBH in the Federation of Bosnia and
Herzegovina and ZRS in the Republic of SRPSKA.  Main corridors
Vc and X provide transport linkages to Mediterranean Europe,
South East Europe, Croatia and Union of Serbia/Montenegro
economies.  Before the war, railway driven transport was
functioning well.

However, after the war, it deteriorated considerably.  Railway
tracks and buildings were destroyed or damaged.  Toward that
end, significant improvements to transport infrastructure have
been achieved, mainly within the framework of the Emergency
Transport Reconstruction Project with support provided by the
EBRD, the World Bank, the European Union and other bilateral
donor institutions.

About Alcatel

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

About Alcatel Transport Solutions

Alcatel is a leading global supplier of train control,
signaling, interlocking, control center and integrated rail
communications technology.

For main lines operators around the world, Alcatel's offering
includes its proven interlocking technologies LockTrac, its
train control technology AlTrac (including AlTrac/ETCS), its
network management solutions NetTrac and its field equipment
FieldTrac (axle counters, point machines, signals).  For more
information, visit http://www.alcatel.com/tas

                            *   *   *

Standard and Poor's recently upgraded Alcatel to 'BB-' from
'B+.'  Rating with Moody's is B1; outlook positive.

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


CAULLIEZ ISSENHEIM: Receivership Ends in Liquidation
----------------------------------------------------
The Tourcoing commercial court has ordered the liquidation of
synthetic spinning company Caulliez Issenheim.  The company went
into receivership in July last year after sustaining losses of
EUR212,000 in 2002 and EUR635,000 in 2003.

The firm will continue operating until October 1, after which
employees will have to find other work.  Caulliez Issenheim is a
subsidiary of local cotton spinner Caulliez Textiles.  It has
production facilities in Fez, Morocco, and in Tourcoing,
northern France.

CONTACT:  CAULLIEZ ISSENHEIM
          366 CHS Marcelin Berthelot
          59200 Tourcoing
          Phone: 03 20 11 37 70
          Fax:   03 20 25 30 43


EURO DISNEY: Appoints New President, Chief Operating Officer
------------------------------------------------------------
Karl Holz, an eight-year Disney veteran and president of the
Disney Cruise Line(R), has been named president and chief
operating officer of Euro Disney S.A.S.

In his new position, Mr. Holz will have responsibility for
ensuring synergy between operations and the sales function.  He
will reinforce the links between operations and the support
functions, including methods and quality and will be responsible
for operational labor management.  He also will play an
important role in developing the business strategy for the
company.

"Karl's significant experience with the company and his great
knowledge of the Disney brand will be invaluable to the future
of Euro Disney," said Chief Executive Officer Andre Lacroix.
"His focus on guest satisfaction and his understanding of our
business will be a great asset."

Mr. Holz will report to Mr. Lacroix and replaces outgoing
president, Yann Caillere, who will become chief executive
officer of Louvre Hotels.

After first joining The Walt Disney World(R) Resort in 1996 as
vice president of Downtown Disney(R), Holz has held a number of
leadership positions during the last eight years.  Prior to
being promoted to president of Disney Cruise Line(R) in 2003, he
served as senior vice president of Walt Disney World Operations,
where he managed the day-to-day operations of Epcot(R) and
Disney-MGM Studios; the Downtown Disney retail, dining and
entertainment district; and 11 Disney resort hotel properties.
In November 2002, he was given additional responsibility to
manage Disney's newest line of business, Magical Gatherings(R).

"Karl's strong leadership and operational expertise, along with
his wide-ranging experience, will be a tremendous asset for
Disneyland Resort Paris," said Jay Rasulo, president Walt Disney
Parks and Resorts.  "He has a proven track record of achievement
and management excellence dating back to his days as president
of Concession Air, Inc.  He has enthusiastically taken on new
areas of increasing responsibilities during his eight years at
Disney, most recently leading the successful operations for
Disney Cruise Line(R)."

Mr. Holz, a native of Germany, received a Bachelor of Business
Administration degree in 1973 from the State University of New
York at Fredonia.  He then took on increasingly responsible
positions to become regional vice president for Sky Chefs
Airport Concession, Inc. Holz spent three years as president and
CEO of Concession Air, Inc., and for nearly five years before
joining Walt Disney World, he served as vice president of theme
park operations at Knott's Berry Farm in Southern California.

"I am truly honored to have an opportunity to join the Cast at
Disneyland Resort Paris and look forward to returning to
Europe," said Mr. Holz.  "This is a pivotal time for Euro Disney
and I'm eager to offer my expertise as we work through both the
challenges and opportunities that await."

Mr. Holz and his wife, Wendy, will soon be relocating to Paris.
His successor at Disney Cruise Line(R) is expected to be named
shortly.

CONTACT:  EURO DISNEY S.A.S.
          Corporate Communication
          Philippe Marie
          Phone: +331 64 74 59 50
          Fax: +331 64 74 59 69
          E-mail: philippe.marie@disney.com

          WALT DISNEY PARKS & RESORTS
          Lisa Haines
          Phone: (+1)(818) 560-4107
          E-mail: lisa.haines@disney.com


PINDIERE: Bidder Offers to Take Manufacturing Operations Abroad
---------------------------------------------------------------
Bankrupt shoe manufacturer Pindiere has received a takeover
offer that could save the jobs of 105 of its 430 workers, Le
Figaro cites trade unions.

The interested buyer, whom the paper did not identify,  plans to
increase production in Tunisia, Morocco and Southeast Asia.
Pindiere has been in receivership since April.

CONTACT:  PINDIERE
          Avenue de l'Europe
          49450 Saint-Macaire-en-Mauges
          Phone: + 33 (0) 2 41 49 77 00
          Fax: + 33 (0) 2 41 49 77 12
          E-mail: contact@pindiere.fr
          Web site: http://www.pindiere.fr


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


ADW ALUMINIUM: Betzdorf Court Appoints Insolvency Manager
---------------------------------------------------------
The district court of Betzdorf opened bankruptcy proceedings
against ADW Aluminium Druckguss Wissen 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 Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting on November 5, 2004, 10:10 a.m. at the district
court of Betzdorf 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:  ADW ALUMINIUM DRUCKGUSS WISSEN GMBH
          Friedrich-Wilhelm-Str., 57562 Herdorf
          Contact:
          Wilfried Birk, Manager
          Schulstrasse 12, 35649 Bischoffen Niederweidbach

          Jens Lieser, Insolvency Manager
          Josef-Gorres-Platz 5, 56068 Koblenz
          Phone: 0261/304790
          Fax: 0261/9114729

          DISTRICT COURT OF BETZDORF
          Saal 109 (1. Etage),
          Friedrichstrasse 17, 57518 Betzdorf


ALBERT STAHLBAU-HALLENBAU: Creditors Meeting Early Next Month
-------------------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Albert Stahlbau-Hallenbau GmbH on September 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 4, 2004
to register their claims with court-appointed provisional
administrator Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting on October 28, 2004, 10:00 a.m. at the district
court of Darmstadt 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:  ALBERT STAHLBAU-HALLENBAU GmbH
          Huttenfelder Str. 19, 64653 Lorsch
          Contact:
          Hermann Albert, Manager
          64653 Lorsch

          Tobias Hoefer, Insolvency Manager
          Soldnerstr. 2, 68219 Mannheim
          Phone: 0621/87708-0
          Fax:   0621/8770820

          DISTRICT OF DARMSTADT
          Saal U2, Gebaude E,
          Landwehrstrasse 48, 64293 Darmstadt


AUTOHAUS GISSLER: Creditors Have Until this Week to File Claims
---------------------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Autohaus Gissler GmbH on August 31.  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 Dr.
Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2004, 10:00 a.m. at the district
court of Darmstadt 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:  AUTOHAUS GISSLER GMBH
          Hauptstrasse 76a,
          64572 Buttelborn
          (AG Gross-Gerau, HRB Nr. 53534)
          Contact:
          Marco Gissler, Manager
          Wilhelm-Leuschner-Strasse 5,
          64572 Buttelborn

          Dr. Jan Markus Plathner, Insolvency Manager
          Lyoner Strasse 14,
          60528 Frankfurt,
          Phone: 069/962334-0
          Fax:   069/962334-22

          DISTRICT COURT OF DARMSTADT
          Zimmer 4, Gebaude E,
          Landwehrstrasse 48, 64293


BAHRLE BAUSTOFF-RECYCLING-TRANSPORTE: Succumbs to Bankruptcy
------------------------------------------------------------
The district court of Aschaffenburg opened bankruptcy
proceedings against Bahrle Baustoff-Recycling-Transporte GmbH
on September 2.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until October 20, 2004 to register their claims
with court-appointed provisional administrator Jochen Lang.

Creditors and other interested parties are encouraged to attend
the meeting on November 16, 2004, 11:30 a.m. at the district
court of Aschaffenburg 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:  BAHRLE BAUSTOFF-RECYCLING-TRANSPORTE GMBH
          Johann-Dahlem-Str. 70, 63814 Mainaschaff

          Jochen Lang, Insolvency Manager
          Fruhlingstr. 11,
          63743 Aschaffenburg
          Phone: 06021/909100
          Telefax: 06021/4497831


DENK AN DENK: Darmstadt Court Appoints Insolvency Manager
---------------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Denk An Denk Sanitar GmbH on September 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors had until September 23, 2004
to register their claims with court-appointed provisional
administrator Olaf Suhrer.

Creditors and other interested parties are encouraged to attend
the meeting on September 28, 2004, 9:30 a.m. at the district
court of Darmstadt at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on
October 26, 2004, 9:30 a.m.

CONTACT:  DENK AN DENK SANITAR GMBH
          Bruckenstrasse 9,
          64546 Morfelden-Walldorf
          (AG Gross Gerau HRB 54659)
          Contact:
          Wolfgang Denk, Manager
          Bruckenstrasse 9,
          64546 Morfelden-Walldorf

          Olaf Suhrer, Insolvency Manager
          Eberstadter Marktstrasse 13,
          64297 Darmstadt
          Phone: 06151/136270
          Fax:   06151/1362729


EDELWEISS TEXTILPFLEGE: Under Bankruptcy Administration
-------------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Edelweiss Textilpflege GmbH & Co. KG on September 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 6, 2004
to register their claims with court-appointed provisional
administrator Marc Schmidt-Thieme.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2004, 11:00 a.m. at the district
court of Darmstadt at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on
November 2, 2004, 10:00 a.m.

CONTACT:  EDELWEISS TEXTILPFLEGE GMBH & CO. KG
          Konigsberger Str. 13, 64354 Reinheim
          (AG DA, HRA 32236)

          Contact:
          Rolf Lokay, Manager
          Konigsberger Str. 13, 64354 Reinheim
          (Geschaftsfuhrer)

          Gerda Lokay, Manager
          Konigsberger Str. 13, 64354 Reinheim
          (Geschaftsfuhrerin)

          Contact:
          Rechtsanwalt Marc Schmidt-Thieme
          Insolvency Manager
          Soldnerstr. 2, 68219 Mannheim,
          Phone: 0621/87708-0
          Fax:   0621/8770820


FRIEDRICH ELEKTROBAU: Applies for Bankruptcy Proceedings
--------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Friedrich Elektrobau GmbH on August 31.  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 Frank Hantzsche.

Creditors and other interested parties are encouraged to attend
the meeting on November 25, 2004, 11:30 a.m. at Saal 28,
Gerichtsgebaude Furstenstrasse 21, Chemnitz at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  FRIEDRICH ELEKTROBAU GMBH
          (HRB 4650), Birkenweg 1, 08428 Langenbernsdorf
          Contact:
          Heidi Seiler, Manager
          Klaus Seiler, Manager

          Frank Hantzsche, Insolvency Manager
          Buttenstrasse 4, 08058 Zwickau


GBO AG: Creditors Have Until this Week to File Claims
-----------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against GBO AG 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 Uwe H. Gesper.

Creditors and other interested parties are encouraged to attend
the meeting on October 6, 2004, 10:30 a.m. at Saal U2, Gebaude
E, Landwehrstrasse 48, 64293 Darmstadt at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on October 26, 2004, 10:30 a.m. at the
same venue.

CONTACT:  GBO AG
          Kleisstr. 6, 64668 Rimbach
          (AG Fu, HRB 40222)
          Contact:
          Dr. Ing. Eberhard Keck, Board of Director
          Stettinerstr. 16, 69509 Morlenbach (Vorstand)

          Uwe H. Gesper, Insolvency Manager
          L 11, 20-22, 68161 Mannheim
          Phone: 0621/22871
          Fax: 0621/152466


KIPLING GMBH: Proofs of Claim Deadline to Expire Late October
-------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against KIPLING (Deutschland) GmbH on September 6.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 26,
2004 to register their claims with court-appointed provisional
administrator Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting on November 16, 2004, 10:30 a.m. at the district
court of Bielefeld 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:  KIPLING (DEUTSCHLAND) GMBH
          Zeizigstr. 9, 33378 Rheda-Wiedenbruck
          Contact:
          Antonius Gram, Managing Director
          Peerdsbotsbaan 9, B-2900 Schooten

          Dr. Frank Kebekus, Insolvency Manager
          Liboriberg 21, 33098 Paderborn

          DISTRICT COURT OF BIELEFELD
          Gerichtstrasse 6, 33602 Bielefeld, 4
          Ebene, Saal 4065


LEYER SYN: Court Appoints Administrator from Junker & Kollegen
--------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Leyer Syn-Tex-Garne GmbH on September 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 15, 2004 to
register their claims with court-appointed provisional
administrator Dr. Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting on November 24, 2004, 9:15 a.m. at Saal 28,
Gerichtsgebaude Furstenstrasse 21, Chemnitz at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  LEYER SYN-TEX-GARNE GMBH
          (HRB 18166), Heinrich-Heine-Strasse 5
          09557 Floha
          Contact:
          Frank Leyer, Manager

          Dr. Christoph Junker, Insolvency Manager
          Karcherallee 25 a, 01277 Dresden
          Web site: http://www.junker-kollegen.de


MANDROPS SYSTEMZENTRALE: Under Bankruptcy Administration
--------------------------------------------------------
The insolvency court of Bamberg opened bankruptcy proceedings
against Mandrops Systemzentrale fur Unterhaltungselektronik GmbH
on September 1.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until October 20, 2004 to register their claims with court-
appointed provisional administrator Thomas Linse.

Creditors and other interested parties are encouraged to attend
the meeting on November 5, 2004, 8:00 a.m. at Sitzungssaal 031,
Synagogenplatz 1, 96047 Bamberg at which time the administrator
will present his first report of the insolvency proceedings.
The court will verify the claims set out in the administrator's
report on November 26, 2004, 8:00 a.m. at the same venue.

CONTACT:  MANDROPS SYSTEMZENTRALE FUR UNTERHALTUNGSELEKTRONIK
          Bahnhofstr. 17 in 96106 Ebern
          Contact:
          Karsten Dehler, Manager

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


"MARWOLL" STRICKWARENFABRIK: Administrator's Report Due October
---------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against "Marwoll" Strickwarenfabrik 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 Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on October 18, 2004, 9:20 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report January 31, 2005, 9:10 a.m. at the
district court of Charlottenburg.

CONTACT:  "MARWOLL" STRICKWARENFABRIK GMBH
          Plauener Str.163-165 Hs.9,13053 Berlin

          Udo Feser, Insolvency Manager
          Uhlandstr. 165/166, 10719 Berlin

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


MEAT MARKET: Bremen Court Appoints Insolvency Manager
-----------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Mapa Meat Market GmbH on September 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 2, 2004 to register their
claims with court-appointed provisional administrator Uwe
Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting on October 21, 2004, 10:50 a.m. at Saal 115,
Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen
(Berichtstermin) at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on
November 25, 2004, 8:55 a.m. at Saal 115, Gerichtshaus (Neubau),
Ostertorstr. 25-31, 28195 Bremen (Prufungstermin).

CONTACT:  MAPA MEAT MARKET GMBH
          Georg-Wulf-Str. 13, 28199 Bremen
          (AG Bremen, HRB 21365)
          Contact:
          Irene Luise, Manager
          Auf dem Bandel 22, 27243 Kirchseelte
          Max Klaus Dieter Pankow, Manager
          Auf dem Bandel 22, 27243 Kirchseelte

          Uwe Kuhmann, Insolvency Manager
          Schusselkorb 3, 28195 Bremen
          Phone: 0421/33061-0
          Fax: 0421/33061-10


MIHAG MITTELDEUTSCHE: Hotel Operator Goes Belly up
--------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against MIHAG Mitteldeutsche Hotel AG 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 Rudiger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on October 25, 2004, 9:35 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on January 31, 2004, 9:30 a.m. at the
district court of Charlottenburg.

CONTACT:  MIHAG MITTELDEUTSCHE HOTEL AG
          Emdener Str. 48 E,10551 Berlin

          Rudiger Wienberg, Insolvency Manager
          Markgrafenstrasse 25, 10117 Berlin

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


PEGASUS TRANSPORTATION: Creditors' Claims Due this Week
-------------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Pegasus Transportation 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 Olaf Suhrer.

A creditors meeting is set on October 26, 2004, 9:00 a.m. at
Saal U2, Gebaude E, Landwehrstrasse 48, 64293 Darmstadt to
verify the registered demands.  Another creditors meeting is set
for October 29 at the same venue to discuss the possible
appointment of a new administrator and the formation of a
creditors committee.

CONTACT:  PEGASUS TRANSPORTATION GMBH
          Kleiner Kornweg 32a, 65451 Kelsterbach
          (AG Ru, HRB 3941)
          Contact:
          Walter Gustav Christophersen, Manager
          13 Linderbjergvej, 3370 Melby, Danemark

          Olaf Suhrer, Insolvency Manager
          Eberstadter Marktstrasse 13, 64297 Darmstadt
          Phone: 06151/136270
          Fax: 06151/1362729


RODEWISCHER STADTBAU: Proofs of Claim Deadline Expires Next Week
----------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Rodewischer Stadtbau GmbH on September 30.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 7, 2004
to register their claims with court-appointed provisional
administrator Andreas Schenk.

Creditors and other interested parties are encouraged to attend
the meeting on November 18, 2004, 11:00 a.m. at Saal 28,
Gerichtsgebaude Furstenstrasse 21, Chemnitz at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  RODEWISCHER STADTBAU GMBH (HRB 9085)
          Dr.-Goerdeler-Strasse 1, 08228 Rodewisch
          Contact:
          Monika Kalz, Manager

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


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


PARMALAT U.S.A.: Dean Foods Outbids National Dairy
--------------------------------------------------
Dean Foods Company offered to purchase Milk Products' assets for
US$21,600,000 and assume certain liabilities.  At the Auction,
Parmalat U.S.A. Corporation and its U.S. debtor-affiliates
declared Dean Foods' offer the winning bid.

As reported in TCR-Europe on September 20, 2004, Milk Products
of Alabama LLC, will be sold for US$21.6 million.  Milk Products
is 80%-owned by Farmland and 20% by a minority shareholder.  The
United States Bankruptcy Court for the Southern District of
New York approved the sale on September 15, 2004, which Farmland
expects to close with the buyer by September 30, 2004.

Dean Foods processes and distributes milk and other dairy
products.  It is the leading manufacturer of soymilk, organic
milk and other organic foods.  Dean Foods operates more than 120
plants in the United States and Spain, and employ approximately
29,000 people.

Dean Foods delivered a US$2,160,000 good faith deposit to Milk
Products' financial advisor, Lazard Freres & Co., LLC.

Dean Foods will enter into license agreements with Parmalat
S.p.A.:

      (i) A limited license to use for certain transitional
          purposes the Parmalat Name Rights; and

     (ii) A license and agreement regarding the continued use of
          processes involved in the operation of certain
          machinery used by Milk Products that utilize the DASI
          Technology owned by Parmalat S.p.A. or its affiliates.

The Asset Purchase Agreement does not restrict Dean Foods from
competing with Farmland Dairies, LLC.

A full-text copy of the parties' Purchase Agreement is available
for free at
http://bankrupt.com/misc/Dean_Foods_purchase_agreement.pdf

Effective on the date of the Closing, Milk Products will cease
all operations and will thereafter incur no additional debts,
obligations, or expenses except in order to wind down its
business or as allowed upon further Court order.  Judge Drain
directs the U.S. Debtors to segregate a portion of the sale
proceeds into an escrow account pending the confirmation of a
plan of reorganization or liquidation for Milk Products.

Judge Drain emphasizes that nothing in the sale will alter or
prejudice Pension Benefit Guaranty Corporation's rights, claims
or interest with respect to Milk Products.  Judge Drain directs
Milk Products to notify PBGC before making payments to invoices
in excess of US$50,000.  PBGC may object to the payment, and ask
the Court find whether the proposed payment is a proper
administrative expense of Milk Products.

Milk Products is authorized, upon the Closing, to disburse to GE
Capital US$10,000,000 pursuant to the Final DIP Order to be
applied to repayment of the DIP Financing Facility.  Upon
disbursement, Milk Products will have no further liability to GE
Capital or Citibank on account of, among others, the DIP Loans,
the DIP Liens, the Citibank Adequate Protection Liens, the
Adequate Protection Liens, the Superpriority Claim and the
Citibank Adequate Protection Claim.

Judge Drain authorizes Milk Products to pay the break-up fee and
reimburse the expenses of National Diary Holdings.

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
===================


BCP CAYLUX: Moody's Affirms Ratings, Stable Outlook
---------------------------------------------------
Moody's Investors Service affirmed the ratings of BCP Caylux
Holdings Luxembourg S.C.A. and CNA Holdings Inc.  The ratings
outlook is stable.

The ratings affected are:

BCP Caylux

(a) guaranteed senior secured revolver, EUR313 million
    (US$380 million) due 2009 - Ba3;

(b) guaranteed senior secured credit-linked revolving facility,
    EUR187 million (US$228 million) due 2009 - Ba3;

(c) guaranteed senior secured term loan B, EUR500 million
    (US$608 million) due 2011 - Ba3;

(d) guaranteed senior secured term loan C, EUR350 million
    (US$424 million) due 2011 - B2; and

(e) guaranteed senior subordinated notes, EUR1,244 million
    (US$1,465 million) of U.S. dollar and Euro denominated notes
    due 2014 - B3

CNA Holdings Inc.

-- senior unsecured - B1

At the same time, Moody's withdrew the B1 senior implied, and B2
senior unsecured issuer rating of BCP Caylux Holdings Luxembourg
S.C.A.

In April, BCP Crystal Acquisition GmbH & Co. KG, a limited
partnership controlled by a group of investment funds advised by
The Blackstone Group, acquired 84.32% of outstanding Celanese
shares.  The buyout was funded through equity.

Moody's also assigned a Caa2 rating to Crystal U.S. Holdings 3
LLC's new senior discount notes, a B1 senior implied rating, and
an issuer rating of Caa2.  Moody's said the issuance of the
notes effectively removes the vast majority of equity that was
initially used to capitalize BCP and fund the acquisition of
Celanese.  Crystal U.S. is a subsidiary of Blackstone Crystal
Holdings Capital Partners (Cayman) IV Ltd., an affiliate of The
Blackstone Group.


MILLICOM INTERNATIONAL: Sells Part in Argentine Joint Venture
-------------------------------------------------------------
Millicom International Cellular S.A. (NasdaqNM: MICC - News)
(Stockholmsborsen: MIC), sold its 65% holding in Millicom
Argentina S.A., the high speed wireless data joint venture, on
September 22, 2004 to the local partner in Argentina, after
having obtained regulatory approval.

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa.  It currently has a total of 16
cellular operations and licenses in 15 countries.  The Group's
cellular operations have a combined population under license of
approximately 387 million people.

                            *   *   *

Standard & Poor's Ratings Services recently revised its outlook
on Millicom International Cellular S.A. to negative from stable
due to concerns over recent developments in two of its Asian
markets.  This market is key to Millicom, boasting strong
revenue and profit opportunities, and is viewed as an important
support to the ratings.

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

CONTACT:  MILLICOM INTERNATIONAL CELLULAR S.A.
          Marc Beuls
          President and Chief Executive Officer
          Phone:  +352 27 759 327
          Web site: http://www.millicom.com

          ANDREW BEST
          Investor Relations
          Telephone:  +44 20 7321 5022


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


HAGEMEYER N.V.: Two Executive Managers Leaving at Year's End
------------------------------------------------------------
Hagemeyer N.V. announces that Edo van den Assem and Robbert Hin,
both members of the former Executive Committee, will leave the
Company on December 31, 2004.

The recently installed PPS Executive Committee consists of CEO
Rudi de Becker and CFO Tjalling Tiemstra, as well as the Vice
President Operational Support and the six Regional CEOs
responsible for the operational PPS activities.

The roles and responsibilities of Edo van den Assem and Robbert
Hin will be gradually handed over in the course of the next few
months.  In addition to her responsibilities as Director
Investors Relations, Emilie de Wolf has been appointed
spokesperson for press contacts, taking over this responsibility
from Robbert Hin with immediate effect.

We take this opportunity to wish Edo van den Assem and Robbert
Hin success in their respective future endeavors.

                            *   *   *

In August, Hagemeyer N.V. reported EBITDA (before exceptional
items) of -EUR8 million in the first half of 2004, a EUR14
million improvement on like-for-like basis compared to results
for the first half of 2003.  Net result was -EUR166 million
mainly due to high financial expenses.  Net debt position was
EUR639 million as of June 30, 2004 in line with financial
restructuring plan.

CONTACT:  HAGEMEYER N.V.
          Rijksweg 69
          1411 GE Naarden
          The Netherlands
          Phone: +31 (0)35 6957676
          Fax: +31 (0)35 6944395
          Web site: http://www.hagemeyer.com


ROYAL AHOLD: Selling Dutch-Belgian Foodservice Unit
---------------------------------------------------
Royal Ahold intends to divest its Benelux foodservice unit, Deli
XL.  This move is part of the ongoing strategic review of
Ahold's operations.  The company has initiated a preparatory
review and expects to launch the formal divestment process of
Deli XL shortly.

Deli XL is the market leader in the Netherlands and Belgium.
With consolidated 2003 net sales of EUR837 million, Deli XL is
especially strong in the institutional and catering segments of
the foodservice market which Ahold entered in 1985.  Currently,
Deli XL provides some 60,000 products to 30,000 hospitals,
company canteens, schools and hospitality outlets.

"We have decided to divest Deli XL despite the fact that we
believe the company is well placed to take advantage of growth
opportunities as the fragmented European foodservice industry
consolidates," said Ahold President & CEO Anders Moberg.

"Our Dutch business arena strategy is targeted on its retail
activities.  The investment and management attention needed to
assume a greater role in European foodservice is inconsistent
with this focus.  We therefore believe that Deli XL's huge
potential can better be realized under new ownership.  We are
committed to a diligent and proper process to find a buyer that
offers the best conditions for continuity and is able to assume
responsibility for the assets and associates of Deli XL."

The decision to sell Deli XL relates solely to Ahold's Dutch
business arena and has no implications for its American
foodservice operations.  In the U.S. foodservice industry, which
has consolidated more quickly, the company's U.S. Foodservice
subsidiary had net sales in 2003 of over US$17 billion and holds
the number two industry position.  As outlined in its "Road to
Recovery" program, Ahold is committed to recovering the value of
U.S. Foodservice, a process that is well underway.

CONTACT:  ROYAL AHOLD
          Albert Heijnweg 1, Zaandam
          P.O. Box 3050, 1500 HB Zaandam
          The Netherlands
          Phone: +31 (0)75 659 5720
          Fax: +31 (0)75 659 8302
          Web site: http://www.ahold.com


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


BANK ZACHODNI: 'C/D' Individual Rating Affirmed; Outlook Stable
---------------------------------------------------------------
Fitch Ratings affirmed Bank Zachodni WBK's ratings at Long-term
'A', Short-term 'F1', Individual 'C/D' and Support '1'.  The
Outlook is Stable.  The bank's Long-term, Short-term and Support
ratings are based on the potential support available from its
70.5% shareholder, Allied Irish Banks, which is rated 'AA-'.

The Individual rating takes into account the business and
management benefits BZWBK gains from being part of the AIB
group, its prudent credit risk and market risk management, as
well as the relatively stable capital position of the bank.  The
quality of new lending is improved from previously, as granting
procedures are strict and collateral evaluation conservative.
However, while the classified loans to total loans ratio at the
bank is better than average in Poland, it is still relatively
high by international standards.  BZWBK's profitability in 2004
improved visibly, on the back of the macroeconomic rebound and
in the large part, revenue sources seem sustainable.

CONTACT:  FITCH RATINGS
          Claudia Nelson
          Tim Beck, London
          Phone: +44 20 7417 4222;

          Dorota Skala, Warsaw
          Phone: +48 22 433 6600

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

          AIB European Investment (Warsaw Office)
          Budynek Krolewska
          ul. Marszalkowska 142
          00-061 Warszawa
          E-mail: internationaldesk@bzwbk.pl
          Web site: http://www.bzwbk.pl

          Katarzyna Kocznorowska
          Phone: 0048 22 586 8002

          Magdalena Krajewska
          Phone: 0048 22 586 8032
          Fax: 0048 22 586 8001


ELEKTRIM SA: Sale of PTC to Deutsche Telecom Falls Through
----------------------------------------------------------
Deutsche Telekom AG has called off a plan to acquire an
additional 51% stake in Polska Telefonia Cyfrowa, according to
Bloomberg News.

The report said bondholders of Elektrim S.A., which currently
hold shares in the Polish cellular operator, opposed the
transaction.  Europe's largest phone company, which already owns
49% of PTC, had offered EUR1.3 billion (US$1.6 billion) for the
stake.  It had been pursuing the acquisition the past two years.

In a separate report, Warsaw Business Journal said creditors of
Elektrim, who were supposed to receive PLN2 billion out of the
failed transaction, are now demanding more guarantees that they
will receive the amount one way or the other.

Polska Telefonia is Poland's largest wireless company.  It
operates the Era mobile network.


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


CREDIT BANK: Receives 'D' Individual Rating, Stable Outlook
-----------------------------------------------------------
Fitch Ratings assigned these ratings to Russia's Credit Bank of
Moscow (CBM): Long-term 'B-'; Short-term 'B'; Individual 'D';
and Support '5'.  The Outlook is Stable.

The ratings reflect the bank's modest profitability, which was
impacted in 2003 by higher loan loss provisions and a sharp
increase in costs, its small size and limited franchise.
Liquidity is also a potential concern, due to the potentially
flighty nature of retail customer deposits (a significant part
of overall customer deposits).  In mid-2004, CBM experienced a
15% outflow in retail customer balances as a result of the
problems in the Russian banking market.  However, Fitch notes
that CBM was successful in managing its liquidity position at
that time, when it freed up liquidity by restricting loan growth
and selling part of its car finance book.

The agency notes that CBM's capitalization is currently good,
comparing favorably with that of many banks rated by Fitch in
Russia, but it is forecast to decline as its balance sheet
expands.

The quality of CBM's loan book, which grew very rapidly in 2003,
has been good to date, with non-performing loans running at very
low levels.

CBM was established in 1992.  Since 1995 it has formed part of a
holding company, Rossium Concern, which also includes
investment, industrial, agricultural, trade and construction
companies.  Ultimate control of the group lies in the hands of a
private individual, prompting some corporate
governance/succession concerns.  At end-May 2004, CBM was among
the top 70 Russian banks by total assets.  CBM's core business
lies in providing banking services to SMEs and, since 2002, also
retail banking services (mainly car financing) to individuals.

CONTACT:  FITCH RATINGS
          Lindsey Liddell, London
          Phone: +44 (0) 20 7417 3495

          Vladlen Kuznetsov
          Phone: +44 (0) 7095 956 9901

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


KHATANGSKY SEA: Court Schedules Hearing Next Month
--------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on federal state unitary
enterprise Khatangsky Seaport.  The case is docketed as A33-
7086/04-S4.  Mr. E. Dmitriev has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 663606, Russia,
Krasnoyarsk region, Kansk, Post User Box 670.  A hearing will
take place on October 26, 2004.

CONTACT:  KHATANGSKY SEA PORT
          647460, Russia,
          Krasnoyarsk region, Taymyrsky autonomous region,
          Khatanga, Sovetskaya Str. 42

          Mr. E. Dmitriev
          Temporary Insolvency Manager
          663606, Russia,
          Krasnoyarsk region, Kansk,
          Post User Box 670


KOLCHUGINO-MINE-STROY: Proofs of Claim Due this Week
----------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy supervision procedure on OJSC Kolchugino-Mine-Stroy.
The case is docketed as A27-12092/2204-4.  Ms. I. Rakitina has
been appointed temporary insolvency manager.

Creditors have until September 30, 2004 to submit their proofs
of claim to 650023, Russia, Kemerovo region, Kemerovo,
Oktyabrsky Pr. 58-12.  A hearing will take place on December 20,
2004, 7:00 a.m. (Moscow Time).

CONTACT:  KOLCHUGINO-MINE-STROY
          652500, Russia,
          Kemerovo region, Leninsk-Kuznetsky,
          Kirova Pr. 55

          Ms. I. Rakitina
          Temporary Insolvency Manager
          650023, Russia,
          Kemerovo region, Kemerovo,
          Oktyabrsky Pr. 58-12


LINEVSKY COMBINE: Appoints I. Klemeshev Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on OJSC Linevsky Combine of
Building Materials.  The case is docketed as A45-9438/04-SB/123.
Mr. I. Klemeshev has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 630077, Russia,
Novosibirsk-77, Post User Box 173.  A hearing will take place at
the Arbitration Court of Novosibirsk region on December 8, 2004,
9:30 a.m.

CONTACT:  LINEVSKY COMBINE OF BUILDING MATERIALS
          633216, Russia,
          Novosibirsk region,
          Iskitimsky region, Keramcombine

          Mr. I. Klemeshev
          Temporary Insolvency Manager
          630077, Russia, Novosibirsk-77,
          Post User Box 173

          The Arbitration Court of Novosibirsk region
          630007, Russia,
          Novosibirsk, Kirova Str. 3,
          Room 911


MAMADYSHSKY WOOD: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on OJSC Mamadyshsky Wood
Working Combine.  The case is docketed as A65-1238/2004-SG4-27.
Mr. R. Vagizov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) Mamadyshsky Wood Working Combine
    422190, Russia,
    Tatarstan republic, Mamadysh,
    Kirpichnaya Str. 1

(b) Temporary Insolvency Manager
    422190, Russia,
    Tatarstan republic, Mamadysh,
    RUSP, Post User Box 11

(c) The Arbitration Court of Tatarstan republic
    420014, Russia,
    Tatarstan republic, Kazan,
    building 1, 2nd entrance, 2nd floor, room 6

A hearing will take place at the Arbitration Court of Tatarstan
republic on November 23, 2004, 1:00 p.m.


NOVOTERYALSKY PLANT: Mariy El Court Appoints Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Mariy El republic has commenced
bankruptcy supervision procedure on OJSC Novoteryalsky Plant of
Ferro-Concrete Goods.  The case is docketed as A-38-1947-11/225-
2004.  Mr. A. Khusyainov has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 424036, Russia,
Mariy El republic, Yoshkar-Ola, Post User Box 27.  A hearing
will take place on October 1, 2004.

CONTACT:  NOVOTERYALSKY PLANT OF FERRO-CONCRETE GOODS
          425430, Russia,
          Mariy El republic, Toryal,
          Kolkhoznaya Str. 57

          Mr. A. Khusyainov
          Temporary Insolvency Manager
          424036, Russia,
          Mariy El republic, Yoshkar-Ola,
          Post User Box 27
          Phone: (8362) 45-89-15


PROBUSINESSBANK: 'D' Individual Rating Affirmed
-----------------------------------------------
Fitch Ratings affirmed the ratings of Probusinessbank (PBB) at
Long-term 'B-', National Long-term 'BB+'(rus), Short-term 'B',
Individual 'D' and Support '5'.  The Outlook for the Long-term
rating remains Stable.

The ratings reflect the growing integration and operational
risks from banks acquired under PBB's regional expansion program
that are yet to be fully integrated, as well as PBB's small size
and limited franchise.  Profitability is also modest and likely
to remain so for the foreseeable future, burdened by current,
and potentially also future, acquisitions and a rise in longer
term funding costs.

PBB's capitalization has been falling, but is currently adequate
(total CAR of c.13% at end-1H04 compared with 21.6% at end-
2002).  Fitch believes further capital injections are likely to
be required in the short- to medium-term to finance the bank's
expansion plans, particularly in light of the bank's low
internal capital generation.  In the absence of such injections,
PBB's expansion strategy would likely have to be reviewed.

The quality of PBB's loan book has also been reasonable to date,
following rapid growth in 2003, and is concentrated on trading
and manufacturing companies.

Fitch notes that PBB's liquidity is currently reasonable, with
positive cumulative liquidity gaps across all time bands and the
bank did not suffer a significant outflow of customer deposits
as a result of the instability in the Russian banking sector in
mid-2004.  However, PBB's funding is short-term, although the
bank has endeavored to lengthen the tenor of its funding base
through issuing domestic bonds.

PBB is a medium-sized Russian bank, ranking among the top 50 by
assets and capital at end-June 2004.  PBB provides commercial
banking services to medium-sized companies, primarily in Moscow
and the surrounding region.  However, the bank's strategy
focuses on expansion through acquisition of leading regional
banks and the development of retail banking.  In 2003 PBB
purchased three banks (VUZ-bank, Express-Volga and Konto Bank),
thereby expanding its presence into Yekaterinburg and the Volga
region.  Ultimate control of PBB is in the hands of its senior
management.  Fitch understands that the EBRD is likely to
exercise its conversion rights relating to USD14 million of
convertible subordinated debt issued by PBB in December 2003, in
the relatively near future (equivalent to a c.17-18% stake in
PBB).

CONTACT:  FITCH RATINGS
          Alexei Kechko, Moscow
          Phone: +7095 956 9901

          Lindsey Liddell, London
          Phone: +44 (0) 20 7417 3495

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


=============================
S L O V A K   R E P U B L I C
=============================


PRIEMSTAV STAVEBNA: Bidders Have Until Next Week to Submit Offer
----------------------------------------------------------------
Oliver Korec, receiver of bankrupt construction company
Priemstav Stavebna, will hold a second auction for the company's
assets, Hospodarske Noviny says.

For sale are the firm's real estate holdings, rights and other
valuable properties.  Mr. Korec has also included in the sale
the company's receivables.  According to him, the company owes
more than five hundred creditors.

Interested parties have until October 8 to submit their bids.
Bidders are required to pay a registration fee, after which they
will receive an information memorandum containing the sale
conditions.  Participants may inspect the properties from
September 27 to November.

The Bratislava regional court declared bankruptcy on Priemstav
Stavebna on May 3, 2001 after failing to pay creditors.  The
receiver sold most of the company's assets at the end of 2002.
Prior to 1995, Priemstav Stavebna a.s. was known as Priemstav
a.s. Bratislava.  The company is engaged in engineering projects
in the industrial, transport, housing, and public utility
sectors.

CONTACT:  PRIEMSTAV, STAVEBNA A.S.
          Zahradnicka 46
          Bratislava 26 82493
          Okres Bratislava II
          Slovenska republika
          Phone:00421/ 07/ 50233111
          Fax: 00421/ 07/ 55576630
          E-mail: priemstv@internet.sk


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


CONVERIUM AG: Board Proposes US$420 Million Capital Increase
------------------------------------------------------------
Following a careful examination of the Company's track record
and franchise outside the United States, the Board of Directors
of Converium believes that the Company has a viable business
future as a professional reinsurer.  In this context, Converium
is considering a range of strategic options, which include a
capital increase, a partnership, a strategic investment, or a
combination thereof.

  Non-U.S. Franchise Historically a Strong Source of Earnings

Converium has a track record of building profitable businesses
in key markets such as Europe, Asia-Pacific and Latin America.
Since Converium's Initial Public Offering (IPO) the Company has
generated net income in excess of US$500 million excluding
business underwritten by the North American entity.  The Company
believes that despite the setbacks suffered in the United
States, it continues to enjoy a strong and stable franchise
among its customers in the remaining markets.

An independent survey from Flashpoehler conducted in the first
half of 2004 among European cedents indicates that Converium's
clients rank the Company 3rd in terms of overall excellence
among all reinsurers surveyed.  Against this backdrop
Converium's Board of Directors believes that the Company can
continue to extract value from this franchise for the benefit of
shareholders.  As a consequence, a going concern on a stand-
alone basis based on a capital increase remains a viable option.

    Converium is Committed to Maintain Maximum Flexibility
              with Regards to Strategic Options

In considering all options to protect the Company's franchise
and shareholders' value, flexibility is an essential component
of this process.  A capital increase is a core ingredient in a
number of these options.  Converium is currently discussing a
partnership or strategic investment with various parties.  While
some discussions are at a more advanced stage, additional time
will be needed in order to diligently evaluate and compare all
options when it comes to structures and terms.  The progress of
a number of discussions is dependent on assurances to the
potential partners that the capital increase will be available.

Converium's Board of Directors stresses that the Company will
only execute a capital increase that makes sense from a
shareholder value and rating perspective and on underwriting
terms that are acceptable to the Company.

       The Board of Directors is Proposing a Flexible
          Capital Increase Structure to the EGM

Against this backdrop, the Board of Directors proposes that
shareholders approve a capital structure allowing a capital
increase of up to US$420 million for

(a) A discounted rights issue for existing shareholders and, if
    appropriate,

(b) A tranche for a strategic investment or partnership for
    which pre-emptive rights are excluded.

        Board of Directors Seeks Shareholder Approval
             of the Proposed Capital Increase

While the Board of Directors appreciates that several questions
may remain outstanding, having the capital increase approved
will give the Company the necessary flexibility to effectively
evaluate all options.  Not having approval will restrain
Converium's strategic and tactical flexibility and may
ultimately force the Company to consider alternatives, which may
not result in achieving an outcome that generates the best value
for shareholders.

                        About Converium

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

CONTACT:  CONVERIUM AG
          Michael Schiendorfer
          Media Relations Manager
          Phone: +41 (0) 639 96 57
          Fax:   +41 (0) 639 76 57
          E-mail: michael.schiendorfer@converium.com

          Zuzana Drozd
          Head of Investor Relations
          Phone: +41 (0) 1 639 91 20
          Fax:   +41 (0) 1 639 71 20
          E-mail: zuzana.drozd@converium.com


===========
T U R K E Y
===========


DOGAN YAYIN: Gets 'B+' Senior Unsecured Rating; Outlook Stable
--------------------------------------------------------------
Fitch Ratings assigned Dogan Yayin Holding A.S. Senior Unsecured
local and foreign currency 'B+' ratings with Stable Outlook.
The ratings are not constrained by the Republic of Turkey's
sovereign ratings.

The ratings reflect DYH's prominence as the leading diversified
Turkish media and entertainment conglomerate with solid market
positions in printing & publishing, commercial free to air
broadcast television and distribution & retail.  Over the past
two years, cash flow-generation has improved following the
consolidation of its broadcasting assets (including Channel D,
CNN Turk), which are in turn driven by advertising revenue
growth.  Consequently, DYH became 50% dependent on advertising
in 2003, up from 37% in 2002.  The group is well placed to
benefit from the upturn in advertising given the significant
upside potential in the Turkish market.  However, the rating
reflects Fitch's concern about DYH's reliance on cyclical
advertising revenues.

DYH as a holding company depends on dividend income, service
income and capital gains from the sale of its equity holdings in
subsidiaries.  The group in 2003 defined its dividend policy
such that its publicly quoted companies would pay out 50% of
distributable income.  Fitch's ratings reflect dividend flows
from DYH's traditional media businesses -- mainly from Hurriyet,
Dogan Gazetecilik, Dogan TV (driven mainly by Channel D) and
Dogan Burda Rizzoli (DBR).  The ratings also consider EBITDA
generated by wholly owned subsidiaries Hurriyet, Dogan
Gazetecilik and Dogan TV.

Improved cash flow from broadcasting operations helped improve
DYH's leverage in 2003.  Net leverage (adjusted for vendor
financing) fell to 2.4x at FYE2003 from 3.6x at FYE2002. 56% of
total debt is at the holding company level, consisting of bank
loans (both foreign and Turkish) that financed DYH's acquisition
of broadcasting assets in 2002.  The upcoming Channel D IPO
should help the holding company to de-leverage.  However,
Fitch's ratings do not rely on the upcoming IPO proceeds nor do
they incorporate the possible media acquisitions, in which DYH
has expressed an interest.  The agency will closely monitor this
area and report its impact on DYH's business and financial
profile, along with the structural aspects of any new financing
plans.

While Fitch acknowledges the improvement in operating
performance and transparency of DYH's broadcasting assets, more
clarification is needed on the regulatory environment.  Although
Turkey's new media law is intended to harmonize the regulatory
framework with E.U. norms (accession date to E.U. is expected by
end-2004), more clarification is needed regarding the
uncertainty surrounding the application of the new media law
along with the related ownership issues.  Fitch will closely
monitor the area and report any rating implications.

DYH is currently owned by Dogan Sirketler Grubu A.S (66, 80%
equity/69, 23% voting interests), which is the holding company
of Mr. Aydin Dogan and his family. About 30% of DYH shares are
floated.

CONTACT:  FITCH RATINGS
          Guzin Durmus, Istanbul
          Phone: +90 212 279 1065

          Albert Jan Hofman, London
          Phone: +44 (0) 20 7417 4282

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


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


ART AND MUSIC: Hires Mazars as Administrator
--------------------------------------------
Philip Michael Lyon and Alistair Steven Wood have been appointed
as administrators for Art and Music Limited.  The appointment
was made September 10, 2004.  The company manages bars.

CONTACT:  MAZARS
          Cartwright House,
          Tottle Road,
          Nottingham NG2 1RT
          Administrators:
          Philip Michael Lyon
          Alistair Steven Wood
          (IP No 002108, 007929)
          Web site: http://www.mazars.com


BABY CENTRE: Names Wilson Pitts Administrator
---------------------------------------------
D F Wilson and J N R Pitts have been appointed as administrators
for Baby Centre Limited.  The appointment was made September 13,
2004.

The company sells infant merchandise.  Its registered office is
c/o Wilson Pitts, Glendevon House, Hawthorn Park, Coal Road,
Leeds LS14 1PQ.

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


BASDRING LIMITED: Mortgage Debenture Brings in Receiver
-------------------------------------------------------
Mortgage Debenture Limited called in Gordon Craig as
administrative receiver for Basdring Limited (Reg No 01267834,
Trade Classification: 7011/4521).  The application was filed
September 7, 2004.  The company develops and sells real estate
and also engaged in general construction and civil engineering.

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


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

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


BRITISH ENERGY: Fitch Rates Proposed Bond Issuance 'BB-'
--------------------------------------------------------
Fitch Ratings completed a Rating Assessment for British Energy
plc based on information and forecasts it provided on the
proposed restructured entity.  The publication of the Rating
Assessment follows British Energy's decision to publish the
result of the assessment, referred to by British Energy as an
"indicative rating", given the involvement of a number of public
agencies within the restructuring.

A Rating Assessment analyses a proposed transaction and provides
a company with a conditional rating to assist in its financial
planning.  The agency also provides an explanation of the
rationale behind the conditional rating and the conditions
necessary for it to be converted into a final rating.

The Rating Assessment carried out by Fitch for British Energy
concluded that the new bonds planned to be issued by British
Energy Holdings plc as part of the restructuring would receive a
rating of 'BB-'.  This assessment is contingent upon the
completion of the restructuring being realized in essentially
the form, and in accordance with the assumptions, described in
the full Rating Assessment report available from the Global
Power sector at http://www.fitchratings.com,and there being no
other significant change of circumstances which would in the
normal course of events result in a change in Fitch's ratings.

The assessment relates to a hypothetical successor entity and
Fitch has adjusted British Energy's forecasts to incorporate its
own assessment of potential future performance.  The New Bonds
for which the results of the Rating Assessment was undertaken
include GBP550 million of amortizing unsecured notes, with a
final maturity in 2022, an average maturity of 8 years, and a
fixed coupon of 7.00%, and the additional GBP150 million of
bond-equivalent obligations that will be issued to certain
lenders to Eggborough Power Limited.

"Fitch expects power prices to remain both volatile and heavily
cyclical," said Richard Hunter, Managing Director of Fitch's
Global Power Group.  "British Energy's Performance Improvement
Plan is a positive development and makes sense from an
operational perspective, particularly in light of this year's
significant outages, but it will also likely keep their cost
base in a range where they are still exposed to troughs in
wholesale market price swings."

At the same time, Hunter noted that absolute debt levels were
not at the root of the restructured group's concerns.  "In many
ways, the financial debt burden was not the issue for British
Energy in 2002.  The restructuring was precipitated by a
confluence of events where the cost base of British Energy was
simply too high, as a price-taker, relative to the prevailing
market price.  Despite the positive elements of the
restructuring and the group's good performance in FY04, a lot of
that risk still remains in the medium- to longer-term."

A number of issues must be resolved before the restructuring can
proceed, including settling certain documents with creditors,
approval of the Scottish Courts, approval of existing
shareholders or a successful de-listing, bond and share listing
for the new entities.  The proposed restructuring is also
conditional on there being no material adverse change affecting
the British Energy group of companies as a whole or subsidiary
Eggborough Power Limited in isolation, likely to have a material
adverse effect on the value of the creditor's entitlements under
the proposed restructuring or the new Eggborough arrangements.

Furthermore, the U.K. government may choose not to proceed if
they believe that the new entity will not be viable in all
reasonably foreseeable conditions, without access to additional
financing beyond that which is committed and which will continue
to be available when required.  Also, for listing purposes, the
restructured British Energy will need to confirm sufficiency of
working capital for its present requirements.

The Rating Assessment does not opine as to the likelihood of
these issues being resolved in favor of the current
restructuring plan.  Failure to execute upon a Creditor
Restructuring Agreement is likely to reduce the level of
recoveries on the existing bonds to a minimal level or zero.
The Rating Assessment of the New Bonds is independent of the 'D'
rating assigned to British Energy's outstanding bonds following
non-payment of principal upon maturity of the 2003 bond and the
distressed debt exchange faced by the 2006 and 2016 bonds.  If
current valuations, implied by current trading prices for the
Existing Bonds, of the new equity in the restructured group
which will be transferred to existing bondholders remain at
their recent level, the rating on the Existing Bonds would
likely be raised from 'D' to 'DDD' to reflect the improved
recovery for these bonds which a successful restructuring would
bring.

CONTACT:  FITCH RATINGS
          Richard Hunter, New York
          Phone: +1 212 908 0294

          Martin Johnson, London
          Phone: +44 20 7417 6275

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


CLOVER HOUSE: Creditors to Meet this Week
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Clover House Interiors Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Clover House Interiors
Ltd. will be held at Ramada Hotel & Resort Maidstone
Hollingbourne ME17 1RE on September 30, 2004 at 11:15 a.m. for
the purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Holbrook House
72 Bank Street Maidstone ME14 1SN 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
Holbrook House 72 Bank Street Maidstone ME14 1SN 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 Smith & Williamson, Holbrook House 72 Bank
Street Maidstone ME14 1SN two business days prior to the
meeting.

By Order of the Board.

R. J. Wraight,
September 10, 2004

CONTACT:  SMITH & WILLIAMSON
          Holbrook House
          72 Bank Street
          Maidstone ME14 1SN
          Web site: http://www.smith.williamson.co.uk


CORUS GROUP: Increases Senior Notes Offering by EUR600 Million
--------------------------------------------------------------
On 16 September 2004, Corus Group plc announced it intended to
offer approximately EUR500 million of senior notes due 2011 to
certain eligible investors and to use the proceeds to reduce
existing borrowings, including to finance a tender offer for its
5 3/8% Bonds due 2006.

Corus is pleased to confirm that it has on Thursday priced the
Notes.  In addition, in view of the positive demand for the
Notes, Corus has increased the aggregate principal amount of the
Notes being offered.  Accordingly, Corus will issue EUR600
million in aggregate principal amount of 7.5% Notes due 2011.
The Notes will be issued at 100% of their principal amount.  The
sterling equivalent proceeds of the Notes are approximately
GBP410 million.

David Lloyd, Director Finance, said: "Corus has successfully
returned to the capital markets and taken a major step in
extending the maturity of our debt obligations.  We are pleased
with the coupon achieved and our ability to increase the issue
to EUR600 million."

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

Corus expects closing and funding of the offering to occur,
subject to customary conditions, on or about 30 September 2004.

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

This announcement does not constitute, or form part of, an offer
or solicitation of an offer to purchase or subscribe for
securities, or an invitation to engage in investment activity,
in the United States or any other jurisdiction.

                            *   *   *

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

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


DRAGON UK: Appoints Stoy Hayward Administrator
----------------------------------------------
Simon James Michaels and David Harry Gilbert have been appointed
as administrators for hauliers Dragon UK International Limited.
The appointment was made September 14, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Administrators:
          Simon James Michaels
          David Harry Gilbert
          Phone: 020 7486 5888
          Fax:   020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdo.co.uk


EQUITABLE LIFE: E&Y Fails to Have Key Evidence Scrapped
-------------------------------------------------------
The High Court last week sided with Equitable Life in the
challenge against its GBP2.6 billion negligence claim by former
auditor Ernst & Young, The Telegraph reports.

Mr. Justice Langley maintained the evidence from Equitable's
experts, Mike Arnold, an actuary and John Cryan, an investment
banker in the case.  Ernst & Young, which is being blamed for
the society's near collapse in 2002, wanted part of the proof
withdrawn saying their reports went beyond the scope of expert
evidence.

A spokesman for the society said: "We are pleased but not
surprised that Mr. Justice Langley refused Ernst & Young's
application.  We believe we have a strong case and we will
pursue it in the interests of policyholders."

Kevin Russell, head of communications at Ernst & Young, said:
"We are pleased that the judge has concurred with our view that
there is a need for clarification of important aspects of the
expert evidence."

CONTACT:  The Equitable Life Assurance Society
          Walton Street Aylesbury
          Buckinghamshire HP21 7QW, United Kingdom
          Phone: +44-20-0870-901-0052
          Web site: http://www.equitable.co.uk


GEMINI PLUMBING: Top Honcho Receives Five-year Ban
--------------------------------------------------
A director of a bathroom sales and installation business that
failed with debts of more than GBP471,000 has been disqualified
in the Medway County Court from acting as a company director for
five years.

Keith Graham Biddulph, 61, of Ashburnham Road, Hastings, East
Sussex, was a director of Gemini Plumbing Heating and Electrical
Limited (Gemini), which carried on business from premises at 76
Station Road, Rainham, Kent ME8 7PJ.

Gemini was placed into voluntary liquidation on May 27, 2002
with estimated debts of GBP471,204 owed to its creditors.

The Disqualification Order, made on August 2, 2004, prevents Mr.
Biddulph 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.

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, found by the court:

(a) he caused or allowed Gemini to trade to the detriment of
    creditors, including Customs & Excise and the Inland
    Revenue, from August 1, 2001 until liquidation;

(b  he failed to keep, preserve or deliver adequate and/or
    sufficient accounting records in respect of Gemini, that
    fully explained the company's transactions, for the period
    from December 12, 1999 until liquidation; and

(c) since May 27, 2002, he acted in contravention of S216 of the
    Insolvency Act 1986 by causing Gemini Bathrooms (Tonbridge)
    Limited and Gemini Bathrooms (Rainham) Limited to re-use a
    name so similar to that used by Gemini as to suggest an
    association.

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


HAZERNET LTD.: Meeting of Creditors Set Wednesday
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                    IN THE MATTER OF Hazernet Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Hazernet Ltd. will be
held at 4 Dancastle Court 14 Arcadia Avenue London N3 2HS on
September 29, 2004 at 4:00 p.m. for the purpose of having a full
statement of the position of the Company's affairs, together
with a list of the Creditors of the Company and the estimated
amount of their claims, laid before them, and for the purpose,
if thought fit, of nominating a Liquidator and of appointing a
Liquidation Committee. (Sections 99-101 of the said Act)

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

By Order of the Board.

L. J. Paoloni, Director
August 31, 2004

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


HOOD YACHT: In Administrative Receivership
------------------------------------------
National Westminster Bank plc called in Martin G Ellis and
Andrew L Hosking as joint administrative receivers for Hood
Yacht Spars Limited (Reg No 2931477, Trade Classification: 11).
The application was filed September 15, 2004.  The company
manufactures masts and booms for yachts.

CONTACT:  GRANT THORNTON
          Grant Thornton House,
          Melton Street, Euston Square,
          London NW1 2EP
          Joint Administrative Receivers:
          Martin G Ellis
          Andrew L Hosking
          (Office Holder Nos 8687, 9009)
          Phone: 020 7383 5100
          Fax:   020 7383 4715
          Web site: http://www.grant-thornton.co.uk


KIDZ CARE: Receiver to Meet Creditors this Week
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Kidz Care Project Ltd.

Notice is hereby given in accordance with section 48(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of Kidz
Care Project Ltd. will be held at Holland Court The Close,
Norwich NR1 4DY on September 30, 2004 at 3:00 p.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 12:00
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 Grant Thornton U.K. L.L.P at the address below.

R. H. Pick, Joint Administrative Receiver
September 8, 2004

CONTACT:  Grant Thornton U.K. L.L.P
          Holland Court
          The Close
          Norwich NR1 4DY
          Phone: 01603 620481
          Fax: 01603 203391
          Web site: http://www.grant-thornton.co.uk


K L CONSTRUCTION: Administrator's Report Known Wednesday
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF K L Construction Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of K L Construction Ltd.
will be held at The Old Exchange 234 Southchurch Road Southend-
on-Sea SS1 2EG on September 29, 2004 at 11:00 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at The Old Exchange
234 Southchurch Road Southend-on-Sea SS1 2EG not later than
12:00 noon on the business day before the Meeting.

Notice is also given, for the purpose of voting, secured
Creditors must, unless they surrender their security lodge at
The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG
before the Meeting, a statement giving particulars of their
security, the date when it was given, and the value at which it
is assessed.

Jamie Taylor of Begbies Traynor The Old Exchange 234 Southchurch
Road Southend-on-Sea SS1 2EG is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.

By Order of the Board.

G. Williams, Director
August 11, 2004

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


LEWING LIMITED: Hires Administrators from Begbies Traynor
---------------------------------------------------------
Stephen L Conn and Paul Stanley have been appointed as
administrators for Lewing Limited.  The appointment was made
September 13, 2004.

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

CONTACT:  BEGBIES TRAYNOR
          Elliott House
          151 Deansgate,
          Manchester M3 3BP
          Administrators:
          Stephen L Conn
          Paul Stanley
          (IP Nos 1762, 008123)
          Phone: 0161 839 0900
          Fax:   0161 832 7436
          Web site: http://www.begbies.com


L S L ASSOCIATES: May Appoint Liquidator September 29
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF L S L (Associates) Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of L S L (Associates) Ltd.
will be held at Moriston House 75 Springfield Road Chelmsford
CM2 6JB on September 29, 2004 at 10:30 a.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

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 Moriston House
75 Springfield Road Chelmsford CM2 6JB 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
Moriston House 75 Springfield Road Chelmsford CM2 6JB before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

Duncan R. Beat of Tenon Recovery Moriston House 75 Springfield
Road Chelmsford CM2 6JB is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.

By Order of the Board.

N. Irvine, Director
August 19, 2004

CONTACT:  TENON RECOVERY
          75 Springfield Road
          Chelmsford
          Essex CM2 6JB
          SO53 3TY
          Phone: 01245 455444
          Fax: 01245 490841
          E-mail: chelmsford@tenongroup.com
          Web site: http://www.tenongroup.com


NETMARKETS EUROPE: Holds Meeting of Creditors Thursday
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Netmarkets Europe Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Netmarkets Europe Ltd.
will be held at Sherlock House 73 Baker Street London W1U 6RD on
September 29, 2004 at 12:00 p.m. for the purpose of having a
full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee. (Sections 99-101 of the said
Act)

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 Sherlock House
73 Baker Street London W1U 6RD 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
Sherlock House 73 Baker Street London W1U 6RD 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 Tenon Recovery, Sherlock House 73 Baker
Street London W1U 6RD two business days prior to the meeting.

By Order of the Board.

R. V. Stanbury, Director
September 13, 2004

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


NEWCOTE COACHWORKS: Appoints Tomlinsons Administrator
-----------------------------------------------------
Alan Howard Tomlinson has been appointed as administrator for
Newcote Coachworks Limited.  The appointment was made September
9, 2004.

The company is engaged in coach repairs.  Its registered office
is located at Clive House, 12-18 Queens Road, Weybridge, Surrey
KT13 9XB.

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


PRO PROCESS: List of Creditors Known Thursday
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Pro Process Engineering Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Pro Process Engineering
Ltd. will be held at 6 Ridge House Ridgehouse Drive Stoke-on-
Trent ST1 5TL on September 30, 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 6 Ridge House
Ridgehouse Drive Stoke-on-Trent ST1 5TL 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 6
Ridge House Ridgehouse Drive Stoke-on-Trent ST1 5TL 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 PKF, 6 Ridge House Ridgehouse Drive Stoke-on-
Trent ST1 5TL two business days prior to the meeting.

By Order of the Board.

T. Plant, Director

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


QUEENS MOAT: Investors to Vote on Restructuring Plan October 18
---------------------------------------------------------------
Recommended cash acquisition of Queens Moat Houses plc by W2001
Britannia LLC by means of a scheme of arrangement under section
425 of the Companies Act 1985.

Queens Moat announces that the documentation relating to the
Scheme is expected to be posted to Shareholders this week.  The
Scheme Document also contains details of the Disposal
alternative to be implemented in the event that the Scheme does
not receive approval by the requisite majority of Shareholders
or otherwise lapses.

The Scheme Document will contain notices convening two
Shareholder meetings (the Court Meeting and the Extraordinary
General Meeting) to be held to allow Shareholders to vote on the
proposed resolutions to approve the Restructuring proposals.
The Court Meeting and the EGM will be held on Monday 18 October
2004 at Trinity House, Trinity Square, Tower Hill, London EC3N
4DH from 11.00 a.m. (London time).

The key dates in the expected timetable for the Scheme are:

(a) Latest time for lodging Forms of Proxy for the Court Meeting
    - 11.00 a.m. on Saturday, 16 October 2004;

(b) Latest time for lodging Forms of Proxy for the EGM - 11.10
    a.m. on Saturday 16 October 2004;

(c) Court Meeting - 11.00 a.m. on Monday, 18 October 2004;

(d) EGM - 11.10 a.m. on Monday, 18 October 2004; and

(e) Effective Date of the Scheme - Tuesday 26 October 2004.

In addition, the Queens Moat annual general meeting (the AGM)
that was adjourned on 2 August 2004 will be reconvened for
Monday 18 October 2004 and will follow the Court Meeting and
EGM.  Queens Moat's annual report and accounts for 2003 will be
posted to Shareholders at the same time as the Scheme Document
and will also be available at http://www.queensmoat.com

An interest payment of GBP10.3 million will be due on the
Mortgage Debenture Stock on 1 October 2004.  Queens Moat does
not currently have the necessary funds or facilities available,
and has been unable to secure additional funds or facilities, to
make this interest payment.  Queens Moat has been advised by
Britannia that following the Effective Date of the Scheme (or
following completion of the Disposal, as the case may be)
Britannia intends to put in place arrangements for this interest
payment to be made.  Queens Moat intends and expects to continue
to honour its supplier obligations as they fall due.

Completion of the Acquisition remains subject to the
satisfaction of the conditions set out in the announcement of 2
August 2004, including, inter alia, the approval of Queens Moat
Shareholders and the sanction of the Scheme by the High Court.

Terms used in this announcement shall have the same meanings as
set out in the announcement dated 2 August 2004.

                            *   *   *

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO SUBSCRIBE FOR OR BUY ANY SECURITY,
NOR IS IT A SOLICITATION OF ANY VOTE OR APPROVAL IN ANY
JURISDICTION, NOR SHALL THERE BE ANY SALE, ISSUANCE OR TRANSFER
OF THE SECURITIES REFERRED TO IN THIS ANNOUNCEMENT IN ANY
JURISDICTION IN CONTRAVENTION OF APPLICABLE LAW.

CONTACT:  MORGAN STANLEY
          (Financial adviser to Queens Moat)
          Brian Magnus
          Phone: +44 (0) 20 7425 8000

          COLLEGE HILL ASSOCIATES
          (Financial public relations advisor to Queens Moat)
          Mark Garraway
          Crawford Burden
          Phone: +44 (0) 20 7457 2020


RCT REALISATIONS: Statement of Affairs Known September 30
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF RCT Realisations Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of RCT Realisations Ltd.
will be held at 93 Queen Street Sheffield S1 1WF on September
30, 2004 at 3:00 p.m. for the purpose of having a full statement
of the position of the Company's affairs, together with a list
of the Creditors of the Company and the estimated amount of
their claims, laid before them, and for the purpose, if thought
fit, of nominating a Liquidator and of appointing a Liquidation
Committee. (Sections 99-101 of the said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at The P&A Partnership, 93 Queen Street
Sheffield S1 1WF two business days prior to the meeting.

By Order of the Board.

P. A. Taylor, Director

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


R NEAL: To Appoint Liquidation Committee Thursday
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF R Neal Meats Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of R Neal Meats Ltd. will
be held at One Victoria Square Victoria Square Birmingham B1 1BD
on September 30, 2004 at 11:00 a.m. for the purpose of having a
full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee. (Sections 99-101 of the said
Act)

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

By Order of the Board.

R. Neal, Director
September 8, 2004

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


ROYAL MAIL: Calls for Lesser Competition Restrictions
-----------------------------------------------------
Royal Mail's Chief Executive, Adam Crozier, encouraged the early
opening of the mail market provided the regulations, which stop
Royal Mail from competing, are removed.

"Customers should have a proper choice.  Royal Mail believes the
market should be opened faster than originally planned as long
as restrictions on Royal Mail are removed," he said.

"I am very confident that Royal Mail's people can succeed in a
competitive market.  They are more than capable of delivering
high quality service to customers.

"But the handcuffs have got to come off.  Royal Mail wants to
see simple, light-touch regulation allowing the company to make
an acceptable rate of return on its turnover.  Some of our
biggest rivals, including the German and Dutch postal
businesses, are making returns of more than 20% compared to
Royal Mail's 2.5% return on its day-to-day operations from the
turnover in its letters business in the last financial year.

"Unlike every other company in the market, Royal Mail has a
rock-solid commitment to maintaining its one-price-goes-anywhere
universal service to the U.K.'s 27 million addresses.

"That's the bedrock of the postal service and it gives every
customer an assurance that they can continue posting a letter
for the price of a stamp to any U.K. address.  Royal Mail's
prices are among the very lowest in Europe and we are determined
to keep providing that universal service.

"But we are also saying to the regulator that business bulk mail
services should not be part of the universal service obligation.
These are among the most profitable postal services and it's
where major competitors will be focused.

"Royal Mail believes in open market competition provided it has
the same pricing flexibility as its big competitors," said Mr.
Crozier.

He said the current quality of service was now showing a very
big improvement on the performance in the spring.

In August, 92.4% of First Class letters had been delivered the
day after posting -- the best performance for a year and just a
fraction below the target level of 92.5%.  The Second Class
performance in August was 99.0% -- above the 98.5% target level.

"We are confident the July-to-September quality of service
results will be substantially better than the figures for the
first three months of the financial year covering April to
June," said Mr. Crozier.

"We are now 98% of the way to completing the modernization
program to make Royal Mail more efficient and to equip the
company to deliver high quality service, profitable performance
on a long-term basis," said Mr. Crozier.

"The service has been delivered by our people and I know they
have a fantastic commitment to ensuring the company succeeds in
delivering a consistent, high performance to our customers."

Commenting on the regulator's proposals for a market opening,
Mr. Crozier added: "Customers deserve real choice in an open
market not postal chaos.

"There has to be careful licensing of new entrants to ensure
customers' interests are protected to avoid a free-for-all with
customers left to find their way among potentially dozens of
rivals with varying quality of service."

CONTACT:  Royal Mail Holdings plc
          148 Old St.
          London EC1V 9HQ,
          United Kingdom
          Phone: +44-20-7250-2888
          Fax:   +44-20-7250-2244
          Web site: http://www.royalmailgroup.com


SERVICECO LIMITED: Insolvency Service Bans Directors
----------------------------------------------------
The directors of a company that owned and managed two London
wine bars, which failed with total debts estimated at around
GBP506,000, and of a staff agency that operated within a larger
group of companies trading as wine bars and public houses, which
failed with total debts estimated at around GBP229,000, have
given Undertakings not to hold directorships or take any part in
company management for a combined period of 40 years.

An Undertaking was given by Anthony David Hibberd, 39, of Mount
Street, London W1, for a period of 10 years in respect of his
conduct as a director of Install500 (U.K.) Ltd, which carried
out business from premises at 125 Caledonian Road, London N1,
and Serviceco Ltd, which carried out business from premises at
150 Caledonian Road, London N1.

The Undertakings Gary Frederick Hibberd, 41, of Grosvenor Road,
London SW1, for a period of 12 years; John Patrick O'Donnell,
39, of Tavistock Crescent, London W11, for a period of 11 years;
and Timothy Allen, 32, of Caledonian Road, London N1, for seven
years were all given in respect of their conduct as directors of
Serviceco Limited.  Acceptance of Mr. Anthony Hibberd's and Mr.
Gary Hibberd's undertakings on September 15, 2004 and of Mr.
John O'Donnell's and Mr. Timothy Allen's undertakings on August
23, 2004, prevent them 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 individual periods stated above.

Install500 (U.K.) Ltd. was placed into voluntary liquidation on
May 3, 2002 with estimated debts of GBP506,615 and Serviceco
Ltd. was placed into voluntary liquidation on November 29, 2002
with estimated debts of GBP229,538 owed to creditors.

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

Matters of unfit conduct, not disputed by Mr. Gary Hibberd, Mr.
Anthony Hibberd and Mr. Timothy Allen in respect of Serviceco
Ltd.:

(a) They caused Serviceco Ltd to trade to the ultimate detriment
    of Crown agencies, by failing to pay over to Crown agencies
    sums in respect of VAT, PAYE and NIC as these fell due;

(b) They failed to co-operate with the liquidator of Serviceco
    Ltd., thus preventing him from properly carrying out his
    Duties;

(c) They failed to ensure that Serviceco Ltd. maintained proper
    accounting records, further preventing the liquidator from
    properly carrying out his duties.

The matter of unfit conduct not disputed by Mr. John O'Donnell
in respect of Serviceco Ltd. is that he caused Serviceco Ltd. to
trade to the ultimate detriment of Crown agencies, by failing to
pay over to Crown agencies sums in respect of VAT, PAYE and NIC
as these fell due.

Further matter of unfit conduct not disputed by Mr. Gary Hibberd
and Mr. John O'Donnell in respect of Serviceco Ltd. is that they
acted as directors of Serviceco Ltd. and 13 other companies
whilst undischarged bankrupts, both having been adjudged
bankrupt on July 16, 1998.

Matters of unfit conduct not disputed by Mr. Anthony Hibberd in
respect of Install500 (U.K.) Ltd.:

(a) He caused Install500 (U.K.) Ltd to trade to the ultimate
    detriment of Crown agencies, by failing to pay over to Crown
    agencies sums in respect of VAT, PAYE and NIC as these fell
    due;

(b) He failed to co-operate with the liquidator of Install500
    (U.K.) Ltd., thus preventing the liquidator to properly
    carry out his duties; and

(c) He failed to maintain proper accounting records, further
    preventing the liquidator from properly carrying out his
    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


STRATHEARN ABERDEEN: Neil Armour Appointed Liquidator
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Strathearn (Aberdeen) Ltd.
                         (in Liquidation)

I, of KPMG 37 Albyn Place Aberdeen AB10 1JB hereby give notice
that I was appointed Interim Liquidator of Strathearn (Aberdeen)
Ltd on August 23, 2004 by the Interlocutor of the Sheriff at
Aberdeen Sheriff Crt.

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
Queens Hotel 49-53 Queens Road Aberdeen AB15 4YP on September
30, 2004 at 3:00 p.m. for the purpose of choosing a liquidator,
appointing a Liquidation Committee and considering the other
Resolutions specified in Rule 4.12(3) of the aforementioned
Rules.

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

Neil A. Armour, Joint Receiver
September 7, 2004

CONTACT:  KPMG
          37 Albyn Place
          Aberdeen AB10 1JB
          Phone: (01224) 591000
          Fax: (01224) 590909
          Web site: http://www.kpmg.co.uk


SYSTEM WORKPLACE: Insolvency Practitioner Named
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF System Workplace Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of System Workplace Ltd.
will be held at Carolyn House 29-31 Greville Street London EC1N
8RB on September 30, 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)

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

By Order of the Board.

D. Mackie, Director
September 9, 2004

CONTACT:  ASHCROFTS
          33/33A Higham Hill Road
          London
          E17 6EA
          Web site: http://www.ashcrofts.net

          Harjinder S. Johal
          Phone: 020 8503 2682
          Fax: 020 8503 2678
          E-mail: info@ashcrofts.net


THE CLAIMS: Creditors Meeting Set October 6
-------------------------------------------
The creditors of The Claims Uk.Com Limited will meet on October
6, 2004 commencing at 11:00 a.m.  It will be held at Sargent &
Company Limited, 36 Clare Road, Halifax HX1 2HX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Sargent & Company Limited, 36 Clare Road, Halifax
HX1 2HX not later than 12:00 noon, October 5, 2004.

CONTACT:  SARGENT & COMPANY LIMITED
          36 Clare Road,
          Halifax HX1 2HX
          Administrator:
          P Sargent


TRADITIONAL SEAFOODS: Seven-year Disqualification for Director
--------------------------------------------------------------
A director of a processor and preserver of fish and fish
products business which failed with total debts estimated at
around GBP110,000 has given an Undertaking not to hold
directorships or take any part in company management for seven
years.

The Undertaking by Sean Patrick Enright of May Street,
Cleethorpes, was given in respect of his conduct as a director
of Traditional Seafoods (GY) Limited which carried out business
from premises at 4-6 Riby Street, Grimsby.

Acceptance of the Undertaking on September 13, 2004 prevents
Sean Patrick Enright 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.

Traditional Seafoods (GY) Limited was placed into voluntary
liquidation on January 23, 2003 with estimated debts of
GBP110,607 owed to its 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.

The matter of unfit conduct, not disputed by Sean Patrick
Enright solely for the purpose of the undertaking was that from
December 2, 2002 until the date of the resolution to wind up
Traditional Seafoods on January 23, 2003, in which time he was
specifically advised by Traditional Seafoods (GY) Limited's main
customer and largest shareholder and a licensed insolvency
practitioner that Traditional Seafoods was insolvent, he caused
Traditional Seafoods to enter into a number of transactions
totaling GBP72,282, which were to the detriment of creditors
generally.

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


UNIMOTORS LIMITED: Special Winding up Resolution Passed
-------------------------------------------------------
At an extraordinary general meeting of the members of the
Unimotors Limited on September 10, 2004 held at 21 Whitefriars
Street, London EC4 8JJ, the special resolution to wind up the
company was passed.  Ronald Stanley Harding and David John
Watchorn of Elwell Watchorn & Saxton, Cumberland House, 35 Park
Row, Nottingham NG1 6EE have been appointed joint liquidators of
the company for the purpose of such winding-up.

CONTACT:  ELWELL WATCHORN & SAXTON
          Cumberland House
          35 Park Row
          Nottingham NG1 6EE
          Joint Liquidators:
          Ronald Stanley Harding
          David John Watchorn
          Phone: (+44) 0115 988 6035
          Fax:   (+44) 0115 988 6135 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.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.

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