---

        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

             Friday, August 6, 2004, Vol. 5, No. 155

                            Headlines

C Z E C H   R E P U B L I C

MORAVAN-AEROPLANES: New Owner Known Early 2005, Says Receiver
TELESYSTEM INTERNATIONAL: Bruno Ducharme Appointed Chairman


F I N L A N D

SANITEC OYJ: Splits Business into Two Divisions


F R A N C E

PERRON RIGOT: Thalgo Buys Firm Out of Receivership
TATI: Winning Bidder Known Today
WAVECOM SA: Posts Bigger Quarterly Loss


G E R M A N Y

COMMERZBANK AG: Higher First-half Earnings Prove Skeptics Wrong
DAIMLERCHRYSLER AG: U.S. Vehicle Sales for July Up 6%
KARSTADTQUELLE AG: To Execute Business 'Reorientation' Next Qtr


I T A L Y

SEAT PG: September EGM to Tackle By-laws Amendments


K Y R G Y Z S T A N

DEO: Court Appoints Temporary Insolvency Manager
EFFECT: Creditors Meeting August 20
ELEKTROTERM: Public Auction of Assets August 10
FORA-L: Final Report Presentation August 16
KAMKOR: Sets General Creditors Meeting August 10

NORTH ZONE: Under External Bankruptcy Management
SARY-BULAK: General Creditors Meeting August 10
SARY-KOO: Public Auction of Assets August 18
TYANIE: Under Bankruptcy Supervision
TYP CONSUMERS': General Meeting of Creditors August 18


N E T H E R L A N D S

GETRONICS N.V.: Nominates Philips Exec to Supervisory Board
VERSATEL N.V.: Second-quarter Revenues Up 20; Net Loss Down 66%


N O R W A Y

NORTHERN OFFSHORE: Liquidators Request Temporary De-listing


R U S S I A

APO VIVA: Under Bankruptcy Supervision
A-TEKS: Samara Court Confirms Insolvency
BUCKWHEAT FACTORY: Bankruptcy Supervision Begins
GALATEKS: Declared Insolvent
METROMEDIA INTERNATIONAL: Russian Subsidiary Buys ASPOL-Diamant

NAVASHINSK-SELKHOZ: Under Bankruptcy Supervision
NEFTE-GAZ-STROY-MEKH-AVTO-SERVIS: Court Sets October 13 Hearing
REM EMO: Vologda Court Sets Next Hearing October 6
TEKHNO-MOR: Bankruptcy Case Pending Before Murmansk Court
TOMZEL: Court Names Insolvency Manager
VOLOGDA-GRAZHDAN: Sets Proofs of Claim Deadline August 18
YUKOS OIL: Allowed to Continue Financing On-going Business


S E R B I A   &   M O N T E N E G R O

JUGOBANKA A.D.: U.S. Court Ruling Creates Furor


S W I T Z E R L A N D

ASCOM: Makes Further Progress in Divestment Process


U K R A I N E

ARDISCENTRE: Proofs of Claim Deadline August 15
AUTO-TRADE: Under Bankruptcy Supervision
BAHCHISARAJ' WINEMAKING: Deadline for Proofs of Claim August 14
GORODOTSKIJ AGROSERVICE: Under Bankruptcy Supervision
KIYIVSKA RUS: Creditors Have Until August 14 to File Claims

KYIVTELECOM: Undergoes Bankruptcy Supervision Procedure
LEOTEHSNAB: Gives Creditors Until August 14 to File Claims
LEVADNIJ: Declared Insolvent
ONEGAPROM: Court Appoints Temporary Insolvency Manager
SPORTSYMBOL AND K: Bankruptcy Supervision Procedure Begins


U N I T E D   K I N G D O M

ABBEY NATIONAL: In Talks to Sell French Subsidiary
ABOUTTURN LIMITED: General Meeting September 6
ALDA ENTERPRISES: In Voluntary Winding Up
ARJOWIGGINS LYNX: Grant Thornton Appointed Liquidator
B.A.R. ENTERPRISES: Brings in Administrator from Tenon

BRITISH SKY: Subscriber Growth Disappointing
BROADGATE INVESTMENT: Appoints Deloitte & Touche Liquidator
BUBBLES STORES: Calls in Joint Administrators
B W DAVIS: Hires Kroll Limited Administrative Receiver
CAPAZ BUSINESS: Calls in Liquidators

CHANDOS PHOTOGRAPHIC: In Liquidation
CONSTRUCTION SERVICES: Calls in Liquidator from Tenon Recovery
DAVIS BROTHERS: Calls in Liquidators
EASTERN PHARMACEUTICALS: Hires Receivers from PwC
E ROUND: Members Final Meeting August 31

EVENCREST LIMITED: Members Final Meeting August 31
KLEENKUT INVESTMENTS: Brings in Administrators
LONDON CAPITAL: Members Final Meeting September 3
MEPC LIMITED: Rating Lowered to 'B'; Outlook Negative
MEYNARD FRERES: Resolves One of Two Winding up Petitions

MISYS PLC: Beijing City Commercial Bank Buys OPICS Software
MORGAN CRUCIBLE: Pre-tax Loss Widens to GBP45.1 Million
NEW MILLENNIA: Names Begbies Traynor Receiver
N S E FINE: Calls in Liquidators from PKF
NTL INCORPORATED: Posts GBP249.8 Mln Net Loss for Second Quarter

PARSONS GREEN: Calls in Liquidators from Numerica
POSTAL SOLUTIONS: Under Administration
SCHNEIDER UNIVERSAL: Calls in Administrators from Grant Thornton
STENMAR GROUP: KPMG Sells Business, Assets to Finlay Finlayson
TRIGEM COMPUTERS: Members Final Meeting September 3
UNITED BISCUITS: Withdraws Offer to Buy Danone's Biz in Ireland
VISION DISTRIBUTION: In Administrative Receivership


                            *********


===========================
C Z E C H   R E P U B L I C
===========================


MORAVAN-AEROPLANES: New Owner Known Early 2005, Says Receiver
-------------------------------------------------------------
A mixture of foreign and local companies are interested in
buying small aircraft producer Moravan-Aeroplanes, says receiver
Petr Hajtmar.

"The situation at Moravan is not hopeless at all.  If everything
goes smoothly, I could sell the company in early 2005.  However,
I cannot say now for how much," Mlada fronta Dnes quoted Mr.
Hajtmar.

He did not identify the foreign companies, but said they are
from Switzerland, Italy, the Netherlands and Austria.  He also
hinted that these parties have previous cooperation with
Moravan-Aeroplanes.

The company filed for bankruptcy in June after workers staged a
series of strikes.  It has dismissed about 50 of its 250
workers.  Mr. Hajtmar assures Moravan-Aeroplanes has enough
orders.  He said he has been unofficially informed that the
Indian government is interested in purchasing 12 aircraft from
the firm.  Aircraft maker Aero Vodochody would like to buy some
products from Moravan as well.


TELESYSTEM INTERNATIONAL: Bruno Ducharme Appointed Chairman
-----------------------------------------------------------
The Board of Directors of Telesystem International Wireless Inc.
(TIW) appointed Bruno Ducharme as Chairman of the Board of
Directors and Chief Executive Officer.  Mr. Charles Sirois has
resigned from the Board of Directors and stepped down as
Chairman to pursue other business interests.  Messrs. Sirois and
Ducharme have held, respectively, the positions of Chairman of
the Board of Directors and Chief Executive Officer since the
company's inception 10 years ago.

In addition, the company announces that the Board of Directors
has made these appointments:

(a) Mr. Kent Jespersen, a director with the company since March
    1999, has been appointed Lead Director on the Board of
    Directors;

(b) Mr. Al Tolstoy, who is Chief Executive of the company's
    operating subsidiaries -- MobiFon S.A. and Cesky Mobil A.S.
    -- replaces Mr. Ducharme as President and has also been
    appointed Chief Operating Officer of the company.

"Charles was lead founder of TIW and is leaving at a time when
the company's performance and financial position are stronger
than ever.  On behalf of TIW, I am grateful for his
entrepreneurial vision, his energy and his enthusiastic
contribution to the company" said Mr. Ducharme.  "All of us at
TIW wish him the very best in his future endeavors," added Mr.
Ducharme.

"TIW was started as a concept 10 years ago and is now a
profitable company with well-established positions in fast-
growing markets in Central and Eastern Europe.  I am proud to
have been able to contribute to its successful development,"
said Mr. Sirois.  Mr. Sirois added: "I have been an entrepreneur
for some 25 years and I am looking forward to contributing my
experience and capital toward the development of my existing
initiatives in technology-related fields and not-for-profit
organizations."

Given that Mr. Ducharme holds the positions of both Chairman of
the Board and Chief Executive Officer, the Board of Directors
has also decided to appoint a Lead Director.  As Lead Director,
Mr. Jespersen's mandate will be fulfilled in collaboration with
the Board of Directors and management.  His responsibility will
be to ensure that the Board operates independently of
management, acts effectively and maintains the highest standards
of effectiveness, accountability and performance.

Mr. Jespersen brings more than 20 years of executive leadership
and international operations experience to his new position.  He
has extensive corporate governance experience in the Canadian
energy and technology sectors, including as current Chairman of
Geac Inc. in Markham, Ontario and of CCR Technologies Ltd. in
Calgary, Alberta.  Mr. Jespersen is also a past President of
Nova Gas International Ltd. and past Senior Vice President of
Nova Corporation.  He has also served as Chairman of the C.D.
Howe Institute in Toronto, Ontario and of the Institute of the
Americas in La Jolla, California.

About TIW

TIW is a leading provider of wireless voice, data and short
messaging services in Central and Eastern Europe with nearly 5.8
million subscribers.  TIW operates in Romania through MobiFon
S.A. under the brand name Connex and in the Czech Republic
through Eesky Mobil A.S. under the brand name Oskar. TIW's
shares are listed on NASDAQ (TIWI) and on the Toronto Stock
Exchange (TIW).

                            *   *   *

In June, Standard & Poor's Ratings Services on Wednesday placed
its 'B-' long-term corporate credit ratings on MobiFon Holdings
B.V. and Telesystem International Wireless Inc. on CreditWatch
with positive implications.  Telesystem International owns 99.8%
of MobiFon Holdings, which in turn owns 63.5% of MobiFon S.A.
(MobiFon), Romania's largest cellular operator.

"The CreditWatch placement follows Telesystem International's
announcement that it has entered into an agreement in principle,
which will result in MobiFon Holdings increasing its ownership
interest in MobiFon to up to 79% from the current 63.5%," said
Standard & Poor's credit analyst Joe Morin.

CONTACT:  TELESYSTEM INTERNATIONAL WIRELESS INC.
          Jacques Lacroix
          Phone: (514) 673-8466
          E-mail: jlacroix@tiw.ca


=============
F I N L A N D
=============


SANITEC OYJ: Splits Business into Two Divisions
-----------------------------------------------
Sanitec Oyj's Supervisory Board decided to follow the proposal
of Sanitec's Executive Board of Management to divide its two
business segments Bathroom Ceramics and Bath and Shower Products
into two divisions: Ceramics, Acrylics & Enclosures (CA&E)
division and Wellness division.  The split will enable the Group
to efficiently open up the potentials of the two different
businesses by developing customized business models that better
respond to market needs.  The divisional structure will be
implemented immediately.

The CA&E division will comprise of bathroom ceramics and of high
volume bath and shower products, such as shower enclosures and
acrylics.  The Wellness division, on the other hand, will
comprise of market specific wellness products, such as
whirlpools and shower systems.  Albatros, Revita, Koralle, Leda
and Panda will be the core brands for Wellness, while CA&E
continues to build on the main brands Allia, Ido, IfO, Kolo,
Keramag, Panda, Pozzi-Ginori, Selles, Sphinx and Twyford.

CA&E will follow Sanitec's current organization of regional
sales and marketing, supported by European production networks.
The more locally oriented Wellness division will gain higher
organizational independence with production concentrated in
Italy, France and Germany.

                            *   *   *

Early in March, Standard & Poor's Ratings Services revised to
stable from negative its outlook on Sanitec International S.A.,
the holding company of the Finland-based Sanitec group, and
Sanitec Oy, a subsidiary of Sanitec International, following
improvements in its liquidity situation.  At the same time, the
'B+' long-term corporate credit ratings and all related debt
ratings were affirmed.

"We believe that Sanitec is now likely to meet its financial
covenants applying to EUR507 million (US$639 million) of bank
facilities, including the unused rollover backup, over the next
few quarters," said Standard & Poor's credit analyst Eve Greb.
"The successful divestment of its vacuum sewage business to the
French Zodiac Group by mid-April, and improving free cash flow
generation in the fourth quarter of 2003 due to working capital
reduction have also helped Sanitec to alleviate some short-term
liquidity pressure."

CONTACT:  SANITEC CORPORATION
          Corrado Giovannetti
          Executive Vice President, Bath and Shower Products
          Phone: +39 0427 587 400
          Mobile: +39 335 241 116
          E-mail: corrado.giovannetti@dominospa.com

          Lars Hohmann
          Corporate Vice President
          Corporate Development & Communications
          Phone: +49 40 3410 2980
          Mobile: +49 173 962 3232
          E-mail: lars.hoehmann@sanitec.com


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


PERRON RIGOT: Thalgo Buys Firm Out of Receivership
--------------------------------------------------
Thalgo, a French producer of seaweed-based beauty products and
food supplements, has bought Perron Rigot, Les Echos reports.

The company, which has been in receivership for over a year,
produces depilatory wax and scented candles.  Its candles are
marketed under the Rigaud brand.  The acquisition will broaden
Thalgo's business base, but the firm's focus will continue to be
bodycare and de-stressing products.


TATI: Winning Bidder Known Today
--------------------------------
The Paris commercial court will announce later this afternoon
the winning bidder for the French clothing retailer Tati, Les
Echos says.

Clothing distributor Fabio Lucci and Lyon-based textile importer
Asiatex, which were allowed to detail their offers before the
court, are what remain of the 12 bidders that have originally
shown interest in the group.  Tati has been in receivership
since September last year.

Since Saturday, Tati employees have been on strike to protest
the approaching sale of the company.  A throng of 250 employees,
who were demonstrating outside the court, greeted Tati Chairman
Fabien Ouaki upon his arrival for a hearing Tuesday.


WAVECOM SA: Posts Bigger Quarterly Loss
---------------------------------------
Wavecom S.A. (Nasdaq: WVCM)(Euronext: AVM)(ISIN: FR0000073066),
a provider of integrated wireless technology solutions announced
on July 27, 2004 the financial results for the second quarter
ended June 30, 2004.  All figures are unaudited and reported in
accordance with U.S. generally accepted accounting principles
(U.S. GAAP).

In millions of
euros except for
share and per                                         First half
share data         Q2 2003     Q1 2004     Q2 2004       2004
- - - - - - - -   - - - - -   - - - - -   - - - - -   - - - - -
Revenues           EUR69.9     EUR38.7     EUR39.0     EUR77.7
- - - - - - - -   - - - - -   - - - - -   - - - - -   - - - - -
Gross profit         25.4         7.2         9.8        17.0
- - - - - - - -   - - - - -   - - - - -   - - - - -   - - - - -
Operating expenses   34.8        24.8        36.1        61.0
- - - - - - - -   - - - - -   - - - - -   - - - - -   - - - - -
Operating loss       (9.4)      (17.6)      (26.4)      (44.0)
- - - - - - - -   - - - - -   - - - - -   - - - - -   - - - - -
Net loss             (6.5)      (14.8)      (25.3)      (40.1)
- - - - - - - -   - - - - -   - - - - -   - - - - -   - - - - -
Loss per share    (EUR0.43)   (EUR0.97)   (EUR1.65)   (EUR1.62)
(basic)
- - - - - - - -   - - - - -   - - - - -   - - - - -   - - - - -
No. shares used
for calculation   15,014,022  15,240,894  15,342,435  15,292,223
- - - - - - - -   - - - - -   - - - - -   - - - - -   - - - - -

Wavecom product sales by target market (excluding services)

                                                      First half
In millions of euros   Q2 2003    Q1 2004    Q2 2004       2004
- - - - - - - - - -    - - - - -  - - - - -  - - - - -  - - - -
Vertical Applications  EUR37.3    EUR21.3    EUR28.3    EUR49.6
- - - - - - - - - -    - - - - -  - - - - -  - - - - -  - - - -
Personal Communication
Devices (PCD)            31.8       17.0       10.2       27.2
- - - - - - - - - -    - - - - -  - - - - -  - - - - -  - - - -


Wavecom revenues by geographic region

                                                      First half
In millions of euros   Q2 2003    Q1 2004    Q2 2004       2004
- - - - - - - - - -    - - - - -  - - - - -  - - - - -  - - - -
Asia-Pacific           EUR47.5    EUR20.6    EUR18.0    EUR38.6
- - - - - - - - - -    - - - - -  - - - - -  - - - - -  - - - -
Europe, Middle East
and Africa               21.2       16.2       19.4       35.6
- - - - - - - - - -    - - - - -  - - - - -  - - - - -  - - - -
Americas                   1.2        1.9        1.6        3.5
- - - - - - - - - -    - - - - -  - - - - -  - - - - -  - - - -

Second Quarter 2004 Financial Highlights

Revenues

Total second quarter revenues increased 0.6% from the previous
quarter and declined 44% year-on-year.  Foreign currencies had
no meaningful impact on revenues as compared to the previous
quarter.  Revenues from Vertical Applications increased by 32%
from the first quarter of 2004 and represented 73% of total
company sales, with distributors contributing more significantly
to revenues from Vertical Applications.  Revenues from the PCD
business declined significantly compared to both the previous
quarter and year-on-year.

Asian PCD customers continued to demand extremely low prices for
core technology thus fueling intense competition in this sector.
Wavecom began initial deliveries of its new Flex component
solution in June, but as expected, this new product did not
contribute significantly to revenues in the quarter.  Average
selling prices for all Wavecom products (modules and modems)
increased approximately 8% from the previous quarter due to the
shift in product and customer mix, with higher volumes sold to
Vertical Applications customers.

The top ten customers, together representing 65% of revenues,
included six from the Vertical Applications Division.  The
customer portfolio remained balanced with no single customer
representing more than 15% of total revenues and two customers
above 10%: one Asian and one Global value-added distributor.
Total unit sales were 831,000 during the second quarter.

Backlog

Backlog as of June 30, 2004 stood at EUR40 million as compared
to EUR60 at March 31, 2004.  It should be noted that the backlog
figure as of June 30, 2004 comprises 69% of orders from Vertical
Applications and 31% of orders from PCD customers.

Gross Margin

Total gross margin was 25% compared to 19% in the previous
quarter.  The product gross margin of 30% for the quarter was
on-track with management's ongoing 30% target, yet higher than
21.4% product gross margin the previous quarter.  The higher
product gross margin in the second quarter reflects the change
in product mix to a higher percentage of Vertical Applications
sales.  This gross margin also compares to an unusually low Q1
2004 due to charges taken in the cost of goods sold principally
related to the revaluation of components in inventory during
that quarter.

Operating Results

Total operating expenses for the second quarter were EUR36.1
million, which included a EUR5.2 million charge for the
restructuring plan that is now underway.  At the present time,
management continues to expect that the total charges resulting
from implementation of this plan, including the remaining
employee severance packages and related fixed asset write-offs,
will be toward the lower end of the previously announced range
of EUR10 to EUR15 million.  Expenditures for R&D increased only
slightly compared to the prior quarter.  The increase in Sales
and Marketing from the previous quarter was due to these
expenses being unusually low in the first quarter.  G&A expenses
increased 67% from the prior quarter, mainly due to additional
provisions totaling EUR3.6 million for excess office space and
non-income tax assessments.  In addition, a write-off of EUR1.8
million in intangible assets was recorded relating to the
decision to close a U.S.-based R&D subsidiary.

Cash

Wavecom's cash position was EUR60.2 million at June 30, 2004, a
decrease from EUR88.3 million at March 31, 2004.  This decrease
primarily reflects the funding of operating losses out of cash
reserves during the second quarter as well as the use of cash to
finance temporary excess inventory levels during the transition
to one contract manufacturer from three.

Inventories

Inventories declined from the previous quarter by 19% to EUR32
million.  Inventories were made up of half finished goods and
half components.  This decline was the result of intensive
efforts to slow supply and reduce finished goods inventory.

Perspectives

Wavecom Board of Directors also announced that it had elected
unanimously Dr. Ronald D. Black as Wavecom's Chief Executive
Officer, replacing Aram Hekimian who remains a member of the
Board of Directors, and a significant shareholder of the Company
and who will specifically assume direct responsibility for
strategic projects as defined by the CEO and the Board of
Directors.  Dr. Black will join Wavecom on a full time basis on
August 16, 2004 and will assume the title of CEO once French
immigration formalities are completed.

The strategic studies committee of the Board of Directors has
initiated a strategic review of the entire Wavecom business and
believes that:

(a) The Vertical Applications business, where Wavecom is a
    recognized market leader, is a sound business and has
    significant future growth potential.  Strategically
    refocusing on Wavecom's vertical application business is
    expected to reduce substantially the Company's need to use
    cash resources to fund operations.

(b) Although the quality of Wavecom technology is recognized
    throughout the industry as "best in class," the pricing
    pressures in the Personal Communication Device market are
    extreme.

Wavecom Chairman Michel Alard commented: "Clearly we are not
satisfied with our weak top-line performance in the PCD
business, which was below our expectations.  As a consequence,
we are reviewing all strategic alternatives related to the PCD
business and we expect to provide an update in the third quarter
of 2004 to our business strategy."

Mr. Alard added: "[The] announcement of the appointment of Ron
Black as CEO marks a turning point for Wavecom.  Mr. Black's
initial objective is to help us redefine Wavecom's business
model, improve cash flow and return the company to
profitability.  We believe this will include refocusing our
business on the Vertical Applications market, while at the same
time determining how we can best leverage the value of our
technology and PCD business in the current marketplace."

Wavecom will announce its third quarter 2004 results on October
27 at 7:30 a.m. Paris time to be followed in the afternoon by a
conference call hosted by management commenting on the results.

Financial statements are available free of charge at
http://bankrupt.com/misc/Wavecom_2q2004.htm.

CONTACT:  WAVECOM S.A.
          3, esplanade du Foncet
          442 Issy-les-Moulineaux Cedex
          Lisa Ann Sanders
          Investor Relations
          Phone: +33 1 46 29 41 81
          Fax: +33 1 46 29 41 87
          E-mail: investors@wavecom.com
          Web site: http://www.wavecom.com


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


COMMERZBANK AG: Higher First-half Earnings Prove Skeptics Wrong
---------------------------------------------------------------
With operating results of EUR403 million and group earnings of
EUR248 million, the Commerzbank Group results for the second
quarter of 2004 continued the good results of the previous
quarter.  In the first half, the operating results of EUR838
million were 50% higher than for all of 2003.  The Group net
earnings of EUR502 million were several times higher than last
year's results for the same period.

With these figures, Commerzbank is ahead of its own goals.  That
was reflected by the satisfied reaction of Klaus-Peter Muller,
Chairman of the Board of Managing Directors.  At his bank's
press conference held in Frankfurt on August 4, he said: "What
many skeptics feared -- namely that our first quarter results
were merely a seasonal peak, which would rapidly be followed by
a hard landing -- has failed to materialize."  Mr. Muller
expressed his confidence "... that we will not disappoint the
markets in the second half of the year either."

Interest and Commission Earnings Increase; Provisioning Down

Especially satisfying, stated Mr. Muller, was that Commerzbank
not only benefited from its across-the-board cost-cutting
measures taken over the past few years, but also from a positive
earnings trend.  The most recent positive surprise was the
increase in net interest income.  This was attributable to both
higher interest earnings from corporate customers as well as a
decline in the interest paid.  The average interest margin
clearly improved over the past year from 2.44% to 2.76%.  At the
same time the risk-situation in lending improved.

The Bank expects now that its net provisions for possible loan
losses will not exceed EUR880 million for the whole year,
meaning necessary provisioning as of June 30 were adjusted
downwards.  When considering this decrease in provisions, the
net interest income after six months was one-fifth higher than
for the same period a year ago.

The commissions business also performed well in the first half
year.  The Bank realized higher earnings especially from
securities transactions and portfolio management.  However, the
trading results of EUR445 million -- following the branch trend
-- remained below the 2003 results.  It once again demonstrated,
after an excellent first quarter, its very volatile nature.  The
results from financial investments of EUR258 million include
EUR120 million from the sale of Commerzbank's stake in the
Spanish bank Santander Central Hispano (SCH).

The Bank continues to have its costs well under control.  Total
operating expenses for the first half-year were almost four
percent less than the level of last year.  A major contributing
factor was that the number of staff as of mid-2004 at 32,706
employees was a good 1,100 fewer than it was 12 months previous.
And the total figure now includes for the first time 580 or so
new staff added from SchmidtBank in Hof, the branches of which
were purchased by Commerzbank.

The earnings improvements made by Commerzbank are shown clearly
in the operative return on equity, which improved for the first
half from 6.4% last year to 16.4% this year.  After tax, the
return on equity was almost 10%, which essentially matches the
long-term capital costs of the Bank.  The cost-income ratio of
63.4% also was close to the goal of 60%.

Retail Banking and Asset Management Above Average

A major contributor to these good figures was the Retail Banking
segment.  Its operating profit of EUR223 million was already
almost double its level a year ago; the operative return on
equity reached an excellent 25%.  With that, in this segment
Commerzbank compares well with the best in Europe.

The well above-average operative return on equity of 34% in
Asset Management proves that its strict regional focus and
organizational streamlining in Germany are now bearing fruit.
The most important project for the next few months will be an
umbrella hedge fund.  Two exclusive cooperative contracts have
been signed with Harcourt in Zurich as advisor as well as the
New York PlusFunds Group, which will deliver the technical know-
how.  According to Mr. Muller, the goal of the Bank is to
position itself as one of the leading providers in the German
hedge-fund market.

Commerzbank also saw an improvement in earnings performance in
its Corporate Customers and Institutions segment -- despite
continuing weak credit demand. The reduction in possible loan-
loss provisions also had a positive effect.  The operating
profit of EUR283 million is a good eight percent higher than a
year ago, so a large step has been taken towards achieving the
2004 profits target of EUR500 million.

Our Securities segment was adversely affected by worsening
market conditions in the second quarter.  After EUR120 million
in earnings in the first quarter, this segment had a -EUR47
million in the second quarter.  The goal still remains
unchanged, to produce a double-digit operative return on equity
for the year as a whole.

Mr. Muller summarized his confidence by stating: "We seem to
have good chances, therefore, of performing well in all our core
activities in 2004, in some cases easily exceeding our own
projections.  But further improvements cannot simply be decreed,
rather they will require support from more positive overall
conditions."

As for the dividend, the Board notes in its Interim Report: "If
the year continues to run according to plan, we will be able to
have our shareholders benefit from the profits in the form of a
dividend payment."

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


DAIMLERCHRYSLER AG: U.S. Vehicle Sales for July Up 6%
-----------------------------------------------------
Chrysler Group, which consists of the Chrysler, Jeep(R) and
Dodge brands, sold 189,619 vehicles in the U.S., an increase of
6%.  Adjusted for the number of selling days per month, sales
for Chrysler Group rose 2% compared to the same month one year
earlier.  Year-to-date sales at Chrysler Group are up 3%
compared to the same period in 2003.  The Chrysler Group now has
seven new models in production for 2004, including the 2005
Chrysler 300 and 2005 Dodge Magnum.  Still slated to arrive at
dealerships later this year are the all-new 2005 Dodge Dakota
and the 2005 Jeep Grand Cherokee.

Mercedes-Benz USA (MBUSA), which will launch its biggest product
offensive in its history over the next 18 months, posted sales
of 18,962 units, an increase of 1% compared to the same month
last year, when 18,742 vehicles were sold.  Year-to-date sales
for MBUSA are 122,130 vehicles compared to 124,630 during the
same period last year.


KARSTADTQUELLE AG: To Execute Business 'Reorientation' Next Qtr
---------------------------------------------------------------
The KarstadtQuelle Management Board will take extensive measures
in the third quarter of 2004 on the basis of the outcomes of a
comprehensive corporate appraisal.  Their main thrust will be
the clear refocusing of the KarstadtQuelle Group on its
retailing operations.  They will mainly include a fast program
to stabilize sales, stringent cost management, the improvement
of the gross margin, disinvestments, portfolio adjustments and
the transformation of the department store and universal mail
order business models.

These measures will additionally and have a one-off impact on
earnings in the third quarter of 2004, but, if achieved as
expected, will on balance have no significant effect on the
liquidity position of the group in the 2004 financial year.  The
aim of the package of measures is the consistent restructuring
and reorientation of the KarstadtQuelle Group to put it back
squarely on the road to growth and profitability in the coming
years.

As announced, the Management Board will present this new
strategic orientation to the public at the end of September of
the current year.

KarstadtQuelle Group sales decreased by 6% to EUR6.87 billion in
the first half of 2004 (previous year: EUR7.31 billion).  In the
first six months group operating (adjusted) EBTA amounted to
-EUR388.5 million (previous year: -EUR289.3 million).  This
earnings decrease of EUR99.2 million is less than could have
been expected given the reduction in sales of EUR438 million,
due to the efficiency and effectiveness of our program,
particularly our cost cutting program.

EBTA for the previous year was affected by extra-ordinary
income, which makes an earnings comparison difficult.  This
income resulted from the reorganization of the old-age pension
provision and came to EUR235 million.  Furthermore, both the
current and the previous year include non-recurring costs of
achieving greater flexibility and portfolio adjustment costs.
Taking into account the special factors mentioned, EBTA for the
first half-year stood at -EUR439.5 million (previous year: -
EUR97.3 million).

The optimization of net financial debt and working capital has
progressed well in past weeks and despite the difficult retail
environment is already showing considerable success.  Proof of
this is that the sluggish progress of business in the first half
year did not negatively affect the net financial debt.  This is
due, amongst other things, to the reduction of working capital
by 27% to EUR2.2 billion.  Still unsatisfactory, on the other
hand, is the development of free cash flow.

Because of the sales and earnings performance in the second
quarter of 2004 and the continuing weak domestic economy the
Management Board has lowered its expectations for the 2004
financial year.  Although on the basis of the present level of
knowledge and forecasts we expect a slight improvement in the
sales performance in the second half of the year, nevertheless
group sales for the 2004 financial year will be between 4.5% and
5% lower than those of the previous year.  On this basis the
Management Board anticipates in the 2004 financial year
operating earnings (EBTA, not including extraordinary
restructuring costs) of between -EUR160 million and -EUR200
million.

The Management Board


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


SEAT PG: September EGM to Tackle By-laws Amendments
---------------------------------------------------
Seat Pagine Gialle's Board of Directors met under the
chairmanship of Enrico Giliberti and passed a resolution for the
calling of an Ordinary and Extraordinary Shareholders' Meeting
scheduled September 30, 2004.  The agenda will be the
appointment of a Board Member and the amendment of the by-laws
so as to bring the same in line with the reform of the laws
governing joint-stock companies (Legislative Decree No. 6/2003
as amended by Legislative Decree No. 37/2004), entrusting the
Chairman with the task of establishing the date, time and venue
of the General Meeting in question.

Furthermore, in June 2004 -- under the 2004 Stock Option Plan --
Seat and Group employees found to be particular interest to the
Company, were allotted 75 million options (for the subscription
of the same maximum number of ordinary shares of a par value of
EUR0.03 each) at a strike price of EUR0.3341.  In the case where
the assigned targets are reached, the above-mentioned options
will be exercisable as of September 30, 2005, up to June 7,
2009.  As a result of the above, partially pursuant to the proxy
under Art. 2443 of the Italian Civil Code conferred by the
Shareholders during the General Meeting held on April 15, 2004
-- the Board of Directors approved a resolution for a
corresponding overall capital increase of EUR2,250,000, open for
subscription up to December 31, 2009.

                            *   *   *

In April, Standard & Poor's Ratings Services assigned its 'BB-'
long-term corporate credit rating to the Italy-based classified
directory publisher SEAT PagineGialle S.p.A.  The outlook is
negative.

At the same time, Standard & Poor's assigned its 'B' long-term
rating to SEAT's proposed EUR1.15 billion ($1.38 billion) ten-
year senior notes.  The notes will be issued by Luxembourg-based
Lighthouse International Co. S.A. and guaranteed on a
subordinated basis (behind secured loans) by SEAT.  The
'B' long-term rating is two notches below the corporate credit
rating to reflect the subordinated position of the notes behind
the group's EUR2.75 billion senior secured term loan facility,
EUR150 million revolving credit facility, and proposed EUR150
million second lien loan note issue.


===================
K Y R G Y Z S T A N
===================


DEO: Court Appoints Temporary Insolvency Manager
------------------------------------------------
The Bishkek Inter-District Court commenced bankruptcy
supervision procedure LLC Deo on December 10, 2003.
The case is docketed as 01-103 c8-03.  Esenjan Bekibayev
(License 0326) was appointed temporary insolvency manager on
July 26, 2004.  A general meeting of creditors will take place
on August 20, 2004, 10:00 a.m. at Bishkek, Erkindik Ave. 57,
room 101.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.

CONTACT:  Mr. Esenjan Bekibayev
          Temporary Insolvency Manager
          Phone: (0-312) 62-68-29


EFFECT: Creditors Meeting August 20
-----------------------------------
The Sverdlovsk District Court of Bishkek commenced bankruptcy
supervision procedure on LLC Effect on May 20, 2003.  The case
is docketed as 2-929.  Mr. Esenjan Bekibayev (License 0326) was
appointed temporary insolvency manager on July 26, 2004.  A
general meeting of creditors will take place on August 20, 2004,
11:00, at Bishkek, Erkindik Ave. 57, room 101.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.

CONTACT:  Mr. Esenjan Bekibayev
          Temporary Insolvency Manager
          Phone: (0-312) 62-68-29


ELEKTROTERM: Public Auction of Assets August 10
-----------------------------------------------
The bidding organizer and the insolvency manager of OJSC
Elektroterm set the public auction of the company's properties
on August 10, 2004, 12:00 p.m. at Karabalta, Kojomberdieva Str.
3.

The assets for sale are:

(a) Lot 1 - 7:  Constructions, inventories, raw materials,
    finished commodity and unfinished production;

(b) Lot 8: State Commercial Stock.

The lot descriptions are available and can be inspected at
Karabalta, Kojomberdieva Str. 3.  Participants must deposit an
amount equivalent to 10% of the starting price.  Bids must be
submitted on or before August 9, 2004.

CONTACT:  Karabalta, Kojomberdieva Str. 3


FORA-L: Final Report Presentation August 16
-------------------------------------------
The temporary insolvency manager of LLC Fora-L will host the
creditors meeting on August 16, 2004 at Bishkek, Kievskaya Str.
129, 4 for the purpose of presenting the final report, among
others.

CONTACT:  (0-312) 21-03-27, (0-502) 32-11-97


KAMKOR: Sets General Creditors Meeting August 10
------------------------------------------------
CJSC Insurance Company Kamkor will host the general creditors
meeting on August 10, 2004, 10:00 a.m. at Kojomkula Sport
Palace, Bishkek, Togolok-Moldo Str. 40.

Agenda

(a) Report of the temporary insolvency manager,

(b) Selection of the creditors committee,

(c) Confirmation of the payment priority,

(d) Fee of the temporary insolvency manager, and

(e) Others

Participants must pre-register on August 10, 2004 from 8:00 a.m.
to 10:00 p.m. at Kojomkula Sport Palace, Bishkek, Togolok-Moldo
Str. 40.  Participants must bring an identity card and proxies
must bring a letter of attorney.

CONTACT:  (0-312) 28-93-74, 90-11-41


NORTH ZONE: Under External Bankruptcy Management
------------------------------------------------
Direction for Technical Development of the Customs
Infrastructure by North Zone has been declared insolvent.
External bankruptcy management procedure is now underway.  A
meeting of creditors will take place on August 10, 2004, 2:00
p.m. at Bishkek, Cholpon-Atinskaya Str. 2.

CONTACT:  Bishkek, Cholpon-Atinskaya Str. 2


SARY-BULAK: General Creditors Meeting August 10
-----------------------------------------------
The temporary insolvency manager of Agricultural Co-operative
Sary-Bulak is set to hold a meeting of creditors on August 10,
2004 at the JSC Kyrgyzkilem administrative building, Karabalta,
Tollyati Str. 2 for the purpose of presenting the final report,
among others.  Proxies must have a letter of attorney to vote.

CONTACT:  (0-502) 24-50-72


SARY-KOO: Public Auction of Assets August 18
--------------------------------------------
The bidding organizer and the insolvency manager of Agricultural
Farm Sary-Koo set the public auction of the firm's properties on
August 18, 2004, 11:00 a.m. at Kyrgyzstan, Chui region, Jaiyl
district, Altyn.  Some 36 lots of buildings, constructions,
equipment, among others, are up for sale.  The starting price of
each asset is equivalent to 80% of its value.

Participants must deposit an amount equivalent to 10% of the
starting price to the cashier of Agricultural Farm Sary-Koo.
Bids must be submitted to the temporary insolvency manager on or
before August 17, 2004.

CONTACT:  (0-517) 73-66-64, (0-502) 39-33-78


TYANIE: Under Bankruptcy Supervision
------------------------------------
The Bishkek Inter-District Court commenced bankruptcy
supervision procedure on LLC Tyanie on April 29, 2004.  The case
is docketed as 03-116/M-04c1.  Mr. Almaz Abdyvaliev (License No.
033) was appointed temporary insolvency manager on July 26,
2004.  A general meeting of creditors will take place on August
10, 2004, 10:00 a.m. at Bishkek, Erkindik Ave. 57, room 101.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.

CONTACT:  Mr. Almaz Abdyvaliev
          Temporary Insolvency Manager
          Phone: (0-312) 62-68-29


TYP CONSUMERS': General Meeting of Creditors August 18
------------------------------------------------------
The Inter-District Court of Issyk-Kul region commenced
bankruptcy supervision procedure on Typ Consumers' Co-Operative
on April 15, 2004.  The case is docketed as 03-108/01-C2.  Mr.
Rysbek Keneshbayev (License No. 060) was appointed temporary
insolvency manager on June 30, 2004.  A general meeting of
creditors will take place on August 28, 2004, 2:00 p.m. at the
Tup building of the State Taxation and Inspection.

Creditors must submit their proofs of claim and register with
the temporary insolvency manager seven days prior to the
meeting.  Proxies must have authorization to vote.

CONTACT:  Mr. Rysbek Keneshbayev
          Temporary Insolvency Manager
          Phone:(0-39-44) 2-49-74, 2-28-69


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


GETRONICS N.V.: Nominates Philips Exec to Supervisory Board
-----------------------------------------------------------
Getronics N.V. intends to appoint Rob Westerhof as a new member
of the Supervisory Board.  The nomination of Mr. Westerhof to
the Supervisory Board will be tabled at a meeting of
shareholders at the earliest opportunity.

Mr. Westerhof, 60, was recently the CEO of Philips North America
(since 2002).  He started his Philips career in 1968 and held
various executive positions in the areas of Finance, Sales and
General Management.  Prior to his appointment as CEO of North
America he has held, amongst others, the positions of CEO of
Philips East Asia (including China) and CEO of Global Sales
Philips Medical Systems.  Mr. Westerhof graduated from Erasmus
University in Rotterdam with a MBA degree.  He is a Non-
executive Director of the Netherlands American Chamber of
Commerce and a guest lecturer at universities in the U.S.A.,
Hong Kong, China and The Netherlands.

About Getronics N.V.

With approximately 22,000 employees in over 30 countries and
ongoing revenues of EUR2.6 billion in 2003, Getronics is one of
the world's leading providers of vendor independent Information
and Communication Technology (ICT) solutions and services.
Getronics combines the capabilities of the original Dutch
company with those of Wang Global, acquired in 1999, and of the
systems and services division of Olivetti.  Getronics is ranked
second worldwide in network and desktop outsourcing and fourth
worldwide in network consulting and integration (Source: IDC
2002-2003).

Getronics designs, integrates and manages ICT infrastructures
and business solutions for many of the world's largest global
and local companies and organizations, helping them maximize the
value of their information technology investments.  Getronics'
headquarters are in Amsterdam, with regional offices in Boston,
Madrid and Singapore.  Getronics' shares are traded on Euronext
Amsterdam ("GTN").  For further information about Getronics,
visit http://www.getronics.com

                            *   *   *

As reported by TCR-Europe on July 9, 2004, Standard & Poor's
Ratings Services assigned its 'B+' senior secured debt rating
and a recovery rating of '4' to the new EUR175 million (US$216
million) credit facilities of The Netherlands-based IT services
and products provider Getronics N.V. (B+/Positive/--).

The facilities comprise a EUR100 million revolving credit
facility and a EUR75 million acquisition facility, both maturing
in 2007.  The bank loan has been rated 'B+', the same level as
the corporate credit rating on the group because, despite the
loan's secured status, recovery expectations are less than 100%
in the event of default.

CONTACT:  GETRONICS N.V.
          Media Relations
          Phone:  +31 20 586 1982
          Fax: +31 20 586 1455
          E-mail: media@getronics.com

          Investor Relations
          Phone: +31 20 586 1581
          Fax:   +31 20 586 1455
          E-mail: investor.relations@getronics.com


VERSATEL N.V.: Second-quarter Revenues Up 20; Net Loss Down 66%
---------------------------------------------------------------
Second Quarter Financial Highlights

(a) Second-quarter 2004 revenues increased by 20% to EUR144
    million compared with 2Q03 revenues of EUR120 million and by
    6% compared with 1Q04 revenues of EUR136 million;

(b) On-net revenues were EUR109 million for 2Q04 compared with
    EUR86 million for 2Q03 and EUR102 million for 1Q04;

(c) Gross Margin as a percentage of revenues in the second
    quarter of 2004 was 53%, compared with 54% in the second
    quarter of 2003 and 53% in the first quarter of 2004;

(d) 2Q04 EBITDA was EUR27 million compared with EUR17 million in
    2Q03 and EUR25 million in 1Q04;

(e) Versatel's net loss for the quarter ended June 30, 2004 was
    EUR4 million compared with a net loss of EUR12 million in
    2Q03 and a net loss of EUR7 million in 1Q04;

(f) Capital expenditures (Capex) in 2Q04 were EUR25 million
    compared with EUR21 million in the second quarter of 2003
    and EUR24 million in 1Q04;

(g) At June 30, 2004, Versatel had approximately EUR144 million
    in cash on its balance sheet, compared with EUR154 million
    at the end of the second quarter 2003 and EUR148 million at
    the end of the first quarter of 2004.

Other Highlights

(a) On July 29, 2004, Versatel announced that it had signed an
    agreement to purchase 100 percent of the outstanding share
    capital in BerliKomm;

(b) During the second quarter 2004 Versatel connected
    approximately 45,000 DSL and ISDN on-net copper lines
    including approximately 17,000 customers at its Internet
    subsidiary Zon, approximately 8,000 customers in Belgium and
    approximately 20,000 customers in Germany.

Versatel Telecom International N.V., reported second quarter
2004 financial and operating results.  For the quarter ended
June 30, 2004 revenues were EUR144.0 million, up 20.0% compared
with 2Q03 revenues of EUR120.0 million and 6.3% compared with
1Q04 revenues of EUR135.5 million.  This top-line growth is
primarily due to the provisioning of new corporate customers and
broadband subscriber growth in our core markets, The
Netherlands, Belgium and Germany.

In total, on-net revenues for Versatel were EUR108.9 million for
2Q04 compared with EUR86.2 million in 2Q03 and EUR101.5 million
in 1Q04.  The growth in on-net revenues is a continued result of
our strategy of focusing our sales efforts and marketing
expenditures on our more profitable on-net business.
For the quarter ended June 30, 2004, gross margin as a
percentage of total revenues was 52.7% compared with 54.1% in
2Q03 and 53.3% in 1Q04.  During the second quarter, gross margin
as a percentage of revenue declined slightly due the continuing
replacement of low Average Revenue Per User (ARPU), high gross
margin percentage narrowband dial-in revenue with higher ARPU
and more profitable broadband and voice revenue, but with a
lower gross margin percentage.

Raj Raithatha, Chief Executive Officer, commented: "While the
general telecommunications industry continues to suffer under
adverse trading conditions, the balanced nature of our business
and residential strategy yielded strong revenue and EBITDA
growth.  Pricing pressure and competition in the corporate and
residential broadband markets has been a recurring issue in our
markets over the past few years, however our diversified mix of
residential, business and wholesale customers provides a hedge
against drastic changes in any one market.  This is a key reason
why we believe the full service model is a good strategy for our
markets."

Selling, general and administrative expenses (SG&A) for the 2Q04
was EUR48.6 million, up from EUR42.7 million in 2Q03 and
compared with EUR46.8 million in 1Q04.  Marketing expenditures
for 2Q04 were EUR3.6 million compared with EUR2.0 million and
EUR3.3 million in 2Q03 and 1Q04 respectively.  This increase in
SG&A investment is a direct result of Versatel's confidence in
its own short-term and long-term business prospects and the
necessary expenses to handle further growth.

For the quarter ended June 30, 2004, Versatel's result before
interest, tax, depreciation and amortization (EBITDA) was
EUR27.3 million compared with EUR16.6 million in 2Q03 and
EUR25.4 million in 1Q04.

Mark Lazar, Chief Financial Officer, commented: "With another
strong quarter of free cash flow generation we remain confident
in our existing business meeting the revenue and EBITDA targets
we have set for the year.  During the quarter we showed 7%
sequential EBITDA growth, even after the effect of spending an
additional EUR2 million on SG&A.  Given the current strength of
our operations, we believe now is the time to continue to invest
where we see sufficient growth opportunities, especially as most
of our competitors remain cash constrained and are cutting
investment plans."

Versatel's net loss for the quarter ended June 30, 2004 was
EUR4.1 million compared with a net loss of EUR11.5 million in
2Q03 and a net loss of EUR7.3 million in 1Q04.  Versatel's
capital expenditures (capex) for the second quarter of 2004
capex were EUR25.3 million compared with EUR20.7 million and
EUR24.4 million for 2Q03 and 1Q04 respectively.

As of June 30, 2004, Versatel had EUR143.7 million in cash on
its balance sheet compared with EUR153.6 million at June 30,
2003 and EUR148.2 million at March 31, 2004.  The decline in
cash over the quarter was primarily attributable to the
narrowing of Versatel's working capital deficit.

The company had a positive shareholders' equity position of
EUR473.2 million as of June 30, 2004, which continues to reflect
the strength of its balance sheet.

As of 2Q04, Versatel had a deferred tax liability on its balance
sheet in respect of the gain related to the completion of its
2002 financial restructuring, whereby any subsequent losses in
The Netherlands are recognized and taken against this deferred
tax liability.  At June 30, 2004, Versatel's deferred tax
liability totaled EUR123.8 million.

We continue to believe that our organic business plan is fully
funded without a need for third party financing.  Given our cash
position, we also believe that we have between EUR50 - EUR75
million in funding to explore potential organic and acquisition
growth opportunities in our core markets.

A full copy of this report is available free of charge at
http://bankrupt.com/misc/Versatel_2Q2004.pdf

CONTACT:  VERSATEL N.V.
          AJ Sauer
          Corporate Finance & Investor Relations Manager
          Phone: +31-20-750-1231
          E-mail: aj.sauer@versatel.nl

          Anoeska van Leeuwen
          Director Corporate Communications
          Phone: +31-20-750-1322
          Mobile: + 31 654 287128
          E-mail: anoeska.vanleeuwen@versatel.nl


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


NORTHERN OFFSHORE: Liquidators Request Temporary De-listing
-----------------------------------------------------------
The Oslo Bors temporarily de-listed the shares and bonds of
Northern Offshore Ltd.  This decision follows a formal request
made by the court-appointed Joint Provisional Liquidators, as
appointed by the Supreme Court of Bermuda, acting on behalf of
the company.  The shares and bonds of NOF have been suspended
from trading since July 14, and was temporarily de-listed August
5.

The background for this decision is that the outcome of the on-
going negotiations regarding a potential restructuring of the
company is highly uncertain.  Furthermore, under the
circumstances the company is not fully able to meet its
obligations as a public listed company, including its
information disclosure requirements.

The state of temporary de-listing may last up to four months.
The shares and bonds may be re-listed before the expiry of this
period providing certain conditions are met.  Within four
months, the Oslo Bors must decide on continued temporarily de-
listing, permanent de-listing or re-listing of these
instruments.


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


APO VIVA: Under Bankruptcy Supervision
--------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision procedure on OJSC Apo Viva-Zmievka.  The case is
docketed as A48-2729/04-16B.  Mr. A. Gulyaev has been appointed
temporary insolvency manager.

Creditors must submit their proofs of claim to the temporary
insolvency manager at 302028, Russia, Orel region, Oktyabrskaya
Str. 27.  A hearing is set on August 18, 2004, 9:30 a.m.

CONTACT:  APO VIVA-ZMIEVKA
          Russia, Orel region,
          Sverdlovsky region,
          Zmievka, Chapaeva Str. 1

          Mr. A. Gulyaev
          Temporary Insolvency Manager
          302028, Russia, Orel region,
          Oktyabrskaya Str. 27


A-TEKS: Samara Court Confirms Insolvency
----------------------------------------
The Arbitration Court of Samara region declared CJSC A-Teks
insolvent and introduced bankruptcy proceedings.  The case is
docketed as A55-5453/04-40.  Ms. N. Ovchinnikova has been
appointed insolvency manager.

Creditors must submit their proofs of claim to 445007, Russia,
Samara region, Tolyatti, Komsomolskaya Str. 84A, office 301.  A
hearing at Russia, Samara region, Avrory Str. 148, room 224 is
set on August 31, 2004 at 1:30 p.m.

CONTACT:  A-TEKS
          445007, Russia, Samara region,
          Tolyatti, Novozavodskaya Str. 2A

          Ms. N. Ovchinnikova
          Insolvency Manager
          445007, Russia, Samara region,
          Tolyatti, Komsomolskaya Str.
          84A, office 301

          THE ARBITRATION COURT OF SAMARA REGION
          Russia, Samara region,
          Avrory Str. 148, room 224.


BUCKWHEAT FACTORY: Bankruptcy Supervision Begins
------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on LLC Buckwheat Producing
Factory.  The case is docketed as A1505/04-19/16-B.  Mr. D.
Monogarov has been appointed temporary insolvency manager.

Creditors had until July 18, 2004 to submit their proofs of
claim to 433513, Russia, Ulyanovsk region, Dimitrovograd, Post
User Box 962.

CONTACT:  BUCKWHEAT PRODUCING FACTORY
          433510, Russia, Dimitrovograd,
          L. Chaykonoy Str. 85

          Mr. D. Monogarov
          Temporary Insolvency Manager
          433513, Russia, Ulyanovsk region,
          Dimitrovograd, Post User Box 962


GALATEKS: Declared Insolvent
----------------------------
The Arbitration Court of Moscow region has declared OJSC
Galateks insolvent and introduced bankruptcy proceedings.  The
case is docketed as A40-16487/04-123-12B.  Mr. A. Sherykhanov
has been appointed insolvency manager.

Creditors must submit their proofs of claim to 143408, Russia,
Moscow region, Krasnogorsk-8, Karabysheva Str. 19A, Post User
Box 17.  A hearing at hall 715 at the Arbitration Court of
Moscow region is set on September 7, 2004 at 10:00 a.m.

CONTACT:  GALATEKS
          105023, Russia, Moscow region,
          Suvorovskaya Str. 19

          Mr. A. Sherykhanov
          Insolvency Manager
          143408, Russia, Moscow region,
          Krasnogorsk-8, Karabysheva Str.
          19A, Post User Box 17

          THE ARBITRATION COURT OF MOSCOW REGION
          107996, Russia, Moscow,
          Novaya Basmannaya Str. 10.


METROMEDIA INTERNATIONAL: Russian Subsidiary Buys ASPOL-Diamant
---------------------------------------------------------------
Metromedia International Group, Inc. (MIG) the owner of
interests in various communications and media businesses in
Russia and the Republic of Georgia, announced that its Russian
telephony subsidiary, PeterStar, has entered into an agreement
permitting it to acquire 100% of the outstanding shares of
ASPOL-Diamant Murmansk (ADM-Murmansk), an alternative telephone
operator in the Murmansk region of Northwest Russia.

Through its telephony network, utilizing fiber-optic links and
digital radio systems, ADM-Murmansk is among the three largest
alternative telephone operators in the Murmansk region, focusing
on the provision of voice, data and Internet services.  The
Murmansk region is among Russia's top regions with a very high
Internet penetration rate, ranking third just after Moscow and
St. Petersburg, and borders Finland and the Barents Sea (Arctic
Ocean).

PeterStar has entered into a binding share purchase agreement,
subject only to Russian regulatory approvals, and anticipates
approval for the completion of the transaction within the next
two months.  The consideration for the transaction is not
significant and will be directly financed by PeterStar.

ADM-Murmansk services approximately 6,000 Internet clients in
the Murmansk region (population of 330,000) with more than 2
Terabytes per month of Internet traffic volume.  In 2003, ADM-
Murmansk had revenues of at least US$0.7 million for Internet
related product offerings.

In making this announcement, Victor Koresh, General Director of
PeterStar and MIG's Vice President of Russian Operations,
commented: "This acquisition reflects our commitment to expand
operations throughout Russia's Northwest region. With the
acquisition of a ADM-Murmansk, PeterStar makes another important
step toward becoming one of the leading fixed telephone
operators in Northwest Russia."

Mr. Koresh further commented: "In 2004-2005, PeterStar intends
to allocate at least US$10.0 million for its regional
development initiatives in Northwest Russia.  This acquisition,
strengthens our competitive positioning in markets that now
stretch well beyond our original core St. Petersburg market."

About Metromedia International Group

Through its wholly owned subsidiaries, the Company (currently
traded as: OTCPK:MTRM - Common Stock and OTCPK:MTRMP - Preferred
Stock), owns interests in communications and media businesses in
Russia and the Republic of Georgia.  These include mobile and
fixed line telephony businesses and wireless and wired cable
television networks.  The company has focused its principal
attentions on continued development of its core telephony
businesses in Russia and the Republic of Georgia, and has
substantially completed a program of gradual divestiture of its
non-core media businesses.  The company's core telephony
businesses include PeterStar, the leading competitive local
exchange carrier in St. Petersburg, Russia, and Magticom, the
leading mobile telephony operator in the Republic of Georgia.

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          Ernie Pyle
          Phone: 704-321-7383
          E-mail: investorrelations@mmgroup.com
          Homepage: http://www.metromedia-group.com


NAVASHINSK-SELKHOZ: Under Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on OJSC Navashinsk-Selkhoz-
Khimiya.  The case is docketed as A43-7337/04-33-169.  Mr. V.
Samsonov has been appointed temporary insolvency manager.

Creditors must submit their proofs of claim to 603029, Russia,
Nizhniy Novgorod, Pamirskaya Str. 11. A hearing is set on
November 23, 2004 at 10:00 a.m.

CONTACT:  NAVASHINSK-SELKHOZ-KHIMIYA
          Russia, Nizhniy Novgorod region,
          Navashino, Sovetskaya Str. 145

          Mr. V. Samsonov
          Temporary Insolvency Manager
          603029, Russia, Nizhniy Novgorod region,
          Pamirskaya Str. 11


NEFTE-GAZ-STROY-MEKH-AVTO-SERVIS: Court Sets October 13 Hearing
---------------------------------------------------------------
The Arbitration Court of Komi republic has commenced bankruptcy
supervision procedure on LLC Nefte-Gaz-Stroy-Mekh-Avto-Servis.
The case is docketed as A29-3370/04-3B.  Mr. A. Buzinov has been
appointed temporary insolvency manager.

Creditors had until July 18, 2004 to submit their proofs of
claim to 167000, Russia, Komi republic, Syktyvkar, Lenina Str.
60, Post User Box 785 or to the Arbitration Court of Komi
republic at Russia, Komi republic, Syktyvkar, Ordzhonikidze Str.
49A.  A hearing is set on October 13, 2004 at 10:00 a.m.

CONTACT:  NEFTE-GAZ-STORY-MEKH-AVTO-SERVIS
          169711, Russia, Komi republic,
          Usinsk, Stroiteley Str. 16-8

          Mr. A. Buzinov
          Temporary Insolvency Manager
          167000, Russia, Komi republic,
          Syktyvkar, Lenina Str. 60,
          Post User Box 785

          The Arbitration Court of Komi republic
          Russia, Komi republic,
          Syktyvkar, Ordzhonikidze Str. 49A


REM EMO: Vologda Court Sets Next Hearing October 6
--------------------------------------------------
The Arbitration Court of Vologda region has commenced bankruptcy
supervision procedure on LLC Rem Emo.  The case is docketed as
A13-4999/04-17.  Mr. Y. Alferyev has been appointed temporary
insolvency manager.

Creditors had until July 18, 2004 to submit their proofs of
claim to the temporary insolvency manager.  A hearing at the
Arbitration Court of Vologda region, hall 4 is set on October 6,
2004 at 2:00 p.m.

CONTACT:  REM EMO
          162391, Russia, Vologda region,
          Vwelikiy Ustyug,
          Sovetsky Pr. 271

          Mr. Y. Alferyev
          Temporary Insolvency Manager
          160000, Russia, Vologda region,
          Sovetsky Pr. 6, office 222

          THE ARBITRATION COURT OF VOLOGDA REGION
          Russia, Vologda region, Gertsena Str. 1A


TEKHNO-MOR: Bankruptcy Case Pending Before Murmansk Court
---------------------------------------------------------
The Arbitration Court of Murmansk region has declared LLC
Tekhno-Mor-Rem-Flot insolvent and introduced bankruptcy
proceedings.  The case is docketed as A42-7350/03-18.  Mr. I.
Raskin has been appointed insolvency manager.

Creditors must submit their proofs of claim to 183038, Russia,
Murmansk region, Shmidta Str. 17 or to the arbitration Court of
Murmansk region at 83049, Russia, Murmansk, Knipovicha Str. 556.

CONTACT:  TEKHNO-MOR-REM-FLOT
          183038, Russia, Murmansk region,
          Sofyi Perovskoj Str. 17

          Mr. I. Raskin
          Insolvency Manager
          183038, Russia, Murmansk region,
          Shmidta Str. 17

          The Arbitration Court of Murmansk region
          183049, Russia, Murmansk region,
          Knipovicha Str. 5564


TOMZEL: Court Names Insolvency Manager
--------------------------------------
The Arbitration Court of Tomsk region has declared LLC Trading
House Tomzel insolvent and introduced bankruptcy proceedings.
The case is docketed as A67-7596/03.  Ms. V. Babenko has been
appointed insolvency manager.

Creditors have until August 18, 2004 to submit their proofs of
claim to the insolvency manager at 634034, Russia, Tomsk region,
Post User Box 4793, and to the Arbitration Court of Tomsk region
at 634050, Russia, Tomsk region, Kirova Pr. 10.

CONTACT:  TRADING HOUSE TOMZEL
          Russia, Tomsk region,
          Vysotskogo Str. 33

          Ms. V. Babenko
          Insolvency Manager
          634034, Russia, Tomsk region,
          Post User Box 4793

          THE ARBITRATION COURT OF TOMSK REGION
          634050, Russia, Tomsk region,
          Kirova Pr. 10


VOLOGDA-GRAZHDAN: Sets Proofs of Claim Deadline August 18
---------------------------------------------------------
The Arbitration Court of Vologda region has declared OJSC
Vologda-Grazhdan-Stroy insolvent and introduced bankruptcy
proceedings.  The case is docketed as A13-794/04-25.  Mr. A.
Novitsky has been appointed insolvency manager.

Creditors have until August 18, 2004 to submit their proofs of
claim to 160014, Russia, Vologda, Gogolya Str. 88, office 27.

CONTACT:  VOLOGDA-GRAZHDAN-STROY
          Russia, Vologda region,
          Oktyabrskaya Str. 51

          Mr. A. Novitsky
          Insolvency Manager
          160014, Russia, Vologda region,
          Gogolya Str. 88, office 27


YUKOS OIL: Allowed to Continue Financing On-going Business
----------------------------------------------------------
The Court Bailiff Service of the Ministry of Justice informed
Yukos Oil Company that the firm has the right to make monthly
payments to pay for its on-going business from its bank accounts
because these bank accounts are not blocked.

"We welcome the decision of the Ministry of Justice, which lets
us continue financing our on-going business and to pay, without
delay, our current taxes and our tax debt for the year 2000,"
Yukos Chief Financial Officer Bruce Misamore said.  "This is
also good news for the more than 105,000 Yukos employees and
their families."

CONTACT:  YUKOS OIL
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Press Service:
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


JUGOBANKA A.D.: U.S. Court Ruling Creates Furor
-----------------------------------------------
What started as a US$4 million landlord-tenant dispute between
Sage Realty Corp. and a bankrupt Yugoslavian bank, Jugobanka,
has become a major target of state bank regulators in the U.S.
concerned that legal actions in Yugoslavia and America threaten
the practice of "ring fencing" under which state-licensed,
foreign-owned banks must maintain sufficient capital to cover
liabilities in case of insolvency.

The Conference of State Banking Supervisors, along with the top
banking regulators in New York, Connecticut, Illinois,
California, Georgia, Florida and Texas have asked to intervene
in the legal action currently before U.S. District Judge Jed S.
Rakoff in New York.  The regulators' concern is that allowing a
Serbian trustee to consolidate Jugobanka's stateside assets in a
Serbian court takes those assets beyond the reach of state bank
regulators and threatens their obligation to properly regulate
state-licensed, foreign banks in the case of an insolvency and
liquidation.

The case stems from a 1992 order by the first President Bush
freezing assets of Yugoslav-owned banks in connection with the
Balkans crisis.  Jugobanka, which rented 30,000 square feet at
437 Madison Avenue in Manhattan owned by Sage Realty -- the
property management arm of the William Kaufman Organization Ltd.
-- eventually stopped paying rent.  While Sage won a ruling in
seeking about US$4 million in rent and interest in American
federal courts, Jugobanka sought bankruptcy relief in Serbia.

The bank regulators' key concern is a decision by Judge Rakoff
that reversed Bankruptcy Court Judge Cornelius Blackshear's
decision denying Jugobanka's attempt to centralize all the
assets in the Serbian bankruptcy action.  Judge Blackshear ruled
that Jugobanka did not have standing to repatriate the assets to
Serbia and that no jurisdiction here permitted that.  Judge
Rakoff -- who as a district judge hears appeals from Bankruptcy
Court -- reversed Judge Blackshear, and said Jugobanka had the
right to make that argument before Judge Blackshear.

Judge Rakoff's decision caused an uproar among bank regulators.
The regulators are now asking Judge Rakoff to reconsider his
decision, arguing that it threatens to legitimize Jugobanka's
attempt to take those assets offshore to Yugoslavia, beyond the
reach of state banking laws and regulators.

Serbian courts rebuffed Sage's move to collect from Jugobanka,
even though a U.S. court upheld Sage's claim.  That threatens
not only Sage's right to collect what is owed, but by extension,
U.S. state bank regulators' ability to protect creditors in just
this kind of situation.

Make no mistake -- Sage's primary interest is in recovery of the
US$4 million in rent and interest legitimately owed by
Jugobanka.  But Sage principals Robert and Melvyn Kaufman
acknowledge that the issue is far broader than what is owed
them.

Here are excerpts from bank regulators amicus briefs filed with
Judge Rakoff:

     "Many of our member states license foreign banks to operate
     as agencies and branches in their jurisdictions,"
     Conference of State Bank Supervisors president Neil Milner
     wrote.  "Under the banking laws of these states, the
     states' banking regulators have the sole authority to
     liquidate the assets of an insolvent state-licensed foreign
     bank for distribution to creditors of the bank's branch or
     agency.  We write to point out that the Court's
     interpretation of Section 304, as applied in this context,
     is unprecedented and brings the Bankruptcy Code -- which
     ordinarily would not apply to these institutions -- into
     irreconcilable conflict with state bank insolvency laws.
     The Court's application of Section 304 would alter
     fundamentally how state-licensed foreign banks are
     regulated.  The purpose of state licensing and supervision
     is to protect the creditors who do business with state-
     licensed foreign entities.  Expatriating the assets to a
     foreign proceeding would defeat this."

Connecticut Banking Commissioner John P. Burke wrote to Judge
Rakoff in a letter echoing comments from regulators in other
states.

     "This is not simply a parochial state interest," wrote
     Mr. Burke.  "Ring-fencing bank assets for the benefit of
     its creditors is how bank liquidations have always worked -
     - including at the federal level and in may foreign
     countries.  Our state bank liquidation statute has co-
     existed with federal bankruptcy laws for several years and
     we are aware of no similar instance where a foreign branch
     or agency was subject to an asset turnover proceeding in
     federal court."

CONTACT:  JUGOBANKA A.D.
          Kralja Petra 19-21
          11000 Beograd
          Yugoslavia
          Phone: 381.11.63.00.22
          Fax: 381.11.63.69.10


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


ASCOM: Makes Further Progress in Divestment Process
---------------------------------------------------
Ascom is to sell Swiss-based Ascom Manufacturing Ltd. to a local
group of investors and transfer the activities of Ascom Adilan
S.A., based in Annecy, France, to the Omnetica Group.

Sale of Ascom Manufacturing Ltd.

Effective 31 August, 2004, Ascom will sell its Berne-based
production company, Ascom Manufacturing Ltd., to a local group
of investors.  The parties have agreed not to disclose the
selling price.  The sale will entail the transfer of some 270
employees to the new company.

The successful sale of Ascom Manufacturing Ltd. to a local group
of investors marks another milestone in Ascom's divestment
strategy, as part of its move to focus on core competences.

Once the transaction is completed, the company will operate
under the name Asetronics AG.  The new owners intend to continue
and expand the present activities from the current location in
Berne.  "By selling to a Bernese group of investors, we have
found a fast and attractive solution for the business unit, its
employees and for Ascom," says Rudolf Hadorn, CEO of Ascom
Holding Ltd.

Ascom Manufacturing is a leading Swiss provider of electronic
manufacturing services and posted revenues of CHF110 million in
2003.

The company develops, manufactures and tests complex electronic
components, modules, equipment and systems, and offers project
management and system integration services for customized
solutions and concepts.  With its wealth of experience and
outstanding engineering know-how, Ascom Manufacturing Ltd.
(renamed Asetronics AG) is the preferred partner of companies in
the fields of medical technology, automotive components, heavy
industry and telecommunications.

Transfer of Ascom Adilan S.A. activities

In France, Ascom is transferring the activities of Annecy-based
Ascom Adilan S.A. to the French company, Arche, effective
retrospectively to 1 August 2004.  In 2003 these activities
generated revenues of around CHF4 million.  Ten employees will
be transferred on completion of the asset sale.  Arche is a
subsidiary of the Omnetica Group, a leading French company in
the field of network design, installation and management.

About Ascom

Ascom is an international solution supplier with comprehensive
technology know-how.  With its wealth of experience in
implementing complex projects for discerning customers, the
company has established itself in key markets in the fields of
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).

Ascom's offerings range from analysis and consulting to system
design and system integration, project management, engineering
and implementation, right through to maintenance and support.
The company has subsidiaries in 22 countries and a workforce of
some 4,500 employees worldwide.  Ascom registered shares (ASCN)
are quoted on the SWX Swiss Exchange in Zurich.

CONTACT:  ASCOM
          Corporate Media Office
          Ascom Management AG
          Daniel Lack
          General Secretary & Press Officer
          Belpstrasse 37
          CH-3000 Berne 14
          Phone: +41 31 999 43 44
          Fax: +41 31 999 21 17
          E-mail: media@ascom.com
          Homepage: http://www.ascom.com

          ASETRONICS AG
          (Ascom Manufacturing AG)
          Andre Maurer, Chief Executive
          Freiburgstrasse 251
          CH-3018 Berne
          Phone: +41 31 999 20 82
          Fax: +41 31 999 30 17
          E-mail: andre.maurer@ascom.ch
          Homepage: http://www.swissmanufacturing.ch


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


ARDISCENTRE: Proofs of Claim Deadline August 15
-----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Ardiscentre (code EDRPOU 31811813).
The case is docketed as 15/169-B.  Arbitral manager Mrs. G.
Vronska (License Number AA 484232 approved on February 17, 2003)
has been appointed temporary insolvency manager.  The company
holds account number 26005300286301 at JSCB TAS Komertsbank,
Kyiv branch, MFO 300164.

Creditors have until August 15, 2004 to submit their proofs of
claim to:

(a) ARDISCENTRE
    01103, Ukraine, Kyiv region,
    Kikvidze Str. 26

(b) Mrs. G. Vronska
    Temporary Insolvency Manager
    Phone: 228-88-68

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


AUTO-TRADE: Under Bankruptcy Supervision
----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Auto-Trade (code EDRPOU 23395060).
The case is docketed as 43/208.  Arbitral manager Mrs. G.
Vronska (License Number AA 484232 approved on February 17, 2003)
has been appointed temporary insolvency manager.  The company
holds account numbers 26006302000907/980 and
26007301000907/840/980 at JSCB Mriya, MFO 321767.

Creditors have until August 15, 2004 to submit their proofs of
claim to:

(a) AUTO-TRADE
    01001, Ukraine, Kyiv region,
    Institutska Str. 1

    03039, Ukraine, Kyiv region,
    Bratska Str. 6

(b) Mrs. G. Vronska
    Temporary Insolvency Manager
    Phone: 228-88-68

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


BAHCHISARAJ' WINEMAKING: Deadline for Proofs of Claim August 14
---------------------------------------------------------------
The Economic Court of AR Krym region commenced a six-month
bankruptcy supervision procedure on CJSC Bahchisaraj' Winemaking
Plant (code EDRPOU 00411855 ) on June 11, 2004.  The case is
docketed as 2-11/8983-2004.  Arbitral manager Mr. Igor Shpiner
(License Number AA 783102 approved on April 20, 2004) has been
appointed temporary insolvency manager.  The winemaking plant
holds account number 26006987 at JSPPB Aval, Bahchisaraj branch,
MFO 384470.

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

(a) BAHCHISARAJ' WINEMAKING PLANT
    98400, Ukraine, AR Krym region,
    Bahchisaraj, Makedonskij Str. 1

(b) Mr. Igor Shpiner
    Temporary Insolvency Manager
    Ukraine, AR Krym region, Kerch,
    Tsibizov Str. 11

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


GORODOTSKIJ AGROSERVICE: Under Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on OJSC Gorodotskij Agroservice (code
EDRPOU 05489810) on June 18, 2004.  The case is docketed as
6/131-4/71.  Arbitral manager Mr. Ruslan Purij (License Number
AA 668318 approved on October 16, 2003) has been appointed
temporary insolvency manager.  The company holds account number
26006024056004 at Index Bank, Gorodok branch, MFO 325279.

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

(a) GORODOTSKIJ AGROSERVICE
    81500, Ukraine, Lviv region,
    Gorodok, Kamarnyanska Str. 68

(b) Mr. Ruslan Purij
    Temporary Insolvency Manager
    79066, Ukraine, Lviv region,
    a/b 8110
    Phone: 96-50-83

(c) ECONOMIC COURT OF LVIV REGION
    79010, Ukraine, Lviv region,
    Lichakivska Str. 81


KIYIVSKA RUS: Creditors Have Until August 14 to File Claims
-----------------------------------------------------------
The Economic Court of Zhitomir region declared LLC Production-
Commercial Firm Kiyivska Rus Ltd. (code EDRPOU 20418517)
insolvent and introduced bankruptcy proceedings on August 26,
2003.  The case is docketed as 5/35 B.  Ovruch' City State Tax
Inspection has been appointed liquidator/insolvency manager.

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

(a) KIYIVSKA RUS LTD.
    Ukraine, Zhitomir region,
    Ovruch, Frunze Str. 38

(b) OVRUCH' CITY STATE TAX INSPECTION
    Liquidator/Insolvency Manager
    Ukraine, Zhitomir region,
    Ovruch, Saburov Str. 1/20


KYIVTELECOM: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Kyivtelecom (code EDRPOU 30266111)
The case is docketed as 23/216-B.  Arbitral manager Mr. V.
Krikun (License Number AA 669678) has been appointed temporary
insolvency manager.  The company holds account number
26007301002264/980 at JSCB Transbank, MFO 300089, and account
number 26000001000835/980 at OJSC Ukrainian credit-commercial
bank, MFO 321723.

Creditors have until August 15, 2004 to submit their proofs of
claim to:

(a) KYIVTELECOM
    01103, Ukraine, Kyiv region,
    Nimanska Str. 10

(b) Mr. V. Krikun
    Temporary Insolvency Manager
    Phone: 234-47-55

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


LEOTEHSNAB: Gives Creditors Until August 14 to File Claims
----------------------------------------------------------
The Economic Court of Dnipropetrovsk region declared LLC
Production-Commercial Firm Leotehsnab (code EDRPOU 21941468)
insolvent on June 24, 2004.  The case is docketed as B 40/65/04.
Mr. Volodimir Shmal (License Number AA 630010 approved on
November 5, 2003) has been appointed liquidator/insolvency
manager.

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

(a) LEOTEHSNAB
    53200, Ukraine, Dnipropetrovsk region,
    Nikopol, Geroyiv Chornobilu Str. 102

(b) Mr. Volodimir Shmal
    Liquidator/Insolvency Manager
    53210, Ukraine, Dnipropetrovsk region,
    Nikopol, Geroyiv Chornobilu Str. 61/18
    Phone: (05662) 2-33-26

(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
    49600, Ukraine, Dnipropetrovsk,
    Kujbishev Str. 1a


LEVADNIJ: Declared Insolvent
----------------------------
The Economic Court of Harkiv region declared LLC Shop Levadnij
(code EDRPOU 21175270) insolvent and introduced bankruptcy
proceedings on June 21, 2004.  The case is docketed as B-19/49-
04.  Mr. Yurij Artyuh (License Number AA 783114 approved on
April 22, 2004) has been appointed liquidator/insolvency
manager.

CONTACT:  LEVADNIJ
          Ukraine, Harkiv region,
          Gagarin Avenue, 24

          Mr. Yurij Artyuh,
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Garibaldi Str. 4

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


ONEGAPROM: Court Appoints Temporary Insolvency Manager
------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on CJSC Onegaprom (code EDRPOU 23538587).
The case is docketed as 15/176.  Arbitral manager Mrs. G.
Vronska (License Number AA 484232 approved on February 17, 2003)
has been appointed temporary insolvency manager.  Onegaprom
holds account numbers 2600404575/810/840/978/980 and 26046045759
at JSB AZHIO, Kyiv branch, MFO 300175; account numbers
26008000344001/980 and 26003000344501/810/840/978 at JSC
Industrial-export bank, Kyiv branch, MFO 300614; account number
2600500400038 at JSCB Praveks-bank, Kyiv branch, MFO 321983; and
account number 26003778/980 at JSB Stolichnij, Kyiv branch, MFO
322733.

Creditors have until August 15, 2004 to submit their proofs of
claim to:

(a) ONEGAPROM
    02014, Ukraine, Kyiv region,
    Strutinskij Str. 8

(b) Mrs. G. Vronska
    Temporary Insolvency Manager
    Phone: 228-88-68

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


SPORTSYMBOL AND K: Bankruptcy Supervision Procedure Begins
----------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Sportsymbol and K (code EDRPOU
25412655).  The case is docketed as 23/218-B.  Arbitral manager
Mr. V. Krikun (License Number AA 669678) has been appointed
temporary insolvency manager.  The company holds account numbers
260011466/980 and 26004284001466/840 at JSCB Ukrsocbank,
Starokijivske department, Kyiv city branch, MFO 322045; and
account number 260062014/980 at JSPPB Aval, Donetsk regional
branch, MFO 3350760.

Creditors have until August 15, 2004 to submit their proofs of
claim to:

(a) SPORTSYMBOL AND K
    01024, Ukraine, Kyiv region,
    Luteranska Str. 16

    01030, Ukraine, Kyiv region,
    B. Hmelnitskij Str. 33/34

(b) Mr. V. Krikun
    Temporary Insolvency Manager
    Phone: 234-47-55

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


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


ABBEY NATIONAL: In Talks to Sell French Subsidiary
--------------------------------------------------
Abbey National (LSE: ANL.L) is in advanced discussion to sell
its subsidiary Abbey National France (ANF) to BNP Paribas.

The deal is subject to the opinion of the works council and
regulatory approvals and is expected to complete in October
2004.

ANF is a provider of residential mortgages in France.  ANF has
assets of approximately EUR2.1 billion and employs 219 people
across France[1].

The sale of ANF represents a further step in Abbey's strategy of
focusing solely on providing personal financial services in the
U.K., announced at its annual results in February 2003.

--------
Footnote

[1] GBP1.4 billion assets as at 30 June 2004 (discussions
exclude ANF's consumer credit business in France).

Abbey

Abbey is a major financial services group in the U.K., where it
is the second largest provider of residential mortgages.  As at
31 December 2003, Abbey had shareholders' funds (including non-
equity interests) of GBP5.3 billion and total assets of GBP177
billion.  It employs more than 26,000 people and has
approximately 741 U.K. branches and 17.8 million customers.

Abbey has two main business divisions, Personal Financial
Services and the Portfolio Business Unit.  Personal Financial
Services includes the following business areas: Banking and
Savings, Investment and Protection, General Insurance and
Financial Markets.  Businesses that are not consistent with
Abbey's current Personal Financial Services strategy are managed
within the Portfolio Business Unit.  Abbey's intention is to
reduce or exit these businesses whilst focusing on getting
optimum value to ensure that returns for shareholders are
maximized and risk is reduced in a timely manner.  The Portfolio
Business Unit currently consists of debt securities and
corporate loan portfolios and leasing businesses; French
operations; First National Motor Finance and Litigation Funding;
and International Life Businesses, such as Scottish Mutual
International.

About BNP Paribas

BNP Paribas (http://www.bnpparibas.com/)is a leading financial
services group in Europe, with strong positions in Asia and an
active presence in the United States.  It is the foremost bank
in terms of net income and market capitalization in the euro
zone.  BNP Paribas has one of the largest international banking
networks, with a presence in over 85 countries and 89,400
employees, including 67,700 in Europe.  Its key businesses are
Retail Banking, Corporate and Investment Banking, Asset
Management and Services.

CONTACT:  ABBEY NATIONAL
          Media Relations
          Matthew Young
          Phone: +44 20 775 64232

          BNP PARIBAS
          Michele Sicard
          Phone: +33 1 42 98 13 36

          Christelle Maldague
          Phone: +33 1 42 98 56 48

          Henri de Clisson
          Phone: +33 1 40 14 65 14


ABOUTTURN LIMITED: General Meeting September 6
----------------------------------------------
A General Meeting of Aboutturn Limited will be held at the
offices of Haines Watts, First Floor, Park House, Park Square
West, Leeds LS1 2PS, on Monday 6 September 2004, at 10.00 a.m.

The meeting is convened for the purposes of: (a) having an
account laid before the Meeting showing the manner in which the
winding-up has been conducted and the property of the Company
disposed of, and (b) hearing any explanation that may be given
by the Joint Liquidators.

A Member entitled to attend and vote at the above Meeting may
appoint a proxy to attend and vote instead of him.  A proxy need
not be a Member of the Company.

D M Walker, Joint Liquidator


ALDA ENTERPRISES: In Voluntary Winding Up
-----------------------------------------
At an Extraordinary General Meeting of Alda Enterprises Limited
on 26 July 2004, a subjoined Extraordinary Resolution to
voluntarily wind up the company was passed.

Ian William Kings, of Tenon Recovery, Tenon House, Ferryboat
Lane, Sunderland SR5 3JN, was appointed liquidator.

J A Starbuck, Chairman


ARJOWIGGINS LYNX: Grant Thornton Appointed Liquidator
-----------------------------------------------------
G Bougniart, President of ArjoWiggins SAS, announced that by
written resolutions of Arjowiggins Lynx Limited's Shareholders,
pursuant to Articles 7.3 and 7.4 of the company's Articles of
Association, a Special Resolution to wind up the company was
passed.

Samantha Keen, of Grant Thornton, 31 Carlton Crescent,
Southampton SO15 2EW, was appointed liquidator.


B.A.R. ENTERPRISES: Brings in Administrator from Tenon
------------------------------------------------------
Joint administrator Ian William Kings from Tenon Recovery was
called in to B.A.R. Enterprises Limited on July 27, 2004.  The
company is engaged in joinery installation.

CONTACT:  TENON RECOVERY
          Tenon House
          Ferryboat Lane
          Sunderland SR5 3JN


BRITISH SKY: Subscriber Growth Disappointing
--------------------------------------------
(a) Group sets new long-term operating targets:

     (i) 10 million direct-to-home (DTH) subscribers in 2010

    (ii) Multiroom penetration of 30% of DTH subscribers in 2010

   (iii) Sky+ penetration of 25% of DTH subscribers in 2010

(b) Growth to be characterized by sustained and substantial
    profitability throughout the period

(c) Program of up to GBP450 million additional capital
    investment over the next four years in infrastructure to
    support growth

(d) Financial strategy to include return of surplus capital to
    shareholders in addition to ordinary dividends

Announcement of results for the year ended 30 June 2004

(a) 7.4 million DTH subscribers at 30 June 2004, up 81,000 in
    the quarter

(b) Total revenues increases by 15% to GBP3,656 million

(c) Operating profit before goodwill and exceptional items
    increases by 65%to GBP600 million

(d) Profit after tax increases by 75% to GBP322 million

(e) Earnings per share before goodwill and exceptional items of
    18.3 pence, up 8.1 pence

(f) Proposed final dividend payment of 3.25 pence per share
    generating a full year total dividend of 6.0 pence per
    share.

(g) Free cashflow of GBP676 million reduces net debt to GBP429
    million

Commenting on the announcement, James Murdoch, Chief Executive
said: "This has been a year of good progress for British Sky
Broadcasting plc (BskyB).  We have reported the second full year
of positive earnings since the launch of Sky digital and strong
cash generation, confirming that the Group is in robust
financial health with clear momentum on which to build for the
future.

"The announcement of new long-term growth targets and a return
of cash to shareholders demonstrates our confidence in the
exciting growth potential of this business and our ongoing
commitment to deliver value to shareholders.

"The framework that we are setting out is one that is designed
not only to ensure sustained and substantial profitability for
the business, but also to position the Group to continue to be a
dynamic leader in the rapidly evolving U.K. digital television
sector."

Financial statements are available free of charge at:
http://bankrupt.com/misc/BSkyB_2004.htm

CONTACT:  BRITISH SKY BROADCASTING PLC
          Analysts/Investors:
          Neil Chugani
          Phone: 020 7705 3837
          Andrew Griffith
          Phone: 020 7705 3118
          E-mail: investor-relations@bskyb.com

          Press:
          Julian Eccles
          Phone: 020 7705 3267
          Robert Fraser
          Phone: 020 7705 3036
          E-mail: corporate.communications@bskyb.com

          FINSBURY:
          Alice Macandrew
          Phone: 020 7251 3801


BROADGATE INVESTMENT: Appoints Deloitte & Touche Liquidator
-----------------------------------------------------------
At an Extraordinary General Meeting of the Members of Broadgate
Investment Trust PLC on 29 July 2004 a Special Resolution to
voluntarily wind up the company was passed.

James Robert Drummond Smith and Nicholas James Dargan, of
Deloitte & Touche LLP, 66 Shoe Lane, London EC4A 3WA, were
appointed Liquidators.

J Redwood, Director

CONTACT:  BROADGATE INVESTMENT TRUST PLC
          One Bow Churchyard
          Cheapside, London EC4M 9HH


BUBBLES STORES: Calls in Joint Administrators
---------------------------------------------
Joint administrators from Begbies Traynor were assigned to
Bubbles Stores Limited on July 28, 2004.  The administrators are
G W Rhodes, and I P Sykes (IP Nos 2478 and 9166).

Bubbles Stores trades as Wizard Stores.

CONTACT:  BEGBIES TRAYNOR
          2-3 Pavilion Buildings
          Brighton, East Sussex BN1 1EE


B W DAVIS: Hires Kroll Limited Administrative Receiver
------------------------------------------------------
The Royal Bank of Scotland plc called in joint administrative
receivers from Kroll Limited for B W Davis (Contractors) Limited
on July 28, 2004.  The receivers were J M Wright and A J
Wolstenholme (Office Holder Nos. 9152 and 8995).

B W Davis is involved in general construction and civil
engineering.  Its trade classification is 23.

CONTACT:  KROLL LIMITED
          Aspect Court
          4 Temple Row
          Birmingham B2 5HG


CAPAZ BUSINESS: Calls in Liquidators
------------------------------------
At an Extraordinary General Meeting of Capaz Business Survival
Limited on 20 July 2004 an Extraordinary Resolution to wind up
the company was passed.

Andrew John Tate and John David Ariel, of Baker Tilly, 12
Gleneagles Court, Brighton Road, Crawley, West Sussex RH10 6AD,
were appointed liquidators.

R Yorke, Chairman


CHANDOS PHOTOGRAPHIC: In Liquidation
------------------------------------
At an Extraordinary General Meeting of Chandos Photographic
Services Limited on 20 July 2004, a subjoined Extraordinary
Resolution to wind up the company was passed.

Mandy Smart, of Baker Tilly, Marlborough House, Victoria Road
South, Chelmsford, Essex CM1 1LN, was appointed liquidator.

At a subsequent Meeting of Creditors, duly convened pursuant to
section 98 of the Insolvency Act 1986, and held on the same day,
the appointment of Mandy Smart was confirmed.

A R Mellor, Chairman


CONSTRUCTION SERVICES: Calls in Liquidator from Tenon Recovery
--------------------------------------------------------------
At an Extraordinary General Meeting of Construction Services
(NE) Limited on Monday 26 July 2004, a subjoined Extraordinary
Resolution to voluntarily wind up the company was passed.

Ian William Kings, of Tenon Recovery, Tenon House, Ferryboat
Lane, Sunderland SR5 3JN, was appointed liquidator.

J G Scott, Chairman

CONTACT:  TENON RECOVERY
          Tenon House, Ferryboat Lane
          Sunderland SR5 3JN


DAVIS BROTHERS: Calls in Liquidators
------------------------------------
At an Extraordinary General Meeting of the Members of Davis
Brothers Principal Contractors Limited on 23 July 2004,
Extraordinary and Ordinary Resolutions to voluntarily wind up
the company were passed.

Mandy Jane Smart, of Baker Tilly, Marlborough House, Victoria
Road South, Chelmsford, Essex CM1 1LN, and Nigel Millar, of
Baker Tilly, Friars Courtyard, 30 Princes Street, Ipswich,
Suffolk IP1 1RJ, were appointed Joint Liquidators.

M Davis, Chairman


EASTERN PHARMACEUTICALS: Hires Receivers from PwC
-------------------------------------------------
HBOS plc called in joint administrative receivers from
PricewaterhouseCoopers LLP for Eastern Pharmaceuticals Holdings
PLC on July 26, 2004.  The receivers were Robert William
Birchall and Stephen Mark Oldfield.

Eastern Pharmaceuticals is a wholesaler of pharmaceutical
products.  Its trade classification is 5146.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court, London EC4A 4HT
          Contact:
          Robert Willliam Birchall
          Stephen Mark Oldfield
          (Office Holder Nos. 778 and 1146)


E ROUND: Members Final Meeting August 31
----------------------------------------
A Final Meeting of the Members of E Round & Son Limited will be
held at the offices of Grant Thornton U.K. LLP, 1 Westminster
Way, Oxford, Oxfordshire OX2 0PZ, on 31 August 2004, at 10.00
a.m.

The meeting is convened for the purposes of: (a) having an
account laid by the Liquidator showing the manner in which the
winding-up of the company has been conducted and the property of
the Company disposed of, and (b) hearing any explanation that
may be given by the Liquidator.

A Member entitled to attend and vote at the above Meeting may
appoint a proxy to attend and vote in his place.  It is not
necessary for the proxy to be a Member.  Proxy forms must be
returned to the offices of Grant Thornton U.K. LLP, 1
Westminster Way, Oxford, Oxfordshire OX2 0PZ, by not later than
12.00 noon on 30 August 2004.

R Welsby, Liquidator


EVENCREST LIMITED: Members Final Meeting August 31
--------------------------------------------------
A Final Meeting of the Members of Evencrest Limited will be held
at the offices of Grant Thornton U.K. LLP, 1 Westminster Way,
Oxford, Oxfordshire OX2 0PZ, on 31 August 2004, at 10.30 a.m.

The meeting is convened for the purposes of: (a) having an
account laid by the Liquidator showing the manner in which the
winding-up of the Company has been conducted and the property of
the Company disposed of, and (b) hearing any explanation that
may be given by the Liquidator.

A Member entitled to attend and vote at the above Meeting may
appoint a proxy to attend and vote in his place.  It is not
necessary for the proxy to be a Member.  Proxy forms must be
returned to the offices of Grant Thornton U.K. LLP, 1
Westminster Way, Oxford, Oxfordshire OX2 0PZ, by not later than
12.00 noon on 30 August 2004.

R Welsby, Liquidator


KLEENKUT INVESTMENTS: Brings in Administrators
----------------------------------------------
Joint administrators from BDO Stoy Hayward LLP were called in
for Kleenkut Investments Limited on July 22, 2004.  The
administrators are Martha H. Thompson (IP No 8678/01), and Shay
Bannon.

Kleenkut Investments Limited is a printer and plastic/metal
fabricator.

CONTACT:  BDO STOY HAYWARD LLP
          Martha H Thompson (IP No 8678/01)
          Kings Wharf, 20-30 Kings Road
          Reading, Berkshire RG1 3EX

          SHAY BANNON (IP No 5694/01)
          8 Baker Street, London W1U 3LL


LONDON CAPITAL: Members Final Meeting September 3
-------------------------------------------------
A Final Meeting of the Members of London Capital Funding Limited
will be held at KPMG LLP, 8 Salisbury Square, London EC4Y 8BB,
on Friday 3 September 2004, at 11.10 a.m.

The meeting is convened for the purposes of: (a) receiving an
account, showing the manner in which the liquidation has been
conducted and the property of the Company disposed of, and (b)
hearing any explanation which may be given by the Liquidators.

Proxy forms, if applicable, must be lodged at KPMG Corporate
Recovery, 8 Salisbury Square, London EC4Y 8BB, fax +44 (0)20
7694 3533 by no later than 2 September 2004.

J S Spratt, Joint Liquidator


MEPC LIMITED: Rating Lowered to 'B'; Outlook Negative
-----------------------------------------------------
Fitch Ratings downgraded MEPC Limited's Senior Unsecured rating
to 'B' from 'BB'.  MEPC's Short-term rating is affirmed at 'B'.
The rating Outlook remains Negative.  MEPC is a U.K.-based
property investment group with circa GBP860 million of
investment and development property.

The rating action reflects management's stated intention to
raise c.GBP400 million of new three- or five-year term secured
bank debt, which is expected to have a floating charge over the
assets of MEPC.  This will subordinate MEPC's existing unsecured
bondholders.

This new policy of raising secured debt facilities is a clear
departure from past MEPC management's intention not to formally
subordinate unsecured creditors.  Under this proposed new
facility, the company has not committed to use the facility to
repay existing maturities of both bond and third-party bank
debt.  It is also likely that part of this new facility will be
used to retire part of the existing GBP350 million BT pension
scheme's (BTPS, which owns Hermes Pension Management and is its
largest client) committed unsecured facility (maturity in
November 2007).

Fitch had taken comfort that the BTPS facility maturity allayed
the potential short term refinancing risk from 2004 to 2006 on
the committed unsecured bank debt (GBP20 million drawn at August
2004) and the short-dated bonds (expiries 2006: GBP130 million).
Furthermore, unsecured bondholders may also find themselves
effectively subordinated by GBP118 million of QUIPs outstandings
as these are prepaid.  In mitigation some bondholders still
benefit from bonds' gearing covenant and negative pledge
protection.  However, the negative pledge only applies to bonds
maturing in 2006 and is typically weak as it only applies to
secured debt instruments that are listed: a weakness that has
failed to prevent MEPC putting in place this new bank secured
facility.

The Negative Outlook includes Fitch's concern that further funds
could be repatriated from MEPC to the holding company Leconport
Estates as additional inter-company loans with this entity.  If
drawn and channeled upstream after a sale of assets by MEPC,
this could again reduce MEPC's financial flexibility in the
future.  Fitch would expect confirmation that any disposal
proceeds, if channeled upstream to Leconport, will be available
to MEPC for debt repayment, as with the Factory Outlet Center
proceeds.

Fitch has further concerns that the 2032 bondholders are faced
with MEPC's deteriorating lease term profile (average lease
length of 8.1 years on business space at H104 versus 9.2 years
at H103), as well as weaker documentation with no negative
pledge or restriction on disposals clause.  These particular
bondholders will also be adversely affected by MEPC's current
derivatives profile, with GBP295 million of fixed interest
receivable swaps, where the company pays a high interest cost
over a long period (weighted average maturity of 14 years).

The above should be reviewed in the light of the continued
tightness of MEPC's financial parameters, as the group's
property assets are sold and asset cover for unsecured
bondholders is now 1.9x (after GBP205 million of Factory Outlets
disposal proceeds repaid MEPC debt).  Should the secured GBP400
million facility be put in place, and drawn in full, asset cover
for unsecured creditors could deteriorate significantly to
levels Fitch estimates could be lower than 1.0x.  Debt
serviceability (interest cover of 0.7x at H104 excluding
interest receivable from Leconport) is still dependent on
interest receivable from deposits with Leconport to cover
expensive cost of funds.

MEPC Limited is a U.K. based property company with GBP0.86
billion of property assets at August 2004 and an annualized rent
roll of GBP56 million.  The portfolio is now exclusively made up
of office/business park space.  In July 2000 MEPC was purchased
by Leconport Estates, a joint venture between Hermes and GE
Capital Real Estate.  In January 2003 GEC sold its 50% interest
in the Leconport vehicle to Hermes.

CONTACT:  FITCH RATINGS
          Jean-Pierre Husband, London
          Phone: +44 (0) 20 7417 6304
          John Hatton, London
          Phone: +44 (0) 20 7417 4283

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


MEYNARD FRERES: Resolves One of Two Winding up Petitions
--------------------------------------------------------
Businessman Kevin Maxwell made a long-overdue GBP18,000 payment
to a creditor, who has a pending winding up petition against his
main business, Meynard Freres, The Guardian said Thursday.

Lodged before the companies court in London, the lawsuit relates
to Meynard's acquisition of some assets of Astec Engineering
Services, a struggling Midlands firm.  The creditor brought the
lawsuit after the two cheques that Mr. Maxwell had issued
bounced.

The property and financing firm also faces a separate lawsuit in
Oxford county.  Owed GBP300,000, Global Investment filed the
winding up order earlier this year.  This is the second attempt
by Global to collect the money after a court elsewhere dismissed
his first petition.  Global has hired the law firm Beachcroft
Wansbrough to represent it in court.

The son of the late, disgraced media baron Robert Maxwell, Kevin
became Britain's biggest bankrupt in 1992, with debts of GBP400
million, according to The Guardian.  His bankruptcy was
discharged in 1995 and a year later he was acquitted on criminal
charges relating to allegations that he had helped his father
steal more than GBP120 million from the Mirror Group pension
fund.

Mr. Maxwell recently leased out his GBP3 million home, Moulsford
Manor, to a television production team shooting the Midsomer
Murders drama series.  The manor is overlooking the Thames near
Henley.

CONTACT:  BEACHCROFT WANSBROUGH
          London Fetter Lane
          100 Fetter Lane
          London EC4A 1BN
          Phone: 020 7242 1011
          Fax: 020 7831 6630
          E-mail: info@bwlaw.co.uk
          Web site: http://www.bwlaw.co.uk/


MISYS PLC: Beijing City Commercial Bank Buys OPICS Software
-----------------------------------------------------------
Misys Wholesale Banking Systems (Misys) is proud to announce
that Beijing City Commercial Bank (BCCB) has selected OPICS, its
treasury, derivatives and capital markets solution, and Trade
Innovation, its trade services solution, as a total solution to
help the bank meet its ambitious growth objectives. The deal has
been secured through Misys' partner, Singlee Software Group.

BCCB, a joint-stock commercial bank with 110 branches across the
Chinese capital, has selected the software from Misys to
modernize its treasury environment and streamline its trade
finance operations in one complete and fully integrated
solution.

The bank has licensed OPICSExpress, the off-the-shelf version of
OPICS, specifically tailored for the needs of city commercial
banks, for its treasury department. Together with Trade
Innovation, the market leading trade services solution, the
software will support the bank's increased volumes, values and
sophistication of transactions, associated operational issues
and will provide better risk management controls. The most
immediate business benefits that will be delivered by the
integrated solution are increased flexibility, higher efficiency
and accuracy, smoother transaction flow and lower levels of
operational risk.

BCCB's Vice President, Mr. Zhao Rui An, comments: "With Misys'
solution, we selected the best of both worlds in a completely
integrated solution: OPICS and Trade Innovation together give us
the most comprehensive answer to our business requirements. We
have made our decision at the end of a stringent evaluation
process of five vendors, over a five-month period, and we
concluded that Misys and Singlee are best equipped to assist us
meet our objectives: to strengthen our competitiveness and to
create a famous brand with leading service."

John Palmiero, Misys Wholesale Banking Systems' General Manager
for North Asia, comments: "We are delighted to be working with
BCCB and Singlee on this exciting project. We are very pleased
to help the bank meet its strategic objectives, and our
partnership with Singlee ensures that the solution's benefits
are fully delivered in compliance with local banking regulations
and practices. Misys has a proven track record of delivering
successful projects in China for the past 10 years and we are
confident that our partnership with BCCB will strengthen this
achievement."

About Beijing City Commercial Bank

With the approval of China Banking Regulatory Commission,
operations of the Bank cover the following: attracting public
deposits; issuing short-, medium- and long-term loans; domestic
settlement; bill discount; issuing financial bonds; issuance
agent, payment agent, sales agent of government bonds; sales and
purchase of government bonds; inter-bank borrowing and lending;
providing guarantee; receipt and payment agent, insurance agent;
offering safekeeping boxes; deposit and loan by mandate for
working capital for local financial credit; foreign exchange
deposit; foreign exchange loan; exchange of foreign currency;
inter-bank foreign exchange borrowing and lending; international
settlement; settlement and sale of exchange; acceptance and
discount of foreign exchange notes; foreign exchange guarantee;
credit standing research, consulting and testifying; purchase
and sale, purchase and sale agent of securities in foreign
currency other than stocks; foreign exchange trading for itself
or as agent (under option); other operations approved by China
Banking Regulatory Commission.

About Misys Wholesale Banking Systems

Misys Wholesale Banking Systems is a trusted provider of
innovative technology solutions. Over 1,000 employees in 30
offices around the world have built up the necessary domain
expertise to deliver world- class solutions with an
understanding of local requirements. Misys Wholesale Banking
Systems' staff are committed to developing and supporting a
product family that embraces trade finance, international
banking, treasury & capital markets, confirmation matching,
continuous linked settlement (CLS), ebanking, middleware and
financial messaging.  Misys Wholesale Banking Systems is part of
Misys plc's Banking & Securities Division, which serves over
1,200 customers across more than 120 countries, including 92% of
the world's top 50 banks and 56% of the top 250. (Source: The
Banker, July 2003).

Misys plc, the global software products and solutions company,
serves customers in the international banking and securities,
international healthcare, and U.K. general insurance industries.
Through a wholly owned subsidiary, Sesame, it also provides
business process outsourcing services to independent financial
advisors (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.

About Singlee

Singlee Software (Group) Co., Ltd., as one of the main
developers and suppliers for China's financial and educational
information science and technology and related services, is the
appointed partner of the head office of Industrial and
Commercial Bank of China, Agricultural Bank of China, Bank of
China, China Construction Bank, Bank of Communication, China
Merchants Bank, Fujian Industrial Banking Corp., Ltd., China
Mingsheng Banking Corp., Ltd and Shanghai Pudong Development
Bank, stockjobbers like Shenyin & Wanguo Securities, GF
Securities, Huatai Securities, Guolian Securities and Harmony
Securities, and Zhejiang University as well. The Group now has
several subsidiaries as follows: Hangzhou Singlee Software Co.,
Ltd., Hangzhou Singlee Science & Technology Co., Ltd., Singlee
Software (Zhuhai) Co., Ltd., Beijing Century Financial Knowledge
Co., Ltd., focusing on offering completed resolutions to
securities, education, banking and related industries.

CONTACT:  Andy Coulter
          Head of Marketing & Business Planning
          Misys Wholesale Banking Systems
          Phone: +44 208 879 1188
          E-mail: andy.coulter@misys.com


MORGAN CRUCIBLE: Pre-tax Loss Widens to GBP45.1 Million
-------------------------------------------------------
                            INTERIM ANNOUNCEMENT 2004

                                          2004             2003
                                          ----             ----

Group Turnover            GBPm            406.2            442.6
Operating Profit *        GBPm             24.9             21.4
Underlying PBT **         GBPm             18.0             13.8
Net Debt                  GBPm            159.3            236.5
Underlying EPS ***        pence           4.7p             3.4p

(a) Total turnover GBP406.2 million (2003: GBP442.6 million) and
    turnover from continuing operations GBP371.4 million (2003:
    GBP379.2 million).

    Adverse currency translation impact of GBP21.5 million from
    continuing operations.

(b) Underlying operating profit GBP24.9 million (2003: GBP21.4
    million) and underlying operating profit from continuing
    operations up 33% to GBP25.2  million. (2003: GBP19.0
    million).  Adverse currency translation impact of GBP2.7
    million on underlying operating profit from continuing
    operations.

(c) Underlying EPS of 4.7 pence (2003: 3.4 pence).

(d) Underlying operating margins for continuing businesses
    improved to 6.8%.

(e) Operating exceptional costs of GBP17.5 million in the period
    (2003: GBP15.3 million) arising from profit improvement
    initiatives and GBP2.7 million (2003: GBP3.0 million) from
    competition matters and associated legal costs.

(f) Net debt reduced to GBP159.3 million (2003: GBP236.5
    million).

(g) Profit improvement plan announced in February 2004
    progressing to plan.

(h) Raised GBP54.2 million from rights issue in February 2004.

(i) Auto and Consumer global business disposal for US$77.5
    million completed in June 2004, of which US$17.5 million is
    deferred and payable on performance criteria for 2004 and
    2005.

Commenting on the results, Chief Executive Officer, Warren
Knowlton said: "There are indications that there is an improving
position in our North American and in our smaller but growing
Asian markets; however, improvement is not yet apparent in some
European markets.  We are not relying on a market upturn to
improve trading performance.  Our emphasis will remain upon our
continuing strategy of improving profitability through cost
reductions and increasing efficiency whilst maintaining strong
cash management and reducing debt.  It is our intention to grow
the business from a stronger and more focused sales base."

Financial statements are available free of charge at:
http://bankrupt.com/misc/MorganCrucible_H12004.htm

---------
Footnotes

*  Defined as statutory operating profit of GBP4.1 million
(2003: GBP2.2 million) before goodwill amortization of GBP3.3
million (2003: GBP3.9 million) and operating exceptional charges
of GBP17.5 million (2003: GBP15.3 million).  This measure of
earnings is shown because the Directors consider that it gives a
better indication of underlying performance.

** Defined as statutory loss before tax of GBP45.1 million
(2003: loss GBP21.0 million) before goodwill amortization of
GBP3.3 million (2003: GBP3.9 million) and corporate and
operating exceptional charges of GBP59.8 million (2003: GBP30.9
million).

** Basic underlying loss per share of 16.7p (2003: loss 9.9p)
adjusted to

* exclude the after tax impact of corporate and operating
exceptional items of 21.4p (2003: 13.3p).

CONTACT:  MORGAN CRUCIBLE
          Warren Knowlton, Group Chief Executive
          Phone: 01753 837 302
          Nigel Young, Finance Director
          Phone: 01753 837 306
          Robin Walker, Finsbury
          Phone: 020 7251 3801


NEW MILLENNIA: Names Begbies Traynor Receiver
---------------------------------------------
Bibby Factors Manchester Limited called in joint administrative
receivers for New Millennia Contracts Limited on July 28, 2004.
The receivers are G N Lee and S Conn, both of Begbies Traynor.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP


N S E FINE: Calls in Liquidators from PKF
-----------------------------------------
At an Extraordinary General Meeting of the Members of
N S E Fine Foods Limited on 29 July 2004, Extraordinary and
Ordinary Resolutions to wind up the company was passed.

Ian J Gould and Brian J Hamblin of PKF, Pannell House, 159
Charles Street, Leicester LE1 1LD, were appointed Joint
Liquidators.

N Potter, Director


NTL INCORPORATED: Posts GBP249.8 Mln Net Loss for Second Quarter
----------------------------------------------------------------
Highlights of results for three months and six months ended June
30, 2004:

(a) Combined segment profit margin expansion continues on strong
    path

(b) ntl's Q2 2004 performance demonstrates solid progress over
    Q2 2003: continued growth in customers, revenues, segment
    profit and cash flow from operations

(c) ntl: Home now serving over 3m customers in the U.K.

(d) Exceeded target customer penetration with 60,500 net
    customer adds and 115,700 additional RGUs achieved in ntl:
    Home during Q2 2004

(e) Consolidated revenues up 6.0% to GBP584.4 million and ntl:
    Home revenues up 7.7% to GBP397.8 million compared to Q2
    2003

(f) Combined segment profit up 17.3% to GBP202.4 million and
    margins expanded 330 basis points to 34.6% compared to Q2
    2003

(g) Q2 2004 net loss of GBP249.8 million includes the GBP162.3
    million loss on extinguishments of debt of which GBP155.8
    million represents the non-cash write-off of previously
    capitalized and unamortized financing costs and discounts
    relating to repaid debt

Financial Highlights
GBP
(In millions)                             Q2-2004       Q2-2003
                                          -------       -------

Revenues
Home                                        397.8         369.5
Business                                     66.8          71.2
Broadcast                                    72.6          64.8
Carriers                                     29.3          27.4
Ireland                                      17.9          18.4
                                           -------       -------
Total revenues                               584.4         551.3
                                           =======       =======
Segment profit (loss)
Home                                         176.2         163.7
Business                                      26.5          24.0
Broadcast                                     33.6          26.9
Carriers                                      23.4          23.3
Ireland                                        6.1           5.6
Shared Services - services[1]                (58.5)       (68.5)
                                           -------       -------
                                             207.3         175.0
Shared Services - stock based
compensation expense (SBCE)[1]               (4.9)        (2.5)
                                           -------       -------
Combined segment profit                      202.4         172.5
                                           =======       =======
Combined segment profit margin %              34.6%        31.3%

Operating income (loss)                      (7.0)        (51.0)

Net (loss)                                 (249.8)       (160.3)

[1]Shared Services consists of two components: services and
stock-based compensation expense and totaled GBP63.4 million in
Q2 04 and GBP71.0 million in Q2 03.

Ntl Incorporated (NASDAQ: NTLI) announced its second-quarter
2004 results.  Commenting on the results, Simon Duffy, Chief
Executive Officer of ntl, said: "Ntl continues to achieve
substantial progress on its stated objectives of increased
market penetration, revenue growth, margin expansion, and
enhanced cash flow.  The progress in the second quarter is
particularly satisfying given the continued execution on major
initiatives such as our call center consolidation and Harmony
implementation.

"For the fourth consecutive quarter, ntl: Home delivered net
customer additions (of 60,500) in excess of the 50,000 per
quarter needed to achieve its goal of around 50 per cent
customer penetration of marketable homes by the end of 2008.

"ntl: Home continued on its growth path, although offsetting the
growth this quarter were one-time adjustments to analogue
television and off-net revenues, the seasonally lower telephony
usage and the impact of a BT change in interconnect pricing.
Together, these factors reduced ntl: Home revenue by
approximately GBP7.0 million (US$12.8 million).

"Ntl: Business revenues were also affected by seasonality
quarter over quarter, where traditionally high first quarter
public sector spend was not repeated in the second quarter.
Ntl: Business revenues were also unfavorably impacted by the
delayed timing of project work.

"The growth in customers and RGUs, combined with gains in
efficiency, resulted in a 130 basis point expansion in margins
over Q1 2004, and a 330 basis point expansion in margins over Q2
2003, to 34.6%.

"The financial results achieved are particularly noteworthy
given the continued progress towards delivery of our
restructuring initiatives.  During the second quarter we closed
a second operations center and announced two further call center
closures as well as the outsourcing of our technical service
bureau.

"As I look to the second half of 2004, I expect continued
progress on all four of our stated objectives.  This reflects an
improving sales pipeline, the expected delivery of product
enhancements, the already announced price increases in ntl: Home
and the continued execution of our key restructuring
initiatives."

A full copy of the results is available free of charge at:
http://bankrupt.com/misc/NTL_H12004.htm

CONTACT:  NTL INCORPORATED
          Investor Relations:
          U.S.: Patti Leahy
          Phone: +1 610 667 5554
          U.K.: Virginia Ramsden
          Phone: +44 (0)20 7967 3338
          or
          Media:
          Alison Kirkwood
          Phone: +44 (0)1256 752662 or (0)7788 186154

          BUCHANAN COMMUNICATIONS
          Richard Oldworth or Jeremy Garcia
          Phone: +44 (0)20 7466 5000


PARSONS GREEN: Calls in Liquidators from Numerica
-------------------------------------------------
At an Extraordinary General Meeting of Parsons Green
Communications Ltd. on 22 July 2004, Extraordinary and Ordinary
Resolutions to wind up the company were passed.

Frank Wessely and Peter James Hughes-Holland of Numerica, were
appointed joint liquidators.  At a subsequent Meeting of
Creditors, duly convened, pursuant to section 98 of the
Insolvency Act 1986, and held on the same day, the appointment
of Frank Wessely and Peter James Hughes-Holland was confirmed.

T Harrington, Chairman


POSTAL SOLUTIONS: Under Administration
--------------------------------------
Joint administrators from Langley & Partners were called in for
software developer Postal Solutions Limited on July 22, 2004.
The receivers were Alan Simon and Philip Simons (IP Nos 008635
and 009289).

CONTACT:  POSTAL SOLUTIONS LIMITED
          Sir Robert Peel House
          344-348 High Road
          Ilford, Essex IG1 1QP

          LANGLEY & PARTNERS
          Langley House
          Park Road, London N2 8EX


SCHNEIDER UNIVERSAL: Calls in Administrators from Grant Thornton
----------------------------------------------------------------
Joint administrators were called in for Schneider Universal
Limited on July 27, 2004.  The administrators are Nicholas Wood
and James Earp (IP Nos 9064 and 8554) of Grant Thornton.

CONTACT:  GRANT THORNTON
          Grant Thornton House
          Melton Street, Euston
          London NW1 2EP


STENMAR GROUP: KPMG Sells Business, Assets to Finlay Finlayson
--------------------------------------------------------------
Receiver, Blair Nimmo of KPMG Corporate Recovery sold the
remaining business and assets of the Stenmar Group to a local
Fort William-based business, Crannog Concept, for an undisclosed
sum.

The sale to local entrepreneur, Finlay Finlayson includes the
commercial diving school with bases in both Fort William and
Tasmania, the children's nursery and the Ocean Frontier center
at Loch Linnhe.  The deal saves 18 jobs in the Fort William
area.

Receiver Blair Nimmo, Head of KPMG Corporate Recovery in
Scotland said: "This is an excellent result following a very
lengthy and difficult sale process and we would like to take
this opportunity to thank the employees, Mr. Finlayson and the
Bank of Scotland for their patience over the past seven months.
The sale to Crannog secures the future of the business and will
hopefully bring more employment opportunities to the area with
the re-opening of the diving school."

Mr. Finlayson, Managing Director of Crannog Concept said: "It
has been exciting working with the highly-regarded instructors
we have at The Underwater Center and we look forward to
delivering training courses that will lead the world in
preparing students for the challenges of modern commercial
diving."

Note to Editors: Stenmar Group went into receivership on Tuesday
30th December 2003. The Group originally comprised Sonavision, a
manufacturing and design house, a commercial diving school, the
Ocean Frontier tourist attraction and a children's nursery.
Sonavision was sold the management team on the Monday, 26
January 2004. The business had employed 72 before it experienced
financial difficulties.

CONTACT:  KPMG CORPORATE RECOVERY
          Wilma Littlejohn
          KMPG Corporate Communications
          Phone: 0131 527 6818 / 07789 922521
          E-mail: wilma.littlejohn@kpmg.co.uk

          CRANNOG CONCEPT
          Steve Ham
          Phone: 01397 703919
          E-mail: steve@crannog.net


TRIGEM COMPUTERS: Members Final Meeting September 3
---------------------------------------------------
A Final Meeting of the Members of Trigem Computers (U.K.)
Limited will be held at KPMG LLP, 8 Salisbury Square, London
EC4Y 8BB, on Friday 3 September 2004, at 10.30 a.m.

The meeting is convened for the purpose of: (a) receiving an
account showing the manner in which the liquidation has been
conducted and the property of the Company disposed of and (b)
hearing any explanation which may be given by the Liquidators.

Proxy forms, if applicable, must be lodged at KPMG Corporate
Recovery, 8 Salisbury Square, London EC4Y 8BB, fax +44 (0)20
7694 3533, by no later than 12.00 noon on 2 September 2004.

S Treharne, Joint Liquidator


UNITED BISCUITS: Withdraws Offer to Buy Danone's Biz in Ireland
---------------------------------------------------------------
United Biscuits (UB), a leading European manufacturer of
biscuits and snacks, will not be acquiring W&R Jacob's Limited
in the Republic of Ireland as part of its proposed acquisition
of Jacob's Biscuits Group from Groupe Danone.

UB continues to wait for competition authority approval for the
purchase of the U.K. and Northern Ireland business of Jacob's
Biscuit Group.

UB believes its proposed purchase of the Jacob's business in the
Republic of Ireland may have raised a number of competition
issues.  This agreement with Danone therefore provided for the
possible sale of Danone's Irish assets to another party over a
period of several weeks prior to final disposal and Danone
announced the sale of this business to an alternative purchaser.

Malcolm Ritchie, UB's Chief Executive, said: "The sale of
Jacob's Irish biscuits business to a local company will bypass
the potential competition issues that may have been raised had
the business been acquired by UB.  We therefore believe that our
decision not to purchase this business is the best outcome for
the employees, the business and the market."

                            *   *   *

On August 2, 2004, TCR-Europe reported that Fitch Ratings placed
the ratings on United Biscuits Group's (UB) senior subordinated
debt on Rating Watch Negative (RWN), following its announcement
that it is to acquire Jacob's Biscuits Group.  All other ratings
of the group, have been affirmed.

Fitch aims to resolve the RWN status once it has obtained
further information on the acquisition and details of the bank
financing, in order to assess the implications for the company's
cash flows, restructuring costs and interest charges.


VISION DISTRIBUTION: In Administrative Receivership
---------------------------------------------------
Bibby Factors Bedford Limited called in joint administrative
receivers for Vision Distribution Limited on July 28, 2004.  The
receivers are Nicholas Hugh O'Reilly and Colin Ian Vickers
(Office Holder Nos 008309 and 008953), of Numerica.

CONTACT:  NUMERICA
          P.O. Box 2653, 66 Wigmore Street
          London W1A 3RT


                            *********


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 * * *