---

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

                           E U R O P E

           Monday, September 6, 2004, Vol. 5, No. 176

                            Headlines

A U S T R I A

WLADASCH GMBH: Public Auction of Assets September 9


B E L G I U M

REAL SOFTWARE: Delays Publication of Half-year Results
REAL SOFTWARE: Hires New Chief Financial Officer


C Z E C H   R E P U B L I C

SKODA KLATOVY: Administrator Opts to Sell Furnace Maker
VITKA BRNENEC: Textile Manufacturer Succumbs to Bankruptcy


F R A N C E

COMPAGNIE GENERALE: 'BB' Rating on CreditWatch Negative
GO SPORT: Books EUR7.3 Million First-half Net Loss


G E R M A N Y

BOIZENBURGER GERUSTBAU: Proofs of Claim Deadline September 24
BRAKEL HAUSTECHNIK: First Creditors Meeting Set November 3
DAIMLERCHRYSLER AG: Sluggish Demand in U.S. Continues
FIG GESSELLSCHAFT: Court Appoints Insolvency Administrator
F.C.R. FIRST: Gives Creditors Until October 1 to File Claims

KAMPS AG: Fitch Airs Concern Over Weakening Credit Protection
KARSTADTQUELLE AG: Sells IT Subsidiary for Undisclosed Amount
KUNSTTRANSPORTE BELAJ: Creditors Meeting Moved to September 29
ONDER CONERHANDELS: Court Appoints Bankruptcy Administrator
POKS VERSAND: Under Bankruptcy Administration

RCG CONSULTING: Deadline for Filing Claims October 22
RESULTPHONE GMBH: Administrator's Report Out October 25
RIM INDUSTRIELLE: First Creditors Meeting Set November 22


H U N G A R Y

MALEV RT: On Track to Receive HUF3 Billion in Government Aid


I T A L Y

ALITALIA SPA: Government Pledges to Help Redundant Employees
PARMALAT FINANZIARIA: Rejects EUR75 Million in Debt Claims
PARMALAT U.S.A.: To File Plan & Disclosure Statement September 9


N E T H E R L A N D S

GETRONICS N.V.: Court Rejects Request for Inquiry
KENDRION N.V.: First-half Net Loss Down to EUR6.8 Million
KONINKLIJKE AHOLD: Narrows List of Bidders for Spanish Unit
LAURUS N.V.: Price War Squeezes First-half Results


S W E D E N

SKANDIA INSURANCE: Carlson to Acquire Asset Management Business


R U S S I A

DAL-ENERGO-SPETS-ZASHITA-STROY: Bankruptcy Proceedings Begin
ELEKTROTOCH-PRIBOR ATSP: Under Bankruptcy Supervision
KONSTANTINOVSK-AGRO-PROM-KHIMIYA: Declared Insolvent
NORILSKOYE AIR: Undergoes Bankruptcy Supervision Procedure
ORDYNSK-FURNITURE: Court Sets October 18 Hearing

POKROVSKY FACTORY: Succumbs to Bankruptcy
PRIMORSKY WOOD: Names V. Grishenko Insolvency Manager
SARMA-ENERGO-STROY: Insolvency Manager Takes over Helm
SVOBODNENSKAYA POULTRY: Proofs of Claim Deadline September 16
TNK INTERNATIONAL: Fitch Affirms 'BB/BB+' Ratings
VLADIVOSTOKSKY FISH: Primorsky Court Confirms Insolvency
YUKOS OIL: Annulment of Sibneft Deal Adds to Headache


U K R A I N E

BALKA: Deadline for Proofs of Claim Expires September 12
ELITA: Zaporizhya Court Affirms Insolvency
GRUZKE: Gives Creditors Until September 12 to Prove Claims
IVANIVSKIJ: Names Igor Farberov Insolvency Manager
MAYAK: Insolvency Manager Takes over Day-to-day Operations

MRIYA: Deadline for Proofs of Claim September 12
STARINSKIJ SUGAR: Declared Insolvent
UKREXIMBANK: Earns 'D/E' Rating for Weak Capitalization


U N I T E D   K I N G D O M

AIRTH CASTLE: Receiver Selling Hotel for GBP3.5 Million
APOLLO PROMOTIONAL: Names Liquidators from Begbies Traynor
ASHLEY HERMAN: Sets Final General Meeting September 24
B C BUILDING: May Appoint Liquidator Thursday
BRITISH ENERGY: Shareholders Step up Effort to Block Rehab Plan

BUCKS LAND: Hires Liquidator from Grant Thornton
COLLINGWOOD DEVELOPMENTS: Sets Creditors Meeting September 10
COOLRISE LIMITED: Calls in Liquidators from UHY Hacker Young
DEEDSCAN LIMITED: Creditors to Meet September 9
DOUBLE ACTION: Creditors Meeting September 23

DOVETAIL MODULES: Names Begbies Traynor Liquidator
FIRST CH: Members to Meet September 24
FIRSTGEAR INVESTMENTS: Names Tenon Recovery Administrator
HIGHAMS PARK: Hires Administrator from Begbies Traynor
JVR JERROM: Creditors Meeting Set September 8

LAST MINUTE: Creditors Meeting September 9
LONDON SCREENING: Special Winding up Resolutions Passed
NTL INCORPORATED: To Hold Investor Day September 10
PARK & PATERSON: Creditors to Meet September 13
PELLINI SHOES: Appoints Tenon Recovery Administrator

PERITECH SOLUTIONS: Members General Meeting Set September 30
PROFESSIONAL PATHOLOGY: Appoints Liquidator from Begbies Traynor
RAMCO ENERGY: Continues Financing Talks with Banks
REGENCY CAPITAL: Hires Moors Stephens Liquidator
RTBM ENGINEERING: Brings in Administrators from Begbies Traynor

SURVIVE HOLDINGS: Hires Administrators from PKF
TADS EUROPE: Members Agree to Wind up Business
TPL DIGITAL: Hires Liquidators from Tenon Recovery
VILLAGE 1: Hires Deloitte & Touche Administrator
WATERFORD WEDGWOOD: Mezzanine Notes Rated 'CCC+'
WATERTIGHT INSTALLATIONS: Sets General Meeting September 21
WESTWOOD CONTRACTORS: HSBC Bank Brings in Receiver from Numerica


                            *********


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


WLADASCH GMBH: Public Auction of Assets September 9
---------------------------------------------------
Herbert Karner Industrieauktionen GmbH will auction the assets
of Wladasch GmbH & Co. on September 9, 2004, 11:00 a.m. at
Biedermanngasse 32, A 1120 Wien, Austria.

The assets for sale are:

(a) Vertical CNC preparation center MAZAK-VQC10,

(b) Stanzautomat EMPEROR V63/620 with accessories,

(c) Vertical CNC preparation center MAZAK VQC15/40A,

(d) NC-Drahterodiermaschine Hitachi 3Q/AWF including a computer
    system,

(e) Universal milling machine MAHO MH 600 with CNC,

(f) Universal milling machine Thiel TH160P,

(g) NC-Senkerodiermaschine MAKINO EDNC-32 with NC control,

(h) Excenterpressen MABU,

(i) Motor vehicle - Honda CRV,

(j) Table milling machine FN40 ROAR,

(k) Spindle press,

(l) Extensive fair tools and fair arrangements,

(m) Screw compressors,

(n) SchweiBtrafos and Schweibzubehorteile,

(o) Tool closets,

(p) Store closets,

(q) Office arrangements (Office equipment), and

(r) Others

The assets can be inspected on September 8, 2004, from 8:00 a.m.
to 5:00 p.m. and on the auction day from 8:00 a.m. to 10:30 a.m.
at Fa. Wladasch GmbH & Co. KG, Biedermanngasse 32, A-1120 Wien.

Clearance of small items will be done on the auction day.  Large
items will be cleared on September 10, 13, 14 and 15 from 8:00
a.m. to 5:00 p.m. or by appointment.

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


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


REAL SOFTWARE: Delays Publication of Half-year Results
------------------------------------------------------
The company decided to publish its half-year results on
September 24, 2004 before opening of the stock market -- and not
on 6 September, as previously announced.  From 8:30 p.m. that
day, the press release will be available at
http://www.realsoftware.be. On September 25, the results will
be published in De Tijd and l'Echo.

                            *   *   *

Real Software reported in May that net group result for the
first quarter of 2004 remained negative but better compared to
the same period last year; group net loss dropped from -EUR3.2
million to -EUR2.6 million.  The result included a EUR1.8
million charge for ordinary depreciation of goodwill and an
extraordinary result of -EUR0.7 million.

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


REAL SOFTWARE: Hires New Chief Financial Officer
------------------------------------------------
Real Software appoints Jos Nijns as Chief Financial Officer,
effective 6 September 2004.  Mr. Nijns has over twenty years
experience in all aspects of financial management.  His proven
track record in large multinationals and especially his thorough
knowledge of the ICT industry sector are definitely assets for
his new position.

Edwin Van Volsem, who was appointed CFO ad interim in
November 2003, will resume his previous position as
Corporate Project Manager.  He will also facilitate a smooth
transition.

Jos Nijns holds a Masters Degree in applied economics, finance
and accountancy.  Since 1982 he gained a broad finance
experience in reputable multinationals.  During the last seven
years, he acquired in depth knowledge of the ICT sector at EDS.

In the period 1982-1996 he developed extensive experience in
different financial aspects with international companies such as
Elf Aquitaine Belgium, Estee Lauder, Upjohn and Schindler
Europe.  From 1997 Jos Nijns performed various executive
financial functions at EDS, one of the leading global ICT
companies.  In 2002, he was appointed Finance Director Benelux.

Jos Nijns is 45 years old, married and has three children.  The
company wishes to thank Edwin Van Volsem for his contribution to
the company in the past difficult times.

About Real Software

Real Software was established in 1986.  In 2003, a group
turnover of EIR166.9 million was generated, with an operating
profit (EBIT) of EUR0.4 million, representing an EBIT margin of
0.2%.  The Real Software Group currently has 1432 employees.

Since 2002, the group's organization has been based around four
divisions: Banking & Insurance, Industry (formerly Manufacturing
& Maintenance), Business & Government and Retail.  It offers a
comprehensive range of software services, from the development
and implementation of in house products, tailor-made projects
and outsourcing through to advice, implementation and sales of
products produced by other companies such as SAP, JD Edwards,
Oracle, Microsoft Navision and Microsoft Axapta.

The company exports Belgian technology to a number of countries,
including Luxembourg, the Netherlands, France and Germany.  Its
customer portfolio includes companies such as Du Pont de
Nemours, Carrefour, Johnson & Johnson, Merck Sharp & Dohme,
Biogen, Renault, STIBMIVB, the Paris Metro, TF1, EDF -
Electricite de France, SNCF, PTT Post, NedCar, Philips, Bandag,
Goodyear, KBC Bank and Fortis Bank.

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


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


SKODA KLATOVY: Administrator Opts to Sell Furnace Maker
-------------------------------------------------------
The administrator of Skoda Klatovy has put the bankrupt maker of
furnaces for steelworks and foundries up for sale, Czech News
Agency says.

Jan Klima, who has taken over management of the company, gives
prospective buyers until October 15 to submit their bids.  The
winning bidder will be announced three days after.  The major
criterion of the sale is the bidding price.

Skoda Kaltovy is considered one of the major employers in the
Kaltovy district with a workforce of about 280.  Bankrupt
engineering firm Skoda Plzen formerly owned the furnace maker.

CONTACT:  SKODA KLATOVY S.R.O.
          Domazlicka 15
          339 01 Klatovy
          Phone: +420 376 707 111
          Fax: +420 376 707 707
          E-mail: marketing@skodakt.cz
          Web site: http://www.skodakt.cz


VITKA BRNENEC: Textile Manufacturer Succumbs to Bankruptcy
----------------------------------------------------------
A court affirmed Wednesday the bankruptcy of textile
manufacturer Vitka Brnenec, according to the Czech New Agency.
Bankruptcy administrator Vitezslav Halek intends to keep textile
production going to the greatest extent possible.  The company
employs around 240 workers.

CONTACT:  VITKA BRNENEC A.S.
          c.p. 17, Brnenec
          569 01
          Phone: 461524811-4
          Fax: 461523128
          E-mail: info@vitka.cz
          Web site: http://www.vitka.cz


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


COMPAGNIE GENERALE: 'BB' Rating on CreditWatch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on France-based Compagnie Generale de
Geophysique (CGG) -- the largest seismic-equipment producer and,
so far, the third-largest player in seismic services worldwide
-- on CreditWatch with negative implications.

"The CreditWatch placement follows CGG's announcement that it is
making a US$900 million offer to competitor Petroleum Geo
Services a.s. (PGS) for its seismic operations," said Standard &
Poor's credit analyst Eric Tanguy.  Out of the US$900 million
purchase price, US$100 million will be paid in CGG's shares and
$800 million are expected to be funded through newly raised debt
(50% through long-term convertibles subscribed by CGG's new
strategic partner, Canada-based ONEX).

"We will resolve the CreditWatch placement once the final
financial parameters of the acquisition have been established,
assuming CGG's offer is successful, and once pro forma
information is fully available," added Mr. Tanguy.

The integration of PGS would make the enlarged CGG the global
market leader in seismic and would contribute positively to the
restructuring of the industry.  Providers of seismic services
and equipment enable customers -- primarily exploration and
production (E&P) companies -- to locate, survey, and monitor oil
and natural-gas reservoirs.  The industry has been facing excess

supply for several years, resulting in challenging market
conditions for all operators, including CGG.

Nevertheless, the additional leverage associated with such an
acquisition -- especially if the final overall financing package
does not include a stronger equity component from ONEX -- is
expected to have a negative impact on CGG's financial profile
and overall rating.

The current rating on CGG reflects the group's weak operating
profitability in the context of a capital-intensive and
competitive industry and vulnerability to changes in the
euro/U.S. dollar exchange rate and to volatile crude-oil prices.

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

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Analyst E-mail Addresses
          eric_tanguy@standardandpoors.com
          emmanuel_dubois-pelerin@standardandpoors.com
          CorporateFinanceEurope@standardandpoors.com


GO SPORT: Books EUR7.3 Million First-half Net Loss
--------------------------------------------------
French sports good retailer Go Sport posted a first-half net
loss of around EUR7.3 million, a complete reversal from last
year's first-half profit of EUR2.8 million, Les Echos says.

The firm also registered a 3.8% decrease in its first-half
turnover to EUR298.7 million.  Go Sport's gross profit also fell
by 1.2% while turnover before tax dipped by 43.1%, which the
firm attributed to large advertising and promotion expenses.  Go
Sport also posted an operating loss of EUR10.8 million due to
increase in some fixed costs.

In response, Jean-Paul Giraud and Philippe Wargnier, Go Sport's
chairman and managing director respectively, outlined three main
proposals discussed at its board of director's meeting last
week.  The proposals are the introduction of changes to the
group's product range, redirection of focus into commercial
operations, accelerated introduction of the customer loyalty
card, and improvements to the effectiveness of the supply chain
via the introduction of two new distributors, DHL and CEPL.

CONTACT:  GO SPORT
          17 Avenue de la Falaise
          38360 Sassenage
          Web site: http://www.go-sport.com


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


BOIZENBURGER GERUSTBAU: Proofs of Claim Deadline September 24
-------------------------------------------------------------
The district court of Schwerin opened bankruptcy proceedings
against Boizenburger Gerustbau GmbH on August 16.  The move
automatically stayed all pending proceedings against the
company.  Creditors have until September 24, 2004 to register
their claims with court-appointed provisional administrator Dr.
Mark Zeuner.

Creditors and other interested parties are encouraged to attend
the meeting on October 25, 2004, 10:45 a.m. to discuss, among
others, the possible appointment of a new administrator, and the
election of a creditors committee.

CONTACT:  BOIZENBURGER GERUSTBAU GMBH
          GF, Wolfgang Syring
          Bahnhofstr. 6, 19258 Boizenburg

          Dr. Mark Zeuner
          Insolvency Administrator
          Beethovenstr. 13, 19053 Schwerin


BRAKEL HAUSTECHNIK: First Creditors Meeting Set November 3
----------------------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against Brakel Haustechnik GmbH on August 18.  The move
automatically stayed all pending proceedings against the
company.  Creditors have until October 6, 2004 to register their
claims with court-appointed provisional administrator Joachim C.
Hausherr.

Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2004, 10:00 a.m. at the district
court of Braunschweig at which time the administrator will
present his first report of the insolvency proceedings.  The
meeting will discuss, among others, the possible appointment of
a new administrator, and the election of a creditors committee.

CONTACT:  BRAKEL HAUSTECHNIK GMBH
          GuldenstraBe 47, 38100 Braunschweig
          Contact:
          Dirk Brakel, Manager

          Joachim C. Hausherr
          Bankruptcy Administrator
          Bruchtorwall 6, D-38100 Braunschweig
          Phone: (0531) 2448022
          Fax: (0531) 2448080

          DISTRICT COURT OF BRAUNSCHWEIG
          E 01 An der Martinikirche 8
          38100 Braunschweig


DAIMLERCHRYSLER AG: Sluggish Demand in U.S. Continues
-----------------------------------------------------
DaimlerChrysler AG (NYSE: DCX), the third largest U.S.
automaker, reported total group sales of 196,018 passenger
vehicles in the U.S. for August 2004, down six percent compared
to August 2003.  All sales figures in this release are on an
unadjusted basis unless otherwise noted.

Chrysler Group, which consists of the Chrysler, Jeep(R) and
Dodge brands, posted sales of 178,034 vehicles in the U.S., a
decrease of six percent.  However, adjusted for the number of
selling days per month, sales for Chrysler Group rose one
percent compared to the same month one year earlier.  Year to-
date sales at Chrysler Group are up two percent compared to the
same period in 2003.  The Chrysler Group now has seven new
models in production for 2004, with the all-new 2005 Dodge
Dakota and the 2005 Jeep(R) Grand Cherokee still slated to
arrive at dealerships later this year.  Production for both
vehicles began August 25.

Mercedes-Benz U.S.A. (MBUSA), which is launching its biggest
product offensive in its history over the next 18 months, posted
sales of 17,984 units, an increase of two percent compared to
the same month last year, when 17,583 vehicles were sold.  The
brand new generation of the Mercedes-Benz SLK roadster, part of
the product offensive at Mercedes-Benz, will be available at
dealerships beginning this week.  Year-to-date sales for MBUSA
are 140,114 vehicles compared to 142,213 during the same period
last year.

DaimlerChrysler AG U.S. Sales Summary Through August 2004

                 Month  Sales  %      Sales    CYTD    %
               Curr Yr  Pr Yr Change  Curr Yr  Pr Yr  Change
CHRYSLER GROUP 178,034  190,388  -6%   1,503,551  1,474,032   2%
MERCEDES-BENZ   17,984   17,583   2%     140,114    142,213  -1%

DAIMLERCHRYSLER 196,018  207,971  -6%  1,643,665  1,616,245   2%
Selling Days         25       27              205        205

CONTACT:  DAIMLERCHRYSLER AG
          U.S. IR Office
          Timothy Krause
          Phone: +1/248-512-2923
          Fax: +1/248-512-2912
          E-mail: tsk@daimlerchrysler.com

          European IR Office
          Lutz Deus
          Phone: +49/711-17-92261
          Fax: +49/711-17-94109
          E-mail: lutz.deus@daimlerchrysler.com


FIG GESSELLSCHAFT: Court Appoints Insolvency Administrator
----------------------------------------------------------
The district court of Gifhorn opened bankruptcy proceedings
against FIG Gessellschaft fur Finanzplanung GmbH on August 24.
The move automatically stayed all pending proceedings against
the company.  Creditors have until October 18, 2004 to register
their claims with court-appointed provisional administrator Paul
Niederhagemann.

Creditors and other interested parties are encouraged to attend
the meeting on November 8, 2004, 9:00 a.m. at the district court
of Gifhorn at which time the administrator will present his
first report of the insolvency proceedings.  The court will
simultaneously review the administrator's report.

CONTACT:  FIG GESELLSCHAFT FsR FINANZPLANUNG GMBH
          Am Tappenberg 4, 38518 Gifhorn
          Contact:
          Thomas Burmeister, Manager
          Pommernweg 9, 31311 Uetze

          Paul Niederhagemann, Insolvency Manager
          WitzlebenstraBe 123, 29223 Celle

          DISTRICT COURT OF GRIFHORN
          Saal 114 Am SchloBgarten 4
          38518 Gifhorn


F.C.R. FIRST: Gives Creditors Until October 1 to File Claims
------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against F.C.R. First Class Reisen GmbH on August 23.  The move
automatically stayed all pending proceedings against the
company.  Creditors have until October 1, 2004 to register their
claims with court-appointed provisional administrator Mathias
Cohrs.

Creditors and other interested parties are encouraged to attend
the meeting on November 2, 2004, 9:40 a.m. at the district court
of Hamburg at which time the administrator will present his
first report of the insolvency proceedings.  The court will
simultaneously review the administrator's report.

CONTACT:  F.C.R. FIRST CLASS REISEN GMBH
          Diekbarg 20a, 22397 Hamburg
          Contact:
          Kai-Uwe Frickmann, Manager

          Mathias Cohrs, Insolvency Manager
          Kreuzweg 2, 20099 Hamburg
          Phone: 246945

          DISTRICT COURT OF HAMBURG
          Insolvenzgericht
          WeidestraBe 122d, 22083 Hamburg
          Saal 1, 2. Ebene


KAMPS AG: Fitch Airs Concern Over Weakening Credit Protection
-------------------------------------------------------------
Fitch Ratings changed the rating Outlook of German bakery
company Kamps AG's to Negative from Positive and affirmed the
Senior Unsecured rating at 'BB'.

This action follows the publication of Kamps' interim results,
which point to a deterioration in its credit protection measures
for FY04.  Fitch had assigned the Positive Outlook in February
2004 based on the assumption that "although management
anticipates an increase of net debt in both FY04 and FY05 as a
result of a large capital expenditure requirement and lower-
than-historically operating cash flow generation, EBITDA/net
interest and net debt/EBITDA are unlikely to deteriorate from
the FY03 pro forma levels" of respectively c.2.5x and c.4.5x.

This stability of ratios is no longer expected to be the case
and Fitch now believes that Kamps' restructuring -- the
Transformation Project -- is unlikely to deliver sufficient
upsides for Kamps to gain sustainable cash flow generation more
quickly than originally projected (i.e. in FY05 rather than in
FY06).  Although acknowledging that H104 figures are
'transitional' during this restructuring process, the feeble
expectations for a recovery of German domestic demand also
contribute to Fitch's concerns.

Fitch estimates that FY04 credit protection measures will be
affected by a scale down of annual projected EBITDA to between
EUR100 million-110m from c.EUR120 million to EUR125 million and
by the fact that only EUR33 million has been spent in 1H04 out
of a capital expenditure budget of around EUR100m to be spent in
the full year.  Furthermore, management could in October decide
to bring forward some of the planned restructuring measures and
therefore soon disburse the related charges.  Consequently, even
if efficient working capital management during H104 continues
with no absorption of cash, Fitch believes that net debt will
struggle to remain below EUR600 million.

The evolution of sales is less of a concern to Fitch, as the
4.4% reduction experienced in H104 was due to a combination of
the loss of a contract with Rewe's Penny, which according to
management, contributed little profit, and the store portfolio
rationalization.  This was partly compensated by the pick-up of
the bake-off business, which forms an integral part of the
Transformation Process business plan.

Fitch will meet with management in order to evaluate the
progress of the Transformation Project, the likely timescale of
the turn-around, the degree to which a completely new management
team appointed since last May-June is tackling the company's
issues.  Finally, Fitch will evaluate the effect on unsecured
creditor metrics of Kamps' proposed asset-backed securitization
funding and the continued support from Barilla.

CONTACT:  FITCH RATINGS
          Giulio Lombardi, London
          Phone: +44 (0) 207 417 6314

          Jonathan Pitkanen
          Phone: +44 (0) 20 7417 4201

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


KARSTADTQUELLE AG: Sells IT Subsidiary for Undisclosed Amount
-------------------------------------------------------------
KarstadtQuelle AG is selling parts of its IT subsidiary Itellium
Systems & Services GmbH to the Stuttgart IT service provider
Atos Origin GmbH.  This was announced by the two companies in a
joint press communique on September 2, 2004.

The agreement comprises the infrastructure division with the
data-processing center and network operation sectors, terminal
device support and parts of applications support.  Two data-
processing centers in Essen and Nuremberg will accordingly be
transferred to the new owner, Atos Origin.  They will carry out
a round-the-clock operation and have a completely mirrored,
redundant server infrastructure.  Under the agreement Atos
Origin will take over the operation of these facilities for
KarstadtQuelle with effect from October 1, 2004.

In the course of the hive-off about 900 employees will transfer
to the new employer under a business transfer arrangement.  The
sale is a further stage in KarstadtQuelle AG's process of
focusing on its core business.

Itellium Systems & Services GmbH will continue to exist as a
retail-oriented consultative and systems integration company.
Within the KarstadtQuelle Group the focus of its further
operations is on improvement of the processes.  The partners to
the agreement agreed not to disclose any further details of the
agreement.

Itellium Systems & Services GmbH KarstadtQuelle AG's IT services
company.  The company is positioned as a consultant and systems
integrator with a focus on the Over-the-counter and Mail-order
segments.

KarstadtQuelle AG, based in Essen, is Europe's largest
department store and mail-order group.  The group achieved sales
of EUR15.3 billion in the 2003 financial year.  The group's
business segments include Over-the-counter retail, Mail order,
Services and Real estate.  The KarstadtQuelle Group employs
about 101,000 people.  For more information, visit
http://www.karstadtquelle.com.

Atos Origin is an internationally leading provider of IT
services.  The company offers a full range of consultative and
other information technology services.  The areas of competence
comprise consulting, systems integration and outsourcing,
including customer services and business solutions.  Atos Origin
achieves annual sales of over EUR5 billion and employs 47,000
people in 50 countries.

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

          Jorg Howe
          Corporate Communications
          Phone: 0201 / 727 - 2031
          E-mail: joerg.howe@karstadtquelle.com


KUNSTTRANSPORTE BELAJ: Creditors Meeting Moved to September 29
--------------------------------------------------------------
The July 29, 2004 meeting of the creditors of Kunsttransporte
Belaj GmbH at the district court of Bologne has been moved to
September 29, 2004, 12:00 noon.

The purpose of the meeting is to hear the presentation of the
administrator's report and tackle the possible appointment of a
new insolvency administrator, election of a creditors committee,
and the continuation of the bankruptcy proceedings.

CONTACT:  KUNSTTRANSPORTE BELAJ GMBH
          Robert-Perthel-StraBe 14-16, 50739 Koln
          Contact:
          Robert F. Zwicky, Managing Director
          Brunnmattstr. 50, CH-8103 Unterengstringen/Schweiz

          DISTRICT COURT OF KOLN
          Hauptstelle, Luxemburger StraBe 101, 50939 Koln
          13. Etage, Saal 1311


ONDER CONERHANDELS: Court Appoints Bankruptcy Administrator
-----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against ONDER Donerhandels-und Vertriebs GmbH on August 24.  The
move automatically stayed all pending proceedings against the
company.  Creditors have until October 15, 2004 to register
their claims with court-appointed provisional administrator Dr.
Hans-U. Hildebrandt.

Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2004, 9:00 a.m. at the district
court of Hamburg at which time the administrator will present
his first report of the insolvency proceedings.  The court will
simultaneously review the administrator's report.

CONTACT:  ONDER DONERHANDELS-UND VERTRIEBS GMBH
          LagerstraBe 17, 20357 Hamburg
          Hasan Kisa, SeestraBe 24, 76709 Kronau

          Dr. Hans-U. Hildebrandt
          Raboisen 38, 20095 Hamburg
          Phone: 33446-0
          Fax: 33446-111

          DISTRICT COURT OF HAMBURG
          WeidestraBe 122d, 22083 Hamburg
          Saal 1, 2. Ebene


POKS VERSAND: Under Bankruptcy Administration
---------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Poks Versand GmbH on August 24.  The move
automatically stayed all pending proceedings against the
company.  Creditors have until November 18, 2004 to register
their claims.

Creditors and other interested parties are encouraged to attend
the meeting on October 7, 2004, 10:05 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will review the report December 16,
2004, 10:00 a.m. at the district court of Charlottenburg.

CONTACT:  POKS VERSAND GMBH
          Schlangenbaderstr. 24B,14197 Berlin
          Contact:
          RA Hartwig Albers, Manager
          Luutzowstr. 100, 10785 Berlin

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


RCG CONSULTING: Deadline for Filing Claims October 22
-----------------------------------------------------
The district court of Gifhorn opened bankruptcy proceedings
against RCG Consulting GmbH on August 23.  The move
automatically stayed all pending proceedings against the
company.  Creditors have until October 22, 2004 to register
their claims with court-appointed provisional administrator
Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting on November 11, 2004, 9:00 a.m. at the district
court of Gifhorn at which time the administrator will present
his first report of the insolvency proceedings.  The court will
simultaneously review the administrator's report.

CONTACT:  RCG CONSULTING GMBH
          Wachterstieg 6, 31303 Burgdorf
          (AG Hildesheim, HRB 22632)
          Contact:
          Rolf Gartner, Manager

          Torsten Gutmann, Insolvency Manager
          Zum blauen See 5, 31275 Lehrte
          Phone: 05132/82680
          Fax: 05132/8268-96

          DISTRICT COURT OF GIFHORN
          Saal 118, Amtsgericht Gifhorn
          Am SchloBgarten 4, 38518 Gifhorn


RESULTPHONE GMBH: Administrator's Report Out October 25
-------------------------------------------------------
The district court of Schwerin opened bankruptcy proceedings
against Resultphone GmbH on August 23.  The move automatically
stayed all pending proceedings against the company.  Creditors
have until September 24, 2004 to register their claims with
court-appointed provisional administrator Stefan Niederste
Frielinghaus.

Creditors and other interested parties are encouraged to attend
the meeting on October 25, 2004, 8:45 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will simultaneously review the
administrator's report.

CONTACT:  RESULTPHONE GMBH
          Putlitzer StraBe 27
          19370 Parchim
          GF Silke Luhdo

          Stefan Niederste Frielinghaus, Insolvency Manager
          Heinrich-Mann-StraBe 18, 19053 Schwerin


RIM INDUSTRIELLE: First Creditors Meeting Set November 22
---------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against RIM Industrielle Rohrmontage und SchweiBarbeiten GmbH on
August 24.  The move automatically stayed all pending
proceedings against the company.  Creditors have until October
22, 2004 to register their claims with court-appointed
provisional administrator Axel Roth.

Creditors and other interested parties are encouraged to attend
the meeting on November 22, 2004, 9:30 a.m. at the district
court of Leipzig Hall 101 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will simultaneously review the administrator's report.

CONTACT:  RIM INDUSTRIELLE ROHRMONTAGE UND SCHWEIBARBEITEN GMBH
          Lindenthaler Hauptstr. 145, 04158 Leipzig
          Contact:
          Ismet Dzafic, Manager

          Axel Roth, Insolvency Manager
          Dittrichring 18-20, 04109 Leipzig


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


MALEV RT: On Track to Receive HUF3 Billion in Government Aid
------------------------------------------------------------
Hungarian carrier Malev Rt. improved its first-half performance,
reducing pre-tax losses by HUF1.5 billion to HUF3.9 billion in
2004, Budapest Business Journal reports.

In a press statement Wednesday, the airline said it expects to
break even as planned this year; this, based on its results for
the first seven months of 2004.  Malev was able to exceed its
target sales by 6%, as it posted a 20% sales increase to HUF59.4
billion.  The carrier was able to save HUF3 billion after
implementing a cost-cutting program, thus it can expect to
receive HUF3 billion in government subsidies later this year.

Meanwhile, an Austrian Airlines spokesman admitted last week the
carrier is interested in Malev.  Quoting Dr. Josef Burger,
Austrian Airlines' President of Sales and Marketing, he said,
"We are definitely interested, we are looking at it very
seriously."

Other interested buyers reportedly include groups from China,
the U.S. and Russia.


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


ALITALIA SPA: Government Pledges to Help Redundant Employees
------------------------------------------------------------
The Italian government will pass measures aimed at assisting
redundant employees of ailing Italian carrier Alitalia, says La
Stampa.  But Italian employment and welfare minister Roberto
Maroni said these measures are conditioned upon the acceptance
of the carrier's restructuring plan by the workers unions.

Chairman and chief executive Giancarlo Cimoli is set to present
the plan on Monday, September 6.  Mr. Cimoli has set September
15 as the deadline for the airline and the unions to strike a
deal or the company will be placed into liquidation.  Mr.
Cimoli's plan entails splitting Alitalia into two divisions and
redundancies of around 5,500 employees.

Meanwhile, the management and the airline's trade unions held
talks Wednesday regarding plans on Alitalia Express, the
company's profitable regional and short-haul carrier subsidiary.
The talks focused on plans to increase Alitalia Express' fleet
by 62% and its flights by 124%.

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


PARMALAT FINANZIARIA: Rejects EUR75 Million in Debt Claims
----------------------------------------------------------
Parmalat Finanziaria S.p.A. Chairman Enrico Bondi has refused to
pay the multi-million-dollar debt claims of three U.S. policy
writers, a filing in the bankruptcy court in Parma, Italy,
reveals.

According to Bloomberg News, American International Group Inc.
(AIG), Principal Financial Group Inc. and Cigna Corporation, are
seeking payment worth EUR75 million (US$91 million) from Mr.
Bondi.  The filings are among the 56,000 currently being faced
by the dairy company, which collapsed in December last year.

Mr. Bondi denied the claims of AIG, Principal, and Cigna because
Bank of America Corporation, which arranged their loan
transactions, had already withheld an US$80 million cash
deposited by Parmalat with the bank to guarantee the said loans.

New York-based AIG is claiming EUR40.2 million, and
Philadelphia's Cigna (health insurer) is claiming EUR9.7
million) from an US$80 million private placement arranged
through a complex arrangements in December 20, 2001.  The
investors participated by buying certificates from a trust,
which in turn, deposited the money in an account at Bank of
America.  The agreements entitled the bank to keep the US$80
million if Parmalat defaulted.

Mr. Bondi insists "For Parmalat, that is enough for the loan
agreement to be fulfilled," negating credit agreements.

Bank of America spokeswoman Susan Beard says the transaction, in
essence, is a loan from U.S. investors to Parmalat with the
investors securing the loan with the cash guarantee.  Bank of
America, therefore, had a right to keep the money when the group
defaulted in December.

Mr. Bondi accused the bank of allowing Parmalat to tap funds
without disclosing the true financial situation of the company.
Mr. Bondi, in the filings, claimed Bank of America directly
arranged the transaction, but Ms. Beard in London said Parmalat
lawyers had a hand in drafting the documents and in choosing the
investors.

Principal is claiming EUR25.1 million related to a US$115
million debt placement Bank of America arranged in 2002 for
Parmalat Netherlands B.V.  Mr. Bondi refuses to honor the claims
for lack of proof that it is the "exclusive owner and/or
beneficiary of the notes."

AIG spokesman Joseph Norton and Tina Marchetti of Principal
refused to comment.  Cigna spokesman Wendell Potter had no
immediate comment when reached by Bloomberg.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Piazza Erculea 9
          20122 Milan, Italy
          Phone: +39 02 806 8801
          Fax:   +39 02 869 3863
          Web site: http://www.pamalat.net


PARMALAT U.S.A.: To File Plan & Disclosure Statement September 9
----------------------------------------------------------------
After further negotiations, Parmalat U.S.A. Corporation and its
U.S. debtor-affiliates, General Electric Capital Corporation as
agent and lender, Citibank, N.A., and the Official Committee of
Unsecured Creditors stipulate that the Debtors will file a plan
of reorganization and accompanying disclosure statement on or
before September 9, 2004.  The Debtors' failure to comply will
constitute a Termination Event under the DIP Financing
Agreement.

The parties also agree that all obligations and commitments of
Citibank, GE Capital and the DIP Lenders, and the U.S. Debtors'
authorization to use the Cash Collateral, will terminate at the
earliest:

      (i) September 9, 2004;

     (ii) the effective date of any reorganization plan;

    (iii) the entry of a Court order converting any of the
          Chapter 11 Cases to a case under Chapter 7 of the
          Bankruptcy Code or dismissing any of the cases; or

     (iv) the termination of the DIP Financing Agreement or the
          Debtors' Receivables Purchase Agreement with Citibank.

The Final DIP Order remains in full force and effect in all
other respects.

Headquartered in Wallington, New Jersey, Parmalat USA
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  It employs over 36,000 workers in 139
plants located  in 31 countries on six continents.  The Company
filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139).  Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., of Weil Gotshal & Manges LLP, represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debts. (Parmalat Bankruptcy News, Issue No. 29; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

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


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


GETRONICS N.V.: Court Rejects Request for Inquiry
-------------------------------------------------
The Enterprise Division (Ondernemingskamer) of the Amsterdam
Court of Appeals turned down a request by the Dutch shareholders
organization 'Vereniging van Effectenbezitters' (VEB) for an
enquiry ('Enqueteprocedure') to be set up into developments at
Getronics in the period between August 2002 and February 2003.

Getronics CEO, Klaas Wagenaar, is satisfied with the court's
decision to turn down the request: "Fortunately, this chapter
can now be closed.  We can now devote our time to further
improving our operational performance, to the benefit of our
stakeholders."

About Getronics

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 today 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 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
and Singapore.  Getronics' shares are traded on Euronext
Amsterdam (GTN).

                            *   *   *

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


KENDRION N.V.: First-half Net Loss Down to EUR6.8 Million
---------------------------------------------------------

         Key figures Kendrion N.V. first half year 2004
                 (in millions of euros)

                                               HY1 2004 HY1 2003
Operating result core activities
increased by 17%                                14.8     12.6
Operating result non-core activities
declined by 97%                                  0.1      3.2
Net result core activities
before exceptional items                         6.2      4.9
increased by 27%
Total net result before exceptional items         5.6      6.3
Exceptional items:
Net non-recurring costs
and non-recurring financial charges             -3.2     -1.0
Net effect book profits,
impairments and divestment costs                -9.2    -50.0
Net result first half year                       -6.8    -44.7

Positive Development of Core Activities

Kendrion's core activities (Industrial Components and
Distributions Services) showed good improvement in the first
half year 2004.  Organic turnover growth amounted to more than
4%.

The core activities realized a good operating result that
increased with 2.2 million (more than 17%) compared to the first
half year 2003.

The Kendrion Industrial Components division (Electromagnetic and
Metal Components) was able to convert its strong market
positions into further growth in turnover and earnings,
resulting in a 10% increase in operating result.  Improvement in
earnings of the Distribution Services division (plastic semi-
manufactures and fasteners) is encouraging.  Improvement started
in the first quarter continued in the second quarter with added
intensity due to a combination of measures, including cost
reductions.  This resulted in a 25% increase in operating result
for this division.

Return on sales (ROS) of core activities increased by 5.4% in
the first half year 2003 to 6.1% in the first half year 2004;
return on invested capital (ROI) of core activities increased
from 8.6% in the first half year 2003 to 9.8% in the first half
year 2004.

Sale of Non-core Activities Largely Completed

On 11 November 2003, Kendrion announced that it had taken the
decision to sell (parts of) the Automotive Plastics activity. On
12 May 2004, it was announced that the sale of Kendrion
Van Niftrik B.V. had been completed.  Recently (on 16 August
2004), the sale of the remaining Automotive Plastics companies
was announced.  Completion of this transaction is expected in
the coming weeks.  Within the framework of the strategic focus,
Kendrion is investigating the possibilities to divest three
smaller activities (total turnover EUR30 million), to complete
the sale of non-core activities.

Result

Kendrion realized a net loss of EUR6.8 million in the first half
year 2004 as compared with EUR44.7 million for the first half
year 2003.  Excluding non-recurring financing charges in
connection with the financial position of Kendrion, costs
related to the intended financial restructuring, and impairments
and book profits, underlying net profit amounts to EUR5.6
million (2003: EUR6.3 million).

Excluding Automotive Plastics and exceptional items, net result
for the first half year 2004 was EUR6.2 million (2003: EUR4.9
million), a rise of 27% thereby further increasing the quality
of the profit of the core activities.

Net result per share comes to -/- EUR 0.75 whereby, despite the
lack of general reserves, cumulative preferred dividend should
formally be taken into account.

Outlook

Kendrion's core activities realized a good first half year
result.  The continuing uncertain economic developments in our
most important home countries as well as uncertainty regarding
the prices of raw materials do not allow to make a result
forecast for 2004.  The timing of the financial restructuring
and its related costs also have an influence on earnings for
2004.

                Explanation by Business Area

New Structure of Divisions

With the divestment of Automotive Plastics an important step is
taken in the realization of the previously announced strategy
aimed at return on investment recovery.  The next step in this
process is the repositioning of Kendrion into two divisions:
Industrial Components and Distribution Services.  The new
division Industrial Components comprises of Electromagnetic
Components and Metal Components (the remaining part of the
former Kendrion Automotive division).  In addition to the Vink
group, the Distribution Services division consists of the
Fastening group and Servico.  The new structure allows for a
sharper focus on Kendrion's niche market leadership in the
business-to-business market.

Kendrion Industrial Components

Kendrion Industrial focuses on the development and production of
electromagnetic components and the engineering and production of
metal components.  The most important home markets are Germany
and Sweden.  This business area consists of 2 groups: Kendrion
Electromagnetic Components, active in the field of automotive
technology, electromagnetic systems and power transmission.  The
group has branches in six European countries (Germany, Austria,
Spain, Switzerland, the Czech Republic and England); Kendrion
Metal Components aims to become a niche market leader in
specific market segments within the automotive industry (cars
and trucks), the largest global industrial market.  The group
has 9 companies, of which 6 are located in Sweden, 2 in Germany
and 1 in Hong Kong.

Operational Review First Half Year 2004

The Electromagnetic Components business area showed good
development in the first half year 2004.  Continuous
improvements in the field of engineering and automation and the
launch of new production methods, combined with cost savings,
resulted in an improvement in turnover and earnings.

As a result of winning new orders, the Metal Components business
area was able to continue to improve its market position.  In
the first half year, further attention was devoted to the
further streamlining of the production facilities and
preparations for a new production facility in Slovakia.

Uncertainty exists regarding future availability and price
increases of raw material.

In EUR million                    1st half   1st   half Year
                                    Year     year    2003
                                    2004     2003

Net turnover                       115.8    112.5    216.9
Added value                         57.4     53.3    101.6
Operating result                    10.2      9.3     13.7
ROS                                  8.8%     8.3%     6.3%
ROI                                 10.3%     9.1%    13.9%

Kendrion Distribution Services

In addition to the Vink group, the Kendrion Distribution
Services business area consists of the Fastening group and the
Servico company (Belgium).

Vink

With its wide range of products, Vink (present in 14 countries)
has an excellent reputation in the trade in and distribution of
plastic semi-manufactures in Europe.  In fact, it operates as a
solution provider for its clients.  Vink's range, which consists
of more than 20,000 articles, is available throughout Europe.
Articles delivered from stock include sheet materials, high
quality foils and tapes, tube and bar material.  Vink also has
production facilities at four sites in Belgium, the Netherlands,
Denmark and Finland where client-specific plastic components are
manufactured.  Vink is active in the building, advertising and
industrial sectors, in particular.

Other Distribution Activities

Kendrion Fastening, with four branches in Sweden, delivers
fasteners to the industry.  These fasteners are high quality
materials, which are customized for specific clients.

Servico is active in Belgium and delivers heating equipment to
the installation industry.

Operational Review First Half Year 2004

The markets in which Vink is active have slowly but surely shown
a recovery.  Cost savings, combined with an active market
approach and a new regional structure, are starting to yield
results.  Good developments are being seen in France and
Switzerland, in particular.

Development in Germany demands a lot of attention.

After a difficult first quarter, the remaining distribution
activities were able to realize a clear improvement in the
second quarter of 2004.

In EUR million                     1st half 1st half  Year
                                     year     year    2003
                                     2004     2003

Net turnover                        155.2    153.4    298.2
Added value                          50.8     48.0     92.6
Operating result                      6.4      5.1      8.4
ROS                                   4.1%     3.3%     2.8%
ROI                                   9.1%     7.7%    13.5%

                   Non-core Activities

Automotive Plastics

The first half-year of 2004 was again difficult for the
Automotive Plastics business area, particularly due to the
crisis in the German automobile industry.  The sale of this
activity is expected to be completed in the coming weeks.

Others

The companies Kendrion Cetra Metaal (the Netherlands), GBP
Ergonomics (Sweden and England) and Kupron Prototypes (the
Netherlands) all belong to the group Others.  These companies
showed varying results.  An attempt is being made to sell some
of these activities during the financial year and negotiations
are in different stages in this regard.

                  Profile of Kendrion N.V.

The Strength of the Niche

Kendrion targets business-to-business markets in Europe.
Kendrion's niche markets have been selected on the basis of an
existing strong market position that remains attractive for
expansion and offers the possibility of market leadership.  Its
specialization in tailor-made products and services means that
Kendrion is in a position to achieve attractive margins.

The Strength of Entrepreneurship

Highly motivated local business acumen and quality management
are typical of Kendrion.

The slogan "Power of Partnership" characterizes the cooperation
between operating companies, customers and suppliers.

The Strength of the Group

Kendrion N.V. is an international company, which has, after the
sale of Automotive Plastics, approximately 3,300 employees in 16
European countries.

Kendrion develops and produces industrial components for the
European industry.  Kendrion also provides services in the field
of distribution of and trading in plastic semi-manufactures and
fasteners.  Motivated local entrepreneurship, quality management
in the broadest sense and logistic expertise are characteristic
of Kendrion.

The Strength of Kendrion

The objective is to achieve a substantial growth in turnover
every year through organic growth and targeted acquisitions, and
to attain a return on investment of around 20% over time.

A complete copy of the financial results is available free of
charge at: http://bankrupt.com/misc/Kendrion_1H2003.pdf

CONTACT:  KENDRION N.V.
          Mr. P. Veenema
          Utrechtseweg 46 Utrechtseweg 33
          3704 HD ZEIST 3704 HA ZEIST
          Phone: 030 - 699.72.50
          Fax: 030 - 695.11.65
          Web site: http://www.kendrion.com


KONINKLIJKE AHOLD: Narrows List of Bidders for Spanish Unit
-----------------------------------------------------------
Dutch retailer Koninklijke Ahold confirmed it received a number
of bids for its stores in Spain, just-food.com reports, citing
Ahold spokesman Walter Simons.

A Spanish newspaper earlier reported the company had shortlisted
three potential buyers.  Ahold's Spanish unit operates 628
stores under such name as Superdiplo and Supersol, among others.

Recently, Royal Ahold reported net income of EUR32 million (Q2
2003: net income EUR3 million) for the second quarter of 2004.
Operating income was EUR169 million (Q2 2003: operating income
EUR222 million).  Net sales were EUR12.3 billion, a decrease of
4.9% compared to Q2 2003.  Net sales growth was 3.0% excluding
currency impact and impact of divestments.  Net cash flow before
financing activities amounted to an outflow of EUR5 million (Q2
2003: net cash inflow before financing activities EUR399
million).

CONTACT:  ROYAL AHOLD N.V.
          Albert Heinjneweg 1
          1507 EH Zaandam, The Netherlands
          Phone: +31 75 659 9111
          Fax:   +31 75 659 8350
          Web site: http://www.ahold.com


LAURUS N.V.: Price War Squeezes First-half Results
--------------------------------------------------
Highlights

(a) Consolidated operating income (EBIT) EUR13 million negative
    (1st half 2003: EUR19 million positive);

(b) Consolidated net income EUR15 million negative (1st half
    2003: EUR7 million positive);

(c) Combined like-for-like sales of Edah, Konmar and Super De
    Boer 7.7% down;

(d) Net sales of Edah, Konmar and Super De Boer down to EUR1,746
    million (1st half 2003: EIR1,974 million);

(e) Back-office restructuring program on track;

(f) Financing secured up to year-end 2007

Commenting on the results, Harry Bruijniks, Chairman of Laurus
N.V.'s Group Management Board, said: "Laurus finished the first
half of 2004 with a disappointing result.  However, it is still
Laurus' long-term objective to restore the business to full
health.  Inevitably, this is taking some time.  In the past
period the back-office has been restructured resulting in a more
efficient organization and a competitive cost structure.  The
full focus is now on the store formats in order to reverse the
negative like-for-like sales.

"A start will be made with further converting Edah into the Edah
Lekker & Laag format in week 40, tackling an average of four or
five stores a week.

"The Konmar Superstores have already been given a new appeal in
the first half of the year, including price cuts of 7% on
average on more than 5,000 products.  In the present climate,
however, more drastic action will be required.  Laurus is
accordingly working on a new superstore concept with an 'Every
Day Low Prices' theme and a limited promotional share.  Laurus
has a number of unique sites that make ideal superstore
locations.

"The efforts being made at Super De Boer to improve the quality
of its fresh produce are beginning to pay off, with the 'fair
share' of fresh food in the basket rising sharply.  To modernize
the format, Super De Boer is embarking on a targeted
revitalization operation in the autumn that will continue into
2005.

"The back-office reorganization program that was initiated in
2003 has now almost been completed.  The results of this
efficiency drive will fully begin to show in 2005.  For example,
the recently completed reorganization of the overhead and
logistics activities will produce savings of EUR14 million --
EUR16 million annually from 2005 onwards.  In addition to this,
the reduction of the Laurus workforce by 1,290 full-time
equivalents that was announced in May 2004, will have virtually
been completed on 1 November 2004, leading to savings of
approximately EUR27 million a year.

"On top of these savings there are the results of the Superfit
efficiency project in partnership with McKinsey that is
analyzing the store processes at Super De Boer.

"According to the plans -- which still have to receive central
works council approval -- Superfit will yield savings of around
EUR6 million in 2005, rising to EUR10 million -- EUR15 million
in 2006.

"With these various actions, Laurus is making steady progress
towards recovery in accordance with the steps outlined in the
recovery plan, which runs up to the end of 2007."

Operating Income

The consolidated operating income for the first half of 2004 was
EUR13 million negative (first half of 2003: EUR19 million
positive).  This deterioration was mainly due to the lower sales
and tighter margins as a consequence of the ongoing price war.
The reorganization of the back-office activities begun in 2003
is on track and the initial results are beginning to show.  The
effect will become more pronounced in the second half of 2004.

Net Income

The consolidated net loss for the first half of 2004 came in at
EUR15 million, a marked reversal of the profit for the first
half of 2003 (EUR7 million).  The result on divestments amounted
to EUR11 million (first half of 2003: EUR10 million) and related
to Spain and Belgium.

Sales and Gross Operating Income

Like-for-like sales by the Dutch core activities (Edah, Konmar
and Super De Boer) were down 7.7%, with the gross operating
income for the three formats falling to 18.6% (first half of
2003: 19.4%).  Gross operating income was negatively affected by
the price cuts made in the context of the price war.

On its Dutch core activities, Laurus achieved net sales of
EUR1,746 million (first half of 2003: EUR1,974 million), a drop
of 11.6%.  Apart from the lower sales as a result of the price
war, the decline was also due to the disposal of stores, service
stations and off-licenses.

Total consumer sales by the Laurus formats in the Netherlands in
the first half of the year amounted to EUR2,076 million (first
half of 2003: EUR2,313 million).  The combined first-half market
share for the three Dutch formats was 16.8% (first half of 2003:
18.8%), equating to a drop of two percentage points, one
percentage point of which was accounted for by disposals and the
other by the drop in like-for-like sales.  Laurus achieved
consolidated net sales of EUR1,782 million in the first half of
2004, this figure being 18.3% lower than in the first half of
2003 (EUR2,182 million).  Also the disposal of the Belgian
activities contributed to the decline in sales.

                         Formats

Edah

(a) Edah's consumer sales amounted to EUR0.7 billion (first half
    of 2003: EUR0.7 billion).

(b) Net sales amounted to EUR595 million (first half of 2003:
    EUR599 million).  At the end of the first half of 2004, Edah
    had 287 stores (first half of 2003: 264), including 58
    operated by affiliated independent retailers (first half of
    2003: 62).  Market share was 5.4% (first half of 2003:
    5.5%).

Konmar

(a) Konmar consumer sales amounted to EUR0.3 billion (first half
    of 2003: EUR0.6 billion).

(b) The drop was mainly due to the conversion of Konmar
    Supermarkets to Super De Boer and Edah.  All the Konmar
    Supermarket stores had been converted by the end of April.

(c) Net sales amounted to EUR278 million (first half of 2003:
    EUR509 million).  At the end of the first half of 2004,
    Konmar had 43 stores (first half of 2003: 125), 4 of which
    were operated by affiliated independent retailers (first
    half of 2003: 4).

(d) Market share was 2.5% (first half of 2003: 4.5%).

Super De Boer

Super De Boer consumer sales amounted to EUR1.1 billion (first
half of 2003: EUR1.1 billion).  Net sales amounted to EUR873
million (first half of 2003: EUR866 million).  At the end of the
first half of 2004, Super De Boer had 392 stores (first half of
2003:355), 206 of which were operated by affiliated independent
retailers (first half of 2003: 220).  Market share was 8.9%
(first half of 2003: 8.8%).

Belgium

In August 2003, Laurus reached agreement with Carrefour Belgium
on the sale of the remaining 20 stores in Belgium.  The
operation of some of the stores was taken over by individual
franchisees and that of the others by Carrefour Belgium, in the
first half of 2004.  Up to the time of transfer, the stores
reported a combined operating income of EUR3 million negative.
The final settlement of the Belgian activities is expected to
take place in the second half of 2004.

Net Interest Charges

Net interest charges for the first half of 2004 amounted to
EUR14 million, a slight improvement compared with the
corresponding period in 2003 (EUR16 million).  This was due to
the lower level of debt compared with the first half of 2003.

Financial Position

The balance sheet total declined in the first half of 2004 to
EUR893 million from EUR1,017 million as at year-end 2003,
largely owing to the lower level of inventories and lower
receivables.  Capital expenditure was also less than the
depreciation charges.  Cash flow in the first six months
amounted to EUR25 million positive compared with EUR43 million
positive in the first half of 2003. The cash flow from operating
activities was EUR22 million negative (first half of 2003: EUR18
million negative), mainly owing to utilization of provisions.
The total cash flow from investing activities amounted to EUR3
million negative compared with EUR37 million positive in the
first half of 2003.  The positive cash flow in 2003 was due to
the disposal of part of the Belgian activities. Repayments on
interest-bearing loans in the first six months of 2004 totaled
EUR3 million (first half of 2003: EUR94 million repaid).

Laurus has contracted bank credit lines totaling EUR530 million
for its Dutch activities up to year-end 2007.  As at 30 June
2003, a total of EUR190 million had been drawn down, allowing
further borrowing of up to EUR340 million.

Shareholders' equity fell during the first half of 2004 to EUR75
million (year-end 2003: EUR90 million).

Outlook

As announced on 10 May 2004, Laurus will be forming a provision
of approximately EUR25 million, before tax, in the second half
of 2004.  This provision will be utilized in connection with the
implementation of the new branch organization structures to
cover job losses totaling 1,290 full-time equivalents.

It is clear that the price war hit the net income for the first
half of 2004.  In view of the poor state of the market, the
Group Management Board does not expect to be able to close 2004
with a positive net income.

The improvements that have been initiated in 2003 and 2004 will
positively contribute to results in 2005.

Important Dates

Publication of sales figures for the third quarter of 2004:
20 October 2004

Publication of sales figures for the fourth quarter of 2004:
19 January 2005

The half-year results have not been audited.

A complete copy of this press release is available free of
charge at http://bankrupt.com/misc/Laurus_H12004.pdf.

CONTACT:  LAURUS N.V.
          Parallelweg 64
          5201 AD 's-Hertogenbosch
          The Netherlands
          Phone: +31 73 622 3622
          Fax:   +31 73 622 3636
          Web site: http://www.laurus.nl


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


SKANDIA INSURANCE: Carlson to Acquire Asset Management Business
---------------------------------------------------------------
SkandiaBanken is selling its discretionary asset management
business to Carlson Investment Management.  The business was
started by Carlson Investment Management and was taken over by
Skandia in connection with Skandia's acquisition of Carlson
Investment Management in 1999.  Today Carlson Investment
Management is a subsidiary of DnB NOR.

The asset management activities are directed at individuals and
small businesses.  Currently the operation has approximately 450
clients with combined assets of roughly SEK2.5 billion.  The
clients' securities holdings are kept in custody with
SkandiaBanken or other banks chosen by the clients.

"We have had a close and fruitful co-operation with DnB NOR, and
for the clients this means they can continue with the same asset
management team they have had and have every reason to be
satisfied with," comments Peter Friberg, President of Skandia
Fonder.  "The business is thus now being returned in its
entirety to its originator, which is positive for the clients,
who have had full freedom all along to switch to another asset
manager.  For SkandiaBanken this entails a natural refinement of
its business as an online bank."

CONTACT:  SKANDIA INSURANCE
          Corporate Communications
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788 10 00
          Fax:   +46-8-788 23 80
          Web site: http://www.skandia.com
          Office:
          Sveavagen 44

          Peter Friberg
          President, Skandia Fonder
          Phone: + 46-8- 463 74 54

          Gunilla Svensson
          Press Manager
          Phone: + 46-8-788 42 97


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


DAL-ENERGO-SPETS-ZASHITA-STROY: Bankruptcy Proceedings Begin
------------------------------------------------------------
The Arbitration Court of Primorsky region has declared LLC Dal-
Energo-Spets-Zashita-Stroy (TIN 2526005460) insolvent and
introduced bankruptcy proceedings.  The case is docketed as A51-
61247/2004-20-20 b.  Mr. M. Fomin has been appointed insolvency
manager.  Creditors have until September 16, 2004 to submit
their proofs of claim to 692760, Russia, Primorsky region,
Artyem, Frunze Str. 45.

CONTACT:  DAL-ENERGO-SPETS-ZASHITA-STROY
          692001, Russia,
          Primorsky Region, Pozharsky Region,
          Luchegorsk, 4th location,
          the building of department store, 13

          Mr. M. Fomin
          Insolvency Manager
          692760, Russia,
          Primorsky region,
          Artyem, Frunze Str. 45


ELEKTROTOCH-PRIBOR ATSP: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on CJSC Elektrotoch-Pribor ATSP (TIN
550107003).  The case is docketed as K/E-70/04.  Mr. V. Mamrov
has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) Mr. V. Mamrov
    Temporary Insolvency Manager
    644024, Russia, Omsk,
    K. Marksa Pr. 4, Office 137

(b) Elektrotoch-Pribor ATSP
    644040, Russia, Omsk,
    Gubkina Per. 1

(c) The Arbitration Court of Omsk region
    644021, Russia, Omsk,
    Uchebnaya Str. 51.

A hearing will take place on October 5, 2004.


KONSTANTINOVSK-AGRO-PROM-KHIMIYA: Declared Insolvent
----------------------------------------------------
The Arbitration Court of Amur region has declared municipal
unitary enterprise Konstantinovsk-Agro-Prom-Khimiya insolvent
and introduced bankruptcy proceedings.  The case is docketed as
A04-5577/03-10/177 B.  Mr. A. Dovlatbegov has been appointed
insolvency manager.

Creditors may submit their proofs of claim to 675005, Russia,
Amur region, Blagoveshensk, Teatralnaya Str. 94, apartment 17.
A hearing will take place on October 19, 2004, 9:00 a.m.

CONTACT:  KONSTANTINOVSK-AGRO-PROM-KHIMIYA
          676980, Russia,
          Amur region,
          Konstantinovsky region,
          Konstantinovka, Sovetskaya Str. 96

          Mr. A. Dovlatbegov
          Insolvency Manager
          675005, Russia,
          Amur region, Blagoveshensk,
          Teatralnaya Str. 94, Apartment 17


NORILSKOYE AIR: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on the subsidiary of Norilskoye
Air Enterprise Khatangsky Air Troop.  The case is docketed as
A33-9479/04-s4.  Mr. V. Podkorytov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 663310, Russia,
Krasnoyarsk region, Norilsk, Leninsky Pr. 1, Office 407.  A
hearing will take place on November 10, 2004, 9:00 a.m.

CONTACT:  NORILSKOYE AIR ENTERPRISE KHATANGSKY AIR TROOP
          663260, Russia,
          Taymyrsky (Dolgano-Nentsky) autonomous region,
          Khatanga, Aeroportovaya Str. 9

          Mr. V. Podkorytov
          Temporary Insolvency Manager
          663310, Russia,
          Krasnoyarsk Region, Norilsk,
          Leninsky Pr. 1, Office 407


ORDYNSK-FURNITURE: Court Sets October 18 Hearing
------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on CJSC Ordynsk-Furniture.  The
case is docketed as A45-8867/04-SB/113.  Mr. Y. Repotetsky has
been appointed temporary insolvency manager.

Creditors can submit their proofs of claim to 630052, Russia,
Novosibirsk, Udarnaya Str. 19, Apartment 86.  A hearing will
take place on October 18, 2004, 9:30 a.m.

CONTACT:  ORDYNSK-FURNITURE
          633260, Russia,
          Novosibirsk region, Ordynskoye,
          Mira Str. 67

          Mr. Y. Repotetsky
          Temporary Insolvency Manager
          630052, Russia,
          Novosibirsk, Udarnaya Str. 19,
          Apartment 86


POKROVSKY FACTORY: Succumbs to Bankruptcy
-----------------------------------------
The Arbitration Court of Sakha republic has declared state
enterprise Pokrovsky Factory of Building Materials insolvent and
introduced bankruptcy proceedings.  The case is docketed as A58-
141/2002.  Mr. S. Kirillin has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 677000,
Russia, Sakha republic, Yakutsk, P. Alekseeva, 15/2, Apartment
18.

CONTACT:  POKROVSKY FACTORY OF BUILDING MATERIALS
          Russia, Sakha republic,
          Pokrovsk, Zavodskaya Str. 1.

          Mr. S. Kirillin
          Insolvency Manager
          677000, Russia,
          Sakha republic, Yakutsk,
          P. Alekseeva, 15/2, Apartment 18


PRIMORSKY WOOD: Names V. Grishenko Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Primorsky region has declared OJSC
Primorsky Wood Working Combine insolvent and introduced
bankruptcy proceedings.  The case is docketed as A51-3404/2003
21-52 b.  Mr. V. Grishenko has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 690091,
Russia, Vladivostok, Krasnoznamenny per. 7.

CONTACT:  PRIMORSKY WOOD WORKING COMBINE
          Russia, Primorsky region,
          Dalnerechensk, Shevchenko Str. 1

          Mr. V. Grishenko
          Insolvency Manager
          690091, Russia,
          Vladivostok, Krasnoznamenny per. 7
          Phone/Fax: (4232) 22-87-54


SARMA-ENERGO-STROY: Insolvency Manager Takes over Helm
------------------------------------------------------
The Arbitration Court of Volgograd region has declared LLC
Sarma-Energo-Stroy (TIN 3443043440) insolvent and introduced
bankruptcy proceedings.  The case is docketed as A12-14024/04-
s58.  Ms. L. Chernysheva has been appointed insolvency manager.
Creditors may submit their proofs of claim to 400050, Russia,
Volgograd, Parkhomenko Str. 64.

CONTACT:  SARMA-ENERGO-STROY
          Russia, Volgograd region,
          Dalnerechensk, Shevchenko Str. 1

          Ms. L. Chernysheva
          Insolvency Manager
          400050, Russia,
          Volgograd, Parkhomenko Str. 64


SVOBODNENSKAYA POULTRY: Proofs of Claim Deadline September 16
-------------------------------------------------------------
The Arbitration Court of Amur region has declared LLC
Svobodnenskaya Poultry Farm insolvent and introduced bankruptcy
proceedings.  The case is docketed as A04-1400/04-15/84 B.  Mr.
M. Praskov has been appointed insolvency manager.  Creditors
have until September 16, 2004 to submit their proofs of claim to
Russia, Amur region, Blagoveshensk, Shevchenko Str. 7, Room 2.

CONTACT:  SVOBODNENSKAYA POULTRY FARM
          Russia, Amur region, Svobodny

          Mr. M. Praskov
          Insolvency Manager
          Russia, Amur region,
          Blagoveshensk,
          Shevchenko Str. 7, Room 2


TNK INTERNATIONAL: Fitch Affirms 'BB/BB+' Ratings
-------------------------------------------------
Fitch Ratings affirmed TNK International Ltd.'s Senior Unsecured
and Senior Secured foreign currency ratings at 'BB' and 'BB+'
respectively.  It has also affirmed the Long-term rating on
TNK's US$700 million 2007 Eurobond at 'BB'.

The affirmation follows the corporate restructuring announcement
of TNK-BP, the holding company of TNK, and is based on the
current information available on the reorganization.  Fitch will
seek further clarification of the tax implications of the
company's restructuring and reassess the rating as and when more
details become available.

Under the TNK restructuring plan, a Russia-registered holding
company will be formed to consolidate the three existing holding
companies -- OAO TNK, OAO Onako and OAO Sidanco -- into one.
Additionally, all debt will be transferred to this New Russian
Holding (NRH) Company, while TNK International Ltd. will remain
the guarantor and retain full ownership of the operating
subsidiaries and full control of their respective cash flows.
NRH will be registered in Russia's Tyumen region in Western
Siberia.

At its mid-year meeting, TNK-BP's Board of Directors supported
the general direction of the proposed restructuring subject to
receiving lenders' and regulatory approvals.  Management is in
consultations with minority shareholders in its various
subsidiaries, as well as local and regional authorities.  The
restructuring should start later this year, pending the above
mentioned approvals, and is expected to simplify the group
structure, provide greater transparency and improve corporate
governance within the group.

Fitch will continue to monitor the situation and will seek an
update from management at the review meeting scheduled later
this year

TNK, Russia's third largest oil company by crude production, is
equally owned by BP plc ('AA+'/'F1+') and Alfa Group and
Access/Renova.

CONTACT:  FITCH RATINGS
          Jeffrey Woodruff, Moscow
          Phone: +7 095 956 9986

          Josef Pospisil, London
          Phone: +44 20 7417 4266

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


VLADIVOSTOKSKY FISH: Primorsky Court Confirms Insolvency
--------------------------------------------------------
The Arbitration Court of Primorsky region has declared OJSC
Vladivostoksky Fish Combine insolvent and introduced bankruptcy
proceedings.  The case is docketed as A51-12956/2003-15-196B.
Mr. A. Ekidin has been appointed insolvency manager.

CONTACT:  VLADIVOSTOKSKY FISH COMBINE
          690950, Russia,
          Vladivostok, Tatarskaya Str. 1

          Mr. A. Ekidin
          Insolvency Manager
          Russia, Moscow,
          Polkivaya Str. 17, Building 3


YUKOS OIL: Annulment of Sibneft Deal Adds to Headache
-----------------------------------------------------
Yukos Oil started withdrawing shares from an invalidated issue
last week, with a view to returning invested funds to holders of
the securities in the coming days, Interfax says citing an
official Yukos notice.

Issued on July 22, 2003, the shares are registered as
transaction 1-02-00198-A-002D.  It was entered to carry out a
deal with Sibneft, a transaction annulled by a court recently.
Holders of the cancelled shares are asked to file for
reimbursement to Yukos within 10 days of the firm's
notification.  Yukos will return the funds invested to the
holders of the securities no later than November 30, 2004, the
statement said.

In separate development, Dresdner Kleinwort Wasserstein, the
investment bank, hired to assess the value of Yukos' main
production unit, is expected to finish the process in four
weeks, a person close to the process told The Moscow Times.  The
government is holding the asset as collateral for the company's
US$1.4 billion outstanding tax bill, part of its total US$3.4
billion tax debts for 2000.

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


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


BALKA: Deadline for Proofs of Claim Expires September 12
--------------------------------------------------------
The Economic Court of Zaporizhya region declared OJSC Balka
(code EDRPOU 05402387) insolvent and introduced bankruptcy
proceedings on July 26, 2004.  The case is docketed as 19/34
(04).  Arbitral manager Mr. Dmitro Gerashenko (License Number AA
250439) has been appointed liquidator/insolvency manager.

Creditors have until September 12, 2004 to submit their proofs
of claim to:

(a) BALKA
    71635, Ukraine, Zaporizhya region,
    Vasilkivskij district, Balki,
    Miru Str. 206

(b) Mr. Dmitro Gerashenko
    Liquidator/Insolvency Manager
    69037, Ukraine, Zaporizhya region,
    Rekordna Str. 20

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


ELITA: Zaporizhya Court Affirms Insolvency
------------------------------------------
The Economic Court of Zaporizhya region declared OJSC Elita
(code EDRPOU 00846317) insolvent and introduced bankruptcy
proceedings on July 26, 2004.  The case is docketed as 19/157
(04).  Arbitral manager Mr. V. Ishenko (License Number AA
719771) has been appointed liquidator/insolvency manager.

CONTACT:  ELITA
          Ukraine, Zaporizhya region,
          Melitopol district, Zarichne

          Mr. V. Ishenko
          Liquidator/Insolvency Manager
          72311, Ukraine, Zaporizhya region,
          Melitopol, a/b 21
          Phone: (0619) 42-09-74

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


GRUZKE: Gives Creditors Until September 12 to Prove Claims
----------------------------------------------------------
The Economic Court of Sumi region declared LLC Agrofirm Gruzke
(code EDRPOU 23820020) insolvent and introduced bankruptcy
proceedings on July 2, 2004.  Arbitral manager Mr. I. Ponomaryov
(License Number AA 668347 approved on October 29, 2003) has been
appointed liquidator/insolvency manager.

Creditors have until September 12, 2004 to submit their proofs
of claim to:

(a) AGROFIRM GRUZKE
    41651, Ukraine, Sumi region,
    Konotop district, Gruzke

(b) Mr. I. Ponomaryov
    Liquidator/Insolvency Manager
    41615, Ukraine, Sumi region,
    Konotop, Lazarevskij Str. 15/2
    Phone: (05447) 4-32-32

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


IVANIVSKIJ: Names Igor Farberov Insolvency Manager
--------------------------------------------------
The Economic Court of Harkiv region declared OJSC Beer Plant
Ivanivskij (code EDRPOU 00377710) insolvent and introduced
bankruptcy proceedings on July 23, 2004.  The case is docketed
as B-5236/2-39.  Arbitral manager Mr. Igor Farberov (License
Number AA 78321) has been appointed liquidator/insolvency
manager.

CONTACT:  BEER PLANT IVANIVSKIJ
          61052, Ukraine, Harkiv region,
          Kotlova Str. 76

          Mr. Igor Farberov
          Liquidator/Insolvency Manager
          83050, Ukraine, Donetsk, Artema Str. 90/15
          Phone: 8 (0622) 66-20-97
                 8 (050) 523-97-70

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


MAYAK: Insolvency Manager Takes over Day-to-day Operations
----------------------------------------------------------
The Economic Court of Mikolaiv region declared Agricultural LLC
Mayak insolvent and introduced bankruptcy proceedings on August
2, 2004.  The case is docketed as 4/386.  Mrs. Balbekina
Yaroslava has been appointed liquidator/insolvency manager.

CONTACT:  AGRICULTURAL MAYAK
          56182, Ukraine, Mikolaiv region,
          Bashtanskij district, Novooleksandrivka

          Mrs. Balbekina Yaroslava
          Liquidator/Insolvency Manager
          Ukraine, Mikolaiv region,
          Bashtanskij district,
          Novooleksandrivka, Stepova Str. 55
          Phone: 8 (05158) 9-34-93

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


MRIYA: Deadline for Proofs of Claim September 12
------------------------------------------------
The Economic Court of Sumi region declared LLC Agrofirm Mriya I
V (code EDRPOU 30343515) insolvent and introduced bankruptcy
proceedings on July 1, 2004.  Arbitral manager Mr. I. Ponomaryov
(License Number AA 668347 approved on October 29, 2003) has been
appointed liquidator/insolvency manager.

Creditors have until September 12, 2004 to submit their proofs
of claim to:

(a) AGROFIRM MRIYA I V
    41671, Ukraine, Sumi region,
    Konotop district, Zhovtneve

(b) Mr. I. Ponomaryov
    Liquidator/Insolvency Manager
    41615, Ukraine, Sumi region,
    Konotop, Lazarevskij Str. 15/2
    Phone: (05447) 4-32-32

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


STARINSKIJ SUGAR: Declared Insolvent
------------------------------------
The Economic Court of Kyiv region declared OJSC Starinskij Sugar
Plant (code EDRPOU 00372523) insolvent and introduced bankruptcy
proceedings on July 22, 2004.  The case is docketed as 21/17 B-
02.  Mr. Vladislav Rishetnyak has been appointed
liquidator/insolvency manager.

CONTACT:  STARINSKIJ SUGAR PLANT
          Ukraine, Kyiv region,
          Borispil district, Stare,
          Zavodska Str. 1

          Mr. Vladislav Rishetnyak
          Liquidator/Insolvency Manager
          01001, Ukraine, Kyiv region,
          a/b V-523

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


UKREXIMBANK: Earns 'D/E' Rating for Weak Capitalization
-------------------------------------------------------
Fitch Ratings assigned The State Export-Import Bank of Ukraine
(Ukreximbank) an Individual 'D/E' rating.

The Individual rating reflects the high degree of concentration
in Ukreximbank's loan book, its weak capitalization, volatile
profitability and tight liquidity.  However, the rating also
addresses improvements in the bank's asset quality and the
development of its business.

Ukreximbank's 2003 earnings were significantly aided by several
one-off recoveries, which helped to offset lower margins, and a
sharp increase in new loan loss provisions due to loan portfolio
growth and problems with a large loan to an agricultural
company.  However, financial results for H104 look more
reasonable, thanks to stronger net interest margins and
fee/commission growth.  In addition, the significant loan
impairment in 2003 was not repeated at the bank in H104.

The bank's loan book is very concentrated, suggesting that even
a small number of problem loans could potentially have a
material impact on earnings and asset quality.  Although asset
quality improved in 2003 and problem loans appear adequately
reserved, Fitch believes the level of reserves held against
other loans is low.  Ukreximbank's main customers are medium to
large Ukrainian exporters/importers.

Funding is mainly sourced from Ukrainian corporate and retail
customers.  Ukreximbank also has lines from various
international and foreign institutions.  The bank's liquidity is
relatively tight but has been supported by deposits from
National Bank of Ukraine as compensation for government-related
problem loans issued in 1993-1995.

Capitalization  is low for a bank operating in an emerging
market country like Ukraine and in light of its concentration
levels.  However, it was boosted in August 2004, when the bank
received UAH80 million of new capital from the Ukrainian state.

Ukreximbank was founded in 1992 and is 100%-owned by the
Ukrainian state (represented by the Cabinet of Ministers of
Ukraine).  By assets, Ukreximbank was the sixth largest
Ukrainian bank at end-2003, with a network of 73 branches and
outlets across Ukraine.  In addition to its commercial banking
activities, Ukreximbank is the only Ukrainian bank that acts as
a financial agent of the Ukrainian government in attracting and
servicing international loans to Ukrainian corporates, which are
extended under state guarantee.

The bank is also rated Long-term 'B+' with Stable Outlook,
Short-term 'B' and Support '4'.  These ratings were assigned on
25 May 2004 (see press release at http://www.fitchresearch.com).

CONTACT:  FITCH RATINGS
          James Longsdon, London
          Phone: +44 20 7417 4309

          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

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


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


AIRTH CASTLE: Receiver Selling Hotel for GBP3.5 Million
-------------------------------------------------------
Receivers from PricewaterhouseCoopers are selling Airth Castle
and Hotel in central Scotland for over GBP3.5 million.  The
auction is being managed by property firm Creevy LLH.

Airth Castle and Hotels houses 123 letting bedrooms, nine
conferencing and banqueting suites, car parking for 200 cars and
a full service leisure club with about 800 members, all on a
site of about 12 acres.  It is about 30 minutes from Glasgow and
Edinburgh city centers and close to Stirling, Falkirk and Perth.

Creevy LLH said: "This strategic location undoubtedly makes the
property one of the prime conferencing, function and wedding
hotels within the central belt, able to draw from a population
of around three million within an hour's drive."

Airth Castle previously belonged to Forth Hotels, which went
into receivership on July 13.  It has about GBP3 million in
turnover net of VAT in the year to December 31, 2003.

CONTACT:  AIRTH CASTLE HOTEL
          Airth, Falkirk,
          Scotland
          Phone: 01324 831411
          Fax:   01324 831419


APOLLO PROMOTIONAL: Names Liquidators from Begbies Traynor
----------------------------------------------------------
At an extraordinary meeting of the members of Apollo Promotional
Support Limited Company on August 20, 2004 held at Begbies
Traynor, Regency House, 21 The Ropewalk, Nottingham NG1 5DU, the
ordinary and extraordinary resolutions to wind up the company
were passed.  Peter A Blair and Richard A B Saville of Begbies
Traynor, Regency House, 21 The Ropewalk, Nottingham NG1 5DU have
been appointed joint liquidators for the purpose of such
winding-up.

CONTACT:  BEGBIES TRAYNOR
          Regency House
          21 The Ropewalk
          Nottingham NG1 5DU
          Joint Liquidators:
          Peter A Blair
          Richard A B Saville
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


ASHLEY HERMAN: Sets Final General Meeting September 24
------------------------------------------------------
The final general meeting of the members of Ashley Herman
Productions Limited will be in September 24, 2004 commencing at
12:00 noon.  It will be held at the offices of BDO Stoy Hayward
LLP, 8 Baker Street, London W1U 3LL.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL not
later than 12:00 noon, September 23, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Joint Liquidator:
          M Cohen
          Phone: 020 7486 5888
          Fax:   020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdo.co.uk


B C BUILDING: May Appoint Liquidator Thursday
---------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

          IN THE MATTER OF B C Building Solutions Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of B C Building Solutions
Ltd. will be held at Prospect House Footscray High Street Sidcup
DA14 5HN on September 9, 2004 at 11:30 a.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at Prospect House
Footscray High Street Sidcup DA14 5HN not later than 12:00 noon
on the business day before the Meeting.

Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
Prospect House Footscray High Street Sidcup DA14 5HN before the
Meeting, a statement giving particulars of their security, the
date when it was given, and the value at which it is assessed.

Nedim P. Ailyan of Begbies Traynor Prospect House Footscray High
Street Sidcup DA14 5HN is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.

By Order of the Board.

J. G. Branscombe, Director
August 18, 2004

CONTACT:  BEGBIES TRAYNOR
          Tudor Cottages
          Footscray High Street
          Footscray
          Sidcup DA14 5HN
          Phone: 020 8300 5764
          Fax: 020 8300 5749
          E-mail: sidcup@begbies-traynor.com
          Web site: http://www.begbies.com


BRITISH ENERGY: Shareholders Step up Effort to Block Rehab Plan
---------------------------------------------------------------
Polygon Investments and other disgruntled shareholders of
nuclear power firm British Energy plan to call for an EGM to
revise the firm's rescue plan, The Scotsman reports.

Polygon, a 5.6% shareholder, is proposing to amend the company's
restructuring plan that will see shareholders lose most but 2.5%
of their equity.  British Energy accrued GBP1.3 billion in debts
when wholesale power prices in the country plunged.  It is
currently awaiting for Brussels to approve its rescue strategy,
which includes a GBP5 billion state aid from the government.
Aside from antitrust clearance, the plan also needs approval
from 75% of shareholders.

Polygon plans to put to vote at the EGM a request that the board
will not de-list the company without consulting the
shareholders; that it will not dispose of material assets
without consulting the shareholders; and the more symbolic
proposal that the board renegotiates rescue terms, according to
the report.  The shareholders are proposing to rescue the
company using their own capital.

British Energy, which has 28 days to set a date, said it has not
received a request for an EGM.

CONTACT:  BRITISH ENERGY
           Andrew Dowler
           Phone: 020 7831 3113
           (Media Enquiries)
           John Searles
           Phone: 01355 26 2202
           (Investor Relations)
           Web site: http://www.british-energy.com


BUCKS LAND: Hires Liquidator from Grant Thornton
------------------------------------------------
At a meeting of the Bucks Land and Building Company Limited, the
special resolution to wind up the company was passed.  Samantha
Keen of Grant Thornton UK LLP, 31 Carlton Crescent, Southampton
SO15 2EW has been appointed liquidator of the company for the
purpose of the voluntary winding-up.

CONTACT:  GRANT THORNTON UK LLP,
          31 Carlton Crescent,
          Southampton SO15 2EW
          Liquidator:
          Samantha Keen
          Phone: 023 8022 1231
          Fax:   023 8022 4017
          Web site: http://www.grant-thornton.co.uk


COLLINGWOOD DEVELOPMENTS: Sets Creditors Meeting September 10
-------------------------------------------------------------
The creditors of Collingwood Development Limited will meet on
September 10, 2004 commencing at 10:00 a.m.  It will be held at
the Royal Station Hotel, Neville Street, Newcastle upon Tyne.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Deloitte & Touche LLP, 34-40 Grey Street,
Newcastle upon Tyne NE1 6AE not later than 12:00 noon, September
9, 2004.

CONTACT:  DELOITTE & TOUCHE LLP
          34-40 Grey Street,
          Newcastle upon Tyne NE1 6AE
          Joint Administrator:
          Adrian P Berry
          Ian Brown
          Phone: +44 (0) 191 261 4111
          Fax:   +44 (0) 191 232 7665
          Web site: http://www.deloitte.com


COOLRISE LIMITED: Calls in Liquidators from UHY Hacker Young
------------------------------------------------------------
At an extraordinary general meeting of the members of the
Coolrise Limited Company on August 19, 2004 held at the offices
of UHY Hacker Young, St Alphage House, 2 Fore Street, London
EC2Y 5DH, the ordinary and extraordinary resolutions to wind up
the company were passed.  Andrew Andronikou and Ladislav Hornan
of UHY Hacker Young, St Alphage House, 2 Fore Street, London
EC2Y 5DH have been appointed joint liquidators for the purpose
of such winding-up.

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street,
          London EC2Y 5DH
          Joint Liquidators:
          Andrew Andronikou
          Ladislav Hornan
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


DEEDSCAN LIMITED: Creditors to Meet September 9
-----------------------------------------------
The creditors of Deedscan Limited will meet on September 9, 2004
commencing at 11:00 a.m.  It will be held at the offices of UHY
Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to UHY Hacker Young, St Alphage House, 2 Fore
Street, London EC2Y 5DH not later than 12:00 noon, September 8,
2004.

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street,
          London EC2Y 5DH
          Joint Administrators:
          Andrew Andronikou
          Ladislav Hornan
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


DOUBLE ACTION: Creditors Meeting September 23
---------------------------------------------
The creditors of Double Action (Holdings) Limited will meet on
September 23, 2004 commencing at 11:00 a.m.  It will be held at
St Brandons House, 29 Great George Street, Bristol BS1 5QT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Harrisons, 4 St Giles Court, Southampton Street,
Reading RG1 2QL not later than 12:00 noon, September 22, 2004.

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


DOVETAIL MODULES: Names Begbies Traynor Liquidator
--------------------------------------------------
At an extraordinary meeting of the members of the Dovetail
Modules Limited Company on August 24, 2004 held at Begbies
Traynor, 8 Castlegate, Grantham, the ordinary and extraordinary
resolutions to wind up the company were passed.  Peter A Blair
and Richard A B Saville of Begbies Traynor, Regency House, 21
The Ropewalk, Nottingham NG1 5DU have been appointed joint
liquidators for the purpose of such winding-up.

CONTACT:  BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk,
          Nottingham NG1 5DU
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


FIRST CH: Members to Meet September 24
--------------------------------------
The final general meeting of the members of the First CH Limited
will be on September 24, 2004 commencing at 11:30 a.m.  It will
be held at the offices of BDO Stoy Hayward LLP, 8 Baker Street,
London W1U 3LL.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL not
later than 12:00 noon, September 23, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Joint Liquidator:
          M Cohen
          Phone: 020 7486 5888
          Fax:   020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdo.co.uk


FIRSTGEAR INVESTMENTS: Names Tenon Recovery Administrator
---------------------------------------------------------
S R Thomas and S Burkett-Coltman have been appointed
administrators for Firstgear Investments Limited.  The
appointment was made August 20, 2004.

The company sells alcoholic and other beverages.  Its registered
office is located at Sherlock House, 73 Baker Street, London W1U
6RD.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Administrators:
          S R Thomas
          S Burkett-Coltman
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


HIGHAMS PARK: Hires Administrator from Begbies Traynor
------------------------------------------------------
Lloyd Biscoe and David Paul Hudson have been appointed
administrators for Electrical contractors, Highams Park
Electrical Services Limited.  The appointment was made August
19, 2004.  Its registered office is located at The Old Exchange,
234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange,
          234 Southchurch Road,
          Southend-on-Sea, Essex SS1 2EG
          Administrators:
          Lloyd Biscoe
          David Paul Hudson
          (IP Nos 009141, 008977)
          Phone: 01702 467255
          Fax:   01702 467201
          Web site: http://www.begbies.com


JVR JERROM: Creditors Meeting Set September 8
---------------------------------------------
The creditors of JVR Jerrom LLP will meet on September 8, 2004
commencing at 10:00 a.m.  It will be held at Numerica, 66
Wigmore Street, London W1U 2HQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Numerica, 66 Wigmore Street, London W1U 2HQ not
later than 12:00 noon, September 7, 2004.

CONTACT:  NUMERICA
          66 Wigmore Street,
          London W1U 2HQ
          Joint Administrators:
          J Birch
          N O'Reilly
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.numerica.biz


LAST MINUTE: Creditors Meeting September 9
------------------------------------------
           IN THE MATTER OF THE INSOLVENCY ACT 1986

                            and

            IN THE MATTER OF Last Minute London Ltd.

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Last Minute London Ltd.
will be held at Rifsons House 63-64 Charles Lane London NW8 7SB
on September 9, 2004 at 12:30 p.m. for the purpose of having a
full statement of the position of the Company's affairs,
together with a list of the Creditors of the Company and the
estimated amount of their claims, laid before them, and for the
purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee.  (Sections 99-101 of the
said Act)

In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Rifsons, Rifsons House 63-64 Charles Lane
London NW8 7SB two business days prior to the meeting.

By Order of the Board.

C. M. S. Ahmed, Director
August 4, 2004

CONTACT:  RIFSONS
          Rifsons House
          63-64 Charles Lane
          St. Johns Wood
          London NW8 7SB
          Phone:  +0207+586+7032 (2 lines)
                  +0207+586+9831 (3 lines)
          Fax: +0207+586+9834
          E-mail: rifsons@wol.net.pk
          Web site: http://www.rifsons.com


LONDON SCREENING: Special Winding up Resolutions Passed
-------------------------------------------------------
Name of Companies:
London Screening Centre Holdings Limited
London Screening Centre Limited

At an extraordinary general meeting of these companies on August
19, 2004 held at Venthams, Queens House, 55-56 Lincoln's Inn
Fields, London WC2A 3NA, the subjoined special resolutions to
wind up the companies were passed.  Lloyd Biscoe of Begbies
Traynor, The Old Exchange, 234 Southchurch Road, Southend-on-
Sea, Essex SS1 2EG has been appointed liquidator for the purpose
of such winding-up.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange,
          234 Southchurch Road,
          Southend-on-Sea, Essex SS1 2EG
          Liquidator:
          Lloyd Biscoe
          Phone: 01702 467255
          Fax:   01702 467201
          Web site: http://www.begbies.com


NTL INCORPORATED: To Hold Investor Day September 10
---------------------------------------------------
Ntl Incorporated (NASDAQ: NTLI), the U.K.'s leading cable
company and broadband supplier, will host an investor day on
September 10, 2004 at the Pierre Hotel in New York.

The investor day is scheduled to begin at 8:15 a.m. with opening
remarks from Simon Duffy, Chief Executive Officer, and will
conclude by approximately 3:30 p.m.  Other Ntl executives
scheduled to present on Ntl's strategy and participate in
question and answer sessions include:

(a) Tom Bennie, Managing Director, ntl business;

(b) Peter Douglas, Managing Director, ntl broadcast;

(c) Aizad Hussain, Managing Director, ntl home;

(d) Keith Monserrat, Director of Communications and Policy;

(e) Jim Mooney, Chairman;

(f) Scott Schubert, Chief Financial Officer;

(g) Steve Upton, Managing Director, ntl networks

To pre-register for this invitation-only event, please contact
Karen Bullot at karen.bullot2@ntl.com.  A live and archived Web
cast of the event will also be available at
http://www.ntl.com/investor.

CONTACT:  NTL INCORPORATED
          Karen Bullot
          Phone: +44 207 967 3335
          E-mail: karen.bullot2@ntl.com


PARK & PATERSON: Creditors to Meet September 13
-----------------------------------------------
The creditors of Park & Paterson Limited will meet on September
13, 2004 commencing at 2:00 p.m.  It will be held at The
Freemason Hall, Bridge Street, Manchester M3 3BT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG Corporate Recovery, St James Square,
Manchester M2 6DS not later than 12:00 noon, September 10, 2004.

CONTACT:  KPMG
          Corporate Recovery,
          St James Square,
          Manchester M2 6DS
          Joint Administrator:
          P Flint
          Phone: (0161) 838 4000
          Fax:   (0161) 838 4040
          Web site: http://www.kpmg.co.uk


PELLINI SHOES: Appoints Tenon Recovery Administrator
----------------------------------------------------
Dilip K. Dattani and Patrick B. Ellward have been appointed as
administrators for Pellini Shoes Limited.  The appointment was
made August 25, 2004.  The company sells shoes.

CONTACT:  TENON RECOVERY
          1 Bede Island Road,
          Bede Island Business Park,
          Leicester LE2 7EA
          Administrators:
          Dilip K Dattani
          Patrick B Ellward
          (IP Nos 007915, 008702)
          Phone: 0116 222 1101
          Fax:   0116 222 1102
          E-mail: leicester@tenongroup.com
          Web site: http://www.tenongroup.com


PERITECH SOLUTIONS: Members General Meeting Set September 30
------------------------------------------------------------
The general meeting of the members of Peritech Solutions Plc
will be on September 30, 2004 commencing at 10:00 a.m.  It will
be held at Mabe Allen, 50 Osmaston Road, Derby DE1 2HU.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Mabe Allen, 50 Osmaston Road, Derby DE1 2HU not later than
12:00 noon, September 29, 2004.

CONTACT:  MABE ALLEN
          50 Osmaston Road,
          Derby DE1 2HU
          Liquidator:
          J P Allen
          Phone: 01332 345265
          Web site: http://www.mabeallen.co.uk


PROFESSIONAL PATHOLOGY: Appoints Liquidator from Begbies Traynor
----------------------------------------------------------------
At an extraordinary general meeting of the Professional
Pathology Services Limited Company on August 19, 2004 held at
Venthams, Queens House, 55-56 Lincoln's Inn Fields, London WC2A
3NA, the subjoined special resolution to wind up the company was
passed.  Lloyd Biscoe of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG has been
appointed liquidator for the purpose of such winding-up.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange,
          234 Southchurch Road,
          Southend-on-Sea, Essex SS1 2EG
          Liquidator:
          Lloyd Biscoe
          Phone: 01702 467255
          Fax:   01702 467201
          Web site: http://www.begbies.com


RAMCO ENERGY: Continues Financing Talks with Banks
--------------------------------------------------
Ramco Energy plc, the Aberdeen based exploration and production
company, announces an update for the Seven Heads Gas Field in
the Celtic Sea.  Ramco Seven Heads Limited (RSHL), a wholly
owned subsidiary of Ramco, is Operator of the gas field.

The technical review of the gas field has been completed and
will shortly be circulated to partners, banks and the Irish
authorities for their review.  Ramco continues to discuss its
financing arrangements with its bankers who have provided an
extension to the existing waiver to allow the completion of the
review process and to enable their discussions to be concluded.

The Seven Heads partners are RSHL (Operator) 82.5%, Northern
Exploration Limited (a wholly owned subsidiary of Ramco) 4%,
Lundin Ireland Limited 12.5% and Sunningdale Oils (Ireland)
Limited 1.0%.

CONTACT:  RAMCO ENERGY PLC
          Aberdeen
          Steven Bertram, Group Financial Director
          Phone: 01224 352200

          Fleishman-Hillard Saunders - Dublin
          Michael Parker
          Phone: 00353 1 618 8450

          COLLEGE HILL ASSOCIATES
          London
          Nick Elwes
          Phone: 0207 457 2020

          RAMCO ENERGY PLC
          62 Queen's Road
          Aberdeen
          AB15 4YE
          United Kingdom
          Phone: +44 1224 352 200
          Fax: +44 1224 352 211


REGENCY CAPITAL: Hires Moors Stephens Liquidator
------------------------------------------------
At an extraordinary general meeting of the members of the
Regency Capital International Limited Company on August 25, 2004
held at Moore Stephens, St Paul's House, Warwick Lane, London
EC4P 4BN, the special, ordinary and extraordinary resolutions to
wind up the company were passed.  Phillip Rodney Sykes and
Jeremy Mark Willmont of Moore Stephens, 1 Snow Hill, London EC1A
2EN have been appointed joint liquidators for the purpose of the
voluntary winding-up.

CONTACT:  MOORE STEPHENS
          1 Snow Hill,
          London EC1A 2EN
          Joint Liquidators:
          Phillip Rodney Sykes
          Jeremy Mark Willmont
          Phone: 020 7334 9191
          Fax:   020 7248 3408
          Web site: http://www.moorestephens.co.uk


RTBM ENGINEERING: Brings in Administrators from Begbies Traynor
---------------------------------------------------------------
Steel fabricators, RTBM Engineering Limited has appointed Peter
A Blair and Richard A B Saville as administrators.  The
appointment was made August 20, 2004.  Its registered office is
located at Regency House, 21 The Ropewalk, Nottingham NG1 5DU.

CONTACT:  BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk,
          Nottingham NG1 5DU
          Administrators:
          Peter A Blair
          Richard A B Saville
          (IP Nos 008886, 007829)
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


SURVIVE HOLDINGS: Hires Administrators from PKF
-----------------------------------------------
Ian James Gould and Edward Terrence Kerr have been appointed
administrators for Survive Holdings Limited.  The appointment
was made August 20, 2004.

The company is engaged in disaster recovery services.  Its
registered office is located at Angel Place, 191 Fore Street,
London N18 2UD.

CONTACT:  PKF
          New Guild House,
          45 Great Charles Street,
          Queensway, Birmingham B3 2LX
          Administrators:
          Ian James Gould
          Edward Terrence Kerr
          (IP Nos 7866, 9020)
          Phone: 0121 212 2222
          Fax:   0121 212 2300
          E-mail: info.birmingham@uk.pkf.com
          Web site: http://www.pfk.co.uk


TADS EUROPE: Members Agree to Wind up Business
----------------------------------------------
At an extraordinary general meeting of the Tads Europe Limited
Company on August 20, 2004 held at 140 London Road, Guildford,
Surrey GU1 1UW, the special and extraordinary resolutions to
wind up the company were passed.  Matthew Richard Meadley Wild
of Baker Tilly, the Clock House, 140 London Road, Guildford,
Surrey GU1 1UW has been appointed the liquidator of the company
for the purpose of such winding-up.

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


TPL DIGITAL: Hires Liquidators from Tenon Recovery
--------------------------------------------------
At an extraordinary general meeting of the members of the TPL
Digital (UK) Limited Company on August 24, 2004 held at Times
Centre, 1 New Industrial Road, Singapore 536196, the Special
Resolution to wind up the company was passed.  S R Thomas and S
J Parker of Tenon Recovery, Sherlock House, 73 Baker Street,
London W1U 6RD have been appointed joint liquidators for the
purpose of winding-up the company.

CONTACT:  TENON RECOVERY
          Sherlock House,
          73 Baker Street,
          London W1U 6RD
          Joint Liquidators:
          S R Thomas
          S J Parker
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


VILLAGE 1: Hires Deloitte & Touche Administrator
------------------------------------------------
Name of Companies:
Village 1 Hotels Limited
Village 1 (Notting Hill) Limited

These companies have appointed S J Dargan and N B Kahn as
administrators.  The appointment was made August 25, 2004.   The
property holding companies registered office address is located
at PO Box 801, Victoria Chambers, 1-3 Esplanade, St Helier,
Jersey JE4 9RJ.

CONTACT:  DELOITTE AND TOUCHE LLP
          Athene Place,
          66 Shoe Lane,
          London EC4A 3WA
          Administrators:
          N J Dargan
          N B Kahn
          (IP Nos 008024, 001186)
          Phone: 00 44 (0) 207 936 3000
          Fax:   00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


WATERFORD WEDGWOOD: Mezzanine Notes Rated 'CCC+'
------------------------------------------------
Fitch Ratings assigned Waterford Wedgwood plc ratings of Senior
Unsecured 'B-, Senior Secured 'B+' and Short-term 'B'.  At the
same time, the agency has assigned Waterford Wedgwood's EUR165
million 9.875% mezzanine notes due 2010 a 'CCC+' rating.  The
Outlook is Stable.

The Senior Unsecured rating reflects the dramatic decline in
Waterford Wedgwood's financial performance during the financial
year to 31 March 2004, with EBITDA excluding disposals falling
to EUR62 million from EUR104m, and Fitch's expectation that
financial year 2005 performance will show little improvement.
Despite a series of restructuring programs, Waterford's
profitability has declined since 2001 due to weak consumer
demand, the negative impact of foreign exchange and industry
overcapacity.  These conditions are likely to persist for the
remainder of FY05, which could result in further margin
pressure.  However, the liquidity provided by the recently
agreed EUR40 million subordinated facility and the absence of
debt amortization payments provides headroom to achieve
improvements in cash flow generation in the short term.

"The recent changes in management at Waterford have precipitated
a greater focus on cash flow generation, particularly working
capital management.  The ratings and Stable Outlook are
contingent on Waterford achieving the necessary working capital
improvements without damaging its brands and successfully
adapting to changing consumer tastes.  In light of the weak
outlook for FY05, earnings are not expected to improve in the
short term." says Daragh Murphy, Associate Director in Fitch's
Leveraged Finance Group.

Although the sale of All-Clad reduces pro forma net leverage to
4.4x from 6.2x at FY04, the disposal eliminates one of the main
contributors to profitability and increases currency transaction
exposure.  Financial leverage remains high for such an
operationally leveraged company in a seasonal and cyclical
business.  The remaining core business is likely to encounter
further declines in profitability due to negative currency
movements against a backdrop of weak demand.

Cash flow generation has also been volatile, with large swings
in working capital.  In FY04, working capital requirements
increased substantially due to an increase in inventory, despite
a decline in sales.  Consequently Waterford, in conjunction with
external consultants, is focused on reducing inventories and
trade receivables, and expects to generate working capital cash
inflows of EUR30 million and EUR10 million in 2005 and 2006
respectively.

The mezzanine notes were issued in November 2003 in conjunction
with a rights issue and the proceeds were used to prepay part of
existing senior debt.  The three-notch differential between the
'CCC+' rating assigned to the notes and the 'B+' rating to the
Senior Secured facilities reflects Fitch's view of the
significant difference in the potential recovery prospects
between the two classes of debt in the event of any future
forced restructuring or distressed sale scenario.  The
differential reflects the subordination of the notes as well as
the relatively low tangible asset collateral value.

In the short term, liquidity is provided by cash on balance
sheet of EUR51.6 million at end-FY04, the subordinated facility
of EUR40 million, which ranks pari passu with the mezzanine
notes and EUR15 million of other lines.

Waterford Wedgwood is a leading designer and manufacturer of
luxury goods including crystal, ceramics and cookware.  For
FY04, the company generated sales and EBITDA before exceptional
items of EUR832 million and EUR68 million respectively.

These ratings were initiated by Fitch as a service to users of
its ratings.

CONTACT:  FITCH RATINGS
          Daragh Murphy, London
          Phone: +44 (0) 20 7417 6344

          Rachel Hardee
          Phone: +44 (0) 20 7417 6322

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


WATERTIGHT INSTALLATIONS: Sets General Meeting September 21
-----------------------------------------------------------
The general meeting of the unsecured creditors of Watertight
Installations Limited will be on September 21, 2004 commencing
at 10:30 a.m.  It will be held at BDO Stoy Hayward LLP, Prospect
Place, 85 Great North Road, Hatfield, Herfordshire AL9 5BS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, Prospect Place, 85 Great
North Road, Hatfield, Hertfordshire AL9 5BS not later than 12:00
noon, September 20, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          Prospect Place,
          85 Great North Road,
          Hatfield, Herfordshire AL9 5BS
          Joint Administrative Receiver:
          G S Kinlan
          Phone: 01707 255888
          Fax:   01707 255890
          E-mail: hatfield@bdo.co.uk
          Web site: http://www.bdo.co.uk


WESTWOOD CONTRACTORS: HSBC Bank Brings in Receiver from Numerica
----------------------------------------------------------------
HSBC Bank Plc called in David Michael Riley and L P Bailey as
joint administrative receivers for Westwood Contractors Limited
(Reg No 04139033).  The application was filed August 25, 2004.
The company is engaged in building and construction.

CONTACT:  NUMERICA
          South Central,
          11 Peter Street,
          Manchester M2 5LG
          Joint Administrative Receivers:
          David Michael Riley
          L R Bailey
          (Office Holder Nos 008959, 006496)
          Phone: 0161 833 8300
          Fax:   0161 833 8333
          Web site: http://www.numerica.biz


                            *********


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 * * *