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        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, April 5, 2004, Vol. 5, No. 67

                            Headlines

F R A N C E

BULL SA: Head Dies Just as Firm Returns to Black
SCOR GROUP: Reports EUR314 Million Full-year Net Loss
SCOR GROUP: B++ Financial Strength Rating Affirmed


G E R M A N Y

MANNESMANN AG: Court Junks Criminal Charges Against Former Execs


G R E E C E

ROYAL OLYMPIC: Receives US$180 Million for Explorer, Voyager


I T A L Y

FIAT SPA: Shelves Dividend for Second Straight Year
FINMATICA SPA: Board Forms Two New Committees
PARMALAT FINANZIARIA: Administrator Raises Suspicions on BoA


N E T H E R L A N D S

CLONDALKIN INDUSTRIES: Moody's Affirms Ratings
KENDRION N.V.: Banks Extend Standstill Agreement Until December


N O R W A Y

AKER KVAERNER: Fitch Assigns EUR260 Mln Notes 'BB' Final Rating


P O L A N D

NETIA SA: Issues 480,732 Series K Shares
NETIA SA: Sells Holdings in Non-operative Subsidiaries
POLFA KUTNO: Italian Drug Firm Interested in Acquiring Shares


R U S S I A

ALEXEEVSKY: Under Bankruptcy Supervision Procedure
BUILDING CERAMICS: Moscow Court Appoints Insolvency Manager
GORODSKAYA: Bankruptcy Supervision Procedure Begins
IGARKA SEAPORT: Deadline for Proofs of Claim April 26
KRAF-TEXTILE: Declared Insolvent

LEASING BUSINESS: Tymen Court Appoints Insolvency Manager
LENINSKY DAIRY: Under Bankruptcy Supervision Procedure
ODOYEVSKY PRESERVING: Court Confirms State of Insolvency
OST-WEST-TRANSIT: Court Sets Bankruptcy Hearing May 4
SAMARSKY: Declared Insolvent

SNIIM: Deadline for Submission of Proofs of Claim May 26
TTS-LES: Under Bankruptcy Supervision Procedure
UMNOVSKY DISTILLERY: Court Decrees Bankruptcy Supervision
VOLGOGRAD BASE: Under Bankruptcy Supervision Procedure
VZBT: Volgograd Court Appoints Insolvency Manager


S W E D E N

LM ERICSSON: First Quarter Results Out April 23


U N I T E D   K I N G D O M

ABBEY NATIONAL: To Redeem Perpetual Subordinated Securities
CALDROME LIMITED: Appoints Administrative Receiver
CHARTER GROUP: Voluntary Winding up Resolution Passed
DARWEN INVESTMENTS: Hires Liquidator from Numerica
DAWSON INTERNATIONAL: Completes Sale of Ballantyne to Charme

DE ROY PLASTICS: Final Meeting Set April 29
DREMT CASH: Hires Liquidator from PricewaterhouseCoopers
EDGER 158: Members' Meeting Set April 27
EDWARD JAMES: Members Meeting May 11
EMI GROUP: Outlook Changed to Negative

EVEREST CAPITAL: Final Members Meeting Set April 23
EXPORTSITE LIMITED: Shareholders' Final Meeting April 30
FENN NOMINEES: Hires Critchleys Liquidator
GLOBE TRUST: Calls in Liquidator
HELIDIRECT LIMITED: Members Meeting April 28

KB PRINTERS: Appoints HJS Recovery Administrator
MAYFLOWER CORPORATION: Melrose No Longer Interested in Bidding
NETWORK RAIL: Bares GBP26 Billion Business Plan
NICHOLAS HARVEY: Appoints Liquidator from Harris Lipman
PAT CARROLL: Hires Liquidator from Langley & Partners

PECIS LIMITED: Winding up Resolution Passed
PUTTOCKS LIMITED: Appoints Liquidator from Grant Thornton
RELDON PRECISION: Hires Grant Thornton Administrator
SPORTINGBET PLC: Reports Better-than-expected Trading Results
WALKANVILLE LIMITED: Names Thornhill and Horrocks Administrators
WILLIAM WOODS: Appoints Grant Thornton Administrator


                            *********


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


BULL SA: Head Dies Just as Firm Returns to Black
------------------------------------------------
Pierre Bonelli, chairman and CEO of French computer maker, Bull
S.A., died Wednesday.  His death came just as the company
announced a recapitalization plan following a two-year
turnaround strategy he authored when he was brought to the
company in 2001.  The restructuring he had started also resulted
to a profit last year.

On the same day, Bull named chief financial officer Gervais
Pellissier as chairman of the board.  No appointment was yet
named for Mr. Bonelli.  The company did not disclose the cause
of his death, but said it was sudden.  According to Reuters,
sources close to the company said it was due to illness.


SCOR GROUP: Reports EUR314 Million Full-year Net Loss
-----------------------------------------------------
The 4th quarter net income of SCOR Group amounted to EUR45
million before allocation to equalization reserves.  This
reflected continuing cleanup of the Group's portfolio and its
withdrawal from non-core businesses.  The SCOR Group decided,
for prudential reasons, to allocate to its equalization reserves
EUR10 million in the 4th quarter of 2003.

Fiscal year 2003

The Group registered an annual net loss of EUR314 million after
allocation to its equalization reserves, resulting from
additions to reserves for years prior to 2001 and the complete
write-down of SCOR U.S. tax credits for prudential reasons
(-EUR192 million).

Premium income totaled EUR3,691 million, down 26%.  At constant
exchange rates and on a like-for-like basis, the decline was 7%.
SCOR's profitability for the 2002-2003 underwriting years has
been confirmed, with a net combined ratio of 96% in Non-Life
reinsurance (property, large corporate accounts).

Operating results for Life reinsurance rose to EUR50 million, a
strong increase compared to 2002 (+92%).  The margin on net
premiums was 3.4% for 2003, above the target set in the Back on
Track plan.

The adequate level of Group reserves was confirmed during the
review conducted by both internal and external actuaries for the
closing of the accounts.  Group operating costs were reduced by
13% in 2003.  SCOR Group continues to implement its recovery
plan.

The Board of Directors of SCOR met on March 31, 2004 under the
Chairmanship of Denis Kessler and closed the financial
statements for 2003.

(a) 2003 result

4th quarter Group net income totaled EUR35 million after
allocation to equalization reserves of EUR10 million.  This
reflects the ongoing cleanup of the Group portfolio and its
withdrawal from non-core businesses.  The Group actively pursued
its withdrawal from non-core businesses in the 4th quarter of
2003:

     (i) the second commutation contract on the portfolio of
         CRP, SCOR's Bermuda-based subsidiary, signed on
         November 27, 2003, reduced CRP's exposure by 40%, at a
         cost of EUR15 million.  At December 31, 2003, 60% of
         the CRP portfolio had been commuted.  Consequently,
         CRP's exposure at December 31, 2003 represented just
         40% of the corresponding figure at December 31, 2002.

    (ii) On December 1, 2003, SCOR signed an agreement with
         Goldman Sachs International under which the Group
         withdrew fully from its credit derivatives exposures.
         The net accounting charge for this transaction, as well
         as a commutation transaction that took place at the
         beginning of the 4th quarter of 2003, taking into
         account reserves already established, amounts to EUR45
         million.

   (iii) In December 2003, SCOR completed its real estate
         divestiture program with the sale of its headquarters
         building for EUR150 million, and the disposal of two
         residential buildings in Paris and an office building
         in Madrid.  These real estate transactions generated a
         total pre-tax capital gain of EUR80 million, of which
         EUR70 million can be considered exceptional.

Group net loss in 2003 amounted to EUR314 million, after
allocation to equalization reserves of EUR10 million.  This loss
was due to additions to reserves for years prior to 2001, and to
the complete write-down of SCOR U.S. tax credits for prudential
reasons (EUR-192 million).  The loss for the first three
quarters of 2003 amounted to EUR349 million.  At September 30,
2003, in keeping with its commitment to book best estimates
reserves each year, and after a detailed actuarial review, SCOR
decided to add EUR297 million to its reserves for the 1997-2001
underwriting years in the United States.  This underwriting
concerned lines of business that have since been discontinued.
Given accumulated losses in the past few years, tax deferrals
booked by SCOR U.S. generated by these losses have been written
down in full as at September 30, 2003, representing a total
charge of EUR192 million in the 2003 accounts.

The Group's net loss for the year 2003 is EUR314 million, after
taking into account the 4th quarter 2003 allocation to
equalization reserves of EUR10 million.

The adequacy of the reserves has been confirmed

The adequate level of Group reserves was confirmed during the
review conducted by both internal and external actuaries for the
closing of the accounts.

The underwriting for the years 2002 and 2003 is profitable

SCOR's profitability of its 2002-2003 underwriting years has
been confirmed with a net combined ratio of 96% in Non-Life
(property and large corporate accounts).

Irish Reinsurance Partners (IRP), SCOR 's Irish subsidiary
formed at the end of 2001 to underwrite a 25% quota share of all
new Group Non-Life treaty and facultative business, reported a
profit of EUR56.1 million after tax.  This represents a 16.5%
return on IRP's equity.  This subsidiary's performance
demonstrates the profitable nature of SCOR's new underwriting
policy.

(b) 2003 operational review

Gross premiums written by the SCOR Group in 2003 totaled
EUR3,691 million, down 26% relative to 2002.

The contraction is 7% at constant exchange rates and on a like-
for-like basis (excluding Commercial Risk Partners, SCOR's
Bermuda-based subsidiary, which ceased writing business in
January 2003, and excluding the impact of the withdrawal from
certain lines of business in the United States).

     (i) Non-Life reinsurance premium income (property, large
         corporate accounts, and credit & surety) was down 27%
         (16% at constant exchange rates and excluding the
         impact of the withdrawal from certain lines of business
         in the United States) at EUR2,229 million.  The share
         of short and medium-tail business increased to 52% of
         total volumes in 2003, versus 46% in 2002.  Non-Life
         reinsurance registered an operating loss of -EUR210
         million, compared with -EUR386 million in 2002.

    (ii) Life & Accident reinsurance premium income totaled
         EUR1,462 million, down 4% relative to 2002 at current
         exchange rates, but up 4% at constant exchange rates.
         The net contribution to Group results was EUR50 million
         in 2003, compared to EUR26 million in 2002.
         Nevertheless, the last quarter saw a negative result
         (-EUR6 million) due to the impact of exchange rate
         developments and an unusual claims pattern.

         The embedded value of SCOR VIE for 2003 will be
         published during the second quarter of 2004.

   (iii) Alternative Risk Transfer (CRP) registered no premium
         income in 2003 having ceased writing business in
         January 2003. CRP's premium income amounted to EUR426
         million in 2002.  CRP recorded an operating loss of -
         EUR92 million in 2003, versus -EUR172 million in 2002.

(c) Group key figures

                     Consolidated key figures

EURmillion                 12/31/2002    12/31/2003  Change
Gross written premiums         5,016          3,691    -26%
Group net income                -455           -314    n.m.
Net technical reserves        10,381          9,766*    -6%
Investments (marked to market) 9,717          8,778    -10%
Group shareholders' equity     1,070          1,340**  +25%

* This figure principally reflects CRP commutations (EUR700
million)

** Group shareholders' equity after the January 7, 2004 capital
increase

Given the reserve strengthening, the net Non-Life (property and
large corporate accounts) combined ratio in 2003 was 119.2%,
versus 116.3% in 2002.  It was 94.6% for the 4th quarter of
2003.

The margin on Life & Accident reinsurance net premiums was 3.4%
in 2003 versus 2.5% in 2002.  This is above the objective of 3%
announced in the Back on Track plan.

(d) Financial management in 2003

Interest rates continued to decline in 2003.  The SCOR Group's
total investment income rose 82% in 2003, operating cash flow
excluding the CRP commutation increased by 229%, debt was down
6%, while long-term capital grew by 5% after the capital
increase.

Total investment revenues increased from EUR326 million in 2002
to EUR592 million in 2003, up 82%.  This figure breaks down as
follows:

     (i) Income from ordinary investing activities amounted to
         EUR319 million, down 9% from EUR350 million in 2002.

    (ii) Net capital gains on sales of securities amounting to
         EUR95 million, compared with net losses of EUR85
         million on sales in 2002.

   (iii) Currency gains amounting to EUR98 million in 2003,
         compared with EUR61 million in 2002.

    (iv) Realized net capital gains on real estate sales of
         EUR80 million.

Aggregate unrealized capital gains totaled EUR125 million at
December 31, 2003, compared with EUR303 million as at end 2002.
At December 31, 2003, the listed shares and equity holdings
posted a capital gain of EUR11 million, the bond portfolio a
capital gain of EUR70 million, and the real estate portfolio a
capital gain of EUR44 million.

The investment portfolio, marked to market at December 31, 2003,
totaled EUR8,778 million versus EUR9,717 million at end December
2002, representing a decline of 10%, but up 7% at constant
exchange rates and excluding the commutations of CRP.  The main
reason for this decline was the sizeable commutations, which
reduced CRP's technical reserves and their related assets for an
amount of approximately EUR700 million.

Investments at December 31, 2003 are split between bonds (64%),
cash and equivalents (21%), cash deposits (8%), equities (4%),
and real estate (3%).

Operating cash flow, excluding CRP, increased from EUR212
million in 2002 to EUR698 million in 2003.  This amount was
negatively impacted for an amount of EUR712 million by the
commutation of 60% of the portfolio of CRP during the year 2003.

Group cash and equivalents totaled EUR1,824 million at the end
of 2003, and EUR2,545 million on January 7, 2004 after the
capital increase, compared with EUR1,788 at December 31, 2002.

Group debt was down 6% (4% at constant exchange rates), from
EUR892 million at December 31, 2002 to EUR836 million at end
2003.  This decline was due to the partial repayment of
commercial paper (negotiable medium-term notes) outstanding and
to the repayment of the loans used to finance the buildings
sold.

Group long-term capital (adjusted shareholders' equity, quasi-
equity and long-term borrowings) totaled EUR2,319 million at
January 7, 2004 after the capital increase (EUR1,598 million at
December 31, 2003), versus EUR2,210 million at end 2002.

Management of currency positions led SCOR to be fully matched in
dollars as at March 31, 2004.  Through the active management of
its currency cover, the excess gap of dollar-denominated
liabilities relative to euro-denominated assets was closed to an
insignificant amount during the month of February 2004.  The
management of this gap led to the booking, on account of the
dollar's fall relative to the euro, of a currency gain of EUR98
million in the 2003 accounts.

(e) Outlook

The renewals took place in the context of SCOR's capital
increase and developments in the Group's rating.  They confirmed
that most of the ceding companies and customers with which SCOR
has forged long-term relationships remain loyal to it.

SCOR is pursuing its cost-cutting program: operating costs fell
by 13% in 2003 to EUR197 million.  The Group is pursuing this
program which aims for a further 16% reduction in costs for
2004.

Commutation of the CRP portfolio continues: 60% of CRP's
portfolio in place at December 31, 2002 had been commuted at
December 31, 2003.  The remaining portfolio commitments at
December 31, 2003 totaled US$534 million.

A strong solvency margin: the combination of the EUR751 million
capital increase with lower premium levels in 2003 produces a
solvency margin on net premiums for SCOR of 68%.  This has been
bolstered by the voluntary reduction in its risk profile via
selective underwriting, commutation of 60% of the CRP portfolio,
total withdrawal from the credit risk on its credit derivatives,
and the Group's improved retrocession policy.

At the end of the Board meeting, Denis Kessler, Group Chairman
and Chief Executive Officer, stated: "The SCOR Group is
implementing its recovery plan with vigor and determination The
efforts made since November 2002 are producing results.  New
underwriting in Non-Life reinsurance is profitable, and the
Group's business has been profitable worldwide since 2002.  Life
and accident reinsurance, underwritten henceforth in its SCOR
VIE subsidiary, is a business, which produces high profits.
With its solvency restored, adequate reserve levels, and a
conservative asset management policy, the SCOR Group offers its
customers a much-enhanced level of security.  I want to thank
our shareholders for their decisive support in 2003.  We are
doing everything in our power to ensure that this
recapitalization returns the Group to lasting profitability as
soon as possible."

2004 timetable:

General Meeting of Shareholders:    May 18, 2004
2004 1st Quarter Results:           May 18, 2004
2004 Half-Year Results:             August 26, 2004
2004 3rd Quarter Results:           November 4, 2004


SCOR GROUP: B++ Financial Strength Rating Affirmed
--------------------------------------------------
A.M. Best Co. affirmed the financial strength rating of B++
(Very Good) of SCOR (Paris) and its core subsidiaries and the
ratings on debt instruments issued or guaranteed by SCOR.  This
action removes the 'under review' status of the ratings assigned
on September 10, 2003.  The outlook for all ratings is stable.

The rating reflects SCOR's very good prospective capitalization,
improving trends in underlying performance, actions taken to
mitigate the risks associated with Commercial Risks Partners
Limited (CRP) (Bermuda) and the company's credit derivatives
portfolio, as well as strong support from its core clients in
continental European markets.  Offsetting factors are recent
volatility in reserves and the impact that the company's recent
performance has had on its profile in certain markets.

Very good prospective capitalization

A.M. Best expects SCOR to maintain risk-adjusted capitalization
at a very good level in 2004, following completion of its EUR750
million (US$949 million) rights issue in January 2004.

Stability in the company's risk-adjusted capitalization will be
further supported by an anticipated reduction in net premiums
written of approximately 20% to less than EUR2,750 million
(US$3,384 million) in 2004.

Improving underlying performance

SCOR has re-established profitability in its main non-life lines
(excluding the impact of discontinued and non-core lines) and
has maintained the profitability of its life reinsurance
business.  Reserve deterioration of EUR297 million (US$344
million) in the third quarter of 2003 resulted from SCOR's steps
to re-establish reserves at the best estimate level advised by
external actuarial consultants.  With the impact of these legacy
issues likely to reduce in 2004, A.M. Best believes SCOR's
performance is likely to improve.

Risk mitigation

SCOR has taken effective action to address certain key areas of
risk to the company.  A reduction in CRP's reserves of
approximately 60% was recorded at year-end 2003 relative to the
position a year earlier, incorporating commutations with two
major clients in the course of the year.  To address risk from
the company's credit derivatives portfolio, the company has
entered into an agreement that hedges its credit exposure.

Support from core clients

A.M. Best believes that SCOR continues to have a very good
profile in its core markets in continental Europe and Asia.
Poor performance in 2002 and 2003 has had some impact on its
prospects in certain markets, particularly the United States and
the United Kingdom, although A.M. Best believes the EUR750
million (US$949 million) rights issue has helped to restore
confidence.

For a complete list of SCOR's financial strength and debt
ratings, please visit http://www.ambest.com/press/040101scor.pdf

For a list of A.M.  Best's debt ratings, please visit
http://www.ambest.com/debtratings/

A.M.  Best Co., established in 1899, is the world's oldest and
most authoritative insurance rating and information source.  For
more information, visit A.M.  Best's Web site at
http://www.ambest.com.

CONTACTS:  A.M.  BEST CO.
           Public Relations:
           Jim Peavy
           Phone: +(1) 908 439 2200, ext.  5644
           E-mail: james.peavy@ambest.com

           Rachelle Striegel
           Phone: +(1) 908 439 2200, ext.  5378
           E-mail: rachelle.striegel@ambest.com

           Analysts
           Miles Trotter
           Phone: +(44) 20 7626 6264
           E-mail: miles.trotter@ambest.com

           Jose Sanchez-Crespo
           Phone: +(44) 20 7626 6264
           E-mail: jose.sanchez-crespo@ambest.com


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


MANNESMANN AG: Court Junks Criminal Charges Against Former Execs
----------------------------------------------------------------
A judge on Thursday brought down an interim judgment that
effectively blocks the criminal case against the six defendants
facing charges in the Mannesmann trial.

Judge Brigitte Koppenhofer said the defendants' approval of the
executive bonuses in relation to the takeover of the company by
Vodafone did not amount to a crime.  The defendants, according
to Bloomberg News, include Josef Ackermann, now Deutsche Bank's
chief executive; and Klaus Esser, former Mannesmann boss.

Dusseldorf public prosecutors had claimed that the former
Mannesmann directors breached their fiduciary duties in the
EUR178 billion deal with Vodafone.  The judge admitted the bonus
payments were high in corporate law terms but the offense did
not constitute criminal charge of breach of fiduciary duty.  The
former Mannesmann executives received nearly EUR60 million.

The award for former chairman Joachim Funk and pension
enhancements for 18 former executives could be seen as criminal
but were not punishable because the defendants had acted in good
faith on legal advice, the judge said.  The trial has attracted
much attention because of its potential answer to the question
of whether the culture of Anglo-American incentives is
acceptable in German business.  The appropriateness of bonuses
has been the subject of debate in the region for some time.


===========
G R E E C E
===========


ROYAL OLYMPIC: Receives US$180 Million for Explorer, Voyager
------------------------------------------------------------
Royal Olympic Cruise Lines (Nasdaq: ROCLF) on Thursday said that
the previously announced sale of Olympia Explorer and Olympia
Voyager at judicial auction have been completed with these
results:

(1) Olympia Explorer: sold in Los Angeles, California, on March
    24, 2004; purchaser: mortgagee KfW, on its own behalf and as
    agent for a consortium of the lender banks, for US$82.7
    million;

(2) Olympia Voyager: sold in Miami, Florida, on March 26, 2004;
    purchaser: mortgagee KfW, on its own behalf and as agent for
    a consortium of the lender banks, for US$97.2 million.

CONTACT:  ROYAL OLYMPIC CRUISE LINES
          James R. Lawrence
          MTI Network U.S.A
          Phone: +1-203-550-2621


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


FIAT SPA: Shelves Dividend for Second Straight Year
---------------------------------------------------
The Board of Directors of Fiat S.p.A. met March 26 in Turin
under the chairmanship of Umberto Agnelli to review the Report
on Operations and the Financial Statements for the 2003 fiscal
year.  The Financial Statements of Fiat S.p.A. for the fiscal
year ended December 31, 2003 show a net loss of approximately
EUR2.4 billion, which is attributable primarily to write-downs
taken to adjust the carrying value of equity investments.  The
net loss for 2002 was approximately EUR2 billion.

The difference with respect to the previous year is mainly due
to the EUR632 million extraordinary gain realized in 2002 on the
sale of a 34% interest in Ferrari, a company directly owned by
Fiat.  As a consequence of this negative result, for the second
year in a row no dividend will be distributed.

The Board of Directors also approved the Consolidated Financial
Statements of the Fiat Group for the 2003 fiscal year.  As
already announced on the occasion of the Board of Directors
meeting of February 27, 2004, the consolidated net loss narrowed
to approximately EUR1.9 billion from the EUR4.2 billion reported
a year earlier.  The improvement was more pronounced in the last
quarter of the year, which posted an operating income of EUR142
million.

The Annual Report on Corporate Governance, which was drafted in
accordance with the Guidelines recently issued by Assonime and
Emittenti Titoli S.p.A., was also reviewed and approved during
the meeting. Said report will be available on the Fiat Web site
http://www.fiatgroup.comin the next few days.

Lastly, the Board of Directors convened a Stockholders' Meeting
for May 8, 10 and 11 2004.  The meeting will also be held in
extraordinary session to submit for approval by the stockholders
certain amendments to the Company's Articles of Association to
conform them to the new corporate law.


FINMATICA SPA: Board Forms Two New Committees
---------------------------------------------
The Board of Directors of Finmatica S.p.A., in a recent meeting
in Milan, formed two Internal Governance Committees for Internal
Control and Remuneration and Authorizations.

The Authorizations Committee, composed of Pier Luigi Crudele,
the independent executive Director Enrico Marinelli, and
independent non-executive Directors Elena Berlucchi and Maurizio
Stecco, will have among its duties the power of authorizing the
signature of supply and consultancy contracts for large amounts
and those for banking arrangements.  The Committee will,
furthermore, be able to arrange purchases, sales or exchange of
property assets or shareholdings in property companies.

The Internal Control Committee has the task of autonomously and
independently evaluating the problems inherent in the control of
business activities, while the Remuneration Committee, other
than recommending the fees of the executive Directors to the
Board, will assess the merit of any stock option plans or
assignation of shares.  Both the Governance Committees comprise
independent non-executive Directors Elena Berlucchi, Maximum
Brunelli, Vincenzo Damiani and Maurizio Stecco.

The Board of Directors of Finmatica S.p.A. has moreover
attributed powers to the Directors, conferring to the Chairman,
Pierluigi Crudele, the powers of definition and institution of
the company's strategic and industrial plans.  Pierluigi Crudele
will additionally be the company's legal representative.  He
will manage media relationships, and have the responsibility of
defining the policies for managing human resources and, in
conjunction with Enrico Marinelli, defining the organizational
aspect of the company with regard to commercial aspects,
marketing and sales.

Enrico Marinelli, Managing Director, was attributed, in
particular, powers relative to the institution of the
organizational, commercial and management control and human
resources management policies.

The Managing Director, Michele Carpaneda, will have the
responsibility of overseeing all the accounting statutory and
fiscal compliance and will manage relationships with the Banking
Institutions, Supervisory Authorities (Stock Exchange and Consob
-- the Stock Exchange Regulatory Body) and the internal control
bodies.  In this regard, and in particular in relationships with
the financial institutions, Carpaneda was granted both ordinary
and extraordinary powers of administration.

In the course of the meeting, the Board of Directors approved
the following annual calendar of corporate events for the year
2004:

April 25, 2004, 3:00 p.m. -- Meeting of the Board of Directors
with these agenda:

(a) Approval of the financial statements of Finmatica S.p.A. and
    the consolidated financial statements for the 2003 financial
    year.

(b) Approval of the 2004-2006 business plans.

(c) Calling a Shareholders' Ordinary Meeting for the approval of
    the financial statements as at December 31, 2003 and an
    Extraordinary Shareholders' Meeting for amending the
    Articles of Association in accordance with Legislative
    Decree 6/2003.

May 14, 2004, 3:00 p.m. -- Meeting of the Board of Directors for
the approval of the quarterly report of Finmatica S.p.A. and the
quarterly consolidated report for the period ended March 31,
2004.

September 10, 2004, 3:00 p.m. -- Meeting of the Board of
Directors for the approval of the interim report of Finmatica
S.p.A. and the interim consolidated report for the period ended
June 30, 2004.

November 12, 2004, 3 p.m. -- Meeting of the Board of Directors
for the approval of the quarterly report of Finmatica S.p.A. and
the quarterly consolidated report for the period ended September
30, 2004.


PARMALAT FINANZIARIA: Administrator Raises Suspicions on BoA
------------------------------------------------------------
Bank of America denied the accusations of Parmalat administrator

Enrico Bondi that it had been aware of the dairy group's trouble
even before it broke out, according to Reuters.

The government-appointed administrator has alleged that the bank
used its privileged position to protect itself from risks
associated to deals it made in behalf of the group.  The
transactions referred by Mr. Bondi include the loan made to
Parmalat's Venezuelan unit, which the bank reclaimed in
December, and the US$300 million euro bond sale by two Parmalat
Cayman Islands units that was arranged by Bank of America.

A bank spokeswoman Betsy Weinberger said: "The transactions in
question were legitimate in their business purpose and were in
compliance with legal requirements."

But Mr. Bondi doubts this because the guarantees that Bank of
America required Parmalat "did not correspond to the risk grade
assigned by rating agencies at the time or... with the behavior
of other banks in their dealings with Parmalat," he said.

The bank's Italian unit is among the three financial
institutions being investigated in the collapse of the group
that surprised everybody in December.  A guilty verdict could
turn the wheels of another lawsuit that could force the bank to
repay Parmalat.

In a separate development, a Brazilian court which had assumed
temporary control of Parmalat's local operations has returned
the power to run the day-to-day operations of the company to its
management, according to Reuters.  The court issued the decision
after receiving a new management scheme that it deemed
acceptable.  In a statement, the company said it had passed from
being under "intervention" to a "supervised administration."
Following the decision, shareholders of Parmalat Brasil
Industria de Alimentos named Nelso Bastos, a local consultant
hired by Parmalat to represent its interests in Brazil, as
president of the board.


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


CLONDALKIN INDUSTRIES: Moody's Affirms Ratings
----------------------------------------------
Moody's Investors Service concluded its review on the ratings of
Clondalkin Industries by affirming the ratings of the
diversified packaging group.  The agency subjected the ratings
under review after Warburg Pincus agreed to acquire control of
Clondalkin from Candover for a total consideration of EUR630
million on a debt free basis.  The transaction is now closed and
funded.

The ratings affirmed are:

(a) Senior implied rating at Clondalkin Industries B.V. at B1;

(b) EUR170 million of 8% senior notes due 2014 at Clondalkin
    Industries B.V. at B3;

(c) EUR460 million of senior secured credit facilities at
    Clondal Acquisition B.V. at B1;

(d) Unsecured issuer rating at Clondalkin Industries B.V. at
    Caa1.

The outlook for all ratings is stable.

Concurrently Moody's confirmed and withdrew all ratings of
Clondalkin Industries Limited following the repayment or
defeasance of all outstanding legacy debt of Clondalkin
Industries Limited and Edgemead Limited.  As a result, these
ratings were confirmed and withdrawn:

(a) senior implied rating at Ba3;

(b) unsecured issuer rating at B2;

(c) EUR125 million 10.625% senior dues due 2010 at B2; and

(d) EUR300 million senior secured credit facilities (at Edgemad
    Limited) at Ba3.


KENDRION N.V.: Banks Extend Standstill Agreement Until December
---------------------------------------------------------------
Following the press release on March 12, 2004, Kendrion N.V.
announces that the standstill agreement as concluded with
Kendrion's most important financiers, is extended until December
31, 2004 as per Thursday.

Furthermore Kendrion announces that Lehman Brothers is taken on
for the purpose of the realization of the financial
restructuring.

                              *****

Kendrion booked a net loss of EUR104.9 million in 2003. Economic
recovery in the most important home markets for Kendrion failed
to appear.  The fourth quarter was particularly disappointing,
primarily for its activities in the German automobile industry.


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


AKER KVAERNER: Fitch Assigns EUR260 Mln Notes 'BB' Final Rating
---------------------------------------------------------------
Fitch Ratings on Thursday assigned a rating of 'BB' to the Aker
Kvaerner AS EUR260 million second priority lien notes issue
guaranteed by Aker Kvaerner O&G Group AS (AK O&G).  This follows
a review of final documentation on the basis of which Fitch
confirms the expected rating assigned to these notes on March
12, 2004.  The agency's Senior Unsecured rating for AK O&G is
'BB' with a Stable Outlook.

The 'BB' rating assigned to the notes, at the same level as the
Senior Unsecured rating, reflects the agency's view of the
potential recovery prospects of the notes, based on the pro-
forma capital structure of the group.  Although the notes are
contractually subordinated to a EUR150 million senior secured
credit facility, and contractually and structurally subordinated
to a EUR6.8 million (NOK57 million) project financing loan and
bonding facilities in excess of EUR400 million (NOK3 billion),
the value within the business should ensure substantial recovery
for the note holders.

The notes mature on June 15, 2011 and will accrue interest at a
rate of 8.375% per annum.  The issuer may redeem some or all of
the notes from June 15, 2007.  This three-year non-call period
is shorter than the average that Fitch has typically seen in the
market.  Subject to covenants being met, the notes are subject
to a EUR160 million carve-out for additional indebtedness.
Current ratings do not assume a need for additional
indebtedness.

The net proceeds from the issue of the notes will be held in an
escrow account until the new EUR150 million senior secured
credit facility is fully in place and bonding facilities have
been amended.  This is partly conditional upon the completion of
the initial public offering of shares by Aker Kvaerner ASA, the
new holding company of AK O&G and the Kvaerner Group's
engineering and construction businesses.  Once all conditions
have been fulfilled, proceeds from the notes will be used to
repay certain inter-company indebtedness owed to companies
outside of AK O&G.

AK O&G is an Oslo-based provider of products, services and
solutions for the offshore upstream oil and gas industry.  It
has operations in more than 20 countries, with principal
operations in Norway, the U.K. and the U.S.  FY03 revenues and
EBITDA were NOK20.4 billion and NOK765 million respectively.
The group comprises five divisions as follows: MMO (30% of FY03
revenues), field development Europe (29%), Subsea (16%),
products & technology (16%), and Oil, gas & process
international (9%).  AK O&G forms part of the Aker Kvaerner
group, a conglomerate whose other main businesses include
engineering and construction and shipbuilding.  The AK O&G
business has recently been segregated from the rest of the group
to facilitate stand-alone funding.

CONTACTS:  FITCH RATINGS
           Erwin van Lumich, Barcelona
           Phone: +34 93 323 8403
           Rachel Hardee, London,
           Phone: +44 207 417 6322
           Graeme Marks
           Phone: +44 207 862 4086

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


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


NETIA SA: Issues 480,732 Series K Shares
----------------------------------------
Netia S.A. (WSE: NET), Poland's largest alternative provider of
fixed-line telecommunications services, on Thursday announced
that on March 31, 2004 the Company issued, within its authorized
capital, 480,732 ordinary bearer series K shares with a nominal
value of PLN1 each which give the right to 480,732 votes at
Netia's general meeting of shareholders, due to the exercise by
certain persons authorized thereto of their rights arising from
the performance stock option plan adopted by Netia's supervisory
board on June 28, 2002, as amended.

By resolution No. 218/03 of May 14, 2003, the management board
of Krajowy Depozyt Papierow Wartosciowych w Warszawie S.A.
(National Depository of Securities) assigned the Series K Shares
with the PLNETIA00097 code.

The Series K shares were issued due to the exercise of rights
attached to 480,732 ordinary bearer Series III notes,
authorizing their holders to subscribe for the Series K Shares
prior to the Company's shareholders, having a nominal value of 1
grosz (PLN 0.01) each (Series III Notes).  In connection with
the exercise of rights from the Series III Notes, the Company
bought and redeemed 480,732 Series III Notes.

CONTACT:  NETIA S.A.
          Investor Relation
          Anna Kuchnio
          Phone: +48-22-330-2061

          Media
          Jolanta Ciesielska
          Phone: +48-22-330-2407

          Taylor Rafferty, London
          Mark Walter
          Phone: +44(0) 20-7936-0400

          Taylor Rafferty, New York
          Abbas Qasim
          Phone: +1-212-889-4350


NETIA SA: Sells Holdings in Non-operative Subsidiaries
------------------------------------------------------
Netia S.A. (WSE: NET), Poland's largest alternative provider of
fixed-line telecommunications services announced that, in the
process of simplifying the Netia group's internal structure, on
March 31, 2004, the Company sold to Fiducia Investment Sp. z
o.o., with its seat in Warsaw, on the basis of share purchase
agreements, these holdings in certain dormant companies:

    (i) 400 shares, EUR45.38 par value per share, of Netia
        Holdings B.V., with its seat in Amsterdam, the
        Netherlands, constituting 100% of Netia Holdings B.V.'s
        share capital and giving 100% of the voting power at
        Netia Holdings B.V.'s general meeting of shareholders.
        The total par value of the shares sold equals
        EUR18,151.21.  The total value of the transaction equals
        PLN 1,000;

   (ii) 400 shares, EUR45.38 par value per share, of Netia
        Holdings II B.V., with its seat in Amsterdam, the
        Netherlands, constituting 100% of Netia Holdings II
        B.V.'s share capital and giving 100% of the voting power
        at Netia Holdings II B.V.'s general meeting of
        shareholders.  The total par value of the sold shares
        equals EUR18,151.21.  The total value of the transaction
        equals PLN 1,000; and

  (iii) 200 shares, EUR100 par value per share, of Netia
        Holdings III B.V., with its seat in Amsterdam, the
        Netherlands, constituting 100% of Netia Holdings III
        B.V.'s share capital and giving 100% of the voting power
        at Netia Holdings III B.V.'s general meeting of
        shareholders.  The total par value of the sold shares
        equals EUR20,000.  The total value of the transaction
        equals PLN 1,000.

The Company's management board announced that, in the process of
simplifying the Netia group's internal structure, on March 31,
2004, the Company's subsidiary, Swiat Internet SA sold to
Fiducia Investment, on the basis of share purchase agreements,
the following holdings in certain dormant companies:

    (i) 835,130 shares, PLN 10 par value per share, of Multinet
        S.A., with its seat in Warsaw, constituting 100% of
        Multinet S.A.'s share capital and giving 100% of the
        voting power at Multinet S.A.'s general shareholders'
        meeting.  The total par value of the sold shares equals
        PLN 8,351,300. The total value of the transaction equals
        PLN 1,000;

   (ii) 435,660 shares, PLN 10 par value per share, of IDS S.A.,
        with its seat in Warsaw, constituting 100% of IDS
        S.A.'s share capital and giving 100% of the voting power
        at IDS S.A.'s general shareholders' meeting.  The total
        par value of the sold shares equals PLN 4,356,600.  The
        total value of the transaction equals PLN 1,000;

  (iii) 40 shares, PLN 50 par value per share, of Pik-Net Sieci
        Rozlegle Sp. z o.o., with its seat in Warsaw,
        constituting 100% of Pik-Net Sieci Rozlegle Sp. z o.o.'s
        share capital and giving 100% of the voting power at
        Pik-Net Sieci Rozlegle Sp. z o.o.'s general meeting of
        shareholders.  The total par value of the sold shares
        equals PLN 20,000.  The total value of the transaction
        equals PLN 1,000;

   (iv) 80,000 shares, PLN 50 par value per share, of Publiczny
        Dostep do Internetu Sp. z o.o., with its seat in Lodz,
        constituting 100% of Publiczny Dostep do Internetu Sp. z
        o.o.'s share capital and giving 100% of the voting power
        at Publiczny Dostep do Internetu Sp. z o.o.'s general
        meeting of shareholders.  The total par value of the
        sold shares equals PLN 4,000,000.  The total value of
        the transaction equals PLN 1,000; and

    (v) 1,368,420 shares, PLN 1 par value per share, of Polska
        OnLine Holding S.A., with its seat in Warsaw (Polska
        OnLine), constituting approximately 90% of Polska OnLine
        Holding S.A.'s share capital and giving approximately
        90% of the voting power at Polska OnLine Holding S.A.'s
        general shareholders' meeting. The total par value of
        the sold shares equals PLN 1,368,420.  The total value
        of the transaction equals PLN 900.  By September 30,
        2004, await Internet covenanted to offer to Fiducia
        Investment the remaining 160,000 shares of Polska OnLine
        for the total price of PLN 100.

The Company's management board hereby announces that, in the
process of simplifying the Netia group's internal structure, on
March 31, 2004, the Company's subsidiary, Polska OnLine, sold to
Fiducia Investment, on the basis of share purchase agreements,
the following holding in a certain dormant company: 7,649
shares, PLN 700 par value per share, of Polska OnLine Sp. z
o.o., with its seat in Warsaw, constituting 100% of Polska
OnLine Sp. z o.o.'s share capital and giving 100% of the voting
power at Polska OnLine Sp. z o.o.'s general meeting of
shareholders.   The total par value of the sold shares equals
PLN 5,345,300.  The total value of the transaction equals PLN
1,000.

The Company's management board further announces that:

     (i) none of the companies whose shares were subject to the
         above-mentioned transactions conducts
         telecommunications activities;

    (ii) in each of the nine transactions, the shares sold by
         the Company, Swiat Internet and Polska OnLine
         constituted more than 20% of the respective companies'
         share capitals; and

   (iii) neither the Company, Swiat Internet, Polska OnLine nor
         any of their management board or supervisory board
         members are in any way connected to the purchaser of
         the shares.

CONTACTS:  NETIA S.A.
           Investor Relation
           Anna Kuchnio
           Phone: +48-22-330-2061

           Media
           Jolanta Ciesielska
           Phone: +48-22-330-2407

           Taylor Rafferty, London
           Mark Walter
           Phone: +44(0) 20-7936-0400

           Taylor Rafferty, New York
           Abbas Qasim
           Phone: +1-212-889-4350


POLFA KUTNO: Italian Drug Firm Interested in Acquiring Shares
-------------------------------------------------------------
Recordati is planning to buy 49.99% of shares in the domestic
pharmaceutical producer, Polfa Kutno, according to Warsaw
Business Journal.  The Italian pharmaceutical firm is offering
PLN0.287 per share and has already sounded the Securities and
Stock Exchange Commission regarding the offer.

Polfa Kutno is facing a case lodged against it by the fiscal
office, claiming the company is receiving refunds that were in
excess of what is allowed by the budget.  The fiscal office
wants Polfa to pay PLN6 million on overdue taxes, TCR-Europe
reported last month.  The potential tax arrears may lead to the
company's bankruptcy, Polfa has warned.


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


ALEXEEVSKY: Under Bankruptcy Supervision Procedure
--------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
supervision procedure on OJSC Alexeevsky cheese factory.  The
case is docketed as A12-3502/04-C57.  Mr. Alexey Vasev, a member
of TP Volgograd Self-regulated organization of arbitral
managers, has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 400012, Russia, Volgograd,
Dorozhnaya str.36.

CONTACT:  ALEXEEVSKY CHEESE FACTORY
          Russia, Volgograd region, Alexeevskaya Station,
          Krasnogvardeyskaya str.64

          Mr. Alexey Vasev, temporary insolvency manager
          400012, Russia, Volgograd, Dorozhnaya str.36


BUILDING CERAMICS: Moscow Court Appoints Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
supervision procedure on Closed JSC Building Ceramics.  The case
is docketed as A41-K2-2980/04.  Mr. Alexandr Arendarchuk, a
member of TP Russian Self-regulated organization of arbitral
managers (Moscow), has been appointed temporary insolvency
manager.

Creditors have until April 26, 2004 to submit their proofs of
claim to the debtor and temporary insolvency manager at: 143980,
Russia, Moscow region, Zheleznodorozhny, Keramicheskaya str.2a.
A hearing will take place on June 15, 2004, 10:00 a.m. at the
Arbitration Court of Moscow region.

CONTACT:  BUILDING CERAMICS
          143980, Russia, Moscow region, Zheleznodorozhny,
          Keramicheskaya str.2a

          Mr. Alexandr Arendarchuk, Temporary Insolvency Manager
          143980, Russia, Moscow region, Zheleznodorozhny,
          Keramicheskaya str.2a

          Arbitration Court of Moscow region
          Moscow, Academic Sacharov prosp, 18 Hall 440


GORODSKAYA: Bankruptcy Supervision Procedure Begins
---------------------------------------------------
The Arbitration Court of Astrachan region commenced bankruptcy
supervision procedure on LLC PCC Gorodskaya sewing factory.  The
case is docketed as A06-2681b-18k/03.  Mr. Valery Shurshev, a
member of TP Interregional Self-regulated organization of
arbitral managers, has been appointed temporary insolvency
manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 414056, Russia, Astrachan,
Savushkina str.29-48.  A hearing will take place on May 17,
2004, 2:00 p.m. at the Arbitration Court of Astrachan region.

CONTACT:  GORODSKAYA SEWING FACTORY
          414022, Russia, Astrachan, J. Reed str.12

          Mr. Valery Shurshev, temporary insolvency manager
          414056, Russia, Astrachan, Savushkina str.29-48


IGARKA SEAPORT: Deadline for Proofs of Claim April 26
-----------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
supervision procedure on OJSC Igarka Seaport.  The case is
docketed as A33-2671/04-C4.  Mr. Sergey Vasilyev has been
appointed temporary insolvency manager.

Creditors have until April 26, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 660017, Russia,
Krasnoyarsk, Post User Box 20647.  A hearing will take place on
August 13, 2004, 2:00 p.m. at the Arbitration Court of
Krasnoyarsk region.

CONTACT:  IGARKA SEAPORT
          663200, Russia, Igarka, Shmidt str.1

          Mr. Sergey Vasilyev, temporary insolvency manager
          660017, Russia, Krasnoyarsk, Post User Box 20647

          Arbitration Court of Krasnoyarsk region
          660017, Krasnoyarsk, Lenin str.143


KRAF-TEXTILE: Declared Insolvent
--------------------------------
The Arbitration Court of Moscow region declared OJSC Kraf-
Textile (TIN 5023005406) insolvent and introduced bankruptcy
proceedings on the company.  The case is docketed as A41-K2-
4375/03.  Mr. Anatoly Sorokin, a member of TP Moscow Self-
regulated organization of arbitral managers, has been appointed
insolvency manager.  Creditors have until April 26, 2004 to
submit their proofs of claim to the insolvency manager at:
125009, Russia, Moscow, Poste restante, for Mr. Anatoly Sorokin.

CONTACT:  KRAF-TEXTILE
          Russia, Moscow region,
          Krasnoarmeysk, Sverdlova str.1

          Mr. Anatoly Sorokin insolvency manager
          125009, Russia, Moscow, Poste restante,
          for Mr. Anatoly Sorokin


LEASING BUSINESS: Tymen Court Appoints Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Tymen region declared Closed JSC
leasing business, Tymen, insolvent and introduced bankruptcy
proceedings on the company.  The case is docketed as A70-4010/3-
03.  Mrs. Nina Baranova, a member of TP Ural Self-regulated
organization of arbitral managers, has been appointed insolvency
manager.  Creditors are asked to submit their proofs of claim to
the insolvency manager at: 625035, Russia, Tymen, Republic
str.204-222.

CONTACT:  LEASING BUSINESS TYMEN
          625001, Russia, Tymen, Novgorodskaya str.10

          Mrs. Nina Baranova, insolvency manager
          625035, Russia, Tymen, Republic str.204-222


LENINSKY DAIRY: Under Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
supervision procedure on OJSC Leninsky Dairy.  The case is
docketed as A12-3503/04-C49.  Mr. Alexey Vasev, a member of TP
Volgograd Self-regulated organization of arbitral managers, has
been appointed temporary insolvency manager.  Creditors are
asked to submit their proofs of claim to the temporary
insolvency manager at: 400012, Russia, Volgograd, Dorozhnaya
str.36.

CONTACT:  LENINSKY DAIRY
          Russia, Volgograd region, Leninsk,
          Frunze str.10

          Mr. Alexey Vasev, temporary insolvency manager
          400012, Russia, Volgograd, Dorozhnaya str.36


ODOYEVSKY PRESERVING: Court Confirms State of Insolvency
--------------------------------------------------------
The Arbitration Court of Tula region declared OJSC Odoyevsky
Preserving Plant insolvent and introduced bankruptcy proceedings
on the factory.  The case is docketed as A68-69/B-03.  Mrs.
Irina Minakova, a member of TP Moscow Self-regulated
organization of arbitral managers, has been appointed insolvency
manager.  Creditors have until May 26, 2004 to submit their
proofs of claim to the insolvency manager at: 300026, Russia,
Tula, Ryazanskaya str.1-601, Phone/Fax 0872-352246.

CONTACT:  ODOYEVSKY PRESERVING PLANT
          301440, Russia, Tula region, Odoyev,
          Pervomayskaya str.13

          Mrs. Irina Minakova, insolvency manager
          300026, Russia, Tula, Ryazanskaya str.1-601,
          Phone/Fax:  0872-352246


OST-WEST-TRANSIT: Court Sets Bankruptcy Hearing May 4
-----------------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
supervision procedure on LLC Ost-West-Transit.  The case is
docketed as A63-166/2003-C5.  Mr. Y. Kaverin has been appointed
temporary insolvency manager.

Creditors have until April 26, 2004 to submit their proofs of
claim to the temporary insolvency manager at: Russia, Stavropol
region, Pyatigorsk, Ukrainskaya str.56.  A hearing will take
place on May 4, 2004, 11:00 a.m. at the Arbitration Court of
Stavropol region.

CONTACT:  OST-WEST-TRANSIT
          Russia, Mineralnye Wody, Promzona, 4th-km

          Mr. Y. Kaverin, temporary insolvency manager
          Russia, Stavropol region, Pyatigorsk, Ukrainskaya
          str.56


SAMARSKY: Declared Insolvent
----------------------------
The Arbitration Court of Primorsky region declared Agricultural
Industrial Complex Samarsky insolvent and introduced bankruptcy
proceedings on the company.  The case is docketed as A51-
5571/2002 (11-142B).  Mr. B. Stepanov has been appointed
insolvency manager.  Creditors have until April 26, 2004 to
submit their proofs of claim to the insolvency manager at:
690091, Russia, Primorsky region, Vladivostok, Suchanova str.3,
OJSC Primorsklesprom, for Mr. B. Stepanov.

CONTACT:  Mr. B. Stepanov, Insolvency Manager
          690091, Russia, Primorsky region, Vladivostok,
          Suchanova str.3, OJSC Primorsklesprom


SNIIM: Deadline for Submission of Proofs of Claim May 26
--------------------------------------------------------
The Arbitration Court of Saratov region declared OJSC SNIIM
insolvent and introduced bankruptcy proceedings on the company.
The case is docketed as A57-94B/03-23.  Mr. P. Medvedev (Moscow)
has been appointed insolvency manager.  Creditors have until May
26, 2004 to submit their proofs of claim to the insolvency
manager at: 410076, Russia, Saratov, Post User Box 2493.

CONTACT:  SNIIM
          410044, Russia, Saratov, Stroiteley prosp.1

          Mr. P. Medvedev, insolvency manager
          410076, Russia, Saratov, Post User Box 2493


TTS-LES: Under Bankruptcy Supervision Procedure
-----------------------------------------------
The Arbitration Court of Krasnoyarsky region commenced
bankruptcy supervision procedure on LLC TTS-LES (Tin
2420006087).  The case is docketed as A33-2945/04-c4.  Mr. V.
Kubelun has been appointed temporary insolvency manager.
Creditors have until April 26, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 121351, Russia,
Moscow, Molodogvardeyskaya str.46, build.1 office 356.

CONTACT:  TTS-LES
          663491, Russia, Krasnoyarsky region,
          Kezhemsk Area, Kodinsk

          Mr. V. Kubelun, temporary insolvency manager
          121351, Russia, Moscow, Molodogvardeyskaya str.46,
          build.1 office 356


UMNOVSKY DISTILLERY: Court Decrees Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
supervision procedure on state unitary enterprise, Umnovsky
Spirit-Vodka Distillery.  The case is docketed as A47-1933/2004-
14GK.  Mr. Alexandr Taushev has been appointed temporary
insolvency manager.

Creditors have until April 26, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 460000, Russia,
Orenburg, Privokzalnaya ploschad 1a, Post User Box 63.  A
hearing will take place on July 7, 2004, 10:40 a.m. at the
Arbitration Court of Orenburg region.

CONTACT:  UMNOVSKY SPIRIT-VODKA DISTILLERY
          Russia, Orenburg region, Buzuluksky Area,
          Krasnogvardeez

          Mr. Alexandr Taushev, temporary insolvency manager
          460000, Russia, Orenburg, Privokzalnaya ploschad 1a,
          Post User Box 63


VOLGOGRAD BASE: Under Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
supervision procedure on OJSC Volgograd Butter-Cheese Base.
The case is docketed as A12-3504/04-C49.  Mr. Alexey Vasev, a
member of TP Volgograd Self-regulated organization of arbitral
managers, has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 400012, Russia, Volgograd,
Dorozhnaya str.36.

CONTACT:  VOLGOGRAD BUTTER-CHEESE BASE
          Russia, Volgograd, Bakinskaya str.8

          Mr. Alexey Vasev, temporary insolvency manager
          400012, Russia, Volgograd, Dorozhnaya str.36


VZBT: Volgograd Court Appoints Insolvency Manager
-------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
supervision procedure on LLC VZBT.  The case is docketed as A12-
2658/04-C58.  Mr. Sangantay Sadykov, a member of TP Self-
regulated organization of arbitral managers NGAU, has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 400112, Russia, Volgograd-112,
Ostravskaya str.18-26.  A hearing will take place on May 28,
2004 at the Arbitration Court of Volgograd region.

CONTACT:  Mr. Sangantay Sadykov, temporary insolvency manager
          400112, Russia, Volgograd-112, Ostravskaya str.18-26


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


LM ERICSSON: First Quarter Results Out April 23
-----------------------------------------------
Ericsson is raising first quarter 2004 gross margin
expectations.  Gross margins are estimated to improve above the
level of 41.6% attained in the fourth quarter 2003.  The main
reason for the improvement is better than anticipated benefits
of cost of sales reduction activities.

The sales outlook for the first quarter remains unchanged. Sales
are expected to show a sequential decrease due to seasonality
but to show moderate growth year-over-year.  First quarter
results will be announced 7:30 a.m. CET, on April 23, 2004.

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.
Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication
companies in the world.  Read more at:
http://www.ericsson.com/press

CONTACT:  LM ERICSSON
          Henry Stenson, Senior Vice President, Communications
          Phone: +46 8 719 4044
          E-mail: investor.relations@ericsson.com or
          press.relations@ericsson.com

          Investors
          Gary Pinkham, Vice President, Investor Relations
          Phone: +46 8 719 0000
          E-mail: investor.relations@ericsson.com

          Media
          Pia Gideon, Vice President,
          Market and External Communications
          Phone: +46 8 719 2864, +46 70 519 8903
          E-mail: press.relations@ericsson.com

          Aue Lindskog, Director, Head of Media Relations
          Phone: +46 8 719 9725, +46 730 244 872
          E-mail: press.relations@ericsson.com


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


ABBEY NATIONAL: To Redeem Perpetual Subordinated Securities
-----------------------------------------------------------
Abbey National plc hereby confirms that it has given notice in
accordance with the terms of its Perpetual Subordinated Capital
Securities that on April 29, 2004 it will redeem all of its
outstanding 7% Perpetual Subordinated Capital Securities at a
redemption price equal to 100% of the principal amount thereof
(in denominations of $25), together with accrued interest
payable, if any, from the date of the last interest payment on
April 15, 2004 to the redemption date.

CONTACT:  ABBEY NATIONAL
          Jo Wainwright
          (Legal Assistant, Product and Business Financing
          Division)
          Phone: 001 44 20 7756 4723

          Jon Burgess (Head of Investor Relations)
          Phone: 001 44 20 7756 4182


CALDROME LIMITED: Appoints Administrative Receiver
--------------------------------------------------
Name of Company: Caldrome Limited

Nature of Business: General Mechanical Engineering

Trade Classification: Metal Manufacture

Date of Appointment: March 23, 2004

Joint Administrative Receiver:  101 Barbirolli Square,
                                Lower Mosley Street,
                                Manchester M2 3PW
                                Receivers:
                                David Thornhill
                                Michael Horrocks
                                (IP Nos 8840, 8026)


CHARTER GROUP: Voluntary Winding up Resolution Passed
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Charter Group Developments Limited Company on March 23, 2004
held at Mill House, Little Missenden, Amersham, Buckinghamshire
HP7 0RG, the Special Resolution to wind up the Company was
passed.  Peter Godfrey-Evans, Mercer & Hole, Silbury Court, 420
Silbury Boulevard, Central Milton Keynes, has been appointed
Liquidator for the purposes of such winding-up.

Creditors are asked to send in their full names and addresses
including full particulars of their debt claim the Company due
them at Mercer & Hole, Slibury Court, 420 Silbury Boulevard,
Central Milton Keynes not later than April 21, 2004.

CONTACT:  MERCER & HOLE
          Silbury Court,
          420 Silbury Boulevard,
          Central Milton Keynes
          Contact:
          Peter Godfrey-Evans, Liquidator


DARWEN INVESTMENTS: Hires Liquidator from Numerica
--------------------------------------------------
At an Extraordinary General Meeting of the Darwen Investments
Limited Company on March 24, 2004 held at 66 Wigmore Street,
London W1U 2HQ, the subjoined Resolutions to wind up the Company
were passed.  Nicholas Hugh O'Reilly and Jonathan Mark Birch,
both of Numerica, P.O. Box 2653, 66 Wigmore Street, London W1A
3RT, have been appointed Joint Liquidators for the purpose of
the voluntary winding-up.

Creditors are asked to submit their full names, addresses
including written details of their debt claims the Company due
them at P.O. Box 2653, 66 Wigmore Street, London W1A 3RT not
later than April 30, 2004.

CONTACT:  NUMERICA
          PO Box 2653
          66 Wigmore Street,
          London W1A 3RT
          Contact:
          Nicholas Hugh O'Reilly, Liquidator
          Jonathan Mark Birch, Liquidator


DAWSON INTERNATIONAL: Completes Sale of Ballantyne to Charme
------------------------------------------------------------
Dawson International plc announces that following the passing of
the resolution at the EGM held Wednesday, the Company has
completed the sale of its Ballantyne Business as described in
the Circular to Shareholders dated March 15, 2004.  This
represents an important first step in securing the financial
stability of the Company.

The Company continues to develop plans to secure additional
funding.  The Issue Circular, which is to contain, inter alia,
full details of the terms and conditions of a Loan Stock issue
will take longer to prepare than earlier indicated.  The GBP9
million debt facility, which was expected to be available to the
Company from completion of the sale of the Ballantyne Business
is not now available.  Alternatives, which are necessary to have
in place before publishing the Issue Circular, are currently
being considered.

Following completion of the sale of the Ballantyne Business,
Alfredo Canessa has resigned as a Director of the Company with
immediate effect.  The Board would like to thank him for his
contribution to the Ballantyne Business.


DE ROY PLASTICS: Final Meeting Set April 29
-------------------------------------------
There will be a Final General Meeting of the Members of the De
Roy Plastics Limited Company on April 29, 2004 at 10:30 a.m.  It
will be held at the offices of BDO Stoy Hayward LLP, Connaught
House, Alexandra Terrace, Guilford, Surrey GU1 3DA.

The purpose of the Meeting is to lay before the Members the
account showing how the winding-up of the Company has been
conducted.  Members who wish to attend at the Meeting may
appoint a proxy in his behalf.  A proxy need not be a Member of
the Company.

CONTACT:  BDO STOY HAYWARD LLP
          Connaught House,
          Alexandra Terrace, Guilford
          Surrey GU1 3DA
          Contact:
          D B Coakley, Liquidator


DREMT CASH: Hires Liquidator from PricewaterhouseCoopers
--------------------------------------------------------
There will be a Final Meeting of the Members of the Dremt Cash
Fund Limited Company on May 10, 2004 at 10:30 a.m.  It will be
held at the offices of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT.

The purpose of the Meeting is to lay before the Members the
account how the winding-up of the Company has been conducted.
Members who wish to attend at the Meeting may appoint a proxy on
his behalf.  A proxy need not be a Member of the Company.

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


EDGER 158: Members' Meeting Set April 27
----------------------------------------
There will be a General Meeting of the Edger 158 Limited Company
on April 27, 2004 at 10:30 a.m.  It will be held at the offices
of HKM Harlow Khandia Mistry, The Old Mill, 9 Soar Lane,
Leicester LE3 5DE.

The purpose of the Meeting is to lay before the Members the
account how the winding-up of the Company has been conducted.
Members who wish to vote at the Meeting may appoint a proxy in
his behalf.  A proxy need not be a Member.  Proxies to be used
must lodged with J P W Harlow, the Company's Liquidator at The
Old Mill, 9 Soar Lane, Leicester LE3 5DE not later than 12:00
noon April 26, 2004.

Contact:  HKM HARLOW KHANDIA MISTRY
          The Old Mill,
          9 Soar Lane,
          Leicester LE3 5DE
          Contact:
          J P W Harlow, Liquidator


EDWARD JAMES: Members Meeting May 11
------------------------------------
Pursuant to section 94 of the Insolvency Act 1986, a Meeting of
the Members of the Edward James (York) Limited Company will be
on May 11, 2004 at 10:00 a.m.  It will be held at Yorkshire
House, Greek Street, Leeds LS1 5ST.

The purpose of the Meeting is to lay before the Members the
account how the winding-up of the Company has been conducted.
Members who wish to vote at the Meeting may appoint a proxy in
his behalf.  A proxy need not be a Member.  Proxies to be used
must lodged with R J Brown, the Liquidator at the office of John
Gordon Walton & Co, Yorkshire House, Greek Street, Leeds LS1
5ST, not later than 12:00 noon May 10, 2004.

CONTACT:  JOHN GORDON WALTON & CO
          Yorkshire House, Greek Street,
          Leeds LS1 5ST
          Contact:
          R J Brown, Liquidator


EMI GROUP: Outlook Changed to Negative
--------------------------------------
Moody's Investors Service changed the outlook for EMI Group
plc's sr. Ba1 rating to negative from stable after the company's
announcement of cash costs related to restructuring.

EMI Group said it will have to spend around GBP75 million due to
measures taken in connection with further restructurings of its
record labels and artist rosters and through up front costs
incurred with outsourcing its U.S. and European manufacturing
activities.  Added to this is an expected cash outflow from the
agreed US$80 million purchase of the final 20% in the Jobete
music publishing catalogue.

Notwithstanding the benefits of the restructuring, Moody's
believes that in the near term it will worsen EMI's track record
of weak cash flow generation.  The company's weak cash flow
generation is not expected to turn positive in a material way
before the 2005/2006 financial year.


EVEREST CAPITAL: Final Members Meeting Set April 23
---------------------------------------------------
There will be an Annual and Final General Meeting of the Members
of the Everest Capital (U.K.) Limited Company on April 23, 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 Creditors the
account how the winding up of the Company has been conducted.

Members who wish to vote at the Meeting may appoint a proxy in
his/her behalf.  A proxy need not be a Member.


EXPORTSITE LIMITED: Shareholders' Final Meeting April 30
--------------------------------------------------------
Pursuant to section 94 of the Insolvency Act 1986 that a Final
Meeting of the Members of the Exportsite Limited Company will be
on April 30, 2004 at 11:00 a.m.  It will be held at the offices
of Tenon Recovery, Tenon House, Ferryboat Lane, Sunderland SR5
3JN, for the purpose of receiving an account of how the winding-
up of the Company has been conducted.

CONTACT:  TENON RECOVERY
          Tenon House,
          Ferryboat Lane,
          Sunderland SR5 3JN
          Contact:
          I W Kings, Liquidator


FENN NOMINEES: Hires Critchleys Liquidator
------------------------------------------
Name of Companies:
Fenn Nominees Ltd
HCL Nominees Ltd
Henderson Crosthwaite Trustees Ltd
Individual Savings Account Administration Limited
Investment Services Administration Ltd
ISA Administration Ltd
PEP Services Ltd
Sheppards Ltd
Sheppards Nominees Ltd

At an Extraordinary General Meeting of the Companies on March
18, 2004 held at 2 Gresham Street, London EC2V 7QN, the
subjoined Resolutions to wind up the Company were passed.  Susan
Margaret Roscoe, of Critchleys, Greyfriars Court, Paradise
Square, Oxford OX1 1BB, has been appointed Liquidator of the
Companies for the purpose of the voluntary winding-up.

CONTACT:  CRITCHLEYS
          Greyfriars Court,
          Paradise Square,
          Oxford OX1 1BB
          Contact:
          Susan Margaret Roscoe, Liquidator


GLOBE TRUST: Calls in Liquidator
--------------------------------
At an Extraordinary General Meeting of the Members of the globe
Trust Limited Company on March 23, 2004 held at Mill House,
Little Missenden, Amersham, Buckinghamshire HP7 0RG, the Special
Resolution to wind up the Company was passed.  Peter Godfrey-
Evans, Mercer & Hole, Silbury Court, 420 Silbury Boulevard,
Central Milton Keynes, has been appointed Liquidator for the
purposes of such winding-up.

Creditors are asked to submit their full names; addresses
including written debt claim the Company due them at Silbury
Court, 420 Silbury Boulevard, Central Milton Keynes on or before
April 21, 2004.

CONTACT:  MERCER & HOLE
          Silbury Court,
          420 Silbury Boulevard,
          Central Milton Keynes
          Contact:
          Peter Godfrey-Evans, Liquidator


HELIDIRECT LIMITED: Members Meeting April 28
--------------------------------------------
There will be a Members Meeting of the Helidirect U.K. Limited
Company on April 28, 2004 at 10:00 a.m.  It will be held at
Tomlinsons, St Johns Court, 72 Gartside Street, Manchester M3
3EL.

The purpose of the Meeting is to lay before the Members the
account how the winding up of the Company has been conducted.
Members who wish to attend at the Meeting may appoint a proxy in
his behalf.  A proxy may not be a Member.  Proxies to be used
must lodged at St Johns Court, 72 Gartside Street, Manchester M3
3EL not later than 12:00 noon April 27, 2004.

CONTACT:  TOMLINSONS
          St Johns Court,
          72 Gartside Street,
          Manchester M3 3EL
          Receiver:
          A H Tomlinson, Liquidator


KB PRINTERS: Appoints HJS Recovery Administrator
------------------------------------------------
Name of Companies:
KB Printers (Holdings) Limited
KB Printers Limited

Nature of Business: Printers

Trade Classification: 10

Date of Appointment: March 18, 2004

Administrative Receiver:  HJS RECOVERY
                          12-14 Carlton Place,
                          Southampton SO15 2EA
                          Receiver:
                          Gordon John Johnston
                          (IP No 8616)


MAYFLOWER CORPORATION: Melrose No Longer Interested in Bidding
--------------------------------------------------------------
Melrose Plc has withdrawn its offer to acquire Mayflower
Corporation after the latter's fall in administration.

The Aim-traded cash shell had planned to approach Deloitte,
Mayflower's administrators, to look at the books of its TransBus
coach manufacturing division, according to the Financial Times.

In a statement, Melrose said it "reserves its position to make
an offer for the shares in the event that Mayflower shares are
relisted."

Mayflower owes its creditors about GBP190 million, the report
said.  The bus manufacturer asked for a suspension of trading
prior to the filing of administration in expectation it won't be
able to strike accord with lenders.

It is currently hoping to sell its U.S. MVS parts-pressing
business, which was not put into administration, for GBP50
million.  RW Baird is arranging the sale.

CONTACT:  MAYFLOWER CORPORATION
          Nick Fox
          Phone:  020 7153 1540
              or  07711 727 618

          ROBERT W. BAIRD & CO. INCORPORATED
          777 East Wisconsin Avenue
          P.O. Box 0672
          Milwaukee, WI 53201-0672
          Phone: 1-800-RWBAIRD
          Monday-Friday, 8:00 a.m.-5:30 p.m. (CT)


NETWORK RAIL: Bares GBP26 Billion Business Plan
-----------------------------------------------
Network Rail unveils its 2004 business plan, which highlights
unprecedented investment and a clear plan for improving
Britain's railway.  Over the next five years the company will
spend some GBP26 billion to deliver a safe, reliable and value
for money railway.

The 2004 Business Plan is the first based on a fixed and certain
level of income and gives the Business stability and a clear
direction.  It sets out a detailed blueprint for improving
performance and reducing costs through a huge program of action
and activity.  It demonstrates how Network Rail will spend GBP14
million each day on operating, maintaining, renewing and
enhancing the network to deliver the maximum benefit for
Britain's rail users.

The plan details Network Rail's commitment to achieving better
than pre-Hatfield levels before the end of 2006.  Whilst this is
already the case in parts of the country on some days and weeks,
the Company's challenge is to do so consistently over a 12-month
period.  Network Rail further shows how it will achieve
consistent 90% train punctuality within five years.

John Armitt, Chief Executive, said: "This clear plan shows our
commitment to deliver a better train service to the passenger
through the enormous amount of activity and investment that will
be pumped into Britain's ageing railway infrastructure over the
next five years.

"Everyday we will have over 20,000 rail workers out on the track
rebuilding Britain's railway.  Our job must be to ensure that we
get the most out of every shovel-full, making every penny count
in the delivery of a better, more reliable railway."

"The plan will build on the substantial achievements of the last
18 months. Train punctuality has improved significantly and
Network Rail delays have reduced.  We are not complacent.  We
recognize the urgent need to improve the railway and that much
remains to be done.  Network Rail relishes the challenge ahead
as it forges a new railway that is better able to cope with the
increasing demands placed upon it."

"We are determined to succeed.  It is through this unprecedented
level of investment and activity, combined with the
professionalism and dedication of our people and suppliers, that
we can look forward to a better railway for our customers and
the passenger."

John Armitt added: "We're spending and investing more that ever
before because we're doing more.  It's an enormous task to put
right the years of under-investment that has left us with an
ageing and fragile network."

Over the next five years Network Rail will be undertaking a huge
amount of work on the network, some of the highlights include:

(a) An average of almost 1 1/2 miles of track will be replaced
    every single day over the next five years -- enough track to
    take you from London to the Great Pyramids

(b) Enough sleepers will be replaced over the next five years
    that if placed end to end would reach to Australia

(c) 13.5 million tones of ballast will be replaced over the next
    five years -- the equivalent weight of almost 200 QE2s

(d) Doubling the track along the Lichfield Trent Valley as part
    of the West Coast Main Line upgrade to increase capacity

(e) Delivery of the new September 2004 West Coast timetable
    offering faster more frequent services -- already some 200
    miles of the West Coast Main Line now 125 mph capable

(f) New platforms at Birmingham New Street and Wolverhampton
    stations and improvements to facilities such as toilets,
    CCTV and new information systems at hundreds of others

(g) Power supply upgrade to be completed in Southern England to
    enable the introduction of new trains -- over 650 have
    already been introduced

(h) Major renewals and other significant work at locations
    across the South -- Brighton mainline, Wimbledon-Sutton,
    Waterloo-Vauxhall, Hastings, Richmond, Clapham Junction,
    Kingston

(i) Major renewal work at King's Cross, Hitchin, Peterborough,
    Doncaster including signaling, track and overhead line
    equipment

(j) Significant renewals for the Derby area, around St Pancras
    and commissioning of the Cherwell Valley resignalling scheme

(k) Major works for the west of England and Wales -- in and
    around Bristol, Taunton, Slough, Barry, Bridgend, Port
    Talbot John Armitt added: "The benefits of all this work can
    only be achieved by our people and the successful
    integration of some 18,000 maintenance workers.  Our people
    have risen to the challenges magnificently and it is through
    their hard work, ideas and innovations that we can continue
    to rebuild Britain's railway."

Performance continues to improve and by the end of the year
(financial) Network Rail expects to deliver around an 8«%
improvement on last year.  Where maintenance has come in-house
the reduction in delays is striking with the Reading area
showing a 41% fall over the past five months and since taking
Wessex area in-house in November, delays attributed to Network
Rail have dropped by 19%.

We expect, with the help of train operators, to exceed pre-
Hatfield performance levels by the end of 2006 and continue to
press for better and faster performance improvements at every
opportunity:

Some of the new initiatives and innovations that will contribute
towards making Network Rail a high performing company include:

(a) Completing the next phase of the Train Protection and
    Warning System - TPWS+, which stops trains at risk from
    passing red signals at up to 100mph. This will be installed
    at some 400+ signals on high speed lines over the next 18
    months.

(b) Establishment of two brand new signaler training schools
    that will use world leading signaling simulators and other
    teaching aids.

(c) Man-in-a-van initiative - over GBP1 million investment in a
    total of seven vans and around 20 people, spread across the
    country, who work directly for our community relations
    department responding in real-time to issues such as over
    hanging vegetation, fence repairs, and clearing fly tipping
    sites.

John Armitt concluded by saying: "The 2004 Business Plan marks
the next phase of Network Rail's task of rebuilding Britain's
railway.  It gives us certainty about the future, where we can
look forward to sustained high levels of investment and
increased activity levels, that will lead to a more reliable,
better railway for our customers and rail users."


NICHOLAS HARVEY: Appoints Liquidator from Harris Lipman
-------------------------------------------------------
At an Extraordinary General Meeting of the Nicholas Harvey
Company on March 18, 2004 held at the offices of Harris Lipman,
2 Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20
0YZ, the Special, Ordinary and Extraordinary Resolutions to wind
up the Company were passed.  Barry David Lewis of Harris Lipman,
2 Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20
0YZ, has been appointed Liquidator for the Company.

CONTACT:  HARRIS LIPMAN
          2 Mountview Court,
          310 Friern Barnet Lane, Whetstone,
          London N20 0YZ
          Contact:
          Barry David Lewis, Liquidator


PAT CARROLL: Hires Liquidator from Langley & Partners
-----------------------------------------------------
At an Extraordinary General Meeting of the Shareholders of the
Pat Carroll Travel Ltd Company on March 22, 2004 held at Langley
House, Park Road, East Finchley, London N2 8EX, the Special and
Ordinary Resolutions to wind up the Company were passed.  Alan
Simon of the firm of Langley & Partners has been appointed
Liquidator of the Company.


PECIS LIMITED: Winding up Resolution Passed
-------------------------------------------
At an Extraordinary General Meeting of the Members of the Pecis
Limited Company on March 23, 2004 held at 60-62 Old London Road,
Kingston upon Thames, Surrey KT2 6QZ, the Special Resolution to
wind up the Company was passed.  Andrew John Whelan of Marks
Bloom, 60-62 Old London Road, Kingston upon Thames KT2 6QZ, has
been appointed Liquidator of the Company.

Creditors are asked to submit their full names, addresses
including written debt claims the Company due them at 60-62 Old
London Road, Kingston upon Thames KT2 6QZ on or before April 30,
2004.

CONTACT:  MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames KT2 6QZ
          Contact:
          Andrew John Whelan, Liquidator


PUTTOCKS LIMITED: Appoints Liquidator from Grant Thornton
---------------------------------------------------------
At an Extraordinary General Meeting of the Puttocks Limited
Company on March 18, 2004 held at Bellapais, The Long Road,
Rowledge, Farnham, Surrey GU10 4DP, the Special Resolution to
wind up the Company was passed.  Samantha Keen of Grant
Thornton, 31 Carlton Crescent, Southampton, Hampshire SO15 2EW,
has been appointed Liquidator of the Company for the purposes of
the voluntary winding-up.

CONTACT:  GRANT THORNTON
          31 Carlton Crescent,
          Southampton,
          Hampshire SO15 2EW
          Contact:
          Samantha Keen, Liquidator


RELDON PRECISION: Hires Grant Thornton Administrator
----------------------------------------------------
Name of Company: Reldon Precision Tooling Limited

Nature of Business: Cutting Tool Specialists

Trade Classification: 06

Date of Appointment: March 19, 2004

Joint Administrative Receiver:  GRANT THORNTON
                                Heron House, Albert Square,
                                Manchester M60 8GT
                                Receivers:
                                Leslie Ross
                                Sean Croston
                                (IP Nos 7244, 8930)


SPORTINGBET PLC: Reports Better-than-expected Trading Results
-------------------------------------------------------------
Trading Update

Sportingbet Plc (LSE: SBT), the world's largest online betting
group, is pleased to announce that trading throughout the three
months ended March 31, 2004 has been ahead of management's
expectations.

Operating profit before goodwill amortization for the quarter is
anticipated to be not less than GBP7.6 million (2003: GBP4.0
million) and cumulative operating profit before goodwill
amortization for the four quarters to March 31, 2004 is
therefore anticipated to be not less than GBP19.5 million (2003:
GBP14.6million).

This strong performance has been generated by a continued
improvement in the key performance indicators of the business.
In the three months to March 31, 2004 the number of sports bets
placed with the Group has risen 49% to 9.1 million (2003: 6.1
million).  The number of bets placed has been good across all of
the Group's operations:

Europe has increased by 111% to 2.9 million bets; the USA by 27%
to 5.7 million bets and Australia by 83% to 0.5 million bets.
In addition, new customer signups and gross margin levels have
been pleasing, particularly in key events such as the Cheltenham
Festival (U.K.) and March Madness Basketball (USA).  Recently
introduced new products, such as poker, are developing well.

Sportingbet will announce its unaudited results for the four
quarters to March 31, 2004 on April 29, 2004 and its audited
results for the 16 months to July 31, 2004 in October 2004.

CONTACT:  SPORTINGBET PLC
          Nigel Payne, Chief Executive
          Phone: 0207 251 7260
          Andrew McIver, Finance Director
          Phone: 0207 251 7264

          SMITHFIELD (MEDIA)
          Phone: 0207 360 4900
          George Hudson
          Phone: 07803 603 130

          IR Focus (analysts/investors)
          Neville Harris
          Phone: 0207 861 3894


WALKANVILLE LIMITED: Names Thornhill and Horrocks Administrators
----------------------------------------------------------------
Name of Company: Walkanville Limited

Nature of Business: General Mechanical Engineering

Trade Classification: 06-Metal Manufacture

Date of Appointment: March 23, 2004

Joint Administrative Receiver:  Barbirolli Square,
                                Lower Mosley Street,
                                Manchester M2 3PW
                                Receivers:
                                David Thornhill
                                Michael Horrocks
                                (IP Nos 8840, 8026)


WILLIAM WOODS: Appoints Grant Thornton Administrator
----------------------------------------------------
Name of Company: William Woods Group Limited

Nature of Business:
Repairing of Saws and the Wholesale and Retail Selling of
Abrasive Materials and Tools

Trade Classification: 07

Date of Appointment: March 19, 2004

Joint Administrative Receiver:  GRANT THORNTON
                                Heron House, Albert Square,
                                Manchester M60 8GT
                                Receivers:
                                Leslie Ross
                                Sean Croston
                                (IP Nos 7244, 8930)


                            *********


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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