---

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

                           E U R O P E

             Monday, July 26, 2004, Vol. 5, No. 146

                            Headlines

D E N M A R K

NIROS TELECOMMUNICATIONS: Telenor Takeover Stays Bankruptcy


F R A N C E

VALIANCE FIDUCIAIRE: Managers Seek Cash Injection from UBS


G E R M A N Y

DAIMLERCHRYSLER AG: Reaches Agreement with Works Council
FRANKFURTER SPARKASSE: Helaba to Become New Owner
WESTLB AG: Banks Band to Establish US$1 Bln Reserve Funds
WESTLB AG: Rating Upgraded on Stronger Liquidity Support
WESTLB AG: New S&P Rating Confirms Success of Strategy


I T A L Y

CAPITALIA SPA: Board Approves Acquisition of RCS Stake
CIRIO FINANZIARIA: Identifies Bidders for Cirio-De Rica
LIMA SPA: Creditors Clear Way for Sale to Hornby


N E T H E R L A N D S

NUMICO N.V.: ZEVEX Signs Five-year Deal to Market Clinical Pumps
NUMICO N.V.: Abolishes Depositary Receipts


N O R W A Y

PETROLEUM GEO-SERVICES: Sets Results Conference Call July 29


P O L A N D

BRE BANK: 'D/E' Individual Rating Affirmed; Outlook Positive


R U S S I A

DEZHNEVSKIYE BUILDING: Sells Buildings for Undisclosed Sum
GELNOS: Undergoes Bankruptcy Supervision Procedure
HOLIDAY HOME: Insolvent Status Confirmed
KUDYMKARSKAYA FURNITURE: Declared Insolvent
MORSHANSKY WOOD-FACTORY: Receives RUB912,000 for Assets

NIKIET TECHNOLOGICAL: Deadline for Proofs of Claim August 17
NIZHNEVARTOVSK-NEFTE-KHIM: Court Sets September 13 Hearing
PERMSKY FACTORY: Auctions Properties
TRADING HOUSE: Proofs of Claim Deadline Expires
UST-KATAVSKAYA: Chelyabinsk Court Appoints Insolvency Manager
YUKOS OIL: Foreign Creditor Banks Hold Back Demand for Payment
YURLINSKY CREAMERY: Court Commences Bankruptcy Proceedings


S P A I N

IZAR: Unions Challenge Premise for Shipyard Selloff


S W I T Z E R L A N D

ASCOM: Coughs up US$4.2 Million to Settle Tax Liability


U K R A I N E

AGROFIRM LIBID: Under Bankruptcy Supervision
ASSA: Court Assigns Insolvency Manager
BUDY' DELFTWARE: Sets Proofs of Claim Deadline
CERAMICS: Court Names Liquidator
HARKIV RAJAGROHIMIYA: Harkiv Court Begins Bankruptcy Supervision

KAMYANETS-PODILSKIJ': Bankruptcy Supervision Begins
LLC UKRAINE: Declared Insolvent
LUTSK BREAD: Proofs of Claim Deadline August 6
RIDNIJ KRAJ: Temporary Insolvency Manager Appointed
UKRAGRONAFTOPRODUCT: Kyiv Court Confirms Insolvency


U N I T E D   K I N G D O M

ABBEY NATIONAL: Resolution Life Interested in Closed Life Funds
ACP AIR: Winding up Resolutions Passed
A & P HOLDINGS: Hires PricewaterhouseCoopers Liquidator
AVENUE HOMES: Calls in Liquidator
BASYS AUTOMATION: Sets Members Final Meeting August 28

B.O.S.S.E. CONSTRUCTION: Calls in Liquidator
BREDA TRANSPORT: Appoints Joint Liquidators
BURNELLS RESTAURANT: Hires Liquidator from Mercer & Hole
CABLE & WIRELESS: Chairman's Update at Thursday's Annual Meeting
CARPE-DIEM I.T.: Calls in Liquidator

CHANA PHARMACEUTICALS: Hires Chantrey Vellacott Administrator
C W FRAMES: Extraordinary Winding up Resolution Passed
EASYJET PLC: Expands Flights to Luton, Berlin
EGG PLC: First-half Loss Down to GBP4 Million
ELECTRO MOTIVE: Creditors to Meet July 29

EVERLOYAL LIMITED: Hires Liquidators from PricewaterhouseCoopers
FIRBANK KEMPSTER: HSBC Bank Appoints Receivers
FIRST STATE: Dissolves Global Technology and Communications Fund
FONE WORLD: Sets Meeting of Creditors Wednesday
FRUITFUL FUNDRAISING: Appoints Tenon Recovery Administrator

HARTON LTD.: Meeting of Creditors Thursday
HYDRAULIC PRECISION: Hires Poppleton & Appleby Administrator
IMPERIAL UPHOLSTERY: Calls in Joint Administrators
INTERFACE MANAGEMENT: Shareholders Final Meeting Set August 20
J WILLINGHAM: Brings in Joint Administrators from Stoy Hayward

KARESAMA PRECISION: Final Meeting of Members Set August 23
MARKS & SPENCER: New Management to Overhaul Existing Strategies
MASTERLINK MANAGEMENT: Appoints Rothman Pantall Administrator
MFI: Management Buyout Talks Swirl as H1 Profit Drops Nearly 50%
MIDTRANS LIMITED: Sets Creditors Meeting July 27

MISYS PLC: Business Picks up in Second-half
N D & L: Creditors Meeting Set July 28
NORTHERN FOODS: Lackluster 1st-Qtr Trading Expected, Says Chair
RANGEGROW: Sets Final General Meeting August 27
TALKABOUT MOBILE: Creditors to Meet July 28

TRANS-EURO: Fixes Creditors Meeting July 28
TRIANGLE LIMITED: In Administrative Receivership
TURNER & NEWALL: Court Secures Pension Fund
TYNESIDE ENTERPRISE: Final Meeting Set August 31
WALMERSLEY MILL: Names Royce Peeling Green Liquidator
WELDON FLOORING: Hires Joint Administrators from P&A Partnership


                            *********


=============
D E N M A R K
=============


NIROS TELECOMMUNICATIONS: Telenor Takeover Stays Bankruptcy
-----------------------------------------------------------
Niros Telecommunications said its reconstruction has been
carried out successfully.  Its new owner is Telenor Connect AB
from Sweden.

The new legal entity formed from the firm will operate under the
name of Niros Communications A/S and will ensure the production
and further development of the existing product portfolio.
Company contact details, such as address, homepage, telephone
and telefax numbers will remain.

The company apologizes deeply for the inconvenience of the break
in its normal operation to partners and customers.  In order not
to delay deliveries unnecessarily, it invites clients to place
new orders to the new company as quickly as possible.  This also
applies for non-delivered orders placed before June 21, 2004 to
the old company.  Niros Communications will not handle orders
made to the old company.

Niros is looking forward to return to normal service and
continue close and positive business relationship with
customers.  In the near future, its ownership will be further
strengthened by members of the management and other investors.

CONTACT:  NIROS TELECOMMUNICATION A.S.
          Hirsemarken 5
          DK-3520 Farum
          Denmark
          Contact:
          Jorgen Lauritzen
          Managing Director
          Phone: +45 40 14 12 44
          Web site: http://www.niros.com

          TELENOR CONNECT AB
          Va Drottninggatan 33
          P.O. Box 903
          SE-692 29 Kumla
          Contact:
          Birger Murstam
          Chairman of the Board
          Phone: +46 70 880 25 50
          Web site: http://www.telenorconnect.com


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


VALIANCE FIDUCIAIRE: Managers Seek Cash Injection from UBS
----------------------------------------------------------
A Valiance Fiduciaire delegation last week asked the French
government's inter-ministerial restructuring committee to help
the company avoid bankruptcy, Les Echos says.  Another group of
managers went to Zurich to persuade Swiss bank UBS, the group's
majority stakeholder, to pour in fresh capital into the company.

Swedish company Groupe 4 Falck nearly took over Valiance
Fiduciaire with an investment of EUR40 million, but pulled out
from the deal after its condition, that UBS bail out the
company, was not met.  The works council will meet today.  The
company is the security van arm of French services group
Valiance.

CONTACT:  Direction Commerciale France
          Phone: 04 72 19 24 60
          E-mail: valiance@valiance.fr

          Direction de la communication Groupe
          Phone: 04 72 19 22 49
          Web site: http://www.valiance.fr/index4.php


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


DAIMLERCHRYSLER AG: Reaches Agreement with Works Council
--------------------------------------------------------
After difficult negotiations, the management of DaimlerChrysler
AG and employee representatives came to an agreement regarding
future product decisions.  The aim of the "Employment Pact" is
to improve the competitiveness of the German production
locations of DaimlerChrysler AG, thus securing current jobs.

In total, savings of EUR500 million annually are being aimed
for.  Various measurements ensure and improve the competitive
and innovative capabilities, as well as the investment
requirements of the company.  Furthermore, both parties consider
it important to create the necessary framework to be able to
make medium-term product decisions in favor of the German
production locations.

The over-all solution agreed upon consists of several
components:

(a) Encompassing repositioning of the remuneration structures
    taking into consideration the adoption of the ERA --
    collective agreement from 2007 on.

(b) Reduction of the impact of tariff characteristics specific
    to Baden -Wuerttemberg and adaption to the conditions of for
    example Bremen.

(c) Labor market oriented working time and compensation
    regulations for industrial services functions waiving the
    sourcing out of these areas.

(d) Flexible utilization of personnel capacities as well as
    adjustments of employment levels through assignments of
    young skilled workers and temporary workers to an internal
    personnel agency ("DC Move").

(e) Acceleration of technology and product development processes
    through the implementation of the 40-hour working week in
    all development and planning departments.

Mercedes Car Group Member of the Board of Management Professor
Jurgen Hubbert: "Thanks to this agreement, we are able to decide
on investments for the next generation of the C-Class and the E
Class as well as in the component sector for the German plants.
With this, it has been possible to avoid backlog of employment
due to operative planning in Sindelfingen, Unterturkheim and
Mannheim and to guarantee employment until the year 2012.  At
the same time, this agreement will set the course for an
increase in productivity and efficiency and will strengthen the
long-term competitiveness of the Mercedes Car Group."

Human Resources Member of the Board of Management, Gunther Fleig
stresses: "The agreement consistently takes advantage of the
possibilities to improve conditions for investments and thus
employment, which the collective bargaining agreement, concluded
in February, is offering.  We created an encompassing
reformative agreement which puts compensation, working times and
work flexibility on a new basis while decisively contributing to
strengthen the competitiveness of our workforce."

                            *   *   *

DaimlerChrysler is the world's third largest car manufacturer.
The company was formed by the US$37-billion acquisition of
Chrysler by Germany's Daimler-Benz in 1998.  Its product
portfolio ranges from small cars to heavy-duty trucks.
DaimlerChryslers' brands include Maybach, Mercedes-Benz,
Chrysler, Jeep, Dodge, Smart, Mercedes-Benz, Freightliner,
Sterling, Western Star and Setra.  The company also offers
financial and other automotive services through DaimlerChrysler
Services.

DaimlerChrysler's strategy rests on four pillars: global
presence, strong brands, broad product range, and technology
leadership.  DaimlerChrysler has a global workforce and a global
shareholder base.  With 362,100 employees, DaimlerChrysler
achieved revenues of EUR136.4 billion (US$171.9 billion) in
2003.

CONTACT:  DAIMLERCHRYSLER AG
          Epplestrasse 225
          70546 Stuttgart, Germany
          Phone: +49-711-17-0
          Fax: +49-711-17-94022
          Web site: http://www.daimlerchrysler.com


FRANKFURTER SPARKASSE: Helaba to Become New Owner
-------------------------------------------------
Landesbank Hessen-Thuringen Girozentrale (Helaba), the German
public-sector regional bank, is to acquire cash-strapped savings
bank Frankfurter Sparkasse (Fraspa), Financial Times Deutschland
reports.

The purchase price is yet unknown, but Frankfurt's municipal
treasurer, Horst Hemzal, says the whole bank could be worth EUR1
billion.  Fraspa requires fresh capital after being hit by value
adjustments last year.  Internal squabbles are adding to its
troubles.  Polytechnische Gesellschaft currently owns 60% of the
bank.  The municipality of Frankfurt holds the remaining 40%.
They will retain only less than 20% following the completion of
the selloff.  Fraspa will become a public limited company after
the acquisition.  It will retain a separate identity, and
operate as an independent subsidiary of Helaba.


WESTLB AG: Banks Band to Establish US$1 Bln Reserve Funds
---------------------------------------------------------
The savings banks associations in North Rhine-Westphalia (NRW)
and WestLB AG are strengthening their cooperation with the
establishment of two reserve funds.  The funds will be used to
support the member savings banks or WestLB in the event of their
getting into financial difficulties.  After WestLB the Savings
Banks and Giro Associations of the Rhineland and Westphalia-
Lippe gave their formal approval to the scheme on Wednesday.

"The establishment of the reserve funds underlines the close
cohesion between the savings banks in North Rhine-Westphalia and
WestLB," said WestLB Chairman Dr. Thomas Fischer in Dusseldorf.

With effect from October 1, 2004, the two associations and
WestLB AG will establish two reserve funds with a total volume
of EUR500 million each.  This amount will comprise liquid funds
of EUR250 million and an additional funding obligation of the
same amount.

The two associations and WestLB will each contribute EUR12.5
million annually until the targeted amount has been reached.
The reserve funds will complement the regional support funds of
the savings banks and the security reserve of the Landesbanken
and Girozentralen with the German Savings Banks and Giro
Association.

WestLB and the savings banks associations expect that the
establishment of the reserve funds will underpin the ratings of
the Bank and the savings banks in North Rhine-Westphalia.


WESTLB AG: Rating Upgraded on Stronger Liquidity Support
--------------------------------------------------------
Standard & Poor's Ratings Services on Thursday raised its rating
on the senior unsecured unguaranteed debt issues (unguaranteed
rating) of Germany-based bank WestLB AG to 'A-' from 'BBB+'.

"The rating action follows the decisions by WestLB and its
majority owners -- Rheinischer Sparkassen- und Giroverband
(RSGV) and Westfalisch-Lippischer Sparkassen- und Giroverband
(WLSGV) -- to establish two regional protection schemes to
support member institutions and protect their creditors in times
of stress," said Standard & Poor's credit analyst Stefan Best.

It also reflects the savings banks' ability to support WestLB
should this ever be necessary, and Standard & Poor's expectation
that the State of North Rhine-Westphalia (NRW; AA/Stable/A-1+)
will remain committed as guarantor and ensure that a decision by
the European Commission on the repayment of alleged state aid
will not have negative implications on WestLB's capital
strength.  The two schemes will become effective on October 1,
2004.  RSGV and WLSGV are the two associations of the savings
banks in NRW.

In Standard & Poor's view, the implementation of two joint
regional protection schemes for WestLB and its owner savings
banks further underpins the key drivers supporting cohesiveness,
such as:

(a) The statutory guarantee (Gewahrtragerhaftung) of the owner
    savings banks for WestLB's existing obligations (jointly and
    severally with WestLB's public sector guarantors);

(b) The savings banks' majority ownership of WestLB and their
    decision to increase WestLB's capital by EUR1.5 billion
    until September 30, 2004; and

(c) The extension of operational ties to jointly exploit market
    opportunities in the State of NRW.

Furthermore, the new protection schemes underpin the savings
banks' long-term commitment to implement the revised cooperation
strategy based on contractual agreements, and support WestLB's
transformation process.

The two schemes -- WestLB and the RSGV, and WestLB and the WLSGV
-- amount to EUR500 million each (EUR1 billion in total).
WestLB will contribute EUR250 million to each scheme.

"Standard & Poor's believes that the combination of all these
positive developments allows it to raise its unguaranteed
ratings on WestLB close to the level of our assessment of its
owner savings banks on an aggregated basis, which also considers
their majority ownership and contingent liability from the
guarantee for WestLB," said Mr. Best.  "This is because the
positive factors largely offset concerns about WestLB's
currently weak financial profile and wholesale-oriented business
model, and the lack of cooperation and cohesiveness in the
past."

Primary negative rating factors for WestLB are its still weak
financial profile, which compares unfavorably with its
Landesbank peers and international corporate banks; its reliance
on low-cost wholesale funding; and the challenges caused by the
restructuring process and implementation of the revised strategy
to cope with the abolition of state guarantees in July 2005.
The rating also reflects that the joint cooperation model has
been agreed only recently, which means that business ties to
savings banks and newly targeted midsize corporates or private
banking customers need to be developed.

Primary factors that Standard & Poor's will monitor, and which
would support a view of WestLB and its owner savings banks as a
single economic entity in the future, are the strengthening of
the level of integration, cooperation, and solidarity among the
banks over time.  Furthermore, Standard & Poor's will regularly
review WestLB's transformation process, the progress in
implementing the joint strategy, and the savings banks'
performance, and will update its ratings as appropriate.


WESTLB AG: New S&P Rating Confirms Success of Strategy
------------------------------------------------------
WestLB AG welcomed the upgrading of its shadow rating to A- by
Standard & Poor's as a major success for the Bank and its
owners.

"Right from the outset it was our aim to obtain an 'A' category
shadow rating for WestLB before the state guarantees for
Landesbanks are eliminated in July 2005.  The fact that we have
achieved this so soon is an endorsement of our strategy.  We are
delighted," said WestLB Chairman Dr. Thomas R. Fischer in
Dusseldorf.

Dr. Fischer announced that WestLB will continue to press ahead
with the implementation of its business model in close
cooperation with the savings banks.  "We will now devote our
entire efforts to achieving good results for our owners, our
clients and the financial markets.  This will lay the foundation
for further improvements in our rating," the Chairman added.

WestLB will publish its half-year results for 2004 on August 12.


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


CAPITALIA SPA: Board Approves Acquisition of RCS Stake
------------------------------------------------------
The Capitalia S.p.A. Board of Directors that met on Wednesday
under the Chairmanship of Mr. Cesare Geronzi took note of the
increase in the participation in RCS Mediagroup S.p.A. to 2.05%
and approved the transfer of the holding to the investment
portfolio, as a consequence of its strategic nature.

This participation will allow the Group to join the RCS
Mediagroup shareholders' pact currently being formed.  The Board
also approved to distribute 6,505,000 warrants to Group
employees to buy Capitalia shares.  These warrants are part of
the plan to grant 20,000,000 stock options approved by the
Extraordinary Shareholders' Meeting on May 16, 2002.

The Chief Executive Officer, Matteo Arpe, renounced his own
portion of warrants so as to increase the total amount available
for distribution, also in consideration of the fact that
numerous new professional managers have entered the Group over
the last year.

During the Meeting, the Board has also examined the
communication activities aimed at the financial markets, which
accompanied the realization of the 2003-2005 Business Plan.  The
results attained by management permitted a significant growth in
the value of the Company's stock, which registered as well a
notable increase of institutional investors in the shareholder
base.  Institutional investors, in particular those outside of
Italy, raised their share in the Company's share capital from
14% in October 2002 to 29% at June 30, 2004.  It was also
determined to start next September 10 the Roadshow for the
presentation of the first half 2004 results.


CIRIO FINANZIARIA: Identifies Bidders for Cirio-De Rica
-------------------------------------------------------
Four Italian companies are currently in the running to acquire
Cirio-De Rica, a well-known producer of tomato paste in Italy.
According to Agenzia Giornalistica Italia, the companies are
Conserve Italia, Divella, Doria and Stif.  Stif is an ad-hoc
company set up by Veneto entrepreneurs.  It is backed by an
unnamed bank.

Special Commissioner Mario Resca says he is confident he will be
able to announce a bidder for Cirio-De Rica, may be August 5.
Mr. Resca did not disclose how much was offered, but he
admitted the EUR150 billion turnover of the company is a "useful
parameter."  He is positive the commendable performance of the
operation will give them leverage in negotiations.


LIMA SPA: Creditors Clear Way for Sale to Hornby
------------------------------------------------
Hornby plc, the models and collectibles group, says its planned
purchase of Lima S.p.A. is proceeding according to plan.

In a statement prior to the company's annual general meeting,
the company said the Italian Court already published the terms
of the 'Concordato Preventivo' or Creditors Agreement on 16 July
2004.

Chairman Neil Johnson is to say: "Under the terms of this legal
process we remain confident that our acquisition of the Lima
assets will be completed before the end of 2004, according to
plan."

In May, Hornby offered EUR8 million or approximately GBP5.3
million to acquire certain assets of Lima, a model railway based
in Vicenza and Brescia.  Lima went into liquidation during
summer 2003.  Prior to its liquidation Lima, manufactured all of
its products in Europe.

For the financial year to December 31, 2002, the turnover and
loss before taxation attributable to the assets being considered
for acquisition by Hornby was EUR9.2 million (GBP6.1 million)
and EUR7.1 million (GBP4.7 million), before exceptional income
of EUR2.8 million (GBP1.8 million), respectively.  As at July
14, 2003, the net book value of those assets was EUR6.9 million
(GBP4.6 million).

CONTACT:  HORNBY PLC
          Frank Martin, Chief Executive
          John Stansfield, Finance Director
          Phone: 01843-233500
          Home Page: http://www.hornby.com


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


NUMICO N.V.: ZEVEX Signs Five-year Deal to Market Clinical Pumps
----------------------------------------------------------------
Royal Numico N.V. sings a strategic manufacturing, distribution
and maintenance service agreement with ZEVEX International, Inc.
Under the terms of the agreement, ZEVEX will become the
exclusive manufacturer and maintenance service provider for all
enteral feeding pumps of Numico's Clinical Nutrition division.
The agreement has an initial five-year commitment period and
will renew automatically.

Numico will transfer the responsibilities for the manufacturing,
maintenance and servicing of Numico's enteral clinical pumps to
ZEVEX, who is a dedicated market leader in enteral feeding
pumps.  ZEVEX's proven innovation and long-standing
manufacturing expertise in the field of enteral feeding pumps
will provide Numico with a high-quality specialist needed to
continue and enhance the future quality of the production and
maintenance service of its enteral feeding pumps.  Numico's
Clinical Nutrition Division will become the exclusive
distributor of future ZEVEX enteral feeding pumps in more than
30 markets outside of North America.

In line with Numico's strategic objective to become the leading
high-growth, high-margin specialized nutrition player, this
strategic agreement will enable Numico to further focus its
attention on the production, marketing and sales of specialized
clinical nutritional products.

ZEVEX International, Inc. is a publicly held medical products
company (NASDAQ: ZVXI).  The Therapeutics division markets
award-winning enteral nutrition delivery devices.  The Applied
Technology division designs and manufactures advanced medical
components and systems for the Therapeutics division, as well as
for other medical technology companies (http://www.zevex.com).

Royal Numico N.V. is a specialized nutrition company with
leading positions in Baby Food and Clinical Nutrition.  The
company operates in over 100 countries and employs approximately
10,500 people (http://www.numico.com).

CONTACT:  ROYAL NUMICO N.V.
          Corporate Communications
          Phone: +31 79 353 9931

          Investor Relations
          Phone: +31 79 353 9003


NUMICO N.V.: Abolishes Depositary Receipts
------------------------------------------
Royal Numico N.V. announces that effective Thursday all
depositary receipts for shares of Royal Numico N.V. have been
converted into ordinary shares of Royal Numico N.V.  As a
consequence, the administration of registered ordinary shares in
the capital of Numico by 'Stichting Administratiekantoor Numico'
has been terminated.

As of 22 July 2004, the ordinary shares of Royal Numico N.V.
will be traded on the Euronext Amsterdam stock exchange under
the new ISIN-code NL 0000375616.  It is to be noted that the
conversion has no other implications for holders of Numico
shares or for the trade.

The Articles of Association have also been amended and adopted
by the General meeting of Shareholders (GMS) on 7 June 2004.
This is to bring the Articles in line with the Dutch Corporate
Governance Code and to reflect the fact that the administration
of registered ordinary shares has been terminated.  An overview
of the main amendments that have been made to the Articles can
be found in the agenda (item 2) of the GMS of 7 June 2004.  A
copy of the aforementioned agenda and the revised Articles of
Association can be found at http://www.numico.com,Corporate
Governance, Shareholders' Meeting.

Royal Numico N.V. is a specialized nutrition company with
leading positions in Baby Food and Clinical Nutrition. The
company operates in over 100 countries and employs approximately
10,500 people (http://www.numico.com).

CONTACT:  ROYAL NUMICO N.V.
          Corporate Communications
          Phone: +31 79 353 9931

          Investor Relations
          Phone: +31 79 353 9003


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


PETROLEUM GEO-SERVICES: Sets Results Conference Call July 29
------------------------------------------------------------
Petroleum Geo-Services ASA (OSE: PGS; OTC: PGEOY) will release
its 2004 second quarter financial results on Thursday, July 29,
2004 at approximately 3:00 p.m. Central European Time (CET)
(9:00 a.m. Eastern Time (ET)).  A Web cast and conference call
have been scheduled that same day at 3:30 p.m. CET (9:30 a.m.
ET), to discuss PGS' second quarter financial results.

The news release concerning the 2004 second-quarter financial
results and a corresponding slide presentation will be posted at
http://www.pgs.com. Interested parties can listen to the
conference call and management's remarks to the slide
presentation over the Internet or by telephone.

To participate on the simulcast of the conference call over the
Internet, please visit http://www.pgs.com,at least 15 minutes
early, to register and to download and install any necessary
audio software.

Alternatively, to access the live broadcast of the conference
call by telephone, please dial-in at the number provided below,
corresponding to your location, and reference "PGS":

Location Dial-In Number
Norway (Toll-Free): +47 8008 0119
U.S. (Toll-Free):   +1 888-428-4474
Canada:             +1 651-291-0900
U.K. and Other:     +47 2300 0400

The telephone will be open for questions at the conclusion of
management's remarks; questions to management can also be
submitted, in writing, over the Internet by accessing the Web
cast.

For those that cannot listen to the live conference call, a
replay of the Web cast will be made available at
http://www.pgs.com. Alternatively, a digital reply will be
available shortly after the conclusion of the conference call,
through Thursday, August 5, 2004 at +47 2276 9121.  After
dialing in, enter account number 1270, followed by the pound key
(#); press 1, enter conference number 270, followed by the pound
key (#); then press 1 to play.

Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic- and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units (FPSOs)
and owns a small oil and gas company.  PGS operates on a
worldwide basis with headquarters in Oslo, Norway.  For more
information visit http://www.pgs.com.

CONTACT:  PETROLEUM GEO-SERVICES
          Sam R. Morrow
          Phone:  +47 6752 6400

          Suzanne M. McLeod
          Phone:  +1 281-589-7935


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


BRE BANK: 'D/E' Individual Rating Affirmed; Outlook Positive
------------------------------------------------------------
Fitch Ratings on Thursday affirmed BRE Bank's Individual rating
at 'D/E' and removed it from Rating Watch Evolving.  The Long-
term, Short-term and Support ratings are affirmed at 'BBB+',
'F2', and '2' respectively.  The Long-term rating remains on
Positive Outlook.

As a result of the capital increase of PLN550 million which took
place in June 2004, BRE's consolidated regulatory capital ratio
was between 11-12% at end-June.  This ratio is much improved on
the 7.63% reported by the bank at the end of the first quarter
of 2004, which caused Fitch to downgrade the Individual Rating
to D/E in May and to place it on Rating Watch Evolving.

This level of capital was below minimum regulatory requirements,
though this was communicated to the regulator along with the
anticipated capital increase.  The capital increase indicates
the bank's strong ability to access new capital as well as the
support it can expect to receive in case of need from its
majority shareholder, Commerzbank (rated 'A-' Positive Outlook).
Commerzbank holds a 72% stake in BRE, unchanged following the
capital increase and includes it in the list of subsidiaries
covered by its Patronatserklaerung (declaration of backing)
published in its 2003 annual report.

Nonetheless, Fitch remains concerned by the strong growth in
loans planned by the bank, which it needs in order to reach
critical mass and which will place additional strain on
capitalization.  Part of the capital increase (PLN87 million)
has already been utilized by the bank to acquire the balance of
50% in its mortgage arm, Rheinhyp-BRE (completed in July,
bringing total ownership to 100%) and it is not expected that
the consolidated total capital ratio in the medium-term will be
much higher than minimum regulatory requirements.  There are
also some concerns that the fast loan growth may result in
increased credit risk, which, combined with the low spreads
charged by the bank, may not be remunerating risk adequately.

The total capital ratio also includes a higher level of
subordinated debt than previously.  It is Fitch's understanding
that the subordinated debt is entirely held by Commerzbank and
it can now be utilized to a further extent following the
increase in core equity and equates to the maximum 50% of Tier 1
capital in the total capital calculations.

In its credit report published Thursday, Fitch highlights some
of the weaknesses that remain in the bank, apart from its tight
capital base.  The domestic environment is still volatile
despite Poland's accession to the E.U. in May 2004 and market
risk is high compared to other domestic banks, reflecting the
bank's strong trading and investment operations.

Although BRE's proprietary equity portfolio has been reduced
markedly in 2003 an exposure of c.PLN695 million remains,
including primarily to non listed companies, where valuations
are difficult.  On the other hand, Fitch has noted that there
has been a tightening in the cooperation between the bank and
its majority shareholder as well as an improvement in reserve
coverage of classified loans.  BRE's asset quality has remained
better than the weak Polish average although part of this stems
from the strong loan growth, mentioned above, at a time when a
number of its peers have been shrinking their credit exposure.

CONTACT:  FITCH RATINGS
          Tim Beck, London
          Phone: +44 20 7417 3460

          Claudia Nelson, London
          Phone: +44 20 7417 4269

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


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


DEZHNEVSKIYE BUILDING: Sells Buildings for Undisclosed Sum
----------------------------------------------------------
The bidding organizer and insolvency manager of CSJC
Dezhnevskiye Building Materials sold the firm's properties on
July 19, 2004.  The auction took place at Russia, Komi republic,
Ukhta, Dezhneva Str. 31, 2nd floor.

CONTACT:  DEZHNEVSKIYE BUILDING MATERIALS
          169306, Russia,
          Komi Republic, Ukhta,
          Dezhneva Str. 31
          Phone/Fax: (82147) 6-30-32

          Ms. T. Sharova
          Bidding Organizer/Insolvency Manager
          Phone/Fax: (82147) 6-30-32


GELNOS: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------
The Arbitration Court of Khanty-Mansiysky autonomous region
commenced bankruptcy supervision procedure on CJSC Gelnos.  The
case is docketed as A-75-203-B/04.  Mr. R. Shafikov has been
appointed temporary insolvency manager.

Creditors have until August 17, 2004 to submit their proofs of
claim to 628624, Russia, Khanty-Mansiysky autonomous region,
Nizhnevartovsk, Druzhby Narodov Str. 31, Apartment 93.  A
hearing will take place on September 20, 2004.

CONTACT:  GELNOS
          Russia, Khanty-Mansiysky autonomous region,
          Nizhnevartovsk, Pobedy Pr. 3-40

          Mr. R. Shafikov
          Temporary Insolvency Manager
          628624, Russia,
          Khanty-Mansiysky Autonomous Region,
          Nizhnevartovsk, Druzhby Narodov Str. 31
          Apartment 93
          Phone/Fax: (8-3466)-129-791


HOLIDAY HOME: Insolvent Status Confirmed
----------------------------------------
The Arbitration Court of Perm region declared LLC Holiday Home
Falcon insolvent and introduced bankruptcy proceedings.  The
case is docketed as A50-5087/2004-B.  Ms. V. Pototskaya has been
appointed insolvency manager.  Creditors had until July 17, 2004
to submit their proofs of claim to Russia, Perm, Svyazistov Str.
24, Office 44.

CONTACT:  HOLIDAY HOME FALCON
          Russia, Perm region,
          Lysva, Holiday Home Falcon

          Ms. V. Pototskaya
          Insolvency Manager
          Russia, Perm,
          Svyazistov Str. 24,
          Office 44


KUDYMKARSKAYA FURNITURE: Declared Insolvent
-------------------------------------------
The Arbitration Court of Komi-Perm autonomous region declared
JSC Kudymkarskaya Furniture Company insolvent and introduced
bankruptcy.  The case is docketed as A30-1003/03.  Mr. V.
Polovinkin has been appointed insolvency manager.

Creditors are asked to submit their proofs of claim to:

(a) Mr. V. Polovinkin
    Insolvency Manager
    619200, Russia,
    Komi-Perm autonomous region,
    Yurla, Saranina Str. 12;

(b) Kudymkarskaya Furniture Company
    619000, Russia,
    Komi-Perm autonomous region,
    Kudymkar, Plodovoyagodnaya Str. 58;

(c) The Arbitration Court of
    Komi-Perm autonomous region
    619000, Russia,
    Komi-Perm autonomous region,
    Kudymkar, Gorkogo Str. 24.


MORSHANSKY WOOD-FACTORY: Receives RUB912,000 for Assets
-------------------------------------------------------
The bidding organizer and insolvency manager of LLC Morshansky
Wood-Factory sold the firm's properties at a public auction on
July 16, 2004.  It was held at Russia, Morshansk, Flotskaya Str.
49.  The properties were priced at RUB912,000.

CONTACT:  MORSHANSKY WOOD-FACTORY
          Russia, Morshansk,
          Flotskaya Str. 49


NIKIET TECHNOLOGICAL: Deadline for Proofs of Claim August 17
------------------------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
supervision procedure on state unitary subsidiary enterprise
Nikiet Technological Centre Laser Diagnostics and Pure
Technologies.  The case is docketed as A60-27388/2003-S3.
Mr. V. Ponomarev has been appointed temporary insolvency
manager.  Creditors have until August 17, 2004 to submit their
proofs of claim to 620039, Russia, Ekaterinburg, Lukinyh Str. 5,
office 30a.

CONTACT:  NIKIET TECHNOLOGICAL CENTRE LASER DIAGNOSTICS
          AND PURE TECHNOLOGIES
          624250, Russia,
          Sverdlovsk region, Zarechny,
          Post User Box 96

          Mr. V. Ponomarev
          Temporary Insolvency Manager
          620039, Russia,
          Ekaterinburg, Lukinyh Str. 5
          Office 30a


NIZHNEVARTOVSK-NEFTE-KHIM: Court Sets September 13 Hearing
----------------------------------------------------------
The Arbitration Court of Khanty-Mansiysky autonomous region
commenced bankruptcy supervision procedure on CJSC
Nizhnevartovsk-Nefte-Khim-Montazh.  The case is docketed as A75-
202-B/04.  Mr. M. Galimov has been appointed temporary
insolvency manager.

Creditors had until July 17, 2004 to submit their proofs of
claim to 628616, Russia, Khanty-Mansiysky autonomous region,
Nizhnevartovsk-16, Post User Box 1266.  A hearing will take
place at the Arbitration Court of Khanty-Mansiysky autonomous
region on September 13, 2004, 10:00 a.m.

CONTACT:  NIZHNEVARTOVSK-NEFTE-KHIM-MONTAZH
          Russia, Khanty-Mansiysky autonomous region,
          Nizhnevartovsk-16, Post User Box 1266

          Mr. M. Galimov
          Temporary Insolvency Manager
          628616, Russia,
          Khanty-Mansiysky Autonomous Region,
          Nizhnevartovsk-16,
          Post User Box 1266
          Phone/Fax: (8-3466) 24-87-86
                  Or 24-86-88


PERMSKY FACTORY: Auctions Properties
------------------------------------
The insolvency manager of OJSC Permsky Bicycle Producing Factory
sold the firm's properties at a public auction on July 7, 2004.
The auction took place at Russia, Perm, Kommunisticheskaya Str.
59.

CONTACT:  PERMSKY BICYCLE PRODUCING FACTORY
          614025, Russia,
          Perm, G. Khasana Str. 105


TRADING HOUSE: Proofs of Claim Deadline Expires
-----------------------------------------------
The Arbitration Court of Kurgan region declared LLC Trading
House Jupiter insolvent and introduced bankruptcy proceedings.
The case is docketed as A34-1213/04-s20.  Mr. Y. Plotnikov has
been appointed insolvency manager.  Creditors had until July 17,
2004 to submit their proofs of claim to 640000, Russia, Kurgan,
Omskaya Str. 179.

CONTACT:  TRADING HOUSE JUPITER
          640000, Russia,
          Kurgan, Omskaya Str. 179


UST-KATAVSKAYA: Chelyabinsk Court Appoints Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
supervision procedure on subsidiary limited liability company
Ust-Katavskaya Agricultural Machinery (TIN 7419000146).  The
case is docketed as A-76-20620/03-34-163.  Mr. V. Glubokovsky
has been appointed temporary insolvency manager.  Creditors are
asked to submit their proofs of claim to 456040, Russia,
Chelyabinsk region, Ust-Katav, Zavodskaya Str. 3.

CONTACT:  UST-KATAVSKAYA AGRICULTURAL MACHINERY
          456040, Russia,
          Chelyabinsk region, Ust-Katav,
          Zavodskaya Str. 3
          Phone/Fax: (8-35167) 2-65-17

          Mr. V. Glubokovsky
          Temporary Insolvency Manager
          Russia, Chelyabinsk,
          Lenina Pr., 89-310


YUKOS OIL: Foreign Creditor Banks Hold Back Demand for Payment
--------------------------------------------------------------
Foreign banks which declared Yukos Oil in default early in July
are not in a hurry to demand payment despite a warning from the
company it could go bankrupt soon, Reuters observes.

According to the report, the banks are still studying various
scenarios.  They have been talking with each other and with
Yukos.  They declared the company in default in July, but have
not insisted on a payment until now.   Last week, the oil
company warned it may have to file for bankruptcy as early as
the first half of next month after Russia seized its main
production unit, Yuganskneftdgaz.

Reuters sources say that while the company continued to pump oil
and pay interest on its debt the banks would not be under
pressure to take further action.   The banks that arranged
Yukos' loan include Citigroup and France's Societe Generale.
Both declined to comment.  Reuters also gathered from London-
based traders that no international banks have so far tried to
sell Yukos loans despite interests from distressed-debt
investors.


YURLINSKY CREAMERY: Court Commences Bankruptcy Proceedings
----------------------------------------------------------
The Arbitration Court of Komi-Perm autonomous region declared
OJSC Yurlinsky Creamery insolvent and introduced bankruptcy
proceedings.  The case is docketed as A30-1004/03.  Mr. V.
Polovinkin has been appointed insolvency manager.

Creditors may submit their proofs of claim to:

(a) Mr. V. Polovinkin
    Insolvency Manager
    6192000, Russia,
    Komi-Perm autonomous region,
    Yurla, Saranina Str. 12

(b) Yurlinsky Creamery
    619200, Russia,
    Komi-Perm autonomous region,
    Yurla, Sverdlova Str. 58

(c) The Arbitration Court of
    Komi-Perm autonomous region
    619000, Russia,
    Komi-Perm autonomous region,
    Kudymkar, Gorkogo Str. 24


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


IZAR: Unions Challenge Premise for Shipyard Selloff
---------------------------------------------------
Local trade unions CC OO and MCA-UGT are seeking an urgent
meeting with the government to discuss the 'viability plan'
announced by the finance ministry last week.

According to Expansion, the unions want the Spanish government
to provide them a timetable for negotiations with individual
shipyards.  The unions are asking the state to retain both the
civil and military divisions of Izar and concentrate on the
construction of ships with greater value.  They believe the
closure or reduction in scale of Izar shipyards will not assure
the viability of the company.

CONTACT:  IZAR
          Velazquez Street 132
          28006 Madrid
          Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es


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


ASCOM: Coughs up US$4.2 Million to Settle Tax Liability
-------------------------------------------------------
Ascom is announcing that, after a protracted tax examination,
and subject to standard, final quality review and corresponding
approval by the Internal Revenue Service, Ascom Holding Inc.,
its Subsidiaries and the IRS have reached agreement with regard
to the U.S. tax liability of Ascom U.S. for the tax years ended
December 31, 1996 through December 31, 1999.

Based on the agreement reached with the IRS, Ascom U.S. will pay
additional income taxes, withholding taxes and interest totaling
US$4.2 million.  No penalties were assessed as part of this
agreement.

About Ascom
Ascom is an international solution supplier with a comprehensive
technology know-how.  In the areas Transport Revenue (revenue
collection, toll collection and parking systems), Security
Solutions (applications for security, communications, automation
and control systems for infrastructure operators, public
security institutions and the army), Network Integration
(network solutions in the data/voice convergence market) and
Wireless Solutions (high quality on-site communications
solutions) with many years of experience in the execution of
complex projects for demanding customers the company has
established itself in important key markets.

Ascom's offering covers analysis and consulting, system design
and system integration, project management, engineering and
implementation, and goes right through to maintenance and
support.  The company has subsidiaries in 23 countries and has a
staff of about 5,000 employees worldwide.  The Ascom registered
shares (ASCN) are quoted on the SWX Swiss Exchange in Zurich.

                            *   *   *

Through a series of divestments and restructuring measures, the
company succeeded in reducing the share of non-core Divisions on
total revenues to roughly 15% at the end of 2003.  It also
streamlined the product and service offering according to
plans.  Ascom ends the financial year with a significantly
reduced Group net loss of -CHF68 million (previous year -CHF281
million.  Net debt was completely eliminated in the year under
review.  Cash and cash equivalents exceeded interest-bearing
debt to the tune of CHF55 million.  The equity ratio was
strengthened considerably, and is now at 18%.

CONTACT:  ASCOM
          Corporate Media Office
          CH-3000 Bern 14
          Belpstrasse 37
          Daniel Lack
          General Secretary and Press Officer
          Web site: http://www.ascom.com
          E-mail: media@ascom.com
          Phone: +41 31 999 20 22
          Fax    +41 31 999 45 27

          Ascom Corporate Finance and Investor Relations
          Belpstrasse 37
          CH-3000 Bern 14
          Daniel Lack
          General Secretary and Press Officer
          Phone: +41 31 999 43 44
          Fax: +41 31 999 21 17
          E-mail: media@ascom.com
          Web site: http://www.ascom.com


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


AGROFIRM LIBID: Under Bankruptcy Supervision
--------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on CJSC Agrofirm Libid (code EDRPOU
30686884).  The case is docketed as 4/101 B.  Arbitral manager
Mr. Sergij Gorbach has been appointed temporary insolvency
manager.  The company holds account number 26004301227 at
Oshadbank, Nosivka branch 3261, MFO 853592.

Creditors have until August 6, 2004 to submit their proofs of
claim to:

(a) AGROFIRM LIBID
    Ukraine, Chernigiv region,
    Nosivka, 40 Rokiv Peremogi
    Str. 1

(b) ECONOMIC COURT OF CHERNIGIV REGION
    14000, Ukraine, Chernigiv region,
    Miru Avenue, 20


ASSA: Court Assigns Insolvency Manager
--------------------------------------
The Economic Court of Kyiv declared LLC Commercial House Assa
(code EDRPOU 23530798) insolvent and introduced bankruptcy on
June 18, 2004.  The case is docketed as 23/296-B.  Mrs.
Valentina Plushakova has been appointed liquidator/insolvency
manager.  Assa holds account number 26007400064101 at Expobank,
Nivki branch, MFO 322647.

Creditors have until August 6, 2004 to submit their proofs of
claim to:

(a) COMMERCIAL HOUSE ASSA
    04111, Ukraine, Kyiv region,
    Sherbakov Str. 55

(b) Mrs. Plushakova Valentina
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Melnikov Str. 2/10

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


BUDY' DELFTWARE: Sets Proofs of Claim Deadline
----------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on JSCCT Budy' Delftware (code EDRPOU
00310456) on May 18, 2004.  The case is docketed as B-19/45-04.
Mr. Sergij Sautenko (License Number AA 419246 approved on
October 24, 2002) has been appointed temporary insolvency
manager.  Budy' Delftware holds account number 260023181 at OJSC
Mega Bank, Harkiv branch, MFO 351629.

Creditors have until August 6, 2004 to submit their proofs of
claim to:

(a) BUDY' DELFTWARE
    62456, Ukraine, Harkiv region,
    Harkiv district, Budyi,
    Zaliznichna Str. 1

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


CERAMICS: Court Names Liquidator
--------------------------------
The Economic Court of Kyiv region declared CJSC Ceramics (code
EDRPOU 19421112) insolvent and introduced bankruptcy proceedings
on May 26, 2004.  Mr. S. Gritsaj (License Number AA 719865
approved on February 23, 2004) has been appointed
liquidator/insolvency manager.  Ceramics holds account number
2600300150070 at JSCB Praveks-bank, Fastiv branch, MFO 321983.

Creditors have until August 6, 2004 to submit their proofs of
claim to:

(a) CERAMICS
    Ukraine, Kyiv region,
    Fastiv district, Kozhanka,
    Kirov Str. 28

(b) Mr. S. Gritsaj
    Liquidator/Insolvency Manager
    01030, Ukraine, Kyiv region,
    a/b 38
    Phone: (044) 236-11-17

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


HARKIV RAJAGROHIMIYA: Harkiv Court Begins Bankruptcy Supervision
----------------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Harkiv Rajagrohimiya (code EDRPOU
05491190) on June 8, 2004.  The case is docketed as B-19/43-04.
Mr. Oleksandr Tatarkin (License Number AA 484217 approved on
February 5, 2004) has been appointed temporary insolvency
manager.  Harkiv Rajagrohimiya holds account number 26007300806
at JSCB Merkurij, MFO 351663.

Creditors have until August 6, 2004 to submit their proofs of
claim to:

(a) HARKIV RAJAGROHIMIYA
    Ukraine, Harkiv region,
    Harkiv district, Vasishevo,
    Agrohimcomlex

(b) Mr. Oleksandr Tatarkin
    Temporary Insolvency Manager
    61022, Ukraine, Harkiv region,
    a/b 250

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


KAMYANETS-PODILSKIJ': Bankruptcy Supervision Begins
---------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on Kamyanets-Podilskij' Agricultural
Machine-Technological Station (code EDRPOU 30171816).  The case
is docketed as 13/138-B.  Mr. Volodimir Kustlivij (License
Number AA 249949 approved on October 19, 2001) has been
appointed temporary insolvency manager.  The company holds
account numbers 26003301230918, and 26002302230918 at CB
Privatbank, Kamyanets-Podilskij branch of Hmelnitskij region,
MFO 315405; and account number 260083001507 at JSCB Ukrsocbank,
Kamyanets-Podilskij branch, MFO 315546.

CONTACT:  KAMYANETS-PODILSKIJ' AGRICULTURAL MACHINE-
          TECHNOLOGICAL STATION
          32300, Ukraine, Hmelnitskij region,
          Kamyanets-Podilskij district,
          Grushka, Kirov Str. 19

          Mr. Volodimir Kustlivij
          Temporary Insolvency Manager
          32300, Ukraine, Hmelnitskij region,
          Kamyanetsk-Podilskij,
          Ogiyenko Str. 59/33

          ECONOMIC COURT OF HMELNITSKIJ REGION
          29000, Ukraine, Hmelnitskij region,
          Nezalezhnosti square, 1


LLC UKRAINE: Declared Insolvent
-------------------------------
The Economic Court of Cherkassy region declared LLC Ukraine
(code EDRPOU 03791203) insolvent and introduced bankruptcy
proceedings.  The case is docketed as 08/1924.  Arbitral manager
Mr. Viktor Osipchuk (License Number AA 630045) has been
appointed liquidator/insolvency manager.

CONTACT:  LLC UKRAINE
          Ukraine, Cherkassy region,
          Lisyanskij district, Vinograd

          Mr. Viktor Osipchuk
          Liquidator/Insolvency Manager
          18000, Ukraine, Cherkassy region,
          Vernigora Str. 16/11
          Phone: (0472) 65-11-28

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


LUTSK BREAD: Proofs of Claim Deadline August 6
----------------------------------------------
The Economic Court of Volinska region commenced bankruptcy
supervision procedure on OJSC Lutsk Bread Products Combine 1
(code EDRPOU 00951439) on June 11, 2004.  Mr. Oleksandr Zhilich
(License Number AA 140403 approved on June 5, 2002) has been
appointed temporary insolvency manager.  Lutsk Bread Products
Combine 1 holds account number 260033011091 at Prominvestbank,
Volinska branch, MFO 303138.

Creditors have until August 6, 2004 to submit their proofs of
claim to:

(a) LUTSK BREAD PRODUCTS COMBINE 1
    43021, Ukraine, Lutsk region,
    Ivano-Frankivska Str. 53

(b) Mr. Oleksandr Zhilich
    Temporary Insolvency Manager
    43010, Ukraine, Lutsk region,
    Kopernik Str. 36 a
    Phone: (03322) 42-49-8

(c) ECONOMIC COURT OF VOLINSKA REGION
    43010, Ukraine, Lutsk region,
    Voli Avenue, 54-a


RIDNIJ KRAJ: Temporary Insolvency Manager Appointed
---------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Agricultural Firm Ridnij Kraj (code
EDRPOU 30916477) on May 21, 2004.  The case is docketed as B-
39/66-04.  Arbitral manager Mrs. O. Pogorila (License Number AA
250089 approved on November 30, 2001) has been appointed
temporary insolvency manager.  Agricultural Firm Ridnij Kraj
holds account number 260083214 at JSPPB Aval, Harkiv regional
branch, MFO 350589.

Creditors have until August 6, 2004 to submit their proofs of
claim to:

(a) AGRICULTURAL FIRM RIDNIJ KRAJ
    Ukraine, Harkiv region,
    Zolochivskij district, Proletar

(b) Mrs. O. Pogorila
    Temporary Insolvency Manager
    Phone: (057) 700-55-97

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


UKRAGRONAFTOPRODUCT: Kyiv Court Confirms Insolvency
---------------------------------------------------
The Economic Court of Kyiv region declared Joint Enterprise
Ukragronaftoproduct (code EDRPOU 26296587) insolvent and
introduced bankruptcy proceedings on June 17, 2004.  The case is
docketed as 19/277.  Arbitral manager Mr. Volodimir Manakov
(License Number AA 249649 approved on November 11, 2001) has
been appointed liquidator/insolvency manager.  Joint Enterprise
Ukragronaftoproduct holds account number 2600101276023 at OJSC
Ukrsimbank, MFO 380333.

CONTACT:  JOINT ENTERPRISE UKRAGRONAFTOPRODUCT
          02002, Ukraine, Kyiv region,
          Marina Raskova Str. 19

          Mr. Volodimir Manakov
          Liquidator/Insolvency Manager
          03110, Ukraine, Kyiv region,
          a/b 16
          Phone: 516-86-40
          Fax: 516-86-40

          ECONOMIC COURT OF KYIV
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard, 44-B


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


ABBEY NATIONAL: Resolution Life Interested in Closed Life Funds
---------------------------------------------------------------
Two Abbey National closed life funds are among the potential
target for acquisition by cash shell Resolution Life Group, The
Scotsman reports.

Resolution has already purchased Royal & SunAlliance's closed
fund.  In a memo, Resolution admitted it might pursue a "second
transaction," listing Abbey's Scottish Mutual and Scottish
Provident among the 14 funds it is eyeing.  Other targets are
HHG Group, which operates the closed Pearl, London Life and NPI
funds, Barclays Life, and Mutual/Provident.  According to the
memo, talks are ongoing with owners of these funds.

Abbey is believed to have considered the two divisions surplus
to requirements.  Abbey Chief Executive Luqman Arnold is
currently returning the bank to its consumer-banking roots after
a disastrous expansion into corporate lending.


ACP AIR: Winding up Resolutions Passed
--------------------------------------
At an Extraordinary General Meeting of the ACP Air Conditioning
Limited Company on July 8, 2004 held at 66 Wigmore Street,
London W1U 2HQ, the Ordinary and Extraordinary Resolutions to
wind up the company were passed.  Frank Wessely and Peter
Hughes-Holland of Numerica have been appointed Joint Liquidators
for the purpose of such winding-up.


A & P HOLDINGS: Hires PricewaterhouseCoopers Liquidator
-------------------------------------------------------
At an Extraordinary General Meeting of A & P Holdings Limited on
8 July 2004, the Special and Ordinary Resolutions to wind up the
company were passed.  Tim Walsh and Richard Setchim of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed Joint Liquidators of the Company for the purpose
of such winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court,
          London EC4A 4HT
          Joint Liquidators:
          Tim Walsh
          Richard Setchim


AVENUE HOMES: Calls in Liquidator
---------------------------------
At an Extraordinary General Meeting of the Members of the Avenue
Homes Ltd Company on July 16, 2004 held at 43 Blackstock Road,
London N4 2JF, the Extraordinary Resolution to wind up the
company was passed.  Andreas Georgiou Kakouris of 43 Blackstock
Road, London N4 2JF has been nominated Liquidator for the
purpose of the winding-up.

CONTACT:  Andreas Georgiou Kakouris, Liquidator
          43 Blackstock Road,
          London N4 2JF


BASYS AUTOMATION: Sets Members Final Meeting August 28
------------------------------------------------------
Name of Companies:
Basys Automation Systems Limited
Digital Equipment SME Limited
Twinsoft U.K. Limited
X/Team Limited

Members of these companies will have final meetings on August
28, 2004 commencing at 10:30 a.m. and thereafter at 15-minute
intervals.  It will be held at the offices of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

The purpose of the meeting is to receive the account showing
how the windings-up have been conducted and the properties of
the Companies 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 PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
not later than 12:00 noon, August 27, 2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court,
          London EC4A 4HT
          Joint Liquidator:
          R Setchim


B.O.S.S.E. CONSTRUCTION: Calls in Liquidator
--------------------------------------------
At an Extraordinary General Meeting of the Members of the
B.O.S.S.E. Construction Limited Company on July 8, 2004 held at
Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB,
the Extraordinary Resolution to wind up the company was passed.
Alex Kachani of Crawfords, Stanton House, 41 Blackfriars Road,
Salford, Manchester M3 7DB has been nominated Liquidator for the
purpose of such winding-up.

CONTACT:  CRAWFORDS
          Stanton House
          41 Blackfriars Road, Salford,
          Manchester M3 7DB
          Liquidator:
          Alex Kachani


BREDA TRANSPORT: Appoints Joint Liquidators
-------------------------------------------
At an Extraordinary General Meeting of the Members of the Breda
Transport U.K. Limited Company on July 15, 2004 held at Kent
House, Station Road, Ashford, Kent TN23 1PP, the Extraordinary
Resolution to wind up the company was passed.  Bernard Hoffman
and Ian Douglas Yerrill of Suite 1, Kent House, Station Road,
Ashford, Kent TN23 1PP have been appointed Joint Liquidators of
the Company for the purpose of its voluntary winding-up.

CONTACT:  Bernard Hoffman, Liquidator
          Ian Douglas Yerrill, Liquidator
          Suite 1, Kent House,
          Station Road, Ashford,
          Kent TN23 1PP


BURNELLS RESTAURANT: Hires Liquidator from Mercer & Hole
--------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Burnells Restaurant Limited Company on July 16, 2004 held at 72
London Road, St Albans, Hertfordshire AL1 1NS, the Extraordinary
Resolution to wind up the company was passed.  Steven Leslie
Smith of Mercer & Hole, 72 London Road, St Albans, Hertfordshire
AL1 1NS has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  MERCER & HOLE
          72 London Road, St Albans,
          Hertfordshire AL1 1NS
          Liquidator:
          Steven Leslie Smith


CABLE & WIRELESS: Chairman's Update at Thursday's Annual Meeting
----------------------------------------------------------------
Cable & Wireless Chairman Richard Lapthorne said at the
company's Annual General Meeting on Thursday: "This time last
year I shared with you the challenges we had faced in the first
half of calendar 2003.

"Our management had been changed, with a new Chief Executive
Officer and Chief Operating Officer, and our Non-executives were
largely new also.  Since then, Charles Herlinger has joined us
as Chief Financial Officer and Lord Robertson as a part-time
Deputy Chairman.  His primary role is to manage our relations
with government partners around the world.  Janet Morgan retires
today [Thursday] and we intend to make further non-executive
appointments over the coming months.

"I mentioned Lord Robertson's role; we provide telecom services
around the world, and in so doing we are running strategic
national assets.  Understanding the objective of our host
governments, working with them as partners within a framework
where we see them as a customer for our experience and skills is
key to success in our business and in our ability to expand our
presence.

"This time last year, we had also recently reported the result
of our discussions with the Inland Revenue to close U.K. tax
computations covering the previous ten years.  We closed those
computations, you will recall, within the sums already set aside
as provisions on the balance sheet and there was no change to
the profit and loss account.  A tax warranty, which we had given
to Deutsche Telekom when we sold our U.K. mobile business One 2
One, was not needed and fell away.  A warranty is not a
liability, not even a contingent liability, it is a guarantee by
the Company that a forward-looking statement made in good faith
will turn out to be correct.  In this case that Deutsche Telekom
would not inherit any tax liabilities with its purchase of One 2
One.  It did not.

"The issue of the tax warranty became bound up in a Class Action
in the United States which was defended and won. Inevitably, the
plaintiffs have lodged an appeal and we shall continue to manage
this issue. For the script on this one, read John Grisham's 'The
King of Torts'.  Plaintiffs are particularly clever at supplying
journalists with so-called scoops and we have experienced two of
these already in the U.K.

"Without doubt the major structural event in the company last
year was the exit from the United States and our experience with
Chapter 11 bankruptcy protection.  Potential U.S. buyers
insisted the operations there enter Chapter 11 so that they
could buy a lower cost operation once certain financial
obligations had been discarded with agreement of the Courts.

"It was interesting to observe how the world paused to give
Cable & Wireless U.S. the time to re-group and re-launch under
new ownership free from the sometimes-vicious spirals on U.K.
quoted companies trying to do the same thing.  There was no
panic among customers or suppliers; just recognition of the
rules of the game.

"When Francesco Caio joined Cable & Wireless he made it clear
that we had to look after our customers properly.  We spent
GBP50 million on establishing a tailor-made network in the
United States to protect our customers terminating calls there.
Hardly any customers have suffered degradation of service.

"Corporate governance continues to change, with still more focus
on trying to find standard rules to drive risk out of equity
investments.  A process, which is economically impossible.
Managing a business means taking decisions based on incomplete
and imprecise information.  Most incorrect decisions are
indefensible using 20/20 hindsight as a tool.  The trouble is,
as a tool, it's not available when decisions are being made.

"I am concerned that the expectations being created of what
input-based governance can do are being set too high.  On page
63 of our Report and Accounts, Graham Howe, the Senior
Independent Director, has reported on how the Independent
Directors regarded our corporate governance last year, how they
concentrated on output measures."

Graham Howe said: "The Independent Directors meet three times
during the year in addition to Board meetings to formally
discuss governance issues -- once with the Chairman and Chief
Executive Officer present, once with the Chairman present, and
once on their own.  After the third meeting, as Senior
Independent Director, I provided feedback to the Board on the
Independent Directors' collective views of:

(a) The perceived quality of the relationship between the
    Chairman and the Chief Executive Officer;

(b) The degree of openness between the Chief Executive Officer
    and the Board;

(c) The visibility of checks and balances within the Executive
    Directors' team; and

(d) Whether all questions asked by the Non-executive Directors
    in the Board have been adequately addressed.

"From January to the beginning of April 2003, the Company was
searching for a new Chief Executive Officer under the guidance
of the Chairman, Richard Lapthorne.  During this period, the
Chairman effectively led the Executive management in the running
of the business.

"With the appointment of Francesco Caio as Chief Executive
Officer on 4 April 2003 and the appointment of an entirely new
Executive team, there has been a conscious effort by the
Chairman to step back and create the necessary space for the
Chief Executive Officer to run the business.  The Chairman and
the Chief Executive Officer have complementary skills and their
relationship is a good one.

"The Chief Executive Officer is by nature open with the Board
and no circumstances have arisen during the year where the Board
doubted this.  The year has been characterized by the sheer
quantity of issues needing to be addressed.  This has sometimes
led to crowded agendas and there have been many additional
meetings.

"The company has seen a significant amount of organizational
change during the past year with the appointment of an entirely
new Executive team.  Throughout this period of change, the
primary governance checks and balances were managed by the
Chairman and the Chief Executive Officer with the appropriate
level of support from the Board of Directors, its principal
committees (in particular the Audit Committee) and the senior
management team.

"There have been no questions raised at the Board or its
committees that have been inadequately addressed by the
Executive Directors.  This is not to say that all questions were
capable of being answered fully at the time.  The company was
managing itself through risk and uncertain situations where
knowledge grew over time.

"Despite this period of change for the company, through the
significant efforts of the Board of Directors, its principal
committees and the senior management team, the Independent
Directors are satisfied that the appropriate corporate
governance controls have been effective during the year ended 31
March 2004."

Mr. Lapthorne adds: "So far I have been talking for some time
and I haven't yet addressed the task of running Cable &
Wireless' operations.  Fortunately, that is what our Board
spends its internal time on.  We believe that good corporate
governance flows naturally from open robust discussion of the
business.

"Francesco and his team are one year into a three-year program
to position Cable & Wireless for a prosperous future.  Progress
from now on will appear incremental, but that's what the real
world is about.

"Last year, we announced the suspension of payments of dividends
for a year to provide additional financial flexibility as we
managed ourselves through the uncertainties facing us.  I
promised to reinstate the dividend once we had been able to
further assess the costs of exiting the United States and
restructuring the United Kingdom business.  Also to reinstate it
at a level consistent with the prospects for the Group.  As a
result of the progress made we have recommended a dividend of
3.15p, made up of a 1.05p interim and a 2.10p final effectively
re-instating the dividend six months earlier than we had
previously expected."

CONTACT:  CABLE & WIRELESS PLC
          Investor Relations:
          Virginia Porter
          Acting Director
          Phone: 020 7315 4460

          Craig Thornton
          Manager
          Phone: 020 7315 6225

          Glenn Wight Manager
          Phone: 020 7315 4468

          Media:
          Lesley Smith
          Group Director
          Phone: 020 7315 4410

          Peter Eustace
          Head of Media Relations
          Phone: 020 7315 4495


CARPE-DIEM I.T.: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Members of the Carpe-
Diem I.T. Consultancy Limited Company on July 13, 2004 held at
Manor Place, Albert Road, Braintree, Essex CM7 3JE, the
Extraordinary Resolution to wind up the company was passed.
Ashok K Bhardwaj of 47-49 Green Lane, Northwood, Middlesex HA6
3AE has been nominated Liquidator for the purpose of the
winding-up.

CONTACT:  Ashok K Bhardwaj, Liquidator
          47-49 Green Lane, Northwood,
          Middlesex HA6 3AE


CHANA PHARMACEUTICALS: Hires Chantrey Vellacott Administrator
-------------------------------------------------------------
Kenneth W Touhey and David J Oprey have been appointed joint
administrators for retail pharmacy Chana Pharmaceuticals
Limited.  The appointment was made July 14, 2004.

CONTACT:  CHANTREY VELLACOTT
          16-17 Boundary Road, Hove,
          East Sussex BN3 4AN
          Joint Administrators:
          Kenneth W Touhey
          David J Oprey
          (IP Nos 8369, 5814)


C W FRAMES: Extraordinary Winding up Resolution Passed
------------------------------------------------------
At an Extraordinary General Meeting of the C W Frames Limited
Company on July 15, 2004 held at Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP, the subjoined
Extraordinary Resolution to wind up the company was passed.
Richard Frank Simms and Alan Roy Limb of Insol House, 39 Station
Road, Lutterworth, Leicestershire LE17 4AP have been appointed
Joint Liquidators for the purpose of such winding-up.

CONTACT:  Richard Frank Simms, Liquidator
          Alan Roy Limb, Liquidator
          Insol House
          39 Station Road, Lutterworth,
          Leicestershire LE17 4AP


EASYJET PLC: Expands Flights to Luton, Berlin
---------------------------------------------
EasyJet plans to further expand its operation to Luton and
Berlin after announcing last week the addition of more routes to
Hungary and Poland.  According to Businessworld, easyJet will
add three more flights to the existing 22 routes in Luton to
Dortmund, Krakow and Warsaw.  This plan will be finalized within
the next few weeks.

In Germany, the budget carrier will launch four new routes this
autumn in addition to the daily services from Berlin Schoenefeld
Airport to Geneva, Krakow, Ljubljana and Madrid.  EasyJet will
be adding seven new aircrafts for the Berlin flights and offer
16 routes throughout Europe.


EGG PLC: First-half Loss Down to GBP4 Million
---------------------------------------------
The Group made a profit of GBP1 million in the second quarter
leading to an overall loss before tax for the first half of 2004
of GBP4 million down from a loss of GBP23 million in the same
period last year.

The U.K. business has delivered a sound performance in the first
half of the year despite increased competition and rising
interest rates.  We achieved a profit of GBP35 million and we
grew our customer base by a further 292,000 giving us a total of
almost 3.5 million.  Unsecured lending balances continued to
grow strongly, with record personal loan drawdowns of over
GBP1.1 billion in the first six months.

As we announced last week, we have begun to take the necessary
steps to withdraw from the French market.   We will ensure that
this process is effected as sensitively, respectfully and
efficiently as possible for our people, our customers and our
shareholders.

Looking forward we are focused on our successful U.K. business.
Research indicates Egg's existing customers have an
exceptionally high propensity to buy further products from us.
We plan to invest further in our brand, in targeted acquisition
and in our cross-sales capability in the second half of the year
to augment our core strengths and drive additional value from
our customer base.

Paul Gratton
CEO, Egg plc

Highlights:

Analysis of Group Profit and Loss Account:
                         H1 2004                H1 2003
                          GBPm                    GBPm
Egg U.K. Operating Profit 34.5                    36.7
Egg France
Operating Loss           (32.2)                  (48.7)
Other International        -                      (2.8)
Subsidiaries/
Associates/JV's           (1.7)                   (2.8)
Transaction Costs         (2.6)                     -
Restructuring Costs       (2.1)                   (5.2)
Group Loss before Tax     (4.1)                  (22.8)

Group

(a) Group operating income up 21% to GBP242.3 million (H1 2003:
    GBP200.9 million)

(b) Group loss before tax of GBP4.1 million (H1 2003: GBP22.8
    million)

(c) Group loss per share was 0.3p (H1 2003: 3.0p)

(d) Total group assets of GBP12.2 billion (H1 2003: GBP11.2
    billion)

U.K.

(a) Egg U.K. delivered an operating profit of GBP34.5 million
   (H1 2003: GBP36.7 million)

(b) 292,000 net new customers acquired in the first half year
    (H1 2003: 340,000)

(c) Unsecured lending balances grew by GBP559 million (H1 2003:
    GBP650 million) leading to period end balances of GBP5.35
    billion (30 June 2003: GBP3.95 billion)

(d) Strong sales growth in personal loans with drawdowns of
    GBP1.137 million, up 60% on H1 2003 (GBP711 million)

(e) Credit quality remains strong and benchmarks continue to
    show Egg's card portfolio significantly outperforming
    industry norms

France

(a) Operating loss of GBP32.2 million (EUR47.6 million) for H1
    reduced from GBP48.7 million (EUR72.1 million) in H1 2003

(b) Costs to exit the French market estimated at GBP113 million
    (EUR170 million) pre tax

Chief Executive Paul Gratton said: "The Group made a profit of
GBP1 million in the second quarter leading to an overall loss
before tax for the first half of 2004 of GBP4 million, down from
a loss of GBP23 million in the same period last year.

"The U.K. business has delivered a sound performance in the
first half of the year despite increased competition and rising
interest rates.  We achieved a profit of GBP35 million and we
grew our customer base by a further 292,000 giving us a customer
base of almost 3.5 million.

"Within unsecured lending in the U.K. we have seen strong net
lending growth of GBP559 million in the first half taking total
balances to GBP5.35 billion up 12% on last year-end.  Cross
selling personal loans into our credit card customer base
remains highly successful, delivering record sales volumes with
over GBP1.1 billion disbursed in the first six months this year.

"Revenues are growing steadily quarter on quarter and have
increased some 19% on the same period last year.  Net interest
income reduced slightly in the second quarter given the
increased pressure on interest-bearing balance growth and
margins created by competition and rising base rates
respectively.

"Other income was almost GBP50 million in Q2 and has been
growing strongly this year, primarily due to sales of protection
policies for balances outstanding on loans and cards.  We are
keeping tight control on costs and credit quality remains good
with provision levels reflecting the continuing growth in the
unsecured lending portfolio, the stage in the life cycle of the
card and loan books and the increasing proportion of personal
loans in the book.

"In France, as we announced last week, we have begun to take the
necessary steps to withdraw from the market.  Our search for a
strategic partner, which was started in October last year, was
superseded by Prudential considering proposals for its
shareholding in Egg and therefore throughout the first half of
the year we have been managing discretionary expenditure tightly
as we await the conclusion of that process.  This is reflected
in the significant reduction in losses in the first half.  We
expect the pre-tax cost of closing Egg France to be
approximately EUR170 million (GBP113 million).

"We are focused on our successful U.K. business.  Research
indicates Egg's existing customers have an exceptionally high
propensity to buy further products from us.  We plan to invest
further in our brand, in targeted acquisition and in our cross
sales capability during the second half augmenting our core
strengths and seeking to drive additional value from our
customer base.  In addition we will be undertaking a review of
our cost base to ensure it is focused on our key priorities.

"Egg remains intent on helping people understand and manage
their money more effectively through relevant innovation in
technology.  Egg Money Manager, our account aggregation service,
now has almost 250,000 registered users, making us the largest
aggregation provider in Europe.

"With the arrival of Chip and PIN in the U.K., Egg has recently
launched PIN Browser, believed to be a world first, which offers
a secure means for Egg customers to view their PIN number online
using leading-edge technology.  This unique service will enable
customers to access their PIN number at any time and also reduce
the administration process and therefore resource that would
otherwise have to be provided.

"Looking forward we expect strong competition and margin
pressure to remain a feature of the U.K. credit card market for
the foreseeable future.  However we are confident that the Egg
brand, our strong relationship with our customers, our ability
to segment and target the right consumers with our marketing,
our dominance in the digital channel and our increasing ability
to cross sell additional products leaves us well positioned for
further success in this market.

"Egg remains well capitalized and the Board believes that future
retained profits at group level and other capital management
options available to Egg should enable us to grow the business
in line with our plans and maintain our tier 1 capital ratio in
our target range of 7% to 9%.

"The past six months have been difficult for Egg with the
uncertainty created by the potential sale of the group.  However
we are unwavering in our belief in Egg's potential and the
assets we have built.  We enter the second half of the year with
confidence and look forward to further developing our U.K.
business."

A copy of this report is available free of charge at
http://bankrupt.com/misc/Eggplc_H12004.htm.


ELECTRO MOTIVE: Creditors to Meet July 29
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

              IN THE MATTER OF Electro Motive Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Electro Motive Ltd.
company will be held at Antrobus House Business Centre 18
College Street Petersfield GU31 4AD on July 29, 2004 at 10:45
a.m. for the purpose of having a full statement of the position
of the Company's affairs, together with a list of the Creditors
of the Company and the estimated amount of their claims, laid
before them, and for the purpose, if thought fit, of nominating
a Liquidator and of appointing a Liquidation Committee.
(Sections 99-101 of the said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at 1 Grange Farm
Business Park Sandy Lane Southampton SO32 2HD not later that
12:00 noon on the business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at 1
Grange Farm Business Park Sandy Lane Southampton SO32 2HD 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 JWD Associates, 1 Grange Farm Business Park
Sandy Lane Southampton SO32 2HD two business days prior to the
meeting.

By Order of the Board.

H Simpson, Director
June 2, 2004

CONTACT:  JWD ASSOCIATES
          1 Grange Farm Business Park
          Sandy Lane
          Southampton
          SO32 2HD
          Phone: 01329 834040
          Fax: 01329 834041
          E-mail: info@jwdassociates.co.uk
          Web site: http://www.jwdassociates.co.uk


EVERLOYAL LIMITED: Hires Liquidators from PricewaterhouseCoopers
----------------------------------------------------------------
At a General Meeting of the Members of Everloyal Limited Company
(formerly Askeys Limited) on July 9, 2004, the Special and
Ordinary Resolutions to wind up the company were passed.
Jonathan Sisson and Tim Walsh of PricewaterhouseCoopers LLP,
Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT have
appointed Joint Liquidators of the Company for the purpose of
such winding-up.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court
          19 Cornwall Street,
          Birmingham B3 2DT
          Joint Liquidators:
          Jonathan Sisson
          Tim Walsh


FIRBANK KEMPSTER: HSBC Bank Appoints Receivers
----------------------------------------------
HSBC Bank Plc called in David Harry Gilbert and Martha Thompson
as receivers for Firbank Kempster International Ltd Company (Reg
No 03841962, Trade Classification: 46).  The application was
filed July 15, 2004.  The company plans exhibitions and events.

CONTACT:  David Harry Gilbert
          (Office Holder No 2376/01)
          8 Baker Street,
          London W1U 3LL

          Martha Thompson
          (Office Holder No 8678/01)
          Kings Wharf,
          20-30 Kings Road,
          Reading


FIRST STATE: Dissolves Global Technology and Communications Fund
----------------------------------------------------------------
The Board of Directors of First State Global Umbrella Fund plc
announces that due to the failure to attract sufficient
investment on an ongoing basis since the launch of First State
Global Technology and Communications Fund in October 2002 (in
order to render the continued administration of the Fund a
viable investment proposition for Shareholders), the Directors
have resolved to terminate the Fund, in accordance with Article
17(2) of the Company's Articles of Association with effect from
15 October 2004.

The Directors have resolved that it is in the best interests of
the Shareholders to transition the Fund entirely to cash.
Accordingly, the First State Investments (Hong Kong) Ltd. (the
Investment Manager) has been instructed in the interim period
between the date of this announcement and the Termination Date
to liquidate the Fund's portfolio.  All net cash proceeds
derived from the realization of the Fund will be distributed to
the Shareholders in proportion to their respective interests in
the Fund in accordance with the Articles.

The Directors wish you to note that with effect from 15 July
2004, no further subscriptions will be accepted into the Fund.

The Directors have offered the Shareholders of the Fund these
options in connection with the termination:

(a) Shareholders may receive net cash proceeds derived from the
    realization of the Fund in proportion to their respective
    interests in the Fund.  Payment of the net cash proceeds
    will be made in the same manner as payment of redemption
    proceeds which, will normally be sent within three to seven
    business day after the Termination Date.  No further action
    will be required if a Shareholders opts for the cash option.

(b) Shareholders may switch their investment in the Fund into
    Class I Shares of other sub-funds of the company in issue
    free of sales charge on any Dealing Day prior to the
    Termination Date.  Any switching requests received by
    the Administrator or the Investment Manager before the
    Dealing Deadline namely 10:00 a.m. (Dublin time) on a
    Dealing Day will be dealt with at the Net Asset Value
    applicable to that Dealing Day.

(c) Shareholders are also entitled to redeem their shares in the
    Fund on any Dealing Day prior to the Termination Date at the
    Net Asset Value free of charge by following the normal
    redemption procedure.  Payment of redemption proceeds will
    be sent within three to seven business days.

CONTACT:  FIRST STATE
          Ms. Annette Costello
          Management International (Dublin) Limited
          Phone: +353 1 407 2082

          NCB STOCKBROKERS LIMITED
          Ms. Margot McDonagh
          Phone: +353 1 611 5907


FONE WORLD: Sets Meeting of Creditors Wednesday
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

                IN THE MATTER OF Fone World Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Fone World Ltd.
company will be held at Lockside Office Park Lockside Road
Preston PR2 2YS on July 28, 2004 at 11:00 a.m. for the purpose
of having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Unique Business Finance Ltd., Lockside Office
Park Lockside Road Preston PR2 2YS two business days prior to
the meeting.

By Order of the Board.

A. Dala, Director
July 5, 2004

CONTACT:  UNIQUE BUSINESS FINANCE LTD.
          Lockside Office Park
          Lockside Road Preston
          PR2 2YS


FRUITFUL FUNDRAISING: Appoints Tenon Recovery Administrator
-----------------------------------------------------------
The Fruitful Fundraising (GB) Limited has appointed S J Parker
and T J Binyon of Tenon Recovery as joint administrators.  The
appointment was made July 14, 2004.

Previously named Open Air (Touring Teams) Ltd, the company's
registered address is located at Sherlock House, 73 Baker
Street, London W1U 6RD.

CONTACT:  TENON RECOVERY
          Sherlock House,
          73 Baker Street,
          London W1U 6RD
          Joint Administrators:
          S J Parker
          T J Binyon
          (IP Nos 8989, 9285)


HARTON LTD.: Meeting of Creditors Thursday
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

                  IN THE MATTER OF Harton Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Harton Ltd. will be
held at Lockside Office Park Lockside Road Preston PR2 2YS on
July 29, 2004 at 12:00 p.m. for the purpose of having a full
statement of the position of the Company's affairs, together
with a list of the Creditors of the Company and the estimated
amount of their claims, laid before them, and for the purpose,
if thought fit, of nominating a Liquidator and of appointing a
Liquidation Committee. (Sections 99-101 of the said Act)

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 Unique Business Finance Ltd., Lockside Office
Park Lockside Road Preston PR2 2YS two business days prior to
the meeting.

By Order of the Board.

A. Riaz, Director
July 8, 2004

CONTACT:  UNIQUE BUSINESS FINANCE LTD.
          Lockside Office Park
          Lockside Road Preston
          PR2 2YS


HYDRAULIC PRECISION: Hires Poppleton & Appleby Administrator
------------------------------------------------------------
Engineering company Hydraulic Precision Limited has appointed M
T Coyne and M D Hardy of Poppleton & Appleby as joint
administrators.  The appointment was made July 12, 2004.  Its
registered office is located at c/o Poppleton & Appleby, 35
Ludgate Hill, Birmingham B3 1EH.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Joint Administrators:
          M T Coyne
          M D Hardy
          (IP Nos 6575, 9160)


IMPERIAL UPHOLSTERY: Calls in Joint Administrators
--------------------------------------------------
David Langton and Alistair Grove have been appointed joint
administrative receivers for Imperial Upholstery Limited
Company.  The appointment was made July 13, 2004.

The company manufactures and sells domestic furniture.  Its
registered office is located at Unit 17, County Road, Buckingham
Road Industrial Estate, Brackley, Northamptonshire NN13 7AX.

CONTACT:  David Langton
          (IP No 8645)
          Exchange House,
          Midsummer Boulevard,
          Milton Keynes MK9 2DF

          Alistair Grove
          (IP No 7913)
          Temple Court,
          35 Bull Street,
          Birmingham B4 6JT


INTERFACE MANAGEMENT: Shareholders Final Meeting Set August 20
--------------------------------------------------------------
The Annual and Final General Meeting of the Members of Interface
Management Limited Company will be on August 20, 2004 commencing
at 11:00 a.m.  It will be held at the offices of Rothman Pantall
& Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP.

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 Rothman Pantall & Co, Clareville House, 26-27 Oxendon
Street, London SW1Y 4EP not later than 12:00 noon, August 19,
2004.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Joint Liquidator:
          S B Ryman


J WILLINGHAM: Brings in Joint Administrators from Stoy Hayward
--------------------------------------------------------------
Charles Macmillan and Dermot Power have been appointed joint
administrators for J Willingham (Recovery) Limited.  The
appointment was made July 13, 2004.  The company recovers
breakdown vehicles.

CONTACT:  BDO STOY HAYWARD LLP
          1 City Square,
          Leeds LS1 2DP
          Joint Administrators:
          Charles Macmillan
          Dermot Power
          (IP Nos 6000/01, 6006/01)


KARESAMA PRECISION: Final Meeting of Members Set August 23
----------------------------------------------------------
Members of Karesama Precision Limited Company (formerly Coventry
Gauge Limited) will have a final meeting on August 23, 2004
commencing at 11:00 a.m.  It will be held at 41 Castle Way,
Southampton SO14 2BW.

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.


MARKS & SPENCER: New Management to Overhaul Existing Strategies
---------------------------------------------------------------
Marks & Spencer's new boss, Stuart Rose, is ditching "strategic
initiatives" engineered by previous management, a memo that
leaked to the media says.

According to The Telegraph, Britain's biggest retailer will no
longer pursue the firm's project code-named Diamond intended to
improve the efficiency of the group's food stores.  It means the
end to the firm's Lifestore concept stores and other M&S sub-
brands.  The rollout of more outlets will be "stopped as soon as
possible," the memo from Director Charles Wilson says.

Plans to be shelved also include the next-generation barcode
project promoted by previous chief executive Roger Holmes.  But
far advanced projects will be pursued, such as an unnamed
"strategic food project."

Mr. Rose will also go forward with a plan to cut 650 jobs at its
Baker Street headquarters in London.  The axing is understood a
preparation for a total exit from the premises.  The document
seems to suggest that projects to improve the management of
stock and cut costs will be prioritized, the report says.  The
news follows Mr. Rose's successful defense against Philip
Green's GBP9.1 billion takeover attempt.


MASTERLINK MANAGEMENT: Appoints Rothman Pantall Administrator
-------------------------------------------------------------
The Masterlink Management Limited Company has appointed Robert
Derek Smailes and Stephen Blandford Ryman of Rothman Pantall &
Co as joint administrators.  The appointment was made July 14,
2004.  The company is engaged in computer services.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Joint Administrators:
          Robert Derek Smailes
          Stephen Blandford Ryman
          (IP Nos 8975, 4731)


MFI: Management Buyout Talks Swirl as H1 Profit Drops Nearly 50%
----------------------------------------------------------------
Furniture retailer MFI reported an almost 50% slide in first-
half profits due to poor performance in the U.K. and shortfall
in orders, the Telegraph reports.

The company's profits slipped 46% to GBP32.1 million after U.K.
retail sales fell 11.4% to GBP416 million.  Orders were 6.5%
lower than last year's.

Chief executive John Hancock blamed bad Easter season and major
shortfall in new product, particularly new bedroom ranges; but
he assured the trend has been reversed.  In fact, in the past
five weeks same-store orders for the U.K. business were down
just 1%.  Overall orders rose 6%.  For the firm's Howden Joinery
trade business, orders were up 16%.  While group sales went down
0.7% to GBP703 million, Howden's rose 25.6% to GBP227 million.

Rumors are rife that the group might receive an offer from the
management.  Under a possible offer, Howden and MFI could be
sold separately.  John Hancock refused to discuss the matter.


MIDTRANS LIMITED: Sets Creditors Meeting July 27
------------------------------------------------
Creditors of Midtrans Limited Company will have a meeting on
July 27, 2004 commencing at 11:00 a.m.  It will be held at 35
Ludgate Hill, Birmingham B3 1EH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to 35 Ludgate Hill, Birmingham B3 1EH not later than
12:00 noon, July 26, 2004.


MISYS PLC: Business Picks up in Second-half
-------------------------------------------
Misys plc announces its preliminary results for the year ended
31 May 2004.  It reports that business is much stronger in the
second half after a difficult first half.  It also says that
major investment in product portfolio is reflected in strong H2
order intake.  For banking, it experienced good recovery in H2,
with order intake up 8% and encouraging pipeline.  Healthcare
has good operating performance -- order intake up 13% in H2.  It
is investing to maximize growing clinical market opportunity.
Another strong performance is reflected in general insurance.

For Sesame, the market is now stabilized.  Take-up of new
products is ahead of plan.  There is continued strong cash
conversion.  The current year performance is expected to benefit
from initiatives undertaken during the past year.

Financial highlights

Turnover:             GBP900 million (2003: GBP1.014 million)

Operating profit:     GBP30 million  (2003: GBP71 million)

Adjusted operating
Profit:               GBP102 million (2003: GBP131 million)

Like for like
operating profit:     GBP103 million (2003: GBP118 million)

Share repurchases:    GBP95 million  (2003: GBP47 million)

Net debt:             GBP183 million (2003: GBP119 million)

Earnings per share:   Basic 4.4p (2003: 8.1p); Adjusted3 14.8p
                      (2003: 18.7p)

Dividend per share:   Full year dividend of 6.52p per share up
                      15%
Commenting on the results, Kevin Lomax, Executive Chairman of
Misys, said: "We cannot consider these financial results as
satisfactory.  They reflect a difficult first half of the year,
which we commented on in January.  The second half performance
was however much stronger, reflecting the benefits of major
investment in our product portfolio and other strategic
initiatives.  We believe we are now in a good position to take
advantage of future opportunities in our markets."

Financial Calendar

Misys expects to issue its next trading update at its Annual
General Meeting on 28 September 2004.

About Misys

Misys plc, the global software products and solutions company,
serves customers in the international banking and securities,
U.S. healthcare, and U.K. general insurance industries.  Through
a wholly owned subsidiary, Sesame, it also provides business
process outsourcing services to independent financial advisers
(IFAs) in the U.K.  Misys partners with its customers to deliver
outstanding IT solutions to essential industries, and employs
more than 6,100 people internationally.  For more information,
visit http://www.misys.com

Financial statements are available free of charge at
http://bankrupt.com/misc/Misys_2004.htm.

CONTACT:  MISYS PLC
          Media Inquiries:
          Susan Cottam
          Group Communications Director
          Mobile: +44 (0) 7957 807721
          Phone:  +44 (0) 20 7368 2305
          E-mail: susan.cottam@misys.co.uk

          Investor Inquiries:
          Andrew Farmer
          Head of Investor Relations
          Mobile: +44 (0) 7909 895094
          Phone:  +44 (0) 20 7368 2307
          E-mail: andrew.farmer@misys.co.uk


N D & L: Creditors Meeting Set July 28
--------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

               IN THE MATTER OF N D & L Massey Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the N D & L Massey Ltd.
company will be held at Alexandra Dock Business Ctre Fishermans
Wharf Grimsby DN31 1UL on July 28, 2004 at 3:00 p.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)

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 Alexandra Dock
Business Ctre Fishermans Wharf Grimsby DN31 1UL not later that
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
Alexandra Dock Business Ctre Fishermans Wharf Grimsby DN31 1UL
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 CRG Insolvency, Alexandra Dock Business Ctre
Fishermans Wharf Grimsby DN31 1UL two business days prior to the
meeting.

By Order of the Board.
A. Burr, Director

CONTACT:  CRG INSOLVENCY
          Alexandra Dock Business Ctre
          Fishermans Wharf
          Grimsby
          DN31 1UL


NORTHERN FOODS: Lackluster 1st-Qtr Trading Expected, Says Chair
---------------------------------------------------------------
At the Annual General Meeting held in Willerby near Hull,
Chairman Peter Blackburn said: "Trading in the first quarter was
in line with expectations, with underlying retail sales for the
13 weeks to 3 July 2004 up 1.5%.  This compared with a period of
strong sales growth last year, prior to the loss of the
Sainsbury's savory products business in July 2003.

"We have made further progress on inflation recovery, with
selling price increases now matching the rise in input costs
year on year.  However, inflationary pressures are expected to
continue, driven particularly by protein and utility costs.

"The U.K. market undoubtedly presents challenges to all food
manufacturers as retailer consolidation increases and
competition grows ever more intense.  Nevertheless, we believe
that we possess substantial inherent strengths including our
focus on producing great food and on growing market sectors and
customers.  This is complemented by our well-invested assets,
technical expertise and strong track record of product
innovation.

"We welcome to her first AGM our new Chief Executive Pat
O'Driscoll, who joined the business on 29 March.  She has
already simplified our management structure and strengthened
accountability by creating a new operating board, and is adding
impetus to our efforts to leverage the group's scale.

"As already announced, we have continued to strengthen our focus
on our profitable, core activities through the sale during the
first quarter of Eden Vale Minsterley and Emile Tissot.  The
total proceeds of these disposals were GBP20.0 million.

"We have also maintained our share buyback program as a means of
returning cash to shareholders and mitigating any earnings
dilution arising from disposals.  Since the start of this
financial year we have bought 5.1 million shares at a cost of
GBP7.9 million.

"We anticipate an improvement in our underlying year on year
comparative sales performance as we pass the anniversary of last
year's major contract loss.  Our initiatives to reduce costs and
raise efficiencies in production, procurement and service
provision have already begun to deliver their expected benefits.
To meet the current competitive environment, we are focusing
with great determination on delivering an increasing
contribution from our structural cost savings and ensuring that
we make the most of all our inherent strengths."

CONTACT:  NORTHERN FOODS
          GCG Hudson Sandler
          Pat O'Driscoll
          Chief Executive

          Jessica Rouleau
          Michael Sandler
          Sean Christie
          Finance Director
          Phone: 020 7796 4133
             Or  01482 325432

          Keith Hann
          Phone: 07831 521870


RANGEGROW: Sets Final General Meeting August 27
-----------------------------------------------
The Final General Meeting of the Members of Rangegrow will be on
August 27, 2004 commencing at 10:30 a.m.  It will be held at
KPMG LLP 8 Salisbury Square, London EC4Y 8BB.

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 LLP 8 Salisbury Square, London EC4Y 8BB not later than
12:00 noon, August 26, 2004.

CONTACT:  KPMG LLP
          8 Salisbury Square,
          London EC4Y 8BB
          Fax +44 020 7694 3312
          Liquidator:
          S Treharne


TALKABOUT MOBILE: Creditors to Meet July 28
-------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

       IN THE MATTER OF Talkabout Mobile Phone Repairs Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Talkabout Mobile
Phone Repairs Ltd. company will be held at 8 High Street Yarm
TS15 9AE on July 28, 2004 at 10:30 a.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Taylor Rowlands, 8 High Street Yarm TS15 9AE
two business days prior to the meeting.

By Order of the Board.

B. Lau, Director
June 17, 2004

CONTACT:  TAYLOR ROWLANDS
          8 High Street
          Yarm
          TS15 9AE
          Phone: 01642 790 790
          Fax: 01642 785 588


TRANS-EURO: Fixes Creditors Meeting July 28
-------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                             and

           IN THE MATTER OF Trans-Euro Logistics Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Trans-Euro
Logistics Ltd. company will be held at 311 Ballards Lane London
N12 8LY on July 28, 2004 at 12:00 p.m. for the purpose of having
a full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee. (Sections 99-101 of the said
Act)

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 BBK Partnership, 311 Ballards Lane London N12
8LY two business days prior to the meeting.

By Order of the Board.

J. Osborn, Director
April 28, 2004

CONTACT:  BBK PARTNERSHIP
          311 Ballards Lane
          North Finchley
          London
          N12 8LY
          Phone: 020 8446 6026
          Fax: 020 8445 6230
          E-mail: admin@bbk.com


TRIANGLE LIMITED: In Administrative Receivership
------------------------------------------------
Confidential Invoice Discounting Limited called in David John
Whitehouse and Charles Peter of Kroll Limited as receivers for
Triangle (U.K.) Limited Company (Reg No 3014066, Trade
Classification: 10).  The application was filed July 15, 2004.
The company is engaged in printing.

CONTACT:  KROLL LIMITED
          1 Oxford Court,
          Bishopsgate,
          Manchester M2 3WR
          Receivers:
          David John Whitehouse
          Charles Peter Holder
          (Office Holder Nos 8699, 9093)


TURNER & NEWALL: Court Secures Pension Fund
-------------------------------------------
The High Court has removed the excess baggage in Turner &
Newall's pension fund, saving the scheme from potential
collapse, The Scotsman says.

The court order effectively took out immediately from the trust
2,500 workers belonging to the company's subsidiaries.  The news
came as a relief to Kroll, the administrator of the firm which
is trying to rescue the GBP1.3 billion pension fund.  Partners
in Kroll have been talking with trustee representatives and
troubled parent Federal Mogul regarding the future of the trust.
Federal Mogul has been under Chapter 11 bankruptcy protection
since October 2001.  The pension scheme is classified unsecured
creditor of Federal Mogul.

The parties negotiating have considered injecting cash.  Joint
administrator Simon Freakley said: "When it became clear that
such a settlement satisfactory to all parties was increasingly
unlikely, we could wait no longer without taking precautionary
action."

Earlier, it was feared that the trustees might unilaterally
terminate the fund.  Such a scenario could blow a GBP875 million
hole in the pension fund.  The recent turn of events means
retired workers, former employees and current staff could get at
least part of the benefits due to them.  A new trust account is
not expected to be set up for the rest of the 2,500.  The fund
has 40,000 members.


TYNESIDE ENTERPRISE: Final Meeting Set August 31
------------------------------------------------
Members of Tyneside Enterprise Factory will have a final meeting
on August 31, 2004 commencing at 10:00 a.m.  It will be held at
the offices of PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP.

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 PricewaterhouseCoopers LLP, Benson House, 33 Wellington
Street, Leeds LS1 4JP not later than 12:00 noon, August 30,
2004.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street,
          Leeds LS1 4JP
          Joint Liquidator:
          T Walsh


WALMERSLEY MILL: Names Royce Peeling Green Liquidator
-----------------------------------------------------
At an Extraordinary General Meeting of the Walmersley Mill Ltd
Company on July 14, 2004 held at The Copper Room, Deva Centre,
Trinity Way, Manchester M3 7BG, the Special and Ordinary
Resolutions to wind up the company were passed.  P Jones of
Royce Peeling Green, The Copper Room, Deva Centre, Trinity Way,
Manchester M3 7BG has been appointed Liquidator for the purpose
of such winding-up.

CONTACT:  ROYCE PEELING GREEN
          The Copper Room
          Deva Center, Trinity Way,
          Manchester M3 7BG
          Liquidator:
          P Jones


WELDON FLOORING: Hires Joint Administrators from P&A Partnership
----------------------------------------------------------------
Philip Andrew Revill and Andrew Philip Wood have been appointed
joint administrators for Weldon Flooring Limited Company.  The
appointment was made July 12, 2004.  The company designs and
installs hardwood flooring.  Its registered office is located at
93 Queen Street, Sheffield S1 1WF.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street,
          Sheffield S1 1WF
          Joint Administrators:
          Philip Andrew Revill
          Andrew Philip Wood
          (IP Nos 6421, 9148)


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *