TCREUR_Public/041005.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, October 5, 2004, Vol. 5, No. 197

                            Headlines

G E R M A N Y

BABCOCK BORSIG: Suing Howaldtswerke-Deutsche Werft Buyer
BIKE-SHOP: Dusseldorf Court Appoints Administrator
BUCHER BROADCAST: Provisional Administrator Takes over Helm
CELANESE AG: BCP Crystal Increases Shareholding to 84.6%
COMMERZBANK AG: Board Member Mehmet Dalman Resigns

DIE-O-THERM: Creditors Have Until this Month to File Claims
ETNOMA MARKETING: First Creditors' Meeting Set Later this Month
FRIEDRICH VOGELSANGER: Creditors' Claims Due Next Week
KRONER GMBH: Creditors Have Until this Week to File Claims
MARBERT HOLDING: First-half Losses Down 64%

MEK LOG: Administrator to Present Initial Report December
OTTO & EBERL: Names Dr. Handschumacher & Merbecks Administrator
STEINMEIER GMBH: First Creditors' Meeting Set December
STGE STRASSEN: Creditors' Claims Due Next Month


H U N G A R Y

MAGYAR TELECOM: EUR165 Mln Senior Secured Facilities Rated 'B+'


I T A L Y

CIRIO FINANZIARIA: Gets US$340 Mln for Del Monte Foods Europe
PARMALAT FINANZIARIA: Bankers Move to Settle Negligence Lawsuits
PARMALAT FINANZIARIA: EBITDA Jumps 16% to EUR152.7 Million
PARMALAT FINANZIARIA: Court to Decide Fate of 32 Accused Today
RENO DE MEDICI: Cuts First-half Loss to EUR7.3 Million


N E T H E R L A N D S

KONINKLIJKE AHOLD: Abandons Spanish Retail Operation
ROYAL AHOLD: Names Andrew Parkinson Peapod President


N O R W A Y

AKER KVAERNER: Wins NOK100 Mln Expansion Contract from Statoil


P O L A N D

FABRYKA SAMOCHODOW: Bankruptcy Looms


R U S S I A

BREAD BAKING: Krasnoyarsk Court Appoints Insolvency Manager
BRIDGE BUILDING: Names I. Lagutina Insolvency Manager
KISELEVSKAYA BREWING: Applies for Bankruptcy Proceedings
KUBAN-OIL-GAS-STROY: Declared Insolvent
MILK: Deadline for Proofs of Claim Expires this Month

MOTOR-TRACTOR ELECTRO-EQUIPMENT: Under Bankruptcy Supervision
REPAIR OIL: Creditors Have Two Weeks to File Claims
SPIRTOVIK: Sets Deadline for Proofs of Claim
TOMSKIY ELECTRIC-BULB: Insolvency Manager Takes over Helm
ZEYSKIY CITY: Succumbs to Bankruptcy


T U R K E Y

TEKFENBANK A.S.: Fitch Affirms Individual Rating at 'D'
VESTEL ELEKTRONIK: S&P Ups Rating to 'B'; Outlook Positive


U K R A I N E

BARVINKOVE' FOOD: Declared Insolvent
BRATSKAUTOTRANS: Deadline for Proofs of Claim Expires Next Week
DIKIVSKE: Kirovograd Court Appoints Liquidator
GORLIVKA' AUTO: Under Bankruptcy Supervision
NADIYA: Lugansk Court Appoints Liquidator
SPETSZASHITA: Insolvency Manager Takes over day-to-day Operation
TSUKROVIK: Court Appoints Insolvency Manager


U N I T E D   K I N G D O M

ALL CAR: Sets Meeting of Creditors this Week
ARA ELECTRONICS: Receiver Calls Creditors' Meeting
ARZT MEDICAL: Members, Creditors Meeting Next Month
BANESTAR LIMITED: Hires Deloitte & Touche as Liquidator
B.B.S. TAVERNS: Members Opt to Wind up Business

BEN HUGHES: Brings in Liquidator from JohnGiles
BLOOMFIELD STEEL: Liquidator's Report Out Next Month
BOND HOMES: Sets First Liquidation Meeting
BOXCLEVER: Creditors Settle Dispute; Allow Sale to Fortress
CALYX LIMITED: Hires Milner Boardman & Partners as Administrator

CAMA LIFTS: Calls in Liquidator from PKF
CELLPHARM LIMITED: HSBC Bank Appoints Baker Tilly Receiver
CLUBSHIELD 2000: GE Heller Appoints Ernst & Young Receiver
CORETEC LIMITED: Names Begbies Traynor Administrator
COUSINS (M & E): Hires Berg Kaprow Lewis LLP as Liquidator

DR JIVES: Sets Meeting to Appoint Liquidator
EASY SYSTEMS: Statement of Affairs Out This Week
ECO-BAT TECHNOLOGIES: Proposed Senior Notes Get (P)B1 Rating
EGG PLC: In Exclusive Talks to Sell Egg France to Banque Accord
GLOBAL MOULDINGS: Hires Valentine & Co. as Liquidator

HOM CONSTRUCTION: To Hold Creditors' Meeting Weekend
JOHN HANCOCK: Liquidator to Present Final Report Next Month
LONDON HOUSE: Sets Creditors' Meeting Next Week
MARKHAM TRANSPORT: Directors Banned for Five Years
MERRILL LYNCH: Special Winding up Resolution Passed

METROPOLITAN RECRUITMENT: Creditors' Meeting Next Week
PETERS (HOLDINGS): Liquidator's Final Report Out Next Month
PLASTERING & BUILDING: Begbies Traynor Calls Creditors' Meeting
PRINT GUARD: Members Pass Extraordinary Winding up Resolution
ROYAL & SUNALLIANCE: Closes Sale of Danish Life Operations

ROYAL & SUNALLIANCE: Completes Sale of U.K. Life Subsidiaries
ROYAL & SUNALLIANCE: Moody's Removes Negative Outlook
SALTIRE GROUP: Winding up Resolutions Passed
STANSTED HOTEL: Liquidator Known this Week
SUNLINK COMPUTERS: May Form Liquidation Committee Friday

THE LEARNING: Calls in Liquidator from Crane & Partners
THE MORTGAGE: Hires Liquidator from Shasens
TUFTOP LIMITED: Extraordinary Winding up Resolution Passed
TYRE EXPRESS: Calls in Liquidator from Valentine & Co
U.K. COAL: Brings in American Chief Executive
UNO SHOPFITTING: Creditors' Meeting Set Next Week

* Large Companies with Insolvent Balance Sheets


                            *********


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


BABCOCK BORSIG: Suing Howaldtswerke-Deutsche Werft Buyer
--------------------------------------------------------
The receiver of insolvent engineering group Babcock Borsig will
file a complaint against former subsidiary Howaldtswerke-
Deutsche Werft (HDW), Europe Intelligence Wire says.

The receiver has hired the law firm, Lovells, to pursue the
complaint.  The dispute revolves around whether HDW's new parent
company, U.S.-based investment group One Equity Partners, had
already paid the purchase price.  Babcock Borsig seeks to
recover around EUR524 million in compensation.

CONTACT:  BABCOCK BORSIG AG
          Duisburger Str. 375
          46049 Oberhausen
          Phone: +49 (0) 208 833 0
          Fax: +49 (0) 208 833 2519
          Web site: http://www.babcockborsig.de

          ONE EQUITY PARTNERS LLC
          320 Park Ave.
          18th Floor
          New York, NY 10022
          Phone: (212) 277-1500
          Fax: (212) 277-1533


BIKE-SHOP: Dusseldorf Court Appoints Administrator
--------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Bike-Shop Motorad-Handels GmbH on September 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 26,
2004 to register their claims with court-appointed provisional
administrator Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting on November 16, 2004, 9:10 a.m. at the district
court of Dusseldorf 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:  BIKE-SHOP MOTORAD-HANDELS GMBH
          Hammer Landstr. 83 a, 41460 Neuss
          Contact:
          Thomas Heinemann, Manager
          Alte Heerstr. 92, 41564 Kaarst

          Dr. Biner Bahr, Insolvency Manager
          Jagerhofstrasse 29, 40479 Dusseldorf

          DISTRICT COURT OF DUSSELDORF
          Hauptstelle, Muhlenstrasse 34
          40213 Dusseldorf, 3. OG Altbau, A 341


BUCHER BROADCAST: Provisional Administrator Takes over Helm
-----------------------------------------------------------
The district court of Munchen opened bankruptcy proceedings
against Bucher Broadcast Studiotechnik GmbH on September 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 20,
2004 to register their claims with court-appointed provisional
administrator Dr. Bruno Kubler.

Creditors and other interested parties are encouraged to attend
the meeting on November 17, 2004, 3:30 p.m. at Infanteriestr. 5,
Sitzungssaal 102 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:  BUCHER BROADCAST STUDIOTECHNIK GMBH
          Pelkovenstr. 81 in 80992 Munchen

          Dr. Bruno Kubler, Insolvency Manager
          Konrad-Zuse-Platz 1, 81829 Munchen
          Phone: 99299-0
          Fax: 99299-299


CELANESE AG: BCP Crystal Increases Shareholding to 84.6%
--------------------------------------------------------
The initial acceptance period of the mandatory offer by BCP
Crystal Acquisition GmbH & Co. KG, to purchase all of the issued
and outstanding registered ordinary shares of Celanese AG (other
than ordinary shares owned by BCP Crystal Acquisition GmbH & Co.
KG or held by Celanese AG in treasury) for EUR41.92 per share in
cash (plus interest) expired Friday at 12:01 a.m. New York City
time, 6:01 a.m. Central European Summer Time.

The mandatory offer is required pursuant to Section 305 of the
German Stock Corporation Act in connection with the domination
and profit and loss transfer agreement between BCP Crystal
Acquisition GmbH & Co. KG and Celanese AG, which became
operative [Friday], thereby satisfying the condition to the
mandatory offer.  BCP Crystal Acquisition GmbH & Co. KG has
accepted for payment all validly tendered shares and will make
payment to the North American depositary and the international
settlement agent for the accepted shares promptly.

Based on preliminary information, 136,261 registered ordinary
shares of Celanese AG, representing 0.3% of the outstanding
registered ordinary shares of Celanese AG, have been tendered to
BCP Crystal Acquisition GmbH & Co. KG during the initial
acceptance period in connection with the mandatory offer.  As a
result, BCP Crystal Acquisition GmbH & Co.'s ownership in
Celanese AG will increase to 84.6% of the outstanding registered
ordinary shares.

As described in the offer document relating to the mandatory
offer and the amendments thereto, a subsequent acceptance period
of the mandatory offer commenced Friday and will expire on
December 31, 2004, subject to extension to the extent mandated
by German law.  As described in the offer document relating to
the mandatory offer and the amendments thereto, the
consideration offered in the subsequent acceptance period is
EUR41.92 in cash (plus interest), as reduced by any guaranteed
dividend payments.  No shares tendered during the subsequent
acceptance period may be withdrawn after tender.

BCP Crystal Acquisition GmbH & Co. KG is a German limited
partnership controlled by a group of funds advised by The
Blackstone Group.

                            *   *   *

Celanese AG reported a second quarter operating profit of EUR54
million compared to EUR109 million in the same period last year,
which included EUR90 million of insurance recoveries related to
the previously disclosed plumbing litigation cases.  In the
second quarter 2004 report, the company said it had a net loss
for the period of EUR91 million, or EUR1.85 per share, compared
to net earnings of EUR96 million, or EUR1.95 per share, in the
same period last year.

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 December 16, 2003.  The outlook is
stable.

CONTACT:  THE BLACKSTONE GROUP
          New York
          John Ford
          Phone: 212-583-5559
          E-mail: ford@blackstone.com


COMMERZBANK AG: Board Member Mehmet Dalman Resigns
--------------------------------------------------
The board member responsible for Commerzbank AG's board for
Securities up to now, Mehmet Dalman (46), will leave the bank on
his own wish.  Mr. Dalman departs in mutual understanding with
the bank and plans to seek new challenges.  Until a replacement
is found, board member Klaus M. Patig (60) will assume these
responsibilities.  The bank is now holding talks with potential
successors.

Chairman of the Board of Managing Directors Klaus-Peter Muller
thanked Mr. Dalman for his extraordinary effort in building a
strong Investment Banking unit since he arrived in 1997.  Mr.
Muller said: "Mehmet Dalman, often under very difficult market
conditions, used his creativity and enthusiasm to build up a
focused and integrated Investment Banking unit within the
Commerzbank Group.  For that he has earned my thanks and
respect."

Mr. Muller confirmed that Investment Banking would continue to
be a key business unit for the bank.  He said: "We want to offer
our German and European corporate customers, and also our
institutional and private clients, a highly valued and even more
customer-oriented range of investment bank products."

However some changes in the organization's structure are
possible depending upon the results of a current study being
conducted by an outside consultant.  The goal remains to
stabilize the earnings from Investment Banking.

CONTACT:  COMMERZBANK AG
          Corporate Communications-Press Relations
          Phone: +49 69 136-22830
          Fax: +49 69 136-22008
          E-mail: pressestelle@commerzbank.com


DIE-O-THERM: Creditors Have Until this Month to File Claims
-----------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Die-O-Therm Gesellschaft on October 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 21, 2004 to
register their claims with court-appointed provisional
administrator Joachim Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting on November 11, 2004, 11:45 a.m. at the district
court of Bielefeld at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

Die-O-Therm manufactures and sells heating and sanitary
installations.

CONTACT:  DIE-O-THERM GESELLSCHAFT
          Lubbecker Str. 295, 32584 Lohne
          Contact:
          Heinz-Dieter Oermann, Manager

          Joachim Walterscheid, Insolvency Manager
          Am Kurpark 2, 32545 Bad Oeynhausen

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


ETNOMA MARKETING: First Creditors' Meeting Set Later this Month
---------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Etnoma Marketing & Communications GmbH on
September 9.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 2, 2004 to register their claims with court-appointed
provisional administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on October 21, 2004, 10:20 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on January 27, 2005, 10:10 a.m. at the
district court of Charlottenburg.

CONTACT:  ETNOMA MARKETING & COMMUNICATIONS GMBH
          Clausewitzstr. 4, 10629 Berlin

          Hartwig Albers, Insolvency Manager
          Lutzowstr. 100, 10785 Berlin

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


FRIEDRICH VOGELSANGER: Creditors' Claims Due Next Week
------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Friedrich Vogelsanger GmbH on September 9.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 12,
2004 to register their claims with court-appointed provisional
administrator Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2004, 9:45 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:  FRIEDRICH VOGELSANGER GMBH
          Wellinghofer Str. 10, 44263 Dortmund
          Contact:
          Werner Steden, Manager
          Wunnenbergstr. 7, 44229 Dortmund

          Dr. Petra Mork, Insolvency Manager
          Arndtstr. 28, 44135 Dortmund
          Phone: 0231-952063-0
          Fax: 0231-95206316

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


KRONER GMBH: Creditors Have Until this Week to File Claims
----------------------------------------------------------
The district court of Bamberg opened bankruptcy proceedings
against Kroner GmbH Maler- und Verputzergeschaft on September 9.
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 Thomas Linse.

Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2004, 11:00 a.m. at Sitzungssaal 317,
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 24, 2004 at the same venue.

CONTACT:  KRONER GMBH MALER- UND VERPUTZERGESCHAFT
          Joachim Kroner, Industriestr. 18 in 97478 Knetzgau
          -- HRB 1473, Registergericht Bamberg --

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


MARBERT HOLDING: First-half Losses Down 64%
-------------------------------------------
Cosmetics maker Marbert Holding was able to reduce its first-
half loss from EUR16.5 million in 2003 to EUR5.9 million this
year, Borsen Zeitung says.

As of June 30, 2004, Marbert Holding booked EUR62.7 million in
accumulated net loss and EUR13.8 million in negative equity.
The company's sale of activities caused its first-half turnover
to drop from EUR137.8 million in 2003 to EUR53.5 million in
2004.  Marbert Holding also posted an operating cost of EUR58.5
million.

Marbert Holding's management expects to improve from its
performance in 2003, when it booked a negative EBIT of EUR39.6
million.  The company's management also expects losses for the
current year to fall.

CONTACT:  MARBERT HOLDING AG
          D-40589 Dusseldorf
          Web site: http://www.marbert.de


MEK LOG: Administrator to Present Initial Report December
---------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against transport and logistics firm MeK Log GmbH on September
9.  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 Wolfgang Tack.

Creditors and other interested parties are encouraged to attend
the meeting on December 1, 2004, 10:30 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:  MEK LOG GMBH
          (HRB 19055)
          Former address:
          Oberdorf 163, 09518 Grossruckerswalde
          Franz Xaver Eichinger, Manager

          Present address:
          Walter-Bock-Str. 3, 09496 Marienberg
          Franz Eichinger, Manager

          Wolfgang Tack, Insolvency Manager
          Leipziger Strasse 58, 09113 Chemnitz


OTTO & EBERL: Names Dr. Handschumacher & Merbecks Administrator
---------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Otto & Eberl GmbH on September 8.  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 Markus M.
Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting on November 30, 2004, 10:15 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:  OTTO & EBERL GMBH (HRB 14314)
          Hauptstrasse 40, 08209 Rebesgrun
          Contact:
          Michael Eberl, Manager
          Thomas Otto, Manager

          DR. HANDSCHUMACHER & MERBECKS
          Markus M. Merbecks, Insolvency Manager
          Ludwigstr. 58, 09113 Chemnitz
          Web site: http://www.merbecks.de


STEINMEIER GMBH: First Creditors' Meeting Set December
------------------------------------------------------
The insolvency court of Bonn opened bankruptcy proceedings
against Steinmeier GmbH on September 14.  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 Wolfgang
Kalker.

Creditors and other interested parties are encouraged to attend
the meeting on December 10, 2004, 9:05 a.m. at the district
court of Bonnat 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:  STEINMEIER GMBH
          Junkersring 54, 53844 Troisdorf
          Contact
          Andreas Steinmeier, Manager
          Preschlinallee 25, 51570 Windeck

          Wolfgang Kalker, Insolvency Manager
          Kolnstr. 135, 53757 Sankt Augustin
          Phone: 02241/90600
          Fax: 906090

          INSOLVENCY COURT OF BONN
          Wilhelmstrasse 21, 53111 Bonn,
          Zimmer W 1.24 C


STGE STRASSEN: Creditors' Claims Due Next Month
-----------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against StGE Strassen-u.Tiefbau und Gestaltung GmbH
on September 15.  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 Sussane Muller.

Creditors and other interested parties are encouraged to attend
the meeting on December 7, 2004, 10:35 a.m. at the district
court of Frankfurt 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:  STGE STRASSEN-U.TIEFBAU UND GESTALTUNG GMBH
          Am Hasenpfuhl, 16230 Britz

          Susanne Muller, Insolvency Manager
          Vietmannsdorfer Strasse 23, 17268 Templin


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


MAGYAR TELECOM: EUR165 Mln Senior Secured Facilities Rated 'B+'
---------------------------------------------------------------
Standard & Poor's Rating Services assigned its 'B+' debt rating
to the EUR165 million multi-currency senior secured facilities
of Hungary-based Magyar Telecom B.V. (B+/Stable/--), the 99.97%
owner of Hungarian fixed-line telecommunications operator
Invitel Tavkozlesi Szolgaltato Rt.

The facilities are rated at the same level as the corporate
credit rating and consist of a EUR160 million amortizing term
loan maturing in 2011 and a EUR5 million revolving credit
facility maturing in 2010.  "The facilities are considered well
secured, benefiting from a floating charge over the group's key
operating assets, a pledge of receivables, and comprehensive
share pledges," said Standard & Poor's credit analyst Michael
O'Brien.

With senior credit facilities borrowed at the operating company
(Invitel) level, there is no structural subordination issue to
be considered.

Under Standard & Poor's hypothetical default scenario, the
group's capacity to meet debt service repayments could come
under pressure from a sharper-than-envisaged erosion in its core
voice fixed-line revenues, due to increasing competition from
alternative mobile operators.  Taking into account an inability
to grow the Internet services earnings base to support free cash
flow generation, under Standard & Poor's hypothetical scenario,
a default, if it were to occur, would be most likely in about
2007.

In the fast-moving technological environment, a fixed-line
network might not retain as much value as that of a mobile
network.  Nevertheless, as the group's market share in its
concession areas is strong and the network is digital subscriber
line (DSL) compatible, Standard & Poor's assumes that the
existing network and its subscriber base could still be
attractive for an alternative operator.  In the event of
default, lenders under the senior facilities should therefore
benefit from their secured position.

The EUR165 million facilities rank senior to the group's EUR142
million senior notes maturing in 2012 issued by the holding
company Magyar Telecom.  The notes benefit from a second-ranking
guarantee from Invitel, but are rated 'B-', two notches below
the corporate credit rating on Magyar Telecom due to the level
of priority liabilities.

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
these Standard & Poor's numbers: London Ratings Desk (44) 20-
7176-7400; London Press Office Hotline (44) 20-7176-3605; Paris
(33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46)
8-440-5916; or Moscow (7) 095-783-4017.  Members of the media
may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com.

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


=========
I T A L Y
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CIRIO FINANZIARIA: Gets US$340 Mln for Del Monte Foods Europe
-------------------------------------------------------------
Fresh Del Monte Produce Inc. (NYSE:FDP), one of the world's
largest producers and marketers of fruit and vegetables,
announces that it has completed its acquisition of Del Monte
Foods Europe [owned by Cirio Finanziaria].  Fresh Del Monte had
previously announced its intention to acquire the company in
July 2004.  Fresh Del Monte acquired Del Monte Foods Europe for
approximately US$340 million in cash, financed primarily through
the Company's credit facility.

Del Monte Foods Europe is a vertically integrated producer,
marketer and distributor of processed fruit and vegetables,
juices, snacks and desserts.  The company holds a perpetual,
royalty-free license to use the Del Monte(R) brand for processed
and/or canned foods in more than 100 countries throughout
Europe, Africa and the Middle East.  Del Monte(R) is the leading
brand for canned fruit and pineapple in many Western European
markets and is a leading brand in the U.K. beverage market.

"We are extremely pleased to complete the acquisition of Del
Monte Foods Europe," said Mohammad Abu-Ghazaleh, Chairman and
Chief Executive Officer of Fresh Del Monte.  "The acquisition
establishes a significant new growth platform for Fresh Del
Monte in Europe, Africa and the Middle East, and it provides a
unique opportunity for our enterprise to leverage the tremendous
potential of the Del Monte(R) brand across a wide range of high-
growth markets.  Moreover, the acquisition allows us to continue
to diversify our business across products and geographies in
order to drive long-term shareholder value."

Fresh Del Monte Produce Inc. is a leading, vertically integrated
producer, marketer and distributor of high quality fruit and
vegetables.  Fresh Del Monte markets its products worldwide
under the Del Monte(R) brand, a symbol of product quality,
freshness and reliability since 1892.

CONTACT:  FRESH DEL MONTE PRODUCE INC.,
          Coral Gables
          Dana Weinstein
          Phone: 305-520-8278


PARMALAT FINANZIARIA: Bankers Move to Settle Negligence Lawsuits
----------------------------------------------------------------
Banks targeted by damages and interest claims by Parmalat
Finanziaria is seeking settlement with the food group, Business
Day reports citing newspaper La Repubblica.  The report said
nearly all of the singled-out banks have made individual
preliminary approaches.

Parmalat has sued several international banks in Italy for their
role in its collapse late last year.  It is claiming heavy
damages and interest for negligence, and considers amounts
initially proffered by banks inadequate.  It is demanding US$10
billion (EUR8.06 billion) from U.S. bank Citigroup, EUR290
million from Swiss bank UBS and EUR284 million from another
Swiss bank, Credit Suisse.

Parmalat filed for bankruptcy protection in December after the
discovery of missing accounts worth EUR14 billion (US$17.36
billion).  It is currently being restructured.

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

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


PARMALAT FINANZIARIA: EBITDA Jumps 16% to EUR152.7 Million
----------------------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
communicates the financial and economic results for the Parmalat
Group as at 31 August 2004.

A number of the non-Italian operations of the Group identified
in previous months as subject to Special Proceedings (for
example U.S.A. Dairy, Brazil, Chile, EVH) and some financial
companies (for example Parmalat Capital Finance) are currently
subject to certain restrictions on their management as a result
of the same local proceedings, with the result that these
operations are effectively outside of the control of Parmalat
Finanziaria S.p.A. in Extraordinary Administration.

It has, for this reason, been decided to remove these businesses
from the total consolidation area of the Group and to record
them according to a net equity methodology.  This will be the
case while any eventual obligations Parmalat Finanziaria S.p.A.
in Extraordinary Administration may be found to have on the
basis of legislation in force in the countries in which these
businesses are headquartered, together with any guarantees to
those that financed these companies, have been examined in
greater detail and checked.

More specifically: U.S.A. Dairy (Parmalat U.S.A. Corp., Farmland
Dairies, Milk Products of Alabama) is the American business
operating in the milk and milk related products sector and is
subject to Chapter 11 protection; for two Brazilian companies
(Parmalat Brasil and Parmalat Partecipacoes) a local Concordata
procedure has been agreed that also covers their subsidiary
companies; the Chilean business is also subject to a local
concordat procedure; EVH, a company incorporated in Canada, has
been granted creditor protection; Parmalat Capital Finance has
been placed into a liquidation procedure by the local court.

This group of companies includes Eurofood IFSC, which is
currently subject to a dispute with the Irish judicial
authorities that contend that the Italian Extraordinary
Administration proceedings do not apply to this company.

As a consequence of taking account of the above, pro forma
results for the revised consolidation relating to the previous
financial year have been drawn up.  It is these figures, set out
in the tables that are comparable with the relevant results for
the current year.

Financial Results

Highlights
Values in millions                    Revenues
of Euros               Previous       Previous     Current
                         year           year        year
                                       Pro-Forma
Core Activities [*]    2,465.0         2,465.0     2,406.9
Non-core
Activities [**]        1,152.5           501.9       376.4
Total                  3,617.5         2,966.9     2,783.3

                                      Ebitda

                        Previous      Previous     Current
                         year          year        year
                                     Pro-Forma
Core Activities [*]    144.9            144.9      167.9
Non-core
Activities [**]        (69.0)           (28.7)     (15.2)
Total                   75.9            116.2      152.7


                                  % of Revenues

                        Previous      Previous     Current
                         year          year        year
                                     Pro-Forma
Core Activities [*]      5.9          5.9          7.0
Non-core
Activities [**]         (6.0)        (5.7)        (4.0)
Total                    2.1          3.9          5.5

-----------

[*]Core Activities: consist of drinks products (milk and fruit
juice) and milk-based products, focused on approximately 30
brands ("global" brands or strong local brands), centered on
high potential countries where there is strong demand for
healthy lifestyle products, the willingness to recognize premium
prices for the Parmalat brand and the availability of leading
edge technology.

[**]Non-core activities: these are countries and activities
considered to be non-strategic that will be subject to
divestment.

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/Parmalat_Results.pdf.

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

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


PARMALAT FINANZIARIA: Court to Decide Fate of 32 Accused Today
--------------------------------------------------------------
An Italian judge will decide today whether to put on trial
executives, bankers, and auditors of Parmalat Finanziaria, as
well as three other institutions involved with the dairy group.
Prosecutors are to lay down their case against 32 individuals
and institutions accused of market-rigging at Milan's central
court.

The defendants include the Italian offices of Bank of America,
auditors Deloitte & Touche, the former Italian affiliate of
auditing firm Grant Thornton, Parmalat founder Calisto Tanzi,
other former executives and directors, and three ex-Bank of
America staff.  They are accused of hiding the true state of the
firm's finances prior to its collapse in December.

Previously, Bank of America dismissed the legal action as
unfounded, while Deloitte and Touche insisted it met auditing
standards when it signed off Parmalat's reports.  The former
Grant Thornton unit denied wrongdoing.  Mr. Tanzi, former
Finance Director Fausto Tonna and other executives have already
admitted guilt over fraud.

Market-rigging in Italy carries a minimum jail sentence of up to
five years imprisonment, subject to increments if counts are
multiple.  Legal experts expect the hearing to be long, damages
claims massive, and the sentences severe considering the extent
of the crime.

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


RENO DE MEDICI: Cuts First-half Loss to EUR7.3 Million
------------------------------------------------------
The Board of Directors of Reno De Medici S.p.A. met on September
30, 2004 in order to approve consolidated accounts for the first
semester of 2004.

The economic and financial results relating to the period
January 1, 2004 to June 30, 2004 have already been released on
August 4, 2004 when the Board approved the quarterly report for
the second quarter of 2004.

During the first half of 2004 Reno De Medici S.p.A. recorded, on
a consolidated basis, net revenues of EUR248.1 million (compared
to EUR292.6 million in the first half of 2003).  Consolidated
EBITDA amounted to EUR22.5 million (compared to about EUR24.8
million in the first half of 2003 before the write off of the
inventory of sub-standard finished goods) while EBITDA margin
increased to about 9.1% from about 8,5% for first half of 2003.
Consolidated EBT was negative for EUR4.8 million compared to a
loss, before taxes, of about EUR58.8 million in the first half
of 2003.

Consolidated net financial indebtedness as of June 30, 2004 was
EUR262.1 million (compared to EUR254.9 million as of December
31, 2003 and EUR293.1 million as of June 30, 2003).

On the same date, the extraordinary meeting of shareholders of
Reno De Medici S.p.A. approved the new company's by-laws in line
with the new provisions of the Italian civil code (Legislative
Decree n. 6/2003) while the ordinary meeting of shareholders
renewed the mandate to the Board of Directors to purchase and
sell the company's shares, up to a maximum of 13 million shares
for a price ranging between EUR0.55 and EUR1.20 per share.

The results in detail:

    Consolidated Profit and Loss Account (First Half of 2004)

(in million Euro)    1H      %       1H      %       FY      %
                    2004            2003            2003

Net revenues       248.1           292.6           541.7

Raw materials
and services      (178.0)         (213.8)         (405.6)

Personnel          (47.6)          (54.0)         (104.2)

EBITDA              22.5   9.1      24.8   8.5      31.9   5.9

Amortization
and depreciation   (20.6)          (26.7)          (51.5)

EBIT                 1.9   0.8      (1.9) (0.6)    (19.6) (3.6)

Net financial
income (charges)    (7.3)           (8.7)          (15.9)

Revenues from
ordinary operations (5.4) (2.2)    (10.6) (3.6)    (35.5) (6.6)

Value adjustments
of financial assets  1.1             1.2            (5.7)

Net extraordinary
income (charges)    (0.5)          (49.4)          (58.3)

Earnings before
taxes               (4.8) (1.9)    (58.8)(20.1)    (99.5) (18.4)

                   Consolidated Balance Sheet

(in million Euro) Jun 30, 2004    Dec 31, 2003    Jun 30, 2003

Trade receivables        161.7           155.3           176.6

Inventories               93.6            91.3           104.8

Trade payables          (113.0)         (110.7)         (132.7)

Working Capital          142.3           135.9           148.7

Other current assets      25.1            30.1            25.4

Other current
liabilities              (27.6)          (31.5)          (26.9)

Net fixed assets         378.1           387.3           435.8
Invested capital         517.9           521.8           583.0

Staff reserves and
other liabilities        (94.5)         (100.7)          (87.5)

Net invested capital     423.4           421.1           495.5

Net financial position   262.1           254.9           293.1

Net equity               161.3           166.2           202.4

Total net debt
and equity               423.4           421.1           495.5

CONTACT:  RENO DE MEDICI S.p.A.
          Guido Vigorelli
          Phone: 02/979601
          E-mail: investor.relations@renodemedici.it

          BONAPARTE 48
          Phone: 02/8800971
          Fax: 02/72010530
          E-mail: Alessandro.iozzia@bonaparte48.com
          E-mail: Monica.strigelli@bonaparte48.com


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


KONINKLIJKE AHOLD: Abandons Spanish Retail Operation
----------------------------------------------------
Koninklijke Ahold sold its Spanish retail interest to the
Permira Funds.  The enterprise value related to the transaction
is approximately EUR685 million.  The final purchase price is
subject to customary price adjustments.  Closing is anticipated
before the end of the year and is subject to the fulfillment of
certain conditions, including antitrust approval.

Ahold operates almost 600 stores on the Spanish mainland and the
Canary Islands with net sales in 2003 of approximately EUR2
billion.

"This divestment is part of our 'Road to Recovery' strategy to
optimize our portfolio and to strengthen our financial
position," commented Anders Moberg, Ahold President & CEO.  "It
represents an important milestone in our divestment program and
demonstrates our continued focus on improving the balance sheet
by reducing net debt.  We announced in November 2003 that we
intended to withdraw from the Spanish market.  We initiated a
careful process in order to generate maximum value for our
Spanish retail operations.  We also committed to handling the
divestment in a way, which would provide the best possible
outcome for our 14,000 Spanish associates.  We are pleased to
have reached agreement with the Permira Funds," he concluded.

Permira is a leading European-based private equity firm which
acts as adviser to the 18 Permira funds, totaling approximately
EUR11 billion.  The Permira Funds have invested in over 260
transactions in 15 countries, in companies across a variety of
sectors and geographies.

CONTACT:  KONINKLIJKE AHOLD
          P.O. Box 3050 1500 HB Zaandam Netherlands
          Corporate Communications
          Phone: +31.75.659.5720
          Fax: +31 (0)75 659 83 02
          Web site: http://www.ahold.com


ROYAL AHOLD: Names Andrew Parkinson Peapod President
----------------------------------------------------
Koninklijke Ahold appointed Andrew Parkinson President of its
wholly owned subsidiary Peapod effective October 1, 2004.
Peapod is the leading Internet grocer in U.S.

Parkinson (46) replaces former President and CEO Marc van Gelder
who is returning to the Netherlands to join the executive board
of OPG Group N.V., a pharmacy and medical supply retail and
distribution company.  Parkinson, together with his brother
Thomas, founded Peapod in 1989 and pioneered the online grocery
delivery concept.  Most recently he served as the company's
Chief Financial Officer.

"Ahold intends to grow its online grocery business and offer
customers another convenient way to shop," commented Bill Grize,
President and CEO of Ahold U.S. Retail.  "We want to thank Marc
van Gelder for his leadership in developing and executing
Ahold's bricks and clicks strategy which resulted in the
doubling of Peapod sales.  We are excited to have Andrew
Parkinson leading us forward.  His passion for excellence and
commitment to the business are the right ingredients for
Peapod's continued success."

"This is an exciting point in our history," said Parkinson.
"We've proven ourselves with exceptional quality and service
and, as a result, we are growing over 20 percent a year."  He
also noted that Peapod opened four new markets in 2004.

CONTACT:  ROYAL AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


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


AKER KVAERNER: Wins NOK100 Mln Expansion Contract from Statoil
--------------------------------------------------------------
Statoil has signed a letter of intent with Aker Kvaerner
Netherlands B.V. for pre-engineering for the planned expansion
at the methanol plant at Tjeldbergodden, Norway.  The letter of
intent also includes an option for detailed engineering and
support for follow-up at the construction site.  The assignment,
including the option, has a value of more than NOK100 million.

Statoil is planning to expand the methanol plant by 35% in
addition to building a gas power plant at Tjeldbergodden.  The
final investment decision is expected to be made by early 2006,
and the operation is planned to start mid-2008.

The purpose of pre-engineering is to prepare a basis for the
investment decision and to plan the next phase, says Karl Olav
Jaegtnes, Statoil's project director for the expansion.

Wim van der Zande, President of Aker Kvaerner Process Business:
"We are extremely pleased with this award since it demonstrates
the confidence that Statoil has in Aker Kvaerner's capability to
successfully execute major projects.  Statoil is a key client to
Aker Kvaerner Process and this project is the fourth project
that has been awarded in a competitive environment".

Aker Kvaerner A.S.A., through its subsidiaries and affiliates is
a leading global provider of engineering and construction
services, technology products and integrated solutions.  The
business within Aker Kvaerner span a number of industries,
including Oil & Gas production, Refining & Chemicals, Mining &
Metals, Pharmaceuticals & Biotechnology, Power Generation and
Pulp & Paper.  Aker Kvaerner has aggregated annual revenues of
approximately US$4.5 billion and employs around 21,000 employees
in more than 30 countries.

The Aker Kvaerner group consists of a number of separate legal
entities.  Aker Kvaerner is used as the common brand/trademark
for most of these entities.  The parent company in the group is
Aker Kvaerner A.S.A.

E&C Europe specializes in the provision of process technology,
engineering studies (including bankable feasibility and
environmental studies), total project management, engineering
and design, procurement, construction, commissioning and
maintenance services.  With nearly 5,000 people based largely
from Europe, E&C Europe serves a number of industrial sectors:
refining and petrochemicals, pharmaceuticals & biotechnology,
onshore oil & gas, power generation, chemical pulping, nuclear,
water, and mining and metals.

                            *   *   *

In April, Fitch Ratings assigned a rating of 'BB' to Aker
Kvaerner a.s.'s EUR260 million second priority lien notes issue
guaranteed by Aker Kvaerner O&G Group AS (AK O&G).  This follows
a review of final documentation on the basis of which Fitch
confirms the expected rating assigned to these notes on March
12, 2004.  The agency's Senior Unsecured rating for AK O&G is
'BB' with a Stable Outlook.

CONTACT:  AKER KVAERNER
          Media:
          Torbjorn Andersen
          SVP Group Communications
          Phone: +47 67 51 30 36
          Mobile: +47 928 85 542

          Investor relations:
          Lasse Torkildsen
          Vice President
          Phone: +47 67 51 30 39


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


FABRYKA SAMOCHODOW: Bankruptcy Looms
------------------------------------
Carmaker Fabryka Samochodow Osobowych (FSO) is facing bankruptcy
after defaulting on interest payments due Polish banks last
week, Europe Intelligence Wire says.

Under an agreement, banks are given five days to terminate
contracts with FSO and to send bailiffs to collect some PLN591
million in loan and interest repayments.  FSO has reportedly no
money to cover its huge debt.  Forcing it to pay the full amount
would surely lead it to bankruptcy.  FSO is currently
considering asking the Finance Ministry to convince creditor
banks to extinguish half of its debt and the entire interest.
FSO would pay the remaining debt.  This option is reportedly
unlikely to happen.

FSO appealed to the banks to reset the payment date to the end
of the year, banking on PLN52 million in public support it
received from the Agency for Industry Development (ARP).  The
European Commission has yet to approve the aid.

CONTACT:  FABRYKA SAMOCHODOW OSOBOWYCH A.L.
          Stalingradzka 53
          03-215 Warszawa Poland


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


BREAD BAKING: Krasnoyarsk Court Appoints Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on municipal unitary Bread
Baking Combine.  The case is docketed as A33-7087/04-s4.  Mr. V.
Manzhula has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 655004, Russia,
Khakasiya republic, Abakan, Sovetskaya Str. 180,
Post User Box 352.

CONTACT:  Mr. V. Manzhula
          Temporary Insolvency Manager
          655004, Russia,
          Khakasiya republic, Abakan,
          Sovetskaya Str. 180,
          Post User Box 352


BRIDGE BUILDING: Names I. Lagutina Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
proceedings against Enterprise Bridge Building Management (TIN
2804000580) after finding the state unitary enterprise
insolvent.  The case is docketed as AO4-506/04-6/38 B.  Ms. I.
Lagutina has been appointed insolvency manager.  Creditors have
until October 20, 2004 to submit their proofs of claim to
645000, Russia, Amur region, Blagoveshensk, Shimanovskogo Str.
46/2.

CONTACT:  BRIDGE BUILDING MANAGEMENT
          676850, Russia, Amur region,
          Belogorosk, Kirova Str. 277

          Ms. I. Lagutina
          Insolvency Manager
          645000, Russia, Amur region,
          Blagoveshensk, Shimanovskogo Str. 46/2


KISELEVSKAYA BREWING: Applies for Bankruptcy Proceedings
--------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy proceedings against Kiselevskaya after finding the
brewing company insolvent.  The case is docketed as A27-
3611/2003-4.  Ms. N. Zimina has been appointed insolvency
manager.   Creditors may submit their proofs of claim to 650021,
Russia, Kemerovo, Shaturskaya Str. 1.

CONTACT:  KISELEVSKAYA
          652702, Russia,
          Kiselevsk, Novostroyka Str. 1

          Ms. N. Zimina
          Insolvency Manager
          650021, Russia,
          Kemerovo, Shaturskaya Str. 1


KUBAN-OIL-GAS-STROY: Declared Insolvent
---------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy proceedings against Kuban-Oil-Gas-Stroy after finding
the open joint stock company insolvent.  The case is docketed as
A32-12736/2002-1/573B.  Mr. A. Yurchenko has been appointed
insolvency manager.  Creditors have until October 20, 2004 to
submit their proofs of claim to 350059, Russia, Krasnodar,
Uralskaya Str. 134.

CONTACT:  KUBAN-OIL-GAS-STROY
          Russia, Geledzhik,
          Turisticheskaya Str. 25A

          Mr. A. Yurchenko
          Insolvency Manager
          350059, Russia, Krasnodar,
          Uralskaya Str. 134


MILK: Deadline for Proofs of Claim Expires this Month
-----------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy proceedings against Milk after finding the close
joint stock company insolvent.  The case is docketed as A-32-
22277/2002-46/985-B.  Mr. S. Dunayevskiy has been appointed
insolvency manager.  Creditors have until October 20, 2004 to
submit their proofs of claim to 350065, Russia, Krasnodar, Post
User Box 1407.

CONTACT:  Mr. S. Dunayevskiy
          Insolvency Manager
          350065, Russia,
          Krasnodar, Post User Box 1407


MOTOR-TRACTOR ELECTRO-EQUIPMENT: Under Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on CJSC Motor-Tractor Electro-Equipment.
The case is docketed as A03-5804/04-B.  Mr. T. Shmakov has been
appointed temporary insolvency manager.

Creditors have until October 20, 2004 to submit their proofs of
claim to 656049, Russia, Altay region, Barnaul,
Sotsialisticheskiy Pr. 85, Post User Box 3503.  A hearing will
take place at 656045, Russia, Altay region, Barnaul, Lenina Pr.
76 on November 1, 2004, 9:15 a.m.

CONTACT:  MOTOR-TRACTOR ELECTRO-EQUIPMENT
          658204, Russia,
          Altay region, Rubtsovsk,
          Traktornaya Str. 21

          Mr. T. Shmakov
          Temporary Insolvency Manager
          656049, Russia,
          Altay region, Barnaul,
          Sotsialisticheskiy Pr. 85,
          Post User Box 3503
          Phone: 8 (3852) 366065


REPAIR OIL: Creditors Have Two Weeks to File Claims
---------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy proceedings against Repair Oil Innovation
Company (TIN 8603100955, OGRN 1028600948386, KPP 860301001)
after finding the close joint stock company insolvent.  The case
is docketed as A75-347-B/2003.  Mr. V. Turkov has been appointed
insolvency manager.

Creditors have until October 20, 2004 to submit their proofs of
claim to:

(a) Repair Oil Innovation Company
    628600, Russia,
    Khanty-Mansiyskiy autonomous region,
    Tyumen region, Nizhnevartovsk,
    Kuzovatkina Str. 15P, Room 28

(b) Insolvency Manager
    628616, Russia,
    Khanty-Mansiyskiy autonomous region,
    Tyumen region, Nizhnevartovsk,
    Mira Str. 27/3-11
    Phone/Fax: (8-3466) 246-389

A hearing will take place on November 18, 2004, 10:00 a.m.


SPIRTOVIK: Sets Deadline for Proofs of Claim
--------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy proceedings against Spirtovik after finding the open
joint stock company insolvent.  The case is docketed as A73-
1748/2003-37.  Mr. R. Savostin has been appointed insolvency
manager.   Creditors have until October 20, 2004 to submit their
proofs of claim to 680030, Russia, Khabarovsk, Dzerzhinskogo
Str. 3a, 68.

CONTACT:  SPIRTOVIK
          680042, Russia,
          Khabarovsk, S. Shedrina Str. 1

          Mr. R. Savostin
          Insolvency Manager
          680030, Russia,
          Khabarovsk,
          Dzerzhinskogo Str. 3a, 68


TOMSKIY ELECTRIC-BULB: Insolvency Manager Takes over Helm
---------------------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
proceedings against Tomskiy Electric-Bulb Factory after finding
the close joint stock company insolvent.  The case is docketed
as A67-8350/03.  Mr. V. Melnikov has been appointed insolvency
manager.   Creditors have until October 20, 2004 to submit their
proofs of claim to 654000, Russia, Kemerovo region, Novokuznets,
Post User Box 545.

CONTACT:  TOMSKIY ELECTRIC-BULB FACTORY
          634050, Russia,
          Tomsk, Kirova Pr. 5

          Mr. V. Melnikov
          Insolvency Manager
          654000, Russia,
          Kemerovo region, Novokuznets,
          Post User Box 545


ZEYSKIY CITY: Succumbs to Bankruptcy
------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
proceedings against Zeyskiy City Grain-Combine (TIN 2805000889)
after finding the municipal unitary enterprise insolvent.  The
case is docketed as A04-244/04-6/18 B.  Mr. N. Kolyadinskiy has
been appointed insolvency manager.

Creditors have until October 20, 2004 to submit their proofs of
claim to 676244, Russia, Amur region, Zeya, Serova Str. 28.  A
hearing will take place at the Arbitration Court of Amur region
on October 26, 2004, 4:00 p.m.

CONTACT:  ZEYSKIY CITY GRAIN-COMBINE
          676244, Russia,
          Amur region, Zeya,
          Serova Str. 28

          Mr. N. Kolyadinskiy
          Insolvency Manager
          676244, Russia,
          Amur region, Zeya,
          Serova Str. 28


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


TEKFENBANK A.S.: Fitch Affirms Individual Rating at 'D'
-------------------------------------------------------
Fitch Ratings upgraded Tekfenbank a.s.'s Long-term foreign and
local currency ratings to 'B' from 'B-'.  Additionally, the
agency has affirmed the bank's other ratings at Short-term
foreign and local currency 'B', Support '5', Individual 'D', and
National Long-term rating at 'BBB(tur)'.  The Outlook on all
Long-term ratings is Stable.

The rating action reflects Tekfenbank's solid capital structure,
good liquidity and improved funding.  These are balanced by
diminished profitability and weaker than average asset quality
in a potentially volatile operating environment.

Despite recapturing previously established loan loss provisions
and strong trading, Tekfenbank sustained a 66.5% decline in net
income during 2003 due to sharply lower net interest income and
a high tax charge.  The bank reported breakeven results during
H104.  Tekfenbank's net interest margin decreased because of
falling rates and net fees and commissions also declined.  The
bank's cost/income ratio deteriorated to 84.76% due to slackened
revenues.  Non-performing loans fell by 53% in 2003, in large
part due to the transfer of one credit to restructured status.
While reserve coverage of total impaired loans weakened,
coverage of NPLs improved to 119% at end-June 2004 and Fitch is
comforted by the absence of new problem loans.

When Tekfenbank acquired the failed Bank Ekspres in 2001, it
received deposits from the Savings Deposit Insurance Fund to
help finance the transaction.  The SDIF deposits had scheduled
maturities and were entirely paid in July 2004.  Tekfenbank
continued to have sufficient liquidity to meet required deposit
maturities and was not hurt by the reduction in deposit
insurance to TRL50 billion because of its well-distributed and
stable core deposit base.  The bank remains strongly capitalized
with a regulatory capital ratio of 27.51% at end-June 2004.

Tekfenbank plans to grow in a measured fashion through customer-
related loans and deposits.  It will concentrate on small to
medium-sized businesses and retail accounts will remain a modest
proportion of the overall book.  Loans are anticipated to range
between 40% and 45% of assets (42% at end-June 2004).

Tekfenbank is 97% directly and indirectly-owned by Tekfen
Holding.  The group, which comprises many companies, engages in
contracting and engineering, agri-industry, finance and services
and real estate development.

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

          Botan Berker
          Gulcin Orgun, Istanbul
          Phone: +90 212 279 10 65

          Banu Saracci, London
          Phone: +44 20 7417 4222

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


VESTEL ELEKTRONIK: S&P Ups Rating to 'B'; Outlook Positive
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Vestel Elektronik Sanayi Ve Ticaret
a.s., a Turkish integrated, low-cost consumer-electronics
manufacturer, to 'B' from 'B-'.  The outlook is positive.

"The rating action reflects Vestel's markedly higher headroom
under the financial covenants of its public debt indentures at
end-June 2004, and our expectation that this headroom will
remain adequate in the medium term," said Benedetta Rospigliosi,
a credit analyst in Standard & Poor's Milan office.  "It also
reflects Vestel's improving operating profile and a more stable
currency environment, both translating into higher visibility on
the company's financial performance."

On the back of strong volume growth Vestel posted 38% sales
growth in first-half 2004, with sales totaling Turkish lira
(TRL) 1,817 trillion (about US$1.2 billion).  The EBITDA margin
also improved to 18% in first-half 2004 from 10.9% in the first
half of 2003; this was partially due, however, to positive
seasonality effects and favorable foreign exchange gains, as
well as to the first time consolidation of the company's higher
margin white goods business.  Although the build-up of inventory
ahead of the autumn selling season and TRL117 trillion of
investments to expand production capacity led to an increase in
total debt to TRL1,261 trillion (about US$868 million including
US$459 million of vendor finance) at end-June 2004 (compared
with TRL952 trillion at year end 2003), the ratio of total debt
to EBITDA improved to 2.5x in the 12-month period ended June
2004, from 2.9x in full-year 2003.

"We believe that Vestel's credit quality could improve further,
if the company shows a higher degree of stability in its
operating, working capital, and free cash flow metrics.  In
particular, Standard & Poor's will most closely focus on the
group's ability to generate positive free cash flow on a
sustainable basis; the company's moderate debt protection
measures are expected to be backed by a controlled financial
policy," added Ms. Rospigliosi.

Any upgrade would also be subject to the company maintaining
sound financial flexibility (including cash balances and
covenant headroom) at all times, as well as its solid business
positions as a contract manufacturer for the European consumer
electronics market.

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
these Standard & Poor's numbers: London Ratings Desk (44) 20-
7176-7400; London Press Office Hotline (44) 20-7176-3605; Paris
(33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46)
8-440-5916; or Moscow (7) 095-783-4017.  Members of the media
may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com.

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


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


BARVINKOVE' FOOD: Declared Insolvent
------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Barvinkove' Plant of Food Products on August
31, 2004 (code EDRPOU 00379991) after finding the joint stock
company insolvent.  The case is docketed as B-31/51-03.
Arbitral manager Mr. O. Chursin (License Number AA 484219
approved on February 11, 2003) has been appointed
liquidator/insolvency manager.  The company holds account number
2600901317 at Region-bank, MFO 351254.

CONTACT:  BARVINKOVE' PLANT OF FOOD PRODUCTS
          Ukraine, Harkiv region,
          Barvinkove, Polyova Str. 1

          Mr. O. Chursin
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Lenin Avenue, 60
          Phone: (0572) 30-83-47

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


BRATSKAUTOTRANS: Deadline for Proofs of Claim Expires Next Week
---------------------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Bratskautotrans on August 19, 2004 (code
EDRPOU 03117903) after finding the open joint stock company
insolvent.  The case is docketed as 2/61.  Arbitral manager Mrs.
Stalina Ratinska (License Number AA 78037 approved on April 23,
2004) has been appointed liquidator/insolvency manager.

Creditors have until October 11, 2004 to submit their proofs of
claim at:

(a) BRATSKAUTOTRANS
    Ukraine, Mikolaiv region,
    Bratske, Promislova Str. 13

(b) ECONOMIC COURT OF MIKOLAIV REGION
    54009, Ukraine, Mikolaiv region,
    Admiralska Str. 22


DIKIVSKE: Kirovograd Court Appoints Liquidator
----------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Dikivske on August 19, 2004 (code EDRPOU
307988179) after finding the limited liability agricultural
company insolvent.  The case is docketed as 14/108.  Mrs. Irina
Kobets (License Number 2495369 approved on October 11, 2001) has
been appointed liquidator/insolvency manager.  The company holds
account number 26005301474 at OJSC Derzhoshadbank, Znamyanske
branch, MFO 323851.

CONTACT:  AGRICULTURAL DIKIVSKE
          27428, Ukraine, Kirovograd region,
          Znamyanskij district,
          Dikivka, Spichak Str. 13

          Mrs. Irina Kobets
          Liquidator/Insolvency Manager
          28000, Ukraine, Kirovograd region,
          Oleksandriya, 50 rokiv Zhovtnya Str. 22/4

          THE ECONOMIC COURT OF KIROVOGRAD REGION
          25022, Ukraine, Kirovograd region,
          Lunacharski str. 29


GORLIVKA' AUTO: Under Bankruptcy Supervision
--------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Gorlivka' Auto Base (code EDRPOU
01236064) and ordered a moratorium on satisfaction of creditors'
claims on June 29, 2004.  The case is docketed as 42/107b.  Mr.
Dmitro Gaduadi (License Number AA 419467) has been appointed
temporary insolvency manager.

Creditors have until October 11, 2004 to submit their proofs of
claim to:

(a) GORLIVKA' AUTO BASE
    84619, Ukraine, Donetsk region,
    Gorlivka, Minina I Pozharskogo Str. 3

(b) Mr. Dmitro Gaduadi
    Temporary Insolvency Manager
    Ukraine, Donetsk region,
    Gorlivka, Ostapenko Str. 28/91

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


NADIYA: Lugansk Court Appoints Liquidator
-----------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Nadiya on August 25, 2004 (code EDRPOU
00846518) after finding the open joint stock company insolvent.
The case is docketed as 9/40 b.  Arbitral manager Mr. Oleksandr
Roj (License Number AA 250489 approved on May 17, 2002) has been
appointed liquidator/insolvency manager.

Creditors have until October 11, 2004 to submit their proofs of
claim to:

(a) NADIYA
    Ukraine, Lugansk region,
    Novoajdarskij district,
    Bahmutivka, Centralna Str. 1

(b) Mr. Oleksandr Roj
    Liquidator/Insolvency Manager
    93500, Ukraine, Lugansk region,
    Novoajdarskij district,
    Rajgorodka, Radyanska Str. 7

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


SPETSZASHITA: Insolvency Manager Takes over day-to-day Operation
----------------------------------------------------------------
The Economic Court of Lugansk region declared LLC Spetszashita
insolvent on August 12, 2004.  The case is docketed as 10/174b.
Arbitral manager Mr. Oleksandr Kombarov (License Number AA
047887 approved on October 19, 2002) has been appointed
liquidator/insolvency manager.  The company holds account number
260045203 at JSPPB Aval, Lugansk regional branch, MFO 304007.

CONTACT:  SPETSZASHITA
          94000, Ukraine, Lugansk region,
          Stahaniv, Lenin Avenue, 6/24

          Mr. Oleksandr Kombarov
          Liquidator/Insolvency Manager
          94000, Ukraine, Lugansk region,
          Stahanov, Poshtova Str. 12
          Phone: (06444) 4-15-68

          ECONOMIC COURT OF LUGANSK REGION
          91000, Ukraine, Lugansk region,
          Geroiv VVV square, 3a


TSUKROVIK: Court Appoints Insolvency Manager
--------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Sumi' Base of Material-Technical Supplying
Tsukrovik on September 2, 2004 (code EDRPOU 00388688) after
finding the open joint stock company insolvent.  The case is
docketed as 6/51-04.  Mr. Oleksij Sisoyev (License Number AA
315441) has been appointed liquidator/insolvency manager.

CONTACT:  SUMI' BASE OF MATERIAL-TECHNICAL SUPPLYING TSUKROVIK
          Ukraine, Sumi region,
          Rubizhna Str. 10

          Mr. Oleksij Sisoyev
          Liquidator/Insolvency Manager
          Ukraine, Sumi region,
          Petropavlovska Str. 74/49A

          ECONOMIC COURT OF SUMI REGION
          40030, Ukraine, Sumi region,
          Ribalko Str. 2


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


ALL CAR: Sets Meeting of Creditors this Week
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF All Car Enquiries Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of All Car Enquiries Ltd.
will be held at The Ridge Golf Club Chartway Street Maidstone
ME17 3JB on October 7, 2004 at 10:15 a.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at The Meeting
House Mittle Mount Sion Tunbridge Wells TN1 1YS 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 Meeting House Mittle Mount Sion Tunbridge Wells TN1 1YS
before the Meeting, a statement giving particulars of their
security, the date when it was given, and the value at which it
is assessed.

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Smith & Williamson, The Meeting House Mittle
Mount Sion Tunbridge Wells TN1 1YS two business days prior to
the meeting.

By Order of the Board.

M. C. Jarvis, Director
August 20, 2004

CONTACT:  SMITH & WILLIAMSON
          The Meeting House
          Little Mount Sion
          Tunbridge
          Wells TN1 1YS
          Phone: 01892 529922
          Fax: 01892 521225
          Web site: http://www.smith.williamson.co.uk


ARA ELECTRONICS: Receiver Calls Creditors' Meeting
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF ARA Electronics Ltd.

                               and

                      ARA Manufacturing Ltd.

Notice is hereby given in accordance with section 48(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of ARA
Electronics Ltd. and ARA Manufacturing Ltd. will be held at
Abacus House Castle Park Gloucester Street, Cambridge CB3 0AN on
October, 8, 2004 at 10:30 a.m.

In accordance with Rule 3.11 (1) of the Insolvency Rules 1986, a
Creditor is entitled to vote only if details of the debt claimed
are submitted to the Receivers in writing no later than 12:00
noon the business day prior to the Meeting and where the
Creditors cannot attend in person, a form of proxy which the
Creditor intends to be used on his behalf is lodged with the
Receivers before the Meeting.

Creditors whose claims are fully secured are not entitled to
attend or be represented at the Meeting.  Unsecured Creditors
may request that a free copy of the Administrative Receivers'
report be sent to them.  Claims, proxies or requests should be
sent to the Administrative Receivers' at PricewaterhouseCoopers
L.L.P. at the address below.

S. M. Oldfield & R. J. Hunt, Joint Administrative Receivers
September 10, 2004

CONTACT:  PRICEWATERHOUSECOOPERS L.L.P.
          Abacus House
          Castle Park
          Cambridge CB3 0AN
          Phone: [44] (1223) 460055
          Fax: [44] (1223) 552336, 552300
          Web site: http://www.pwcglobal.com


ARZT MEDICAL: Members, Creditors Meeting Next Month
---------------------------------------------------
The final meeting of the members and creditor of Arzt Medical
Data Limited will be on November 4, 2004 commencing at 10:30
a.m. and 10:45 a.m. respectively.  It will be held at the
offices of BN Jackson Norton, 40 Princess Street, Manchester M1
6DE.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with BN Jackson Norton, 40 Princess Street,
Manchester M1 6DE not later than 12:00 noon, November 3, 2004.

CONTACT:  BN JACKSON NORTON
          40 Princess Street,
          Manchester M1 6DE
          Phone: 02088636697


BANESTAR LIMITED: Hires Deloitte & Touche as Liquidator
-------------------------------------------------------
Name of Companies:
Banestar Limited
City Merchant Developers Limited
Halogic Limited
Metropolitan House Trustees Limited
Whitehome Limited

At a meeting of these companies, the special, ordinary and
extraordinary resolutions to wind up the company were passed.  J
R D Smith and N J Dargan of Athene Place, PO Box 810, 66 Shoe
Lane, London EC4A 3WA have been appointed joint liquidators of
the companies.

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


B.B.S. TAVERNS: Members Opt to Wind up Business
-----------------------------------------------
At an extraordinary general meeting of the members of the B.B.S.
Taverns Limited (t/a The Pied Horse) on September 23, 2004 held
at Gladstone House, 77-79 High Street, Egham, Surrey TW20 9HY,
the extraordinary and ordinary resolutions to wind up the
company were passed.  Keith Aleric Stevens of Wilkins Kennedy,
Gladstone House, 77-79 High Street, Egham, Surrey TW20 9HY has
been appointed liquidator of the company for the purpose of the
voluntary winding-up.

CONTACT:  WILKINS KENNEDY
          Gladstone House
          77-79 High Street,
          Egham, Surrey TW20 9HY
          Liquidator:
          Keith Aleric Stevens
          Phone: +44 (0) 1784 435561
          Fax:   +44 (0) 1784 430584
          E-mail: egham@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com


BEN HUGHES: Brings in Liquidator from JohnGiles
-----------------------------------------------
At an extraordinary general meeting of the members of the Ben
Hughes (Loughor Foundry) Limited on September 23, 2004 held at
Broadoak, Bwlch Road, Loughor, Swansea the special resolution to
wind up the company was passed.  Richard Ivor Bartlett Jones, of
JonesGiles, The Maltings, Cardiff Bay CF24 5EA has been
appointed liquidator for the purpose of the winding-up.

CONTACT:  JOHNGILES
          The Maltings,
          Cardiff Bay CF24 5EA
          Phone: 029-2047-1551


BLOOMFIELD STEEL: Liquidator's Report Out Next Month
----------------------------------------------------
The final meeting of the members of Bloomfield Steel
Construction Company Limited will be on November 26, 2004
commencing at 3:00 p.m.  It will be held at the offices of
Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH not
later than 12:00 noon, November 25, 2004.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Liquidator:
          M T Coyne
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


BOND HOMES: Sets First Liquidation Meeting
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Bond Homes (Scotland) Ltd.
                         (in Liquidation)

I, of Haines Watts James Miller House 98 West George Street
Glasgow G2 1PJ hereby give notice that I was appointed Interim
Liquidator of Bond Homes (Scotland) Ltd. on August 26, 2004 by
the Interlocutor of the Sheriff at Sheriff of Glasgow.

The first meeting in the liquidation called in terms of Section
138(4) of the Insolvency Act 1986 and in accordance with Rule
4.12 of the Insolvency (Scotland) Rules 1986, will be held at
James Miller House 98 West George Street Glasgow G2 1PJ on
October 7, 2004 at 10:00 a.m. for the purpose of choosing a
liquidator, appointing a Liquidation Committee and considering
the other Resolutions specified in Rule 4.12(3) of the
aforementioned Rules.

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

I. W. Wright, Interim Liquidator

CONTACT:  HAINES WATTS (GLASGOW INSOLVENCY)
          James Miller House
          98 West George Street
          Glasgow G2 1PJ
          Phone: 0141 342 1600
          Fax: 0141 342 1616
          Web site: http://www.hwca.com


BOXCLEVER: Creditors Settle Dispute; Allow Sale to Fortress
-----------------------------------------------------------
The two main creditors of Boxclever finally reached a deal
regarding their loans, paving the way for the overdue sell-off
of the TV rental business.

German bank WestLB AG and French bank CDC struck a deal earlier
this month regarding the appropriation of payments from
Boxclever, which has been in administration since last year.
Under the agreement, some of the money that had been due to go
to WestLB will be used to compensate CDC.

CDC balked at the idea of selling Boxclever to U.S. investment
firm Fortress for GBP350 million in February saying it would
lose too much money in the offer.  The bid valued Boxclever at
only less than half the GBP860 million it owed bankers.

WestLB had written off more than GBP400 million of its exposure
to the business, while CDC made GBP45 million in provisions for
its purchase of GBP130 million Boxclever bonds.

According to http://www.independent.co.uk,Fortress has yet to
complete its purchase but sources close to the deal are
confident it can be completed on terms not too different to
those agreed in February.  Boxclever was formed from the merger
of Thorn and Granada TV rental businesses.

CONTACT:  BOXCLEVER
          Technology House
          Ampthill Road
          Bedford
          MK42 9QQ
          United Kingdom
          Phone: (01234) 355233
          Fax: (01234) 226090
          Web site: http://www.boxclever.co.uk


CALYX LIMITED: Hires Milner Boardman & Partners as Administrator
----------------------------------------------------------------
Colin Burke and Gary J Corbett have been appointed as
administrators for Calyx Limited.  The appointment was made
September 24, 2004.

The company is engaged in general construction and civil
engineering.  Its registered office is located at Unit 18
Ainscough Business Park, Mossy Lea Road, Wrightington, Wigan WN6
9RS.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House,
          Ashley Road,
          Hale, Cheshire
          Administrators:
          Colin Burke
          Gary J Corbett
          (IP Nos 8803, 9018)
          Phone: 0161 927 7788
          Fax:   0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


CAMA LIFTS: Calls in Liquidator from PKF
----------------------------------------
At an extraordinary general meeting of the members of the Cama
Lifts (UK) Ltd. on September 23, 2004 held at 6 Ridge House,
Ridgehouse Drive, Festival Park, Stoke on Trent ST1 5TL, the
extraordinary and ordinary resolutions to wind up the company
were passed.  M H Abdulali of PKF, 6 Ridge House, Ridgehouse
Drive, Festival Park, Stoke on Trent ST1 5TL has been appointed
liquidator for the purpose of such winding-up.

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


CELLPHARM LIMITED: HSBC Bank Appoints Baker Tilly Receiver
----------------------------------------------------------
HSBC Bank plc called in M Sheridan and Cedric M Clapp as
administrative receivers for Cellpharm Limited (Reg No 04219693,
Trade Classification: 11).  The application was filed September
22, 2004.  The company develops and manufactures pond algae
cleaning systems.

CONTACT:  BAKER TILLY
          1 Georges Square
          Bristol BS1 6BP
          Phone: 0117 945 2000
          Fax: 0117 945 2001
          Web site: http://www.bakertilley.co.uk


CLUBSHIELD 2000: GE Heller Appoints Ernst & Young Receiver
----------------------------------------------------------
GE Heller Limited called in G Wilson and S Allport as joint
administrative receivers for Clubshield 2000 Limited (Reg No
3848672, Trade Classification: 15).  The appointment was made
September 24, 2004.  The company wholesales to leisure industry.

CONTACT:  ERNST & YOUNG
          Cloth Hall Court
          14 King Street,
          Leeds LS1 2JN
          Phone: +44 [0] 113 298 2200
          Fax:   +44 [0] 113 298 2201
          Web site: http://www.ey.com


CORETEC LIMITED: Names Begbies Traynor Administrator
----------------------------------------------------
Gary Bell and Richard W Traynor have been appointed as
administrators for Coretec Limited.  The appointment was made
September 24, 2004.

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

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


COUSINS (M & E): Hires Berg Kaprow Lewis LLP as Liquidator
----------------------------------------------------------
At an extraordinary general meeting of the members of the
Cousins (M & E) Services Limited on September 17, 2004 held at 4
Shakespeare Road, London N3 1XE, the extraordinary and ordinary
resolutions to wind up the company were passed.  Stewart Trevor
Bennett of Berg Kaprow Lewis LLP, 35 Ballards Lane, London N3
1XW has been appointed liquidator of the company for the purpose
of the voluntary winding-up.

CONTACT:  BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Phone: 020 8922 9222
          Fax:   020 8922 9223
          Enquiry Line: 020 8922 9121
          Web site: http://www.bergkaprowlewis.co.uk


DR JIVES: Sets Meeting to Appoint Liquidator
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Dr Jives Ltd.
                        (in Liquidation)

I, of Haines Watts James Miller House 98 West George Street
Glasgow G2 1PJ hereby give notice that I was appointed Interim
Liquidator of Dr Jives Ltd. on August 8, 2004 by the
Interlocutor of the Sheriff at Sheriff of Glasgow.

The first meeting in the liquidation called in terms of Section
138(4) of the Insolvency Act 1986 and in accordance with Rule
4.12 of the Insolvency (Scotland) Rules 1986, will be held at
James Miller House 98 West George Street Glasgow G2 1PJ on
October 7, 2004 at 3:00 p.m. for the purpose of choosing a
liquidator, appointing a Liquidation Committee and considering
the other Resolutions specified in Rule 4.12(3) of the
aforementioned Rules.

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

I. W. Wright, Interim Liquidator

CONTACT:  HAINES WATTS (GLASGOW INSOLVENCY)
          James Miller House
          98 West George Street
          Glasgow G2 1PJ
          Phone: 0141 342 1600
          Fax: 0141 342 1616
          Web site: http://www.hwca.com


EASY SYSTEMS: Statement of Affairs Out This Week
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Easy Systems Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Easy Systems Ltd. will
be held at Gable House 239 Regents Park Road London N3 3LF on
October 7, 2004 at 11:00 a.m. for the purpose of having a full
statement of the position of the Company's affairs, together
with a list of the Creditors of the Company and the estimated
amount of their claims, laid before them, and for the purpose,
if thought fit, of nominating a Liquidator and of appointing a
Liquidation Committee.  (Sections 99-101 of the said Act)

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

By Order of the Board.

S. Brown, Director
September 20, 2004

CONTACT:  SPW Poppleton & Appleby
          Gable House
          239 Regents Park Road
          London N3 3LF


ECO-BAT TECHNOLOGIES: Proposed Senior Notes Get (P)B1 Rating
------------------------------------------------------------
Moody's Investors Service assigned a (P)B1 rating to the
proposed EUR65 million issuance of senior notes due 2013 by Eco-
Bat Finance Plc.  It also affirmed the B1 senior implied rating
and B3 unsecured issuer rating of parent Eco-Bat Technologies
Limited (Eco-Bat).  Eco-Bat's existing senior notes rating was
also affirmed at B1.  The outlook for all ratings is stable.

The company's liquidity is satisfactory, according to the rating
agency.  It is further due to benefit from the proposed senior
notes issuance and the recent improvements in market conditions
in the second half.  Free cash flow generation in 2003, however,
is likely below expectations due to the weak LME lead price in
the first three quarters of the year.

Moody's says a sustained period of cash flow generation could
push the ratings up, while prolonged drawings under the
company's revolving credit facility could pull it down.

Eco-Bat is the world's largest producer of lead, focused
primarily on recycling activities.  For the year ended December
2003, it booked revenues of GBP417.4 million and EBITDA of
GBP39.1 million.

CONTACT:  Eco-Bat Technologies Ltd.
          Cowley Lodge
          South Darley
          Matlock DE4 2LE
          Derbyshire
          Phone: 01629 736100


EGG PLC: In Exclusive Talks to Sell Egg France to Banque Accord
---------------------------------------------------------------
On 13 July the Board of Egg plc announced that it had begun to
take the necessary steps to withdraw from the French market.

On Friday Egg announces that it has received an approach for
part of the French business from Banque Accord and has granted
exclusivity to conclude the agreement.  This partial disposal
would result in the re-deployment of approximately 100 of Egg
France's 450 workforce and would ensure continuity of service
and product availability to the majority of Egg's customers in
France.

The approach received from Banque Accord is in respect of Egg's
unsecured lending business, which includes 66,000 credit card
customers.  Egg has begun consultation with the French Works
Council regarding this potential disposal and is also seeking
all regulatory clearances to proceed.  Egg will update the
market in due course on how discussions with the Works Council
and the prospective buyer progress.

We remain confident that the closure costs of Egg France will be
delivered within the previously announced provision of EUR170
million (GBP113 million) which has been raised in the Q3 2004
accounts.

Egg will be announcing its interim results for the period to 30
September 2004 on 19 October 2004 at 07.00h.

Egg plc floated on 12 June 2000 and is listed on the London
Stock Exchange.  Prudential plc holds approximately 79% of the
share capital.

CONTACT:  EGG PLC
          Media:
          Emma Byrne
          Phone: 0207 526 2600/07775 657 241

          Investors/Analysts:
          Kieran Coleman
          Phone: 0207 526 2648/07711 717358


GLOBAL MOULDINGS: Hires Valentine & Co. as Liquidator
-----------------------------------------------------
At an extraordinary general meeting of the Global Mouldings
Limited on September 24, 2004 held at the offices of Valentine &
Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Robert Valentine of 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS has been appointed liquidator for the
purpose of such winding-up.

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


HOM CONSTRUCTION: To Hold Creditors' Meeting Weekend
----------------------------------------------------
The creditors of Hom Construction (London) Limited will meet on
October 8, 2004 commencing at 11:00 a.m.  It will be held at
Devlin House, 36 St George Street, Mayfair, London W1R 9FA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to HKM LLP, The Old Mill, 9 Soar Lane, Leicester LE3
5DE not later than 12:00 noon, October 7, 2004.

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


JOHN HANCOCK: Liquidator to Present Final Report Next Month
-----------------------------------------------------------
The final meeting of the members of John Hancock Advisers
International Limited will be on November 2, 2004 commencing at
10:45 a.m.  It will be held at Critchleys, Greyfriars Court,
Paradise Square, Oxford OX1 1BE.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Critchleys, Greyfriars Court, Paradise Square, Oxford OX1
1BE not later than 12:00 noon, November 1, 2004.

CONTACT:  CRITCHLEYS
          Greyfriars Court,
          Paradise Square,
          Oxford OX1 1BE
          Liquidator:
          A J Harris
          Phone: +44 (0) 1865 261100
          Fax:   +44 (0) 1865 261201
          E-mail: Oxford@critchleys.co.uk
          Web site: http://www.critchleys.co.uk


LONDON HOUSE: Sets Creditors' Meeting Next Week
-----------------------------------------------
The meeting of the unsecured creditors of London House (GB)
Limited will be on October 12, 2004.  It will be held at 76 New
Cavendish Street, London W1G 9TB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 76 New Cavendish Street, London W1G 9TB not later
than 12:00 noon, October 11, 2004.


MARKHAM TRANSPORT: Directors Banned for Five Years
--------------------------------------------------
Two directors of a transport and haulage services business that
failed with debts of more than GBP196,000 have been disqualified
from acting as company directors for five years by the Bolton
County Court.

Carron Evans, 34, and Robert Kieron Croft, 36, both of Ward
Street, Hindley, Wigan, were directors of Markham Transport
Services Limited which carried on business from premises at
Mosley Road, Trafford Park, Manchester.  The company was placed
into voluntary liquidation on July 31, 2002 with estimated debts
of GBP195,549 owed to its creditors.

The Disqualification Order, made on September 29, 2004, prevents
both Carron Evans and Robert Croft from being directors of a
company or, in any way, whether directly or indirectly, being
concerned in or taking part in the promotion, formation or
management of a company for the above period.

Matters of unfit conduct, found by the court, not disputed by
Carron Evans and Robert Croft, were that:

(a) They caused the company fail to maintain, preserve and
    deliver up adequate accounting records; and

(b) They caused it to fail to deal properly with its taxation
    affairs.

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

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

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

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


MERRILL LYNCH: Special Winding up Resolution Passed
---------------------------------------------------
At an extraordinary general meeting of the Merrill Lynch
European Investment Trust Plc on September 20, 2004 held at 33
King William Street, London EC4R 9AS, the special resolution to
wind up the company was passed.  Patrick Joseph Brazzill and
Margaret Elizabeth Mills of Ernst & Young LLP, 1 More London
Place, London SE1 2AF have been appointed liquidators of the
company.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Joint Liquidators:
          Patrick Joseph Brazzill
          Margaret Elizabeth Mills
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


METROPOLITAN RECRUITMENT: Creditors' Meeting Next Week
------------------------------------------------------
Creditor of Metropolitan Recruitment Limited will meet on
October 12, 2004 commencing at 1:00 p.m.  It will be held at
Greytown House, 221-227 High Street, Orpington, Kent BR6 0NZ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Wilkins Kennedy, Gladstone House, 77-79 High
Street, Egham, Surrey TW20 9HY not later than 12:00 noon,
October 11, 2004.

CONTACT:  WILKINS KENNEDY
          Gladstone House,
          77-79 High Street,
          Egham, Surrey TW20 9HY
          Phone: +44 (0) 1784 435561
          Fax:   +44 (0) 1784 430584
          E-mail: egham@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com


PETERS (HOLDINGS): Liquidator's Final Report Out Next Month
-----------------------------------------------------------
The final general meeting of the Peters (Holdings) Limited will
be on November 2, 2004 commencing at 11:00 a.m.  It will be held
at Ernst & Young LLP, One Bridewell Street, Bristol BS1 2AA.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and of hearing any explanation that may be
given by the Liquidator.

CONTACT:  ERNST & YOUNG LLP
          One Bridewell Street,
          Bristol BS1 2AA
          Liquidator:
          I Best
          Phone: +44 [0] 117 981 2050
          Fax:   +44 [0] 117 981 2051
          Web site: http://www.ey.com


PLASTERING & BUILDING: Begbies Traynor Calls Creditors' Meeting
---------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

    IN THE MATTER OF MAF Plastering & Building Services Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Plastering & Building
Services Ltd. will be held at 1 Winckley Court Chapel Street
Preston PR1 8BU on October 7, 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.

M. A. Fraser, Director
September 13, 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


PRINT GUARD: Members Pass Extraordinary Winding up Resolution
-------------------------------------------------------------
At an extraordinary general meeting of the Print Guard Limited
on September 22, 2004 held at 35 Ludgate Hill, Birmingham B3
1EH, the extraordinary resolution to wind up the company was
passed.  M T Coyne of Poppleton & Appleby, 35 Ludgate Hill,
Birmingham B3 1EH has been appointed liquidator for the purpose
of such winding-up.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Liquidator:
          M T Coyne
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


ROYAL & SUNALLIANCE: Closes Sale of Danish Life Operations
----------------------------------------------------------
Royal & SunAlliance confirmed Friday it has completed the sale
of its Danish life operation to SEB Trygg Liv on the originally
announced terms.  The deal has received all necessary approvals.

Andy Haste, Royal & SunAlliance's Group CEO said: "The sale of
Codan life together with the disposal of our U.K. life
operations has completed our exit from the life industry -- and
done so on a basis that provides finality and certainty for our
shareholders.  It is another step in the delivery of our
strategy of transforming the Group into a focused, high
performing general insurance company.

CONTACT:  ROYAL & SUNALLIANCE
          Analysts
          Karen Donhue
          Phone: +44 (0) 20 7111 7133

          Press
          Phil Wilson-Brown
          Phone: +44 (0) 20 7111 7047


ROYAL & SUNALLIANCE: Completes Sale of U.K. Life Subsidiaries
-------------------------------------------------------------
Royal & SunAlliance confirmed Thursday that the change of
control of its U.K. Life companies to Resolution Life Group has
now been approved by the Financial Services Authority and the
sale has completed on the originally agreed terms.

The deal finalizes the strategic exit of Royal & SunAlliance
from the U.K. Life market.

Andy Haste Royal & SunAlliance's Group CEO commented: "Having
indicated that we anticipated the successful completion of the
sale of the U.K. Life operations by the end of October, I am
pleased to confirm that it has completed.  This is a good deal
for the Group and clear evidence of our commitment to deliver on
our strategic objectives."

---------
* Shareholder approval for the sale was secured at the
Extraordinary General Meeting on September 9, 2004.

CONTACT:  ROYAL & SUNALLIANCE
          Analysts
          Karen Donhue
          Phone: +44 (0) 20 7111 7133

          Press
          Phil Wilson-Brown
          Phone: +44 (0) 20 7111 7047


ROYAL & SUNALLIANCE: Moody's Removes Negative Outlook
-----------------------------------------------------
Moody's Investors Service assigned a stable outlook on the
ratings of Royal & SunAlliance's U.K. non-life operations after
the firm closed the sale of life insurance businesses.

The ratings whose outlook are changed to stable from negative
are Royal & Sun Alliance Insurance plc Baa2 insurance financial
strength (IFSR), Royal & Sun Alliance Insurance Group plc Ba2
guaranteed subordinated debt, and Sun Alliance & London
Insurance plc Baa2 IFSR.  The Ba3 IFSR on the U.S. operating
companies was affirmed with a negative outlook.  Royal & Sun
Alliance Insurance plc P-3 commercial paper was also affirmed.

Codan Forsikring A/S Baa3 IFSR and Trygg-Hansa Forsikrings A/S
Baa3 IFSR were placed under review for possible upgrade, while
Royal & Sun Alliance Life & Pensions Ltd. Ba1 IFSR, and Sun
Alliance & London Assurance Co. Ba1 IFSR were placed under
review for possible downgrade.

In July, Moody's said it will remove the negative outlook once
the sale of the life insurance businesses is closed in the
absence of adverse developments elsewhere.  The rating action
reflects substantial improvement in the Group's capitalization
on a statutory (IGD) basis, and in the Group's own internal RBC
basis.

CONTACT:  ROYAL & SUN ALLIANCE INSURANCE GROUP PLC
          30 Berkeley Sq.
          London W1J 6EW,
          United Kingdom
          Phone: +44-20-7636-3450
          Fax: +44-20-7636-3451
          Web site: http://www.royalsunalliance.com


SALTIRE GROUP: Winding up Resolutions Passed
--------------------------------------------
At an extraordinary general meeting of the Saltire Group Limited
on September 24, 2004 held at Elliot House, 151 Deansgate,
Manchester M3 3BP, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  Donald Bailey
and Gary Norton Lee of Begbies Traynor have been appointed joint
liquidators for the purpose of such winding-up.

CONTACT:  BEGBIES TRAYNOR
          Elliott House
          151 Deansgate,
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax:   0161 832 7436
          Web site: http://www.begbies.com


STANSTED HOTEL: Liquidator Known this Week
------------------------------------------
            THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Stansted Hotel Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Stansted Hotel Ltd.
will be held at Salisbury House 31 Finsbury Circus London EC2M
5SQ on October 8, 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 Salisbury House
31 Finsbury Circus London EC2M 5SQ 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
Salisbury House 31 Finsbury Circus London EC2M 5SQ before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

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

By Order of the Board.

K. Linsell, Director

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


SUNLINK COMPUTERS: May Form Liquidation Committee Friday
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Sunlink Computers Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Sunlink Computers Ltd.
will be held at 4 Dancastle Court 14 Arcadia Avenue London N3
2HS on October 8, 2004 at 11:00 a.m. for the purpose of having a
full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

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

By Order of the Board.

S. Battle, Director
September 14, 2004

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


THE LEARNING: Calls in Liquidator from Crane & Partners
-------------------------------------------------------
At an extraordinary general meeting of The Learning Circuit
Limited on September 20, 2004 held at Sussex House, 8-10
Homesdale Road, Bromley, Kent BR2 9LZ, the subjoined special
resolution to wind up the company was passed.  Guy Charles David
Harrison of Crane & Partners, Sussex House, 8-10 Homesdale Road,
Bromley, Kent BR2 9LZ has been appointed liquidator for the
purpose of such winding-up.

CONTACT:  CRANE & PARTNERS
          Sussex House,
          8-10 Homesdale Road,
          Bromley, Kent BR2 9LZ
          Phone: 020 8464 0131
          Fax:   020 8464 6018
          Web site: http://www.craneandpartners.com


THE MORTGAGE: Hires Liquidator from Shasens
-------------------------------------------
At an extraordinary general meeting of The Mortgage Advisory
Service Limited on September 22, 2004 held at 8 Old Steine,
Brighton, East Sussex BN1 6SG, the extraordinary resolution to
wind up the company was passed.  Bijal Shah of ShaSens, Suite
215, Signal House, Lyon Road, Harrow, Middlesex HA1 2AQ has been
appointed liquidator of the company.

CONTACT: SHASENS
         Suite 215
         Signal House, Lyon Road,
         Harrow, Middlesex HA1 2AQ
         Phone: 02088636697


TUFTOP LIMITED: Extraordinary Winding up Resolution Passed
----------------------------------------------------------
At an extraordinary general meeting of the Tuftop Limited on
September 23, 2004 held at Baker Tilly, The Clock House, 140
London Road, Guildford, Surrey GU1 1UW, the subjoined
extraordinary resolutions to wind up the company were passed.
Matthew Richard Meadley Wild of Baker Tilly, The Clock House,
140 London Road, Guildford, Surrey GU1 1UW has been appointed
the liquidator of the company for the purpose of such winding-
up.

CONTACT:  BAKER TILLY
          The Clock House,
          140 London Road,
          Guildford, Surrey GU1 1UW
          Liquidator:
          Matthew Richard Meadley Wild
          Phone: 01483 307000
          Fax:   01483 569 281
          Web site: http://www.bakertilly.co.uk


TYRE EXPRESS: Calls in Liquidator from Valentine & Co
-----------------------------------------------------
At an extraordinary general meeting of the Tyre Express Limited
on September 21, 2004 held at the offices of Valentine & Co., 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Robert Valentine of 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS has been appointed liquidator for the
purpose of such winding-up.

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


U.K. COAL: Brings in American Chief Executive
---------------------------------------------
U.K. COAL plc appointed Garold (Gerry) Spindler as Chief
Executive.  Mr. Spindler, who is currently a non-executive
director of the Company, will take up this appointment in the
next few weeks following relocation to the U.K. from the United
States where he is currently living.  In the meantime the
Chairman, David Jones, will be Acting Chief Executive, and Mr.
Spindler will be closely involved in the business in his present
role as a non-executive director.

The current Chief Executive, Gordon McPhie, has resigned as a
director and is leaving the Group to pursue a number of other
interests.

Current trading continues to be in line with the expectations
set out in the Company's interim results, released on 8
September 2004.

Commenting on the Board changes the Chairman, David Jones, said:
"I am delighted to welcome an individual of Gerry's caliber and
experience to lead our executive team.  His wide business
experience and extensive mining background will enable him to
drive the business forward and deliver our strategic objectives,
which remain unchanged.  His extensive knowledge of the group
and its people, as a result of his non-executive directorship
held since October 2001, is an added benefit.  He is
outstandingly well qualified to achieve the successful
implementation of the Company's strategy.  The appointment
follows a rigorous selection procedure involving external
consultants.

"I look forward to working with Gerry to deliver the Company's
full potential.

I would like to thank Gordon for his contribution to the
strategic positioning of the Company.  We wish him every success
for the future.'

                            *   *   *

Notes to Editors

U.K. COAL is Britain's biggest producer of coal and a company
with substantial land and property interests.

Employing 6,000 people, the Group has 15 deep and surface mine
sites in the U.K., which, in 2003, produced nearly 18 million
tons of coal.

With almost 2,000 individual property units and over 50,000
acres under management, U.K. Coal's property interests were
valued in 2002 at GBP174 million.

The strategy of the Company is to: match production with sales;
maintain investment at ongoing operations; optimize income from
the property portfolio; and maximize the return of cash to
shareholders.

Garold (Gerry) Spindler has a BSC and Masters in Mining &
Engineering and an MBA from Stanford University.

He is a U.S. citizen aged 56 and began his career in mining at
Consolidation Coal, one of America's largest coal mining
companies based in Pittsburgh as a section foreman.  He held
various positions throughout the company leaving in 1984 as
Vice President of Non-Mining operations.  Following this he
became President & Chief Executive Officer at Pittston Mineral
Group, which produced 20 to 30m tonnes of coal per year.

In 1995 he joined Cyprus Amax Coal Company the second largest
coal business in the U.S. producing 70 to 90m tons of coal per
annum as President.  His main objectives were the creation of a
new strategy and the improvement of the operating performance of
the group.

CONTACT:  GAVIN ANDERSON & COMPANY
          Financial
          Phone: 020 7554 1400
          Liz Morley
          Phone: 07798683108
          Ken Cronin
          Phone: 07887591499

          Operational
          Stuart Oliver
          Phone: 01525 381 759


UNO SHOPFITTING: Creditors' Meeting Set Next Week
-------------------------------------------------
The creditors of Uno Shopfitting Ltd. will be on October 11,
2004 commencing at 10:30 a.m.  It will be held at 6 Ridge House,
Ridgehouse Drive, Festival Park, Stoke on Trent ST1 5TL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to PKF, 6 Ridge House, Ridgehouse Drive, Festival
Park, Stoke on Trent ST1 5TL not later than 12:00 noon, October
8, 2004

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


* 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)         567      372
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
Jarvis PLC                                      1,180      182
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
Probus Estates                                    113       35
Regus Plc                                         367       60
Rentokil Initial Plc      RTO     (1,130)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                                         178     (162)

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


                            *********


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

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

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

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

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

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


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