TCREUR_Public/041007.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

           Thursday, October 7, 2004, Vol. 5, No. 199

                            Headlines

A U S T R I A

BACKEREI KARL: Selling Assets via Public Auction Next Week


G E R M A N Y

CARSTEN MULLER: Real Estate Firm Under Bankruptcy Administration
CLOU FASHION: Charlottenburg Court Appoints Administrator
DRUCKEREI HELMUTH: Creditors Have Until November to File Claims
ELEKTRIKUS WORLD: Provisional Administrator Takes over Helm
GRAF DACHARBEITEN: Court to Examine Late Claims December

ING BHF: Moody's Affirms D+ Financial Strength Rating
KARSTADTQUELLE AG: Not Selling DSF Stake
MG TECHNOLOGIES: Merging with Gea AG Next Year
PENTAPOLIS HOSPITALITY: First Creditors' Meeting Set November
SENATOR ENTERTAINMENT: Deutsche Bank Clinches Majority Stake
SPAR HANDELS: Chairman to Rationalize Wholesale Activities
TLI-THERMOTRANSPORT: Administrator to Present Report Next Month

* Collective Bankruptcy Auction Sale Set Next Week


I T A L Y

ALITALIA SPA: Low-fare Airlines Score Govt-backed Rescue Plan
LIMA SPA: Court Recommends Hornby's EUR8 Million Offer
PARMALAT AUSTRALIA: Not Selling Warwick Factory
PARMALAT FINANZIARIA: Former Auditors to Stand Trial
PARMALAT FINANZIARIA: Suppliers Insist on Priority of Claims
PARMALAT U.S.A.: Has Until October 20 to File Chapter 11 Plan
PARMALAT U.S.A.: Proposes Supplemental Surplus Asset Sale


L U X E M B O U R G

PROMSVYAZ FINANCE: Loan Participation Notes Rated 'B'


R U S S I A

ARCHITECTURAL AND RESEARCH: Declared Insolvent
ELECTRO-MED-OBORUDOVANIYE: Sets Deadline for Proofs of Claim
KRASNOYARSK-AUTO-DOR: Under Bankruptcy Supervision
NEVERKINSKAYA MTS: Names V. Zhukov Insolvency Manager
REDAN CB: Court Hires Insolvency Manager to Temporarily Run Biz

SAMARSKIY FACTORY: Gives Creditors Two Weeks to File Claims
STATE UNITARY: Bankruptcy Proceedings Begin
SVETLOGRAD-AGRO-PROM-STROY: Names O. Romanov Insolvency Manager
TAGANROGSKIY BAKERY: Insolvency Manager Takes over Operation
TALOVSKIY: Hearing Before Voronezh Court Set November


S W E D E N

LM ERICSSON: A-Share Holder Now Owns 37.7% of Voting Rights


U K R A I N E

BRAGINIVSKIJ ELEVATOR: Dnipropetrovsk Court Affirms Insolvency
GRAVIKS: Proofs of Claim Deadline Expires Next Week
KONOTOP' AGROHIM: Bankruptcy Proceedings Begin
PHARMACIYA: Insolvency Manager Takes over Day-to-day Operation
ZOLOTONISKE REPAIR: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

247 DM: Hires Tenon Recovery as Administrator
BELLHOUSE TRADING: Members Agree to Wind up Company
BOSS AUTOTECHNIC: Calls in Liquidator
BRITISH ENERGY: Launches Web site Dedicated to Rehab Procedure
BRITISH ENERGY: Reports GBP115 Million First-quarter Loss

CAULDON VALE: Brings in Liquidator from Sanderlings LLP
CLASSIQUE WEAR: Summons Creditors to Meeting
CREATIVE RECRUITMENT: Names Moore Stephens Administrator
DISTINCTION RESOURCING: Members Opt to Dissolve Company
DOMINANT DESIGNS: Appoints Liquidator from Ashcrofts

EASTERN HOLDINGS: Members General Meeting Set Next Month
E & M SOLUTIONS: Appoints Begbies Traynor Liquidator
EUROPEAN TECHNICAL: Hires Administrator from Antony Batty
GHC (110): Liquidator to Present Final Report Later this Month
HEART OF MIDLOTHIAN: Romanov Denies Firm Offer for Entire Shares

ICONA LIMITED: Calls in Liquidator from David Rubin & Partners
INVENSYS PLC: 2nd-quarter Performance in Line with Expectations
JARVIS PLC: Loses Contract to Build Schools Under PFI Program
J SAINSBURY: Finance Director Leaving Next Year
KEYSELECTION LIMITED: Calls in Liquidator from Purnells

LIFEBOAT FINANCIAL: Sets Creditors Meeting Next Week
LINOS OPERA: Appoints Robson Laidler Liquidator
LOUNGE PRODUCTIONS: Statement of Affairs Out Next Week
MAIL ORDER: Names Elwell Watchorn & Saxton Liquidator
MANCHESTER ELECTRICAL: Hires Joint Liquidators from Harrisons

MISS BOHEME: Creditors to Meet Next Week
M & M FASHIONS: Members Agree to Dissolve Firm
MODELCAR LIMITED: Hires Begbies Traynor as Administrator
MURRAY EMERGING: Board Calls Key Meeting to Decide Firm's Fate
NATURAL COMFORTS: Winding up Resolutions Passed

NORTH WALES: Hires Martin Busst & Co. as Liquidator
NPC REALISATIONS: Special Winding up Resolution Passed
PURELYCOM LIMITED: Calls in Liquidator
RESOURCING SOFTWARE: Names Administrators from Moore Stephens
SEDGWICK ALPHA: Members Decide to Liquidate Company

STORMBASE LTD.: Meeting of Creditors Next Week
TANDISCUM LTD.: Creditors to Meet Next Week
VOSS NET: Still Seeking Acquisition Target


                            *********


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


BACKEREI KARL: Selling Assets via Public Auction Next Week
----------------------------------------------------------
Herbert Karner Industrieauktionen GmbH will sell the properties
of Backerei Karl Karner on October 15, 2004, 1:00 p.m. at
Volksheim Spratzern, Eisenbahnerstrasse 5, A - 3106 St. Polten -
Spratzern, Austria.  Inspection of the assets will be on October
15, 2004 from 8:00 a.m. to 12:45 p.m. at the auction site.

CONTACT:  HERBERT KARNER INDUSTRIEAUKTIONEN GMBH
          Phone: +43 (0)3622 55 287
          Fax: +43 (0)3622 54 768
          E-mail: contactaustria.karner@goindustry.com


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


CARSTEN MULLER: Real Estate Firm Under Bankruptcy Administration
----------------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against real estate firm Carsten Muller Immobilien GmbH on
September 16.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 3, 2004 to register their claims with court-appointed
provisional administrator Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on November 22, 2004, 9:10 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
verify the claims set out in the administrator's report on
January 17, 2005, 9:00 a.m. at the same venue.

CONTACT:  CARSTEN MULLER IMMOBILIEN GMBH
          Schulstrasse 6, 44581 Castrop-Rauxel
          Contact:
          Carsten Muller, Manager
          Schulstrasse 6, 44579 Castrop-Rauxel

          Dr. Winfrid Andres, Insolvency Manager
          Neuer Zollhof 3, 40221 Dusseldorf
          Phone: 0211/69076969
          Fax: 69 07 69-70

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


CLOU FASHION: Charlottenburg Court Appoints Administrator
---------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Clou fashion GmbH on September 10.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 7, 2005
to register their claims with court-appointed provisional
administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on December 9, 2004, 9:20 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on February 3, 2005, 9:20 a.m. at the
district court of Charlottenburg.

CONTACT:  CLOU FASHION GMBH
          Rosenthaler Str.36,10178 Berlin

          Rolf Nacke, Insolvency Manager
          Gross-Berliner Damm 73 c, 12487 Berlin

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


DRUCKEREI HELMUTH: Creditors Have Until November to File Claims
---------------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against asset management firm Druckerei Helmuth Scholz GmbH &
Co. KG on September 13.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until November 20, 2004 to register their claims with
court-appointed provisional administrator Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on November 4, 2004, 8:40 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
verify the claims set out in the administrator's report on
December 9, 2004, 10:20 a.m. at the same venue.

CONTACT:  DRUCKEREI HELMUTH SCHOLZ GMBH & CO. KG
          Bebelstr. 165, 44532 Lunen

          Dr. Sebastian Henneke, Insolvency Manager
          Mulheimer Str. 100, 47057 Duisburg
          Phone: 0203/34840
          Fax: 0203/3484510

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


ELEKTRIKUS WORLD: Provisional Administrator Takes over Helm
-----------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Elektrikus World of Communication GmbH on
September 8.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
November 17, 2004 to register their claims with court-appointed
provisional administrator Dr. jur. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on December 8, 2004, 9:00 a.m. at Saal 1.043,
Justizzentrum, Thuringer Str. 16, 06112 Halle 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 the meeting.

CONTACT:  ELEKTRIKUS WORLD OF COMMUNICATION GMBH
          Bahnhofstr. 37, 06231 Kotzschau (HRB 7562)
          Phone: 034633/24948
          Contact:
          B. Examitzki, Manager

          Dr. jur. Rainer Eckert, Insolvency Manager
          Universitatsring 6, D-06108 Halle
          Phone: 0345/530490
          Fax: 0345/5304926


GRAF DACHARBEITEN: Court to Examine Late Claims December
--------------------------------------------------------
The insolvency court of Halle-Saalkreis has set a special
verification meeting on December 8, 2004, 9:15 a.m. for late
claims filed against Graf Dacharbeiten GmbH.  The meeting will
be at Halle-Saalkreis -- Justizzentrum -- Thuringer Str. 16,
Saal 1.043.  As provided in Section 177 of the Insolvency
Statue, the late claimants must shoulder the cost of the
meeting.

CONTACT:  GRAF DACHARBEITEN GMBH
          Neuenguter 31, 06618 Naumburg
          Contact:
          Alfred Graf, Manager
          Klaus Schulz, Manager
          Reiner Ulrich, Manager

          Dr. jur. Rainer Eckert, Insolvency Manager
          Universitatsring 6, 06108 Halle


ING BHF: Moody's Affirms D+ Financial Strength Rating
-----------------------------------------------------
Moody's Investors Service confirmed the financial strength
rating of ING BHF-Bank AG at D+.  The outlook was changed to
stable from negative.  The rating agency concurrently placed on
review for possible downgrade the Aa3 and P-1 debt and deposit
ratings of ING BHF-Bank.

The bank's ultimate parent ING Bank N.V. has just agreed to sell
it to Cologne-based private bank Sa1. Oppenheim.  Moody's will
review the details of this transaction, and ascertain ING Bank's
role, and overall credit strength under the new owner.

Moody's said: "As ING BHF's high debt and deposit ratings were
primarily based on expected support from ING Bank, the planned
transaction could lead to a more material downgrade of ING BHF's
ratings."

It confirmed ING BHF's D+ financial strength rating, and changed
its outlook to stable after the bank decided to reduce its
appetite for corporate lending.  It also noted the fact that the
bank is already free of substantial portfolio of non-strategic
and non-performing assets.  It expects the downside risk for BHF
Bank's financial fundamentals to be manageable in the
foreseeable future.

ING BHF-Bank AG is headquartered in Frankfurt.  As of March 31,
2004 it had total assets of EUR59 billion.

CONTACT:  ING-BHF BANK
          Bockenheimer Landstrasse 10
          60323 Frankfurt am Main
          Phone: +49 (69) 718-0
          Fax: +49 (69) 718-2296
          E-mail: corp-comm@bhf.ing.com
          Web site: http://www.ing-bhf-bank.com


KARSTADTQUELLE AG: Not Selling DSF Stake
----------------------------------------
Ailing retail giant KarstadtQuelle AG ruled out yesterday the
idea of selling its 40% stake in Deutsches Sport Fernsehen (DSF)
to media group EM.TV, Borsen Zeitung says.

EM.TV Chairman Werner E. Klatten recently told a newspaper he
had already talked to KarstadtQuelle about the offer.  EM.TV and
KarstadtQuelle each own around 40% of DSF.  The two groups also
hold a first refusal right and a pre-emptive tender right.

CONTACT:  KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com


MG TECHNOLOGIES: Merging with Gea AG Next Year
----------------------------------------------
Mechanical and engineering group MG Technologies will change its
name in the first quarter of 2005 following its merger with
subsidiary Gea AG, Suddeutsche Zeitung says.

The new company will be named after Gea, a group specializing in
process and thermal engineering.  Gea is expected to form the
core of the group holding.  The merger will entail a transfer of
group management from Frankfurt to Bochum.  An initial transfer
of staff will take place in December while the moving in of the
rest of the employees will be in March 2005.

CONTACT:  MG TECHNOLOGIES AG
          Bokenheimer Landstrasse 73-77
          60325 Frankfurt am Main
          Phone: ++49-(0)69-7 11 99-0
          Fax: ++49-(0)69-7 11 99-100
          E-mail: info.mg@mg-technologies.com
          Web site: http://www.mg-technologies.com

          GEA A.G
          Zentralabteilung Public Relations
          Dorstener Strasse 484
          44809 Bochum
          Phone: +49 (0) 234 / 980-0
          Fax: +49 (0) 234 / 980-1087
          E-mail: gea.pr@geaag.com
          Web site: http://www.geaag.de


PENTAPOLIS HOSPITALITY: First Creditors' Meeting Set November
-------------------------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against Pentapolis Hospitality GmbH on August 7.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 25, 2004 to
register their claims with court-appointed provisional
administrator Peter Steuerwald.

Creditors and other interested parties are encouraged to attend
the meeting on November 24, 2004, 11:00 a.m. at the district
court of Braunschweig 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:  PENTAPOLIS HOSPITALITY GMBH
          Alte Knochenhauerstrasse 12-13, 38100 Braunschweig
          (AG BS, HRB 5157)
          Contact:
          Joachim Casper, Manager
          Friedrich-Wilhelm-Strasse 38, 38100 Braunschweig

          Peter Steuerwald, Insolvency Manager
          Bruchtorwall 6, D-38100 Braunschweig
          Phone: 0531/2448030
          Fax: 0531/2448080

          DISTRICT COURT OF BRAUNSCHWEIG
          An der Martinikirche 8, 38100 Braunschweigz


SENATOR ENTERTAINMENT: Deutsche Bank Clinches Majority Stake
------------------------------------------------------------
Deutsche Bank London now holds 71.9% of insolvent film producer
and distributor Senator Entertainment after the completion of a
capital increase, Die Welt says.

Deutsche Bank London gained the stake after taking over Senator
Entertainment's EUR168 million loan in May.  The bank's stake is
expected to increase further to 80% through another capital
increase slated in the second-half of November.

Meanwhile, lawyer Rolf Rattunde expects insolvency proceedings
against Senator Entertainment to end before 2005 after similar
proceedings against sister companies were dropped.  The company
succumbed to insolvency in April after carrying out major write-
downs on its film archive.

CONTACT:  SENATOR ENTETAINEMNT AG
          Ransketrasse 3
          D-10789 Berlin
          E-mail: info@senator.de
          Web site: http://www.senator.de

          Karl W. Homburg
          Investor Relations
          Phone: +49 30 88091-612
          Fax: +49 30 88091-616
          E-mail: investor@senator.de

          DEUTSCHE BANK AG LONDON
          6th Floor
          Winchester House
          Great Winchester Street
          London EC2N 2DB
          Phone: (020) 7545 8000
          Fax: (020) 7547 4577
          Web site: http://www.deutsche-bank.de


SPAR HANDELS: Chairman to Rationalize Wholesale Activities
----------------------------------------------------------
Stepan Schelo, chairman of the management board of Spar Handels-
Aktiengesellschaft, bared recently his restructuring plan for
the ailing food company, Suddeutsche Zeitung says.

Aside from plans to sell, liquidate or sublet Spar's loss-making
hypermarkets, Mr. Schelo plans to rationalize the group's
wholesale activities.  To implement the restructuring plan, the
company has to look for further financing after its major
shareholder, French group ITM refused to inject more cash.  Spar
is now planning to sell two of its discount stores: Netto
Stavenhagen and Netto Schels.  The Netto outlets are the only
profitable stores of Spar, booking EUR56 million in operating
profit in 2003.  Spar's hypermarket, meanwhile, booked EUR109
million in losses in the same period.

CONTACT:  SPAR HANDELS-AKTIENGESELLSCHAFT
          Osterbrooksweg 35-45
          D-22867 Schenefeld, Germany
          Phone: +49-40-83-94-0
          Fax: +49-40-83-94-1922
          Web site: http://www.spar.de


TLI-THERMOTRANSPORT: Administrator to Present Report Next Month
---------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against TLI-Thermotransport GmbH on September 13.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 18, 2004 to
register their claims with court-appointed provisional
administrator Horst Helberg of Pfefferle Koch Helberg & Partner
Anwaltskanzlei.

Creditors and other interested parties are encouraged to attend
the meeting on November 29, 2004, 11:00 a.m. at Saal 27,
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:  TLI-THERMOTRANSPORT GMBH
          (HRB 18709)
          Reitzenhainer Strasse 35, 09496 Marienberg
          Contact:
          Thomas Liebscher, Manager

          PFEFFERLE KOCH HELBERG & PARTNER ANWALTSKANZLEI
          Horst Helberg, Insolvency Manager
          Selliner Str. 6, 01109 Dresden
          Web site: http://www.pfefferle.de


* Collective Bankruptcy Auction Sale Set Next Week
--------------------------------------------------
Karner & Co. GmbH will hold a collective bankruptcy auction sale
on October 14, 2004, 10:00 a.m. at Werdauer Weg 23, 10829
Berlin, Germany.

For sale are:

(a) 50 former police cars and 14 confiscated cars:

    (i) Chrysler (91),

   (ii) DB (95),

  (iii) BMW 3 (87),

   (iv) VW Lupo (99),

    (v) Golf, and

   (vi) Peugeot (93),

(b) Mofas and rollers:

    (i) Iveco Turbo Daily transporter (96),

   (ii) Sielent MAN Type 15-224 with loading crane,

  (iii) Ibiza Seat (93),

   (iv) Saebu Morsbach trailer, and

    (v) Netzersatzanlage DA 43 trailer machine

(c) Bartling Absauganlage Type HRV-O-K-4-250 (1998/99),

(d) Hinz radial drilling machine,

(e) Esab generator,

(f) 3 industrial sewing machines,

(g) Adler button hole machine,

(h) Adamson fast sewing machine,

(i) Office equipment:

    (i) Canon 300 color-laser copier,

   (ii) PCs,

  (iii) monitors,

   (iv) mattresses,

    (v) shavers,

   (vi) 10 ATB bikes,

  (vii) furniture, and

(viii) 10 oriental rugs

(j) Machines and equipment:

    (i) Mattei AC507L rotation compressor,

   (ii) Zander AS 0108 compressed air cooler,

  (iii) Darex SP 2500 twist drill grinding-machine,

   (iv) Mossner-Rekord SM 320 metal band-saw,

    (v) Fasti 10/2 swing bending machine,

   (vi) Ageo screw press,

  (vii) Hydrobull HB 3000 garage crane,

(viii) Klager HK 315 frame-saw,

   (ix) 2 lathe mandrel presses,

    (x) box drill machine,

   (xi) energy robots,

  (xii) air-driven tools,

(xiii) Beko Owamat,

  (xiv) cooler,

   (xv) compressed air filter,

  (xvi) granite measure plate, and

(xvii) mounting trolleys

Inspection of the cars will be on October 13, 2004 from 10:00
a.m. to 3:00 p.m. while inspection of other items will be on the
auction day from 8:00 a.m. to 10:00 a.m.

CONTACT:  KARNER & CO. GMBH
          Phone: +49 (0)30 773 263 0
          Fax: +49 (0)30 773 263 20
          E-mail: contactberlin.karner@goindustry.com


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


ALITALIA SPA: Low-fare Airlines Score Govt-backed Rescue Plan
-------------------------------------------------------------
Eleven no-frills carriers sent a third warning to the European
Commission regarding the approval of Alitalia's rescue plan, the
Telegraph says.

The carriers, all members of the European Low Fare Airlines
Association, addressed the letter to transport commissioner
Loyola de Palacio and competition commissioner Mario Monti.  The
group warned the commission that it would face an "official
challenge" should it approve Alitalia's rescue plan, which
according to them amounts to illegal state aid.

Wolfgang Kurth, chairman of the association and the head of
Hapag-Lloyd Express, said in the letter that the airlines were
"becoming increasingly troubled" about Alitalia's plan to split
into AZ Fly and AZ Service.  Once the split is implemented, the
carrier's EUR1.6 billion debt would be transferred to the
service unit.

Mr. Kurth said, "Asymmetrical distribution of the original
company's liabilities would be tantamount to illegal state aid.
Vast majority of this debt is associated with the airline
operations."

The association also complains of the government's EUR750
million allocation for aviation companies.  The state has
already included the amount in its 2004 finance bill.

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


LIMA SPA: Court Recommends Hornby's EUR8 Million Offer
------------------------------------------------------
Hornby Plc, the model and collectables group, said the Court of
Brescia in Italy has signed a decree that allows the Liquidators
of Lima S.p.A. to accept Hornby's offer of EUR8 million to
acquire certain assets of Lima.  Hornby is now conducting
detailed due diligence on Lima's assets.  The Hornby Board is
confident that the acquisition will be completed by the end of
the calendar year.

Lima is one of the best-known model railway companies in Europe.
However, given the high cost overhead associated with its
European based manufacturing operations, the company has
suffered recently from poor cash flow and was forced into
liquidation in 2003.

The Hornby Board is confident that it has the skills and
experience to re-invigorate Lima's brands.  This will be
achieved by reducing production costs by outsourcing production
to third party specialists in China and concentrating on
improving sales and distribution channels to ensure a recovery
in sales in Lima's key European markets.  Hornby intends to
maintain Lima's current product lines. The bulk of the company's
assets are detailed product moulds; initially these will be
moved to Hornby's site in Margate before dispatch to China.

Hornby has implemented this outsourcing strategy successfully
with its own Hornby and Scalextric brands.

The acquisition represents a major opportunity for Hornby to
continue its growth in key European markets.  Lima has a strong
range of brands as:

(a) Lima/Rivarossi - brand leaders in Italy
(b) Jouef - brand leader in France
(c) Arnold - 'N' guage products - predominantly German subject
                                  matter
(d) Pocher - high-end die cast collectable kits

In addition to the European opportunity, Rivarossi is recognized
as a premium brand in the U.S.A.

The Chief Executive of Hornby Plc, Frank Martin, commented: "We
are delighted that the Italian Court has recognized the merits
of our offer.  Now, subject to our due diligence, we hope to
complete the acquisition before the end of the year.  We are
excited by the potential for the Lima brands, which alongside
our Spanish operation Electrotren, will form the platform for
our expansion into key European markets.  Over the long-term we
are confident that this will also increase our rate of growth in
the U.S.A."

CONTACT:  HORNBY PLC
          City Profile Group
          Frank Martin, Chief Executive
          Simon Courtenay
          John Stansfield, Finance Director
          Phone: 020-7448-3244
          Phone: 01843-233500
          Web site: http://www.hornby.com
                    http://www.scalextric.com


PARMALAT AUSTRALIA: Not Selling Warwick Factory
-----------------------------------------------
Parmalat Australia denied reports it is disposing its Warwick
Cheese and Butter Factory, in southern Queensland, according to
local news ABC.

Rumors are rife the soft cheese factory might be sold or taken
over by a cooperative of local dairy farmers and businesses keen
on saving the jobs of 40 people.  Parmalat Australia issued a
statement recently denying it is in negotiations involving the
facility.  It is closing the factory in six months, though.  The
state government is offering up to US$1,000 to retrain each
worker who will be retrenched.

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


PARMALAT FINANZIARIA: Former Auditors to Stand Trial
----------------------------------------------------
Judge Cesare Tacconi indicted Maurizio Bianchi and Lorenzo
Penca, former auditors at Grant Thornton's Italian unit, at a
preliminary hearing of Parmalat Finanziaria's case Tuesday.

Mr. Pecca, the former head of Grant Thornton in Italy and his
partner, Mr. Bianchi, will stand trial at the end of January for
false accounting and market-rigging.  They were arrested
December 31, 2003 and later released.  Salvatore Stivala, lawyer
for the defendants, said his party had requested for the fast-
track trial as it will give their clients chance to defend
themselves sooner.

Also standing accused are the Italian branches of Bank of
America, auditor Deloitte & Touche S.p.A., and 27 other high-
ranking officials at the dairy giant.  The defendants are
charged of hiding the true state of the company's financial
affairs.  The court has scheduled the next hearing to decide on
their cases on October 29, November 5, 16, 19, 23, 30 and
December 3.

Those who filed cases to recover money lost when Parmalat
collapsed in December are consumer groups, which are acting on
behalf of small investors, and stock market regulator Consob.
Grant Thornton is said to have also filed a case against
Parmalat management.

Enrico Bondi, the firm's administrator, is meanwhile suing banks
Citigroup Inc., UBS, Deutsche Bank, Credit Suisse First Boston,
to claim billions of dollars in compensation.

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

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


PARMALAT FINANZIARIA: Suppliers Insist on Priority of Claims
------------------------------------------------------------
Coldiretti, Italy's farmers' association, said Parmalat
Finanziaria must put at the top of its lists payment on debts to
more than 5,000 Italian breeders who supply milk to the company.

The group brought up the topic at the preliminary hearing on the
Parmalat case in Milan Tuesday.  According to Agenzia
Giornalistica Italia, the association insisted the Tribunal,
which helped make the list of creditors, considered the debt
priority payments.  The Italian breeders are owed about EUR100
million, it said.

Coldiretti said Parmalat should honor the debts as many of the
suppliers continue delivering milk to ensure the continuity of
its operation even after its fall into administration.  But it
also conceded it has to wait for the final list of creditors,
and the approval of the proposal, which will likely come at the
end of 2004 or early next year at the latest.

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 U.S.A.: Has Until October 20 to File Chapter 11 Plan
-------------------------------------------------------------
Parmalat U.S.A Corporation, and its U.S. debtor-affiliates,
entered into a stipulation with General Electric Capital
Corporation, as agent and lender, Citibank, N.A., and the
Official Committee of Unsecured Creditors to amend the final
Court order authorizing Parmalat U.S.A. to obtain US$35,000,000
in debtor-in-possession financing.

Pursuant to the Stipulation, the DIP Lenders require Parmalat
by:

     October 15, 2004  to close the sale of substantially all
                       the assets of Milk Products of Alabama,
                       LLC, on terms acceptable to GE Capital
                       in its sole discretion;

     October 20, 2004  to file a plan of reorganization and
                       accompanying disclosure statement
                       acceptable to the Lenders;

     December 3, 2004  to obtain bankruptcy court approval for
                       the Disclosure Statement; and

     December 31, 2004 to confirm their Reorganization Plan.

Parmalat's failure to comply with the agreed timeline will
constitute an Event of Default under the DIP Financing Facility.

GE Capital also agrees to extend the maturity date of the DIP
Financing Facility to October 20, 2004.

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

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


PARMALAT U.S.A.: Proposes Supplemental Surplus Asset Sale
---------------------------------------------------------
Parmalat U.S.A. Corporation and its U.S. debtor-affiliates
employed Keen Realty, LLC to market and sell most of the firm's
non-operating properties to further maximize the value received
from the sale of its non-operating real properties.

Keen engaged in a nationwide marketing campaign with respect to
the Non-Operating Properties to obtain the highest offers for
the Properties.

Specifically, Keen listed the Non-Operating Properties on its
Web site and on http://www.loopnet.com/-- a popular Web site
for commercial real estate.  Keen continues to update the
listings as additional information is received.

Additionally, Keen sent a flier via electronic mail to over
55,000 commercial real estate subscribers, distributed a press
release to over 1,100 regional trade, news, and business
publications, and sent 11,200 two-sided color brochures via
direct mail to investors, consultants, and real estate
professionals identified through Keen's custom database and
targeted mailing lists.  Keen also placed advertisements in
several publications, including The New York Times, Crain's New
York, The Newark Star Ledger, and The Philadelphia Inquirer, and
placed signs on each of the Non-Operating Real Properties.

Through Keen's efforts, Farmland Dairies, LLC, received
indications of interest from parties who are considering buying
some of the Non-Operating Properties.  For example, with respect
to a parcel of Non-Operating Property in West Caldwell, New
Jersey, Keen received 178 inquiries by telephone and electronic
mail, and 58 parties visited the property at four open houses
hosted by Keen.  Six parties have expressed an interest in
signing a contract for the property and are currently reviewing
a form of contract provided by Farmland.

Similarly, with respect to a parcel of Non-Operating Property in
East Vincent, Pennsylvania, Keen received 71 inquiries by
telephone and electronic mail, and 19 parties visited the
property at two open houses hosted by Keen.  Four parties have
expressed an interest in signing a contract for the property and
are currently reviewing a form of contract provided by Farmland.

Farmland believes that several of the Non-Operating Real
Properties will receive offers of over US$1,000,000.

               The Need for a Stalking Horse Process

Keen has advised Farmland that the value to Farmland's estate
could be maximized with respect to certain of the Non-Operating
Properties by entering into stalking horse contracts with a
single bidder with a standard break-up fee provision and holding
auctions with respect to the property.

The Sale Procedures Order provides that "the Debtors are
authorized to take all actions and execute all documents
necessary or appropriate to effectuate the sale of the Non-
Operating Properties."

Out of an abundance of caution, Farmland asks the Court to
supplement the Sale Procedures Order to provide explicitly for
authorization to utilize, at Farmland's discretion, a stalking
horse and auction process.  Farmland also asks Judge Drain to
approve the payment of a break-up fee.

                    Supplemental Sale Procedures

Farmland will continue its marketing and sales efforts with
respect to the Non-Operating Properties, and conduct an auction
of some of the parcels of Non-Operating Properties where
Farmland, through its advisors, determines that signing a
stalking horse contract and proceeding with an auction is likely
to maximize the value to the estate.

Farmland will sign stalking horse contracts with standard
provisions providing for the payment of a break-up fee, provided
that the break-up fee does not exceed 3% of the stalking horse
bidder's proposed purchase price.  Farmland will provide notice
of the auction and the proposed stalking horse contract,
including the terms of the break-up fee, to interested parties,
who will have an opportunity to object, prior to Farmland
entering into the contract.

After the selection of the winning bid following a bidding
process and auction, Farmland will provide notice of the winning
bidder and the terms of the winning bid to the Notice Parties,
who will have an opportunity to object prior to Farmland's
consummating the sale.

Farmland will negotiate the terms of a stalking horse agreement,
including the break-up fee, with the bidder at arm's length.
Farmland will not utilize the sale procedures to sell Non-
Operating Property to an insider.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debts. (Parmalat Bankruptcy News, Issue No. 32; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

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


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


PROMSVYAZ FINANCE: Loan Participation Notes Rated 'B'
-----------------------------------------------------
Fitch Ratings assigned Promsvyaz Finance S.A.'s upcoming issue
of limited recourse loan participation notes an expected Long-
term 'B' rating.  The notes will be used to finance a loan to
Russia's Promsvyazbank (PSB, rated Long-term foreign currency
'B').  The rating is contingent upon receipt of final
documentation conforming materially to information already
received and the final rating will be confirmed at that time.

Notes will be issued by Promsvyaz Finance S.A., a Luxembourg-
domiciled orphan special purpose vehicle (SPV) for the sole
purpose of financing fiduciary deposits with a fiduciary bank
(J.P. Morgan Bank Luxembourg S.A.).  The deposits will in turn
be used for the sole purpose of financing loans to PSB under a
loan agreement.  The SPV will only pay noteholders amounts
(principal and interest), if any, received from the fiduciary
bank under a fiduciary deposit agreement and the fiduciary bank
will only pay the SPV amounts, if any, received from PSB under
the loan agreement.

The loan agreement between the J.P. Morgan Bank Luxembourg S.A.
and PSB contains a cross default clause and a covenant that J.P.
Morgan Bank Luxembourg S.A.'s claims under the loan agreement
will rank at least pari passu with the claims of other unsecured
and unsubordinated borrowers, save those preferred by relevant
(bankruptcy, liquidation etc.) laws.  Other covenants limit
mergers and disposals by PSB and its subsidiaries, and
transactions between the bank and its affiliates.  PSB has also
covenanted to maintain a Tier 1 capital adequacy ratio
calculated in accordance with Basel requirements of no less than
12%.

The loan agreement contains a negative pledge clause, which
allows for securitization by PSB, among other permitted liens.
Were such a deal to be undertaken, Fitch comments that the
nature and extent of any over-collateralization would be
assessed by the agency for any potential impact on unsecured
creditors.

PSB was established in 1995 originally to serve the
telecommunications and transport sectors.  The bank's business
has since grown and diversified, and it ranks among the top 15
banks in Russia by assets.  PSB is principally a corporate bank,
with its core clients from the telecommunications, securities
trading, IT, construction, railways, manufacturing, mass media,
publishing, food production and retail trade sectors.  PSB is
ultimately owned by two individuals, who also control a number
of financial and industrial enterprises involved in IT, food
production, publishing, real estate and insurance.  The bank is
also an important provider of financial services to a number of
its sister companies operating in various sectors that are
jointly controlled by PSB's major owners.

CONTACT:  FITCH RATINGS
          Alexander Giles, London
          Phone: +44 20 7417 6330

          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

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


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


ARCHITECTURAL AND RESEARCH: Declared Insolvent
----------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has commenced bankruptcy proceedings against
Architectural and Research-And-Production Cooperation (TIN
7805032537) after finding the limited liability company
insolvent.  The case is docketed as A56-12739/03.  Mr. A.
Tarantov has been appointed insolvency manager.  Creditors have
until October 20, 2004 to submit their proofs of claim to
199034, Russia, Saint-Petersburg, 17th Liniya, 4-6.

CONTACT:  ARCHITECTURAL AND RESEARCH-AND-PRODUCTION COOPERATION
          197348, Russia,
          Saint-Petersburg, Bogatyrskiy Pr. 11

          Mr. A. Tarantov
          Insolvency Manager
          199034, Russia,
          Saint-Petersburg, 17th Liniya, 4-6


ELECTRO-MED-OBORUDOVANIYE: Sets Deadline for Proofs of Claim
------------------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has commenced bankruptcy proceedings against Electro-Med-
Oborudovaniye after finding the close joint stock company
insolvent.  The case is docketed as A56-1306/04.  Mr. I.
Tsiganov has been appointed insolvency manager.  Creditors have
until October 20, 2004 to submit their proofs of claim to
192212, Russia, Saint-Petersburg, Belogorodskaya Str. 32,
Apartment 15.

CONTACT:  ELECTRO-MED-OBORUDOVANIYE
          198095, Russia,
          Saint-Petersburg,
          Shvetsova Str. 41

          Mr. I. Tsiganov
          Insolvency Manager
          192212, Russia,
          Saint-Petersburg,
          Belogorodskaya Str. 32,
          Apartment 15


KRASNOYARSK-AUTO-DOR: Under Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on state enterprise of
Karsnoyarsk Region Krasnoyarsk-Auto-Dor.  The case is docketed
as A33-10562/04-s4.  Mr. N. Zubenko has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 662500, Russia,
Krasnoyarsk region, Sosnovoborsk, Post User Box 18.  A hearing
will take place on December 6, 2004, 9:00 a.m.

CONTACT:  KRASNOYARSK-AUTO-DOR
          660075, Russia,
          Krasnoyarsk, Maerchaka Str. 4

          Mr. N. Zubenko
          Temporary Insolvency Manager
          662500, Russia,
          Krasnoyarsk region, Sosnovoborsk,
          Post User Box 18


NEVERKINSKAYA MTS: Names V. Zhukov Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Penza region has commenced bankruptcy
supervision procedure on OJSC Neverkinskaya MTS.  The case is
docketed as A49-4278/04-79b/20.  Mr. V. Zhukov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to Russia, Penza
region, Mokshan, Nogodnyaya Str. 7.  A hearing will take place
on December 16, 2004, 10:30 a.m.

CONTACT:  NEVERKINSKAYA MTS
          Russia, Penza region,
          Neverkino, Rabochaya Str. 4

          Mr. V. Zhukov
          Temporary Insolvency Manager
          Russia, Penza region,
          Mokshan, Nogodnyaya Str. 7


REDAN CB: Court Hires Insolvency Manager to Temporarily Run Biz
---------------------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has commenced bankruptcy proceedings against Redan CB
after finding the close joint stock company insolvent.   The
case is docketed as A56-21194/03.  Mr. S. Chernyaev has been
appointed insolvency manager.  Creditors have until October 20,
2004 to submit their proofs of claim to 197374, Russia, Saint-
Petersburg, Primorskiy Pr. 46.

CONTACT:  REDAN CB
          197374, Russia,
          Saint-Petersburg, Primorskiy Pr. 46

          Mr. S. Chernyaev
          Insolvency Manager
          197374, Russia,
          Saint-Petersburg, Primorskiy Pr., 46.


SAMARSKIY FACTORY: Gives Creditors Two Weeks to File Claims
-----------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
proceedings against Samarskiy Factory of Building Materials (TIN
610122114) after finding the limited liability company
insolvent.  The case is docketed as A53-2724/04-S2-30.  Mr. M.
Vasilyev has been appointed insolvency manager.  Creditors have
until October 20, 2004 to submit their proofs of claim to
344019, Russia, Rostov-na-Donu, Sholokhova Str. 87a, Room 4.

CONTACT:  SAMARSKIY FACTORY OF BUILDING MATERIALS
          Russia, Rostov region,
          Samarskoye, Promyshlennaya Str. 2

          Mr. M. Vasilyev
          Insolvency Manager
          344019, Russia,
          Rostov-na-Donu,
          Sholokhova Str. 87a, Room 4


STATE UNITARY: Bankruptcy Proceedings Begin
-------------------------------------------
The Arbitration Court of Belgorod has commenced bankruptcy
proceedings against State Unitary Enterprise Cooperation after
finding the firm insolvent.  The case is docketed as A08-
5769/04-2 B.  Mr. O. Savkin has been appointed insolvency
manager.  Creditors have until October 20, 2004 to submit their
proofs of claim to Russia, Belgorod, Pushkina Str. 49a, Office
6.

CONTACT:  STATE UNITARY ENTERPRISE COOPERATION
          Russia, Belgorod,
          Pervomayskiy Per. 1 A

          Mr. O. Savkin
          Insolvency Manager
          Russia, Belgorod,
          Pushkina Str. 49a, Office 6


SVETLOGRAD-AGRO-PROM-STROY: Names O. Romanov Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy proceedings against Svetlograd-Agro-Prom-Stroy after
finding the open joint stock company insolvent.  The case is
docketed as A63-194/2004-S5.  Mr. O. Romanov has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 355029, Russia, Stavropol, Lenina Str. 392, Room 530.

CONTACT:  SVETLOGRAD-AGRO-PROM-STROY
          Russia, Stavropol region,
          Svertlograd

          Mr. O. Romanov
          Insolvency Manager
          355029, Russia, Stavropol,
          Lenina Str. 392, Room 530


TAGANROGSKIY BAKERY: Insolvency Manager Takes over Operation
------------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
proceedings against Taganrogskiy Bakery Round Loaf 1926 after
finding the open joint stock company insolvent.  The case is
docketed as A53-14708/2003-S2-9.  Mr. S. Kapusta has been
appointed insolvency manager.

Creditors have until October 20, 2004 to submit their proofs of
claim to 344019, Russia, Rostov-na-Donu, Sholokhiva Str. 8-a.  A
hearing will take place on October 18, 2004, 2:30 p.m.

CONTACT:  TAGANROGSKIY BAKERY ROUND LOAF 1926
          347900, Russia, Taganrog,
          1st Kotelnaya Str. 79-a

          Mr. S. Kapusta
          Insolvency Manager
          344019, Russia,
          Rostov-na-Donu, Sholokhiva Str. 8-a


TALOVSKIY: Hearing Before Voronezh Court Set November
-----------------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy proceedings against Talovskiy after finding the
cheese manufacturer insolvent.  The case is docketed as A14-
7003-04/54/20b.  Mr. A. Nyrkov has been appointed insolvency
manager.

Creditors may submit their proofs of claim to 397480, Russia,
Voronezh region, Talovaya, Chapaeva Str. 63.  A hearing will
take place at Russia, Voronezh, Srednemorskaya Str. 77, Room 111
on November 11, 2004, 10:40 a.m.

CONTACT:  TALOVSKIY
          397480, Russia,
          Voronezh region, Talovaya,
          Chapaeva Str. 63

          Mr. A. Nyrkov
          Insolvency Manager
          397480, Russia,
          Voronezh region, Talovaya,
          Chapaeva Str. 63


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


LM ERICSSON: A-Share Holder Now Owns 37.7% of Voting Rights
-----------------------------------------------------------
265,519,834 B-shares in Ericsson have been converted to the same
number of A-shares in the first conversion round.

Shareholders in LM Ericsson have in the first conversion round
tendered 265,519,834 B-shares for conversion to the same number
of A-shares.  As a result of the first conversion round, the
total number of shares in Ericsson is now 921,738,474 A-shares
and 15,210,520,204 B-shares.  The A-shares are now representing
37.7% of the voting rights in Ericsson and the B-shares are
representing 62.3% of the voting rights.

The closing date for applications for conversion of B-shares to
A-shares is December 10, 2004.  The application shall be made on
a separate application form.

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

                            *   *   *

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

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

CONTACT:  LM ERICSSON
          Peter Olofsson
          Group Function Communications
          Phone: +46 8-719 18 80
                 +46 8-719 69 92
          E-mail: press.relations@ericsson.com


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


BRAGINIVSKIJ ELEVATOR: Dnipropetrovsk Court Affirms Insolvency
--------------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Braginivskij Elevator (code EDRPOU 00953786)
on September 2, 2004 after finding the open joint stock company
insolvent.   The case is docketed as B 40/7/04.  Arbitral
manager Mr. Sergij Rulyov (License Number AA 140483) has been
appointed liquidator/insolvency manager.  The company holds
account number 26009311682001 at CB Privatbank, Pavlograd
branch, MFO 305727.

CONTACT:  BRAGINIVSKIJ ELEVATOR
          52730, Ukraine, Dnipropetrovsk region,
          Petropavlivka, Braginivka station,
          Polyova Str. 33

          Mr. Sergij Rulyov
          Liquidator/Insolvency Manager
          49108, Ukraine, Dnipropetrovsk region,
          Yantarna Str. 81/1-48

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


GRAVIKS: Proofs of Claim Deadline Expires Next Week
---------------------------------------------------
The Economic Court of Lugansk region has commenced bankruptcy
supervision procedure on OJSC Graviks (code EDRPOU 21823148).
The case is docketed as 20/25 b.  Mr. Dmitro Litsoyev (License
Number AA 520122 approved on June 17, 2003) has been appointed
temporary insolvency manager.  The company holds account number
26000322554 at JSB Ukrkomunbank, Severodonetsk branch, MFO
304740.

Creditors have until October 14, 2004 to submit their proofs of
claim to:

(a) GRAVIKS
    Ukraine, Lugansk region,
    Severodonetsk, Yegorov Str. 11

(b) Mr. Dmitro Litsoyev
    Temporary Insolvency Manager
    91000, Ukraine, Lugansk region,
    Serov Str. 111

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


KONOTOP' AGROHIM: Bankruptcy Proceedings Begin
----------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Konotop' Agrohim (code EDRPOU 05490670) on
July 29, 2004 after finding the open joint stock company
insolvent.   The case is docketed as 6/47-04.   Mr. Roman
Udovenko (License Number AA 719777 approved on January 29, 2004)
has been appointed liquidator/insolvency manager.

CONTACT:  KONOTOP' AGROHIM
          Ukraine, Sumi region,
          Konotop, Sumska Str. 17

          Mr. Roman Udovenko
          Liquidator/Insolvency Manager
          40030, Ukraine, Sumi region,
          Kirov Str. 25, 4th floor
          Phone: (0542) 34-51-70

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


PHARMACIYA: Insolvency Manager Takes over Day-to-day Operation
--------------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on CJSC Pharmaciya (code EDRPOU 31016877)
on May 24, 2004.  The case is docketed as B 40/59/04.  Mr.
Leonid Talan has been appointed temporary insolvency manager.
The company holds account number 26007106919057 at CB
Privatbank, Dnipropetrovsk branch, MFO 305299.

CONTACT:  PHARMACIYA
          Ukraine, Dnipropetrovsk region,
          K. Marks Avenue, 54/2

          Mr. Leonid Talan
          Temporary Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region,
          a/b 158
          Phone: 92-53-18

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


ZOLOTONISKE REPAIR: Under Bankruptcy Supervision
------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on OJSC Zolotonosha' Repair-Transport
Enterprise (code EDRPOU 21365964) on June 25, 2004.  The case is
docketed as 01/1952.  Arbitral manager Mr. Sergij Nazarenko has
been appointed temporary insolvency manager.

CONTACT:  ZOLOTONISKE REPAIR-TRANSPORT ENTERPRISE
          19700, Ukraine, Cherkassy region,
          Zolotonosha, Obuhova Str. 52

          Mr. Sergij Nazarenko
          Temporary Insolvency Manager
          18000, Ukraine, Cherkassy region,
          Dobrovolskij Str. 3/1-25
          Phone: 8 (0472) 66-24-23
                 8 (050) 464-03-04

          ECONOMIC COURT OF CHERKASSY REGION
          18005, Ukraine, Cherkassy region,
          Shevchenko Avenue, 307


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


247 DM: Hires Tenon Recovery as Administrator
---------------------------------------------
Nigel Ian Fox and Carl Stuart Jackson (IP Nos 8891, 8860) have
been appointed joint administrators for 247 DM Limited.  The
appointment was made September 20, 2004.  The company is engaged
in direct mailing and data capture.  Its registered office is
located at Highfield Court, Tollgate, Chandlers Ford, Eastleigh,
Hampshire SO53 3TZ.

CONTACT:  TENON RECOVERY
          Highfield Court
          Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax:   023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


BELLHOUSE TRADING: Members Agree to Wind up Company
---------------------------------------------------
At an extraordinary general meeting of the Bellhouse Trading
Limited on September 22, 2004 held at 76 New Cavendish Street,
London W1G 9TB, the subjoined extraordinary resolution to wind
up the company was passed.  Mark Levy of Berley, 76 New
Cavendish Street, London W1G 9TB has been appointed liquidator
for the purpose of such winding-up.

CONTACT:  BERLEY
          76 New Cavendish Street,
          London W1G 9TB


BOSS AUTOTECHNIC: Calls in Liquidator
-------------------------------------
At an extraordinary general meeting of the members of the Boss
Autotechnic Limited on September 22, 2004 held at Mountview
Court, 1148 High Road, Whetstone, London N20 0RA, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Elizabeth Arakapiotis has been appointed
liquidator for the purpose of such winding-up.


BRITISH ENERGY: Launches Web site Dedicated to Rehab Procedure
--------------------------------------------------------------
British Energy has launched a new Web site and shareholder
helpline that will provide shareholders with the latest
information on the company's restructuring process and the
Requisitioned EGM for 22 October.

The site contains the latest announcements put out by the
company, a question and answer section as well as the
opportunity for shareholders to register for updates.  The site
also contains details of a shareholder helpline that will be
manned from 9 a.m. to 5 p.m., Monday to Friday.

The Helpline cannot provide advice on the merits or otherwise of
the matters described in the circular requisitioning the EGM nor
give financial advice.

Restructuring site: http://www.britishenergyuk.info

Shareholders' helpline:

U.K. callers:
Phone: 0800 035 0844

International callers:
Phone: +44 1295 225 285

CONTACT:  BRITISH ENERGY Plc
          Charles Watenphul
          Phone: 020 7831 3113


BRITISH ENERGY: Reports GBP115 Million First-quarter Loss
---------------------------------------------------------
No comparative data is available because the Company only
commenced publishing quarterly reporting in the third quarter
ended 31 December 2003.  In reviewing these results, it is
important to note that, in general, output and prices tend to be
higher in the third and fourth quarters of the financial year.

A summary of the results for the period is set out below:

                                          Quarter ended
                                          30 June 2004
Profit & Loss Summary                        GBPm
U.K. operating loss before exceptional items   (20)
Net exceptional operating charges              (16)
U.K. operating loss after exceptional items    (36)
Group loss after tax and exceptional items     (115)

The U.K. operating loss of GBP36 million is reported after net
exceptional operating charges of GBP16 million.

                                          Quarter ended
                                          30 June 2004
EBITDA Summary                                GBPm
U.K. operating loss before exceptional items   (20)
Add:  Depreciation                             18
EBITDA - continuing activities                 (2)
Add: P&L adjustment of revised BNFL back end
contracts                                      (1)
Adjusted EBITDA - continuing activities        (3)

------
Notes:

[1] EBITDA - is defined by the Company as earnings before
    interest, taxes, depreciation, amortization and related
    exceptional items.  The Company has included information
    concerning EBITDA because it believes that it is used by
    certain investors as one measure of the Company's financial
    performance.  EBITDA is not a measure of financial
    performance under United Kingdom Generally Accepted
    Accounting Principles and is not necessarily comparable to
    similarly titled measures used by other companies.  EBITDA
    should not be construed as an alternative to operating
    income or to cash flows from operating activities (as
    determined in accordance with United Kingdom Generally
    Accepted Accounting Principles) as a measure of liquidity.

[2] EBITDA - continuing activities for Q1 05 does not include
    the adjustment from the revised BNFL back end contracts of
    GBP1 million charge (benefit of GBP58 million in FY 04).
    Following the asset impairment review at 31 March 2003
    (updated at 31 March 2004) all expenditure of a capital
    nature has been expensed through the P&L account.  Capital
    expenditure will continue to be fully expensed in the P&L
    account until it is possible to demonstrate that it enhances
    the value of the Company's assets after taking account of
    the impairment review.

    Based on U.K. GAAP, Capex, as referred to above, cannot be
    added back to EBITDA.  The estimated amount of capital
    expenditure in Q1 05 was GBP15 million.

[3] Adjusted EBITDA includes the adjustment of GBP1 million-
    charge (benefit of GBP58 million in FY 04) from the revised
    BNFL back end contracts.  Further details can be found under
    the heading 'Fuel' in Management's Discussion and Analysis.

    EBITDA from continuing activities was negative GBP2 million.
    Adjusted EBITDA, after including an adjustment of GBP1
    million from the revised BNFL back end contracts, was
    negative GBP3 million.

    Net cash outflow from operating activities in the period was
    GBP61 million, which contributed to a decrease in Total Cash
    (including liquid resources) of GBP72 million.

    Details of cash and net debt are summarized in the table
    below, including an update as at 31 August 04.

Cash Balances       31 August 04     30 June 04     31 March 04
                     GBPm              GBPm            GBPm
Cash not used
for collateral

Cash used for
collateral            252              180             276
                      300              321             297
Total Cash Note 1     552              501             573

Total Debt:
pre restructuring     883              883             883
Less: total cash     (552)            (501)           (573)
Net Debt              331              382             310

--------
Note:

[1] Total Cash is the sum of cash at bank and term deposits/bank
    balances.

Following the implementation of the Proposed Restructuring,
GBP700 million of New Bonds will replace the existing bonds, the
RBS letter of credit and certain PPA's.

                                       Quarter Ended
Output and Unit Costs       30 June 04            30 June 03
Output (TWh)
-         Nuclear              15.0                  17.0
-         Coal                  1.4                   1.1
Total Output                   16.4                  18.1
Realised price (GBP/MWh)       18.0
Total operating unit cost
(GBP/MWh) - as reported        19.6

Margin(GBP/MWh)                (1.6)

Impact of adjustments on unit costs:

Total operating unit
costs (GBP/MWh)                19.6
Revised BNFL back
end contracts (GBP/MWh)         0.1
Depreciation (GBP/MWh)         (1.1)
Adjusted operating unit
cost (GBP/MWh)                 18.6
Adjusted Margin (GBP/MWh)      (0.6)
(Figures rounded)

Total U.K. output for the quarter was 16.4TWh, of which nuclear
output was 15.0TWh and Eggborough output was 1.4TWh.  This
compares with nuclear output of 17.0TWh and Eggborough output of
1.1TWh for Q1 04.

The realized price was GBP18.0/MWh which compares favorably to
GBP16.9/MWh for the year ended 31 March 2004 (an increase of
7%), and to GBP15.8/MWh in the first half of the previous year.
The total operating unit cost was GBP19.6/MWh which includes
depreciation of GBP18 million, and Capex expensed to P&L of
GBP15 million (GBP47 million in H1 04 and GBP70 million in FY
04) but does not include the incremental charges of the revised
BNFL back end contracts of GBP1 million (a benefit of GBP31
million in H1 04 and GBP58 million in FY 04).  This was
significantly higher when compared to the total operating unit
cost of GBP16.4/MWh for the first half of the previous year due
to lower output and increased costs.

The margin was negative GBP1.6/MWh, which compares with the
negative margin GBP0.6/MWh reported for the first half of
financial year 2004.  The adjusted margin was negative
GBP0.6/MWh compared to the adjusted margin of positive
GBP0.9/MWh for the first half of financial year 2004 after
adjusting for depreciation and the revised BNFL back end
contracts.

Recent Events and Outlook

(a) The Company recently announced its revised target of annual
    nuclear output in its statement dated 30 July 2004 to around
    61.5 TWh.  The expected annual nuclear output for the year-
    ending 31 March 2005 will be given in the prospectus which
    is expected to be published pursuant to the Proposed
    Restructuring.

(b) As of mid-September 2004 the Company had in place contracts
    for volume equivalent to virtually all of planned output for
    FY 05, of which a large majority were at fixed prices.  The
    average price for these contracts for FY 05 is GBP20.8/MWh.
    The market price for forward base load contracts has
    continued to rise during the period.  Annual contracts for
    delivery from October 2004 onwards have risen from around
    GBP23.5/MWh at the end of March 2004 to over GBP30/MWh by
    mid September 2004, an increase of some 28%.

(c) Progress has been made towards the completion of the
    Proposed Restructuring, but it still remains subject to a
    number of significant uncertainties and important
    conditions.  The European Commission announced its
    approval of the Government's State aid application as noted
    in the Company's announcement on the 22 September 2004.  The
    approval was subject to certain compensatory measures the
    details of which were announced by the Department of Trade
    and Industry on 22 September 2004.

(d) The Company has recently secured a three-year GBP60 million
    full-recourse receivables (debt purchase) facility expiring
    on 24 August 2007.  On completion of the Proposed
    Restructuring the receivables facility will be guaranteed by
    the other principal companies within the Group (excluding
    Eggborough Power Limited).  This is an important step as,
    upon HMG receiving State aid approval from the European
    Commission no further drawings can be made under the credit
    facility provided by HMG.

(e) On 23 September 2004 the Company announced that it had
    received indicative non-investment grade ratings for the
    GBP550 million of New Bonds that are to be issued to certain
    of our creditors and to the Nuclear Liabilities Fund Limited
    upon completion of the Proposed Restructuring pursuant to
    the terms that were announced on 1 October 2003.

(f) On 24 September 2004 the United Kingdom Office for National
    Statistics (ONS) announced that with effect from 9 September
    2002, the Company would be classified as in the public
    sector.  This classification was stated by the ONS to
    reflect the degree of control that can be exercised by the
    Government over the Group, first through the Government
    credit facility and then as a result of the terms of the
    Proposed Restructuring.

(g) There are currently and on Admission will continue to be,
    certain restrictions on and factors affecting our ability to
    pay dividends.  As a result of these restrictions and after
    making a prudent allowance for collateral requirements the
    directors consider that the earliest period for which a
    dividend may be declared is FY 07.

Requisitioned EGM

On 3 September 2004 British Energy received a formal request
from two shareholders holding together in excess of 10% of the
issued share capital, Polygon Investment Partners and Brandes
Investment Partners, to convene an extraordinary general meeting
of British Energy (EGM) to consider three special resolutions
and two ordinary resolutions which, if approved, could prevent
the Proposed Restructuring being implemented.  The Company has
taken certain measures to protect the completion of the terms of
the Creditor Restructuring Agreement announced on 1 October
2003.  These measures are detailed in the de-listing circular to
shareholders dated 23 September 2004, and in the requisitioned
EGM circular to shareholders dated 24 September 2004.  On 30
September 2004 Polygon announced that it would withdraw its
support for the EGM and consequently has confirmed that it will
vote against the resolutions and not further oppose the Proposed
Restructuring.

Board Changes

(a) Since the year-end, we have announced the appointment of
    Stephen Billingham as Finance Director.  Mr. Billingham
    joined the Company at the end of August as Finance Director
    Designate. As part of ongoing hand over arrangements Mr.
    Billingham was appointed to the Board on 16 September 2004
    and Martin Gatto, formerly our Interim Finance Director,
    stepped down on the same day.  Mr. Billingham joined British
    Energy from WS Atkins plc, the engineering consultancy and
    support service group, where he was Group Finance Director
    during its successful financial recovery.

(b) Martin Gatto continues to serve with the Company in the role
    of Chief Financial Officer.

(c) Roy Anderson was appointed to the Board as Chief Nuclear
    Officer on 16 September 2004.  Prior to joining the Company,
    on 5 July 2004, he was president of PSE&G in the United
    States where he was responsible for all nuclear production.

(d) David Pryde was appointed as an independent non-executive
    director on 1 September 2004.  Mr. Pryde has extensive
    trading and risk management experience.  He has held senior
    management positions in trading businesses within JP Morgan
    and Co Inc. and has sat on the Boards of the Commodity
    Exchange, the Chicago Mercantile Exchange and the Futures
    Industry Association.

(e) In addition David Gilchrist resigned from the Board of the
    Company on 5 August 2004.  Mr. Gilchrist has been with the
    Company since 1991 and was appointed MD of the nuclear
    generation business in 2002.  The Company thanks him for his
    past contribution and wishes him well for the future.

A full copy of its financial statements is available free of
charge at http://bankrupt.com/misc/financialresults.htm.

CONTACT:  BRITISH ENERGY
          Investor Relations
          John Searles
          Phone: 01355 262202

          Media:
          Andrew Dowler
          Phone: 020 7831 3113


CAULDON VALE: Brings in Liquidator from Sanderlings LLP
-------------------------------------------------------
At an extraordinary general meeting of the Cauldon Vale Limited
on September 21, 2004 held at Sanderling House, 1071 Warwick
Road, Acocks Green, Birmingham B27 6QT, the extraordinary
resolutions to wind up the company were passed.  Andrew Fender
of Sanderlings LLP, Sanderling House, 1071 Warwick Road, Acocks
Green, Birmingham B27 6QT has been nominated liquidator for the
purpose this winding-up.

CONTACT:  SANDERLINGS LLP
          Sanderling House,
          1071 Warwick Road,
          Acocks Green, Birmingham B27 6QT


CLASSIQUE WEAR: Summons Creditors to Meeting
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Classique Wear Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Classique Wear Ltd.
will be held at 4 Dancastle Court, 14 Arcadia Avenue, London, N3
2HS on October 14, 2004, at 10:00 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.

Y. Yianni, Director
September 17, 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


CREATIVE RECRUITMENT: Names Moore Stephens Administrator
--------------------------------------------------------
Roderick Graham Butcher and Nigel Price (IP Nos 8834, 8778) have
been appointed joint administrators for Creative Recruitment
Solutions Plc.  The appointment was made September 24, 2004.
The company develops software solutions.

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


DISTINCTION RESOURCING: Members Opt to Dissolve Company
-------------------------------------------------------
At an Extraordinary General Meeting of the Distinction
Resourcing Limited on September 23, 2004 held at Brentmead
House, Britannia Road, London N12 9RU, the subjoined
extraordinary resolution to wind up the company was passed.
Martin Henry Linton of Brentmead House, Britannia Road, London
N12 9RU has been appointed liquidator for the purpose of such
winding-up.


DOMINANT DESIGNS: Appoints Liquidator from Ashcrofts
----------------------------------------------------
At an extraordinary general meeting of the Dominant Designs
Limited on September 29, 2004 held at 33-33A Higham Hill Road,
London E17 6EA, the extraordinary resolution to wind up the
company was passed.  Harjinder Johal of Ashcrofts, 33-33A Higham
Hill Road, London E17 6EA has been appointed liquidator for the
purpose of such winding-up.

CONTACT:  ASHCROFTS
          33-33A Higham Hill Road,
          London E17 6EA


EASTERN HOLDINGS: Members General Meeting Set Next Month
--------------------------------------------------------
The general meeting of the members of Eastern Holdings Inc
Limited will be on November 8, 2004 commencing at 10:00 a.m.  It
will be held at KPMG, 2 Cornwall Street, Birmingham B3 2DL.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with KPMG, 2 Cornwall Street, Birmingham B3 2DL not later than
4:00 p.m., November 5, 2004.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
              Or +44 (0) 121 335 2501
          Web site: http://www.kpmg.co.uk


E & M SOLUTIONS: Appoints Begbies Traynor Liquidator
----------------------------------------------------
At an extraordinary general meeting of the E & M Solutions
Limited on September 20, 2004 held at The Holiday Inn, Leigh
Road, Eastleigh, Hampshire SO50 9PG, the subjoined extraordinary
resolution to wind up the company was passed.  Lloyd Biscoe of
Begbies Traynor, The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG has been appointed liquidator for
the purpose of such winding-up.

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


EUROPEAN TECHNICAL: Hires Administrator from Antony Batty
---------------------------------------------------------
William Antony Batty (IP No 1049) has been appointed
administrator for European Technical Support Limited.  The
appointment was made September 16, 2004.  The company offers
computer services.  Its registered office is located at New
House, Suite 24, 67-68 Hatton Garden, London EC1N 8JY.

CONTACT:  ANTONY BATTY & CO
          New House, Suite 24,
          67-68 Hatton Garden,
          London EC1N 8JY
          Phone: 020 7831 1234
          Fax: 020 7430 2727
          E-mail: antony@antonybatty.com
          Web site: http://www.antonybatty.com


GHC (110): Liquidator to Present Final Report Later this Month
--------------------------------------------------------------
The final meeting of the members of GHC (110) Limited will be on
October 28, 2004 commencing at 11:00 a.m.  It will be held at
the offices of Barber Harrison & Platt, 2 Rutland Park,
Sheffield S10 2PD.

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 Barber Harrison & Platt, 2 Rutland Park, Sheffield S10 2PD
not later than 12:00 noon, October 27, 2004.

CONTACT:  BARBER HARRISON & PLATT
          2 Rutland Park,
          Sheffield S10 2PD
          Phone: 0114 2667171
          Fax: 0114 2669846
          Web site: http://www.bhp.co.uk


HEART OF MIDLOTHIAN: Romanov Denies Firm Offer for Entire Shares
----------------------------------------------------------------
Since the announcement on 30 September 2004 of the entry by Mr.
Vladimir Romanov into a conditional share sale and purchase
agreement in relation to the possible acquisition of the shares
beneficially owned by Mr. C P Robinson in Heart of
Midlothian plc, there has been further press speculation linking
Mr. Vladimir Romanov with an offer for the entire issued share
capital of Heart of Midlothian.

Mr. Romanov wishes to make it clear that, whilst confidential
discussions have taken place, and are continuing to take place,
between representatives of Mr. Romanov and representatives of a
limited number of shareholders in Heart of Midlothian, these
confidential discussions may or may not lead to an offer being
made for the entire issued share capital of Heart of Midlothian.

A further announcement will be made if and when the conditional
acquisition of the shares of Mr. Robinson by Mr. Romanov is
concluded in accordance with the terms of the relevant
agreement.

CONTACT:  HEART OF MIDLOTHIAN PLC
          Chris Robinson
          Phone: 0131 200 7245


ICONA LIMITED: Calls in Liquidator from David Rubin & Partners
--------------------------------------------------------------
At an extraordinary general meeting of the members of the Icona
Limited on September 24, 2004 held at the offices of David Rubin
& Partners, Pearl Assurance House, 319 Ballards Lane, London N12
8LY, the extraordinary resolution to wind up the company was
passed.  David Rubin of David Rubin & Partners, Pearl Assurance
House, 319 Ballards Lane, London N12 8LY has been appointed
liquidator for the purpose of such winding-up.

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


INVENSYS PLC: 2nd-quarter Performance in Line with Expectations
---------------------------------------------------------------
Current trading

The Group's trading performance for the second quarter is in
line with the guidance given for the half- and full-year.
Invensys remains confident that its growth and operational
programs should deliver an improving year-on-year trend in Group
performance during the second half.

Product Recall - Climate Controls

Following twelve reported failures of the TS-11 gas valve
manufactured by its Climate Controls business, Invensys is
conducting a voluntary recall of specific identified batches.
Certain valve types of a second product range, the 7000 Series,
have also been quarantined following a single reported failure.
Testing is underway to validate their safety in various
applications, but remains at an early stage.

Based on current estimates, costs for the TS-11 recall are
expected to be up to approximately GBP10 million.  The Group's
current best estimate of costs for the 7000 Series if a recall
is required is in the range of GBP5-20 million.  If confirmed,
these outflows will be treated as an operational exceptional
item and funded from existing resources over several years.
These exceptional costs are not expected to deflect the Group's
progress from its recovery program, as set out at the time of
the refinancing.

Chief Executive of Invensys, Rick Haythornthwaite, said: "Eight
months after announcing our refinancing, trading performance
clearly shows that our businesses are benefiting from the
Group's new financial stability.  We remain on track to meet
both our half- and full-year guidance.

"In terms of the product recall in Climate Controls, customer
safety is our number one priority.  We are currently erring on
the side of caution with our quarantine and are working to
rapidly identify and recall the relevant population of valves."

Investor Seminar

                            *   *   *

Product recall

The TS-11 valve is used to regulate the flow of gas in
commercial cooking applications.  It has been manufactured in
high volumes for many years, during which time it has operated
with an excellent safety record.

Following a change in the manufacturing process in February
2003, the recall is only expected to apply to units produced
between that date and August 2004.  Customers are being notified
and filings made to the U.S. Consumer Product Safety Commission,
although the valve's applications are almost wholly commercial.

Certain valves in the 7000 Series -- which regulate the flow of
gas in a wide range of applications -- from the same date bands
are being quarantined pending completion of further testing by
independent engineering specialists.  To date, only a single
report of an alleged failure in the field has been received.
Production of both valves has recommenced, using a revised
process.

About Invensys

Invensys is a global automation, controls and process solutions
Group.  Our products, services, expertise and ongoing support
enable intelligent systems to monitor and control processes in
many different environments.  The businesses within Invensys
help customers in a variety of industries -- including
hydrocarbons, chemicals, oil and gas, power and utilities, rail,
construction, environmental control, white goods,
telecommunications, paper, food and beverage, dairy,
pharmaceuticals and personal care -- to perform with greater
efficiency, safety and cost-effectiveness.

Process Systems provides products, services and solutions for
the automation and optimization of plant operation in the
process industries, such as hydrocarbons (oil and gas),
chemicals, power and utilities and metals and mining.  Process
Systems technologies, including industry-leading brands such as
Foxboro, Triconex, SimSci-Esscor and Wonderware, help to make
plants function more efficiently and safely.

Process Systems occupies a top-three position in the DCS
(Distributed Control System), safety, simulation and HMI (Human-
Machine Interface -- the software that represents plant
information in a comprehensible form) markets; its products are
installed in over 50,000 plants across the world.

Eurotherm is a leading global supplier of control, data and
measurement solutions and services to industrial and process
customers.  Eurotherm helps many industries, including plastics,
pharmaceuticals, food and beverage and glassmaking, to measure
and control variables such as pressure and temperature and
record vital data.  Eurotherm's product range includes
distributed process automation systems and machine control
incorporating single and multi-loop control, operator displays,
data management and graphic recorders.

APV's knowledge and expertise in the food, beverage, personal
care, pharmaceutical and chemical industries has made it a
leading supplier of process equipment, turnkey plant solutions
and value-increasing services.  With nearly 1,000 engineers and
700 sales personnel across 48 countries, APV delivers return on
investment across the world and throughout plant life cycles.

Rail Systems is a multinational leader in the design,
manufacture, supply, installation, commissioning and maintenance
of safety-related rail signaling and control systems, as well as
a complete range of rail signaling products.  Working directly
for rail authorities or with partners or contractors who provide
other elements of a complete solution, Rail Systems businesses
have established market-leading positions in the U.S., U.K. and
Spain.

Climate Controls is a leading provider of the components,
systems and services used across the world to make commercial
and residential buildings safer, more comfortable and more
efficient.  With industry-recognized names such as Ranco,
Eberle, Robertshaw and Firex, Climate Controls has significant
presence in the heating, ventilation, air conditioning,
commercial refrigeration and residential building alarms
markets.

Appliance Controls provides electronic and electro-mechanical
systems and components to appliance and related industries.
These include motor controls, thermostats and design software
for refrigerators and freezers, washing machines and
dishwashers, water coolers and a wide variety of other
appliances used in homes and businesses.  With the broadest
product offering worldwide, and a history of more than 100 years
of innovation, Appliance Controls helps customers to meet
consumer demand for reliable, stylish and energy-efficient
appliances.

Invensys also currently owns two businesses, Lambda and Baker,
which are identified for sale.

Lambda is a leading producer of standard and modified power
supplies for the industrial automation, test and measurement and
telecommunications markets.

Baker provides equipment, services and complete process
solutions to the bakery, biscuit, confectionery and snack
industries.

The Invensys Group is listed on the London Stock Exchange.  With
over 35,000 employees operating in 60 countries, Invensys helps
customers to improve their performance and profitability,
building value for end users and shareholders alike.

CONTACT:  INVENSYS PLC
          Victoria Scarth/Mike Davies
          Phone: +44 (0) 20 7821 3755
          or
          Taylor Rafferty, New York
          Brian Rafferty
          Phone: +1-212-889-4350


JARVIS PLC: Loses Contract to Build Schools Under PFI Program
-------------------------------------------------------------
Jarvis plc reports that Kirklees Metropolitan Council (KMC) has
decided not to proceed further with the bid made by Jarvis'
accommodation services division (JAS) to build 4 new schools
under a PFI agreement where the division had been selected as
preferred bidder.  The council took this decision because of
concerns about the future ownership of the accommodation
services division and the fact that Jarvis cannot yet assure the
council as to when it will be able to sign the contract and
start the construction program.

Despite its disappointment in the KMC decision JAS has been
involved in constructive and amicable discussions with KMC to
ensure that the council can move forward promptly with its
plans.  Both KMC and JAS are confident that the success of their
existing 20-school PFI project is not jeopardized by this
decision.

                            *   *   *

Jarvis said in August that after the audit of its report for the
year ended March 31, 2004, there will be a reversal of
exceptional income of GBP3.5 million and a loss on disposal of
GBP0.9 million.  In addition, the application of accounting
standards recommended by auditor requires that an impairment
provision of GBP6.0 million be made in respect of certain of the
joint ventures held at the balance sheet date, whilst profits of
GBP5.1 million on other joint ventures will be recognized in the
current financial year.  Having accounted for other reductions
to turnover of GBP0.4 million, the net effect is to increase the
reported loss before tax in respect of the UPP and PFI joint
venture transactions by GBP9.0 million in the year ended 31
March 2004.  The income arising will now be recognized in the
current financial year.

CONTACT:  TULCHAN
          Andrew Honnor or David Trenchard
          Phone: 020 7353 4200

          JARVIS PLC
          Paul Ravenscroft
          Phone: 020 7017 8127


J SAINSBURY: Finance Director Leaving Next Year
-----------------------------------------------
Supermarket chain J Sainsbury received another blow yesterday
when Finance Director Roger Matthews announced his departure
next year.

Mr. Matthews, who joined the company in 1999 from catering group
Compass where he was managing director, is quitting in March.
Chairman Philip Hampton said Mr. Matthews is planning to
"develop a portfolio of interests in both the public and private
sectors."  The hunt for his successor is now ongoing.

Britain's third-largest food seller has in recent years lost
customers to rivals Tesco and Asda despite a GBP2 billion
transformation plan.  Shareholder groups are threatening to sell
the business or take it private if the firm's fortunes are not
restored within seven months.


KEYSELECTION LIMITED: Calls in Liquidator from Purnells
-------------------------------------------------------
At an extraordinary general meeting of the members of the
Keyselection Limited on September 16, 2004 held at St Marks
House, 3 Gold Tops, Newport, South Wales NP20 4PG, the
extraordinary resolution to wind up the company was passed.  Ray
Purnell of Purnells, St Marks House, 3 Gold Tops, Newport, South
Wales NP20 4PG has been nominated liquidator for the purpose of
the winding-up.

CONTACT:  PURNELLS
          St Marks House,
          3 Gold Tops, Newport,
          South Wales NP20 4PG
          Phone: 01633 214712
          Fax: 01633 246599
          E-mail: ray@purnells.co.uk
          Web site: http://www.purnells.co.uk


LIFEBOAT FINANCIAL: Sets Creditors Meeting Next Week
----------------------------------------------------
Name of Companies:
Lifeboat Financial Advisers Limited
Lifeboat Financial Group Limited
Lifeboat Solutions Limited
Simply Assured Direct Limited
Simply Assured Limited

The creditors of these companies will meet on October 15, 2004
commencing at 10:30 a.m.  It will be held at the Moat House
Hotel, Forgegate, Telford Centre, Telford TF3 4NA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham
B3 3SD not later than 12:00 noon, October 14, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham B3 3SD
          Joint Administrative Receivers:
          Christopher Kim Rayment
          A P Supperstone
          Phone: 0121 200 4600
          Fax:   0121 200 4650
          E-mail: birmingham@bdo.co.uk
          Web site: http://www.bdo.co.uk


LINOS OPERA: Appoints Robson Laidler Liquidator
-----------------------------------------------
At an extraordinary general meeting of the members of the Linos
Opera Limited on September 23, 2004 held at 31-39 Market Street,
Newcastle upon Tyne NE1 1EW, the extraordinary and ordinary
resolutions to wind up the company were passed.  William Paxton
of Robson Laidler LLP, Fernwood House, Fernwood Road, Jesmond,
Newcastle upon Tyne NE2 1TJ has been appointed liquidator of the
company.

CONTACT:  ROBSON LAIDLER LLP
          Fernwood House,
          Fernwood Road,
          Jesmond, Newcastle upon Tyne
          Liquidator:
          W Paxton
          Phone:  0191 281 8191
          Fax: 0191 281 6279
          Web site: http://www.robson-laidler.co.uk


LOUNGE PRODUCTIONS: Statement of Affairs Out Next Week
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Lounge Productions Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Lounge Productions Ltd.
will be held at St. Marks House, 3 Gold Tops, Newport, NP20 4PG
on October 14, 2004 at 2:00 p.m. for the purpose of having a
full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at St. Marks House,
3 Gold Tops, Newport, NP20 4PG not later than 12:00 noon on the
business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must, unless they surrender their security, lodge at
St. Marks House, 3 Gold Tops, Newport, NP20 4PG 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 Purnells, St. Marks House, 3 Gold Tops,
Newport, NP20 4PG two business days prior to the meeting.

By Order of the Board.

D. B. Lewis,
September 17, 2004

CONTACT:  PURNELLS
          St Marks House
          3 Gold Tops
          Newport NP20 4PG
          Phone: 01633 214712
          Fax: 01633 246599
          E-mail: ray@purnells.co.uk
          Web site: http://www.purnells.co.uk


MAIL ORDER: Names Elwell Watchorn & Saxton Liquidator
-----------------------------------------------------
At an extraordinary general meeting of the Mail Order Systems
Limited on September 29, 2004 held at 109 Swan Street, Sileby,
Leicestershire LE12 7NN, the subjoined extraordinary resolution
to wind up the company was passed.  John Michael Munn and
Richard John Elwell of Elwell Watchorn & Saxton, 109 Swan
Street, Sileby, Leicestershire LE12 7NN have been appointed
joint liquidators for the purpose of such winding-up.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street, Sileby,
          Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax:   (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


MANCHESTER ELECTRICAL: Hires Joint Liquidators from Harrisons
-------------------------------------------------------------
At an extraordinary general meeting of the members of the
Manchester Electrical Wholesale Ltd. on September 24, 2004 held
at 35 Waters Edge Business Park, Modwen Road, Manchester M5 3EZ,
the extraordinary and ordinary resolutions to wind up the
company were passed.  J C Sallabank and P R Boyle of Harrisons,
35 Waters Edge Business Park, Modwen Road, Manchester M5 3EZ
have been appointed joint liquidators for the purpose of such
winding-up.

CONTACT:  HARRISONS
          35 Water Edge Business Park,
          Modwen Road, Manchester M5 3EZ
          Phone: 0161 876 4567
          Fax:   0161 876 4554
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


MISS BOHEME: Creditors to Meet Next Week
----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Miss Boheme Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Miss Boheme Ltd. will
be held at The Old Exchange 234, Southchurch Road, Southend-on-
Sea, SS1 2EG on October 13, 2004 at 11:00 a.m. for the purpose
of having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

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

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

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

By Order of the Board.

R. Ferrari, Director
September 15, 2004

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


M & M FASHIONS: Members Agree to Dissolve Firm
----------------------------------------------
At an extraordinary general meeting of the members of the M & M
Fashions Limited (t/a Peejays) on September 24, 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


MODELCAR LIMITED: Hires Begbies Traynor as Administrator
--------------------------------------------------------
G Bell and R W Traynor (IP Nos 008710, 006730) have been
appointed as administrators for Modelcar Limited.  The
appointment was made September 24, 2004.  The company offers
chauffeur and taxi service.  For more information, write to the
company c/o Begbies Traynor, Elliot House, 151 Deansgate,
Manchester M3 3BP.

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


MURRAY EMERGING: Board Calls Key Meeting to Decide Firm's Fate
--------------------------------------------------------------
The Board of Murray Emerging Growth and Income Trust posted a
Circular to Shareholders convening an EGM for 29 October 2004 to
consider the winding-up of the Company.

                           Background

In March 2001, the Shareholders approved a reorganization of the
Company, which resulted in the creation of two classes of share,
namely the Ordinary Shares and the Zero Dividend Preference
Shares.

At the time of the reorganization, the ZDP Shares were created
on the basis that they would be repaid their pre-determined
capital entitlement (subject to the Company having sufficient
assets) on the Winding-Up Date.  Accordingly the Articles
require the Directors to convene an extraordinary general
meeting of the Company to be held on the Winding-up Date, at
which a special resolution will be proposed requiring the
Company to be wound up voluntarily not later than the Winding-up
Date.

The Directors have considered a number of options for the
reconstruction of the Company.  However, having weighed up the
possible options, the Directors believe that any proposal for
the reconstruction of the Company would not gain the necessary
support from the Shareholders.  Furthermore, as the aggregate
capital entitlement of the ZDP Shareholders on the Winding-up
Date is approximately GBP35.45 million, the asset base, if any,
which is likely to remain after payment of the capital
entitlements of the ZDP Shareholders would be too small to allow
the continuation of the Company beyond the Winding-Up Date as a
viable investment vehicle.

Accordingly, the Directors are not putting any reconstruction
proposals before Shareholders and are instead proposing that the
Company be voluntarily wound up in accordance with the Articles.
The Directors consider this to be the simplest and most cost
efficient route for Shareholders to realize their investment for
cash.

                   The Liquidation Proposals

The Proposals are that the Company be placed into members'
voluntary liquidation and that the Company's assets (after
payment of its liabilities and after deducting the costs of
implementing the Proposals) on such winding-up be distributed
among Shareholders in accordance with the provisions of the
Articles of Association.  The winding up of the Company will
commence on the Effective Date, which is expected to be 29
October 2004.

In order for the Company to be placed into members' voluntary
liquidation, a special resolution will have to be passed by
Shareholders.  This resolution will be put to Shareholders at
the Extraordinary General Meeting.  It is proposed that
Messrs Burton and Brazzill of Ernst & Young LLP be appointed
Liquidators.  The Articles provide that those Shareholders
voting in favor of the Liquidation Resolution shall collectively
have sufficient votes for the Liquidation Resolution to be
carried notwithstanding the number of Shareholders who vote
against the Liquidation Resolution.

                    Entitlements under the Proposals

                        ZDP Shareholders

ZDP Shareholders are entitled to the surplus assets of the
Company after payment of all debts (including the Bank Loans)
and satisfaction of all liabilities of the Company up to a final
capital entitlement of 135.35p per ZDP Share.  On the basis of
the NAV of the Company as at the close of business on 22
September 2004 (the last practicable date prior to the issuance
of this announcement), the net assets of the Company available
for distribution on a liquidation would be approximately GBP43.6
million, which would be sufficient to cover the final capital
entitlement of the ZDP Shares.  This figure takes account of the
estimated direct costs of the Proposals and the Liquidators'
Retention which are detailed in the paragraph entitled "Costs of
the Proposals and Calculation of NAV".

It is expected that the proposed Liquidators will make a
distribution to the ZDP Shareholders on 1 November 2004.  ZDP
Shareholders should note that the amount finally distributed in
the liquidation may be different from the current carrying value
of the investments due to a variety of factors including
movement in the value of the underlying assets, the value at
which assets can be realized and the realization process itself.
ZDP Shareholders should also note that no assurance can be given
that the Company will be able to dispose of its entire portfolio
prior to the expected date of the initial distribution by the
Liquidators.

If the distribution which is expected to be made to ZDP
Shareholders on 1 November 2004 does not fully satisfy the
capital entitlements of the ZDP Shares, a further distribution
will be made to ZDP Shareholders out of any surplus assets as
soon as practicable thereafter.

                        Ordinary Shareholders

The Ordinary Shares are entitled to the revenue profits of the
Company distributed by way of dividend and to the net assets on
a winding-up after liabilities to creditors and the entitlements
of the ZDP Shares have been met.  Therefore the entitlement of
Ordinary Shareholders on a winding up is subject to availability
of assets after payment of all sums due to creditors and the ZDP
Shareholders.  On the basis of the NAV of the Company as at
close of business on 22 September 2004 (the last practicable
date prior to the issuance of this announcement), the net assets
of the Company available for distribution to Ordinary
Shareholders on a liquidation would be approximately GBP8.1
million (equivalent to approximately 20.6p per Ordinary Share).
This figure also takes account of the estimated direct costs of
the Proposals and the proposed Liquidators' Retention, which
together are anticipated to amount to 0.8p per Ordinary Share.

It is expected that the Liquidators may make an initial
distribution to the Ordinary Shareholders in the week commencing
1 November 2004.  However the NAV of the Ordinary Shares is
substantially geared by the prior ranking of the Bank Loans and
the final capital entitlement of the ZDP Shares.  As noted
above, the current NAV is subject to market movements in the
period prior to winding up and the realization process in
respect of investments.  Accordingly, no assurance can be given
as to the timing and amount of distributions.

The Liquidators may make a further distribution to the Ordinary
Shareholders at the conclusion of the liquidation of the
Company, depending on whether there are surplus assets
remaining.

                              Units

Those Shareholders who hold Units comprising a standard
proportion of 2 Zero Dividend Preference Shares and 3 Ordinary
Shares will participate in any distributions made by the
Liquidators in accordance with the respective rights attaching
to each underlying class of Share held within the Units.  A Unit
has no separate entitlement to the assets of the Company but is
simply a trading mechanism for grouping ZDP Shares and Ordinary
Shares in such standard proportion.

               Liquidation of Investment Portfolio

Although there is no guarantee that the Company will be able to
dispose of its entire Portfolio prior to the initial
distributions to Shareholders by the Liquidators, the Company
has begun an orderly realization program.  It is intended that,
in the absence of unforeseen circumstances and, subject to
prevailing market conditions, the Company's Portfolio, will have
been realized by the Effective Date.

          Costs of the Proposals and Calculation of NAV

The NAV of the Company as at close of business on 22 September
2004 (the last practicable date prior to the issuance of this
announcement) was GBP43.6 million.  When calculating this
figure, the Directors have estimated, for illustrative purposes
only, what the costs would have been if the Company had been
placed into liquidation on that date.  They have estimated that
the direct costs of the Proposals together with the proposed
Liquidators' Retention are anticipated to amount to
approximately GBP330,000, which equates to 1.3 pence per ZDP
Share or 0.8p per Ordinary Share.  These figures are based on
these assumptions:

(1) The aggregate costs of the Proposals and the costs of
    winding-up the Company (including the proposed Liquidators'
    Retention) are assumed to be GBP330,000 (including VAT).
    Provision has also been made for the Company's running
    expenses in the period from 22 September 2004 to the date on
    which the winding up commences.

(2) The value of the Company's Portfolio is calculated at the
    bid prices as at 22 September 2004 and provision has been
    made for costs that might arise from the liquidation of the
    Portfolio.  The actual proceeds of any future liquidation of
    the Portfolio will however be dependent on the constituents
    of the Portfolio at the time, the price of those shares and
    the extent of the dealing spread, which will be affected by
    market conditions, the mechanism of disposal and the
    availability of willing purchasers.  The Portfolio will be
    realized by the Directors in the most effective manner for
    the benefit of Shareholders.

(3) The Company is assumed not to be subject to any tax on the
    sale of any of its investments.

(4) Where prices are denominated in currencies other than
    Sterling, the exchange rate used has been the relevant
    exchange as at 22 September 2004.

The amounts which may be available for distribution to
Shareholders upon the liquidation of the Company are
illustrative amounts only based on the assumptions set out
above.  The actual amounts distributed may vary significantly
from those amounts if, for instance, the assumptions turn out to
be incorrect, the value of the Portfolio or the amount raised on
its realization changes, unforeseen liabilities come to light or
the Liquidators retain additional assets to cover unforeseen or
contingent liabilities.

                     Final Interim Dividend

The undistributed revenue profits earned by the Company in
respect of the period to 12 October 2004 will be paid as a final
interim dividend on 28 October 2004 to Ordinary Shareholders on
the Register as at 18 October 2004.  It is expected that the
final interim dividend will (subject to the availability of
distributable revenue profits) be approximately 0.8p per
Ordinary Share.  Any revenue profits earned by the Company in
the period up to the Winding-Up Date and not distributed by way
of dividend, will be distributed to Ordinary Shareholders
(including Unitholders in accordance with the rights attaching
to the underlying Ordinary Shares held by them) by the
Liquidators as a capital liquidation distribution, again subject
to the prior satisfaction of the capital entitlement of the ZDP
Shareholders.

                       Option to Reinvest

For Shareholders who may wish to reinvest their proceeds upon
the liquidation of the Company in another fund, Aberdeen, the
parent company of the Manager, is offering a special discount on
any reinvestment of the proceeds of the liquidation of the
Company in the Aberdeen range of U.K. authorized open-ended
funds.  If Shareholders choose to invest in one of these funds,
Aberdeen will fully discount the normal initial charge of 4.25 %
provided that the shares or units in any such Aberdeen fund are
held for a minimum period of twelve months.  Any units which are
held for less than twelve months will have the normal initial
charge of 4.25% of the relevant issue price deducted from the
proceeds realized upon redemption.

It should be noted that neither the Directors, the Manager nor
Aberdeen make any recommendation as to whether or not
Shareholders should reinvest their proceeds from the liquidation
of the Company in any other Aberdeen fund or how they deal with
the proceeds of their Shares following the liquidation of the
Company.

It should be noted that it will not be possible to avoid a
realization for capital gains tax purposes arising on the
liquidation by reinvesting in one of Aberdeen's open-ended
funds.

                            Dealings

The Register will be closed at 5:00 p.m. on 22 October 2004 and
the Shares will be disabled in CREST at 6:00 p.m. on 22 October
2004.  Application will be made to the London Stock Exchange and
the UKLA for dealings in Shares to be suspended on the Official
List of the UKLA at 7:30 a.m. on 29 October 2004.  The last day
for dealings in Shares on the London Stock Exchange on a normal
rolling three-day settlement basis will be 19 October 2004.
Transfers received after that time will be returned to the
person lodging them.

After the liquidation of the Company and the making of any final
distribution, existing certificates in respect of Shares will
cease to be of value and any existing credit of Shares in any
stock account in CREST will be redundant.  If the Proposals
become effective it is expected that the listing of Shares will
be cancelled no later than 29 October 2005.

                            Expenses

The direct costs (excluding the Liquidators' Retention) incurred
in relation to the Proposals, including financial advice, other
professional advice and the Liquidators' charges, are estimated
to amount to GBP280,000, representing 0.7% of the Net Asset
Value of the Company as at 22 September 2004.

The Directors' fees will cease when the Liquidators are
appointed and no payments for loss of office will be made.

In terms of its management agreement with the Manager, the
Company is entitled to immediately terminate such agreement
without penalty by notice in writing if a resolution is passed
requiring the Company to be voluntarily wound up.  The Manager
has agreed that its management agreement will terminate
automatically on the appointment of the Liquidators without
compensation to the Manager other than in respect of accrued
fees to the date of termination.

                  Extraordinary General Meeting

The Extraordinary General Meeting has been convened for 10:30
a.m. on 29 October 2004, to be held at Donaldson House, 97
Haymarket Terrace, Edinburgh, EH12 5HD.  The quorum requirement
for the Extraordinary General Meeting is two persons entitled to
attend and vote, each being a Shareholder or a proxy.  Both
Ordinary Shareholders and ZDP Shareholders are entitled to vote
at the Extraordinary General Meeting.

At the Extraordinary General Meeting, the first resolution,
being the Liquidation Resolution, will sanction the formal
winding-up of the Company.  This resolution will be proposed as
a special resolution and will be taken by means of a poll as
required by the Articles.

The second resolution confers additional powers on the
Liquidators to enable them to run the liquidation of the
Company.  This resolution will be proposed as an extraordinary
resolution and requires the approval of not less than 75% of the
votes cast. Ordinary Shareholders only may vote on this
resolution.

                        The Savings Plans

Aberdeen as Manger of the Aberdeen Investment Trust PEP,
Aberdeen Investment Trust Individual Savings Account or the
Aberdeen Investment Trust Share Plan, will write separately to
participants in these Plans.

                         Recommendation

The Directors consider that the Proposals are in the best
interests of the Company and Shareholders as a whole and
unanimously recommend that Shareholders vote in favor of the
resolutions to be proposed at the Extraordinary General Meeting
(including the Liquidation Resolution) as they intend to do in
respect of their own beneficial holdings as at the date of this
document totaling holdings of 60,550 Ordinary Shares and 50,370
ZDP Shares, representing approximately 0.2% of the issued
Shares.

Expected Timetable

Record Date for final interim dividend    18 October 2004

Close of Register and record date
for participation in the
liquidation                        5:00 p.m. on 22 October 2004

Latest time and date for receipt
of Form of Proxy for use at the
Extraordinary General Meeting      10:30 a.m. on 27 October 2004

Final Interim Dividend Paid        28 October 2004

Suspension of Shares from trading
on the London Stock Exchange
and suspension of listing on the
Official List of the
UK Listing Authority               7:30 a.m. on 29 October 2004

Extraordinary General Meeting      10:30 a.m. on 29 October 2004

Commencement of winding-up of the
Company                            29 October 2004

Liquidation distribution to
ZDP Shareholders                   1 November 2004

First liquidation distribution
to Ordinary  Shareholders          Week commencing
                                   1 November 2004

Cancellation of listing on the
Official List of the UKLA  by
no later than                      29 October 2005

CONTACT:  ABERDEEN ASSET MANAGEMENT
          William Hemmings
          Phone: 020 7463 6000


NATURAL COMFORTS: Winding up Resolutions Passed
-----------------------------------------------
At an extraordinary general meeting of the members of the
Natural Comforts Manufacturing Ltd. on September 23, 2004 held
at The Judges Hotel, Kirklevington Hall, Kirklevington, Yarm
TS15 9LW, the extraordinary and ordinary resolutions to wind up
the company were passed.  David Anthony Horner of David Horner &
Co, 3 Guisborough Road, Great Ayton, Middlesbrough TS9 6AA has
been appointed liquidator for the purpose of such winding-up.

CONTACT:  DAVID HORNER & CO
          3 Guisborough Road,
          Great Ayton, Middlesbrough TS9 6AA
          Phone: 01642 500117
          Web site: http://www.davidhornerandco.co.uk


NORTH WALES: Hires Martin Busst & Co. as Liquidator
---------------------------------------------------
At an extraordinary general meeting of the members of the North
Wales Seafoods (Mon) Limited on September 22, 2004 held at
Jenkins Suite, Oswalds, Victoria Drive, Bangor, Gwynedd LL57
1EN, the extraordinary and ordinary resolutions to wind up the
company were passed.  Martin Busst of Martin Busst & Co., 8
Penrhos Drive, Bangor LL57 2AZ has been appointed liquidator for
the purpose of such winding-up.

CONTACT:  MARTIN BUSST & CO.
          8 Penrhos Drive,
          Bangor LL57 2AZ


NPC REALISATIONS: Special Winding up Resolution Passed
------------------------------------------------------
At an extraordinary general meeting of the members of the NPC
Realisations Limited on September 23, 2004 held at Clearwater
Court, Vastern Road, Reading RG1 8DB, the special resolution to
wind up the company was passed.  P R Boyle of Harrisons, 4 St
Giles Court, Southampton Street, Reading RG1 2QL has been
appointed liquidator for the purpose of winding-up the company.

CONTACT:  HARRISONS
          4 St Giles Court,
          Southampton Street,
          Reading RG1 2QL
          Phone: 0118 951 0798
          Fax:   0118 939 4409
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


PURELYCOM LIMITED: Calls in Liquidator
--------------------------------------
At an extraordinary general meeting of the Purelycom Limited on
September 28, 2004 held at 641 Green Lanes, London N8 0RE, the
subjoined extraordinary resolution to wind up the company was
passed.  Ninos Koumettou of Alexander Lawson & Co, 641 Green
Lanes, London N8 0RE has been appointed liquidator for the
purpose of such winding-up.


RESOURCING SOFTWARE: Names Administrators from Moore Stephens
-------------------------------------------------------------
Roderick Graham Butcher and Nigel Price (IP Nos 8834, 8778) have
been appointed as administrators for Resourcing Software
Limited.  The appointment was made September 24, 2004.  The
company develops software solutions.

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


SEDGWICK ALPHA: Members Decide to Liquidate Company
---------------------------------------------------
At an extraordinary general meeting of the members of the
Sedgwick Alpha Limited on September 28, 2004 held at 1 Tower
Place West, Tower Place, London EC3R 5BU, the special resolution
to wind up the company was passed.  Richard Andrew Segal has
been appointed liquidator for the purpose of such winding-up.


STORMBASE LTD.: Meeting of Creditors Next Week
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                  IN THE MATTER OF Stormbase Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Stormbase Ltd. will be
held at The Old Exchange 234, Southchurch Road, Southend-on-Sea,
SS1 2EG on October 13, 2004 at 12:00 noon for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

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

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

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

By Order of the Board.

R. Ferrari, Director
September 15, 2004

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


TANDISCUM LTD.: Creditors to Meet Next Week
-------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                  IN THE MATTER OF Tandiscum Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Tandiscum Ltd. will be
held at 35 Ballards Lane, London, N3 1XW on October 13, 2004 at
11:00 a.m. for the purpose of having a full statement of the
position of the Company's affairs, together with a list of the
Creditors of the Company and the estimated amount of their
claims, laid before them, and for the purpose, if thought fit,
of nominating a Liquidator and of appointing a Liquidation
Committee.  (Sections 99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at 35 Ballards
Lane, London, N3 1XW 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
35 Ballards Lane, London, N3 1XW before the Meeting, a statement
giving particulars of their security, the date when it was
given, and the value at which it is assessed.

Stewart T. Bennett of Berg Kaprow Lewis LLP, 35 Ballards Lane,
London, N3 1XW 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.

M. Chatfield, Director
September 17, 2004

CONTACT:  BERG KAPROW LEWIS L.L.P.
          35 Ballards Lane
          London N3 1XW
          Phone: 020 8922 9222
                 020 8922 9121
          Fax: 020 8922 9223
          E-mail: post@bergkaprowlewis.co.uk
          Web site: http://www.bergkaprowlewis.co.uk


VOSS NET: Still Seeking Acquisition Target
------------------------------------------
Chairman's Statement

Voss Net plc continues to operate as an AIM shell seeking
suitable targets for acquisition to increase shareholder value.

As announced on 10 October 2003, the Board of your Company
entered into an agreement with Nigel Weller and myself whereby
we would provide financial assistance enabling the Company and
its subsidiaries to enter into Company Voluntary Arrangements.
Meetings to approve these CVAs were held on the 24 November 2003
and Mr. Weller and I were voted onto the Board of the Company at
the AGM.  Subsequently Mr. Thomas Hellman was voted on the Board
on the 12 February 2004.

Trading in the Company's shares on AIM was restored as a result
of these arrangements and Zaika Limited acquired 29.9% of the
then issued share capital of the Company at par value.  This
consideration was in payment of the assistance rendered to the
Company by Nigel Weller and myself in affecting the CVA.

Following the suspension of the Company's shares, your directors
ensured that no further payments were made by the Group and
decided that the only way forward for the Company would be to
seek a new business to be injected into the Company.  To that
end, efforts were made to identify parties who could provide
short-term financial assistance to the Company and help in
finding a new business for your Company, whilst at the same time
providing the best way forward for the Company's employees,
creditors and shareholders.

The Way Forward

As announced on 10 October 2003, your Company entered into an
agreement with myself and Nigel Weller and our company Great
Monument Capital Limited whereby it would provide reasonable
financial assistance to the Company to allow the Company and its
subsidiaries to enter into Company Voluntary Arrangements.  The
Company regained its AIM listing on the 24 November 2003 and
meetings to approve these CVAs were held on the 30 December
2003, Nigel Weller and myself were appointed to the board at the
passing of the resolutions at an EGM held on 24 November 2003.

In consideration of the assistance of Great Monument Capital
Limited in effecting the CVA, Voss Net issued 48,748,032 new
Voss Net shares to Zaika Limited, a company owned by myself and
Nigel Weller representing 29.9% of the then issued share capital
of the Company.

The directors are seeking a new business activity for your
company so as to provide it with a new future.

Trading and results

Since the EGM the company has incurred no substantial
expenditure apart from professional and regulatory fees.  The
Directors continue to take no salary or reclaim expenses and
Zaika Limited continues to undertake to support the day-to-day
maintenance of a listing whilst attempting to find a suitable
acquisition.

Two of the subsidiaries have been sold for sums approved by the
CVA supervisor and the remaining two subsidiaries are in the
process of voluntary liquidation.  All trading to the date of
cessation of operations have been hived up to the parent company
to assist in the CVA, along with the net assets and liabilities
as agreed with the CVA supervisor.  Therefore all subsidiaries
were effectively made dormant as at 31 December 2003.

It is the Board's intention that an Annual General Meeting will
be held before the anniversary of the 2003 Annual General
Meeting which took place on 24 November 2003 and that the
Directors undertake to inform shareholders of any progress they
might make in the interim period.

Leo Knifton

Chairman

4 October 2004

A full copy of its financial statements is available free of
charge at http://bankrupt.com/misc/results.htm.

CONTACT:  VOSS NET
          E-mail: enquiries@vossnet.co.uk
          Web site: http://www.vossnet.co.uk


                            *********


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

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

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

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