TCREUR_Public/040928.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Tuesday, September 28, 2004, Vol. 5, No. 192

                            Headlines

B E L G I U M

REAL SOFTWARE: Books EUR5.4 Million First-half Net Loss
REAL SOFTWARE: Cuts down Number of Board Members by 6
REAL SOFTWARE: Names Peter Op de Beeck New Chief Executive


F R A N C E

LEGRAND: Corporate Credit Ratings Affirmed at 'BB/B'
PERRIER: Workers' Decision on Retirement Plan Out Today
PERRIER: Government Ready to Fund Retirement Package


G E R M A N Y

1 NEUN: Chemnitz Court Appoints Insolvency Manager
AIP INGENIEURGESELLSCHAFT: Under Bankruptcy Administration
ALFRED KOPPERSCHMIDT: Hildesheim Court Appoints Administrator
BAHRLE BAUSTOFF: Creditors Have Until Next Month to File Claims
BSG BRANDSCHUTZ: Court Brings in Provisional Administrator

BUURMA GMBH: Creditors Meeting Set November
CELANESE AG: Hires Ernst & Young to Assess Value of Properties
E & M FREIZEITSPORT: Provisional Administrator Takes over Helm
GRUN BAU: Creditors Have Until Mid-October to File Claims
HEIDELBERGER DRUCKMASCHINEN: Company Profile

MANDROPS SYSTEMZENTRALE: Administrator's Report Out November
MERCATOR MERCHANDISING: Court Stays All Pending Proceedings
NISTAC GMBH: Hannover Court Appoints Insolvency Administrator
OVS GMBH: Applies for Bankruptcy Proceedings
R S G GMBH: Court Sets Creditors Meeting November
STIEHLER & PARTNER: Under Bankruptcy Administration
TAMMENA & PARTNER: First Creditors Meeting Next Month


I T A L Y

ALITALIA SPA: Management, Unions Agree to Split Operations
ALITALIA SPA: Govt Welcomes Potential Lufthansa Partnership
PARMALAT FINANZIARIA: Deloitte Wants Lawsuits Consolidated
TISCALI SPA: 1st-half Net Loss Slightly Up; EBITDA Jumps 47%


R U S S I A

AKTASHSKY BRICKWORKS: Under External Management
ALTAY-ENERGO-MONTAZH: Court Sets Next Hearing November
BOILER AND THERMAL: Appoints External Insolvency Manager
CHISHMINSKAYA SELKHOZ-KHIMIYA: Under Bankruptcy Supervision
CITY BROADCASTING: Deadline for Proofs of Claim Next Month

DAIRY LENINSKIY: Names A. Vasev Insolvency Manager
DAIRY NORTH: Proofs of Claim Due this Week
DECORATIVE CERAMIC: Appoints V. Veselkov Insolvency Manager
DRY WORKS-SIBERIAN: Undergoes Bankruptcy Supervision Procedure
IMPULSE: Hires S. Balas Insolvency Manager

KOMSOMOLSKIY HOUSE: Declared Insolvent
LOKOTSKOY: Bryansk Court Appoints Insolvency Manager
MAM-MICA: Bankruptcy Case Pending in Irkutsk Court
MECHANICAL-REPAIR FACTORY: Bankruptcy Proceedings Begin
METROMEDIA INTERNATIONAL: Closes Sale of Remaining Radio Biz

MOL-KOM: Creditors Have Until this Week to File Claims
ORGRESBANK: Fitch Affirms 'D' Individual Rating; Outlook Stable
NERCHINSKY: Chita Court Brings in Insolvency Manager
NERCHINSKY VODKA: Names S. Karpov Insolvency Manager
NIZHNEKAMSKY FACTORY: Declared Insolvent

OB-OIL-GAS-STROY-MONTAZH: Files for Bankruptcy
PLAVSKIY DAIRY: Creditors Have Until Next Month to File Claims
RABOCHAYA: Insolvency Manager Takes over Day-to-day Operations
SLAV-OIL-PRISADKA: Declared Insolvent
STEEL-KANAT: Orel Court Appoints Insolvency Manager
TUYMAZINSKY FACTORY: Succumbs to Bankruptcy
VOLNA: Undergoes Bankruptcy Supervision Procedure


S W E D E N

SCANDINAVIAN AIRLINES: Selling 60,000 Snowflake Tickets


S W I T Z E R L A N D

GENERAL MOTORS: Overhauling European Operations
SWISS INTERNATIONAL: Secures CHF325 Million Credit Facility


T U R K E Y

ASYA FINANS: Fitch Affirms Currency Ratings; Outlook Stable


U K R A I N E

BAJRAK: Court Assigns Temporary Insolvency Manager
DUBOVOGRYADSKE: Proofs of Claim Deadline Set
ELITA: Undergoes Bankruptcy Supervision Procedure
MARTOVA: Bankruptcy Supervision Begins
PAVLOGRAD' AGRARIAN: Court Recommends External Supervision

STAROKOSTYANTINIVSKE AUTO: Bankruptcy Supervision Begins
UKRHARCH: Temporary Insolvency Manager Named
VESNA: Creditors Have Until Next Week to File Claims
VI-TORG: Temporary Insolvency Manager Takes over Helm
ZELENOPOLYE: Donetsk Court Orders Debt Moratorium


U N I T E D   K I N G D O M

CONSCIOUS LTD.: Statement of Affairs Out Later this Week
CORETEC INC.: Closes U.K. Manufacturing Facility
LAURA ASHLEY: Underperformance in U.K. Fashion Hits Results
L & L CRUISERS: May Constitute Liquidation Committee Thursday
MERCURY MECHANICAL: Creditors Meeting Slated this Week

TURNER & NEWALL: Asks Court to Determine Fairness of Rehab Plan
TWEEDSMUIR NURSING: Creditors to Meet this Week
WH SMITH: Investors Approve Disposal of Hodder Headline
WIRRAL LAMINATE: Sets Meeting of Creditors

* Large Companies with Insolvent Balance Sheets


                            *********


=============
B E L G I U M
=============


REAL SOFTWARE: Books EUR5.4 Million First-half Net Loss
-------------------------------------------------------
Highlights of 2004 Half-year Results

(a) Strategy: solution approach -- a combination of products &
    services -- for niche sectors does not change;

(b) New organizational structure aligned with target segments
    and business proposition;

(c) Balance sheet significantly stronger as result of Gores
    deal:

     (i) Equity in the extended definition becomes positive,

    (ii) Burden of debt decreases substantially

(d) Profitability despite --

     (i) Past period of uncertainty about continuity of
         activities,

    (ii) Compression of revenue

(e) Measures taken not yet reflected in results --

     (i) Group is "right-sized", utilization increasing,
         expanding in key areas Java & .Net,

    (ii) All divisions sign new contracts,

   (iii) Retail division improves significantly,

    (iv) Group is well positioned for profit

(f) Outlook 2004

     (i) Revenues of second half 2004 in line with first
         semester 2004,

    (ii) EBIT expected to improve in second half of 2004

Results for First Half of 2004

(a) During the six months ended 30 June 2004, a group turnover
    of EUR69 million was generated.  This is EUR11.2 million
    (14%) less than comparable [2] figures for the first half of
    last year.  The decrease in revenues reflects the impact of
    the period of uncertainty and the resulting delay in signing
    new contracts during the first and second quarter.  Belgium
    suffered most from the uncertainty; the international
    activities on the other hand -- not affected by historical
    issues -- recorded higher revenues.

(b) Despite the past period of uncertainty about continuity of
    the company's activities and the revenue compression, the
    company reports profitability.  An operating profit (EBIT)
    of EUR0.3 million (0.4%) was recorded in the first half of
    2004 versus a comparable [3] number in 2003 of EUR1.4
    million (1.8%).  The decline of the operational margin is a
    result of the revenue drop and the operational losses of the
    Retail division.

(c) The net ordinary group result (excluding depreciation of
    goodwill and extraordinary results) for the first half of
    2004 was -EUR2.5 million, up EUR0.7 million from the same
    period a year ago (-EUR3.2 million) [3].  This is mainly due
    to lower financial charges as a result of debt
    restructuring.

(d) The net group result for the first half of 2004 increases
    compared to the same period of last year; from -EUR7.2
    million [3] to -EUR5.4 million this first semester.  This
    results from lower goodwill depreciation (-EUR0.7 million)
    and a better extraordinary result (+EUR 0.5 million) mainly
    due to former shareholder transactions (Airial Conseil S.A.)
    compared to last year.

(e) Cash decreased from EUR7 million at the end of 2003 to
    EUR6.4 million on 30 June, 2004.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Key Figures                        2004          2003      2003
In m EUR                       1H04   2Q04   1H03   2Q03   1H03
[1]
Turnover                       69.0   32.8   85.0   41.6   80.2
Operating result (EBIT)         0.3   -0.5    3.5    1.4    1.4
EBIT margin (%)                 0.4%  -1.6%   4.1%   3.4%   1.8%
Financial result excl.
goodwill depr. [1]            -2.2   -1.6   -3.7   -1.9   -3.7
Taxes on ordinary result       -0.6   -0.3   -1.0   -0.3   -0.9
Share of third parties          0.0    0.0    0.0    0.0    0.0
Share in the result of
equity method enterprises      0.0    0.0    0.0    0.0    0.0
Net ordinary group result
(excl. goodwill depr.)        -2.5   -2.4   -1.1   -0.8   -3.2
Extraordinary result            0.8    1.5    0.3    0.9    0.3
Depreciation of positive
  consolidation differences    -3.6   -1.8   -4.3   -2.2   -4.3
Taxes on extraordinary result   0.0    0.0    0.0    0.0    0.0
Net group result               -5.4   -2.7   -5.2   -2.1   -7.2
Net cash flow                  -0.9   -0.2   -1.7   -1.0   -3.6
Net ordinary cash flow         -1.6   -1.9    0.0    0.0   -1.9
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

[1] Excluding FSS and corrected for development expenses
    capitalized at year-end 2003.

[2] Compared with the same consolidation scope.  In 2003 the
    results of the Swiss subsidiary FSS, which was bought back
    at the end of 2003 by its former owners, were included for
    the first 10 months of 2003.

[3] Excluding FSS and corrected for development expenses
    capitalized at year-end 2003.

A full copy of the report is available free of charge at:
http://bankrupt.com/misc/RealSoftware_H12004.pdf

CONTACT:  REAL SOFTWARE
          Dina Boschmans
          Corporate & Marketing Communications Manager
          Prins Boudewijnlaan 26
          2550 Kontich
          Phone: +32.3.290.23.11
          Fax: +32.3.290.23.00
          Direct: +32.3.290.25.30
          GSM: +32.477.619.682
          E-mail: Dina.Boschmans@realsoftware.be
          Web site: http://www.realsoftwaregroup.com


REAL SOFTWARE: Cuts down Number of Board Members by 6
-----------------------------------------------------
The Board of Directors of Real Software reduced the total number
of board members from 15 to 9.  The number of board members,
representing the majority shareholder (Real Holdings, LLC an
affiliate of Gores Technology Group, LLC) will be brought back
from 8 to 5 as this was a transitional mandate for them, while
the number of independent and other directors will
proportionally be reduced from 6 to 3.

The Board took note of the resignation of these directors
effective 1 October 2004:

Representing Real Holdings: Brent D. Bradley, Michael Hirano,
James R. Bailey, Steven C. Yager, Scott M. Honour and Ryan Wald.
Independent directors: Christulf BVBA, represented by Chris
Dewulf; Rudi Thomaes, Gerard Van Acker BVBA, represented by
Gerard Van Acker; Human Invest BVBA, represented by Luc Luyten;
Gemapat BVBA represented by Germain Vantieghem.

Other director: Jean-Paul De Wachter.

The Board has decided to nominate these people as new directors
effective 1 October 2004 and to be confirmed at the next
shareholder's meeting:

Independent directors: Viscount Etienne Davignon, JPD Consult
BVBA, represented by Jean-Pierre Depaemelaere and DR Associates
BVBA, represented by Prof. Filip Roodhooft.

Representing Real Holdings: Daniel J. Frydenlund, William B.
Patton, Jr. and Joseph Page, while retaining Ashley W. Abdo and
David M. McGovern.

By nominating three new high-level independent directors with a
significant business experience, the Board confirms its
commitment to its full respect of Corporate Governance rules.
The level and the quality of the independent directors are a
guarantee for this commitment.

Ashley Abdo, Gores group president and director of Real Software
declares: "On behalf of Real Software and Gores Technology
Group, I want to thank the outgoing independent directors for
their tremendous efforts in positioning Real Software for the
next successful phase in its evolution."

CONTACT:  REAL SOFTWARE
          Dina Boschmans
          Corporate & Marketing Communications Manager
          Prins Boudewijnlaan 26, 2550 Kontich
          Phone: +32.3.290.23.11
          Fax: +32.3.290.23.00
          Direct: +32.3.290.25.30
          GSM: +32.477.619.682
          E-mail: Dina.Boschmans@realsoftware.be


REAL SOFTWARE: Names Peter Op de Beeck New Chief Executive
----------------------------------------------------------
The Board of Directors of Real Software has nominated M. Peter
Op de Beeck as new Managing Director and CEO of the company.  He
will succeed M. Theo Dilissen who has accepted to remain
available till the end of the year in order to guarantee the
best possible transition.  Peter Op de Beeck will take up his
new function as from 1 October 2004.

Theo Dilissen said: "I have mentioned on several occasions that
once the situation of Real Software had been cleared, I would
consider my task as accomplished and would look for other
opportunities outside of the company.  I think I have today
succeeded in bringing the company safely back to harbor through
very turbulent waters and have maintained the company amongst
the leading group of providers of specialized IT services and
products."

Prior to joining Real Software, Peter Op de Beeck was President
of the 25-country -- US$400 million revenue -- ADP Claims
Services Group, an ADP division, based in San Ramon, California.
Before 2001, he was CEO of ADP's subsidiary Audatex, a worldwide
provider of automotive claims handling Information Technology
services, headquartered in Zurich, Switzerland.  He led ADP's
Claims Services Group and Audatex to record sales, revenue and
profits in fiscal years 1998 through 2004.

Peter Op de Beeck was the founder of Turbodata (1989), a leading
provider of Automotive Dealer software applications in Europe,
which was acquired by ADP in 1995.  He combines a strategic and
rare blend of corporate executive positions and entrepreneurial
experiences.  He has an engineering master's degree from Leuven
University (1980) and an MBA from INSEAD (1984).

Peter Op de Beeck is 48 years old, married and father of 4
children.

"We sincerely thank M. Dilissen for all his efforts over the
past years and truly appreciate the way he has handled the
transition to the new reference shareholder," states Ashley
Abdo, Group President, Gores Technology Group and Director Real
Software.  He continues, "we are extremely pleased to have
someone of M. Op de Beeck's capabilities to replace M.
Dilissen."

The Board of Directors is looking forward to work with Peter Op
de Beeck and expresses its appreciation for Theo Dilissen's
work.  His relentless efforts kept Real Software standing in
spite of all the turbulences of these last years.  By doing so,
he succeeded in 'anchoring' one of Belgium's largest ICT
companies in the country.

CONTACT:  REAL SOFTWARE
          Dina Boschmans
          Corporate & Marketing Communications Manager
          Prins Boudewijnlaan 26, 2550 Kontich
          Phone: +32.3.290.23.11
          Fax: +32.3.290.23.00
          Direct: +32.3.290.25.30
          GSM: +32.477.619.682
          E-mail: Dina.Boschmans@realsoftware.be
          Web site: http://www.realsoftwaregroup.com


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


LEGRAND: Corporate Credit Ratings Affirmed at 'BB/B'
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
and 'B' short-term corporate credit ratings on France-based
Legrand, a worldwide leading manufacturer of low-voltage
electrical fittings.  At the same time, the outlook was changed
to positive from stable.  Legrand's net financial debt was
EUR2.1 billion at end-June 2004.

"The action reflects Legrand's strong operating performance, and
Standard & Poor's expectation that the group's solid free cash
flow generation will continue to be dedicated to debt reduction
and provide steady improvement in cash flow protection
measures." said credit analyst Xavier Buffon.

Sales grew by 7% in the first half of 2004 vis-a-vis first-half
2003, and 10% like-for-like before negative exchange impacts, as
recovery trends observed in second-half 2003 further accelerated
in the period.  Sales growth was robust in all markets,
including France (roughly 30% of total), Italy (roughly a fifth)
and the U.S. (roughly a fifth).  Operating efficiency further
improved from an already sound level, with the EBITDA margin
reaching 22%, up three points over the same-year-earlier period
through ongoing cost optimization and higher sales.

Strong free cash flow generation was dedicated to debt
reduction, and the annualized ratio of funds from operations to
net debt, adjusted for year 2003 pensions and operating leases,
substantially increased to 17% in first-half 2004 from 13% in
fiscal 2003.  Net fixed charge coverage by EBITDA improved from
very low levels, to 2.8x (versus more than 3.5x excluding the
non-cash charges on payment-in-kind loans) in first-half 2004
from 1.8x (2.7x) in fiscal 2003.

"The positive outlook reflects Standard & Poor's expectation
that Legrand's credit measures will continue to materially
improve on a sustained basis, through the combination of solid
free cash flow generation, financial discipline, and the benefit
of a cyclical business upturn," added Mr. Buffon.

A one-notch upgrade is likely in the medium term should the
fully adjusted ratio of FFO to net debt increase to the mid-20%
area.

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

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analysts' E-mail addresses:
          xavier_buffon@standardandpoors.com
          vanessa_brathwaite@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


PERRIER: Workers' Decision on Retirement Plan Out Today
-------------------------------------------------------
The decision of workers union CGT on Nestle's early retirement
offer to employees at its water operations in France will be
known today, according to Les Echos.

The plan will affect around 1,047 employees across Nestle's
plants manufacturing the Vittel, Contrex, Quezac and Perrier
bottled water brands.  Nestle Waters France has promised to pour
in investments to modernize sites belonging to Source Perrier
and Verrerie du Languegoc should CGT oppose the plan.

CGT earlier asked for time to consult its members and employees
at Source Perrier and Verrerie du Languegoc before deciding on
the matter.  Nestle plans to "maintain the advantages of the
company agreement" and continue an "active policy of recruiting
seasonal workers."

The French Ministry of Finance has told Nestle and CGT to strike
a deal as soon as possible.

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


PERRIER: Government Ready to Fund Retirement Package
----------------------------------------------------
The government is willing to finance the disputed early
retirement offer of Nestle for workers at its Perrier plant
should they accept it, the Financial Times says.

The Finance Ministry said Nestle Waters France, a unit of Nestle
AG, is ready to pour in heavy investments to renovate Source
Perrier's production site in Languedoc and the Verrerie du
Languedoc bottling facility.  Nestle said it would continue to
recruit seasonal workers and maintain employee benefits.

The parent company has threatened to sell Perrier if CGT rejects
the retirement plan.  The move puts in danger more than a
thousand jobs as Perrier's new owner might move production out
of France after the transaction, as Nestle had warned.

Finance Minister Nicolas Sarkozy has centered his last two
months in office focusing on businesses leaving France.  A
ministry official said, "We are ready to help."

The CGT union, which represents a majority of employees at
Nestle Waters France, said it may withdraw its opposition to the
plan.  The union previously said it would only change its mind
if Nestle modifies the plan.  A decision could come today.

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


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


1 NEUN: Chemnitz Court Appoints Insolvency Manager
--------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against 1 Neun Gesellschaft fur Planung, Projekt- und
Stadtentwicklung mbH (HRB 20676) on September 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 14, 2004 to
register their claims with court-appointed provisional
administrator Markus M. Merbecks.

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

CONTACT:  1 NEUN GESELLSCHAFT FUR PLANUNG, PROJEKT- UND
          STADTENTWICKLUNG MBH (HRB 20676)
          Contact: Nicole Jochheim
          Hohe Strasse 37, 09112 Chemnitz

          Markus M. Merbecks, Insolvency Manager
          Ludwigstrasse 58, 09113 Chemnitz
          Web site: http://www.handschumacher.de


AIP INGENIEURGESELLSCHAFT: Under Bankruptcy Administration
----------------------------------------------------------
The district court of Kaiserslautern opened bankruptcy
proceedings against AIP Ingenieurgesellschaft mbH 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 Paul Wieschemann.

Creditors and other interested parties are encouraged to attend
the meeting on November 11, 2004, 10:00 a.m. at Saal 13,
Justizzentrum, Bahnhofstr. 24, 67655 Kaiserslautern at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  AIP INGENIEURGESELLSCHAFT MBH
          Mainzer Str. 103, 67657 Kaiserslautern (HRB 1893)
          Contact:
          Wilfried Zorntlein, Manager
          Mainzer Str. 103, 67657 Kaiserslautern

          Paul Wieschemann, Insolvency Manager
          Im Flickerstal, 67657 Kaiserslautern
          Phone: 0631/341950
          Fax: 0631/470269


ALFRED KOPPERSCHMIDT: Hildesheim Court Appoints Administrator
-------------------------------------------------------------
The district court of Hildesheim opened bankruptcy proceedings
against Alfred Kopperschmidt GmbH & Co. KG on September 4.
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 Dr. Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2004, 9:00 a.m. at Saal 13,
Hauptgebaude, Kaiserstrasse 60, 31134 Hildesheim 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:  ALFRED KOPPERSCHMIDT GMBH & CO. KG
          Am Schilde 1-5, 31162 Bad Salzdetfurth (HRA 1356)
          Contact:
          Alfred Kopperschmidt Beton- und Kunststeinwerk
          Verwaltungs-GmbH
          Am Schilde 1-5, 31162 Bad Salzdetfurth
          Alfred Kopperschmidt, Manager

          Dr. Steffen Koch, Insolvency Manager
          Konigstr. 26, 30175 Hannover
          Phone: 0511/5248523
          Fax: 0511/5422944


BAHRLE BAUSTOFF: Creditors Have Until Next Month to File Claims
---------------------------------------------------------------
The insolvency 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
          Fax: 06021/4497831

          DISTRICT COURT OF ASCHAFFENBURG
          Sitzungssaal 5.103 (1. Obergeschoss)
          des Amtsgerichts Aschaffenburg (Nebenstelle)
          Schlossplatz 5, 63739 Aschaffenburg


BSG BRANDSCHUTZ: Court Brings in Provisional Administrator
----------------------------------------------------------
The district court of Dessau opened bankruptcy proceedings
against BSG Brandschutz GmbH on September 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 19, 2004 to register their
claims with court-appointed provisional administrator Michael
Schoor.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2004, 10:15 a.m. at the district
court of Dessau 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:  BSG BRANDSCHUTZ GMBH
          Einsteinstrasse 127, 06785 Oranienbaum
          (AG Stendal, HRB 13997)
          Contact:
          Thomas Grunicke, Manager
          Bahnhofstrasse 12, 06786 Worlitz

          Michael Schoor, Insolvency Manager
          Schorlemmerstrasse 2, 04155 Leipzig
          Phone: 0341/4903650
          Fax: 0341/4903699

          DISTRICT COURT OF DESSAU
          Willy-Lohmann-Str. 33, Saal 123


BUURMA GMBH: Creditors Meeting Set November
-------------------------------------------
The district court of Gottingen opened bankruptcy proceedings
against Buurma GmbH & Co KG 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 Peter
Knopfel.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2004, 10:00 a.m. at the district
court of Gottingen 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:  BUURMA GMBH & CO KG
          Heizungs- und Sanitare Anlagen, Bauklempnerei, Ol- und
          Gasfeuerungen
          Kleines Feld 1, 37130 Gleichen
          (AG Gottingen, 6 HRA 2707)
          Contact:
          Bernd Buurma
          Gottingen

          Sven Buurma
          Gleichen

          Peter Knopfel, Insolvency Manager
          Hallerstr. 76, D-20146 Hamburg
          Phone: 040/4146380
          Fax: 040/445635

          DISTRICT COURT OF GOTTINGEN
          Saal B11, Maschmuhlenweg 11
          37073 Gottingen


CELANESE AG: Hires Ernst & Young to Assess Value of Properties
--------------------------------------------------------------
Celanese AG (NYSE:CZ)(FWB:CZZ) announced that as part of the
preparation of the financial statements for the shortened
business year ending September 30, it is in the process of
valuing its assets, including the participations it holds.
These participations include Celanese Americas Corporation, the
holding company for the company's business operations in North
America.  The auditing firm Ernst & Young has been engaged to
perform the valuation.

The valuation of CAC will reflect in particular the findings
made in the course of the valuation of Celanese AG for the
profit and loss transfer agreement with BCP Crystal Acquisition
GmbH & Co. KG.  The work on the valuation undertaken so far
indicates that Celanese will be required to record a further
non-cash impairment on the CAC value and that this impairment
will be of a magnitude that, due to the effects of the
impairment on the statutory German accounts of Celanese AG, will
prevent Celanese AG from declaring a dividend to its
shareholders for the short fiscal year 2004.  The valuation is
expected to be completed by the end of this month.

Celanese AG is a global chemicals company with leading positions
in its key products and world-class process technology.  The
Celanese portfolio consists of four main businesses: Chemical
Products, Acetate Products, Technical Polymers Ticona and
Performance Products.  In 2003, Celanese generated sales of
around EUR4.1 billion with about 9,500 employees.  The company
has 24 production plants and six research centers in 10
countries mainly in North America, Europe and Asia.  For further
information please visit http://www.celanese.com.

                            *   *   *

In August, Standard & Poor's Ratings Services affirmed its 'B+'
corporate credit ratings on BCP Caylux Holdings Luxembourg
S.C.A. and its Frankfurt, Germany-based Celanese AG subsidiary
and removed them from CreditWatch where they were placed with
negative implications on Dec. 16, 2003.  The outlook is stable.

CONTACT:  CELANESE AG
          Europe
          Michael Kraft
          Phone: +49 (0)69/30514072
          Fax: +49 (0)69/305 36787
          E-mail: M.Kraft@celanese.com

          or
          Phillip Elliott
          Phone: +49 (0)69 /305 33480
          Fax: +49 (0)69/305 36784
          E-mail: P.Elliott@celanese.com

          or
          U.S.A.
          Vance Meyer
          Phone: 972-443-4847
          Fax: 972-443-8519
          E-mail: VNMeyer@celanese.com


E & M FREIZEITSPORT: Provisional Administrator Takes over Helm
--------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against E & M Freizeitsport- und Gastronomiebetriebsgesellschaft
mbH on September 1.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until October 8, 2004 to register their claims with court-
appointed provisional administrator Carsten Morgenstern.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2004, 9:00 a.m. at Saal 24, im
Gerichtsgebaude, Furstenstrasse 21 in Chemnitz at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  E & M FREIZEITSPORT- UND
          GASTRONOMIEBETRIEBSGESELLSCHAFT MBH (HRB 15430)
          Am Rossauer Wald 5, 09661 Rossau
          Contact: Bozidar Marguc, Manager

          Carsten Morgenstern, Insolvency Manager
          Michaelstr. 71, 09116 Chemnitz


GRUN BAU: Creditors Have Until Mid-October to File Claims
---------------------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against garden and landscape developer Grun Bau GmbH on
September 7, 2004.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until October 15, 2004 to register their claims with court-
appointed provisional administrator Rainer Beck.

Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2004, 9:20 a.m. at the district
court of Duisburg 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 during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  GRUN BAU GMBH
          Bergerstr. 8, 46539 Dinslaken
          Contact:
          Ulrich Bernhard Verlande, Manager
          Bergerstr. 8, 46539 Dinslaken

          Rainer Beck, Insolvency Manager
          Rheinstrasse 75, 47623 Kevelaer

          DISTRICT COURT OF DUISBURG
          Nebenstelle, Kardinal-Galen-Strasse 124-130
          47058 Duisburg, II. Etage, Zimmer 207


HEIDELBERGER DRUCKMASCHINEN: Company Profile
--------------------------------------------
With a market share of over 45% for sheetfed printing
Heidelberger Druckmaschinen AG (Heidelberg) (FWB:HDD) is the
world's leading solution provider for commercial and industrial
customers in the print media industry.  Headquartered in
Heidelberg, Germany, the Group's solutions focus on the whole
value-added chain for popular format classes in the sheetfed
offset and flexographic printing sectors.  Besides sheetfed
printing presses this includes prepress, postpress and their
associated workflow components, training and education program
of the Print Media Academy, service, spare parts, consumables
and sale of used equipment.  The company also supports its
customers' investment plans with financing concepts.

Heidelberg's business is based around the markets of the key
OECD industrial regions, but it is also increasingly investing
in growth markets such as Asia and Eastern Europe.

14 international development and production sites and around 250
sales branches provide support to its customers worldwide.
Heidelberg generates 85% of its sales through its own sales
companies and around 87% of its sales abroad.  In fiscal year
2003/2004, Heidelberg achieved sales of EUR3.114 billion
referring to the divisions Press, Postpress and Financial
Services.

As of June 30, 2004, the Group employed 21,200 staff worldwide.

Company:  Heidelberger Druckmaschinen AG

Headquarters Address:  Kurfuersten-Anlage 52 -60
                       Heidelberg/Germany 69115
                       Germany

Main Telephone: 0049 6221 92 0

Web site: http://www.heidelberg.com

Ticker: HDD(FWB)

Type of Organization: Public

Industry: Print Media Industry

Earnings Release Dates: 2nd Quarter: November 8, 2004
                        3rd Quarter: February 1, 2005
                        4th Quarter: June 7, 2005

Key Executives:  CEO: Bernhard Schreier
                 CFO: Dr. Herbert Meyer

Public Relations
Contact: Dr. Friedmar Nusch
Phone: 0049 6221 92 5900
E-mail: friedmar.nusch@heidelberg.com

  Investor Relations
  Contact: Dirk Kaliebe
  Phone: 0049 6221 92 6020
  E-mail: dirk.kaliebe@heidelberg.com

                            *   *   *

In line with expectation, the operating result of the Heidelberg
Group in the first quarter was -EUR54 million (previous year: -
EUR43 million).  The operating result was burdened by the cost
of the trade show drupa and by the losses of the segments
Digital and WebSystems (-EUR33 million), which will cease in the
future.

The net result in the period under review was -EUR63 million
(previous year: EUR-77 million).


MANDROPS SYSTEMZENTRALE: Administrator's Report Out November
------------------------------------------------------------
The district court of Bamberg opened bankruptcy proceedings
against Mandrops Systemzentrale fur Unterhaltungselektronik GmbH
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


MERCATOR MERCHANDISING: Court Stays All Pending Proceedings
-----------------------------------------------------------
The district court of Freiburg opened bankruptcy proceedings
against Mercator Merchandising AG 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 Dr. Thomas Kaiser.

Creditors and other interested parties are encouraged to attend
the meeting on October 27, 2004, 11:00 a.m. at the district
court of Freiburg 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:  MERCATOR MERCHANDISING AG
          Botzinger Str. 60, 79111 Freiburg
          Contact:
          Peter Bachenheimer, Board of Directors
          Botzinger Str. 60, 79111 Freiburg

          Dr. Thomas Kaiser, Insolvency Manager
          Wilhelmstr. 1b, 79098 Freiburg
          Phone: 0761/703940
          Fax: 0761/7039410

          DISTRICT COURT OF FREIBURG
          Saal VI, Holzmarkt 2, 79098 Freiburg i.Br


NISTAC GMBH: Hannover Court Appoints Insolvency Administrator
-------------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Nistac GmbH & Co. KG. on September 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 26, 2004 to register their
claims with court-appointed provisional administrator Diplom-
Okonom Dirk Stadler.

Creditors and other interested parties are encouraged to attend
the meeting on October 16, 2004, 9:45 a.m. at the district court
of Hannover at which time the administrator will present his
first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on
November 23, 2004, 9:40 a.m. at the same venue.

CONTACT:  NISTAC GMBH & CO. KG.
          Cronsbostel 5, 31515 Wunstorf
          (AG Neustadt, HRA 1579)
          Contact:
          Volker Voss, Hagenburg

          Diplom-Okonom Dirk Stadler, Insolvency Manager
          Luisenstr. 9, 30159 Hannover
          Phone: 0511/36703-110
          Fax: 0511/36703-133

          DISTRICT COURT OF HANNOVER
          Saal 2145, I. Stock (Altbau)
          Volgersweg 1, 30175 Hannover


OVS GMBH: Applies for Bankruptcy Proceedings
--------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against OVS GmbH Oberflachen-Veredlung on September 3.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 5,
2004 to register their claims with court-appointed provisional
administrator Wolfgang Hauser.

Creditors and other interested parties are encouraged to attend
the meeting on November 30, 2004, 10:00 a.m. at Saal 24,
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:  OVS GMBH OBERFLACHEN-VEREDLUNG (HRB 17143)
          Finkenburgstrasse 39
          08606 Oelsnitz/Vogtland
          Contact:
          Ralf Stowasser, Manager

          Wolfgang Hauser, Insolvency Manager
          Poetenweg 36, 08056 Zwickau


R S G GMBH: Court Sets Creditors Meeting November
-------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against R S G GmbH on September 8.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 25, 2004 to register their claims
with court-appointed provisional administrator Stephan
Heinrichsmeyer.

Creditors and other interested parties are encouraged to attend
the meeting on November 25, 2004, 9:00 a.m. at the district
court of Dortmund 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:  R S G GMBH
          Werler Str. 36, 59423 Unna
          Contact:
          Hartmut Schneider, Managing Director

          Stephan Heinrichsmeyer, Insolvency Manager
          Spiekergasse 6-8, 33330 Gutersloh
          Phone: 05241/92 02-0
          Fax: 92 02 22

          DISTRICT COURT OF DORTMUND
          Nebenstelle, Gerichtsplatz 1
          44135 Dortmund, II. Etage, Saal 3.201


STIEHLER & PARTNER: Under Bankruptcy Administration
---------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Stiehler & Partner Ingenieurgesellschaft mbH on
September 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
November 9, 2004 to register their claims with court-appointed
provisional administrator Ralph Bunning.

Creditors and other interested parties are encouraged to attend
the meeting on October 28, 2004, 8:45 a.m. at Saal 115,
Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen 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 December 2, 2004, 10:00
a.m. at the same venue.

CONTACT:  STIEHLER & PARTNER INGENIEURGESELLSCHAFT MBH
          Wilhelm-Herbst-Strasse 10, 28359 Bremen
          (HRB 10920, AG Bremen)
          Contact:
          Jurgen Stiehler, Manager
          Ralf Stiehler, Manager
          Andreas Wedemeyer, Manager

          Ralph Bunning, Insolvency Manager
          Domshof 18-20, 28195 Bremen
          Phone: 0421/3686-0
          Fax: 0421/3686-100


TAMMENA & PARTNER: First Creditors Meeting Next Month
-----------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Tammena & Partner Unternehmensberatung fur Management,
Logistik & Controlling GmbH on September 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 26, 2004 to register their
claims with court-appointed provisional administrator Kai
Norden.

Creditors and other interested parties are encouraged to attend
the meeting on October 14, 2004, 11:00 a.m. at Saal 115,
Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen 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 18, 2004, 9:00
a.m. at the same venue.

CONTACT:  TAMMENA & PARTNER UNTERNEHMENSBERATUNG FUR MANAGEMENT,
          LOGISTIK & CONTROLLING GMBH
          Schwachhauser Heerstr. 90, 28207 Bremen
          (AG Bremen, HRB 15949)
          Contact:
          Edzard Tammena, Manager
          Konigstr. 7, 22926 Ahrensburg

          Kai Norden, Insolvency Manager
          Am Wall 146, 28195 Bremen
          Phone: 0421/339750
          Fax: 0421/326693


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


ALITALIA SPA: Management, Unions Agree to Split Operations
----------------------------------------------------------
Struggling flag carrier Alitalia on Friday reached an agreement
with all but one of nine unions to break the company into two
different business units, the Associated Press says.

Alitalia said the company will be broken into AZ-Fly, which
would take charge of Alitalia's flight operations, and AZ-
Service, which would comprise the carrier's ground services
business.  The deal is considered a huge success for the
management after strong opposition previously raised by the
unions.  Guglielmo Epifani, who heads Italy's largest union
CGIL, called the deal a "miracle," according to Agencia
Giornalistica Italiana.

Under the provisions of the deal, the Italian Economy Ministry,
which currently has a 62% stake in Alitalia, will keep a 30%
minimum share in AZ-Fly after the rest is sold to institutional
investors.  AZ-Fly will control 51% of AZ-Service; a state-owned
firm will get the remaining 49%.  Unions have been batting for
state holding company, Fintecna, to become an AZ-Service
stakeholder.

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


ALITALIA SPA: Govt Welcomes Potential Lufthansa Partnership
-----------------------------------------------------------
The Italian Transport Ministry is not opposed to a future
alliance between struggling carrier Alitalia S.p.A. and German
airline Deutsche Lufthansa, Suddeutsche Zeitung says.

Alitalia is currently cooperating with French airline Air
France, but Italian Transport Minister Pietro Lunardi believes
that, in spite of Alitalia's restructuring, it would not be able
to achieve equal footing with the French firm.

Meanwhile, Lufthansa denied any plan to forge an alliance with
Alitalia because the German airline already has a code-sharing
agreement with another Italian airline, Air One.  Lufthansa
added it also holds a stake in Italian regional carrier Air
Dolomiti.  Italy is Lufthansa's most significant market after
Germany.

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


PARMALAT FINANZIARIA: Deloitte Wants Lawsuits Consolidated
----------------------------------------------------------
U.S. accounting firm Deloitte Touche Tohmatsu is seeking to
consolidate the legal cases filed against it by Parmalat
Finanziaria with three other class action lawsuits.

The dairy group is suing Deloitte Touche for US$10 billion in
relation to its role in the scandal that brought the company
down in December.  Parmalat's court-appointed administrator,
Enrico Bondi, is also filing charges against Citigroup on the
same grounds.  Deloitte Touche says the five lawsuits could be
combined as they carry the same charges, name the same
defendants and have the same purpose, which is to seek damages
from the fiasco.  Consolidating the cases could reduce legal
expenses and save time, it said.

If the consolidation happens, Mr. Bondi will no longer have
control over the case, but the judge presiding over the three
class actions.

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

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


TISCALI SPA: 1st-half Net Loss Slightly Up; EBITDA Jumps 47%
------------------------------------------------------------
Highlights of First-half Results

(a) Revenues up 25% vs. 1H03, to EUR538 million,

(b) ADSL revenues up 141% vs. 1H03, to EUR145.3 million,

(c) EBITDA up 47% (9% of revenues) at EUR48.2 million, from
    EUR32.7 million in 1H03,

(d) 31% improvement in EBIT vs. 1H03, at -EUR66.4 million,

(e) Sale of non-strategic assets for over EUR80 million in cash
    in August and September 2004

               Board Approves First-half Results

The board of directors of Tiscali S.p.A. has approved the
Group's first-half 2004 results, which broadly confirm the
figures provided for the release of its 2Q04 results.

In August and September 2004, Tiscali also announced the sale of
subsidiaries in Austria, Norway, Sweden, South Africa and
Switzerland for a total of over EUR80 million in cash, as the
first wave of the announced disposal plan.  This plan is
consistent with the Group's strategy of refocusing its
activities and concentrating on those markets, which offer the
best growth and profitability potential.  These disposals, while
representing 9% of first-half revenues, correspond to around 1%
of 1H04 EBITDA, less than 5% of the Group's ADSL users and less
than 6% of dial-up users of June 30, 2004.

                     Chairman Soru Resigns

The Board of Directors of Tiscali, upon proposal by Renato Soru,
has appointed Vittorio Serafino, Executive Chairman of Tiscali
following the resignation of Renato Soru himself.  The
appointment of Vittorio Serafino as board member will have to be
ratified in the next shareholders' meeting.

Mr. Serafino, 54, has a long-standing experience in merchant and
commercial banking.  He was deputy general manager of IMI with
the responsibility of the retail and institutional banking
business.  Following the merger with Sanpaolo, which resulted in
the creation of the largest Italian banking group, he was
responsible for the commercial banking business.  Until 2002, he
was managing director of Banco di Napoli, within the Sanpaolo
IMI group, which was subsequently merged with the parent
company.  Lately, he acted as deputy chairman of Fideuram Vita.

"As already announced, following my appointment as President of
the Sardinian Region, I have resigned from the chairmanship and
from the Board of Directors of Tiscali.  I leave a growing
Company, with improving operating performance, after starting
the refocusing on the key strategic markets and on the broadband
access business model.  During the last months I prepared the
Company to my departure, with the appointment as CEO of Ruud
Huisman, with whom I have long worked with my full satisfaction.
I have submitted to the Board of Directors the candidature of
Vittorio Serafino as my replacement, which has been unanimously
approved.  Vittorio Serafino will bring to Tiscali his long
standing experience in the financial markets," states
Renato Soru.

"I will remain a key shareholder of Tiscali and, as such, I will
continue to follow attentively the future of the Company,"
concludes Renato Soru.

                       First-half Results

Revenues and Gross Margin

The Group posted first-half revenues of EUR538.0 million, an
increase of 25% versus the first six months of 2003.  At the end
of June 2004, ADSL customer numbers were more than triple the
figure at June 30, 2003 (+16% vs. March 31, 2004), with 17,000
new subscribers signing up each week on average.  The number of
active users amounted to 7.9 million, of which 6.5 million are
dial-up users.  55% of ADSL users in the Netherlands are now
receiving unbundled services.

In September 2004, VoIP (Voice over IP) services were launched
in the Netherlands and in France, anticipating the ULL offer in
October.  This service enables Tiscali's customers to make
telephone calls using their ADSL connections at very competitive
prices.

(a) Access revenues rose by 22% versus 1Q03 to EUR365.9 million
    (68% of total revenues).  First-half ADSL revenues soared to
    EUR145.3 million (40% of access revenues) from EUR60.3
    million (16% of access revenues) in 1H03.  Dial-up revenues
    were affected by a drop in user numbers and online minutes
    compared to 1H03, as a result of both greater migration of
    users to broadband services and seasonal factors affecting
    the month of June.

(b) Revenues from business services shot up by 47% versus 1H03,
    to EUR102 million (19% of the total), thanks to the expanded
    basis of consolidation and synergies arising from the
    integration of the businesses acquired in 2003.  This
    business line has now become Tiscali's second biggest
    revenue source, and offers strong synergies with the B2C
    market.

(c) Voice revenues rose by 32% versus 1H03 to EUR42.8 million
    (8% of total revenues).  The revenue increase in this
    business area was due to both organic and external growth,
    following the acquisition of npower in the U.K., which was
    consolidated from the second half of 2003.

(d) Portal revenues were slightly down on 1H03, at EUR22.6
    million (4% of total revenues).  The first six months of the
    year also saw Tiscali confirmed as one of Europe's leading
    web properties, with over 17 million unique visitors in June
    2004, a 30% increase on June 2003.

The change in the access revenues mix due to sustained growth in
ADSL user numbers-most of whom receive wholesale services-had an
impact on gross profit, which came in at EUR246.8 million, an
increase of 14% on 1H03.  The gross margin narrowed to 46% of
revenues, from 50% in the first half of last year.  This is due
to the increasing proportion of ADSL services provided, as
wholesale broadband services offer far lower profitability than
dial-up services.  The gross margin is expected to progressively
improve over the next few quarters with growth in unbundled
broadband services.

Operating performance

Operating costs fall as a proportion of revenues Operating costs
fell from 43% of revenues in 1H03 to 37% this time.  In absolute
terms, however, operating costs rose by +8% yoy to EUR198.5
million.  This reduction in operating costs as a proportion of
revenues is attributable to lower marketing, personnel and
general and administrative costs.

Operating costs break down as:

(a) marketing costs were 6% higher than in 1H03 at EUR70.7
    million, but fell as a proportion of revenues from 15% to
    13%;

(b) personnel costs rose by 13% versus 1H03 to EUR77.9 million
    (but fell from 16% to 14% of revenues);

(c) general and administrative costs increased by 3% versus 1H03
    to EUR50 million, but fell as a proportion of revenues from
    11% to 9%.

First-half EBITDA was up 47% at EUR48.2 million, from EUR32.7
million in 1Q03, while the EBITDA margin expanded from 8% to 9%
in the same period.

Depreciation, amortization and provisions amounted to EUR99.7
million, compared with EUR131.4 million in 1H03.  In particular,
depreciation of tangible assets accounted for EUR40 million,
while amortization of intangible assets was EUR59.7 million, of
which EUR28.2 million related to goodwill.

The company made a loss at operating level (EBIT) of EUR66.4
million, a marked improvement (+33%) on the 1H03 figure (EUR-
98.8 million).

The company made a pre-tax loss before minorities (EBT) of
EUR134.3 million, compared with a loss of EUR141.6 million in
1H03.  The pre-tax loss figure -- with a conservative approach
-- already incorporates an extraordinary capital loss of EUR17
million on the sale of Swiss subsidiary Tiscali A.G. (lower book
value than disposal price), which was completed on 16 September
2004.  The EBT does not include the extraordinary income from
the other disposals already announced for EUR42 million, which
will be booked by year-end.

The group made a first-half net loss of EUR134.3 million,
compared with a loss of EUR129.3 million in 1H03.  This included
extraordinary income of EUR12.9 million.  Investment totaled
EUR51.2 million in 1H04, of which around EUR29.7 million was
spent on tangible assets and EUR21.5 million on intangible
assets.  The investment in tangible assets includes EUR4 million
relating to leasing costs capitalized under IAS 17 (not
mentioned in the second-quarter report).

Financial Resources and debt

Cash burn was EUR88.6 million in 1H04 (EUR58.6 million in the
first quarter and EUR30 million in the second quarter).  In July
2004, the cash burn dropped to around EUR7 million, before the
reimbursement of the 2004 bond (including payments of coupon).
As of June 30, 2004, the Tiscali Group had liquid financial
resources of EUR228.5 million, while net debt (excluding
liabilities to other lenders) stood at EUR371.1 million.

The table below shows the group's cash and debt position as of
June 30, 2004.

(in EUR million)

Cash                                             137.0

Other financial assets                            81.5

     term deposits EUR39.2 million

     tax credits and other financial assets[1]    42.3

TOTAL CASH AND CASH EQUIVALENTS                  218.5

Bonds due in July 2004[2}                         73.1

Bonds due in July 2005                           250.0

Equity-linked bonds due in September 2006        209.5

Telinco bonds                                      0.6

Loans and other long-term debt                    32.0

Other short-term financial liabilities            24.4

GROSS DEBT 1                                     589.6

Liabilities to other lenders[3]                   47.7

GROSS DEBT 2                                     637.3

NET DEBT 1                                       371.1

NET DEBT 2                                       418.8

PRO FORMA NET DEBT 1                             161.6

PRO FORMA NET DEBT 2                             209.3
(assuming full conversion of
convertible bonds)

[1] Mainly VAT credits
[2] Redeemed on 12 July 2004
[3] Mainly includes leasing payments

Tiscali believes that its disposals plan will enable it to raise
cash to redeem the EUR250 million bond issue maturing in July
2005, as well as finance future growth, regardless of conditions
on the financial markets.  However, the Group will continue to
evaluate the possible use of alternative financing methods, such
as capital increases, bonds (including convertible bonds) and
bank loans, as it deems appropriate.

             Significant events after June 30, 2004

Bonds Due in July 2004

On July 12, 2004 Tiscali redeemed the remaining bonds issued by
its Luxembourg-based subsidiary Tiscali Finance S.A. (EUR72.867
million, plus coupons amounting to EUR4.645 million).  The bond
issue was originally worth EUR150 million, but this amount was
reduced following a public offer for early redemption launched
in December 2003.

Disposal of Non-strategic Assets

Tiscali's announced disposals plan, consistent with the Group's
strategy of focusing financial and managerial resources on its
key markets, is now under way.

In particular:

(a) On August 16, 2004 Tiscali sold its Austrian subsidiary
    Tiscali Osterreich GmbH to Nextra Telecom GmbH (an Austrian
    company belonging to the Jordan Industries group) for EUR12
    million in cash;

(b) On August 20, 2004 Tiscali agreed to sell its South African
    subsidiary, Tiscali (Pty) Ltd., to MWEB, a South African
    internet service provider controlled by MWEB Holdings (Pty),
    subject to the approval of the South African competition
    authorities.  The agreed price of ZAR320 million (around
    EUR40 million) is to be paid in cash upon completion of the
    sale.  The price does not include the mobile telephony
    business, which will be sold separately, bringing in a
    further EUR5 million by the end of 2004;

(c) On August 23, 2004 Tiscali sold its Norwegian subsidiary,
    Tiscali A.S. to Telenor Telcom Solutions A.S., a subsidiary
    of Telenor A.S.A. (TEL, Oslo Stock Exchange, NASDAQ) for
    NOK49.9 million in cash (around EUR6 million);

(d) On August 30, 2004 Tiscali agreed to sell its Swedish
    subsidiary, Tiscali A.B. to Spray Network A.B., a subsidiary
    of Lycos Europe.  The acquisition cost of SEK120 million
    (around EUR13 million) will be paid in cash once the
    transaction has been approved by the Swedish competition
    authorities, expected by the end of September 2004; and

(e) On September 16, 2004 Tiscali sold its Swiss subsidiary,
    Tiscali A.G. to the Swiss ISP Smart Telecom A.G. for CHF8
    million in cash (around EUR5.3 million).

In total, the disposals of the foreign subsidiaries described
above represent 9% of the revenues and 1% of the EBITDA in the
1H04, 4.5% of ADSL customers and 5.5% of dial-up users.

A net capital gain of around EUR25 million was made on these
disposals, resulting from a capital gain of ca EUR42 million and
a capital loss of ca EUR17 million.  The only capital loss,
generated by the disposal of Swiss subsidiary Tiscali A.G., has
already been recorded as a prudent measure under extraordinary
income at June 30, 2004 as a prudent measure.

Change of management at Tiscali France

On August 31, 2004, Tiscali announced that Rafi Kouyoumdjian,
CEO of Liberty Surf Group S.A. since 2001, left Tiscali to
pursue a career outside the Group.  Diego Massida, 39, CEO of
Tiscali South Africa since August 2003, will replace Mr.
Kouyoumdjian on October 1, 2004.  Jean Michel Soulier has been
appointed as Deputy General Manager.

CONTACT:  TISCALI S.p.A.
          Sa Illetta
          09122 Cagliari
          Phone: +39 02 309011
          E-mail: ir@tiscali.com
          Web site: http://www.tiscali.com


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


AKTASHSKY BRICKWORKS: Under External Management
-----------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
external management bankruptcy procedure on OJSC Aktashsky
Brickworks.  The case is docketed as A65-533/2004-SG4-27.  Mr.
R. Gafiyatullin has been appointed external insolvency manager.

CONTACT:  AKTASHSKY BRICKWORKS
          Russia, Tatarstan republic,
          Almetyevsky region,
          Russkiy Aktash

          Mr. R. Gafiyatullin
          External Insolvency Manager
          423461, Russia,
          Tatarstan republic,
          Almetyevsk, GOS-11,
          Post User Box 188
          Phone: (8553) 23-17-63


ALTAY-ENERGO-MONTAZH: Court Sets Next Hearing November
------------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on LLC Altay-Energo-Montazh.  The case is
docketed as A03-554/04-B.  Ms. L. Prikhodko has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 656015, Russia,
Altay region, Barnaul, Lenina Pr. 69, Post User Box 3077.  A
hearing will take place on November 10, 2004.

CONTACT:  ALTAY-ENERGO-MONTAZH
          Russia, Altay region, Biysk

          Ms. L. Prikhodko
          Temporary Insolvency Manager
          656015, Russia,
          Altay region, Barnaul,
          Lenina Pr. 69, Post User Box 3077


BOILER AND THERMAL: Appoints External Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Altay republic has commenced external
management bankruptcy procedure on municipal unitary enterprise
Boiler And Thermal Networks.  The case is docketed as A02-
2892/03.  Mr. P. Akinshin has been appointed external insolvency
manager.

CONTACT:  BOILER AND THERMAL NETWORKS
          Russia, Altay republic,
          Gorno-Altaysk, Lenina Str. 199

          Mr. P. Akinshin
          External Insolvency Manager
          630007, Russia,
          Novosibirsk, Fabrichnaya Str. 4
          Phone: (3832) 125-823


CHISHMINSKAYA SELKHOZ-KHIMIYA: Under Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Chishminskaya Selkhoz-Khimiya (TIN 0250008059).  The case is
docketed as A-07-8269/04-G-ADM.  Mr. R. Sharifullin has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) Chishminskaya Selkhoz-Khimiya
    452173, Russia,
    Bashkortostan republic, Chishmy,
    Kommunisticheskaya Str. 17

(b) Temporary Insolvency Manager
    452173, Russia,
    Bashkortostan republic, Chishmy,
    Post User Box 40

(c) The Arbitration Court of Bashkortostan republic
    450057, Russia,
    Bashkortostan republic, Ufa,
    Okt. Revolyutsii Str. 63A


CITY BROADCASTING: Deadline for Proofs of Claim Next Month
----------------------------------------------------------
The Arbitration Court of Buryatiya republic has municipal
unitary enterprise City Broadcasting Company (TIN 0326006632)
insolvent and launched bankruptcy proceedings.  The case is
docketed as A10-170/04.  Mr. S. Narygin has been appointed
insolvency manager.

Creditors have until October 16, 2004 to submit their proofs of
claim to 670031, Russia, Buryatiya republic, Ulan-Ude,
Solnechnaya Str. 7A, Room 306.

CONTACT:  CITY BROADCASTING COMPANY
          670000, Russia,
          Buryatiya republic, Ulan-Ude,
          Borsoeva Str. 13

          Mr. S. Narygin
          Insolvency Manager
          670031, Russia,
          Buryatiya republic, Ulan-Ude,
          Solnechnaya Str. 7A, Room 306
          Phone/Fax: (8-3012) 23-34-07


DAIRY LENINSKIY: Names A. Vasev Insolvency Manager
--------------------------------------------------
The Arbitration Court of Volgograd region has declared OJSC
Dairy Leninskiy insolvent and commenced bankruptcy proceedings.
The case is docketed as A12-3503/04-S50.  Mr. A. Vasev has been
appointed insolvency manager.   Creditors have until October 16,
2004 to submit their proofs of claim to 400012, Russia,
Volgograd, Dorozhnaya Str. 36.

CONTACT:  DAIRY LENINSKIY
          Russia, Volgograd region,
          Leninsk, Frunze Str. 10

          Mr. A. Vasev
          Insolvency Manager
          400012, Russia,
          Volgograd, Dorozhnaya Str. 36


DAIRY NORTH: Proofs of Claim Due this Week
------------------------------------------
The Arbitration Court of Omsk region has declared LLC Dairy
North insolvent and introduced bankruptcy proceedings.  The case
is docketed as AK/E-60/30.  Mr. V. Podolniy has been appointed
insolvency manager.  Creditors have until September 30, 2004 to
submit their proofs of claim to 644080, Russia, Omsk, Mira Pr.
3.

CONTACT:  DAIRY NORTH
          Russia, Omsk region,
          Muromtsevsky region

          Mr. V. Podolniy
          Insolvency Manager
          644080, Russia,
          Omsk, Mira Pr. 3


DECORATIVE CERAMIC: Appoints V. Veselkov Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on CJSC Factory Of Decorative
Ceramic.  The case is docketed as A73-7134/2004-38.  Mr. V.
Veselkov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 680001, Russia,
Khabarovsk, Zaparina Str. 137.

CONTACT:  FACTORY OF DECORATIVE CERAMIC
          680009, Russia,
          Khabarovsk, Promyshlennaya Str. 23

          Mr. V. Veselkov
          Temporary Insolvency Manager
          680001, Russia,
          Khabarovsk, Zaparina Str. 137


DRY WORKS-SIBERIAN: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on LLC Dry Works-Siberian.  The case is
docketed as A19-6876/04-37.  Mr. V. Timonin has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 664049, Russia,
Irkutsk, Post User Box 64.  A hearing will take place on
November 22, 2004, 10:00 a.m.

CONTACT:  DRY WORKS-SIBERIAN
          Russia, Irkutsk,
          Rossiyskaya Str. 17,
          Office 203

          Mr. V. Timonin
          Temporary Insolvency Manager
          664049, Russia,
          Irkutsk, Post User Box 64
          Phone: 53-17-37


IMPULSE: Hires S. Balas Insolvency Manager
------------------------------------------
The Arbitration Court of Komi republic has commenced bankruptcy
supervision procedure on LLC Impulse (TIN 1106013643).  The case
is docketed as A29-1097/04-3B.  Mr. S. Balas has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 167002, Russia, Syktyvkar, Babushkina Str., 19, room
411.

CONTACT:  IMPULSE
          Russia, Komi republic,
          Usinsk, Im. 60
          Letiya Oktyabrya Str. 4/2

          Mr. S. Balas
          Temporary Insolvency Manager
          167002, Russia,
          Syktyvkar, Babushkina Str. 19, Room 411
          Phone: 21-64-52


KOMSOMOLSKIY HOUSE: Declared Insolvent
--------------------------------------
The Arbitration Court of Khabarovsk region has declared OJSC
Komsomolskiy House Building Combine insolvent and launched
bankruptcy proceedings.  The case is docketed as A73-9567/2003-
37.  Mr. V. Kozin has been appointed insolvency manager.
Creditors may submit their proofs of claim to 680001, Russia,
Khabarovsk, Artemovskaya Str. 77 - 129.

CONTACT:  Mr. V. Kozin
          Insolvency Manager
          680001, Russia,
          Khabarovsk, Artemovskaya Str. 77 - 129


LOKOTSKOY: Bryansk Court Appoints Insolvency Manager
----------------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision procedure on federal state unitary enterprise tribal
stud Lokotskoy.  The case is docketed as A09-9241/04-27.  Ms. N.
Vvedenskaya has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 241524, Russia,
Bryansk region, Bryansk region, Michurinskiy, Stroitelnaya Str.
25.

CONTACT:  LOKOTSKOY
          242300, Russia,
          Bryansk region, Brasovskiy region,
          Lipovaya alley, 79

          Ms. N. Vvedenskaya
          Temporary Insolvency Manager
          241524, Russia,
          Bryansk region, Bryansk region,
          Michurinskiy, Stroitelnaya Str. 25

          The Arbitration Court of Bryansk region
          241000, Russia,
          Bryansk, Trudovoy Per. 6


MAM-MICA: Bankruptcy Case Pending in Irkutsk Court
--------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on state unitary enterprise ore dressing
combine Mam-Mica (TIN 3833000032).  The case is docketed as A19-
9180/04-29.  Mr. M. Kotov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 123557, Russia,
Moscow, 557, Post User Box 11.  A hearing will take place at
664000, Russia, Irkutsk, Gagarina Avenue, 70, room 303 on
December 9, 2004, 10:00 a.m.

CONTACT:  MAM-MICA
          666810, Russia,
          Irkutsk region,
          Mamsko-Chuyskiy region, Mama,
          Naberezhnaya, 21

          Mr. M. Kotov
          Temporary Insolvency Manager
          123557, Russia, Moscow,
          557, Post User Box 11


MECHANICAL-REPAIR FACTORY: Bankruptcy Proceedings Begin
-------------------------------------------------------
The Arbitration Court of Kemerovo region has declared LLC
Mechanical-Repair Factory insolvent and initiated bankruptcy
proceedings.  The case is docketed as A27-17315/2003-4.  Mr. M.
Tersin has been appointed insolvency manager.  Creditors have
until September 30, 2004 to submit their proofs of claim to
660049, Russia, Krasnoyarsk, Lenina Str. 62, Office 10.

CONTACT:  MECHANICAL-REPAIR FACTORY
          652619, Russia,
          Kemerovo region, Belovo,
          Boyevaya Str. 1 (Boyevaya Str. 22)

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


METROMEDIA INTERNATIONAL: Closes Sale of Remaining Radio Biz
------------------------------------------------------------
Metromedia International Group, Inc. completed its previously
announced transaction with Communicorp Group Limited for the
sale of the Company's wholly owned radio business unit,
Metromedia International Inc. (MII) and has received an
additional US$13.0375 million from Communicorp.  MII held the
Company's interests in seventeen radio businesses, which operate
radio broadcast stations in Bulgaria, the Czech Republic,
Estonia, Finland and Hungary.

As previously communicated on July 9, 2004, the Transaction
stipulated an aggregate cash purchase price for MII of US$14.25
million, of which US$500,000 was paid in July 2004, US$13.0375
million was paid at closing and the remaining US$712,500 will be
paid six (6) months after closing subject, to Communicorp not
having incurred actual damages within the six month period after
closing as a result of MIG's breach of any of the warranties it
made to Communicorp in the sale purchase agreement.  In the
unlikely event of any such damages being incurred by Communicorp
in this manner, the second payment to MIG will be reduced by the
amount of such damages.

The Transaction also provides for an adjustment to the cash
purchase price if the consolidated net assets of MII as of
closing differ by more than two percent (2%) from the projected
amount the Company had previously provided to Communicorp.  The
Company does not currently anticipate a material adjustment to
the purchase price as a result of the true up for net assets at
closing and presently expects that it will be in compliance with
the warranties that it had made to Communicorp.

The Company anticipates that the sale of MII will result in the
recognition of a modest U.S. GAAP book gain.  However, the
Company will likely recognize a U.S. tax basis loss on the sale
since the Company's tax basis is significantly higher than the
projected net cash proceeds.

About Metromedia International Group

Metromedia International Group, Inc. (currently traded as:
OTCPK:MTRM - Common Stock and OTCPK:MTRMP - Preferred Stock)
owns communications and media businesses in Russia and the
Republic of Georgia.  These include mobile and fixed line
telephony businesses and wireless and wired cable television
networks.  The Company has focused its principal attentions on
continued development of its core telephony businesses in Russia
and the Republic of Georgia, and has substantially completed a
program of gradual divestiture of its non-core media businesses.

The Company's core telephony businesses include PeterStar, the
leading competitive local exchange carrier in St. Petersburg,
Russia, and Magticom, the leading mobile telephony operator in
the Republic of Georgia.  The Company's remaining non-core media
businesses consist of one radio business operating in Hungary,
Radio Szeged and one cable television network in Lithuania,
Vilsat.

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          Web site: http://www.metromedia-group.com

          Ernie Pyle, Investor Relations
          Phone: 704/321-7383
          E-mail: investorrelations@mmgroup.com


MOL-KOM: Creditors Have Until this Week to File Claims
------------------------------------------------------
The Arbitration Court of Novosibirsk region has declared OJSC
Mol-Kom insolvent and commenced bankruptcy proceedings.  The
case is docketed as A45-19224/03-SB/250.  Mr. S. Lebedev has
been appointed insolvency manager.  Creditors have until
September 30, 2004 to submit their proofs of claim to 630091,
Russia, Novosibirsk, Derzhavina Str. 11, 1st entrance (office).

CONTACT:  MOL-KOM
          633350, Russia,
          Novosibirsk region, Bolotnoye,
          Molkombinat Str. 1a

          Mr. S. Lebedev
          Insolvency Manager
          630091, Russia,
          Novosibirsk, Derzhavina Str. 11,
          1st entrance (office)


ORGRESBANK: Fitch Affirms 'D' Individual Rating; Outlook Stable
---------------------------------------------------------------
Fitch Ratings affirmed the ratings of Orgresbank at Long-term
'B-', Short-term 'B', Individual 'D' and Support '5'.  The
rating Outlook remains Stable.

The ratings reflect Orgres' small size by international
standards, limited franchise, the risks associated with loan
growth, which reflects, in part, the bank's growing customer
base, and the level of related party activity.  They also take
into account the bank's modest, but improving, profitability,
which has been negatively affected, to date, by the high (but
declining) proportion of low-yielding (but lower risk and more
liquid) assets on the bank's balance sheet.  Orgres' performance
was boosted in 2003 by the cessation of hyperinflationary
accounting, as well as strong growth in fees and commission and
a declining cost to income ratio.

Orgres' asset quality has been reasonable to date and
capitalization remains strong, despite having fallen.  Fitch
notes that the bank's capitalization, as well as customer
concentration levels in the loan book (relative to equity),
compare favorably with those of many banks rated by Fitch in
Russia.  However, capitalization is forecast to decline as the
balance sheet expands.  Liquidity is currently comfortable,
reflecting the high level of cash and other liquid assets on the
balance sheet and the large amount of equity funding.

Orgres was established in 1994 to provide banking services to a
subsidiary of RAO United Energy Systems, the national power
utility.  Following a reorganization of its shareholder
structure in 1999, it now has six main owners, mainly in the IT
and related sectors, who own 74% of the bank.  Orgres currently
ranks among the top 50 domestic banks by capital.  Its main
activities include customer lending, inter-bank operations and,
to a lesser extent, securities and FX trading.  It acts as the
settlement bank for the Interbank Clearing System, a system
incorporating 154 banks, which allows (primarily small-sized and
regional) banks to transact with one another on a secured basis.
In 1999, the bank embarked on a new strategy as a result of
which it is endeavoring, in particular, to develop lending to
SMEs.  In 2H04 the bank also launched the first stages of its
retail banking strategy.

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

          James Longsdon
          Phone: +44 (0) 20 7417 4309

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

          OGRESBANK
          Phone: +7 095 777-3477
          Fax:  +7 095 777-3472
          E-mail: all@orgres.ru
          Web site: http://www.orgresbank.ru


NERCHINSKY: Chita Court Brings in Insolvency Manager
----------------------------------------------------
The Arbitration Court of Chita region has declared OJSC food
combine Nerchinsky insolvent and initiated bankruptcy
proceedings.  The case is docketed as A78-5890/04-B-1.  Mr. S.
Karpov has been appointed insolvency manager.   Creditors have
until September 30, 2004 to submit their proofs of claim to
672007, Russia, Chita, Kurnatovskogo Str., 19A-34.

CONTACT:  NERCHINSKY
          673400, Russia,
          Chita region, Nerchinsk,
          Yaroslavskogo Str. 34

          Mr. S. Karpov
          Insolvency Manager
          672007, Russia, Chita,
          Kurnatovskogo Str. 19A-34


NERCHINSKY VODKA: Names S. Karpov Insolvency Manager
----------------------------------------------------
The Arbitration Court of Chita region has declared municipal
unitary enterprise Nerchinsky Vodka Distillery insolvent and
commenced bankruptcy proceedings.  The case is docketed as A78-
799/04-B-6.  Mr. S. Karpov has been appointed insolvency
manager.  Creditors have until September 30, 2004 to submit
their proofs of claim to 672007, Russia, Chita, Kurnatovskogo
Str. 19A-34.

CONTACT:  NERCHINSKY VODKA DISTILLERY
          673400, Russia,
          Chita region, Nerchinsk,
          Yaroslavskogo Str. 34

          Mr. S. Karpov
          Insolvency Manager
          672007, Russia, Chita,
          Kurnatovskogo Str. 19A-34


NIZHNEKAMSKY FACTORY: Declared Insolvent
----------------------------------------
The Arbitration Court of Tatarstan region has declared
Nizhnekamsky Factory of Metal and Building Constructions
insolvent and commenced bankruptcy proceedings.  The case is
docketed as A65-1615/2004-SG4-27.

CONTACT:  NIZHNEKAMSKY FACTORY OF METAL AND BUILDING
          CONSTRUCTIONS
          Russia, Tatarstan republic, Nizhnekamsk


OB-OIL-GAS-STROY-MONTAZH: Files for Bankruptcy
----------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
declared CJSC OB-OIL-GAS-STROY-MONTAZH insolvent and initiated
bankruptcy proceedings.  The case is docketed as A-75-3564-B/03-
129-B/04.  Mr. D. Shapoval has been appointed insolvency
manager.   Creditors have until October 16, 2004 to submit their
proofs of claim to 628183, Russia, Khanty-Mansiyskiy autonomous
region, Tyumen region, Nyagan, Building 2, passage 7th.

CONTACT:  OB-OIL-GAS-STROY-MONTAZH
          628186, Russia,
          Khanty-Mansiyskiy autonomous region,
          Nyagan, Kamchatskaya Str. 12

          Mr. D. Shapoval
          Insolvency Manager
          628183, Russia,
          Khanty-Mansiyskiy autonomous region,
          Tyumen region, Nyagan,
          Building 2, passage 7th


PLAVSKIY DAIRY: Creditors Have Until Next Month to File Claims
--------------------------------------------------------------
The Arbitration Court of Tula region has declared OJSC Plavskiy
Dairy insolvent and launched bankruptcy proceedings.  The case
is docketed as A68-33/B-04.  Ms. V. Polyakova has been appointed
insolvency manager.  Creditors have until October 16, 2004 to
submit their proofs of claim to 644040, Russia, Omsk,
Kombinatskaya Str. 17.

CONTACT:  PLAVSKIY DAIRY
          301470, Russia,
          Tula region, Plavsk,
          Michurina Str. 15

          Ms. V. Polyakova
          Insolvency Manager
          300002, Russia, Tula,
          Post User Box 255
          Phone: (0872) 40-21-20


RABOCHAYA: Insolvency Manager Takes over Day-to-day Operations
--------------------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on LLC poultry farm Rabochaya.
The case is docketed as A63-102/2004-S5.  Mr. D. Evtushenko has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 355003, Russia,
Stavropol, 3rd Post Office, Post User Box 244.  A hearing will
take place on October 7, 2004, 10:00 a.m.

CONTACT:  RABOCHAYA
          Russia, Stavropol region,
          Kochubeevskiy region, Rabochiy

          Mr. D. Evtushenko
          Temporary Insolvency Manager
          355003, Russia,
          Stavropol, 3rd Post Office,
          Post User Box 244


SLAV-OIL-PRISADKA: Declared Insolvent
-------------------------------------
The Arbitration Court of Yaroslavl region has declared CJSC
Slav-Oil-Prisadka insolvent and initiated bankruptcy
proceedings.  The case is docketed as A82-3614/04-30-B/28.  Ms.
T. Zalilova has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 152321, Russia, Yaroslavl
region, Tutaevskiy region, Konstantinovskiy, Lenina Str. 17.

CONTACT:  SLAV-OIL-PRISADKA
          152321, Russia,
          Yaroslavl region, Tutaevskiy region,
          Konstantinovskiy, Sovetskaya Str. 1

          Ms. T. Zalilova
          Insolvency Manager
          152321, Russia,
          Yaroslavl region, Tutaevskiy region,
          Konstantinovskiy, Lenina Str. 17


STEEL-KANAT: Orel Court Appoints Insolvency Manager
---------------------------------------------------
The Arbitration Court of Orel region has declared LLC Steel-
Kanat insolvent and initiated bankruptcy proceedings.  The case
is docketed as A48-4132/04-20b.  Mr. S. Romanchin has been
appointed insolvency manager.

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

(a) Insolvency Manager
    302004, Russia, Orel,
    3rd Kurskaya Str. 15

(b) The Arbitration Court of Orel region
    302021, Russia, Orel,
    S-Schedrina Str. 22

(c) Steel-Kanat
    302038, Russia,
    Orel region, Razdolnaya Str. 105


TUYMAZINSKY FACTORY: Succumbs to Bankruptcy
-------------------------------------------
The Arbitration Court of Bashkortostan region has declared state
unitary enterprise Tuymazinsky Factory of Medical Glass
insolvent and commenced bankruptcy proceedings.  The case is
docketed as A07-19064/02-A-RSA.  Mr. A. Tsukanov has been
appointed insolvency manager replacing Mr. A. Korsakov.

CONTACT:  TUYMAZINSKY FACTORY OF MEDICAL GLASS
          452750, Russia,
          Bashkortostan Republic,
          Tuymazy, S. Yulaeva Str. 4


VOLNA: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy supervision procedure on LLC department store Volna.
The case is docketed as A26-5210/04-18.  Mr. A. Kovylyev has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to Russia,
Petrozavodsk, Vidanskaya Str. 15V.  A hearing will take place on
December 3, 2004, 2:30 p.m.

CONTACT:  VOLNA
          680009, Russia,
          Belomorsk, Sovetskaya Str. 20

          Mr. A. Kovylyev
          Temporary Insolvency Manager
          Russia, Petrozavodsk,
          Vidanskaya Str. 15V


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


SCANDINAVIAN AIRLINES: Selling 60,000 Snowflake Tickets
-------------------------------------------------------
October 31 is the launch date for Scandinavian Airlines Sweden's
new customer offering in Europe.  As part of this customer
offering, the number of snowflake destinations is being expanded
to apply to the whole of Europe, excluding the Nordic region,
Russia and Germany.  This expansion will be implemented
gradually and, as of Friday, customers have an opportunity to
book a snowflake ticket at the lowest possible price directly
from Stockholm, Gothenburg and Copenhagen to 27 destinations.

A total of 60,000 snowflake tickets from Stockholm and
Gothenburg and 70,000 tickets from Copenhagen are currently for
sale.

"SAS gives its customers the freedom to choose how they want to
travel on their own terms," says Camilla Wallander, Vice
President Marketing at Scandinavian Airlines Sweden.  "For those
travelers who currently believe that low price is more important
than all other considerations when choosing a journey, snowflake
is an excellent alternative.  In contrast to the low-fare
companies, Scandinavian Airlines will continue to fly to
airports that are close to major cities."

As in the past, snowflake consists of one-way journeys that can
be booked right up to sixty-one minutes before departure.  The
flight includes a free newspaper but no meals, although
passengers always have an opportunity to purchase light
refreshments on board.

As of now, the journeys also qualify for EuroBonus points.

Examples of one-way fares, including taxes and fees:

Stockholm    - Amsterdam    from SEK595
Stockholm    - Paris        from SEK595
Copenhagen   - Sarajevo     from SEK595
Copenhagen   - Venice       from SEK695

Tickets can be booked from http://www.flysnowflake.comor by
telephone at +46 (0)771-66 10 00

CONTACT:  SCANDINAVIAN AIRLINES SWEDEN
          Camilla Wallander, Vice President Marketing
          Phone: +46 70 997 4040

          Information Department
          Phone: +46 8 797 33 30


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


GENERAL MOTORS: Overhauling European Operations
-----------------------------------------------
General Motors, the world's largest carmaker, is planning to
restructure its loss-making European operations, according to
The Telegraph.

The Detroit, Michigan-based company plans to cut jobs and
production capacity at its Opex/Vauxhall, Saab, and Fiat/GM
Powertrain joint venture to contain declining sales and over-
capacity.

Fritz Henderson, GM Europe chairman, said: "Revenue generating
capacity is way short of what we assumed . . . Our assumptions
on volume and market share were wrong and picking up market
share in Europe is incredibly difficult."

Mr. Henderson says of its engine production venture with Fiat:
"There is significant over-capacity in Powertrain . . .
particularly in petrol engines and you can't make diesel and
gasoline engines on the same line, at least not efficiently."
He is touring the plants in Europe with a view to coming up with
a decision before December.

Elsewhere, General Motor's Ellesmere Port plant in Britain,
which produces Astra five-door, appears relatively safe after
the closure of its V6 petrol engine-making wing in June.
General Motors' losses in Europe have totaled almost US$2
billion over the past four years.  The 2003 net loss was US$286
million.

CONTACT:  GENERAL MOTORS SUISSE S.A.
          Kundeninformationscenter
          Stelzenstrasse 4
          8152 Glattbr ugg
          Phone: 0848 810 820
          Fax: 044 828 21 55
          E-mail: kic@ch.gm.com
          Web site: http://www.opel.ch/


SWISS INTERNATIONAL: Secures CHF325 Million Credit Facility
-----------------------------------------------------------
Following complex negotiations, Swiss has signed a term sheet
for a CHF325 million secured credit facility with an
international banking syndicate.  The consent of various third
parties must still be obtained before a definitive credit
agreement can be concluded and the credit will be made
available.

Swiss signed a term sheet (agreement in principle) with an
international banking syndicate, setting out all of the key
elements for the granting of a secured credit facility.

Various third parties must still give their consent before a
definitive credit agreement can be concluded and the credit will
be made available.

Part of the credit facility will be used by Swiss to discharge
existing liabilities.  Swiss will therefore have access to net
additional liquidity of CHF180 million under the credit
facility.  This amount will then increase to CHF290 million in
June 2005 when Swiss meets its obligations under certain of its
existing aircraft lease agreements.

The banking syndicate comprises Halifax Bank of Scotland (Lead
Agent and Lead Arranger, CHF100 million), Barclays Capital (Lead
Arranger, CHF55 million), Credit Suisse (CHF75 million), UBS
(CHF75 million) and the Zurich Cantonal Bank (CHF20 million).

Christoph Franz, CEO of SWISS, said: "We are very pleased that
we have been able to sign a term sheet for a credit facility
with the banks involved, following intensive negotiations.  We
are confident that we will rapidly conclude the definitive
credit agreement and, with a strengthened liquidity base, will
then be able to implement the necessary steps to further
strengthen our competitive position in the ever changing
aviation market."

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax:   +41 61 582 3554
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


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


ASYA FINANS: Fitch Affirms Currency Ratings; Outlook Stable
-----------------------------------------------------------
Fitch Ratings affirmed these ratings of Asya Finans Kurumu a.s.:
Long-term (foreign and local currency) ratings at 'B-'; Short-
term foreign and local currency ratings at 'B'; Individual
rating at 'D/E'; Long-term National rating at 'BBB (tur)' and
Support rating at '5'.  The rating Outlook is Stable.

The affirmation reflects the company's improved profitability,
expanded franchise and committed shareholders.  This is offset
by weak asset quality, potentially volatile funding and a
planned growth strategy that will have an adverse effect on
capital.

Asya Finans recorded net income of TRL26.3 trillion in 2003, a
sharp increase from TRL9.7 trillion earned in 2002.  Profits
were driven by balance sheet growth as loans and leases expanded
36%.  The credit portfolio contains concentrations in the
textile sector.  Asset quality continues to be weak with
impaired assets equal to 10.90% of related assets at end-2003.
This decreased to 5.83% at end-June 2004 due to rapid portfolio
growth.  Reserve coverage of 54% was well below average.
However, management has stated that non-performing loans will be
fully covered by end-2004.

Asya Finans has a short-term funding structure.  During the
economic crises of 2000 and 2001, the company sustained a
deposit outflow and, in order to instill confidence, the
directors infused new deposits.  Asya Finans had a regulatory
capital ratio of 10.69% at end-2003, which declined to 8.16% at
end-June 2004 due to continued rapid portfolio expansion.  While
the company has plans to bolster capital, the amount of new
equity that can be generated is dependent upon sustained
operating profitability and the ability of the shareholders to
continue cash injections.

Asya Finans is a special finance, which does not pay or receive
interest on its activities.  Loans include production support,
individual financing, profit/loss sharing, and trading documents
against goods. The company funds its activities through equity,
current accounts and profit sharing accounts.  Under the latter,
investors agree to a predetermined profit or loss on the
investment.  Profits are added to the pool of depositors, while
losses are deducted from the pool.

CONTACT:  FITCH RATINGS
          Ed Thompson, New York
          Phone: +1 212 908 0364

          Botan Berker
          Gulcin Orgun
          Istanbul
          Phone: +90 212 279 1065

          Banu Saracci, London
          Phone: +44 207 417 4373

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


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


BAJRAK: Court Assigns Temporary Insolvency Manager
--------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Bajrak (code EDRPOU 03777232)
on July 22, 2004.  The case is docketed as 12/97-04.  Arbitral
manager Mr. Oleksandr Malyovanij (License Number AA 250426
approved on March 22, 2002) has been appointed temporary
insolvency manager.  The company holds account number 260026321
at JSPPB Aval, Lipovodolinske branch, MFO 337483.

Creditors have until October 3, 2004 to submit their proofs of
claim to:

(a) BAJRAK
    42540 Ukraine, Sumi region,
    Lipovodolinskij district, Bajrak

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


DUBOVOGRYADSKE: Proofs of Claim Deadline Set
--------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Dubovogryadske (code EDRPOU
30772543) on July 14, 2004.  The case is docketed as B-48/69-04.
Arbitral manager Mrs. Gudz Olga (License Number AA 250400
approved on March 27, 2002) has been appointed temporary
insolvency manager.

Creditors have until October 3, 2004 to submit their proofs of
claim to:

(a) DUBOVOGRYADSKE
    Ukraine, Harkiv region,
    Sahnoshinskij district,
    Dubovi Gryadi

(b) Mrs. Gudz Olga
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    Lozova district, Yakovlivka,
    Lenin Str. 102
    Phone: 8 (050) 302-28-84

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


ELITA: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Economic Court of Sumi region has commenced bankruptcy
supervision procedure on LLC Elita (code EDRPOU 03779478)
The case is docketed as 12/70-04.  Mr. Grigorij Ponomarenko
(License Number AA 485247 approved on March 31, 2003) has been
appointed temporary insolvency manager.

The company holds account number 26045320181 at State savings
bank of Ukraine, Krasnopilskij branch, MFO 337665.

CONTACT:  ELITA
          42455, Ukraine, Sumi region,
          Krasnopilskij district,
          Komsomolska Str. 1

          Mr. Grigorij Ponomarenko
          Temporary Insolvency Manager
          40011, Ukraine, Sumi region,
          Privokzalna Square, 9/6
          Phone: 25-13-11

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


MARTOVA: Bankruptcy Supervision Begins
--------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Agrofirm Martova (code EDRPOU
00850738) on August 26, 2004.  The case is docketed as B-25/59-
04.  Arbitral manager Mr. V. Zarivajko (License Number AA 668332
approved on October 23, 2003) has been appointed temporary
insolvency manager.  The company holds account number 260054298
at JSPPB Aval, Harkiv regional branch, MFO 350589.

Creditors have until October 3, 2004 to submit their proofs of
claim to:

(a) AGROFIRM MARTOVA
    Ukraine, Harkiv region,
    Pechenizkij district,
    Martova, Pershe Travnya Str.

(b) Mr. V. Zarivajko
    Temporary Insolvency Manager
    61002, Ukraine, Harkiv region,
    Petrovskij Str. 6/8-15
    Phone: (057) 700-55-97

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


PAVLOGRAD' AGRARIAN: Court Recommends External Supervision
----------------------------------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure on OJSC Pavlograd' Agrarian-
Processing Complex (code EDRPOU 05496678).  The case is docketed
as B 40/87/04.  Mr. V. Yanchuk (License Number AA 487777) has
been appointed temporary insolvency manager.  The company holds
account number 26000003360101 at JSPPB Aval, Pavlograd branch,
MFO 306726.

CONTACT:  PAVLOGRAD' AGRARIAN-PROCESSING COMPLEX
          51400, Ukraine, Dnipropetrovsk region,
          Pavlograd, Dniprovska Str. 49

          Mr. V. Yanchuk
          Temporary Insolvency Manager
          51400, Ukraine, Dnipropetrovsk region,
          Pavlograd, Dniprovska Str. 557/31
          Phone: (05632) 3-43-21

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


STAROKOSTYANTINIVSKE AUTO: Bankruptcy Supervision Begins
--------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on OJSC Starokostyantinivske Auto
Transport Enterprise 16846 (code EDRPOU 03119233) on  June 21,
2004.  The case is docketed as 2/167-B.  Arbitral manager Mr.
Viktor Matushak (License Number AA 485213 approved on March 3,
2003) has been appointed temporary insolvency manager.  The
company holds account number 260033015354, MFO 375166.

Creditors have until October 3, 2004 to submit their proofs of
claim to:

(a) STAROKOSTYANTINIVSKE AUTO TRANSPORT ENTERPRISE 16846
    Ukraine, Hmelnitskij region,
    Starokostyantiniv, Popov Str. 71

(b) Mr. Viktor Matushak
    Temporary Insolvency Manager
    Ukraine, Hmelnitskij region,
    Skovoroda Str. 14/151

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


UKRHARCH: Temporary Insolvency Manager Named
--------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Ukrharch (code EDRPOU 32440764)
on August 19, 2004.  The case is docketed as 25/116.  Arbitral
manager Mr. D. Gerashenko (License Number AA 250439 approved on
April 12, 2002) has been appointed temporary insolvency manager.
The company holds account number 26002177584001 at OJSC JSB
Privatinvest, Zaporizhya branch.

Creditors have until October 3, 2004 to submit their proofs of
claim to:

(a) UKRHARCH
    69093, Ukraine, Zaporizhya region,
    Rustavi Str. 12

(b) Mr. D. Gerashenko
    Temporary Insolvency Manager
    69037, Ukraine, Zaporizhya region,
    Rekordna Str. 20, office 81
    Phone: 8 (0612) 20-22-55
           8 (067) 613-70-40

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


VESNA: Creditors Have Until Next Week to File Claims
----------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Plant Vesna (code EDRPOU 25474029)
on July 28, 2004.  The case is docketed as 25/119.  Arbitral
manager Mrs. Ludmila Alekseyeva (License Number AA 68254) has
been appointed temporary insolvency manager.  The company holds
account number 26003159701 at JSB Metalurg, MFO 313582.

Creditors have until October 3, 2004 to submit their proofs of
claim to:

(a) PLANT VESNA
    69097, Ukraine, Zaporizhya region,
    Novobudov Str. 3

(b) Mrs. Ludmila Alekseyeva
    Temporary Insolvency Manager
    Ukraine, Zaporizhya region,
    Zaporizhya district, Lukasheve,
    Shasliva Str. 5

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


VI-TORG: Temporary Insolvency Manager Takes over Helm
-----------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on Enterprise Vi-Torg (code EDRPOU
30848748).  The case is docketed as 2-6/11119-2004.  Mr. Mikola
Birukov (License Number AA 719848 approved on February 25, 2004)
has been appointed temporary insolvency manager.  The company
holds account number 26005000130642 at Chornomorskij Bank of
Development and Reconstruction.

Creditors have until October 3, 2004 to submit their proofs of
claim to:

(a) ENTERPRISE VI-TORG
    95034, Ukraine, AR Krym region,
    Simferopol, Kyivska Str. 125-a

(b) Mr. Mikola Birukov
    Temporary Insolvency Manager
    95034, Ukraine, AR Krym region,
    Simferopol, a/b 1583
    Phone: 8 (0652) 51-22-63

(c) THE ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


ZELENOPOLYE: Donetsk Court Orders Debt Moratorium
-------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Zelenopolye (code EDRPOU 31727245)
and ordered a moratorium on satisfaction of creditors' claims on
July 12, 2004.  The case is docketed as 42/111B.  Mrs. T.
Bichkova (License Number AA 668269 approved on September 19,
2003) has been appointed temporary insolvency manager.  The
company holds account number 260081019/980 at CB Donbirzhbank,
Donetsk branch, MFO 334840.

Creditors have until October 3, 2004 to submit their proofs of
claim to:

(a) ZELENOPOLYE
    84571, Ukraine, Donetsk region,
    Artemivsk district, Opitne,
    Kyivska Str. 1

(b) Mrs. T. Bichkova
    Temporary Insolvency Manager
    84500, Ukraine, Donetsk region,
    Artemivsk, Lenin Str. 14/22

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


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


CONSCIOUS LTD.: Statement of Affairs Out Later this Week
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Conscious Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Conscious Ltd. will be
held at Pannell House 6 Queen Street Leeds LS1 2TW, 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)

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 Pannell House 6
Queen Street Leeds LS1 2TW 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
Pannell House 6 Queen Street Leeds LS1 2TW 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, Pannell House 6 Queen Street Leeds LS1
2TW two business days prior to the meeting.

By Order of the Board.

J. Van De Gevel, Director

CONTACT:  PKF
          Pannell House
          6 Queen St.
          Leeds LS1 2TW
          Phone: 0113 2280000
          Fax: 0113 2284242
          E-mail: info.leeds@uk.pkf.com
          Web site: http://www.pkf.co.uk


CORETEC INC.: Closes U.K. Manufacturing Facility
------------------------------------------------
Coretec Inc. (TSX: CYY) is restructuring its U.K. operations, a
move that includes the closing of its Biggleswade, Bedfordshire
manufacturing site and the appointment of an administrator under
Part II of the Insolvency Act of the United Kingdom to
administer the winding up of the Coretec Limited, the Company's
U.K. operating subsidiary.  The Company will retain a sales and
distribution center in England to serve its numerous strategic
accounts in the U.K., Europe and South Africa.

Coretec will be working with its client base to transfer all
existing contracts to its Denver, Cleveland and Toronto
operations and will in future pursue additional opportunities in
the U.K., European and South African markets from its four North
American facilities.  As a result of the closure, the Company
will record a charge representing the write-down of its net
investment in the U.K. subsidiary in the third quarter.

Management's current estimate is that the write-down, while
ultimately dependant on the amount of the Company's realizable
value of the U.K. subsidiary's liquidated assets, will not
exceed US$3 million.

"The cost structure with respect to manufacturing in the UK
combined with the technological capability of our specific site
as compared to our North American operations, are such that
retaining a production presence in the U.K., in our opinion,
does not appropriately serve the needs of current or prospective
clients.  We are convinced that we can serve the U.K., European
and South Africa markets more effectively from our Canadian and
U.S. sites as well as through our offshore partnerships from the
perspective of technology, time and cost.  In fact, even while
operating a subsidiary in the U.K., the Company has continued to
service many of its U.K., European and South African customers
with shipments either manufactured out of our Toronto facilities
or from our offshore brokering initiative", said Paul Langston,
President and CEO of Coretec Inc.

Mr. Langston continued, "we do not take lightly the closing of
this site, especially given the impact that such a maneuver will
have on our employees and the local economy.  However, given the
increased market activity at our North American production sites
and the uncertain operating environment in the U.K., we believe
that it is in the best interest of our shareholders to deploy
our resources in environments where we can be assured a
meaningful and ongoing return on investment".

About Coretec

Coretec is one of the leading designers and fabricators of
printed circuit boards for the prototype and quick turnaround
production segments of the North American and European markets.
Coretec distinguishes itself from its competitors by providing
complete printed circuit board solutions, including design,
advanced prototyping and quick turnaround production across an
outstanding range of product technologies.

CONTACT:  CORETEC INC.
          Web site: http://www.coretec-inc.com


LAURA ASHLEY: Underperformance in U.K. Fashion Hits Results
-----------------------------------------------------------
Summary of results for the 26 weeks to 31 July 2004

(a) Continued growth in U.K. Home Furnishings sales and margins.

(b) Performance in U.K. Fashion has negatively impacted on the
    overall result.

(c) U.K. like-for-like sales down 10%

      (i) U.K. Home Furnishings like-for-like sales up 3%

     (ii) U.K. Fashion like-for-like sales down 36%

(d) Group turnover GBP118.0 million (2003: GBP137.9 million).

(e) Group turnover (excluding Continental Europe) GBP117.1
    million (2003: GBP125.9 million).

(f) Loss before tax GBP1.2 million (2003: loss GBP1.0 million).

(g) Continuing cost saving program and property portfolio
    realignment.

(h) Operating expenses GBP7.1 million lower in the first half.

Commenting on the results, Ainum Mohd Saaid, Joint Chief
Executive Officer said: "Home Furnishings continues to show a
strong performance and now represents almost 80% of total U.K.
retail sales, compared with closer to 55% six years ago.  We
remain committed to broadening our offering in Home Furnishings
through expanded product lines and new stores. It is our
intention to accelerate the current strategy of maximizing the
profitability of our store portfolio by ensuring the optimum mix
between Home Furnishings and the realigned Fashion offer."

Rebecca Navarednam, Joint Chief Executive Officer, added:
"We continue to work towards greater efficiency and cost savings
and have had measurable success to date. This programme of cost
savings will be a focus throughout the second half.  Our store
portfolio review and realignment is progressing well and
encouraged by the performance of our stand-alone Home
Furnishings stores, we will be converting further stores to this
format."

Overview

For the 26 weeks ended 31 July 2004, Laura Ashley recorded total
Group turnover of GBP118.0 million (2003: GBP137.9 million).
Lower Fashion sales in the U.K. and the closure of stores in
Continental Europe accounted for this reduction.  Total U.K.
retail like-for-like sales for the period were down 10% (Home
+3%, Fashion -36%).  The Group recorded a loss before tax of
GBP1.2 million that included the benefit of GBP0.8 million one-
off property gains.  For the same period last year, the Group
recorded a loss before tax of GBP1.0 million that included the
benefit of GBP0.6 million of property gains.

Operating expenses have been reduced by GBP7.1 million to
GBP49.3 million.  The savings are the result of the closure of
stores in Continental Europe and reductions in U.K. direct and
indirect overheads.  We continue to focus on cost savings in the
second half of this year, and expect further reductions.  The
cost saving program will continue into 2005/6, with the ongoing
rationalization of the store portfolio, further overhead
reductions and the full year benefit of measures implemented in
the 2004/5 financial year.

Home Furnishings

Home Furnishings accounted for 77% of total U.K. retail sales.
In the first half, total retail Home Furnishings sales growth
was up 3% (2003: +9%).  U.K. like-for-like sales for the period
were up 3% (2003: +6%).  This growth has come primarily from
strong performances in the curtains, children's room and cabinet
furniture product areas. We are further developing our range of
successful gift and accessories products with the introduction
of a new fragrance collection that will be available in store
from mid October 2004.

There has been continued focus on delivering supply chain
efficiencies, particularly in the made-to-order furniture
business.  As a result, we have seen an increase of 2 percentage
points in the underlying Home Furnishings product margin over
the first half.

We previously announced a complete review of our stores with the
objective of ensuring maximized store contributions and
optimizing the Home Furnishings footage.  We have examined each
store in our portfolio and our strategy going forward will
continue to be to close or relocate some expensive high street
locations and under performing stores to a more suitable
location.

In line with this strategy, over the last 6 months we have
closed 9 stores, resulting in a net decrease in overall selling
space of 3%.  Last year we converted 2 dual product (Home
Furnishings and Fashion) stores into stand-alone Home
Furnishings stores.  These store conversions proved a success
and, as a result, we are planning to convert a further 8 stores
to the same format in the second half of this year.

We now have 34 stand-alone Home Furnishings stores that continue
to trade successfully.  By the year ending January 2005, through
a combination of conversions and new store openings we expect to
have a total of 50 such stores.

Fashion

To date, we have refitted 22 of our better performing Fashion
stores and are pleased to note that these stores are
outperforming the Company average.  The transition to more
fashionable and improved quality collections is still in
progress.

Despite the positive reception that the new ranges have received
from the fashion press and our franchise partners, sales have
fallen below our expectations.  In the first half, total Fashion
retail sales were down 36% (2003: +3%), with like-for-like sales
also down 36% (2003: +2%).  We will continue to address the
issues in Fashion to improve performance.

It is also our intention to accelerate the current strategy of
maximizing the profitability of our store portfolio by ensuring
the optimum mix between Home Furnishings and the realigned
Fashion offer.  This strategy is a necessary step to secure the
long-term future of the Fashion business.

Mail Order and E-Commerce

Our successful Mail Order business continues to improve.  Our
strategy for 2004/5 is to focus on increasing Mail Order
profitability through margin improvements and further cost
efficiencies.  For the first six months of this financial year,
sales of Fashion and Home product on our Web site --
http://www.lauraashley.com-- were up 31% on last year and there
are now more than 185,000 registered Internet customers.

Franchising and Licensing

Franchise sales have increased by 28% mainly due to the addition
of new European franchise partners.  We currently have just
under 200 franchised stores operating in 28 countries worldwide.
We continue to seek further licensing opportunities.

Dividend

In light of the company's current financial result, a dividend
will not be paid.

Trading update

In line with other retailers, August was an unusually
challenging month and trading is not felt to be indicative of
our expectations for the second half.

Therefore, current trading statistics do not serve as a useful
indication of overall performance.  In the 33 weeks to 18
September 2004 like-for-like trading is broadly in line with the
first half of this year.

In the remaining months of this financial year, including the
critical final quarter, we expect that our continued focus on
margin improvement and cost saving will mitigate the impact of
lower sales, and that as a result our profits for the full year
will be within the range of brokers' forecasts.

Financial statements are available free of charge at:
http://bankrupt.com/misc/LauraAshley_6MosJuly2004.htm

CONTACT:  LAURA ASHLEY HOLDINGS PLC
          David Cook, Chief Financial Officer
          Phone: 020 7880 5100

          BRUNSWICK
          Phone: 020 7404 5959
          Tom Buchanan
          James Olley


L & L CRUISERS: May Constitute Liquidation Committee Thursday
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF L & L Cruisers Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of L & L Cruisers Ltd.
will be held at 1 Winckley Court Chapel Street Preston PR1 8BU
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 1 Winckley Court
Chapel Street Preston PR1 8BU 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 1
Winckley Court Chapel Street Preston PR1 8BU 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 Begbies Traynor, 1 Winckley Court Chapel
Street Preston PR1 8BU two business days prior to the meeting.

By Order of the Board.

D. Clutton, Director
September 3, 2004

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street
          Preston PR1 8BU
          Phone: 01772 202000
          Fax: 01772 200099
          E-mail: preston@begbies-traynor.com
          Web site: http://www.begbies.com


MERCURY MECHANICAL: Creditors Meeting Slated this Week
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Mercury Mechanical Services Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Mercury Mechanical
Services Ltd. will be held at The Old Exchange 234 Southchurch
Road Southend-on-Sea SS1 2EG 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 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, that 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.

Lloyd Biscoe 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.

H. Webster, Director
September 6, 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


TURNER & NEWALL: Asks Court to Determine Fairness of Rehab Plan
---------------------------------------------------------------
The High Court has allowed Turner & Newall (T&N) pension scheme
members to seek a support on a view disputing the restructuring
proposal of its American bondholders.

Mr. Justice Hart has scheduled to hear the argument of the trust
fund members in two weeks, The Guardian reports.  This was after
Richard Snowden QC of Kroll, representing the administrator of
the car parts company, told the high court the U.S.
restructuring plan were "fundamentally unfair."

Pension fund members wanted to find out what the English court
would have to say on the fairness and legality of the proposed
plan.  The administrator could use the U.K. judge's view to
argue against it.

Last month, the creditors of U.S. engineering giant Federal-
Mogul, the parent of T&N, refused to grant the request of
policyholders to dump in more cash to the GBP1 billion-scheme.
The fund is in danger of being wound up.  In such case, 17,500
current and former employees could lose up to 70% of their
promised pensions, and 22,000 pensioners would lose out through
not receiving inflation-linked rises unions had warned.

T&N's administrator and scheme trustee is proposing to sell the
company and other British subsidiaries separately to raise more
cash to support the pension fund.

Federal-Mogul is in Chapter 11 bankruptcy protection.  It is
hoping to come out of administration later this year.  A court
hearing on the process is set for October 7.


TWEEDSMUIR NURSING: Creditors to Meet this Week
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Tweedsmuir Nursing Home Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Tweedsmuir Nursing Home
Ltd. will be held at 78 Carlton Place Glasgow G5 9TH, on
September 30, 2004 at 12:00 noon 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 PKF, 78 Carlton Place Glasgow G5 9TH two
business days prior to the meeting.

By Order of the Board.

Mrs. N. Hussain, Director
September 13, 2004

CONTACT:  PKF
          78 Carlton Place
          Glasgow G5 9TH
          Phone: 0141 4295900
          Fax: 0141 4295901
          E-mail: info.glasgow@uk.pkf.com
          Web site: http://www.pkf.co.uk


WH SMITH: Investors Approve Disposal of Hodder Headline
-------------------------------------------------------
The Board of WH Smith PLC announces that at the EGM and the
Class Meeting of the Preference Shareholders held Thursday, the
resolutions approving the disposal of Hodder Headline, the
amendment to borrowing powers in the Articles of Association,
the Return of Cash to Shareholders, the Management Investment
Plan and the amendment to the rules of the WHSmith Sharesave
Scheme 1999 were passed.  Voting details during the meeting can
be found at the end of this announcement.

The disposal of Hodder Headline is expected complete on 25
September 2004 and the implementation of the Return of Cash is
expected to commence on 27 September 2004.  On that date, it is
expected that a total of 180,405,000 New Ordinary Shares of 2
13/81 pence each and 250,562,500 C Shares of 85 pence each will
be admitted to the London Stock Exchange's Official List and
will begin trading.

WH Smith also expects to dispatch share certificates for the New
Ordinary Shares and C Shares to Shareholders on 27 September
2004, together with the Election Forms for Shareholders to elect
how they wish to receive their cash under the C Share
Alternatives.  Shareholders who hold Existing Ordinary Shares in
uncertificated form are expected to have their CREST securities
accounts credited with New Ordinary Shares and C Shares on the
same date.

The results of elections for the Return of Cash are expected to
be announced on 27 October 2004 and payments to shareholders who
accept either of the C Share Alternatives are expected to be
dispatched on 29 October 2004.

Expected Timetable of Principal Events

Latest time for dealings in Existing    Close of business on
Ordinary Shares                            24 September 2004

Record Date for the Capital              Close of business on
Reorganization                             24 September 2004

Completion of the Disposal                 25 September 2004

New Ordinary Shares and C Shares admitted   8.00 a.m. on
to the Official List and admitted to        27 September 2004
trading on the London Stock Exchange's           2004
market for listed securities

New Ordinary Shares and C Shares entered    8.00 a.m. on
Into CREST                                  27 September 2004

Dealings in the New Ordinary Shares and C   27 September 2004
Shares commence

Dispatch of Election Forms and              27 September 2004
certificates for New Ordinary Shares and
C Shares

Latest time for receipt of Election Forms   12.00 p.m. on
in relation to the C Share Alternatives     26 October 2004

Brokers to make Repurchase Offer by means   27 October 2004
of an announcement on a Regulatory
Information Service and C Shares of
Shareholders who accept the Repurchase
Offer repurchased

Initial C Share Dividend declared and C     27 October 2004
Shares in respect of which the Initial C
Share Dividend is payable converted into
Deferred Shares

Dispatch of cheques in respect of C         29 October 2004

Shares purchased under the Repurchase
Offer and the Initial C Share Dividend as
appropriate

---------
(1) If any of the above times or dates should change, the
    revised times and/or dates will be notified to Shareholders
    by an announcement on a Regulatory Information Service.

(2) All events following completion of the Disposal are
    conditional upon completion of the Disposal.  All events
    following Listing are conditional upon Listing.

(3) All definitions used in the Circular to Shareholders dated
    27 August 2004 shall apply to this announcement.

Copies of the ordinary, special and extraordinary resolutions
have been submitted to the U.K. Listing Authority and will
shortly be available for inspection at the U.K. Listing
Authority's Document Viewing Facility, which is situated at:

The Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS

Phone: 020 7066 1000

All definitions used in the Circular to Shareholders dated 27
August 2004 apply to this announcement.

CONTACT:  WH SMITH PLC
          Mark Boyle, Investor Relations
          Phone: +44 (0) 20 7514 9630
          Louise Evans, Media Relations
          Phone: +44 (0) 20 7514 9624

          BRUNSWICK
          Phone: +44 (0) 20 7404 5959
          Louise Charlton
          Tom Buchanan


WIRRAL LAMINATE: Sets Meeting of Creditors
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Wirral Laminate Centre Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Wirral Laminate Centre
Ltd. will be held at No. 1 Old Hall Street Liverpool L3 9HF on
September 30, 2004 at 10:30 a.m. for the purpose of having a
full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Begbies Traynor, No. 1 Old Hall Street
Liverpool L3 9HF two business days prior to the meeting.

By Order of the Board.

W. Salmon, Director
September 14, 2004

CONTACT:  BEGBIES TRAYNOR
          No. 1 Old Hall Street
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax: 0151 227 4009
          E-mail: liverpool@begbies-traynor.com
          Web site: http://www.begbies.com


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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


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

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

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

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

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

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


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