/raid1/www/Hosts/bankrupt/TCREUR_Public/040323.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, March 23, 2004, Vol. 5, No. 58

                            Headlines

F I N L A N D

BENEFON OJY: Skips Bankruptcy by Filing Restructuring Plan


G E R M A N Y

MVV ENERGIE: To Abandon Subsidiaries in Spain, Portugal, Croatia


H U N G A R Y

PANNONPLAST PLC: Company Profile
PARMALAT HUNGARIA: Seeks Immediate Liquidation


I T A L Y

PARMALAT FINANZIARIA: Prosecutors Say Auditors Helped Fake Books


L U X E M B O U R G

RTL GROUP: Reduces Sportfive Stake to 25%


N E T H E R L A N D S

AEGON N.V.: Bares Names of Supervisory Board Nominees
ASML HOLDING: Discloses Results of Annual Shareholder Meeting
KLM ROYAL: Denies Delaying SkyTeam Alliance Link-up
ROYAL SHELL: To Render 1,500 Workers Jobless
ROYAL SHELL: Directors, Former Executives Sued in U.S.


N O R W A Y

AKER KVAERNER: Wins US$140 Mln Deal to Build GACIC's BDO Plant
AKER KVAERNER: Secures Financing for New Aker Kvaerner


R U S S I A

AGRONEFTESNAB: Declared Insolvent
ALEKSEEVSKAGROPROMSNAB: Court Appoints Insolvency Manager
ARSKAGROPROMSNAB: Under Bankruptcy Supervision Procedure
BOLSHERECHENSKY: Declared Insolvent
KURMYSHSKY DRYING: Under Bankruptcy Supervision Procedure

KUZTEKSTILMASH: Deadline for Proofs of Claim April 12
PANZIREVSKY: Submission of Proofs of Claim Until April 11
SELCHOZENERGO: Under Bankruptcy Supervision Procedure
SIMBIRSKTEPLOMONTAZH: Bankruptcy Supervision Procedure Begins
TRANSFORMATOR: Public Auction of Assets April 14


S W I T Z E R L A N D

SWISSCOM AG: Permira Buying Debitel for SFR1.4 Billion


U N I T E D   K I N G D O M

2CCS LIMITED: Appoints Joint Administrator
ADVANCE LOGISTICS: HSBC Bank Appoints Receivers from PKF
ALBERT BRASENELL: Final Meeting Set April 9
ANGLIAN WATER: Winding up Resolution Passed
ASHBOURNE INVESTMENTS: Files for Voluntary Winding up

BREXTON PROPERTIES: Hires Liquidator
BRITISH AIRWAYS: Unions Junk Proposal to Bridge Pension Gap
BRITISH NUCLEAR: Forming New Company to Clean up Nuclear Plants
CANARY WHARF: Morgan Stanley-led Consortium Trumps Brascan
CARPET EXPRESS: Venture Finance Names Kroll Limited Receiver

CORUS GROUP: Reorganizes Senior Management to Cut Brit Bias
COUNTRYMAN PUBLISHING: Winding up Resolution Passed
DAYLINK COMMUNICATIONS: Final Meeting Set April 23
E.J.S. FINANCE: Calls in Liquidator
ENERGIS PLC: Deadline for Submission of Claims Form March 29

GAME NETWORK: Designates Liquidator from Thorntonrones
GATEWAY MAINTENANCE: Aston Rothbury Names Menzies Receiver
GN INVESTMENTS: Hires Smith and Dargan Liquidators
GOODMANS LOUDSPEAKERS: Appoints Administrator
HENLYS: Seeking GBP180 Mln Facility from Bankers

HIVEDOWN LIMITED: Members Final Meeting Set April 8
INCENTIVE INVESTMENTS: Winding up Resolution Passed
IRONBRIDGE ESTATES: Members Final Meeting April 9
LEEDS UNITED: Local Businessmen Save Team from Bankruptcy
MARTYN GOULD: Brings in Liquidator from Menzies
METFORM ENGINEERING: Hires Administrator from Baker Tilly
STRONGBOX BROADCAST: Creditors Meeting Set March 24

* Large Companies with Insolvent Balance Sheets


                            *********


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


BENEFON OJY: Skips Bankruptcy by Filing Restructuring Plan
----------------------------------------------------------
The Turku District Court accepted Friday the restructuring
program of Benefon that would spare the Finnish mobile phone and
positioning device maker from bankruptcy, reports the Finnish
News Agency.

British Octagon Solutions, which set the restructuring program
as a condition for its investment of EUR1.65 million in Benefon,
will be controlling two-thirds of the Finnish company.  With the
takeover comes a new board for Benefon, which consists of
Jeffrey Crevoiserat, Brian Katzen and Juha Kiikeri. A new CEO,
for which Kiikeri is touted as a frontrunner, will be appointed
this week.

Both management and workers welcomed the court's decision. "The
ruling gives the company a new chance and the peace to work, at
last.  An uncertain situation has dragged on agonizingly long,"
Mr. Kiikeri told the Finnish News Agency.


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


MVV ENERGIE: To Abandon Subsidiaries in Spain, Portugal, Croatia
----------------------------------------------------------------
The energy distribution and service enterprise MVV Energie has
completed its strategic realignment, and in future will
concentrate its business on the distribution of electricity,
gas, heat and water, thermal environmentally friendly waste
recovery, biomass utilization, energy services close to core
business as well as district heating in Poland and the Czech
Republic.  Following last weeks Supervisory Board decision on
the initial step of spinning off Powerline activities, on Friday
it also approved as planned the second package of measures
proposed by the Executive Board.

As announced during the Supervisory Board meeting in Mannheim by
chief executive, Dr. Rudolf Schulten, Germany's fifth largest
energy provider is separating itself from its subsidiaries in
Spain, Portugal and Croatia as well as its associated company
Awatech, which is active in sewage treatment plant construction.
In addition, MVV Energie will not continue to expand the wind
energy sector, and in future will not develop any further
projects pertaining to its subsidiary, eternegy.  At the same
time the eternegy start-up losses to the amount of approximately
EUR14 million will be written off.  On the whole, Dr. Schulten
estimated the balance sheet repercussions of this second phase
of portfolio adjustment at nearly EUR21 million.

Dr. Schulten said: "Together with the spin-off of the Powerline
business, this year we will expend up to EUR52 million -- on a
one-time basis -- through valuation adjustments in fixed assets,
write-offs on affiliate book values as well as through clearing
the debt of the affected subsidiaries.  These one-time burdens
will be covered through the previous year's accumulated profits
from the sale of shares in Gasversorgung Suddeutschland (GVS).
With such a clear step the Group will thus be aligned in terms
of profitability, growth and financial solidity, since in future
no further ongoing losses will be incurred in the concerned
sectors.  Of course, we will carry on with the contractually
stipulated projects already underway, but we will not conduct
any new investments outside our core business."

With the measures now concluded and those being introduced --
which should, as far as possible, be completed this year -- MVV
Energie intends to further expand its strong position in the
German and European energy market.  Dr. Schulten said: "We've
bundled our strengths and are now once again able to act
offensively on the market."

On the basis of organic growth in the regional energy and
service business by the parent company in Mannheim, MVV Energie
is also striving to further expand its holdings in German
municipal utilities as well as in district heating enterprises
in Poland and the Czech Republic.  Within the framework of the
platform strategy, the marketing of energy services shall also
be expanded via new investments.  The decentral power plant
projects in the biomass and waste recovery sectors will be
brought together in one business segment, MVV Umwelt [MVV
Environment].  "Ecological energy production thus remains a
trademark of MVV Energie," Dr. Schulten said.

According to the statements by the CEO, the company has been
successfully able to adapt within six months to the changing
market requirements and the increasing competition: "The
Executive Board and the Supervisory Board have thus pointed the
way forward for further successful development of the Group.
After the necessitated corrections in our portfolio we are now
continuing on a course of growth," he said.

On Friday the Supervisory Board also approved the further
development of the Group organization proposed by the Executive
Board.  Dr. Schulten said: "In many sectors our structure was
not able to pursue the rapid growth of the past few years.  With
the newly created organization we are attaining a smooth
collaboration among our Group businesses, an improvement in
customer orientation as well as an optimization of the internal
administrative control."

CONTACT:  MVV ENERGIE AG
          Investor Relations
          Luisenring 49
          68159 Mannheim
          Phone: +49 621 / 290-3708
          Fax: +49 621 / 290-3075
          E-mail: ir@mvv.de
          Web site: http://www.mvv-investor.de


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


PANNONPLAST PLC: Company Profile
--------------------------------
NAME: Pannonplast Plc
      HU-1225 Budapest
      Nagytetenyi ut 216-218
      Hungary

PHONE: +36-1-207-1928

FAX: +36-1-207-1525


WEB SITE: http://www.pannonplast.hu

TYPE OF BUSINESS: The company manufactures plastic finished
products, including sewage and hot/cold water pressure pipes and
fittings, and mid-voltage insulators.

SIC: Plastics Industry

EXECUTIVES: Board of Directors
            Csaba Zoltan, Chairperson of the Board
            Janos Illessy Ph.D.
            Laszlo Molnar
            Gyula Pazmandi
            Gabor Ujlaki

            Supervisory Board
            Judit Martenyi PhD.
            Jozsef Maros
            Antal Monostori

            Executive Management
            Csaba Zoltan, CEO and Chairperson
            Krisztian Orban, Strategy Director
            Arpad Veress, VP
            Balazs Szabo, VP
            Gyula Laszlo, VP
            Erika Jilling, VP
            Ervin Nemesdy, VP
            Andras Hever, HR Director

INVESTOR RELATIONS:  Erika Jilling, Deputy CEO
                     Phone: +36-1-207-1808
                     Fax: +36-1-207-1464
                     E-mail: erika.jilling@pannonplast.hu

SALES: HUF26,973,449 (as of Dec. 31, 2002)

NET LOSS: HUF959,296,000 (as of Dec. 31, 2002)

TOTAL CURRENT ASSETS: HUF10,884,071 (as of Dec. 31, 2002)

TOTAL CURRENT LIABILITIES: HUF11,216,577 (as of Dec. 31, 2002)

TOTAL ASSETS: HUF29,919,451 (as of Dec. 31, 2002)

TOTAL SHAREHOLDERS' EQUITY: 16,323,374


PARMALAT HUNGARIA: Seeks Immediate Liquidation
----------------------------------------------
Parmalat Hungaria Rt. has asked a county court to place it under
liquidation at the earliest possible time after its parent's
attempt to find a buyer failed, according to Dow Jones.

Citing local news agency MTI, Dow Jones said local shareholders
rejected the offer of Italian dairy company, Catone Kft.,
leaving the company with no choice but to file for liquidation.
The Fejer county court said it could appoint a prosecutor and
put the company under liquidation this week.

Parmalat Hungary owes around HUF5.5 billion to creditors, the
news wire said without naming sources.  Legal action has already
been taken against the company by Catone and six of the
subsidiary's largest creditors.

"The company isn't forced to close down as its milk and other
suppliers already expressed that they are ready to cooperate
with the prosecutor," said Cristiano Villani, chief executive of
Parmalat Hungaria.


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


PARMALAT FINANZIARIA: Prosecutors Say Auditors Helped Fake Books
----------------------------------------------------------------
Accountants of the now insolvent Italian giant, Parmalat
Finanziaria S.p.A., have been accused by prosecutors of helping
the company falsify its books, according to a document obtained
over the weekend by Reuters.

"It emerged that, over the years, auditors helped the group
falsify its books or certified balance sheets knowing they were
false; in some cases... they pushed away local auditors who were
honest and/or too curious," the document said.  The prosecutors'
evidence, presented to a judge in Milan last week, said seven
people had "formally or substantially" admitted they were guilty
of the accusations.  They also accused the accountants who
denied involvement of having known about various false
statements by the dairy group yet "never asked for nor drew up
checks nor even denounced such evident and known circumstances
to (bourse regulator) Consob or justice authorities."

Twenty-nine people and three institutions were called by
investigators Thursday to be put on trial for their alleged part
in Parmalat's multi-billion-euro accounting scandal.  Among
those accused of market-rigging, false auditing and regulatory
obstruction are Parmalat founder Calisto Tanzi and the Italian
affiliates of auditors Deloitte & Touche, Grant Thornton and
Bank of America.  The three institutions were also accused by
prosecutors of not keeping to a law on operating structures and
controls.

For its part, Bank of America said Thursday it would defend
itself against any charges.  Three of its employees were accused
of helping Parmalat on the financial markets despite knowing the
true state of its finances and who had "secretly drawn enormous
personal benefit from the group's work with BofA (a total of
more than US$40 million)."

Grant Thornton's former Italian unit, now renamed Italaudit,
declined to comment while Deloitte denied wrongdoing by its two
auditors under investigation.  A trial could start as early as
next month, when the judge assigned to the Parmalat case decides
whether the evidence against the accused merit a trial.


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


RTL GROUP: Reduces Sportfive Stake to 25%
-----------------------------------------
RTL Group and Canal Group, a Vivendi Universal subsidiary,
announced on Friday, March 19, the finalization of the sale of
their interests in Sportfive.  The transaction is based on a
100% value of EUR560 million.  The sale is subject to the
finalization of the bank financing and to the approval of the
antitrust authorities.

Under the terms of the deal Advent International, a leading
global private equity fund, and RTL Group will set up a new
company that will purchase all of the shares in Sportfive held
by RTL Group (46.4%) and Canal+ (46.4%).  Advent International
will hold 75% of the new company with RTL Group holding the
remaining 25%.  Canal+ will exit its investment entirely.
Jean-Claude Darmon, the Chairman and CEO of Sportfive, and the
other members of the senior management team remain in their
current roles.  In addition, negotiations are being held between
Advent International, RTL Group and Jean-Claude Darmon on a
possible interest that Jean-Claude Darmon may have in the new
company.

Commenting on the disposal, Gerhard Zeiler, Chief Executive of
RTL Group said: "We are pleased to have come to an arrangement
that realizes the value of our investment in Sportfive while
allowing us to retain an interest in what is a strong business.
We look forward to working with our new partners to develop the
company further.  Sportfive has critical mass with the potential
and knowledge to develop new activities and to market large
sports events through its international network."

About Sportfive

SPORTFIVE, Europe's leading sports marketing group, was founded
in 2001 and is listed on the Paris stock exchange.  The agency
covers the whole range of sports rights marketing, from stadium
advertising and hospitality programmes to shirt sponsorships,
stadium consulting and the sale of international TV rights.  On
the whole, the group markets the rights of more than 250
individual clubs, 11 leagues and 40 national football
associations worldwide.  In Germany, SPORTFIVE is responsible
for the marketing of professional football clubs like Borussia
Dortmund, Hertha BSC Berlin and Hamburger SV, in France for
Paris St. Germain.  In addition to the core business football,
SPORTFIVE markets the image rights of the two heavyweight boxers
Vitali and Wladimir Klitschko and manages the worldwide TV- and
marketing rights of the International Handball Federation and
the worldwide TV rights of the Rugby Six Nations Tournament.

CONTACT:  RTL GROUP
          Andrew Buckhurst
          Phone: +352/ 2486 5130/5075

          FINSBURY GROUP
          Julius Duncan
          Katie Lang
          Phone: +44/20 7251 3801


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


AEGON N.V.: Bares Names of Supervisory Board Nominees
-----------------------------------------------------
In order to fill two of the vacancies in the Supervisory Board,
as mentioned in the press release on March 12, 2004, the
Supervisory Board of AEGON N.V. intends to propose to the Annual
General Meeting of Shareholders to be held on April 22, 2004 to
appoint Mr. Irving W. Bailey, II and Mr. Peter Voser as members
of the Supervisory Board.

Mr. Bailey is currently non-executive Chairman of the Board of
AEGON USA Inc., from which he will retire upon his appointment
as a member of the Supervisory Board of AEGON N.V.  Mr. Bailey
was President and Chief Executive Officer of Providian
Corporation until 1997, the year in which AEGON acquired
Providian.  Mr. Bailey is currently managing director of
Chrysalis Ventures, established in Louisville, USA, a venture
capital company.

Mr. Voser (45) is Group Chief Financial Officer and member of
the Group Executive Committee of ABB Asea Brown Boveri Ltd,
Switzerland.


ASML HOLDING: Discloses Results of Annual Shareholder Meeting
-------------------------------------------------------------
ASML Holding NV announced on Friday, the results of its Annual
General Meeting of Shareholders held on March 18, 2004.  During
the proceedings, shareholders approved:

     (i) ASML's financial statements as at and for the year
         ended December 31, 2003;

    (ii) A proposal to adopt the remuneration policy for the
         Board of Management;

   (iii) (a) A proposal to approve the stock option and share
         arrangements for the Board of Management over the
         financial year 2004; and (b) a proposal to approve the
         employee stock option arrangements over the financial
         year 2004;

    (iv) A proposal to amend the Articles of Association of the
         Company;

     (v) A proposal to authorize the Board of Management through
         September 18, 2005 to issue shares equivalent to up to
         10% of ASML's paid-up capital plus an additional 10% of
         ASML's paid up capital to be used in connection with
         mergers and acquisitions and to restrict or exclude
         shareholders' pre-emption rights in connection with any
         such issuance; and

    (vi) A proposal to authorize the Board of Management through
         September 18, 2005 to repurchase up to 10% of the
         issued share capital of ASML at a price between the par
         value of the shares acquired and 110 percent of the
         average market price of these securities on Euronext
         Amsterdam or the NASDAQ National Market.

The reserves and dividend policy of ASML was explained: ASML's
current policy is to not distribute any dividends or reserves,
but to invest these proceeds, if any, in research and
development and technology.

The General Meeting fully discharged the members of the Board of
Management and the Supervisory Board for the performance of
their respective duties in the financial year 2003.  In
addition, ASML gave an explanation with respect to ASML's view
on the recently published Dutch Corporate Governance Code.

The Supervisory Board increased its number of members from 6 to
7, due to the increased workload; re-appointed Mr. H. Bodt for
an additional term and appointed Messrs. F. Frohlich and A.P.M.
van der Poel.  Mr. Frohlich replaces Mr. S. Bergsma, who retired
by rotation and was not available for re-appointment.

About ASML

ASML is the world's leading provider of lithography systems for
the semiconductor industry, manufacturing complex machines that
are critical to the production of integrated circuits or chips.
Headquartered in Veldhoven, the Netherlands, ASML is traded on
Euronext Amsterdam and NASDAQ under the symbol ASML.  For more
information, visit its Web site at http://www.asml.com.


KLM ROYAL: Denies Delaying SkyTeam Alliance Link-up
---------------------------------------------------
Dutch airline, KLM Royal Dutch Airline, denies reports that it
is no longer joining the SkyTeam alliance, Reuters says.

"We always said we would join in the summer, and September is
still the end of summer. There is no delay," spokesman Frank
Houben said. "We want to join when everything is ready and not
join first and then put everything in place."

Soon to be absorbed by Air France in a friendly merger, KLM
also denied reports by De Telegraaf that there were some unknown
problems with U.S. authorities that led to the delay.  The
merger will create Europe's largest airline, with Italy's
Alitalia set to join the two at a later stage.  Under the terms
of the deal, unveiled in September, holders of 10 KLM common
shares will be offered 11 Air France shares and 10 Air France
warrants.

The SkyTeam global alliance is currently the world's third-
largest behind Star Alliance, which includes United Airlines,
Lufthansa and Singapore Airlines; and Oneworld, led by American
Airlines and British Airways.  KLM intends to join Air France,
Delta Air Lines and Alitalia, among others, in the SkyTeam, with
China Southern due to link up soon.


ROYAL SHELL: To Render 1,500 Workers Jobless
--------------------------------------------
In its bid to boost oil production by 500,000 barrels a day, Oil
giant Royal Dutch/Shell is planning to streamline its operations
in Nigeria by slashing some 1,500 jobs out of a total work force
of about 5,000, reports the Associated Press.

In a statement, the company said some of its Nigerian offices
will be closed down to create "a single corporate centre," in
order to run a leaner and more efficient organization in the
country.

Shell Nigeria's managing director, Chris Finlayson, said the
reorganization's aim was to raise Shell's oil production from
about 1 million barrels daily at present to 1.5 million barrels
daily by 2006. Shell expects the move will also help lower the
cost of producing crude oil from about 2 dollars a barrel to
1.50 dollars a barrel, said the statement.

Shell already pumps about half of all oil produced in Nigeria,
which is the source of one-fifth of United States oil imports.

A senior Shell official also told the Associated Press that the
company will transfer its Nigerian headquarters from Lagos to
the southeastern oil-industry capital of Port Harcourt.

For a successful reorganization, Shell will still have to
overcome the hostility of powerful unions. In a 10-day strike
demanding job security last September, when the plan was first
made public, police had to use tear gas to disperse disgruntled
union employees picketing Shell's Lagos headquarters.

The company also plans to lie low in the troubled oil-port city
of Warri, where more than 200 people have been killed in the
last year as rival ethnic militias fought over benefits from oil
operations in the area.


ROYAL SHELL: Directors, Former Executives Sued in U.S.
------------------------------------------------------
Four past and present directors of Europe's second-largest oil
company, Royal Dutch/Shell, have been named as respondents in
several U.S. class action suits stemming from the overstatement
of oil reserves, according to Bloomberg News.

Anglo American Plc Chairman Sir Mark Moody-Stuart, Rio Tinto Plc
Chairman Paul Skinner, Lloyds TSB Group Plc Chairman Maarten van
den Bergh and Royal Dutch Shell President Jeroen van der Veer
are among those named in the multibillion-dollar class action
complaint.

"We understand class action law suits have been filed in the
U.S. and we will respond in due course," said Shell spokesman
Andy Corrigan.  He declined to comment on individual cases.

Rio Tinto and Lloyds TSB didn't immediately return messages left
with the companies.  On top of the 3.9 billion-barrel reduction
announced January 9. Shell cut last week its proved reserves in
2002 by 250 million barrels of oil.  An assessment of 2003
reserves given on February 5 was overstated by 220 million
barrels, the company said last week.


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


AKER KVAERNER: Wins US$140 Mln Deal to Build GACIC's BDO Plant
--------------------------------------------------------------
Norwegian firm Aker Kvaerner has signed a contract with
the Gulf Advanced Chemical Industries Company (GACIC) to build a
75,000 ton-per-annum butanediol (BDO) plant in Al-Jubail, Saudi
Arabia, reports menareport.com.

In a press release, Aker Kvaerner, which will provide
engineering, procurement and construction, including
commissioning and start up services for the plant, stated that
it expects its involvement in the project to be in the range of
US$140-150 million.

This project is a part of the privately owned petrochemicals'
complex being developed in Al-Jubail by the Saudi International
Petrochemical Company (SIPCHEM). The venture will use butane-to-
maleic anhydride technology to convert n-butane to maleic
anhydride, which will then be used for the production of BDO.

BDO is one of the world's fastest growing chemicals used in the
production of polybutylene terephthalate, thermoplastic
polyurethanes, elastic fibres, pharmaceuticals, solvents, plant
protection, coatings and electronic chemicals.

The 300,000 man-hour project is being carried out by Aker
Kvaerner's office in the Netherlands, using a combined team from
the U.K. and Holland. The startup for the plant start-up is
expected in the fourth quarter of 2005.


AKER KVAERNER: Secures Financing for New Aker Kvaerner
------------------------------------------------------
The debt financing structure for the new Aker Kvaerner group is
all set. Aker Kvaerner AS, the company holding all the oil and
gas entities within the new group, has raised a total of EUR410
million in fresh funds to jump-start the new group's operations.

Senior bank debt amounting to EUR150 million was signed last
week with a group of eight core banks, effectively reducing the
number of lenders from about 30 currently.  The international
bond offering of Second Priority Lien Notes due 2011, on the
other hand, was heavily oversubscribed, resulting in the
offering being raised from EUR250 million to EUR260 million, the
company said. The bond has a coupon of 8 3/8%, and is callable
after three years.

The financing agreements are subject to standard conditions
precedents, final acceptance from bonding providers and
completion of an equity offering in the new Aker Kvaerner ASA,
with investor presentations starting Monday.


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


AGRONEFTESNAB: Declared Insolvent
---------------------------------
The Arbitration Court of Smolensk region declared agricultural
petro-supplying company, LLC Agroneftesnab, insolvent and
subsequently introduced bankruptcy proceedings on the company.
The case is docketed as A62-519-N/2003.  Mr. Nikolay Pozdnyakov,
a member of TP Self-regulated organization of arbitral managers
in Central Federal District, has been appointed insolvency
manager.

Creditors are asked to submit their proofs of claim to the
insolvency manager: 214006, Russia, Smolensk, Post User Box 92,
on or before May 11, 2004.

CONTACT:  Agricultural Petrosupplying Company
          LLC Agroneftesnab
          Russia, Smolensk region, Pochinok,
          Krasnoarmeyskaya St

          Mr. Nikolay Pozdnyakov, insolvency manager
          214006, Russia, Smolensk, Post User Box 92


ALEKSEEVSKAGROPROMSNAB: Court Appoints Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Republic of Tatarstan declared
agricultural-industrial supplying company, OJSC
AlekseevskAgroPromSnab, insolvent and introduced bankruptcy
proceedings on the company.  The case is docketed as A65-
14807/2003-SG4-350.  Mr. Sh. Khaertdinov, a member of TP Self-
regulated organization of arbitral managers in Republic of
Tatarstan, has been appointed insolvency manager.

Creditors are asked to submit their proofs of claim to the
insolvency manager: 420049, Republic of Tatarstan, Kazan, Post
User Box 8 on or before May 11, 2004.

CONTACT:  Agricultural-Industrial-Supplying Company
          OJSC Alekseevskagropromsnab
          Russia, Republic of Tatarstan, Alekseevskoye,
          Chistopolskaya str.1

          Mr. Sh. Khaertdinov, insolvency manager
          420049, Republic of Tatarstan, Kazan,
          Post User Box 8


ARSKAGROPROMSNAB: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Republic of Tatarstan commenced
bankruptcy supervision procedure on state unitary enterprise,
agricultural-industrial supplying company, ArskAgroPromSnab.
The case is docketed as A65-937/2004-SG4-21.  Mr. R. Nagimov, a
member of TP Self-regulated organization of arbitral managers in
Republic of Tatarstan (420029, Republic of Tatarstan, Kazan,
Sibirsky trakt, 34, Post User Box 28), has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager: 420111, Republic of Tatarstan,
Kazan, Post User Box 593.  A hearing will take place on May 27,
2004, 4:00 p.m., at the Arbitration Court of Republic of
Tatarstan.

CONTACT:  Agricultural-Industrial-Supplying Company
          SUE Arskagropromsnab
          420029, Russia, Republic of Tatarstan,
          Arsk, Agronomicheskaya str.50

          Mr. R. Nagimov, temporary insolvency manager
          420111, Russia, Republic of Tatarstan, Kazan,
          Post User Box 593

          Arbitration Court of Republic of Tatarstan
          Russia, Republic of Tatarstan, Kazan, Kreml,
          Build.1, 2 podyezd, 2nd-Floor, Hall 6


BOLSHERECHENSKY: Declared Insolvent
-----------------------------------
The Arbitration Court of Omsk region declared the industrial
goods unitary enterprise, Bolsherechensky (TIN 5510006094),
insolvent and introduced bankruptcy proceedings on the company.
The case is docketed as A K/E-45/03.  Mr. O. Kratko, a member of
TP Siberian interregional self-regulated organization of
arbitral managers, has been appointed insolvency manager.

Creditors are asked to file their proofs of claims at 644010,
Omsk, Polkovaya str. 34, office 29, to Mr. O. Kratko, insolvency
manager on or before May 12, 2004.

CONTACT:  POULTRY PLANT Bolsherechensky
          646420, Omsk region, Bolsherechye,
          Promyshlennaya str.48

          Mr. O. Kratko, insolvency manager
          644010, Omsk, Polkovaya str. 34, office 29


KURMYSHSKY DRYING: Under Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Nizhny-Novgorod region commenced
bankruptcy supervision procedure on PC Kurmyshsky Drying Factory
(TIN 5226000202).  The case is docketed as A43-1688/04-18-85.
Mr. S. Chuprov, a member of TP Privolzhskaya self-regulated
organization of arbitral managers (603001, Nizhny Novgorod,
Pochainskaya str.20), has been appointed temporary insolvency
manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager: 603000, Russia, Nizhny-Novgorod,
Gorky str.115, office 618.  A hearing will take place on May 18,
2004, 2:30 p.m. at the Arbitration Court of Nizhny-Novgorod
region.

CONTACT:  KURMYSHSKY DRYING FACTORY
          Russia, Nizhny-Novgorod region,
          Kurmysh, Lenin str.

          Mr. S. Chuprov, temporary insolvency manager
          603000, Russia, Nizhny-Novgorod,
          Gorky str.115, office 618


KUZTEKSTILMASH: Deadline for Proofs of Claim April 12
-----------------------------------------------------
The Arbitration Court of Penza region declared textile machinery
factory, OJSC Kuztekstilmash, insolvent and introduced
bankruptcy proceedings on the company.  The case is docketed as
A 49-350/04-19b/26.  Mr. V. Kurganov, a member of TP Russian
commercial and industrial chamber interregional self-regulated
organization of arbitral managers (Moscow, Ilyinka str 5/2), has
been appointed insolvency manager.

Creditors are asked to submit their proofs of claim to:

(1) Debtor - Textile machinery factory OJSC Kuztekstilmash;

(2) Arbitration Court of Penza region;

(3) Mr. V. Kurganov, insolvency manager on or before April 12,
    2004.

CONTACT:  TEXTILE MACHINERY FACTORY
           OJSC KUZTEKSTILMASH
           442530, Penza region, Kuznezk,
           Moskovskaya str.70a

           Arbitration Court of Penza region
           440600, Penza, Belinskogo str.2

           Mr. V. Kurganov, insolvency manager
           442530, Penza region, Kuznezk, Post User Box 55


PANZIREVSKY: Submission of Proofs of Claim Until April 11
---------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
supervision procedure on state unitary enterprise, Panzirevsky.
The case is docketed as A72-364/04-21/2-B.  Mr. Andrey Sobitnyuk
has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager: 433513, Russia, Ulyanovsk Region,
Dimitrovgrad, Post User Box 968 on or before April 11, 2004.

CONTACT:  POULTRY PLANT PANZIREVSKY
          Russia, Ulyanovsk region,
          Inzensky area, Panzirevo

          Mr. Andrey Sobitnyuk, temporary insolvency manager
          433513, Russia, Ulyanovsk region, Dimitrovgrad,
          Post User Box 968


SELCHOZENERGO: Under Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Republic of Bashkortostan commenced
bankruptcy supervision procedure on agricultural power company,
Selchozenergo.  The case is docketed as A07-19826/03-A-RSA.  Mr.
R. Kildiyarov has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to:

(1) Debtor - Agricultural Power Company SUE Selchozenergo;

(2) Arbitration Court of Republic of Bashkortostan on or before
    May 11, 2004.

CONTACT:  Agricultural Power Company SUE Selchozenergo
          452554, Russia, Republic of Bashkortostan,
          Mechetlinsky Area, Bolsheustikinskoye.

          Arbitration Court of Republic of Tatarstan
          450057, Russia, Republic of Bashkortostan,
          Ufa, Oktyabrskaya Revolyuzia str.63a


SIMBIRSKTEPLOMONTAZH: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
supervision procedure on warm power-mounting company, LLC
Simbirskteplomontazh.  The case is docketed as A72-368/04-21/1-
B.  Mr. Nikolay Korchagin, a member of TP Self-regulated
organization of arbitral managers SMAU (109029, Moscow,
Nizhegorodskaya str.32, build.15), has been appointed temporary
insolvency manager.

Creditors are asked to submit their proofs of claims to the
temporary insolvency manager: 432071, Russia, Ulyanovsk, Krymova
str.12, office 37 on or before April 11, 2004.  A hearing will
take place on May 24, 2004, 9:00 a.m. at the Arbitration Court
of Ulyanovsk region.

CONTACT:  LLC SIMBIRSKTEPLOMONTAZH
          432063, Russia, Ulyanovsk,
          Zheleznodorozhnaya str.14

          Mr. Nikolay Korchagin, temporary insolvency manager
          432071, Russia, Ulyanovsk, Krymova str.12, office 37


TRANSFORMATOR: Public Auction of Assets April 14
------------------------------------------------
The bidding organizer LLC CENTER R.I.D. set the public auction
of electro-technical factory, OJSC Transformator's properties on
April 14, 2004 at 11:00 a.m.  The auction will be held at
Russia, Moscow, Krasnocholmskaya Naberezhnaya, 13/15, build.1.
Phone: 095-9128484.

The assets of the manufacturer of electric transformers are
currently held by Commercial Bank Transinvestbank LLC.  The
assets for sale are:

     (i) Transformer Building - 76,735.7 sq. m.;

    (ii) Hardware Building - 6,179.2 sq. m.;

   (iii) Supplementary Building - 19,312.7 sq. m.;

    (iv) Other buildings, with the total area - 31,891.2 sq. m.

Starting price is RUB105,347,088, without VAT.

Preliminary examination with auction conditions, document list
for participants, description of lots and reception of biddings
are being done from 10:00 a.m. until 6:00 p.m. on weekdays until
April 12, 2004 under the address: Russia, Moscow,
Krasnocholmskaya Naberezhnaya, 13/15, build.1. Phone: 095-
9128484.

Reception of biddings and documents for participation in the
auction will be done until April 12, 2004, 6:00 p.m.  In order
to participate in the auction the bidder should transfer deposit
to the bidding organizer settlement account until April 12,
2004.  Recipient: LLC CENTER R.I.D.  The bidding organizer will
launch a partial sale of company's assets on April 14, 2004 at
11:00 a.m.

CONTACT:  OJSC TRANSFORMATOR
          Russia, Samara region, Tolyatti, Industrial str.1

          LLC CENTER R.I.D., bidding organizer
          Moscow, Krasnocholmskaya naberezhnaya, 13/15, build.1
          Phone: 095-9128484


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


SWISSCOM AG: Permira Buying Debitel for SFR1.4 Billion
------------------------------------------------------
For SFR1.4 billion, Swisscom AG is selling its German mobile
telephone company Debitel to U.K. investment group, Permira,
according to the Sunday newspaper Sonntagszeitung.

Under the terms of the deal, Permira will acquire Swisscom's 93%
stake in Debitel and will also buy out Electronic Partners' 2%
stake, the newspaper said without disclosing its sources.
Subsequently, Permira plans to squeeze out the remaining small
shareholders.

A Swisscom spokesman declined to comment on this matter, but
instead confirmed Swisscom is still interested in acquiring a
47.5% stake in Telekom Austria, currently held by the Austrian
government.  The Debitel deal, at EUR11 per share, is believed
to be appealing for the U.K. company because it will enable it
to reduce tax burden, the newspaper said.

Debitel's Dutch unit, estimated to be worth around EUR200
million, is also being eyed for acquisition by Permira,
according to the report. It currently serves around 1 million
customers.


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


2CCS LIMITED: Appoints Joint Administrator
------------------------------------------
Name of Company: 2CCS Limited

Reg No 03686051

Registered Office: 1 Peterborough Road, Harrow, Middlesex HA1
2AX

Nature of Business: Equipment Manufacturing

Trade Classification: 11, Other Manufacture

Administration Order made: March 8, 2004

Joint Administrators:  CLAREVILLE HOUSE
                       26-27 Oxendon Street,
                       London SW1Y 4EP
                       Contact:
                       Robert Smailes
                       Stephen Ryman
                       (Office Holder Nos 8975, 4731)


ADVANCE LOGISTICS: HSBC Bank Appoints Receivers from PKF
--------------------------------------------------------
Name of Company: Advance Logistics Limited

Reg No 4920195

Nature of Business:
Manufacture and Distribution of Furniture and Household Items

Date of Appointment of Joint Administrative Receivers:
March 1, 2004

Name of Person Appointing the Joint Administrative Receivers:
HSBC Bank plc

Joint Administrative Receivers:  PKF
                                 Pannell House,
                                 159 Charles Street,
                                 Leicester LE1 1LD
                                 Receivers:
                                 Edward T Kerr
                                 Brian J Hamblin
                                 (Office Holder Nos 9020, 2085)


ALBERT BRASENELL: Final Meeting Set April 9
-------------------------------------------
There will be a Final Meeting of the Members of the Albert
Brasenell (Steel & Export) Limited Company on April 9, 2004 at
10:00 a.m.  It will be held at K J Watkin & Co, Emerald House,
20-22 Anchor Road, Aldridge, Walsall, WS9 8PH.

The purpose of the Meeting is to lay before the Members how the
Liquidator conducted the winding-up and disposal of the
Company's property.  Members of the Company who wish to be
represented at the Meeting will have to submit the complete
proxy form at Emerald House, 20-22 Anchor Road, Aldridge,
Walsall, WS9 8PH not later than 12:00 noon on or before April 8,
2004.


ANGLIAN WATER: Winding up Resolution Passed
-------------------------------------------
At an Extraordinary General Meeting of the Members of the
Anglian Water Environmental Partnership Company on March 9, 2004
held at Salisbury House, Station Road, Cambridge CB1 2LA, the
subjoined Special Resolutions to wind up the Company were
passed.  Shay Lettice, of the firm of Peters Elworthy & Moore,
has been appointed Liquidator of the Company.


ASHBOURNE INVESTMENTS: Files for Voluntary Winding up
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Ashbourbne Investments Limited Company on March 9, 2004 held at
Brentmead House, Britannia Road, London N12 9RU, the Special
Resolution to wind up the Company was passed.  Martin Henry
Linton has been appointed Liquidator for the purposes of such
winding-up.


BREXTON PROPERTIES: Hires Liquidator
------------------------------------
At an Extraordinary General Meeting of the Members of the
Brexton Properties Limited Company on March 9, 2004 held at
Brentmead House, Britannia Road, London N12 9RU, the Special
Resolution to wind up the Company was passed.  Martin Henry
Linton has been appointed Liquidator for the Company.


BRITISH AIRWAYS: Unions Junk Proposal to Bridge Pension Gap
-----------------------------------------------------------
In their bid to stop the plan of British Airways (BA) to plug
the GBP1 billion gap in its pension fund, unions are mulling
over an industrial action, reports The Independent.

Both Amicus and GMB, which together represent 12,500 BA
employees, told The Independent Sunday they would reject the
plans presented to them earlier.  BA told its 47,000 employees
earlier this month they have two options with their pensions:
(1) maintain contributions at the existing level but face
reduced benefits on retirement, or (2) pay an extra 3% into the
scheme to safeguard their pension pot.  The carrier said the
final decision on its pension fund is due April.

Under its proposals, the airline will pay GBP112 million a year
into the scheme.  A BA spokesman said: "That is a fair figure as
BA is facing a substantial increase in costs over the next two
years.  BA needs to make savings."

Union members think otherwise.  Alan Black, GMB's national
officer for civil aviation, said: "The options are not
attractive to my members, and I am being polite when I say that.
I expect my members to say to BA: 'It's your problem so sort it
out instead of rattling the tin at us.'"

Bob Shannon, Amicus' national aviation officer, said: "Amicus is
determined to ensure that our members do not foot the bill for
the hole in BA's pension fund."

An Amicus spokesman did not answer directly when asked if a
strike is a possibility, but he pointed to a recent survey
showing that 93% of its members are prepared for industrial
action to protect their pensions.  "We'll support the wishes of
our members," he said.


BRITISH NUCLEAR: Forming New Company to Clean up Nuclear Plants
---------------------------------------------------------------
The formation of a new company to win contracts to clean up
Britain's nuclear legacy is the subject of current talks between
British Nuclear Fuels Plc and Amec Plc, reports Bloomberg News,
citing a Sunday report of The Independent.

State-owned nuclear power producer, BNFL, and Amec, the world's
third-biggest engineering design company, have been in talks for
months, the newspaper said, without citing sources.

"We will be talking to potential partners to explore
opportunities to combine skills and expertise," the paper quoted
Lawrie Haynes, BNFL's Government Services Group Chief Executive
Officer.

In a strategic review by BNFL and the government, it has been
established that BNFL's eight nuclear power stations and
Sellafield, its nuclear processing and fuel production plant,
will be handed from April 2005 to the new Nuclear
Decommissioning Authority.


CANARY WHARF: Morgan Stanley-led Consortium Trumps Brascan
----------------------------------------------------------
With a 292p-a-share offer, Morgan Stanley trounced rival Brascan
Saturday in the heated bid for Canary Wharf, reports the
Telegraph.

The raised offer, which values the property company at GBP1.7
billion, was only possible because British Land, the property
company run by John Ritblat, has pledged to invest GBP125
million in the Silvestor consortium led by Morgan Stanley.  The
support of U.S. investor Franklin Mutual Advisers, which holds a
critical 6.8% stake, should be guaranteed by the price. Franklin
earlier committed its support for the Brascan bid unless a cash
offer of at least 292p a share was made.

Under its scheme of arrangement, both consortiums had submitted
275p bids, but the Morgan Stanley consortium needed the approval
of 75% of shareholders.  With Franklin's support, CWG
Acquisition -- the Brascan consortium -- had a crucial 29.1pc
blocking stake.

Franklin was not available for comment and CWG, which includes
Canary Wharf founder Paul Reichmann, would only say it was
"considering its options."

Meanwhile, analysts were not convinced 292p was a "knockout
price," as CWG will hold 22.3pc of the stock.  Silvestor is
offering 292p in cash, or an alternative of 237p in cash plus
55p in shares.  British Land, in return, will form a 50:50 joint
venture with Silvestor for the retail space and car parks at the
Docklands development.  Silvestor's valuation of the car parks
and retail areas is likely to be revealed in the offer document,
which will be posted to shareholders shortly.  Canary Wharf
shares rose to 292.5p.


CARPET EXPRESS: Venture Finance Names Kroll Limited Receiver
------------------------------------------------------------
Name of Company: Carpet Express Group Limited

Reg No 04057578

Previous Name of Company: Broomco (2308) Limited

Nature of Business: Holding Company Including Head Office

Trade Classification: 7415

Date of Appointment of Joint Administrative Receivers:
March 11, 2004

Name of Person Appointing the Joint Administrative Receivers:
Venture Finance PLC

Joint Administrative Receivers:  KROLL LIMITED
                                 10 Fleet Place,
                                 London EC4M 7RB
                                 Receivers:
                                 A P Beveridge
                                 P M Saville
                                 (Office Holder Nos 8991, 9029)


CORUS GROUP: Reorganizes Senior Management to Cut Brit Bias
-----------------------------------------------------------
In a move aimed to reduce British influence in Corus, Chief
Executive Philippe Varin has replaced a third of the 50 top
executives of the company, reports the Telegraph.

With the decision, Mr. Varin said Corus was now more
international in the way it was being run. "We want to have a
more international team," he said.  Mr. Varin also hinted that
in the next few weeks he would be meeting with Alisher Usmanov
and Oleg Deripaska, the Russian investors who have amassed a
stake of up to 14%.  The news came as Corus posted its fourth
annual loss in a row, albeit narrowed pre-tax losses of GBP255
million.

Corus faced a crisis last year when its supervisory board
rejected the company's mooted sale of its aluminum arm to
France's Pechiney.  With the management changes, which had
reduced the number of Britons at the Corus' top level by 12%,
Mr. Varin has said he plans to go on with the sale amid a "more
cooperative" relationship with the supervisory board.

Mr. Varin also said that meetings with major investors are being
planned. "We have a policy of engagement with our major
shareholders," he added.

For the year to January 3, Corus posted pre-tax losses of GBP255
million, down from GBP404 million last time, on turnover of
GBP7.9 billion, up 11%.  Corus, formed from the 1999 merger of
British Steel and the Netherlands' Hoogovens, said it had
managed to push through a series of price rises in response to
rising iron ore prices.  The company was confident for 2004
because of rising steel prices.  Corus shares closed down 2.75
at 38.5p.


COUNTRYMAN PUBLISHING: Winding up Resolution Passed
---------------------------------------------------
At an Extraordinary Meeting of the Members of the Countryman
Publishing Limited Company on February 26, 2004 held at 1st
Floor, 26-28 Bedford Row, London WC1R 4HE, the subjoined Special
Resolutions to wind up the Company were passed.  Paul Appleton,
of David Rubin & Partners, 1st Floor, 26-28 Bedford Row, London
WC1R 4HE, has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  DAVID RUBIN & PARTNERS
          1st Floor,
          26-28 Bedford Row,
          London WC1R 4HE
          Contact:
          Paul Appleton, Liquidator


DAYLINK COMMUNICATIONS: Final Meeting Set April 23
--------------------------------------------------
There will be a Final Meeting of the Members of the Daylink
Communications Limited on April 23, 2004 at 10:30 a.m.  It will
be held at ShaSens, Suite 215, Signal House, Lyon Road, Harrow,
Middlesex HA1 2AQ.

The purpose of the Meeting is to lay before the Members the
account of the Company, how the winding-up was conducted and the
disposal of the property.  A Member entitled to attend and vote
at the Meeting may appoint a proxy in his/her behalf.  A proxy
need not be a Member of the Company.


E.J.S. FINANCE: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Members of the E.J.S.
Finance Limited Company on March 9, 2004 held at Brentmead
House, Britannia Road, London N12 9RU, the subjoined Special
Resolution to wind up the Company was passed.  Martin Henry
Linton has been appointed Liquidator for the Company.


ENERGIS PLC: Deadline for Submission of Claims Form March 29
------------------------------------------------------------
IN THE HIGH COURT OF JUSTICE  No.  7696 of 2003
CHANCERY DIVISION
COMPANIES COURT
IN THE MATTER OF ENERGIS PLC
(In administration)

and

IN THE MATTER OF THE COMPANIES ACT 1985

NOTICE IS HEREBY GIVEN that a scheme of arrangement between the
Company and its Scheme Creditors pursuant to Section 425 of the
Companies Act 1985 became effective on March 1, 2004, being the
Effective Date.

The Scheme was approved without modification at a meeting of
Scheme Creditors held on January 27, 2004 at the Barbican
Centre, Silk Street, London EC2Y SDS, United Kingdom.  The
number of Scheme Creditors present and voting (in person or by
proxy and the aggregate amount of claims (in Sterling) of such
Scheme Creditors and the votes cast at the meeting "FOR" and
"AGAINST" the resolution were:

Present and voting                   FOR               AGAINST
           No.  Amount of     NO.   Amount of     NO.   Amount
                Claims (GBP)        Claims (GBP)      of Claims
                                                      (GBP)
In
Person    9    21,589,000      9     21,589,000    0         0

By
Proxy   276   434,318,104    273    434,242,104    3    76,000

Total   285   455,907,104    282    455,831,104    3    76,000

The High Court of Justice of England and Wales sanctioned the
Scheme by an order dated February 25, 2004 with a minor
modification to that form of the Scheme approved at the Scheme
Meeting on January 27, 2004.   The modification was made to the
first paragraph of Clause 8.3.3 of the Scheme.  The Scheme as
modified has been filed with the Registrar of Companies in the
United Kingdom and is available for public inspection through
Companies House.  The Scheme was sanctioned by the Court on the
basis that the Deferred Consideration to which the Company may
be entitled will not form part of the Company's Property
available for distribution under the Scheme.  Accordingly,
Clause 12 of the Scheme shall not take effect.

Scheme Creditors must submit a Claim Form in respect of any
Scheme Claim against the Company as soon as possible and in any
event before 5 p.m. (London time) on the Bar Date.  The Bar Date
is March 29, 2004.  A Claim Form must be completed and submitted
to the Scheme Supervisors in accordance with the instructions
printed on it and in accordance with the terms of the Scheme.  A
Scheme Creditor that fails to submit a Claim Form before 5:00
p.m.  (London time) on the Bar Date shall not be entitled to any
distributions under the Scheme and his Scheme Claim, if any,
against the Company shall be valued at zero and extinguished.

Persons with interests in Notes issued by the Company (being
GBP125,000,000 9.50% senior notes due June 15, 2009,
$200,000,000 9.75 senior notes due June 15, 2009 and
GBP300,000,00 9.125% senior notes due March 15, 2010) should
note that The Bank of New York in its capacity as Note Trustee
is the Scheme Creditor with respect to such Notes and only it is
permitted to submit a Claim Form in relation to any Scheme Claim
with respect to the Notes.  Other persons with interests in
Notes are not required, or permitted, to submit a Claim Form.
The Notes are to be cancelled and the trading of interest in
Notes ma the settlement systems operated by The Depository Trust
Company, Clearstream Banking, societe anonyme and Euroclear Bank
S.A./N.V.  will cease as a result of the Scheme having become
effective.  A notice with regard to the timing of cancellation
and the cessation of the trading of interests in the Notes will
be published in accordance with the rules of the Luxembourg
Stock Exchange.

Claim Forms must be delivered by hand or by pre-paid first class
post or by air mail to the Scheme Supervisors, c/o Ernst & Young
LLP, 1 More London Place, London SE1 2AF, United Kingdom marked
for the attention of Margaret Mills and Michael Rollings.
Claims Forms are available on request from Bondholder
Communications Group, either by phoning +44 (0) 20 7236 0788 or
writing to Bondholder Communications Group at 84 Great Queen
Street, London EC4R 1AD, United Kingdom (attention: Elaine
Peterson) or from Ernst & Young LLP, either by phoning +44 (0)
20 7951 9820 or by writing to Ernst & Young LLP at 1 More London
Place, London SE7 2AF, United Kingdom (attention: Margaret Mills
and Michael Rollings).  Claim Forms are also available on-line
at http://www.bondcom.com/energis.

Defined terms used in this notice shall have the meaning given
to them in the Scheme.

Contact: CLIFFORD CHANCE LIMITED LIABILITY PARTNERSHIP
         10 Upper Bank Street
         London E14 5JJ United Kingdom
         Ref: JGM/M4904/00025/PLH

         ERNST & YOUNG LLP
         1 More London Place,
         London SE1 2AF
         Contact:
         Margaret Elizabeth Mills
         Michael David Railings


GAME NETWORK: Designates Liquidator from Thorntonrones
------------------------------------------------------
At an Extraordinary General Meeting of the Game Network Limited
Company on February 24, 2004 held at Hanover House, 14 Hanover
Square, London W1S 1HP, the subjoined Special Resolutions to
wind up the Company were passed.  R J Rones, of ThorntonRones,
First Floor, 167 High Road, Loughton, Essex IG10 4LF, has been
appointed Liquidator for the purpose of such winding-up.

CONTACT:  THORNTONRONES
          First Floor,
          167 High Road, Loughton,
          Essex IG10 4LF
          Contact:
          R J Rones, Liquidator


GATEWAY MAINTENANCE: Aston Rothbury Names Menzies Receiver
----------------------------------------------------------
Name of Company: Gateway Maintenance Limited

Reg No 02688512

Nature of Business: General Construction and Civil Engineering

Trade Classification:
Division 5, 23 General Construction and Demolition

Date of Appointment of Joint Administrative Receivers:
March 5, 2004

Name of Person Appointing the Joint Administrative Receivers:
Aston Rothbury Factors Limited

Joint Administrative Receivers:  MENZIES CORPORATE RESTRUCTURING
                                 17-19 Foley Street,
                                 London W1W 6DW
                                 Receivers:
                                 Jason James Godefroy
                                 Andrew Gordon Stoneman
                                 (Office Holder Nos 9097, 8728)


GN INVESTMENTS: Hires Smith and Dargan Liquidators
--------------------------------------------------
At a General Meeting of the GN Investments Limited the Ordinary
and Extraordinary Resolutions for winding up were passed.

J R D Smith and N J Dargan, of 180 Strand, London WC2R 1WL, are
appointed Joint Liquidators of the Company.


GOODMANS LOUDSPEAKERS: Appoints Administrator
---------------------------------------------
Name of Company: Goodmans Loudspeakers Limited

Nature of Business: Loudspeaker Manufacturers

Trade Classification: 3230

Date of Appointment: March 10, 2004

Joint Administrative Receiver:
                 PORTLAND BUSINESS & FINANCIAL SOLUTIONS LIMITED
                 1640 Parkway, Solent Business Park,
                 Whiteley, Fareham,
                 Hampshire PO15 7AH
                 Receivers:
                 James Richard Tickell
                 Carl Derek Faulds
                 (IP Nos 8125, 8767)


HENLYS: Seeking GBP180 Mln Facility from Bankers
------------------------------------------------
Due to an additional loss of GBP11 million in their U.S.
operation, bus maker, Henlys, share price dived deeper to close
at 17p after dipping to as low as 11p.

The group assured investors not to worry because it is now
discussing a GBP180 million refinancing package with bankers.
The company's loss reached GBP278 million last year.  Henlys is
a joint subsidiary of Mayflower's, TransBus in the U.S.


HIVEDOWN LIMITED: Members Final Meeting Set April 8
---------------------------------------------------
Name of Companies:
Hivedown No1 Limited
Hivedown No2 Limited

There will be a Final General Meetings of these Companies on
April 8, 2004 at 10:45 a.m.  It will be held at the offices of
Antony Batty & Company, New House, Suite 24, 67-68 Hatton
Garden, London EC1N 8JY.

The purpose of the Meeting is to lay before the Members the
account of the Companies, how the winding up was conducted and
the properties of the Companies disposed of.

A Member who wants to be represented at the Meeting must submit
the prosy form at Antony Batty & Company, New House, Suite 24,
67-68 Hatton Garden, London EC1N 8JY not later than 12:00 noon
on or before April 7, 2004.


INCENTIVE INVESTMENTS: Winding up Resolution Passed
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Incentive Investments Limited Company on March 9, 2004 held at
Brentmead House, Britannia Road, London N12 9RU, the Special
Resolution to wind up the Company was passed.

Martin Henry Linton is appointed Liquidator for the Company.


IRONBRIDGE ESTATES: Members Final Meeting April 9
-------------------------------------------------
There will be a Final General Meeting of the Members of the
Ironbridge Estates (Milford Haven) Limited on April 9, 2004 at
10:00 a.m.  It will be held at the offices of Rothman Pantall &
Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP.

The purpose of the Meeting is to lay before the Members the
account of the Company and to receiver the Liquidator's report,
showing how the winding-up of the Company was conducted and its
disposal of the Company's property.

Any Member who wants to be represented at the Meeting is
entitled to have a proxy in his/hers behalf.


LEEDS UNITED: Local Businessmen Save Team from Bankruptcy
---------------------------------------------------------
One of English soccer's most famous clubs has been saved from
financial meltdown.  Debt-laden Leeds United has been taken over
by a consortium of local businessmen, Reuters reports.

The consortium, Adulant Force Limited, had been negotiating for
weeks with the northern English side, which is also being
threatened with relegation from the premier league.  A member of
the consortium said on Friday, that it had raised more than
GBP20 million to fund what the club said was an eight-figure
deal.  With the takeover, the consortium now owns the clubs
Elland Road ground and its training grounds.

Leeds, which dominated English soccer in the late 60's and early
70's under manager Don Revie, has debts of more than GBP80
million.  The deal was accepted by the group's creditors and
ended months of uncertainty over the future of the club.  The
club had previously said in December that it would face
financial administration -- a form of credit protection -- if it
did not find a buyer or investor.

"Following an extensive period of marketing the group for sale
and negotiating with key creditors and potential acquirers, it
became clear that there were no parties considering an
investment into the group which would have resulted in the
survival of Leeds United plc," a company statement said.

The group reported a financial loss of almost GBP50 million in
the year to June 2003.  Its problems date back to a player
spending spree under former chairman Peter Ridsdale and ex-coach
David O'Leary, their confidence buoyed by Leeds' progress to the
Champions League semi-finals in 2001.  This burst of success did
not last and Leeds was forced to cut back on its wage bill as it
plummeted down the table.  The club is bottom of the league with
22 points from 28 games.  Leeds has had to sell a number of its
high-profile players including England defender Jonathan
Woodgate and Australian striker Harry Kewell.

Peter Lorimer, a member of Leeds' new board, said that no money
would be returned to shareholders under the deal.

"The shares had gone so low anyway there wasn't going to be a
lot of money about anyway," Mr. Lorimer told Sky News.  "I know
that lots of my friends have put money into shares and all they
want to know is that the football side is going to survive and
that's the main thing.  It's always sad that this should happen
but that's down to the people before, when all the money was
spent. The new board now want to get the club up and running
again and have some happy times at Elland Road."

Leeds has escaped the fate of its predecessor Leeds City, which
was wound up by the Football Association in 1919 over financial
irregularities.


MARTYN GOULD: Brings in Liquidator from Menzies
-----------------------------------------------
At a General Meeting of the Members of the Martyn Gould
Productions Limited Company, the subjoined Special Resolution to
wind up the Company were passed.

Paul John Clark and Jason James Godefroy, of Menzies Corporate
Restructuring, 17-19 Foley Street, London W1W 6DW, are appointed
Joint Liquidators of the Company.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street,
          London W1W 6DW
          Contact:
          Paul John Clark, Liquidator
          Jason James Godefroy, Liquidator


METFORM ENGINEERING: Hires Administrator from Baker Tilly
---------------------------------------------------------
Name of Company: Metform Engineering Limited

Nature of Business: Other Manufacturing

Trade Classification: 06

Date of Appointment: March 5, 2004

Joint Administrative Receiver:  BAKER TILLY
                                City Plaza, Temple Row,
                                Birmingham B2 5AF
                                Receivers:
                                Richard Paul Rendle
                                Guy Edward Brooke Mander
                                (IP Nos 8845, 8736)


STRONGBOX BROADCAST: Creditors Meeting Set March 24
---------------------------------------------------
There will be a Creditors Meeting of the Members of the
Strongbox Broadcast Products Limited on March 24, 2004 at 2:00
p.m.  It will be held at The Ramada Jarvis Watford, A41 Watford
Bypass, Watford, Hartfordshire WD25 8JH.

Creditors who want to vote at the Meeting must submit a written
details of their debt claim the Company due them at B & C
Associates, Trafalgar House, Grenville Place, Mill Hill, London
NW7 3SA not later than 12:00 noon on or before March 23, 2004.

Creditors who want to be represented at the Meeting must submit
a complete proxy form to B & C Associates not later than March
23, 2004.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders  Total    Working
                                   Equity     Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  ------   --------
AUSTRIA
-------
Libro A.G.                          (111)         174     (182)


BELGIUM
-------
Carestel                                          178      (68)
Real Software             REAL      (110)         216      (10)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Cofidur S.A.                          (5)         102       19
Dollfus-Mieg & Co.        DOLP        (0)         187       28
European Computer System            (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immobiliere Hoteliere                (68)         233       29
Pneumatiques Kleber S.A.             (34)         480      139
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin            TRCN        (0)         134       10
Usines Chauson                       (23)         249       35


GERMANY
-------
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Sohn A.G. GUSG        (8)          11      N.A.
Kaufring A.G.             KAUG       (19)         151      (51)
Mania Technologi          MNI        (11)         101      (46)
Nordsee A.G.                          (8)         195      (31)
Schaltbau A.G.            SLTG       (16)         163       20
Vereinigter
   Baubeschlag-Handel
   Holding A.G.           VBHG       (24)         307      (63)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Credito Fondiario
   e Industriale S.p.A.   CRF       (200)       4,218      N.A.


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.                                     2,030      454
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Pan Fish A.S.A.           PAN       (117)         806     (259)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Animex S.A.               ANX         (1)         108      (86)
Exbud Skanska S.A.        EXBUF       (9)         315     (330)
Mostostal Zabrze                      (6)         227     (366)
Stalexport S.A.                      (57)         229      (51)


RUSSIA
------
Kamchatskenergo                                   273   (7,870)


SPAIN
-----
Altos Hornos de Vizcaya S.A.        (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (11)         128      (24)
Tableros de Fibras S.A.   TFI        (43)       2,107      125


SWITZERLAND
-----------
Kaba Holding A.G.         KABZN      (47)         572      278
Oriflame SDR                                      378       97

UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Nuclear Fuels Plc         (2,627)      36,359   (1,948)
British Sky PLC                                 3,346     (144)
Center Parcs (UK)
    Group Plc                        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (34)         329      (12)
Dawson Holdings           DWSN       (29)         142      (29)
Easynet Group Plc         ESY        (12)         332       53
Electrical and Music      EMI
   Industries Group                 (885)       3,053     (435)
Gallaher Group            GLH       (543)       6,304      148
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109      (10)
HMV Group PLC             HMV       (211)         762      (66)
Intertek Testing Services ITRK      (134)         508       77
IPC Media Ltd.                      (685)         254       16
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United                                      144      (29)
Manchester City                      (17)         154      (21)
Misys PLC                 MSY       (161)         949       41
Mytravel Group                                  2,551     (533)
Orange PLC                ORNGF     (594)       2,902        7
Rentokil Initial Plc      RTO     (1,130)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
Telewest Communication                          7,329   (3,770)
Yell Group PLC                      (196)       3,964      289


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


                            *********


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

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

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

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

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

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


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